The Third Plenary Session of the 18th CPC Central Committee ushered in a new chapter of China＇s comprehensive deepening of reform. The basic objective of comprehensively deepening reform of the state sector of econom...The Third Plenary Session of the 18th CPC Central Committee ushered in a new chapter of China＇s comprehensive deepening of reform. The basic objective of comprehensively deepening reform of the state sector of economy in the new chapter is to fully integrate this sector with a sophisticated market economic system with the market playing the decisive role in resource allocation. In order to achieve this objective, China is confronted with the four major priorities of adjusting the functions and layout of the state sector of economy according to national mandates, expediting the mixed ownership reform, creating a classified and multi- tiered new system for the administration of the sector, and developing a modern corporate system for SOEs to ensure an efficient micro-level governance mechanism for the sector. （1） The functions of the different types of SOEs should be accurately defined and SOEs should be divided into the three types of public policy SOEs, functional SOEs, and commercial SOEs. This classification forms the premises for reforming the state sector of economy. Based on the functions of the three types of SOEs, the directions and emphases for strategic adjustment should differ as well. （2） The mixed ownership reform should adhere to the methodological principles of combining top-down and bottom-up approaches, implementing pilot programs, and promoting coordinated progress. Practical implementation should ensure fair and standard reform procedures, reform programs consistent with laws and regulations, open and fair equity transfers, as well as fair and transparent internal distributions. The mixed ownership reform of SOEs should introduce the employee stock ownership system and adhere to the principles of compatible incentives, shared growth, and long-term development. Monopolistic sectors should be transformed into competitive market structures to create conditions for the implementation of mixed ownership for SOEs. （3） The new system for the administration of the state sector of economy should comprise three hierarchies： the Commission for the Administration of State Economy at the top level, state capital operation companies or state capital investment companies at the intermediate level and general for-profit enterprises at the bottom level, which administer public policy, functional SOEs, and commercial SOEs respectively. （4） Under the new system for the administration of the state sector of economy characterized by the three hierarchies and categories, the key for perfecting the modern corporate system of SOEs is to establish a differentiated, classified governance mechanism, i.e., different corporate governance mechanisms should be created for SOEs of different functions and roles.展开更多
In the past 30 years, China has gone from the transformation from a planned economy to a market economy, from the extensive economic growth mode to intensive economic growth model, and from relying on investment and e...In the past 30 years, China has gone from the transformation from a planned economy to a market economy, from the extensive economic growth mode to intensive economic growth model, and from relying on investment and export-led economy to relying on domestic demand and stimulating economic. China＇s economic transformation includes three parts： The first is the reform of economic system, the second is the change in the pattern of economic growth and the third is the adjustment of economic structure. This article describes the historical evolution and the reality of China＇s economic transformation, analysis the obstacles to China＇s economic transformation, and on this basis, put forward some suggestions.展开更多
After a transition from the central planning into a market economy, Poland was compelled to implement a new tax system. It was based on income taxes and turnover （especially value added） taxes. Primarily income taxe...After a transition from the central planning into a market economy, Poland was compelled to implement a new tax system. It was based on income taxes and turnover （especially value added） taxes. Primarily income taxes had high tax rates. In corporate tax the rate was proportional and at the beginning amounted to 40%. For natural persons the taxation had a progressive tendency. The tax rates amounted to 21%, 33% and 45% respectively with very low limits of income, which resulted in changing the rate. Since the beginning of 1991 and 1992 till now the tax rates have been decreased significantly. Now the tax rates amount to 18% and 32% respectively with high level of income, which results in changing the rate. The question arises whether such changes were really effective for the central budget. The article formulates and verifies a hypothesis assuming that lowering the rates was justified by the contemporary ＂fashion＂ rather than economic reasons. According to financial aspects, the impact of lower rates on the central budged will be examined.展开更多
Taxation plays a major role in both market economics and Islamic economics. The difference is that in market economics, the tax system has evolved throughout the centuries in order to address the constant change in ma...Taxation plays a major role in both market economics and Islamic economics. The difference is that in market economics, the tax system has evolved throughout the centuries in order to address the constant change in market-based societies. In Islamic economics, however, the tax system bases on the writings of the Qur＇an and the principles of shariah. As a result, it did not flourish as the needs of Islamic society changed. Therefore, governments in Islamic countries that seek to follow Islamic law are facing major economic challenges. Recently, some Islamic scholars have asserted that Islamic governments can go beyond the explicit instructions of the Qur＇an and impose taxes as needed. They justify their arguments based on the interpretation of Qur＇anic verses. This paper briefly compares both rationality and the methods of taxation in both market economics and Islamic economics, and further elaborates on the shortcomings of the original Islamic tax laws.展开更多
The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises...The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises in an emerging market economy？ And, second, what is the role of learning; how does the country learn from its past experience in financial crises to improve institutions and develop better techniques so as to successfully manage successive crisis events？ To the best of our knowledge, this is the first attempt to provide a crisis event taxonomy looking at a systematic categorisation of the crises episodes that the country experienced over its 200-year life span, from its independence and the foundation of the Modem Greek state in 1829 to the recent 2008 crisis. To answer the above questions, I first present evidence on financial crises in Greece over a long time span of two centuries. Greece is chosen as our working template since it is a country with a rich history in financial crises. In particular, we try to identify different varieties of crises events, providing thus a crisis chronology. Moreover, we present some stylised facts on the incidence, the frequency and the severity of crises events. And second, we discuss the key determinants of the crises episodes, closely related to country specific factors, such as credit expansion, fiscal imbalances and the limited reserve coverage of the monetary base.展开更多
Research in behavioral finance is comparatively less in India, when compared to other foreign countries. Globalization of financial markets has been increasing the retail investors＇ community over the past two decade...Research in behavioral finance is comparatively less in India, when compared to other foreign countries. Globalization of financial markets has been increasing the retail investors＇ community over the past two decades by providing a wide variety of market and investment options. However, it makes much more complex in their investment decisions process. This paper aims at identifying the factors influencing the retail investor＇s attitude. This paper develops a modified questionnaire. The average value of the five top highly influential factors according to the sample retail investors＇ were Investors＇ tolerance for risk, strength of the Indian economy, media focus on the stock market, political stability and finally government policy towards business. Four factors were given lowest priority or which had low influence on the attitude of the retail investors investing in equity stocks. Stories of successful investors was considered to be the lowest influencing factors among the four, get rich quick philosophy, information available on internet, cost cutting by companies.展开更多
Optimized land resources allocation is important for economic growth because land is one of the basic elements for economic development. And urban land resources allocation has had an increasingly important influence ...Optimized land resources allocation is important for economic growth because land is one of the basic elements for economic development. And urban land resources allocation has had an increasingly important influence since the Chinese socialist market economy system was established. This paper estimates the production function of both the secondary and the tertiary industries of China＇s 31 provinces, autonomous regions and municipalities directly under the central government through an analysis of the panel data of the total output value of the secondary and the tertiary industries, invested capital, invested labor jorces and the land market-jeatured management of the above-mentioned regions during the period of 1999-2005. and examines the positive influence of the above- mentioned factors on regional economic output, This study concludes that urban economic output is positively related with the level of urban land resources market-featured management, since the rate of economic growth of those regions approximates 14. 7% under the condition of urban land market running during the period of 1999-2005.展开更多
The Chinese government attaches great importance to the social security system, and makes it as an important pillar of socialist market economic system. Especially in the last decade, we seize the sustained, rapid and...The Chinese government attaches great importance to the social security system, and makes it as an important pillar of socialist market economic system. Especially in the last decade, we seize the sustained, rapid and healthy development of the favorable opportunity of the construction of social security system; we have made unremitting efforts and achieved important progress. After years of exploration and practice, we have a clear basic principles of the social security system and the overall objectives and major tasks, we also established social pooling and individual accounts of the basic old-age insurance, basic medical insurance system, covering pension, medical, unemployment, work injury and maternity insurance, the urban minimum living security system and the framework of the social security system basically forms. The coverage of social insurance continuously expands social security funds which are through nmltiple channels to raise the initial formation mechanism forms, the level of protection continuously improves, and management and service system also gradually improves. The social security system＇ s reform and development plays a very important role in ensuring the basic livelihood of the people, the state-owned enterprise reform, and the smooth progress of economic restructuring.展开更多
文摘The Third Plenary Session of the 18th CPC Central Committee ushered in a new chapter of China＇s comprehensive deepening of reform. The basic objective of comprehensively deepening reform of the state sector of economy in the new chapter is to fully integrate this sector with a sophisticated market economic system with the market playing the decisive role in resource allocation. In order to achieve this objective, China is confronted with the four major priorities of adjusting the functions and layout of the state sector of economy according to national mandates, expediting the mixed ownership reform, creating a classified and multi- tiered new system for the administration of the sector, and developing a modern corporate system for SOEs to ensure an efficient micro-level governance mechanism for the sector. （1） The functions of the different types of SOEs should be accurately defined and SOEs should be divided into the three types of public policy SOEs, functional SOEs, and commercial SOEs. This classification forms the premises for reforming the state sector of economy. Based on the functions of the three types of SOEs, the directions and emphases for strategic adjustment should differ as well. （2） The mixed ownership reform should adhere to the methodological principles of combining top-down and bottom-up approaches, implementing pilot programs, and promoting coordinated progress. Practical implementation should ensure fair and standard reform procedures, reform programs consistent with laws and regulations, open and fair equity transfers, as well as fair and transparent internal distributions. The mixed ownership reform of SOEs should introduce the employee stock ownership system and adhere to the principles of compatible incentives, shared growth, and long-term development. Monopolistic sectors should be transformed into competitive market structures to create conditions for the implementation of mixed ownership for SOEs. （3） The new system for the administration of the state sector of economy should comprise three hierarchies： the Commission for the Administration of State Economy at the top level, state capital operation companies or state capital investment companies at the intermediate level and general for-profit enterprises at the bottom level, which administer public policy, functional SOEs, and commercial SOEs respectively. （4） Under the new system for the administration of the state sector of economy characterized by the three hierarchies and categories, the key for perfecting the modern corporate system of SOEs is to establish a differentiated, classified governance mechanism, i.e., different corporate governance mechanisms should be created for SOEs of different functions and roles.
文摘In the past 30 years, China has gone from the transformation from a planned economy to a market economy, from the extensive economic growth mode to intensive economic growth model, and from relying on investment and export-led economy to relying on domestic demand and stimulating economic. China＇s economic transformation includes three parts： The first is the reform of economic system, the second is the change in the pattern of economic growth and the third is the adjustment of economic structure. This article describes the historical evolution and the reality of China＇s economic transformation, analysis the obstacles to China＇s economic transformation, and on this basis, put forward some suggestions.
文摘After a transition from the central planning into a market economy, Poland was compelled to implement a new tax system. It was based on income taxes and turnover （especially value added） taxes. Primarily income taxes had high tax rates. In corporate tax the rate was proportional and at the beginning amounted to 40%. For natural persons the taxation had a progressive tendency. The tax rates amounted to 21%, 33% and 45% respectively with very low limits of income, which resulted in changing the rate. Since the beginning of 1991 and 1992 till now the tax rates have been decreased significantly. Now the tax rates amount to 18% and 32% respectively with high level of income, which results in changing the rate. The question arises whether such changes were really effective for the central budget. The article formulates and verifies a hypothesis assuming that lowering the rates was justified by the contemporary ＂fashion＂ rather than economic reasons. According to financial aspects, the impact of lower rates on the central budged will be examined.
文摘Taxation plays a major role in both market economics and Islamic economics. The difference is that in market economics, the tax system has evolved throughout the centuries in order to address the constant change in market-based societies. In Islamic economics, however, the tax system bases on the writings of the Qur＇an and the principles of shariah. As a result, it did not flourish as the needs of Islamic society changed. Therefore, governments in Islamic countries that seek to follow Islamic law are facing major economic challenges. Recently, some Islamic scholars have asserted that Islamic governments can go beyond the explicit instructions of the Qur＇an and impose taxes as needed. They justify their arguments based on the interpretation of Qur＇anic verses. This paper briefly compares both rationality and the methods of taxation in both market economics and Islamic economics, and further elaborates on the shortcomings of the original Islamic tax laws.
文摘The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises in an emerging market economy？ And, second, what is the role of learning; how does the country learn from its past experience in financial crises to improve institutions and develop better techniques so as to successfully manage successive crisis events？ To the best of our knowledge, this is the first attempt to provide a crisis event taxonomy looking at a systematic categorisation of the crises episodes that the country experienced over its 200-year life span, from its independence and the foundation of the Modem Greek state in 1829 to the recent 2008 crisis. To answer the above questions, I first present evidence on financial crises in Greece over a long time span of two centuries. Greece is chosen as our working template since it is a country with a rich history in financial crises. In particular, we try to identify different varieties of crises events, providing thus a crisis chronology. Moreover, we present some stylised facts on the incidence, the frequency and the severity of crises events. And second, we discuss the key determinants of the crises episodes, closely related to country specific factors, such as credit expansion, fiscal imbalances and the limited reserve coverage of the monetary base.
文摘Research in behavioral finance is comparatively less in India, when compared to other foreign countries. Globalization of financial markets has been increasing the retail investors＇ community over the past two decades by providing a wide variety of market and investment options. However, it makes much more complex in their investment decisions process. This paper aims at identifying the factors influencing the retail investor＇s attitude. This paper develops a modified questionnaire. The average value of the five top highly influential factors according to the sample retail investors＇ were Investors＇ tolerance for risk, strength of the Indian economy, media focus on the stock market, political stability and finally government policy towards business. Four factors were given lowest priority or which had low influence on the attitude of the retail investors investing in equity stocks. Stories of successful investors was considered to be the lowest influencing factors among the four, get rich quick philosophy, information available on internet, cost cutting by companies.
基金supported by National Ministry of Science and Technology about the project of Study on Designation and Countermeasures for China's participation in Sectoral and Regional Commitments of Emission Reduction (Grant No. 2007BAC03A12)
文摘Optimized land resources allocation is important for economic growth because land is one of the basic elements for economic development. And urban land resources allocation has had an increasingly important influence since the Chinese socialist market economy system was established. This paper estimates the production function of both the secondary and the tertiary industries of China＇s 31 provinces, autonomous regions and municipalities directly under the central government through an analysis of the panel data of the total output value of the secondary and the tertiary industries, invested capital, invested labor jorces and the land market-jeatured management of the above-mentioned regions during the period of 1999-2005. and examines the positive influence of the above- mentioned factors on regional economic output, This study concludes that urban economic output is positively related with the level of urban land resources market-featured management, since the rate of economic growth of those regions approximates 14. 7% under the condition of urban land market running during the period of 1999-2005.
文摘The Chinese government attaches great importance to the social security system, and makes it as an important pillar of socialist market economic system. Especially in the last decade, we seize the sustained, rapid and healthy development of the favorable opportunity of the construction of social security system; we have made unremitting efforts and achieved important progress. After years of exploration and practice, we have a clear basic principles of the social security system and the overall objectives and major tasks, we also established social pooling and individual accounts of the basic old-age insurance, basic medical insurance system, covering pension, medical, unemployment, work injury and maternity insurance, the urban minimum living security system and the framework of the social security system basically forms. The coverage of social insurance continuously expands social security funds which are through nmltiple channels to raise the initial formation mechanism forms, the level of protection continuously improves, and management and service system also gradually improves. The social security system＇ s reform and development plays a very important role in ensuring the basic livelihood of the people, the state-owned enterprise reform, and the smooth progress of economic restructuring.
