The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has bee...The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.展开更多
Sustainable farmland consolidation covers ecology, economy and society, which means, its only goal is to protect eco-environment, in accordance with public benefits and economic laws. China is still a developing count...Sustainable farmland consolidation covers ecology, economy and society, which means, its only goal is to protect eco-environment, in accordance with public benefits and economic laws. China is still a developing country, facing capital-lacking, an important but difficult problem, while sustainable farmland consolidation will need more money than common farmland consolidation. To solve the problem, this paper put forward and designed a new financing mode for farmland consolidation: BOT(Build-Operate-Transfer), which can effectively solve the financing problem and investment reclamation by the way of concession, and make sustainable farmland consolidation be realized in China.展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
Two rounds of leveraging-up have led to a high debt ratio in the Chinese economy, triggered liquidity mismatch and increased systemic financial risks. The key causes of local government liabilities are soft budget con...Two rounds of leveraging-up have led to a high debt ratio in the Chinese economy, triggered liquidity mismatch and increased systemic financial risks. The key causes of local government liabilities are soft budget constraints and non-market-based factor allocation. Currently, the risks of local government liabilities are generally controllable. This paper concludes that the long-term solution to managing local government liabilities is to enhance budget constraint and institutional assurance and proposes countermeasures in the reform of urban construction investment and ftnancing mechanisms.展开更多
Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the st...Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index （PPI） for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China＇s economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.展开更多
The paper analyzes the financing activity, investing activity and operating activity of Target Corporation by comparing with other companies in the same industry. The analysis shows that Target overall is better at me...The paper analyzes the financing activity, investing activity and operating activity of Target Corporation by comparing with other companies in the same industry. The analysis shows that Target overall is better at meeting it in short-term obligations as well as earning money for its investors. Target is a safe and consistent investment. The company should pay attention to interest rate changes because the company＇s majority of financing charges are based on floating-rate debt obligations.展开更多
With China＇s rapid economic development, environmental issues and social development issues become increasingly prominent, global warming, fog and haze, urban environmental pollution is becoming a major obstacle to C...With China＇s rapid economic development, environmental issues and social development issues become increasingly prominent, global warming, fog and haze, urban environmental pollution is becoming a major obstacle to China＇s sustainable development. In this context, the development of low-carbon economy has become the focus of urban construction and economic development. Carbon finance, as a product of low-carbon economy in the context of financial innovation, combines the low-carbon industries and economic development together, and has significant effects on low-carbon economy development and low-carbon urban construction. To build financial support system under the low-carbon economy circumstance, to develop carbon finance, is the necessary way China has to go through to develop a low-carbon economy, and also is the inevitable reouirement to achieve sustainable economic development.展开更多
China has built three policy banks since 1994, which are China Development Bank, China Export-import Bank and China Agricultural Development Bank. Policy banks, as an important financial instrument, have made great co...China has built three policy banks since 1994, which are China Development Bank, China Export-import Bank and China Agricultural Development Bank. Policy banks, as an important financial instrument, have made great contributions to the development of China＇ s economy. But there isn＇ t an official law fbr policy banks for a long time. They just operate based on some relevant documents and regulations of their own. However these documents and regulations are always indistinct in law, which is not good for the further development of policy banks and the accomplishment of our country＇ s financial system. As a result, in order to standardize the operation of China＇ s policy banks, it＇ s essential to position policy banks in law accurately, which is also the only way to legalize policy banks. Aiming at finding out the problems existing in policy banks of China in present, this paper analyzes the general theory of policy banks, some relevant international experience and the current situation of law position of china＇ s policy banks. In addition, through the analyses of possible solutions, this paper wishes to reconstruct the legal location of China ＇ s policy banks.展开更多
Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other ...Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other Western countries inaction or ineffective actions; power diffusion allowing non-state actors to intervene; a global governance short of needed rules; and mainstream economic theory's overemphasis on market roles. International disorder is a long-term process posing a potential threat to China's national interests. The situation challenges China to create an international economic and trade order, thereby shaping itself as prophet of global free trade, shaper of international economic and trade rules, and trendsetter for globalization.展开更多
基金Under the auspices of the National Natural Science Foundation of China(No.41201107)the Fundamental Research Funds for the Central Universities(No.2015KJJCB30)
文摘The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.
文摘Sustainable farmland consolidation covers ecology, economy and society, which means, its only goal is to protect eco-environment, in accordance with public benefits and economic laws. China is still a developing country, facing capital-lacking, an important but difficult problem, while sustainable farmland consolidation will need more money than common farmland consolidation. To solve the problem, this paper put forward and designed a new financing mode for farmland consolidation: BOT(Build-Operate-Transfer), which can effectively solve the financing problem and investment reclamation by the way of concession, and make sustainable farmland consolidation be realized in China.
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
文摘Two rounds of leveraging-up have led to a high debt ratio in the Chinese economy, triggered liquidity mismatch and increased systemic financial risks. The key causes of local government liabilities are soft budget constraints and non-market-based factor allocation. Currently, the risks of local government liabilities are generally controllable. This paper concludes that the long-term solution to managing local government liabilities is to enhance budget constraint and institutional assurance and proposes countermeasures in the reform of urban construction investment and ftnancing mechanisms.
文摘Affter the eruption of the global financial crisis in 2008, China adopted proactive monetary expansion in an attempt to offset the economic slump. However, monetary expansion failed to bring the economy back to the state of the mean and instead caused tremendous negative output gaps that led to a negative producer price index （PPI） for three consecutive years. The impotence of monetary stimulation and investment seems to be caused by the emergence of the shocks of efficiency deceleration, i.e., a tremendous amount of supply proves ineffective, leading to accumulation of inventory due to lack of demand, lack of short term profitability or profitability being siphoning off by zombie firms. These inefficient firms, sectors of overcapacity and inefficient local infrastructure construction cannot be rescued by the infusion of money flow. Macroeconomic policy should stimulate the transformation of China＇s economy from rapid quantitative expansion to efficiency enhancement. For instance, tax credits should be offered for accelerated depreciation to clear up zombie firms and expedite mergers and acquisitions through capital markets. Institutional and inventory reform and adjustment must be carried out in order to complete the transition from quantitative expansion to high efficiency supply.
文摘The paper analyzes the financing activity, investing activity and operating activity of Target Corporation by comparing with other companies in the same industry. The analysis shows that Target overall is better at meeting it in short-term obligations as well as earning money for its investors. Target is a safe and consistent investment. The company should pay attention to interest rate changes because the company＇s majority of financing charges are based on floating-rate debt obligations.
文摘With China＇s rapid economic development, environmental issues and social development issues become increasingly prominent, global warming, fog and haze, urban environmental pollution is becoming a major obstacle to China＇s sustainable development. In this context, the development of low-carbon economy has become the focus of urban construction and economic development. Carbon finance, as a product of low-carbon economy in the context of financial innovation, combines the low-carbon industries and economic development together, and has significant effects on low-carbon economy development and low-carbon urban construction. To build financial support system under the low-carbon economy circumstance, to develop carbon finance, is the necessary way China has to go through to develop a low-carbon economy, and also is the inevitable reouirement to achieve sustainable economic development.
文摘China has built three policy banks since 1994, which are China Development Bank, China Export-import Bank and China Agricultural Development Bank. Policy banks, as an important financial instrument, have made great contributions to the development of China＇ s economy. But there isn＇ t an official law fbr policy banks for a long time. They just operate based on some relevant documents and regulations of their own. However these documents and regulations are always indistinct in law, which is not good for the further development of policy banks and the accomplishment of our country＇ s financial system. As a result, in order to standardize the operation of China＇ s policy banks, it＇ s essential to position policy banks in law accurately, which is also the only way to legalize policy banks. Aiming at finding out the problems existing in policy banks of China in present, this paper analyzes the general theory of policy banks, some relevant international experience and the current situation of law position of china＇ s policy banks. In addition, through the analyses of possible solutions, this paper wishes to reconstruct the legal location of China ＇ s policy banks.
文摘Since the 2008 international financial crisis, international political and economic disorder has become obvious. Major reasons are the decline of US-led Western developed economies' global influence; US and other Western countries inaction or ineffective actions; power diffusion allowing non-state actors to intervene; a global governance short of needed rules; and mainstream economic theory's overemphasis on market roles. International disorder is a long-term process posing a potential threat to China's national interests. The situation challenges China to create an international economic and trade order, thereby shaping itself as prophet of global free trade, shaper of international economic and trade rules, and trendsetter for globalization.
