恒指初现技术突破形态

星期四亚洲股市早盘走势各有不同,日股趋稳,港股则高开130点报28352点,重上50天线(约28341点),之后升幅一度收窄,低见28287点.午后升幅扩大至超过三百点,升穿28500点关口,收市竞价时段再抽高,以全日最高位28621点收市升399点约1.4%.国指高开58点报10824点,其后升幅扩大至过百点,挑战50天线约10911点,收近高位报10897点,升131点或1.2%.全日大市成交784亿元,较星期三增加两成.

港股沽空水平回落

港股在过去数个交易日维持窄幅震荡,并在27000点关口争持,周四最终收报27000点之上,也是恒指连续第5个交易日,收报27000关口。恒指在周四收市竞价时段以全日最高位27120收市;大市成交801亿元,与周三恒指整体成交相当。大市整体气氛反复向好,大市沽空成交周四减少至87.6亿元,沽空比率下降至10.9%。

机构大户支持腾讯

美国联储公布3月议息会议记录显示,今年加息机会不大,恒指星期四轻微高开后掉头向下,最多下跌超过300点,跌穿30000点关口,最低见29783点跌335点。午市跌幅曾略为收窄,但由于大部分时间只有腾讯(00700.HK)独涨,难以支撑大市,最终收市下跌280点,连续两个交易日下跌,累计下跌318点。主板成交1197.73亿元.

Effects of Social Security Spending on Income Distribution and Poverty Reduction in China

Reasonable income distribution and eradication of rural poverty are vital for building a moderately prosperous society in all respects in China.This paper primarily examines the income distribution and poverty reduction effects of social security spending.Market income and redistribution policies are two determinants of income gaps.Based on CHIP2018 household survey data,we find that inadequate income redistribution policies have contributed to yawning income gaps,and that social security spending is more redistributive than personal income tax and social security contributions.After estimating the redistribution effects of social security spending and itemized incomes,we find that pension payments have contributed the most to household income gaps,and that subsistence protection and rural pension payments help improve income distribution.With respect to the poverty reduction effects of social security spending,we have estimated China’s current poverty incidence and the poverty reduction effects of pension payments,healthcare,and educational allowances with CHIP2018 data,and discover that an increase in social security spending may effectively reduce rural poverty.In building a moderately prosperous society in all respects,China should increase social security spending,focusing on specific target groups,and promote the role of social security spending in regulating income distribution and offering social protection to rural residents.

Effect of Inoculation with Effective Microorganisms and Leachate Recycle on Degradation of Municipal Refuse

Biodegradation of waste in landfill is a slow process requiring decades for completion. Accelerated degradation of municipal refuse in modulated landfill environments may alleviate or eliminate pollution to the land, water and air. In this work, nineteen effective microorganisms (EMs) were isolated from old landfill refuse by enrichment culturing techniques and used for the inoculum of municipal refuse. The preliminary experiments demonstrate that a combination of EMs inoculation in landfill with leachate recycle resulted in increased rates of decomposition and faster process stability. The concentrations of COD, VFA and SO4^2- in digester with EMs inoculation and leachate recycle decreased more rapidly than others. Gas production from digester with EMs inoculation and leachate recycle commenced around 32 days, which is a week shorter than with leachate recycle only. And peak cumulative gas production was obtained much earlier in digester with EMs inoculation and leachate recycle (150 days) compared to 180 days with leachate recycle only. Moreover, in the first two months, the rate of settlement in digester with EMs inoculation and leachate recycle was more rapid than others.

Absorbing the Rapid Growth of Shopping Centres in Poland after the Political Change

The aim of this paper is to present the development of shopping centres in Poland after its political transition. From that time, all types of shopping centres were built, starting from the very basic first generation and developing into the most current formats. In the article, types of shopping centres are compared to their western origins. Planning laws and procedures that apply to the processes are also described, with an example of a law that was introduced to specifically control growth of shopping centres. Apart from that current trends and growth possibilities in the present market situation are discussed. As a result, a very rapid development process was observed, with little hampering from the planning policies. This may be used as a point of reference for other countries that have not yet encountered that process.

Rural-urban Migration, Rural Household Income and Local Geographical Contexts——A Case of Northwestern Guangxi, China

This paper aims to examine New Economics of Labor Migration (NELM) in the northwestern Guangxi, China and investigate the relationships among rural-urban migration, rural household income and local geographical contexts. Stratified sampling and typical case study were adopted and 236 questionnaires were collected from four vil- lages, Daxin, Lixin, Longhe and Yongchang. We analyzed the rural-urban migration rate, household income and local geographical factors, focusing on the ratio of remittance income to total household income. Data descriptions and sta- tistical methods, such as Pearson Chi-square test, Contingency coefficient, Eta, Pearson correlation coefficient, t-test, multiple comparisons (LSD test, Tamhane T2, Dunnett T3 and Dunnet C test) were used. The results are as follows. Rural households’ income is diversified in survey villages so the motivation of rural-urban migration in the study area can be partly explained by NELM. The migration rate of households (the percentage of households with migrants in survey households) in survey villages varies from 50% to 86%, while the proportion of remittance income to house- hold income is in the range of 30% to 80%. In the village of Yongchang, with the least average arable land area per household, the remittance income plays a vital role in household income (80%). And the statistical findings show that the proportion is significantly and negatively correlated with arable land area per household. The conclusion is that di- rect effect of migration, i.e., the contribution of remittance to household income, is negatively correlated with the con- tribution of resources to local income.

Musculoskeletal disorders in oil palm fruit bunches harvesting in Malaysia

Malaysia is the biggest crude palm oil exporter to the world market for the last 16 years. However this achievement is still be overshadowed by the harvesting method which is conventional and labor intensive. An attempt to use mechanization into the harvesting system, in particular the cutting process of tall palm trees, has been unsuccessful. At the beginning of the oil palm＇s fruit bearing fife, i.e. 3 to 4 years of age, fi＇uit bunches are still accessible. For these palms, a chisel is used to cut the fiuit bunches. Growth is such 8-10 years, and the trees have already reached substantial height. In these cases a sickle mountedon flexible telescopic aluminum tube （pole） is used. This, however, exposes plantation worker to the risk of musculoskeletal discomfort and injury. This paper examines the problems by assessing the task posture and tool, and their implications for operators, using questionnaire survey and videotape analysis techniques. The result prevails that there is evidence to associate the problems of musculoskeletal disorders among the operators.

Consequences of Tax Rate Decrease in Polish Tax System

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.

China＇s Experience in Rural Poverty Reduction.Jobs from Industrialization and Urbanization to Increase Rural Household Income

This paper makes an appraisal of the successful experience of China, a country with the largest agricultural population in the world, in the reduction of rural poverty. We conclude that it is an indispensible strategy to give priority to the development of urban sectors to promote economic growth and reduce rural poverty, and that the development of low value-added agriculture yields few, if any, benefits in decreasing rural poverty. By first adopting urban-biased policies and promoting industrialization, China has created new sources of economic growth and urban employment opportunities to absorb the surplus rural workforce. Entering labor-intensive industrial sectors for higher incomes has thus become a critical avenue for the rural poor to benefit from economic growth and escape poverty.

Distribution of primary school based on spatial network comprehensive model in low-income mountainous cities： a case study in Wanyuan, China

Focusing on the peculiarities of urban construction resulting from specific mountain terrains, the purpose of this study is to find out a suitable method based on a Spatial Network Comprehensive Model(SNCM) to reasonably plan and distribute primary schools in low-income mountain cities. The construction principles and advantages of the SNCM method are proposed and the method tested in Wanyuan city of Qinba Mountain area(Southwest China) to verify its feasibility and optimization. Taking account of the mountain terrain and its influence on user behavior, we used the SNCM method to build a comprehensive model which integrates the road slope and the walking speed of pupils into the basic spatial model. The model is used to calculate a reasonable layout of the primary schools and to validate the rationale. The results show that the SNCM method can be effectively applied in low-income mountainous cities. It can not only improve the accessibility and service efficiency of primary schools using as little capital-investment as possible, but also help the city grow in an intensive and efficient way.

Study on urban housing consumption selection based on Logit model

Housing problem is the problem of livelihood. The problem of housing consumer behavior has become one of the main concern of the Government after more than 10 years the rapid development of real estate. This article is based on the logit model, integrated family net worth, family income, labor factors and so on. Results showed that housing in Shanghai have household net worth is the most critical, followed by labour income and labour force.

Co-integration Analysis of the Effect of Population Urbanization on Urban-rural Income Gap in Jiangxi Province

This paper selects related data on the urbanization and the incomes of urban and rural residents in Jiangxi Province from 2000 to 2014, applies the theory of co-integration by Eviews Software, meanwhile, studies and analyzes the population urbanization and the income gap between urban and rural residents in Jiangxi Province through establishing an index system. Results： There is a cause-and-effect relationship, as well as duality, between the urban-rural income gap and the level of population urbanization in Jiangxi Province. With continuous promotion of the urbanization course in 1990-2014, the income gap between urban and rural residents in Jiangxi Province presents a phenomenon of expanding first, narrowing second and expanding again.

A Study of Mechanization of Cotton Harvesting in India and Its Implications

Cotton is one of the most important crops throughout the history of India and it also plays an important role in social and economic aspects of the Indian society in the present age. Recent technological advances and trade liberalization have made India a major player in international cotton markets. In the year 2011-2012, India was the world＇s second largest producer, consumer and exporter of cotton. The increasing role of the Indian cotton sector in international markets is a direct challenge to other major players like the US. Within this context, a better understanding of the Indian cotton sector and the impact of mechanization on cotton cultivation are needed. The overall objective of this paper is to assess the competitiveness of Indian cotton producers and potential implications for India as a competitor in the world cotton market if it mechanizes harvesting of cotton. The results demonstrate that the net income of the Indian cotton farmers will increase considerably with the mechanization of cotton harvesting. But the adoption of the practice of harvesting cotton by mechanical means is possible only if efforts from many private and public agencies come together. In that scenario, the cotton production in India can increase considerably which can impact the international markets.

Energy Recovery from MSW Treatment by Gasification and Melting Technology

The increase of waste production, joined to the difficulties concerning both the identification of new disposal sites and the construction of big conventional incinerators, led in recent years to the development of new technologies for waste management such as gasification and melting treatments. The possibility to introduce in the Italian context the DMS （direct melting system） technology, designed and manufactured by Nippon Steel Engineering Co. Ltd., has been taken into account for the scope of proposed work. DMS technology consists in MSW gasification, slags melting and combustion of the syngas produced, with the consequent generation of electric energy through a steam cycle. The system minimizes environmental impact, thanks to an effective recycling of useful resources such as inert melted slags and metals, featuring high flexibility in terms of treatment capacity due to its modular design. The aim of this article is to consider different plant configurations in order to optimize the energy recovery downstream the DMS module. As a case study, landfill gas exploitation integrated in the DMS plant will be considered as a typical situation that could occur in the Italian scenario. The energetic input provided by the biogas allows improving the thermo-economic performances according to market incentives.

Developing Communal Recycling Programs to Empower Reclaimers in Developing Cities Such as Tshwane

Excessive MSW （municipal solid waste） production is a growing management problem for cities in developing countries, such as South Africa. A major problem in the city of Tshwane is that all the MSW generated in the city is currently being landfilled with very little recycling initiatives. Selective waste collection and sorting waste fractions out of the waste stream have become a popular survival strategy for the economically excluded population in Tshwane. Reclaimers （waste pickers） work under severe and chronic occupational health and injury risk on landfill sites. The middlemen who purchase their recovered materials exploit and marginalize them. Environmental and social awareness is however a growing issue in South Africa. The study was conducted with the aim of investigating and proposing community recycling programs and technologies to be sustainably implemented in the city of Tshwane. Successful established community recycling programs in Brazil was investigated to verify its socioeconomic and environmental impacts in a sustainable waste management perspective. Community recycling initiatives have been increasingly used as a strategy to address both the MSW problem and urban poverty in Brazil. The study focused on the city of Tshwane, but it can be argued that the findings can be implemented in any other South African municipality and in other emerging countries in Africa.

Research of tax system under fair tax perspective

As a whole society increasingly widespread concern in livelihood issues, at the growing disparity in income gap today, how to achieve a fair distribution of income, build a harnaonious society and realize common prosperity has become a major problem in China＇s economic reform, which needs to be solved. Taxation as an important means of macroeconomic control the government, has a unique role to adjust income distribution and narrow the income gap. Taxation can not be replaced by other policies, the development of which has been confirmed by the practice in developed market economies of Western countries. In order to improve the distribution of income inequality in our country, we need to regulate the initial distribution and redistribution. Therefore, limiting public power, strengthening monopoly regulation and standardizing the labor market are the key, while the macro-control means, such as taxes, transfer payments and social security should be widely adopted. Practice during our transition period shows that adjusting personal income distribution through the tax system is an important part of the government＇s public policy, but also an objective requirement of building a socialist harmonious society.

Research on Application of Monte Carlo Simulation in the Income Approach of Asset Valuation A listed Company in China as an Example

The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.

The Efficient Market Theory and Mergers and Acquisitions （M＆As） Puzzle： Evidence From Italy

The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions （M＆As） are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all （or most of） the countries of the world. This work examines the long-run performance in M＆As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns （BHARs） methodology was used, with which it was possible to observe the returns for three years following the deal.

Constraints of Municipal Solid Waste Management： A Case Study of Mbarara Municipality

Despite the presence of bye-laws, solid waste management continues to be an issue in Mbarara municipality with households and businesses continuing to dump solid waste on open plots, low-lying areas, public spaces and rivers, or simply burning it in their backyards. This qualitative study aimed at establishing reasons as to why there was still improper solid waste management in Mbarara municipality and also establishing its constraints. Tools used included semi-structured questionnaires, observation and photographs. Two hundred and ninety-four participants （24 solid waste collectors, eight municipal council members and 262 community members） participated in the study. The study revealed both insufficient budget （87.5%） and insufficient equipment （50%） as the most common policy challenges in implementing proper solid waste management. Solid waste collectors not being comfortable with their salaries （79.2%）, limited sensitization regarding solid waste management （66%） and limited necessary tools （58.3%） as other challenges faced by solid waste management policy makers and implementers and finally, community members having limited awareness about laws governing solid waste management （61.1%）. In conclusion, insufficient budget, insufficient equipment, poor motivation and inadequate sensitization were found to be the major reasons as to why there was still improper solid waste management in Mbarara municipality, western Uganda.