Summer Arctic sea fog

Synchronous or quasi-synchronous sea-land-air observations were conducted using advanced sea ice, atmospheric and marine instruments during China's First Arctic Expedition. Expedition.Based on the Precious data from the expedition, it was found that in the Arctic Ocean, most part of which is covered with ice or is mixed with ice, various kinds of sea fog formed such as advection fog, radiation fog and vapor fog. Each kind he its own characteristic and mechanics of creation. In the southern part of the Arctic Ocean, due to the sufficient warm and wet flow there, it is favorable for advection fog to form, which is dense and lasts a long time. On ice cap or vast floating ice, due to the strong radiation cooling effect, stable radiating fog is likely to form. In floating ice area there forms vapor fog with the appearance of masses of vapor from a boiling pot, which is different from short-lasting land fog. The study indicates that the reason why there are many kinds of sea fog form in the Arctic Ocean is because of the complicated cushion and the consequent sea-air interaction caused by the sea ice distribution and its unique physical characteristics. Sea fog is the atmospheric phenomenon of sea-air heat exchange. Especially, due to the high albedo of ice and snow surface, it is diffcult to absorb great amount of solar radiation during the polar days. Besides, ice is a poor conductor of heat; it blocks the sea-air heat exchange. The sea-air exchange is active in floating ice area where the ice is broken. The sea sends heat to the atmosphere in form of latent heat; vapor fog is a way of sea-air heat exchange influencing the climate and an indicator of the extent of the exchange. The study also indicates that the sea also transports heat to the atmosophere in form of sensible heat when vapor fog occurs.

China’s Monetary Policy Framework in the Past 70 Years:1949-2019

In this paper,we review the historical transformation of China’s monetary policy framework in a systematical way in the past 70 years since the founding of the People’s Republic of China,from the five dimensions of money creation mechanism,monetary policy objective,monetary policy instrument,monetary policy rule and monetary policy transmission channel.We then focus on the current policy framework and suggest its major characteristics:the base money creation mechanism is undergoing fundamental structural changes and the credit system is becoming more and more complex;the multip1e objectives of the monetary policy are prone to conflict with each other;quantitative tools and price-based tools coexist while the validity of various new structural tools still needs to be tested;the monetary policy decisions are mainly discretionary and clear quantitative rules have not been formed;the monetary policy transmission is still dominated by bank credit channels,and the transmission to real economy is partially blocked.In the end,we outline the four major challenges facing China’s existing monetary policy framework and put forward policy recommendations for its transformation in the future.