The evolution and enlightenment of water resourcesaccounting from accounts to balance sheet

The Third Plenary Session of the 18 th Central Committee of the Communist Party of China has proposed an important national strategic decision: to explore and establish the balance sheet of natural resources, to implement leaders’ of-office auditing system about natural resources assets. Water is one of the most essential nature resources of human beings; water resources accounting, as an important water resources management tool, is an essential part of compiling the natural resources balance sheet. In this paper, we provide a summary of the historic evolution of water resources accounting and analyze its application in some typical countries. Although water resources accounting and water resources balance sheet reflect different implications and focus, both require water resources accounts as the basis in system establishment.

Research progress in geophysical exploration of the Antarctic ice sheet

The Antarctic ice sheet is an important target of Antarctic research.Thickness and structure,including intraice and subice,are closely related to the mass balance of the ice sheet,and play an important role in the study of global sea level and climate change.Subglacial topography is an important basis for studying ice sheet dynamics and ice sheet evolution.This paper briefly reviews the geophysical detection methods and research status of the Antarctic ice sheet:(1)Conventional methods such as ice radar are the main methods for studying the ice sheet today,and passive source seismic methods such as the receiver function method,H/V method and P-wave coda autocorrelation method have good development prospects;(2)the high-resolution(1 km)ice thickness and subglacial topographic database BEDMAP2 established based on various data has greatly improved the ability to detect internal isochronous layers,anisotropic layers,and temperature changes within ice and has advanced research on ice sheet evolution;and(3)ice radar,numerical simulation and core drilling are the main methods to study subglacial lakes and sediments.More than 400 subglacial lakes have been confirmed,and more than 12000 simulation results have been obtained.Research on the Antarctic ice sheet faces enormous challenges and is of great urgency.Aiming at hot issues,such as Antarctic geological evolution,glacial retreat,ice sheet melting and their relationships with global climate change,it is the frontier and trend of future Antarctic ice sheet research to carry out multidisciplinary and multicountry comprehensive geophysical exploration based on the traditional ice radar method combined with passive seismic methods,especially new technologies such as short-period dense array technology,unmanned aerial vehicles and artificial intelligence.This is expected to further promote Antarctic research.

China’s Fiscal Sustainable Development during the 14^(th) FYP Period

In the context of national governance,public finance is embedded into China’s economic,political,and social systems as a medium between various national subsystems.As such,fiscal sustainable development should be viewed from a systematic and integrated perspective.This paper created an analytical framework consisting of three aspects:fiscal resource adequacy,institutional soundness and effectiveness,and external shocks.Chinese government has a relatively healthy balance sheet with adequate fiscal resources;however,it is faced with implicit debt risks and inefficiencies.China has initially established a basic fiscal framework with Chinese characteristics that are compatible with national governance,but problems remain in terms of fiscal responsibility,lawfulness,efficiency,fairness,and compatibility.When dealing with external shocks,policymakers should establish a clear fiscal policy rationale and approach based on the implications of fiscal sustainability.Fiscal sustainable development requires the strengthening of government capabilities to assess management and operation;thus,expanding available fiscal resources.Fiscal reforms should be expedited in order to create a modern fiscal system.Furthermore,a fiscal policy system should be developed and optimized according to the principles of fiscal sustainability in order to withstand external shocks.

China's Large and Rising Net Foreign Asset Position

China＇s emergence as a major player in world trade is well known, but its growing role in global finance might have been underappreciated. China is the second largest creditor in the world today, with a net creditorposition of 30 percent of GDP in 2008. We test the importance of the growth differential, demographics, government debt, financial depth and the exchange rate in shaping China＇s net foreign asset position. Our empirical results highlight the sharp fall in the young-age dependence as one key driver behind China ＇s puzzlingly large net lender position and also confirm the neoclassical prediction that faster growth attracts more capital inflows. Looking ahead, our findings suggest that China will unlikely turn into a meaningful net debtor nation over the next two decades.

Does an abnormal change in deferred tax assets interfere with analysts' earnings forecasts?

In 2007,China adopted the single balance sheet liability method for tax accounting,but its shortcomings have emerged.I sample A-share listed companies from 2007 to 2018 to study whether an abnormal change in deferred tax assets interferes with analysts’earnings forecasts and find that an abnormal change in deferred tax assets increases the error and divergence of these forecasts.Compared with a negative abnormal change in deferred tax assets,a positive abnormal change has a greater impact on earnings forecasts.Additionally,the level of corporate governance,audit quality and analysts’professional ability have moderating effects on the correlation between an abnormal change in deferred tax assets and earnings forecasts.However,an abnormal change in deferred tax liabilities does not have a significant impact on that correlation.