The "new normal" is the current stage of development of China's economy. The "new" in new normal means different to past; the "normal" means relatively stable. For a period of time in the future, the decrease o...The "new normal" is the current stage of development of China's economy. The "new" in new normal means different to past; the "normal" means relatively stable. For a period of time in the future, the decrease of potential growth rate has become an indisputable fact. Social security fund is an important source of funds for the protection of people's livelihood, whose every movement often attract much attention. Under the situation of new normal economy, how to ensure the preserving or increasing value of social security funds on the premise of security is the core task in the operations management of social security fund investment. At present, there are some difficulties in the development of the social security funds, such as the management system and operation mechanism are not perfect, some institutional measures have not been fully implemented and the progress of the law and regulations is slow. In this paper, we will put forward some corresponding improvement measures, such as expand the scope of social security fund investment, accelerate the implementation of the nominal account system and strengthen the actuarial management of social security fund.展开更多
This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund...This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund (NSSF). The issues are industry related investment fields distribution, the trend of capitalization movement, and investment style factors in stock selection. The results show that there are risk problems with portfolios entrusted by NSSF, which include similar investment fields distribution trend, little difference among portfolios, and high risk preference degree.展开更多
This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union (EU) member states, and considers the impact of economic and financial crisis on that sector. The European private i...This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union (EU) member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product (GDP) of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.展开更多
As one of the biggest marginal seas in the western Pacific margin, the South China Sea (SCS) experienced continental rifting and seafloor spreading during the Cenozoic. The northern continental margin of the SCS is ...As one of the biggest marginal seas in the western Pacific margin, the South China Sea (SCS) experienced continental rifting and seafloor spreading during the Cenozoic. The northern continental margin of the SCS is classified as a passive continental margin. However, its depositional and structural evolution remains controversial, especially in the deep slope area. The lack of data hindered the correlation between continental shelf and oceanic basin, and prevented the establishment of sequence stratigraphic frame of the whole margin. The slope basins in the mid-northern margin of SCS developed in the Cenozoic; the sediments and basin infill recorded the geological history of the continental margin and the SCS spreading. Using multi-channel seismic dataset acquired in three survey cruises during 1987 to 2004, combined with the data of ODP Leg 184 core and industrial wells, we carried out the sequence stratigraphic division and correlation of the Cenozoic in the middle-northern margin of SCS with seismic profiles and sedimentary facies. We interpreted the seismic reflection properties including continuity, amplitude, fi'equency, reflection terminals, and 15 sequence boundaries of the Cenozoic in the study area, and correlated the well data in geological age. The depositional environment changed from river and lake, shallow bay to open-deep sea, in correspondence to tectonic events of syn-rifting, early drifting, and late drifting stages of basin evolution.展开更多
International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investig...International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection (hereafter referred to as ESEP) projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.展开更多
"Global economic imbalance" and "global economic rebalancing" have aroused great interest among international economic and.financial research circles. As the global financial crisis begins to abate, some Western c..."Global economic imbalance" and "global economic rebalancing" have aroused great interest among international economic and.financial research circles. As the global financial crisis begins to abate, some Western countries have used "global economic rebalancing" as an excuse for trade protectionism and restricting the foreign economic development of developing nations. As the basic theoretical justification for the "global economic imbalance," the theory of international trade equilibrium is wrong both in theory and in practice, because it has never been proven in the 200 years of history since the Industrial Revolution. "Global economic rebalancing" contains serious policy traps and does not generate any winners. The exchange rate is only one of the)actors which affect international trade;furthermore, it is not the fundamental mechanism. With the U.S. dollar retaining its status as the key currency of the international monetary system, it is impossible for the United States to achieve long-term foreign economic and trade equilibrium. The United States' trade deficit is an inevitable result of the dollar's status as an international currency.展开更多
To constrain short-term changes of climate and oceanography in the northern South China Sea (SCS) over interglacial marine isotope stage (MIS) 5.5, we studied planktic and benthic δ18O records of seven marine sed...To constrain short-term changes of climate and oceanography in the northern South China Sea (SCS) over interglacial marine isotope stage (MIS) 5.5, we studied planktic and benthic δ18O records of seven marine sediment cores with a time resolution of 70-700 yr. Using 6-8 tie points the planktic records were tuned to the U/Th chronology of speleothem δ180 records in China and Europe. The last occurrence of pink Globigerinoides ruber marks the top of Heinrich stadial 11 (HS-11) near 128.4 ka. HS-11 matches a 2300-yr long positive δ180 excursion by 1.5/0.8‰ both in planktic and benthic δ18O records. Hence half of the planktic δ180 signal was linked to increased upwelling of δ18O- and 12C-enriched deep waters in the southwestern SCS. The increase was possibly linked to a strengthened inflow of Pacific deep waters through the Bashi Strait, that form a boundary current along the northern slope of the SCS, building a major sediment drift. At its lower margin near 2300-2400 m water depth (w.d.) Parasound records reveal a belt of modern erosion. At the end of glacial termination 2, stratigraphic gaps deleted HS-11 in core MD05-2904 and subsequent peak MIS 5.5 at ODP Site 1144. Likewise hiatuses probably earmarked all preced- ing glacial terminations at Site 1144 back to 650 ka. Accordingly, boundary current erosion then shifted -300 m upslope to ~2040-2060 m w.d. These vertical shifts imply a rise in boundary current buoyancy, that in turn may be linked to transient events of North Pacific deepwater formation similar to that traced in SCS and North Pacific paleoceanographic records over glacial termination 1.展开更多
Digestate, the product obtained after anaerobic digestion of organic waste for biogas production, is rich in plant nutrients and might be used to fertilize crops. Wheat (Triticum spp. L.) was fertilized with digesta...Digestate, the product obtained after anaerobic digestion of organic waste for biogas production, is rich in plant nutrients and might be used to fertilize crops. Wheat (Triticum spp. L.) was fertilized with digestate, urea, or left unfertilized and cultivated in the greenhouse for 120 d. Emissions of greenhouse gasses (carbon dioxide (CO2), methane (CH4), and nitrous oxide (N20)) were monitored and plant growth characteristics were determined at harvest. The digestate was characterized for heavy metals, pathogens, and C and N mineralization potential in an aerobic incubation experiment. No Salmonella spp., Shigella spp., or viable eggs of helminths were detected in the digested pig slurry, but the number of faecal coliforms was as high as 3.6 ~ 104 colony-forming units (CFU) g-1 dry digestate. The concentrations of heavy metals did not surpass the upper limits established by US Environmental Protection Agency (EPA). After 28 d, 17% of the organic C (436 g kg-1 dry digestate) and 8% of the organic N (6.92 g kg-1 dry digestate) were mineralized. Emissions of CO2 and CH4 were not significantly affected by fertilization in the wheat-cultivated soil, but digestate significantly increased the cumulative N20 emission by 5 times compared to the urea-amended soil and 63 times compared to the uncultivated unfertilized soil. It could be concluded that digestate was nutrient rich and low in heavy metals and pathogens, and did not affect emissions of CH4 and CO2 when applied to a soil cultivated with wheat, but increased emission of N20. Key Words: biodigester, C and N mineralization potential, faecal coliform, heavy metal, pathogen, pig slurry展开更多
This month we take a look at, among other things, venture capital and the copper industry - both of which hinge on a somewhat hackneyed theme that's nonetheless true: China's growing fast, and the private sect...This month we take a look at, among other things, venture capital and the copper industry - both of which hinge on a somewhat hackneyed theme that's nonetheless true: China's growing fast, and the private sector is ramping up to meet its demand. Rapid development often outpaces regulatory safeguards, and the cost is in some cases social but more often than not, environmental. In terms of the social cost, this is something that multinationals are increasingly attempting to offset with corporate social responsibility programs - a movement that writer Jonathan Haagen examines this month.展开更多
文摘The "new normal" is the current stage of development of China's economy. The "new" in new normal means different to past; the "normal" means relatively stable. For a period of time in the future, the decrease of potential growth rate has become an indisputable fact. Social security fund is an important source of funds for the protection of people's livelihood, whose every movement often attract much attention. Under the situation of new normal economy, how to ensure the preserving or increasing value of social security funds on the premise of security is the core task in the operations management of social security fund investment. At present, there are some difficulties in the development of the social security funds, such as the management system and operation mechanism are not perfect, some institutional measures have not been fully implemented and the progress of the law and regulations is slow. In this paper, we will put forward some corresponding improvement measures, such as expand the scope of social security fund investment, accelerate the implementation of the nominal account system and strengthen the actuarial management of social security fund.
文摘This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund (NSSF). The issues are industry related investment fields distribution, the trend of capitalization movement, and investment style factors in stock selection. The results show that there are risk problems with portfolios entrusted by NSSF, which include similar investment fields distribution trend, little difference among portfolios, and high risk preference degree.
文摘This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union (EU) member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product (GDP) of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.
基金Supported by National Basic Research Program of China (973 Program) (No. 2007CB411703)the National Natural Science Foundation of China (No. 40806023)
文摘As one of the biggest marginal seas in the western Pacific margin, the South China Sea (SCS) experienced continental rifting and seafloor spreading during the Cenozoic. The northern continental margin of the SCS is classified as a passive continental margin. However, its depositional and structural evolution remains controversial, especially in the deep slope area. The lack of data hindered the correlation between continental shelf and oceanic basin, and prevented the establishment of sequence stratigraphic frame of the whole margin. The slope basins in the mid-northern margin of SCS developed in the Cenozoic; the sediments and basin infill recorded the geological history of the continental margin and the SCS spreading. Using multi-channel seismic dataset acquired in three survey cruises during 1987 to 2004, combined with the data of ODP Leg 184 core and industrial wells, we carried out the sequence stratigraphic division and correlation of the Cenozoic in the middle-northern margin of SCS with seismic profiles and sedimentary facies. We interpreted the seismic reflection properties including continuity, amplitude, fi'equency, reflection terminals, and 15 sequence boundaries of the Cenozoic in the study area, and correlated the well data in geological age. The depositional environment changed from river and lake, shallow bay to open-deep sea, in correspondence to tectonic events of syn-rifting, early drifting, and late drifting stages of basin evolution.
基金This research work was financially supported by the Shanghai Board of Education (2012-SHNGE-06ZD), China Postdoctoral Science Foundation funded project (2013M531157), and The Ministry of Education of Youth Fund Project of Humanities and Social Sciences Research(14YJC790152).
文摘International experiences show that when make full use of the regulation and service functions of financial mechanism, such as the establishment of greenhouse gas emissions trade market, further strengthening investigation in environmental risk of the financing projects according to equator principles, more fiscal and taxation policies that to encourage financial institutions to innovate green financial products, participation of supporting the international financial organizations in energy-saving and environmental protection (hereafter referred to as ESEP) projects, people can significantly improve the quality of the environment, and effectively control pollution emissions in a low cost. In order to improve the efficiency of Shanghai ESEP work, the local government should learn from the international advanced experiences to accelerate the establishment of green financial service system of ESEP, so that to better use finance leverage to build a resource conserving and environment-fxiendly society.
文摘"Global economic imbalance" and "global economic rebalancing" have aroused great interest among international economic and.financial research circles. As the global financial crisis begins to abate, some Western countries have used "global economic rebalancing" as an excuse for trade protectionism and restricting the foreign economic development of developing nations. As the basic theoretical justification for the "global economic imbalance," the theory of international trade equilibrium is wrong both in theory and in practice, because it has never been proven in the 200 years of history since the Industrial Revolution. "Global economic rebalancing" contains serious policy traps and does not generate any winners. The exchange rate is only one of the)actors which affect international trade;furthermore, it is not the fundamental mechanism. With the U.S. dollar retaining its status as the key currency of the international monetary system, it is impossible for the United States to achieve long-term foreign economic and trade equilibrium. The United States' trade deficit is an inevitable result of the dollar's status as an international currency.
基金the National Natural Science Foundation of China(Grant Nos.91028004 and 41023004)
文摘To constrain short-term changes of climate and oceanography in the northern South China Sea (SCS) over interglacial marine isotope stage (MIS) 5.5, we studied planktic and benthic δ18O records of seven marine sediment cores with a time resolution of 70-700 yr. Using 6-8 tie points the planktic records were tuned to the U/Th chronology of speleothem δ180 records in China and Europe. The last occurrence of pink Globigerinoides ruber marks the top of Heinrich stadial 11 (HS-11) near 128.4 ka. HS-11 matches a 2300-yr long positive δ180 excursion by 1.5/0.8‰ both in planktic and benthic δ18O records. Hence half of the planktic δ180 signal was linked to increased upwelling of δ18O- and 12C-enriched deep waters in the southwestern SCS. The increase was possibly linked to a strengthened inflow of Pacific deep waters through the Bashi Strait, that form a boundary current along the northern slope of the SCS, building a major sediment drift. At its lower margin near 2300-2400 m water depth (w.d.) Parasound records reveal a belt of modern erosion. At the end of glacial termination 2, stratigraphic gaps deleted HS-11 in core MD05-2904 and subsequent peak MIS 5.5 at ODP Site 1144. Likewise hiatuses probably earmarked all preced- ing glacial terminations at Site 1144 back to 650 ka. Accordingly, boundary current erosion then shifted -300 m upslope to ~2040-2060 m w.d. These vertical shifts imply a rise in boundary current buoyancy, that in turn may be linked to transient events of North Pacific deepwater formation similar to that traced in SCS and North Pacific paleoceanographic records over glacial termination 1.
文摘Digestate, the product obtained after anaerobic digestion of organic waste for biogas production, is rich in plant nutrients and might be used to fertilize crops. Wheat (Triticum spp. L.) was fertilized with digestate, urea, or left unfertilized and cultivated in the greenhouse for 120 d. Emissions of greenhouse gasses (carbon dioxide (CO2), methane (CH4), and nitrous oxide (N20)) were monitored and plant growth characteristics were determined at harvest. The digestate was characterized for heavy metals, pathogens, and C and N mineralization potential in an aerobic incubation experiment. No Salmonella spp., Shigella spp., or viable eggs of helminths were detected in the digested pig slurry, but the number of faecal coliforms was as high as 3.6 ~ 104 colony-forming units (CFU) g-1 dry digestate. The concentrations of heavy metals did not surpass the upper limits established by US Environmental Protection Agency (EPA). After 28 d, 17% of the organic C (436 g kg-1 dry digestate) and 8% of the organic N (6.92 g kg-1 dry digestate) were mineralized. Emissions of CO2 and CH4 were not significantly affected by fertilization in the wheat-cultivated soil, but digestate significantly increased the cumulative N20 emission by 5 times compared to the urea-amended soil and 63 times compared to the uncultivated unfertilized soil. It could be concluded that digestate was nutrient rich and low in heavy metals and pathogens, and did not affect emissions of CH4 and CO2 when applied to a soil cultivated with wheat, but increased emission of N20. Key Words: biodigester, C and N mineralization potential, faecal coliform, heavy metal, pathogen, pig slurry
文摘This month we take a look at, among other things, venture capital and the copper industry - both of which hinge on a somewhat hackneyed theme that's nonetheless true: China's growing fast, and the private sector is ramping up to meet its demand. Rapid development often outpaces regulatory safeguards, and the cost is in some cases social but more often than not, environmental. In terms of the social cost, this is something that multinationals are increasingly attempting to offset with corporate social responsibility programs - a movement that writer Jonathan Haagen examines this month.