Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign...Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign finance can promotegrowth through higher investment and technology transfers. It can allowcountries to adjust gradually to new circumstances in the world economy.展开更多
Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect ...Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.展开更多
Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese ...Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese writing.The city is also the birthplace,the Chinese classic text of I Ching also known as the Book of Changes.展开更多
APPROXIMATELY 6,000-7,000years ago China’s primitive so-ciety gradually progressed toits prosperous period.The body shapeof peopel at that time was entirely thesama as modern people.Primitive agriculture started,peop...APPROXIMATELY 6,000-7,000years ago China’s primitive so-ciety gradually progressed toits prosperous period.The body shapeof peopel at that time was entirely thesama as modern people.Primitive agriculture started,people began to raise livestock and live a more sedentary life.Clan villages appeared.However,because of natural disasters and other factors,the primitive people had to constantly change their habitats.Over time,these habitats submerged into ruins,which became bases for archaeologistss in their study of primitive man and his social conditions.展开更多
There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of co...There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-展开更多
Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a signi...Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.展开更多
FOR much of China’s history, the city of Beijing has been the nation’s capital.Thus it boasts a wealth of ancient cultural treasures, including buildings, parks and monuments. These are five of the better ones.
An ancient wood layer dated at about 5600 cal. a BP by AMS14C dating was discovered in the intertidal zone, East China Sea. Samples affected by ancient woods, including fresh coast bedrock, weathering bedrock, seepage...An ancient wood layer dated at about 5600 cal. a BP by AMS14C dating was discovered in the intertidal zone, East China Sea. Samples affected by ancient woods, including fresh coast bedrock, weathering bedrock, seepage water from coast, seepage water from ancient wood layer, intertidal seawater, fresh water, beach mud, ancient wood barks and ancient peat, were collected for geochemical analysis. The beach mud and the bacteriogenic iron oxides (BIOS) in coastal seepage water were analyzed by min-eralogical and high-resolution transmission electron microscopy (HRTEM)-selected area electron dif-fraction (SAED) analysis. Inorganic sulfur compositions and δ34S of the ancient peat and the beach mud were determined. The results showed that Fe, Mn, S (SO42-) were enriched in the intertidal area at different levels, very likely caused by fermentation of ancient woods. The presence of abundant iron-oxidizing bacteria (FeOB) and sulfate-reducing bacteria (SRB) in this intertidal zone was confirmed by HRTEM-SAED observation, and these bacteria were involved in Fe-S cycle to induce extracellular biomineralization. The negative δ34SV-CDT (-2.9‰) likely indicated the biogenic origin of iron-sulfide minerals in the beach mud at high sulfate reduction rate (SRR). These findings are helpful for under-standing the biogeochemical Fe-S cycle and biomineralization process at high organic matter deposition rate and high SRR in the intertidal zone, estuary, or near shoreline.展开更多
The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a sup...The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening.展开更多
In the study of variation of the earth’s rotation based on the records of some ancientastronomical events, the timing records of ancient astronomical events and phenomena, suchas solar and lunar eclises and lunar occ...In the study of variation of the earth’s rotation based on the records of some ancientastronomical events, the timing records of ancient astronomical events and phenomena, suchas solar and lunar eclises and lunar occultation, are important components of the data.The reliable records, especially those from the countries and regions with advanced an-cient astronomy and timing technology, contain valuable information on the variation展开更多
A 200-year-old greater ancient teahouse called Cuipingju in Shitai County, Anhui Province, was scheduled to be sold to a Swedish businessman for 200,000 yuan, as the owner was financially overburdened for the routine ...A 200-year-old greater ancient teahouse called Cuipingju in Shitai County, Anhui Province, was scheduled to be sold to a Swedish businessman for 200,000 yuan, as the owner was financially overburdened for the routine maintenance of the property. But after intensive media coverage of the deal in early July, the local government immediately identified Cuipingju as a cultural relic and the sale was canceled.展开更多
文摘Ⅰ. Introduction In the wake of the Debt Crisis of the early 1980s, the World Bank pub-lished a report to summarize developing countries’ experience in utilizingforeign capital. According to the report, "Foreign finance can promotegrowth through higher investment and technology transfers. It can allowcountries to adjust gradually to new circumstances in the world economy.
文摘Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.
文摘Anyang City,one of the eight historical capitals in China,is famous for its long history and rich culture.As the earliest capital of China,it is home to the oracle-bone inscriptions,the earliest known form of Chinese writing.The city is also the birthplace,the Chinese classic text of I Ching also known as the Book of Changes.
文摘APPROXIMATELY 6,000-7,000years ago China’s primitive so-ciety gradually progressed toits prosperous period.The body shapeof peopel at that time was entirely thesama as modern people.Primitive agriculture started,people began to raise livestock and live a more sedentary life.Clan villages appeared.However,because of natural disasters and other factors,the primitive people had to constantly change their habitats.Over time,these habitats submerged into ruins,which became bases for archaeologistss in their study of primitive man and his social conditions.
文摘There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-
文摘Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.
文摘FOR much of China’s history, the city of Beijing has been the nation’s capital.Thus it boasts a wealth of ancient cultural treasures, including buildings, parks and monuments. These are five of the better ones.
基金Supported by the Project of the Knowledge Innovation Program of the Chinese Academy of Sciences (Grant No. KZCX3-SW-151)
文摘An ancient wood layer dated at about 5600 cal. a BP by AMS14C dating was discovered in the intertidal zone, East China Sea. Samples affected by ancient woods, including fresh coast bedrock, weathering bedrock, seepage water from coast, seepage water from ancient wood layer, intertidal seawater, fresh water, beach mud, ancient wood barks and ancient peat, were collected for geochemical analysis. The beach mud and the bacteriogenic iron oxides (BIOS) in coastal seepage water were analyzed by min-eralogical and high-resolution transmission electron microscopy (HRTEM)-selected area electron dif-fraction (SAED) analysis. Inorganic sulfur compositions and δ34S of the ancient peat and the beach mud were determined. The results showed that Fe, Mn, S (SO42-) were enriched in the intertidal area at different levels, very likely caused by fermentation of ancient woods. The presence of abundant iron-oxidizing bacteria (FeOB) and sulfate-reducing bacteria (SRB) in this intertidal zone was confirmed by HRTEM-SAED observation, and these bacteria were involved in Fe-S cycle to induce extracellular biomineralization. The negative δ34SV-CDT (-2.9‰) likely indicated the biogenic origin of iron-sulfide minerals in the beach mud at high sulfate reduction rate (SRR). These findings are helpful for under-standing the biogeochemical Fe-S cycle and biomineralization process at high organic matter deposition rate and high SRR in the intertidal zone, estuary, or near shoreline.
文摘The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening.
文摘In the study of variation of the earth’s rotation based on the records of some ancientastronomical events, the timing records of ancient astronomical events and phenomena, suchas solar and lunar eclises and lunar occultation, are important components of the data.The reliable records, especially those from the countries and regions with advanced an-cient astronomy and timing technology, contain valuable information on the variation
文摘A 200-year-old greater ancient teahouse called Cuipingju in Shitai County, Anhui Province, was scheduled to be sold to a Swedish businessman for 200,000 yuan, as the owner was financially overburdened for the routine maintenance of the property. But after intensive media coverage of the deal in early July, the local government immediately identified Cuipingju as a cultural relic and the sale was canceled.
