Reflections and Improvements on China’s Asset-Backed Securities Information Disclosure System

Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.

Path of the Information Asymmetry of Asset Backed Securitization—Information Game Analysis of Embedded Block Chain Technology

In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which cannot be shared. With the constant innovation of science and technology, it is the most effective way to solve the information lag and asymmetry of financial products. This article aims to start from the problem of asymmetric information of financial products, the analysis of the emerging block chain technology applied in the financial sector, and with the development of asset securitization information known as the typical scenario for the first time, a concrete analysis information game process, and discuss about the application of chain blocks in securitization feasibility.

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

Privacy-preserving analytics for the securitization market: a zero-knowledge distributed ledger technology application

A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technology to alleviate asymmetry of information in the asset-backed securitization market.To frame this inquiry,we conducted market data analyses,a review of prior literature,stakeholder interviews with investors,originators and security issuers and collaboration with blockchain engineers and researchers.We introduce a new system which could enable all market participants in the securitization lifecycle(e.g.investors,rating agencies,regulators and security issuers)to interact on a unique decentralized platform while maintaining the privacy of loan-level data,therefore providing the industry with timely analytics and performance data.Our platform is powered by zkLedger(Narula et al.2018),a zero-knowledge protocol developed by the MIT Media Lab and the first system that enables participants of a distributed ledger to run publicly verifiable analytics on masked data.

On Willingness of Rural Land Circulation and Securitization in Central Regions of China

On the basis of questionnaire survey in 54 natural villages of 22 cities( counties) in 6 central region provinces,this paper analyzed the willingness of rural land circulation and securitization and influencing factors with the aid of Logistic model and Multinomial Logit model.The study indicates that factors influencing willingness of rural land circulation and securitization mainly include land contract method,land circulation information and approaches,rights and interests of farmers infringed or not,policies of benefiting farmers,and non-agricultural skills. Finally,it came up with following pertinent policy recommendations:( 1) reforming and improving land contract methods;( 2)strengthening disclosure of land circulation information;( 3) reforming and improving land circulation approaches;( 4) strengthening protection of farmers' rights and interests in the process of land circulation;( 5) reinforcing and implementing policies benefiting farmers;( 6) cultivating and developing farmers' non-agricultural skills.

Impacts of Nontraditional Security Issues on National Security

New changes are taking place in nontraditional security fields,characterized by the increase in confrontation and conflict,the intensification of threats,and diversification.The interconnectivity,unpredictability,and transmissibility of nontraditional security threats are unprecedented.The emergence and even perpetuation of the above-mentioned new features are both attributed to objective factors,such as social development,ideological shifts,and scientific and technological advancement,and are closely related to the moves of certain major countries to instigate the so-called remarkable power competition recklessly and boost geopolitical contest.The rapid resurgence of securitization in global politics is hidden behind the rise of nontraditional security threats.Nontraditional security issues have generally entered a dynamic phase,which exerts an impact on the international security environment and the global landscape.A growing number of countries have emphasized on the realistic and urgent threat of nontraditional security challenges to their national security.These countries have tended to achieve traditional security goals via nontraditional means and tackle nontraditional security challenges with traditional mindsets.Thus,the boundary between traditional and nontraditional security issues is increasingly blurred.The methodology that dichotomizes traditional and nontraditional security issues may no longer be useful during assessments of major threats confronting national security.The connotations of peace and war have significantly changed in the new era.Distinguishing"hot"security issues from"cold"ones or traditional security issues from nontraditional ones is difficult.Such distinction requires consideration of all security issues when recognizing and addressing national security challenges.Thus,these increasingly complex security issues must be analyzed within a wide context of the oncein-a-century changes occurring worldwide and China should pursue a holistic approach to national security as a fundamental principle in response to various threats.

中国房地产投资信托的发展与未来展望

继美国、日本、韩国、澳大利亚、新加坡及香港先后推出房地产信托基金上市后，中国2008年年底《国九条》中批准此类作为创新融资方式，其中越秀、北辰等大型房地产公司均表示将以房地产信托基金形式上市。本文拟以中国现行的不动产证蒡化制度作为研究对象，配合不动产证券化现况的介绍与探讨，提升对中国不动产证券化的认知度．同时也将探讨中国不动产证券化在金融体系中对民间与政府的影响情形，讨论中国发展不动产证券化的必要性及可行性，将金融市场与金融机构的问题引入，以一个全球化的观点来探讨不动产证券化对于投资、长期经济成长的影响。

Financial Reform after the Crisis:An Early Assessment

Financial reform has been a core dimension of the initial global policy response to the financial turmoil of 2007-08. At the first G-20 summit of heads of state and government in November

The Palmanova Cantonments： Conservation, Value-Enhancement and Transformation for an Integrated and Overall Regeneration

Italian military real-estate is highly varied as regards its location, intended uses, its typological, stylistic, and constructive features and its state of conservation. What historical and documental value can we attribute to the typological and technical aspects of military buildings？ What problems and strategies have to be studied before such buildings can be repurposed for inclusion into a circuit of social and civil uses？ Some attempts were made to answer these questions by analysing the military real estate of Palmanova, the fortress city founded by the Serenissima Republic of Venice in 1593, a city designed by engineers, military analysts, and expert military architects all answerable to the Fortifications Office of Venice. There are a number of barracks situated inside the city＇s fortified walls, within a somewhat confined area： Montezemolo, Isonzo, Ederle, Filzi, Montesanto and others in outlying villages. Barracks built in different periods （some during the Renaissance, others in the eighteenth century and some even after the Second World War） have been gradually phased out of service. Their restoration and functional leverage, in the early years of this century, were discussed in terms of an economic and cultural strategy that would not upset the city. New regeneration strategies are called for if these abandoned military structures are not to undergo further deterioration. These strategies should be based upon a knowledge of these structures＇ features--their layout, architecture, technologies--and should also embrace local policies, but first and foremost they require real, contextualized and economically sustainable projects.

The Threat to Indonesia From the Islamic State of Iraq and Syria （IS/ISIS）： A Human Security Perspective

The democratization process in the Middle East and North Africa （MENA）, better known as the Arab Spring, led to increased instability in the region. The civil war in Syria coupled with the attacks by the Islamic State of Iraq and Syria （ISIS） or later known as the Islamic State （IS） has resulted in one of the largest humanitarian crises since World War II. This security threat has spread to other regions, including Southeast Asia. Indonesia, with the biggest Moslems population in Southeast Asia, has been affected most significantly in comparison to other ASEAN member countries. ISIS has acknowledged its terrorist actions which involved suicide bomb attacks, and also claimed membership all over the archipelago. The continuing violence and resulting threats or feeling of insecurity negatively affect the lives, freedom, dignity, and development oft^e people. Not only related to political and military, the threat also affected human security, including economic, environmental, social, and other forms of harm done by the overall livelihood and wellbeing of individuals. Other threats related to the recruitment process of new ISIS member made use of conventional and social media. This arcticle aims to answer the question： ＂How has ISIS threatened human security in Indonesia？＂ Another question is： How has the Indonesian government reacted to securitize the above issues？ It concluded that the government has not comprehensively solved the issues to reduce human security threats in Indonesia

Shadow Banking Credit Intermediation： Determinants of Default Risks in Securitization and Collateralization

The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.

Global Financial Crisis： Systemic Failure and the Underlying Knowledge Gap

Recently, global financial crisis or meltdown rocked the international financial market. This havoc was the result of the reckless use of financial derivatives that received spontaneous patronization from the financial whiz, but it is strange to discover that those proponents of market economy embarked on policy that was purely Keynesian in principle. The episode started in August 2007 with the collapse of subprime mortgage market and reached its climax during August 2008. Central banks in many countries of the western world intervened in the market to pump additional fund to give buoyancy in the credit market. The crisis encapsulated with the queer idea of financial instruments and multiple origins related to subprime mortgage left its trail in both developed and developing countries. Thus, an elaborate analysis of the causal link among various innovative instruments highlighting a mismatch between academic doctrine and real-life perspective and the inadequacy of the institutional arrangements supposed to tame the volatility of the market may be a useful guide to financial analysts and policy planners. The purpose of this paper is to highlight systemic gaps in the meltdown and redefine the contour of macroeconomics most appropriate to weather such catastrophe in the future.

A Securitization-Perspective Analysis of Water Disputes in the Jordan River Basin

Severe water shortage and uneven water distribution plague countries in the Middle East, especially the Jordan River Basin. As a strategic resource with competitive political nature, water resources are closely related to national security, and become the core resource arena that countries along the river basin compete for. This study argues that under the combined effect of the natural factors of water shortage, the geographical factors of uneven distribution of rivers across boundaries, and the subjective factors of water politics (the unfair setting of rules for water allocation), water disputes in the Middle East have become obstacles to regional peace, and the serious uneven distribution of water is the root cause of regional water disputes. Neither the historical water conflicts nor the existing water cooperation framework has solved the problem of balanced water distribution, which makes the people in basin countries directly face the crisis of survival rights and national security, and lays the fuse for the outbreak of regional water disputes and even future water wars. This study proposes the concept and analytical framework of “water securitization” based on securitization theory, and applies it to the Jordan River Basin, to analyze the reasons for the uneven distribution of water resources in the Middle East. The power-dominant state with asymmetric power in the river basin obtains the status of water hegemony by securitizing water, realizing the self-interested distribution of water resources, whichleads to the uneven distribution of water resources, and ultimately leads to the outbreak of conflicts and disputes. Specifically, it mainly adopts three mechanisms of discursive securitization, operational securitization, and institutional securitization. Looking to the future, it is difficult to successfully resolve water disputes in the Middle East in the short term, and a “de-securitization” approach is particularly important in resolving water disputes and easing regional security tension. Only by adopting a multi-field joint strategy can it provide the possibility to effectively resolve water disputes in the Jordan River Basin.

Application of Asset Securitization in Urban Rail Transit Financing

Along with the advancement of urbanization, the traffic infrastructure construction of urban rail expanding constantly, meet the demand of city travel. However in the construction of urban rail transit, the construction fund demand is large, expected return and long construction period, makes its financing difficult. This paper analyze the predictable and stable cash income of rail transit construction, introducing the financing way of asset securitization, and attracting private investment and institutions. Discussing the urban rail transit in China which using the feasibility of asset securitization, providing financing channels to urban rail transit.

Policing the Perceived Threat： Securitization of the Muslim Population in France During 2004-2005

The subject of this research is the policing activities in France during 2004-2005 towards its Muslim population and related public discourses. It will compare the statistics of judiciary police and administrative police provided by the French authority in order to study the relation between surveillance activities and criminality of the given population. It will point out that the preventative measures taken by the administrative police specifically towards the Muslim population are disproportionately high in comparison to the actual occurences of terrorist actions committed by the group. Using the notion of securitization as an analytical tool, the paper will explain that the cohabitation with the Muslim population had been represented as an existential threat in France justifying severe measures disproportionate to the objective threat. It concludes that the acute vigilance surrounding the Muslims derives significantly from the raised ＂securityness＂ the French authority itself attributed to its Muslim population. The argument presented in this study adds an important perspective to the study of immigration. It shows how an escalation of securitization leads to heightened tension between the immigrants and the host society, actualizing the perceived threat by its own acts.

The Securitization of Culture of Chinese Indonesian:Paths,Failure,and Constraints

Indonesian Chinese culture is a part of Indonesian multiculturalism.However,it is challenged by“securitization”.Taking two cases as examples to explain the“securitization”of Indonesian Chinese culture.Several securitizing actors claimed that Guan Yu statue and lanterns are symbols of Chinese culture,and they claimed that they threaten the national security of Indonesia.The securitizing carriers attempt to influence the judgment of the audiences through agenda-setting and framing effects.Nevertheless,the audiences have not fully accepted the securitizing move because the Indonesians regarded the anti-Jokowi forces’tactics and“China Threat Theories”have not yet reached a consensus.The reason for the failure of this securitization process is about aspects,including the on-ground views on the cultural expressions and practices of Chineseness,the public identified the usual tricks of the anti-Jokowi forces,and there is no consensus on the so-called“China Threat Theories”in Indonesia.To preserve and promote Chineseness under the multicultural agenda,several measures have been implemented by the Indonesian government to promote the harmonious development of ethnic groups and multicultural integration in Indonesia to a certain extent.

Research in the Securitization of the Non-performing Loans of China＇s State-owned Banks

In this paper, through analyzing the necessity of the securitization of the non-performing loans of China＇s state-owned banks, the author proposes some tentative ideas for the securitization of the non-performing loans and works out some problems that need to be solved in this process.

Multi-area Generation-reserve Joint Dispatch Approach Considering Wind Power Cross-regional Accommodation

This paper presents a study on how to accommodate wind power into multiple regions,while simultaneously implementing economic and reliable dispatch for multi-area power system operation.The focus is on quantifying the operational risk brought by wind power uncertainty and at the same time accommodating wind power by coordinating multi-area generation and reserve resources.The reserve requirement of each area is calculated based on two indexes,namely,loss of load probability and wind spillage probability.Then,a generation-reserve cooptimization dispatch model that factors cross-regional wind power accommodation is proposed.The transmission margin and network security constraints of tie-lines are considered to systematically allocate reserve resources for all areas.Finally,optimality condition decomposition is used to decompose the dispatching model to achieve relatively independent regional scheduling,and to get the global optimization result.The reasonableness and effectiveness of the proposed approach is validated by a 6-bus 2-area test system and a 236-bus interconnected system.

Asset-backed Securitization——a New Financing Channel for the Telecom Industry

Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial innovation in the international capital market. Sincetelecom asset is characterized by long recovery period, poor liquidity, high quality and stable cashflow, which are the basic conditions for using asset-backed Securitization to finance, asset-backedSecuritization can be a new financing way for telecom enterprises.

China and the EU as Global Actors:Challenges and Opportunities for Joint Cooperation

This paper examines the level of cooperation which China and the EU undertake on global issues,especially with regard to the future roles of international organizations such as the UN,the IMF,the World Bank,the G20,the form and practice of multilateralism,the prospects and direction of a multipolar/core world,and whether the two tend to be partners rather than competitors on issues of climate change and energy policy.It applies the approach of international security cooperation and relies primarily on documentary evidence(e.g.,communiqués on global or regional governance aspects,issued at EU-China summits or separately by each).This paper argues that the"misunderstanding"on principles between the EU and China is at odds with the growing economic interdependencies between the two sides.The EU and China,two of the pillars in the emerging multipolar order,have fundamentally opposed attitudes to key aspects of global politics,such as sovereignty and multilateralism,and these differences are bound to create further tensions in the development of global governance regimes in the future.The originality of this paper lies in that it moves beyond the traditional form of investigating on how each China and the EU perceive each other in cooperation terms by focusing instead on the level of cooperation both partners pursue with regard to multilateralism and within the activities of international organizations.