Optimal Operation Strategy of Electricity-Hydrogen Regional Energy System under Carbon-Electricity Market Trading

Given the“double carbon”objective and the drive toward low-carbon power,investigating the integration and interaction within the carbon-electricity market can enhance renewable energy utilization and facilitate energy conservation and emission reduction endeavors.However,further research is necessary to explore operational optimization methods for establishing a regional energy system using Power-to-Hydrogen(P2H)technology,focusing on participating in combined carbon-electricity market transactions.This study introduces an innovative Electro-Hydrogen Regional Energy System(EHRES)in this context.This system integrates renewable energy sources,a P2H system,cogeneration units,and energy storage devices.The core purpose of this integration is to optimize renewable energy utilization and minimize carbon emissions.This study aims to formulate an optimal operational strategy for EHRES,enabling its dynamic engagement in carbon-electricity market transactions.The initial phase entails establishing the technological framework of the electricity-hydrogen coupling system integrated with P2H.Subsequently,an analysis is conducted to examine the operational mode of EHRES as it participates in carbon-electricity market transactions.Additionally,the system scheduling model includes a stepped carbon trading price mechanism,considering the combined heat and power generation characteristics of the Hydrogen Fuel Cell(HFC).This facilitates the establishment of an optimal operational model for EHRES,aiming to minimize the overall operating cost.The simulation example illustrates that the coordinated operation of EHRES in carbon-electricity market transactions holds the potential to improve renewable energy utilization and reduce the overall system cost.This result carries significant implications for attaining advantages in both low-carbon and economic aspects.

China’s Local Government Debts and Bond Market:Clarification and Policy Choice~

The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.

Immediate and delayed micro-tensile bond strength of different luting resin cements to different regional dentin

We sought to evaluate immediate and delayed micro-tensile bond strength of Panavia F2.0 and Multilink Sprint resin cement to superficial, deep and cervical dentin. Thirty-six freshly extracted non-carious human molars were sectioned in the mesiodistal direction to expose three different dentin regions including superficial dentin （1 mm below the dentine-enamel junction）, deep dentin （1 mm above the highest pulp horn） and cervical dentin （0.5 mm above the cemento-enamel junction and 0.5 mm below the dentine-enamel junction）. Resin cements were applied on dentin surfaces and composite blocks were luted under constant seating pressure. Each group was divided into three subgroups according to time intervals. Specimens were sectioned to obtain sticks of 1 mm2 in diameter and subjected to microtensile bond strength testing at a cross head speed of 1 mrn/min. Both resin cements showed higher micro-tensile bond strength to superficial dentin than that to deep or cervical dentin （P 〈 0.001）. Micro-ten- sile bond strengths of Panavia F2.0 were higher than those of Multilink Sprint at different dentin regions （P 〈 0.001）. Immediate ＂micro-tensile bond strengths were higher than those of delayed micro-tensile bond strengths for both resin cements （P 〈 0.001）. It was concluded that resin cements with different chemical formulations and applications yield significantly different micro-tensile bond strengths to different dentin regions.

The Influence of Bond Market Opening in Trade Field on RMB Internationalization Foreign Exchange Rate

In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.

REGIONAL STRUCTURE OF CAPITAL MARKET OF FOREIGN DIRECT INVESTMENT IN CHINA’S MAINLAND

Since China's reform and open door, the countries and regions of direct investment in China's mainland have been increasing. In 1995, the amount of foreign direct investment (FDI) in China was US$ 37.81 billion that was from more than 170 countries and regions. The regional structure of capital market of FDI in China has three characteristics: (1) The most of FDI was from the near countries or regions, Hong Kong Macao, Taiwan, Japan, South Korea, Thailand and Malaysia provided 80.3% of the amount of FDI in 1995. (2) Only several countries and regions provided most of FDI in China. (3) According to the contributory rate, the main capital market of FDI in China could be divided into four classes, including the guiding market, subsidiary market, new and development market, opportunity market. Most of FDI in China was from the developing countries and regions, which had a negative effect on the size and technical level of foreign capital enterprises. The author puts forward the countermeasures to improve the regional structure of capital market: (1) to keep the guiding market stable, (2) to open up chiefly the subsidiary market, (3) to guide actively the new and developing market, (4) to try hard to start the opportunity market.

Opening-up Domestic Bond Market in the Support of China’s Supply-Side Reform

This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.

A Regional Repo Market Initiative for Global Financial Stability

The prevailing global financial system suffers from a shortage of good collateral for increased reliance on nonbank secured lending. Given that the global financial crisis was mainly triggered by the collapse of the collateral pool for dealer-based credit intermediation, this issue needs to be resolved quickly for normalized credit supply. Primarily, increased supply capacity for safe assets that can serve as valid collateral is the key agenda. This would be possible with a better use of USTs that are kept in EME silos and a broader recognition of an emerging market sovereign collateral pool. The inclusion of new collateral into the expanded and invigorated repo system that includes Asia would stabilize global capital flows and improve financial stability. In a related context, a market-driven, risk-mitigating regional repo market initiative would also bring balance to an increasingly market-driven financial ecosystem and mitigate the global shortage of safe assets.

The study of relationship between textile and garment market,industry cluster and regional economy development

China＇s textile and garment markets grown up with the development of reform and opening-up, they＇re well adapted to the national policy and economic environment in each period, and formed a large-scale development, played a positive role in promoting China＇s economy development. This paper has a research on the textile and garment market, industry cluster and regional economy, recognize textile professional market and regional economy as the main research object, industrial cluster as the intermediary variable. Establish textile and garment market, industrial cluster, regional economy as the main trunk of structural equation model and carry on the empirical analysis. From the empirical analysis, this paper find that the coefficient of textile and garment market effecting on industrial cluster is 0.91, and industrial cluster on regional economy is 0.93, that means results verify hypothesis relationships between the three of them Finally, according to each path coefficients, providing relevant suggestions for the Shanghai area development of textile and garment market, related industries cluster and regional economy development.

新能源汽车对成品油替代的区域性研究

2023年,中国新能源汽车已进入全面市场拓展期。目前,中国新能源汽车正处于“两高一强”的发展阶段,对成品油的替代呈现“一家独大”的现状。将全国分为东北、西北、西南、华东、华南、华北六个区域,构建“长期看保有,中期看销量,短期看运营车”的分析框架,从短期、中期、长期三个维度对不同区域、不同省份的新能源汽车的成品油替代作用展开细化分析研究。建议成品油销售企业根据各区域新能源汽车发展特色制定油品销售规划,分区域推进综合能源服务站的布局与建设,同时助力公共领域新能源汽车的应用推广工作,以应对新能源汽车对成品油的替代,加快世界一流综合性国际能源公司的建设。

营商环境、产业转移与区域协调发展

营商环境已成为推进产业转移和区域协调发展的关键变量。高度重视优化中西部地区营商环境、鼓励东部地区产业向中西部迁移而不是向海外转移,对推动比较优势在东部和中西部之间的转化、促进产业转型升级和区域协调发展,具有积极的实践价值。现阶段,全球产供链重组要求着力提升产业链供应链韧性和安全水平,这就需要通过提升中西部地区的竞争优势,让一些产业循环留在国内,增强中国在全球产供链体系中的自主可控能力。同时,全国统一大市场建设要求中央做好区域协调的战略准备,将过去地方政府依靠创造优惠政策洼地参与区域竞争,转变为创造更好更优的营商环境、建设高标准市场体系。为此,需要加快推进实施市场取向的竞争政策;需要让中国的产业政策转型为中央主导型,促进地方产业政策转向鼓励公平竞争和效率竞争;需要通过再造市场规则、融资环境、政府服务环境、司法环境、公共服务平台等,多管齐下改善中西部地区营商环境。

区域协调发展与市场统一的法治保障

实现中国式现代化,需要统筹解决区域协调发展与市场统一问题,并加强相应的法治保障,对此有必要在“区域—市场—法治”的框架下展开分析。以东北地区为例,基于该地区在我国的重要地位及其存在的发展问题,应进一步推进市场化改革,并将其区域发展与区域市场建设有机结合,进而促进全国的区域协调发展和统一大市场建设。针对上述领域既往存在的法治问题,应明晰制度优化的重点,加强经济政策与经济法治的有效协调,从而在法治框架下推动区域协调发展与市场统一的相互促进,这有助于持续推进现代化经济体系建设和国家的整体现代化,深化区域经济学、经济法学、发展法学等领域的理论研究。

绿色债券与其他金融市场间的风险溢出研究——基于TVP-VAR频域溢出模型

基于TVP-VAR频域溢出模型的风险溢出结果表明:绿色债券与其他金融市场之间的总溢出主要由短期溢出驱动;在不同的时间尺度,绿色债券和传统债券市场间存在显著的双向溢出效应,绿色债券市场与股票市场、能源市场、新能源市场、外汇市场之间的风险溢出均不显著;在重大事件冲击下,绿色债券市场与股票市场、能源市场、新能源市场间的风险溢出显著增加。

新型基础设施建设对区域创新创业活跃度的影响研究

以2011~2021年中国除西藏及港澳台地区外30个省份为样本,探究新型基础设施建设对区域创新创业活跃度的影响及作用机制。研究发现,新型基础设施具有显著的创新创业促进效应,该效应在制造业与服务业中、信息基建与创新基建维度、处于较低市场潜能分位点的地区中更为明显。作用机制研究表明,除劳动力市场一体化的调节作用不显著外,商品和资本市场一体化、区域创新关联,均对新型基础设施建设的创新创业促进效应具有显著强化作用。进一步的研究还发现,新型基础设施建设对创新创业活跃度的影响存在“抑制—促进—减缓”的门槛特征,且目前部分西部地区仍处于抑制阶段。

我国不同付费模式信用评级校验机制研究

我国债券市场刚性兑付被打破后,不断出现高评级债券违约事件。为此,监管部门积极发展多种评级,以期提高债券评级质量。通过理论建模与实证分析,研究了不同付费模式信用评级如何综合发挥校验作用。基于博弈模型的理论分析发现,不同付费模式评级发挥校验作用的机制在于投资者的反应:当投资者付费和发行人付费两种模式评级差值增大,投资者不以单一评级结果进行债券定价,而是根据评级差值调整债券价格。基于2011—2020年企业债评级数据的经验证据显示,随着评级差值增大,发行人付费评级机构会降低后续评级,且评级差值对单一信用评级与债券信用利差之间的负向关系具有抑制作用。进一步检验发现,发行人付费评级机构提供的偏正面的私有信息会降低债券信用利差,而以中债资信为代表的投资者付费评级机构提供的私有信息则不会显著影响债券信用利差,均体现出单一评级模式在定价方面的弊端。因此,监管部门应继续鼓励发展投资者付费评级模式,并鼓励机构投资者发展内部评级,以充分发挥多种评级模式的交叉校验作用。

市场激励型环境规制与区域绿色创新效率——基于产业结构优化的中介作用和财政分权的调节作用

市场激励型环境规制是解决环境治理负外部性、推进区域绿色创新效率的重要途径。以2005~2020年省级面板数据为研究对象,采用系统广义矩模型(GMM)法检验市场激励型环境规制对区域绿色创新效率的影响效应及作用机理。结果表明:市场激励型环境规制能够显著促进区域绿色创新效率的提升;从影响机制来看,市场激励型环境规制可以通过促进产业结构合理化和产业结构高级化显著促进区域绿色创新效率的提升。此外,有效的财政分权环境能够正向调节市场激励型环境规制与区域绿色创新效率的关系。

地方保护政策对中国新能源汽车市场推广的影响分析

加快建设全国统一大市场对推动中国新能源汽车产业发展具有重要意义,而各地频发的地方保护现象却成为阻碍新能源汽车市场推广的主要因素。以2010—2021年中国28个省(市、区)新能源汽车推广数量的面板数据作为研究样本,分析了地方保护政策对新能源汽车市场规模和市场占比的影响,以及产品市场发育程度在其中的调节和门槛效应。研究结果表明,地方保护政策对新能源汽车市场规模扩大和市场占比提升均有显著的抑制作用,产品市场发育程度在该影响过程中具有调节性作用,地方保护政策对市场规模的作用受到产品市场发育程度单一门槛效应的影响,而对市场占比的作用则受双重门槛效应的影响,呈现出先促进后抑制的倒“U”型特征。进一步研究显示,地方保护政策通过加深能源市场分割阻碍了新能源汽车市场推广。区域异质性表明,东部地区的地方保护政策对新能源汽车市场推广有显著的抑制作用,而中西部地区的保护政策则有助于市场规模的扩大;在有新能源汽车上市企业母公司的地区,地方保护政策的抑制作用更为明显;而在没有此类企业的地区,其抑制作用相对较弱。研究结论为打破中国新能源汽车产业中的地方保护主义、推动产业可持续发展提供了决策参考。

非传统货币政策与债券市场稳定——抵押品渠道的传导机制研究

本文基于中国债券市场微观结构和流动性负反馈循环理论,利用中国人民银行扩大中期借贷便利(MLF)担保品范围这一准自然实验,以及货币市场、债券市场日度数据,通过运用双重差分模型、ARIMAX模型,探讨以抵押品为基础的非传统货币政策工具在缓解债券市场风险,阻止下跌趋势蔓延方面的有效性和作用机制。本文发现,一方面,扩容政策能显著降低债券收益率,提振债券市场整体流动性和活跃度,进而遏制了负反馈机制下的“损失螺旋”;另一方面,扩容政策的实施也促进了宏观流动性向下传导,优化了债券市场流动性的总量和结构,进而遏制了负反馈机制下的“保证金螺旋”蔓延。这一结论解释了“中国化”制度背景下非传统货币政策工具稳定金融市场的内涵逻辑,增添了金融市场渠道传导的实证证据。本文的研究结论也带来一些启示:作为市场最后的流动性提供者,中国人民银行应当充分利用以抵押品为基础的非常规货币政策工具在缓解特定局部风险时的准确和高效特点,通过灵活调整质押率更好地稳定市场。