The Iraq war and the North Korean nuclear crisis are the two big events that are attracting worldwide attention. The many debates and changes that have arisen around the globe from these two issues, with the former in...The Iraq war and the North Korean nuclear crisis are the two big events that are attracting worldwide attention. The many debates and changes that have arisen around the globe from these two issues, with the former in particular, cannot but cause展开更多
Speaking of "China’s foreign policy under new circumstances," there are five features of the new circumstances in my opinion. All these five features will not fundamentally change in accordance with major e...Speaking of "China’s foreign policy under new circumstances," there are five features of the new circumstances in my opinion. All these five features will not fundamentally change in accordance with major events such as the Iraq war, and to a certain extent, determine that China’s basic foreign policy need not and will not make major adjustments.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
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
Real estate has been one of the fastest growing sectors in China since its opening to the outside world. The sustained, steady growth of the national economy has provided favourable conditions for the rapid growth of ...Real estate has been one of the fastest growing sectors in China since its opening to the outside world. The sustained, steady growth of the national economy has provided favourable conditions for the rapid growth of the real estate industry, and the higher profits anticipated have attracted a large volume of overseas capital into the industry. Various real estate companies have flourished, and a number of luxury hotels, villas and holiday展开更多
The China Non-ferrous MetalsIndustry Corporation has putforward ten development policiesfor the Ninth Five-year Plan period,according to the central government’sinstruction to change the way of economicgrowth,and rai...The China Non-ferrous MetalsIndustry Corporation has putforward ten development policiesfor the Ninth Five-year Plan period,according to the central government’sinstruction to change the way of economicgrowth,and raise the integral quality andbenefit of the national economy:展开更多
Since China began to pursue the policies of reform and opening, its iron and steel industry has been following the strategic principle of making use of "two resources, two markets and two kinds of funds," an...Since China began to pursue the policies of reform and opening, its iron and steel industry has been following the strategic principle of making use of "two resources, two markets and two kinds of funds," and has made eyecatching progress in expanding opening to the outside world and international cooperation. In 1993, the industry utilized some US$900 million in foreign capital,展开更多
The transformation of China’s economy from the“old normal”to the“targeted new normal”will be an arduous process and the core of this task is achieving sustainable development of the Chinese economy,i.e.,the targe...The transformation of China’s economy from the“old normal”to the“targeted new normal”will be an arduous process and the core of this task is achieving sustainable development of the Chinese economy,i.e.,the targeted“new normal,”and realizing the modernization of the state’s governance system and capacity through reform.In this transformation period,such aspects as economic growth rate,economic security,the quality and efficiency of economic growth,and fairness and justice are evolving.The development of the“new normal”in this transformation period is jointly determined by China’s long-term economic growth and all the reform measures intended for advancing the modernization of the national governance system and capacity.Multiple risks confront the“new normal,”and comprehensive macro-economic policies are needed for the smooth running and further development of the economy.展开更多
Since the reform and opening-up to the outside world, China has formed a series of guidelines and policies towards the United States, which are the theoretical foundation of China’s U.S. policy thinking in the New Ce...Since the reform and opening-up to the outside world, China has formed a series of guidelines and policies towards the United States, which are the theoretical foundation of China’s U.S. policy thinking in the New Century. Entering the new century, the international situation has undergone profound and complicated changes, the national strength gap between China and the United States has narrowed, their common interests have expanded, differences and contradictions have increased. Therefore, China stands for both countries to adhere to the direction of developing cooperative partnership, respect each other, abide by the promises, seek equal and mutual benefits and win-win cooperation, and mutually respect each others core interests. The future development of China-U.S. relations still face many challenges and China’s U.S. policy thinking needs to keep abreast with the times.展开更多
文摘The Iraq war and the North Korean nuclear crisis are the two big events that are attracting worldwide attention. The many debates and changes that have arisen around the globe from these two issues, with the former in particular, cannot but cause
文摘Speaking of "China’s foreign policy under new circumstances," there are five features of the new circumstances in my opinion. All these five features will not fundamentally change in accordance with major events such as the Iraq war, and to a certain extent, determine that China’s basic foreign policy need not and will not make major adjustments.
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Real estate has been one of the fastest growing sectors in China since its opening to the outside world. The sustained, steady growth of the national economy has provided favourable conditions for the rapid growth of the real estate industry, and the higher profits anticipated have attracted a large volume of overseas capital into the industry. Various real estate companies have flourished, and a number of luxury hotels, villas and holiday
文摘The China Non-ferrous MetalsIndustry Corporation has putforward ten development policiesfor the Ninth Five-year Plan period,according to the central government’sinstruction to change the way of economicgrowth,and raise the integral quality andbenefit of the national economy:
文摘Since China began to pursue the policies of reform and opening, its iron and steel industry has been following the strategic principle of making use of "two resources, two markets and two kinds of funds," and has made eyecatching progress in expanding opening to the outside world and international cooperation. In 1993, the industry utilized some US$900 million in foreign capital,
文摘The transformation of China’s economy from the“old normal”to the“targeted new normal”will be an arduous process and the core of this task is achieving sustainable development of the Chinese economy,i.e.,the targeted“new normal,”and realizing the modernization of the state’s governance system and capacity through reform.In this transformation period,such aspects as economic growth rate,economic security,the quality and efficiency of economic growth,and fairness and justice are evolving.The development of the“new normal”in this transformation period is jointly determined by China’s long-term economic growth and all the reform measures intended for advancing the modernization of the national governance system and capacity.Multiple risks confront the“new normal,”and comprehensive macro-economic policies are needed for the smooth running and further development of the economy.
文摘Since the reform and opening-up to the outside world, China has formed a series of guidelines and policies towards the United States, which are the theoretical foundation of China’s U.S. policy thinking in the New Century. Entering the new century, the international situation has undergone profound and complicated changes, the national strength gap between China and the United States has narrowed, their common interests have expanded, differences and contradictions have increased. Therefore, China stands for both countries to adhere to the direction of developing cooperative partnership, respect each other, abide by the promises, seek equal and mutual benefits and win-win cooperation, and mutually respect each others core interests. The future development of China-U.S. relations still face many challenges and China’s U.S. policy thinking needs to keep abreast with the times.
