Agricultural water allocation system based on priority rights has caused regional conflicts and downstream ecological degradation. It is the urgent need to introduce the concept of the initial water rights and establi...Agricultural water allocation system based on priority rights has caused regional conflicts and downstream ecological degradation. It is the urgent need to introduce the concept of the initial water rights and establish benefits compensation mechanism to resolve such problems. This paper takes the Shiyang River basin as an example to calculate the opportunity cost of 0.97×10^8 m^3 of agricultural water encroached by the middle reach based on initial water right allocation system under which water is allocated in accordance with the ratio between agricultural population of two different regions concerning the downstream ecological reconstruction needs with Bio-economic model （BEM）. The results suggest that the total economic loss of Minqin County for ecological reconstruction amounts to 2.5 7×10^8 yuan, of which 1.68×10^8 yuan is ecological compensation, representing the economic loss Minqin suffered for ecological reconstruction which shouM burden beneficial groups of ecological reconstruction and 0.89 ×10^8 yuan is the economic loss Minqin suffered due to Liangzhou＇s encroachment behavior which should be compensated by Liangzhou.展开更多
One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outst...One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.展开更多
基金supported by the "100 Talents Pro-gramme" of Chinese Academy of Sciences.
文摘Agricultural water allocation system based on priority rights has caused regional conflicts and downstream ecological degradation. It is the urgent need to introduce the concept of the initial water rights and establish benefits compensation mechanism to resolve such problems. This paper takes the Shiyang River basin as an example to calculate the opportunity cost of 0.97×10^8 m^3 of agricultural water encroached by the middle reach based on initial water right allocation system under which water is allocated in accordance with the ratio between agricultural population of two different regions concerning the downstream ecological reconstruction needs with Bio-economic model （BEM）. The results suggest that the total economic loss of Minqin County for ecological reconstruction amounts to 2.5 7×10^8 yuan, of which 1.68×10^8 yuan is ecological compensation, representing the economic loss Minqin suffered for ecological reconstruction which shouM burden beneficial groups of ecological reconstruction and 0.89 ×10^8 yuan is the economic loss Minqin suffered due to Liangzhou＇s encroachment behavior which should be compensated by Liangzhou.
文摘One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.
