This paper aims to explore the effects of market-oriented reforms on industrial technology progress.Based on a theoretical analysis,we performed an empirical study with a marketization index and panel data of high-tec...This paper aims to explore the effects of market-oriented reforms on industrial technology progress.Based on a theoretical analysis,we performed an empirical study with a marketization index and panel data of high-tech sectors in China.We found that market-oriented reforms had significantly propelled technology progress in China’s high-tech sectors,and the effects became more evident after China’s WTO entry.Market-oriented reforms induced technology progress by increasing capital allocation efficiency,R&D input,and technology diffusion.Among various aspects of market-oriented reforms,the institutional environment exerted the most significant effects,followed by the economy’s non-state sector,product market development,and factor market development;the government-market relationship index influenced technology’s progress the least.The effects are heterogeneous across sectors with different technology attributes and more significant for technology-intensive sectors.Our findings offer policy implications for China’s ongoing market-oriented reforms and policy design for technology progress in high-tech sectors.展开更多
China＇s central bank cut interest rates for deposits and loans and adjusted their floating ranges on June 8.Yi Xianrong,a research fellow with the Institute of Finance and Bankingunder the Chinese Academy of Social S...China＇s central bank cut interest rates for deposits and loans and adjusted their floating ranges on June 8.Yi Xianrong,a research fellow with the Institute of Finance and Bankingunder the Chinese Academy of Social Sciences, shared his views on the impact of the cut with Shanghai Securities News. Edited excerpts follow：展开更多
Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during t...Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during the 13 th Five-Year Plan period(2016-2020). China's economic growth sustainability hinges upon its transition from the previous dependence on demographic dividend to the future reform dividend. In the growth accounting equation, we have simulated various reform initiatives and arrived at the following findings. First, although both the labor participation rate and TFP can increase China's potential growth rate, the former will only achieve a short-term growth effect, which will diminish in the long run. By contrast, the growth effect of TFP demonstrates the tendency of continuous increase. This further indicates that China's economic growth will increasingly rely on TFP improvement instead of traditional factor input. Second, different from the diminishing growth effect of enrolment rate, training may play a pivotal role in human capital development to significantly enhance potential growth rates. Third, if all reform initiatives can achieve their expected effects, integrated reform dividends may reach one or two percentage points of China's potential growth rate.展开更多
For three decades China has followed an incremental approach in renminbi exchange rate reform.During this period,the exchange rate system has gone through five stages of evolution:i) a"basket peg"exchange ra...For three decades China has followed an incremental approach in renminbi exchange rate reform.During this period,the exchange rate system has gone through five stages of evolution:i) a"basket peg"exchange rate regime;ii) a dual-track system;Hi) exchange rate convergence;iv) a"unitary pegged"exchange rate regime;and v) a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. Reforming the exchange rate formation mechanism is a complex engineering project influenced by numerous factors such as the economic development mode,industrial structure,basic economic system,market system condition,financial and macroeconomic policy system as well as the new advantages arising from opening-up initiatives.Since 2005,China has achieved substantial success in reforming the exchange rate formation mechanism but still faces a plethora of issues.To address these issues,China should strengthen the role of the market in the exchange rate formation process and gradually push for the free convertibility of the renminbi under the capital account.Amidst the raging global financial crisis,China should further adapt to the diversification of the international monetary system and aggressively proceed with renminbi regionalization and internationalization.展开更多
The exchange rate reform initiated on August 11,2015 is an important attempt by the PBoC to transform China's exchange rate regime from the "crawl-like arrangement" to a floating regime.However,after a t...The exchange rate reform initiated on August 11,2015 is an important attempt by the PBoC to transform China's exchange rate regime from the "crawl-like arrangement" to a floating regime.However,after a three-day experiment,the PBoC abandoned the original goal of the reform.Since then,the central bank has implemented a new exchange rate-setting mechanism.Under this mechanism,the central parity of the renminbi(RMB) against the US dollar is decided by the arithmetic average of the RMB exchange rate that keeps the index of a currency basket unchanged over the past 24 hours and the previous day's closing price of USD/CNY.Due to the introduction of the index of a currency basket,additional uncertainty has been introduced into the determination of the RMB exchange rate,because of the uncertainty of the dollar index(USDX).As a result,to a certain extent,the one-way bet on the RMB expectations is weakened.However,the current exchange rate formation mechanism cannot reverse the trend of devaluation of the RMB,nor can it eliminate depreciation expectations.Meanwhile,it hinders the effectiveness of central bank's independent monetary policy based on the domestic economic fundamentals.And also,the "two-way float" created by the new price-setting mechanism is artificial and has led to significant losses of foreign exchange reserve.The paper explains how the new price-setting mechanism works,and identifies the important features of the mechanism and its pros and cons.The paper argues that despite some advantages,the new exchange rate regime as a soft peg regime is not sustainable and the PBoC should stop foreign exchange market intervention as soon as possible.We hope that the PBoC can learn the lessons from the failure of the "August 11 reform" and accomplish the unaccomplished reform in an urgent manner.展开更多
China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify...China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify restructuring of the foreign trade system, set up rules and regulations in line with the展开更多
This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corpora...This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.展开更多
Globally,population dynamics are shifting towards increased life expectancy,and many countries,including Greece,face significant demographic challenges.Greece is particularly impacted by one of the lowest birth rates ...Globally,population dynamics are shifting towards increased life expectancy,and many countries,including Greece,face significant demographic challenges.Greece is particularly impacted by one of the lowest birth rates in the world and a rapidly aging population.This demographic shift places unprecedented pressure on the nation’s pension systems and economic stability,as more people retire than enter the workforce.This study aims to explore the historical factors contributing to Greece’s demographic situation,analyze the consequences of current trends,and propose strategic solutions.The research utilizes a literature review approach and the case study of Greece to understand the depth and breadth of the demographic crisis.Key areas of focus include the declining birth rate,the economic implications of an aging population,and the potential of migration and policy reform to rejuvenate demographic dynamics.The study evaluates various policy interventions from other countries to propose a tailored,multi-faceted strategy for Greece.These strategies emphasize economic incentives for young families,improved childcare and parental support,healthcare investment,and inclusive migration policies to enhance workforce numbers.This comprehensive approach seeks to provide actionable insights that can help Greece mitigate the effects of demographic decline and foster a more sustainable future,aligning policy interventions with socio-economic and cultural realities.展开更多
The kinetics of the catalytic reforming reaction of methane with carbondioxide to produce synthesis gas on a Ni/α-Al_2O_3 and a HSD-2 type commercial catalyst has beenstudied. The results indicate that the reaction o...The kinetics of the catalytic reforming reaction of methane with carbondioxide to produce synthesis gas on a Ni/α-Al_2O_3 and a HSD-2 type commercial catalyst has beenstudied. The results indicate that the reaction orders are one and zero for methane and carbondioxide, respectively, when the carbon dioxide partial pressure was about 12.5-30.0 kPa and thetemperature was at 1123-1173 K. However, when the carbon dioxide partial pressure was changed to30.0-45.0 kPa under the same temperature range of 1123-1173 K, the reaction orders of methane andcarbon dioxide are one. Furthermore, average rate constants at different temperatures weredetermined.展开更多
Coal mine safety supervision system plays an important role in the coal mine safety management in China.However,the current supervision system is established on the basis of learning the advanced experience from other...Coal mine safety supervision system plays an important role in the coal mine safety management in China.However,the current supervision system is established on the basis of learning the advanced experience from other developed countries.It needs to be further improved according to national conditions.Therefore,the effectiveness of coal mine safety supervision system reform on three types of collieries are assessed by using time series analysis method based on comparative analysis of the supervision system before and after the reform in this paper.The regression results show that the structural reform is not conductive to the improvement of coal mine safety situation in the short term,but conductive significantly in the long term.Specifically,the effects in township coal mines are more significant than stateowned key coal mines in the long run,but negative effects also exist in the short term.The negative effects in state-owned key coal mines are non-significant compared with township coal mines.Moreover,the regression results are analyzed from the aspects of the closure policy of illegal small township coal mines at the end of 1998 and shortage of the new supervision system.Finally,the suggestions on improving the new supervision system are put forward based on the above analysis.展开更多
The reformation of (Bi,Pb)-2223 from the liquid or melt is very important for a melting process of (Bi,Pb)-2223 tape. By combination of quenching experiment with X-ray diffraction (XRD) analysis, the effect of cooling...The reformation of (Bi,Pb)-2223 from the liquid or melt is very important for a melting process of (Bi,Pb)-2223 tape. By combination of quenching experiment with X-ray diffraction (XRD) analysis, the effect of cooling rate on the evolution of three superconducting phases in the (Bi,Pb)-2223 core of Ag-sheathed tape was investigated. The results show that (Bi,Pb)-2223 reformation from the melt seems to experience different routes during slowly cooling at different rates. One is that (Bi,Pb)-2223 phase reformed directly from the melt, and no Bi-2212 participate in this process. The other is that (Bi,Pb)-2223 is converted from the intermediate product, Bi-2212, which formed from the melt during the first cooling stage. Due to the inherent sluggish formation kinetics of (Bi,Pb)-2223 from Bi-2212, only partial (Bi,Pb)-2223 can finally be reformed with the second route.展开更多
Through the study of the kinetics of dimethyl ether steam reforming reaction, a two-dimensional model of the reactor is established. At the same time, rate equations of simplified elementary reactions of DME steam ref...Through the study of the kinetics of dimethyl ether steam reforming reaction, a two-dimensional model of the reactor is established. At the same time, rate equations of simplified elementary reactions of DME steam reforming reaction are deduced by the mechanism of Langmuir-Hinshel-wood, and the rate constants are obtained by correcting the pre-exponential factor of Arrhenius equation. Finally, the analog data of DME steam reforming reaction under a variety of conditions are obtained, and making a simulation diagram. The two-dimensional model is substantially correct because of the analog data more in line with a variety of knowledge.展开更多
基金by the General Program of the National Science Foundation of China(NSFC)“Study on the Effects of Factor Price Distortion on the Technology Sophistication of Exports from High-tech Sectors and Policy Response”(Grant No.71773107).
文摘This paper aims to explore the effects of market-oriented reforms on industrial technology progress.Based on a theoretical analysis,we performed an empirical study with a marketization index and panel data of high-tech sectors in China.We found that market-oriented reforms had significantly propelled technology progress in China’s high-tech sectors,and the effects became more evident after China’s WTO entry.Market-oriented reforms induced technology progress by increasing capital allocation efficiency,R&D input,and technology diffusion.Among various aspects of market-oriented reforms,the institutional environment exerted the most significant effects,followed by the economy’s non-state sector,product market development,and factor market development;the government-market relationship index influenced technology’s progress the least.The effects are heterogeneous across sectors with different technology attributes and more significant for technology-intensive sectors.Our findings offer policy implications for China’s ongoing market-oriented reforms and policy design for technology progress in high-tech sectors.
文摘China＇s central bank cut interest rates for deposits and loans and adjusted their floating ranges on June 8.Yi Xianrong,a research fellow with the Institute of Finance and Bankingunder the Chinese Academy of Social Sciences, shared his views on the impact of the cut with Shanghai Securities News. Edited excerpts follow：
基金the National Social Sciences Foundation Program "A Study on the Effects of Changing Demographic Structure on China's Economic Deceleration and Countermeasures"
文摘Due to diminishing demographic dividend characterized by a falling workingage population and rising dependency ratio, China's long-term potential growth rates will keep declining, likely to be a mere 6.6% during the 13 th Five-Year Plan period(2016-2020). China's economic growth sustainability hinges upon its transition from the previous dependence on demographic dividend to the future reform dividend. In the growth accounting equation, we have simulated various reform initiatives and arrived at the following findings. First, although both the labor participation rate and TFP can increase China's potential growth rate, the former will only achieve a short-term growth effect, which will diminish in the long run. By contrast, the growth effect of TFP demonstrates the tendency of continuous increase. This further indicates that China's economic growth will increasingly rely on TFP improvement instead of traditional factor input. Second, different from the diminishing growth effect of enrolment rate, training may play a pivotal role in human capital development to significantly enhance potential growth rates. Third, if all reform initiatives can achieve their expected effects, integrated reform dividends may reach one or two percentage points of China's potential growth rate.
文摘For three decades China has followed an incremental approach in renminbi exchange rate reform.During this period,the exchange rate system has gone through five stages of evolution:i) a"basket peg"exchange rate regime;ii) a dual-track system;Hi) exchange rate convergence;iv) a"unitary pegged"exchange rate regime;and v) a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. Reforming the exchange rate formation mechanism is a complex engineering project influenced by numerous factors such as the economic development mode,industrial structure,basic economic system,market system condition,financial and macroeconomic policy system as well as the new advantages arising from opening-up initiatives.Since 2005,China has achieved substantial success in reforming the exchange rate formation mechanism but still faces a plethora of issues.To address these issues,China should strengthen the role of the market in the exchange rate formation process and gradually push for the free convertibility of the renminbi under the capital account.Amidst the raging global financial crisis,China should further adapt to the diversification of the international monetary system and aggressively proceed with renminbi regionalization and internationalization.
文摘The exchange rate reform initiated on August 11,2015 is an important attempt by the PBoC to transform China's exchange rate regime from the "crawl-like arrangement" to a floating regime.However,after a three-day experiment,the PBoC abandoned the original goal of the reform.Since then,the central bank has implemented a new exchange rate-setting mechanism.Under this mechanism,the central parity of the renminbi(RMB) against the US dollar is decided by the arithmetic average of the RMB exchange rate that keeps the index of a currency basket unchanged over the past 24 hours and the previous day's closing price of USD/CNY.Due to the introduction of the index of a currency basket,additional uncertainty has been introduced into the determination of the RMB exchange rate,because of the uncertainty of the dollar index(USDX).As a result,to a certain extent,the one-way bet on the RMB expectations is weakened.However,the current exchange rate formation mechanism cannot reverse the trend of devaluation of the RMB,nor can it eliminate depreciation expectations.Meanwhile,it hinders the effectiveness of central bank's independent monetary policy based on the domestic economic fundamentals.And also,the "two-way float" created by the new price-setting mechanism is artificial and has led to significant losses of foreign exchange reserve.The paper explains how the new price-setting mechanism works,and identifies the important features of the mechanism and its pros and cons.The paper argues that despite some advantages,the new exchange rate regime as a soft peg regime is not sustainable and the PBoC should stop foreign exchange market intervention as soon as possible.We hope that the PBoC can learn the lessons from the failure of the "August 11 reform" and accomplish the unaccomplished reform in an urgent manner.
文摘China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify restructuring of the foreign trade system, set up rules and regulations in line with the
基金All authors contributed equally.The authors thank the reviewers for their valuable comments and acknowledge the generous support from the Fundamental Research Funds for the Central Universities of China.
文摘This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.
文摘Globally,population dynamics are shifting towards increased life expectancy,and many countries,including Greece,face significant demographic challenges.Greece is particularly impacted by one of the lowest birth rates in the world and a rapidly aging population.This demographic shift places unprecedented pressure on the nation’s pension systems and economic stability,as more people retire than enter the workforce.This study aims to explore the historical factors contributing to Greece’s demographic situation,analyze the consequences of current trends,and propose strategic solutions.The research utilizes a literature review approach and the case study of Greece to understand the depth and breadth of the demographic crisis.Key areas of focus include the declining birth rate,the economic implications of an aging population,and the potential of migration and policy reform to rejuvenate demographic dynamics.The study evaluates various policy interventions from other countries to propose a tailored,multi-faceted strategy for Greece.These strategies emphasize economic incentives for young families,improved childcare and parental support,healthcare investment,and inclusive migration policies to enhance workforce numbers.This comprehensive approach seeks to provide actionable insights that can help Greece mitigate the effects of demographic decline and foster a more sustainable future,aligning policy interventions with socio-economic and cultural realities.
文摘The kinetics of the catalytic reforming reaction of methane with carbondioxide to produce synthesis gas on a Ni/α-Al_2O_3 and a HSD-2 type commercial catalyst has beenstudied. The results indicate that the reaction orders are one and zero for methane and carbondioxide, respectively, when the carbon dioxide partial pressure was about 12.5-30.0 kPa and thetemperature was at 1123-1173 K. However, when the carbon dioxide partial pressure was changed to30.0-45.0 kPa under the same temperature range of 1123-1173 K, the reaction orders of methane andcarbon dioxide are one. Furthermore, average rate constants at different temperatures weredetermined.
基金supported by the National Nat-ural Science Foundation Projects of China under Grant 71271206Innovation Project of Graduate Education for Jiangsu Province under Grant KYZZ_0377.
文摘Coal mine safety supervision system plays an important role in the coal mine safety management in China.However,the current supervision system is established on the basis of learning the advanced experience from other developed countries.It needs to be further improved according to national conditions.Therefore,the effectiveness of coal mine safety supervision system reform on three types of collieries are assessed by using time series analysis method based on comparative analysis of the supervision system before and after the reform in this paper.The regression results show that the structural reform is not conductive to the improvement of coal mine safety situation in the short term,but conductive significantly in the long term.Specifically,the effects in township coal mines are more significant than stateowned key coal mines in the long run,but negative effects also exist in the short term.The negative effects in state-owned key coal mines are non-significant compared with township coal mines.Moreover,the regression results are analyzed from the aspects of the closure policy of illegal small township coal mines at the end of 1998 and shortage of the new supervision system.Finally,the suggestions on improving the new supervision system are put forward based on the above analysis.
文摘The reformation of (Bi,Pb)-2223 from the liquid or melt is very important for a melting process of (Bi,Pb)-2223 tape. By combination of quenching experiment with X-ray diffraction (XRD) analysis, the effect of cooling rate on the evolution of three superconducting phases in the (Bi,Pb)-2223 core of Ag-sheathed tape was investigated. The results show that (Bi,Pb)-2223 reformation from the melt seems to experience different routes during slowly cooling at different rates. One is that (Bi,Pb)-2223 phase reformed directly from the melt, and no Bi-2212 participate in this process. The other is that (Bi,Pb)-2223 is converted from the intermediate product, Bi-2212, which formed from the melt during the first cooling stage. Due to the inherent sluggish formation kinetics of (Bi,Pb)-2223 from Bi-2212, only partial (Bi,Pb)-2223 can finally be reformed with the second route.
文摘Through the study of the kinetics of dimethyl ether steam reforming reaction, a two-dimensional model of the reactor is established. At the same time, rate equations of simplified elementary reactions of DME steam reforming reaction are deduced by the mechanism of Langmuir-Hinshel-wood, and the rate constants are obtained by correcting the pre-exponential factor of Arrhenius equation. Finally, the analog data of DME steam reforming reaction under a variety of conditions are obtained, and making a simulation diagram. The two-dimensional model is substantially correct because of the analog data more in line with a variety of knowledge.
