ECONOMIC EXCHANGES AND SECTORAL AND INTER CITY COOPERATION IN NORTHEAST ASIA

Northeast Asia with China, Japan and South Korea as the main components has drawn more and more attention worldwide. Many scholars have researched on the prospect of some alternatives of regional economic integration in Northeast Asia and/or Yellow Sea Rim as its core area. In this paper the authors start with an introduction of the major arguments embracing Yellow Sea Rim regionalism, and attempt to identify the dynamics challenging the proposed approaches of sub regionalism of Northeast Asia. The paper firstly gives a brief review on the update development of bilateral economic exchanges, mainly Sino Japanese and Sino South Korean trades and direct investments with related contemporary issues. When the changing pattern of economic interactions is analyzed, special concerns are given to the possibility to realize the supposed potential of regional economic cooperation mainly based on economic complementarity among the related regions of China, North Korea, South Korea, and Japan. The authors then made their major efforts on putting forward possible approaches of multilateral cooperation of three countries in the near future, that is, deepened cooperation in selected sectors of industry and transportation and coordinated development among major cities. The authors stress that the development of sub regional sectoral cooperation and the formation of interactive network of city regions via social and economic interactions at local level are significant to the future regional integrated development in Northeast Asia.

RMB Exchange Rate,Overseas Education,and High-Quality Economic Growth

China is transitioning its industrial structure from labor-and resource-intensive industries that previously contributed significantly to the country’s GDP growth to technology-intensive industries emphasizing a highly-skilled workforce and sustainability to achieve high-quality economic growth.This paper examines the impact of the RMB exchange rate on high-quality economic growth through theoretical modeling and empirical analysis and discusses the variable of overseas education to explore the mechanism of how the RMB exchange rate and overseas education jointly impact high-quality economic growth.The research sample includes the National Bureau of Statistics data on education from 1995 to 2015,the Bank for International Settlements(BIS)data on the RMB exchange rate,and the added value of China’s high-quality economic growth estimated based on the national economy data.An empirical analysis of theoretical expectations was conducted,finding that RMB appreciation could make a positive contribution to China’s high-quality economic growth;RMB exchange rate fluctuations would impact the relative cost of overseas education and overseas returnees could have a positive impact on domestic resource utilization efficiency and domestic capacity to make sci-tech innovations,thereby injecting vitality to high-quality economic growth.This study focuses on both the RMB exchange rate and the population studying abroad,providing additional observation dimensions to existing research.

Expanding Opening, Enhancing Economic Exchange and Cooperation

Tibet Autonomous Region lies at China’s Southwestern Plateau of Tibet and Qinghai, with broad areas, beautiful mountains and rivers, and rich resources.This old and flourishing land is an inalienable part of China’s sovereign territory, and the front-line and bridge to Southeast Asia, playing a strategic role in the political, economic and military fields.

The Impact of Foreign Direct Investment on Economic Growth: Nigeria Experience

This study investigated the impact of foreign direct investment on economic growth in Nigeria. Secondary source of data was employed in this study from 1986 to 2017 which were sourced from Central Bank of Nigeria Statistical Bulletin (2017) published in 2018 and World Development Indicator published in 2019. Descriptive and regression analyses were used as the estimation techniques. The findings of the study revealed that the coefficient value of LFDI is 0.633506 and its p-value is 0.0002 implying that a unit increase in LFDI will increase LGDP with the value of 0.633506. The coefficient value of RINTR is 0.004127 with p-value of 0.310 indicating that a unit increase in real interest rate will increase gross domestic product, but it is not significant. Also, LDI coefficient value is 1.758036 with p-value of 0.0688 implying that a unit increase in domestic investment will increase gross domestic product positively with the value of 1.758036 which is significant at 10% but not significant at 5% alpha level. The coefficient value of exchange rate is 0.835206 with the p-value of 0.0000 signifying that exchange rate is positive and significant to economic growth. It was concluded that foreign direct investment was positive and significant to economic growth of Nigeria while the domestic investment was also positive but not significant at 5% alpha level.

Analysis of Economic Performance in Mergers and Acquisition

Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.

Step-wise synthesis of work exchange networks involving heat integration based on the transshipment model

Due to the deterioration of serious energy dilemma,energy-conservation and emission–reduction have been the strategic target in the past decades,thus people have identified the vital importance of higher energy efficiency and the influence of lower carbon development.Since work exchange network is a significant part of energy recovery system,its optima design will have dramatically significant effect on energy consumption reduction in chemical process system.With an extension of the developed transshipment model in isothermal process,a novel step-wise methodology for synthesis of direct work exchange network(WEN)in adiabatic process involving heat integration is first proposed in this paper,where a nonlinear programming(NLP)model is formulated by regarding the minimum utility consumption as objective function and optimizing the initial WEN in accordance with the presented matching rules to get the optimized WEN configuration at first.Furthermore,we focus on the work exchange network synthesis with heat integration to attain the minimal total annual cost(TAC)with the introduction of heat-exchange equipment that is achieved by the following strategies in sequence:introducing heat-exchange equipment directly,adjusting the work quantity of the adjacent utility compressors or expanders,and approximating upper/lower pressure limits consequently to obtain considerable cost savings of expanders or compressors and work utility.Finally,a case taken from the literature is studied to illustrate the feasibility and effectiveness of the proposed method.

The Impact of Unrealized Foreign Exchange Differences for Accounting and Taxation

The present study is intended to be an analysis of the main Romanian legal provision in what concerns the impact of foreign exchange differences and potential consequences at the level of financial statements for companies. In Romanian legislation, the issue of the foreign exchange differences is treated at a general level： these are recognized as a profit and loss item and as a consequence, they are included in the taxable base when booked in the accounting. Our legislation does not provide for specific treatments depending on the ＇realization momenf＇ of these differences or depending on the conditions for recognizing a gain/loss from foreign exchange differences. For the unrealized exchange differences arising from the application of accounting rules on monthly assessment of foreign currency monetary items, there is not a specific event or transaction to determine income or expenditure. This monthly review depending on the National Bank of Romania [BNR] foreign exchange rate valid on the last day of the month aims to bring closer to reality the financial position of an entity. The exchange rate is a monetary policy item set by the central bank and may be influenced by various factors such as： monetary policy of the BNR; inflation target objectives and rate of exchange stabilization or reduction efforts, as is the case of BNR in the last years to fulfill EU criteria for adoption of the EURO; periodical influences of speculative capitals on the exchange rate level; economic status and especially exports and imports. However, a taxpayer should not be charged unless there is evidence of the ＂economic enrichment＂ thereof. However, this enrichment, seen as a rising economic value of the company, depends on the perspective from which is seen： the owner of the company or the tax authorities. The exchange differences impact also the value of the owners＇ equity for which a minimum level is requested under the commercial company law. In case of negative values, this triggers various risks at the level of the continuity principle or even endangers the existence of the company.

Subprime Mortgage Crisis and the Exchange Rate Channel: Evidence from Six Countries of the Zone Euro-Med

This article proposes to assess the impact of the subprime mortgage crisis on the exchange rate channel in 6 countries of the Euro-Med zone. To do this, our analysis is based on three evaluation methods that allow us to conclude that the exchange rate channel is better evaluated by the non-linear approach of the countries studied. Thus, the depreciation of the exchange rate adopted by the countries of the Med zone did worse macroeconomic stability and economic convergence.

Simultaneous synthesis of sub and above-ambient heat exchanger networks including expansion process based on an enhanced superstructure model

Synthesis of heat exchanger networks including expansion process is a complex task due to the involvement of both heat and work.A stream that expands through expanders can produce work and cold load,while expansion through valves barely affects heat integration.In addition,expansion through expanders at higher temperature produces more work,but consumes more hot utility.Therefore,there is a need to weigh work production and heat consumption.To this end,an enhanced stage-wise superstructure is proposed that involves synchronous optimization of expander/valve placement and heat integration for each pressure-change sub-stream in stages.A mixed-integer nonlinear programming(MINLP)model is established for synthesizing sub and aboveambient heat exchanger networks with multi-stream expansion,which explicitly considers the optimized selection of end-heaters and end-coolers to adjust temperature requirement.Our proposed method can commendably achieve the optimal selection of expanders and valves in a bid for minimizing exergy consumption and total annual cost.Four example studies are conducted with two distinct objective function(minimization of exergy consumption and total annual cost,respectively)to illustrate the feasibility and efficacy of the proposed method.

Social Enterprises’Institutional Rationale and Its Inspirations for the Modern Market Economy

This study analyzes the ways in which social enterprises contribute to society’s goals.In the new era of human development,many social problems cannot be resolved without the participation of social enterprises(SEs).The study on these enterprises is of great significance for theoretical research and practical observation.In a modern market economy,SEs have pro-social market vitality and compatibility with the market economy;their action gives a glimpse into the truth of human development.As can be seen from the socio-economic reality,numerous entrepreneurs nurture a desire to run SEs at a certain stage of their career development.The tendency of some entrepreneurs to run SEs is of great significance for this study.Social enterprises are hybrid enterprises as opposed to for-profit enterprises and SEs must address complex problems through organizational and institutional innovations.State owned enterprises(SOEs)and SEs share many topics of research and have much to learn from each other,and a key question for SOE reform is what makes SOEs efficient quasi-social enterprises.Both SOEs and SEs assume a social mandate,and their fulfillment of social responsibilities is underpinned by their economic efficiency(market competitiveness).The theoretical rationale and institutional mechanism of SEs-not least their innovation practice and formation of rules-stem from the relationship and coordination between economic and social exchanges under market-based conditions.Social enterprises focus on altruistic social exchange but need to be supported by a certain economic exchange to finance their operations.The biggest social problem for China is its failure to balance economic and social exchanges,as well as the method of reward.Research on SEs should promote the understanding of these questions and the quest for their solutions.Social enterprises may inspire more enterprises to pursue pro-social innovation and development.

Analog-experiment analysis of ash-deposition monitoring model of boiler economizers in power plants

Ash deposition is a form of particulate fouling, and appears usually in boiler economizers. The ash deposition increases capital expenditure, energy input and maintenance costs. An analog experiment for monitoring ash deposition was performed from the analogous objective of a 410 t/h boiler economizer to verify the rationality and reliability of the ash-deposition-monitoring model presented in order to increase the security and economy in economizer running. The analog experiment platform is a tube-shell exchanger that conforms well to the conditions of a self-modeling area. The analog flue gas in the shell side is the heated air mixed with ash, and in the tube side the fluid is water heated by the flue gas. The fluid state in the water side and the flue gas side follows the second self-modeling area. A 4-factor-3-level orthogonal table was used to schedule 9 operation conditions of orthogonal experiment, with the 4 factors being heat power, flue gas velocity, ashes grain diameter and adding ashes quantity while the three levels are different values due to different position classes in every factor. The ash deposition thermal resistances is calculated by the model with the measure parameters of temperature and pressure drop. It shows that the values of the ash deposition thermal resistances gradually increase up to a stable state. And the experimental results are reliable by F testing method at α= 0.001. Therefore, the model can be applied in online monitoring of ash deposition in a boiler economizers in power plants and provides scientific decision on ash deposition prediction and sootblowing.

Theory of Capital,Investment and Exchange Rate:A New Developmentalist Equation

The article deals with the relationship between the decision to invest and the exchange rate. The literature relates investment at interest rate. An increase in the interest rate would reduce the investment expenditure. Jorgenson’s equation uses the flexible accelerator model, taxation, and the cost of capital to explain and predict the amount of investment in machinery and equipment. The relationship between the exchange rate and the investment appears in the literature as a direct relation. An appreciated exchange rate allows the importation of cheaper machinery and equipment and increases productive investments. This paper proposes a modified equation in which the appreciated exchange rate inhibits productive investments by reducing the expectation of profit, either because the domestic market becomes more competitive or because exports decrease. It still incorporates in the model of Jorgenson the idea that the unit cost of labor is the relevant variable to explain the choice of investing, assuming a function of production of fixed coefficients.

A Multi-Objective Optimization Approach for Heat Exchanger Network in Process Industries

To simultaneously improve the quantity and quality of heat recovery in a heat exchanger network(HEN),this study conducts a theory analysis based on the first and second laws of thermodynamics.Under the premise of maximizing the heat recovery quantity of HEN,Ġdiss is used as an evaluation index to optimize the quality of heat recovery.Meanwhile,the total annual cost(TAC)is considered as another optimization objective to ensure the economic feasibility of the HEN.A superstructure-based multi-objective mixed integer non-linear programming approach is put forward to solve the trade-off between minimizingĠdiss and minimizing TAC.This allows for the optimum HEN structure to be obtained.A well-studied example is solved to highlight the benefits of the proposed method.

Conference in Beijing to Extend Cultural Exchange

THE establishment of a social-ist market economy,while ahistoric change in the fieldof Chinese economics,has alsobroadened prospects for Chinesecultural undertakings and the de-velopment of foreign cultral ex-changes.Nevertheless,it hasbrought a series of new problems tocultural workers which need to bestudied and solved.Because of this,the Nationwide Foreign Cultural Ex-change Working Conference washeld in June in Beijing.Onehundred and sixty delegates heardspeeches by State Councillor LiTieying,Minister of Culture

The Impact of Money Supply on the Economy:A Panel Study on Selected Countries

This study investigates the impact of money supply on economic growth rate,inflation rate,exchange rate and real interest rate.We used a panel of 217 countries from 1960 to 2020 and four different models to address these questions.The empirical results support the quantity theory of money.In addition,the study found evidence for a negative relationship between real interest rate and inflation and between money supply and real interest rate.Finally,our results show that lagged money growth rate is positively correlated with GDP growth rate but money growth rate is negatively correlated with GDP growth rate.

全球经济政策不确定性、人民币汇率与中国经济波动——基于非对称视角的理论与实证分析

随着全球经济一体化的加深,全球经济政策不确定性和人民币汇率对中国经济波动产生越来越大的影响。基于非对称影响的视角,构建一个融入全球经济政策不确定性、人民币汇率和经济波动的Mundell-Fleming模型,从理论上分析各要素的非对称影响机制。实证结果表明:短期内人民币升值对物价水平的抑制效应大于贬值对物价水平的促进效应,长期内人民币升值对经济增长的抑制效应大于贬值对经济增长的促进效应;此外,无论在短期还是长期,全球经济政策不确定性降低对物价水平和经济增长的促进作用都大于经济政策不确定性上升的抑制效应。以上结果均通过稳健性检验。因此,央行需要加强对汇率与全球经济政策不确定性对物价水平和经济增长的非对称效应的关注,以实现中国经济的平稳运行。

2023年中药材及饮片进出口形势分析及展望

全面分析2023年中药材及饮片进出口的详细情况,包括主要市场、主要产品及进出口区域,数据显示中药材及饮片产业进出口保持了较强活力,全年进出口取得不错成绩,中药材及饮片进口额的提升带来贸易顺差逐渐收窄的效果,得出“充分利用海外植物资源补充国内需求已经成为与海外中药材产业互动的有效路径”这一结论。未来,中药材及饮片产业应当积极扩大互动的“朋友圈”,不断提升产品质量和管理水平,“走出去”的同时更多地“引进来”,努力打造本土化产业链,推动中药材及饮片产业高质量发展。

经济政策不确定性与人民币汇率的非对称波动——基于投资者预期视角

选取2011年1月至2022年3月的时间序列数据,探讨经济政策不确定性对人民币汇率波动的非对称影响及投资者预期的中介效应。研究发现,相对经济政策不确定性上升加剧了人民币汇率波动,且呈现出明显的非对称特征,即在宏观经济状况较坏时的波动更大,投资者预期在其中发挥了重要的中介作用。鉴于此,应针对不同宏观经济状况采取差异化调控措施,提振投资者信心,避免形成人民币不良变动预期,预防人民币汇率的过度波动。

Real Effective Exchange Rate and Regional Economic Growth in China： Evidence from Provincial Data

Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of moments regression framework. Our results show that REER depreciation, in general, promotes regional economic growth, through increasing net exports and lowering FDI costs. After dividing the full sample into coastal and inland subsamples, we find that REER depreciation influences economic growth in inland areas but not in coastal areas. This is due to the fact that the inland areas have more surplus labor or other resources to expand their production capacity when REER depreciation leads to increased worm demand. Furthermore, compared to inland areas, processing-and-assembly trade comprises a larger share of trade in the coastal areas, where traders import more raw materials and intermediate goods to process and assemble goods. When the exchange rate depreciates, the costs of imported materials and immediate goods increase. In this case, the benefits from REER depreciation in coastal areas are offset to some extent and are thus lower than in inland areas.

Is China's Economic Growth Extraordinary or Mediocre?The Role of the Exchange Rate

Results derived from evaluations using different measures for China＇s economic growth are divergent, especially when the RMB exchange rate has experienced large depreciation. Focusing on the changes in the RMB exchange rate matching the demands of economic development, we offer some plausible explanations for the variations in the evaluation results. The significant gaps between different economic performance evaluation results before the mid-1990s, and evidence from international comparisons of factor productivity indicate that the quality of economic growth in China is different from that of other economies. Evaluation of economic development should take into account both quantitative expansion and qualitative improvement. From this perspective, evaluation results indicate qualitative improvement in the Chinese economy after the mid-1990s.