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.

电力系统实时仿真工具软件—ELEGANT

介绍ELEGANT软件的基本功能特点,深入分析该软件的仿真模型,使用方法以及在开发时应注意的问题及解决方案,该软件已经在模拟器仿真开发中成功运用。

Elegant Ince-Gaussian beams in a quadratic-index medium

Elegant Ince-Gaussian beams, which are the exact solutions of the paraxial wave equation in a quadratic-index medium, are derived in elliptical coordinates. These kinds of beams are the alternative form of standard Ince-Gaussian beams and they display better symmetry between the ]nce-polynomials and the Gaussian function in mathematics. The transverse intensity distribution and the phase of the elegant Ince Gaussian beams are discussed.

Elegant Ince-Gaussian breathers in strongly nonlocal nonlinear media

A novel class of optical breathers, called elegant Ince-Gaussian breathers, are presented in this paper. They are exact analytical solutions to Snyder and Mitchell＇s mode in an elliptic coordinate system, and their transverse structures are described by Ince-polynomials with complex arguments and a Gaussian function. We provide convincing evidence for the correctness of the solutions and the existence of the breathers via comparing the analytical solutions with numerical simulation of the nonlocal nonlinear SchrSdinger equation.

From an aging person to an elegant senior:a humanistic approach to viewing older adults

The continuing growth in the number of adults aged 60-plus has raised global alertness of population restructuring.This demographic change,on the one hand,reduces productivity and increases public expenditure due to aging,resulting in prejudice,bias,misrepresentation,and discrimination against them.On the other hand,it develops a specific consumer market segment and extends the availability and accessibility of the elderly through employment,volunteering,or grandparenting.This study argues against the stigmatization of this age group from a functional perspective that damages social cohesion.It advocates a humanistic view toward seniors to eradicate marginalization and promotes the manageability of the senior population.With the aid of advanced technology and health equity,senior adults can retain everyday competence for self-care with dignity,as well as gracefully attain physical and psychological health,autonomy,and well-being in their later life.All these considerations give medical and nursing professionals insight into how to take care of the elderly.

Species limits in the Elegant Pitta (Pitta elegans) complex from Wallacea based on bioacoustic and morphometric analysis

Background:The Elegant Pitta(Pitta elegans)complex displays a remarkable diversity of morphological and bioacoustic traits across five taxa currently recognized as subspecies.They differ in plumage characteristics(such as red versus black belly patches;supercilium color and extent;and white versus black throats),in lifestyle(resident versus migratory)and in vocalizations.We investigated the morphological,bioacoustic and ecological differences across all taxa after recent studies demostrated the importance of these traits in recognizing biological species limits across pittas.Methods:Morphometric analysis was carried out by measuring tarsus,wing,tail and bill lengths of 15 specimens at the Natural History Museum,UK,and plumages were inspected across 106 unique individuals from four different repositories.Bioacoustic analysis was based on 134 range-wide sound recordings.Two types of calls,territorial calls and alarm calls,were analyzed using different sets of parameters.Principal component analysis and the Isler Criterion were applied to the measurements.Playback trials were conducted to explore the levels of response of each taxon to the call types of the other taxa.Results:The territorial call of concinna exhibits a distinct two-element motif,while elegans,maria and virginalis utter a three-element motif in which the first two elements are given in quick succession.On the other hand,vigorsii,produces both two-element and three-element motifs with longer breaks in between elements.As further corroborated by the playback trials,the three taxa elegans,virginalis and maria form a tight vocal cluster,whereas each concinna and vigorsii are distinct.The alarm call turned out to be less diagnostic even though most taxa did roughly separate into different vocal clusters.Morphometric analysis failed to produce strong differences,but plumage distinctions among multiple taxa are pronounced.Conclusions:We suggest splitting the Elegant Pitta into three biological species based on bioacoustic and—less so—plumage evidence:(1)Temminck’s Elegant Pitta P.elegans(including subspecies elegans,virginalis and maria),(2)Wallace’s Elegant Pitta P.concinna(monotypic),and(3)Banda Elegant Pitta P.vigorsii(monotypic).

Grand Strategies for Dealing With Chinese Local Government Debts

Local governmental debts in China seem to be in a more precarious position than local government debts in the USA. The scale of Chinese local government debts far surpasses that of the USA. Further, Chinese local government debts appear to be expanding at an alarming rate in the past decade or so. This research focuses on grand strategies for dealing with Chinese local government debts. There are five research questions for this paper： 1） What is the size of the Chinese government debts？ 2） Are Chinese local government debts controllable？ 3） Who or what caused the rapid increase of the Chinese local government debts？ 4） Is it possible to have individual accountability for increasing local government debts in the future？ and 5） Will it be helpful to create a local government debt management organization in the Chinese central government？ Based on the available literature, this analysis also utilizes in death interviews with 13 government officials, policy analyst, and scholars. First, this paper identifies the size and categories of debts related to Chinese local governments. Then this paper illustrates various ways and methods of Chinese local governments to obtain leverage. After analyzing the causes and origins of these debts, the research demonstrates a potential local systematic risk. By contrast to its advantages and disadvantages, the paper suggests that the local governmental debts need to be constrained. It is important to restrict debt growth in terms of issuing, buying, repurchasing, collateralizing, etc. within a legal framework. With the consideration of political mechanisms in China, the research suggests that the central government establishes a specific organization to help normalize the local governmental debts with the function of supervision and management. The research also believes that it will be an effective way to control the growth of local debts if the central government can hold the relevant top leaders/officials of local governments to be accountable for their performances related to debt accumulation.

An Elegant Coupled Model

This paper deals with a new family of coupled wave equations which are basically nonlinear in nature. An analytical study enables us to show that these equations exhibit solitary wave profiles. Finally some remarks are drawn from the standpoint of atmospheric problem.

How to Offset Interior Debts in Consolidated Financial Statement for Reformed Group Enterprises

The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.

Propagation of Partially Coherent Elegant Hermite-Cosh-Gaussian Beam in Non-Kolmogorov Turbulence

Based on the extended Huygens-Fresnel integral, analytical propagation expressions for the rms beam width and angular of partially coherent elegant Hermite cosh Caussian beam （EHChCB） in non-Kolmogorov turbulence are derived. The effects of exponent value, inner and outer scales of non-Kolmogorov turbulence on partially coherent EFIChGB are investigated quantitatively.

“文化边缘人”视阈下A Debt to Dickens的态度系统研究

本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴赏资源描述了一段孤独的生活;后期其寻找到小说的快乐后,沉迷于阅读的魅力,所以多用正面的判断和鉴赏资源写出了她的明朗。研究发现,全文的判断和鉴赏资源数量较多,情感资源出现较少。态度系统有利于分析文本所暗含的感情走向,给读者理解文本提供了一个新的视角。

Quality of Provisions for Bad Debts and Earnings Information Contents

We measure the quality of provisions for bad debts, based on both the cross-sectional and time-series basis. Empirical tests show the impacts on earnings information contents, as well as on the incremental information content of cash flows.

Facing Bad Debts:To Give Up or To Claim?

'The global financial tsunami of 2008 has affected all major export markets. The situation is much more severe than in previous crises.World trade is seriously affected as the credit crisis has led to an interruption in the normal

Live Peaceful,Live Elegant

Nine years ago when I first arrived in Beijing to attend college from a small town, I met girls that were so bright and versatile that I felt ignorant and an ugly duckling. I tried to cheer up by reminding myself that I was an outstanding high school student, but to no avail.

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.