China’s Development Concepts,Thoughts,and Strategies for the New Era

In the past five years the CPC set two centenary goals and the goal to realize the Chinese Dream of national rejuvenation, which reflects the Party＇s self-confidence. Meanwhile it has demonstrated greater resolve in self- improvement, picking up efforts to exercise full and rigorous self-governance.

An Examination of the Concepts and Principles of China's Major-Country Diplomacy with Its Own Characteristics for a New Era

The victorious convening of the 19th National Congress of the Communist Party of China(CPC)has indicated China’s major-country diplomacy with its own characteristics has entered a new era.Rooted in China’s diplomatic practices since the 18th National Congress of the CPC and the report to the 19th National Congress of the CPC,this paper is intended to elaborate on the issues relating to the concepts and principles of China’s major-country diplomacy with its own characteristics for a new era,in a bid to establish a basic framework for their studies.The core concepts of China’s major-country diplomacy with its own characteristics for a new era include a community with a shared future for humanity;inclusive development;amity,sincerity,mutual benefit,and inclusiveness;and the correct view on righteousness and interests.And the basic principles of China’s major-country diplomacy with its own characteristics for a new era include being enthusiastic and pressing on;bottom-line thinking;win-win cooperation;and mutual consultation,joint construction and co-sharing.These concepts and principles should be applied in China’s concrete diplomatic practices.

Do the RMB exchange rate and global commodity prices have asymmetric or symmetric effects on China’s stock prices?

With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.

A Literature Review about Demonstrating Whether China＇s Stock Market Has Reached Weak-form Efficiency

The efficient Market Hypothesis divided the stock market into three parts： weak-form efficiency, semi-strong-form efficiency, and strong-form efficiency. There are so many scholars have conducted researches on whether China＇ s stock market has reached weak-form efficiency. The author of this literature review summaries the results of these researches and makes a systematic induction. This article attempts to show the achievements of these researches and ~ive readers new ideas about how to improve China＇ s stock market efficiency.

“Harmony”Concept and China's Human Rights

What is summarized as'harmony is of paramount importance' is a most prominent philosophical approach embraced by China's Confucian culture. This is an extension of the approach summarized as 'the people are of paramount importance.' It calls for harmonious human relations, obliging one to respect others' rights and interests while protecting the rights and interests of one's own. Harmony as a philosophical approach manifests itself, in many ways, in the realm of human rights in China today. To name just a few: the country's political system of multi-party cooperation under the leadership of the Chinese Communist Party, harmony that prevails between different religions in the country, and the country's call for international dialogue and cooperation to promote the human rights cause. As a fine Chinese tradition, this philosophical approach is being carried forward.

NEW REGULATION BY THE PEOPLE'S BANK OF CHINA-TRADING B STOCKS ABROAD,OPENING ACCOUNTS IN CHINA

The People’s Bank of China promulgated andput in force days ago Regulation on Foreign Ex-change Accounts in China, according to which for-eign individuals or legal persons can open foreignexchange accounts to keep foreign exchange fortrading B stock in China.As stipulated by the regulation, as to foreigncurrency stock accounts opened bydomestic insti-tutions with the income from issuing stocks, theirreceipt shall be income from issuing stocks anddisbursement shall be used for the purposes pro-vided for in the prospectus approved by securitiessupervising organs; as to foreign exchange ac-counts opened by foreign individuals or legal per-sons for trading B stocks in China.their receipt shallbe the income of trading stocks and foreign ex-change remitted or brought in from abroad, andtheir disbursement shall be used for buying andselling stocks.As provided in the regulation, for the purposeof opening B stock account to trade B stocks

Concept and Feasibility of Offering Human Rights Courses in China's Institutions of Higher Learning

Doubtlessly, the term ＂human rights＂ has become a world language in the 21st century. China has written ＂The state respects and protects human rights＂ into its constitution, thus opening up a new period of constitutional construction and human rights cause. This great term ＂human rights＂ does not only contain specific rights that can be put into practice but also carry dignity, equality, freedom and other value systems and moral requirements.

A Study on the Privatization Decisions of China Concepts Stock Based on the Tax Shield Effect

In this paper, we construct a company value model based on the tax shield effect for overseas listing and privatization scenarios. The trade-off process of privatization decisions is simulated in the context of China concept stock companies’ reality. The results indicate that the value of tax shields, the degree of undervaluation, the ability to obtain cash flows, the risk of short selling, the cost of listing transactions, and fraud penalties are critical factors influencing the choice of privatization. The company value analysis shows that tax shield effect positively affects the probability of privatization. Furthermore, the weaker the ability of a company to obtain cash flow when listed overseas, the lower the WACC, the higher the risk of being shorted, and the higher the cost of listing transactions, the higher the probability that a company will choose to go private. Finally, numerical simulations are adopted to validate the validity of the theoretical model and the findings using SINA’s privatization as a case study. The findings can provide academic guidance and a decision-making basis on trading arrangements for CCS companies.

The"Belt and Road"Initiative:A Chinese Concept for Global Development

China＇s ＂Belt and Road＂ initiative is emerging as the Western-dominated world order is declining. Capitalism has intensified the rich-poor divide and power politics have led to great upheavals. Western values have caused a ＂value dislocation＂ for non-Western countries. The world is calling for new development concepts. The ＂Belt and Road＂ initiative has emerged as an answer. It embodies China＇s ideas on global development. First, it works for the ＂common prosperity＂ of every country, which will ease contradictions between the South and the North. Second, it emphasizes geo-economie integration that will heal the fragmentation of Eurasia. Third, it advocates linkages between people and inclusiveness to create a new kind of civilization. However, many difficulties and challenges lie ahead for the implementation of the ＂Belt and Road＂ initiative.

S-Spar平台方案设计及水动力性能研究

针对我国南海特殊的环境条件,结合Classic Spar和Truss Spar平台的优点,设计了一种新型Spar平台——S-Spar平台。S-Spar平台采用圆柱形中央井壁连接软、硬舱,并在连接段的中央井外设置了垂荡板:能够有效避免立管等设施因内波高流速引起的严重的涡激振动,还可以安装更长的浮筒,提供较大的顶张力,因而能适应更大的作业水深。以南海1 500m水深环境条件进行了方案设计和水动力研究。S-Spar平台的有效载荷与Truss Spar平台相当,其圆柱形中央井的承压能力优于Truss Spar平台方形截面中央井;S-Spar平台纵荡、垂荡和纵摇运动的固有周期都远离南海波浪周期范围,且避开了纵摇的不稳定区,因此具有良好的运动性能,适合在南海海域使用。

基于R/S方法研究国内个股的分形特征

股票市场上存在大量的分形特征,股票市场收益也服从分形分布,表现为在均值处具有尖峰、宽尾的特征。采用R/S分析法,选取华源股份(代码600656)的日收盘价序列为样本数据,对个股波动进行拟合以及实现控制图监控过程,得出如下结论:股票的收益率不是随机游走,而是一个有偏的随机游走,不属于EMH所描述的有效市场。股票收益序列存在着持续性,具有分形特征,且存在一个平均循环长度为115天的长期记忆。

中国股市新股发行(IPOs)的初始收益率研究

本文通过研究1996—1999 年在沪深证券交易所上市的529 家首次公开发行的A 股股票，发现这些股票初始收益率的平均值为129.8%，初始收益率的分布呈正偏的凸峰态，这说明中国股市的IPOs 存在短期定价偏低的现象。本文认为：IPOs 定价偏低的原因是股票发行市场的制度性缺陷和股票二级市场的运行及投资者的投机行为共同作用的结果。

China’s Development Concepts, Thoughts and Strategies for the New Era

The 19th National Congress of the Communist Party of China（CPC）has laid out a blueprint for China’s development in the years to come.Xia Yipu,an associate researcher with the Academy of Marxism,Chinese Academy of Social Sciences,has made a comprehensive analysis-on the country＇s priorities in the new era in an article for Chino Today. Excerpts of the article follow：

China's Nuclear Strategic Concepts and Practices

It is generally believed that regarding nuclear arms control the stronger sides in the strategic nuclear relations need to shoulder more responsibilities and take more substantive steps in developing CBMs.1 China,as an asymmetrical participant in the international nuclear relations though,still plays a constructive role in stabilizing global security strategic structure.It should be pointed out

中美跨境会计审计冲突:根本诱因、基本表现与应对措施

中美跨境会计审计冲突为中概股企业的海外上市和跨境监管带来了现实难题,冲突背后的重大问题和深层逻辑亦成为实务界和学术界的重要研究焦点。构建中美跨境会计审计冲突的系统研究架构,应遵循“根本诱因—基本表现—应对措施”这一逻辑主线。冲突的根本诱因源于主权原则与国家安全观的分歧,受到文化背景、法律制度差异、市场发展水平差距以及系列“中概股”财务信息质量问题等要素共同作用的影响。冲突的基本表现则体现在信息披露问题及跨境监管上,前者聚焦于审计底稿披露和数据安全问题,后者关注中美跨境监管的执法障碍及跨境监管的合作困境。冲突的应对措施则主要围绕“合作”与“提升”两个视域展开。“合作”主要关注未来中国能否更大程度融入多边监管合作体系以及完善中美双边监管合作框架,“提升”则更多从中国资本市场自身发展出发,强调提升自身的监管水平。

习近平生态文明思想对中国传统生态观的创新性发展

习近平生态文明思想根植于中华优秀传统文化,是新时代中国生态文明建设的根本遵循和行动指南。习近平生态文明思想基于生态自然观维度、生态价值观维度以及生态文明观维度对中国传统生态智慧进行了创新性发展。具体而言,在中国传统的“天人合一”“道法自然”命题基础上,科学提出“促进人与自然和谐共生”的基本要求;在“万物并育而不相害,道并行而不相悖”的背景下,创造性构建“生命共同体”的价值取向;本着“革故鼎新”“民为邦本”的原则,明确提出建设美丽中国的宏伟目标。习近平生态文明思想在进一步研究人与自然的关系,找到人与自然和谐相处的合理方式,以及建设一个清洁美丽的新世界等方面提供了明确的理论指导和具体的实践举措。

中概股赴美上市的数据安全审视:风险来源、中美监管与应对

中概股主体赴美上市存在内容涉密、体量聚合的数据安全风险来源。美国证券信息披露制度对该主体的监管,影响着我国数据安全。中美审计监管合作协议虽有助于弥合审计监管分歧,但仍存在数据安全风险,并可能出现监管矛盾。故此,检视我国现有的相关监管规则,建议我国健全对中概股主体数据安全风险的前置预防与后续追踪机制,实现对数据风险的周延性监管;针对数据安全风险来源,实施差异化处理,完善宽严有别、各有侧重的数据出境安全风险评估机制。