Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the y...Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the years of schooling as the proxy variable of human capital, this paper describes changes in China＇s labor competence during the industrial restructuring process. Then, this paper estimates China＇s future human capital demand and shortage based on economic and demographic forecast. Lastly, this paper proposes recommendations for improving human capital in China with skills development and education.展开更多
This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure dec...This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues.展开更多
This paper investigated the relationship between demographic structure and international capital flows with panel data of 190 countries over the past 60 years＇ and projection data for the 21st century. As found, from...This paper investigated the relationship between demographic structure and international capital flows with panel data of 190 countries over the past 60 years＇ and projection data for the 21st century. As found, from a global perspective, the current account balance （CAB） is negatively related to the dependency ratio, and orresponding to continuous change, international eapital flows tend to move from ＂adult countries＂ to ＂aged or young countries.＂ Since the middle of the 20th century, the U.S., Europe, Japan, China, Southeast Asia, Central Asia, South Asia, West Asia and Africa took turns in exporting capital to other countries. In the 2lst century, Europe, the U.S., Australia and Singapore will keep importing capital, while China in the 2030s, and Southeast Asia in the 2050s will in turn become the main capital importers. Given the demographic structure of China and the world, the future pattern of the international capital flows requires more serious concern and responses.展开更多
With human capital levels.Jar lower when compared to developed countries, large developing countries derive their comparative advantages from the coupling between heterogeneous human capital and a diverse industrial s...With human capital levels.Jar lower when compared to developed countries, large developing countries derive their comparative advantages from the coupling between heterogeneous human capital and a diverse industrial structure, physical capital investment and technological level. This theory explains that despite low levels of human capital, large developing countries can still achieve rapid economic growth. Empirical research using the coupling factor model has supported this theoretical hypothesis. The policy implications are obvious： Large developing countries should enhance the adaptation of human capital to diversify their industrial structure, physical capital investment and technological level while constantly increasing human capital investment. This approach will tap their full potential, avert their weaknesses and promote rapid and sustained economic development.展开更多
In recent years, due to low oil prices, resource countries have been carrying out oil & gas industry reforms and accelerating structural reform of their energy industry. At the supply side, taxes have been reduced...In recent years, due to low oil prices, resource countries have been carrying out oil & gas industry reforms and accelerating structural reform of their energy industry. At the supply side, taxes have been reduced; at the comsumption side, taxes are on the rise. These resource countries have also opened up their oil and gas sectors in the hopes of attracting more domestic and foreign capital. With the Paris Agreement coming into effect in 2016, green and low-carbon development has become the consensus of global energy development. Although the development of clean energy has currently slowed down because of low oil prices, clean energy will be the world's common direction of development in the long run. Currently, countries continue to support the development of clean energy, although the manners of their support are changing.展开更多
The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research ...The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research findings, This is reflected in the comments about the SSA School in Lu Shoujun＇s paper, ＂Grasping Intermediate-Level Analysis of Contemporary Capitalism： The Evolution of the French Regulation School＇s Theoretical System.＂ We need to give a clearer explanation of the relation between SSA theory and the French Regulation School. In particular, we need to review the major innovations and developments in SSA theory in recent years, including its theoretical analysis of the 2008 financial crisis, of sustainable SSA （SSSA） theory, and of China SSA （CSSA） theory.展开更多
文摘Based on statistics, this paper reviews China＇s economic growth and industrial upgrade since the reform and opening up in 1978 and estimates the contribution of industrial restructuring to economic growth. With the years of schooling as the proxy variable of human capital, this paper describes changes in China＇s labor competence during the industrial restructuring process. Then, this paper estimates China＇s future human capital demand and shortage based on economic and demographic forecast. Lastly, this paper proposes recommendations for improving human capital in China with skills development and education.
文摘This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues.
文摘This paper investigated the relationship between demographic structure and international capital flows with panel data of 190 countries over the past 60 years＇ and projection data for the 21st century. As found, from a global perspective, the current account balance （CAB） is negatively related to the dependency ratio, and orresponding to continuous change, international eapital flows tend to move from ＂adult countries＂ to ＂aged or young countries.＂ Since the middle of the 20th century, the U.S., Europe, Japan, China, Southeast Asia, Central Asia, South Asia, West Asia and Africa took turns in exporting capital to other countries. In the 2lst century, Europe, the U.S., Australia and Singapore will keep importing capital, while China in the 2030s, and Southeast Asia in the 2050s will in turn become the main capital importers. Given the demographic structure of China and the world, the future pattern of the international capital flows requires more serious concern and responses.
文摘With human capital levels.Jar lower when compared to developed countries, large developing countries derive their comparative advantages from the coupling between heterogeneous human capital and a diverse industrial structure, physical capital investment and technological level. This theory explains that despite low levels of human capital, large developing countries can still achieve rapid economic growth. Empirical research using the coupling factor model has supported this theoretical hypothesis. The policy implications are obvious： Large developing countries should enhance the adaptation of human capital to diversify their industrial structure, physical capital investment and technological level while constantly increasing human capital investment. This approach will tap their full potential, avert their weaknesses and promote rapid and sustained economic development.
文摘In recent years, due to low oil prices, resource countries have been carrying out oil & gas industry reforms and accelerating structural reform of their energy industry. At the supply side, taxes have been reduced; at the comsumption side, taxes are on the rise. These resource countries have also opened up their oil and gas sectors in the hopes of attracting more domestic and foreign capital. With the Paris Agreement coming into effect in 2016, green and low-carbon development has become the consensus of global energy development. Although the development of clean energy has currently slowed down because of low oil prices, clean energy will be the world's common direction of development in the long run. Currently, countries continue to support the development of clean energy, although the manners of their support are changing.
基金The author wishes to express his thanks to Professors Zou Keyuan, Liang Zhiping, Zhang Kening, Yang Guohua, Liu Zhiyun, Cai Congyan and He Zhipeng for their valuable advice. This is an achievement of the project supported by National Social Science Foundation （15BFX186） a research product of the ＂2011 Plan＂ of China--Collaborative Innovation Center of Judicial Civilization and a fruit of the MOE Project of Key Research Institute of Humanities and Social Sciences at Universities （16JJD820008）.
文摘The social structure of accumulation （SSA） theory is one of the important schools of Western Marxist economics, but China＇s theoretical circles do not fully understand its developmental path or its latest research findings, This is reflected in the comments about the SSA School in Lu Shoujun＇s paper, ＂Grasping Intermediate-Level Analysis of Contemporary Capitalism： The Evolution of the French Regulation School＇s Theoretical System.＂ We need to give a clearer explanation of the relation between SSA theory and the French Regulation School. In particular, we need to review the major innovations and developments in SSA theory in recent years, including its theoretical analysis of the 2008 financial crisis, of sustainable SSA （SSSA） theory, and of China SSA （CSSA） theory.
