Forecasting of China's natural gas production and its policy implications

With the vigorous promotion of energy conservation and implementation of clean energy strategies,China＇s natural gas industry has entered a rapid development phase,and natural gas is playing an increasingly important role in China＇s energy structure.This paper uses a Generalized Weng model to forecast Chinese regional natural gas production,where accuracy and reasonableness compared with other predictions are enhanced by taking remaining estimated recoverable resources as a criterion.The forecast shows that China＇s natural gas production will maintain a rapid growth with peak gas of 323 billion cubic meters a year coming in 2036;in 2020,natural gas production will surpass that of oil to become a more important source of energy.Natural gas will play an important role in optimizing China＇s energy consumption structure and will be a strategic replacement of oil.This will require that exploration and development of conventional natural gas is highly valued and its industrial development to be reasonably planned.As well,full use should be made of domestic and international markets.Initiative should also be taken in the exploration and development of unconventional and deepwater gas,which shall form a complement to the development of China＇s conventional natural gas industry.

Structural Monetary Policy, Bank Credit and Bank Liquidity—An Empirical Analysis Based on VAR Model

After the outbreak of the international financial crisis,the People’s Bank of China,based on traditional monetary policy tools,launched a series of structural monetary policy tools such as standing lending facility(SLF),medium-term lending facility(MLF),and pledged supplementary lending(PSL)and targeted at liquidity via the commercial banking system.In order to test the credit transmission effect of structured monetary policy,this paper empirically analyzes the relationship between structured monetary policy,bank liquidity and bank credit based on the VAR model.The research shows that the implementation of structured monetary policy reduces the liquidity of commercial banks in the short term and increases in loans to small or micro enterprises and agriculture-related loans,these policies have produced significant short-term effects on credit transmission in steady of long-term effects.Thus,a series of supporting measures are needed to fully exert the effects of structural monetary policy.

The Effectiveness of Structural Monetary Policy and Macro-Prudential Policies——Based on the DSGE Model That Includes Bank Heterogeneous Credit

Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China.By constructing a dynamic stochastic general equilibrium model that includes the heterogeneity of corporate and bank credit,the authors divide the policies of the People’s Bank of China into seven categories,and explores the policy effectiveness of structural monetary policy,macro-prudential policy and traditional aggregate monetary policy.Through simulation of the model,it is found that whether facing technical shocks,interest rate shocks or credit shocks,the structural two-pillar policy tool that uses the deposit reserve interest rate as the target of operation is most conducive to economic stability.Technological progress has the most positive and lasting impact on output.Interest rates and credit policies will leave follow-up problems in the adjustment of the economy,and structural two-pillar policies can alleviate the impact of these problems.

Factors influencing polychlorinated dibenzo-p-dioxin and polychlorinated dibenzofuran (PCDD/F) emissions and control in major industrial sectors: Case evidence from Shandong Province, China

Analyzing determinants that influence polychlorinated dibenzo-p-dioxin and polychlorinated dibenzofuran（PCDD/F） emissions is helpful for decision-makers to find effective and efficient ways to mitigate PCDD/F emissions. The PCDD/F emissions and the contributions of the scale effect, structure effect and technology effect to emissions from eight main industrial sectors in2006, 2008 and 2010 in Shandong Province, were calculated in this article. Total PCDD/F emissions in Shandong increased by 52.8% in 2008（614.1 g I-TEQ） and 49.7% in 2010（601.8 g I-TEQ） based on 2006（401.9 g I-TEQ）. According to the decomposition method, the largest influencing factor on PCDD/F emission changes was the composition effect（contributed 43.4%in 2008 and 120.6% in 2010 based on 2006）, which was also an emission-increasing factor.In this case, the present industrial restructuring policy should be adjusted to control the proportion of production capacities with high emission factors, such as iron ore sintering and steelmaking and the secondary non-ferrous metal sector. The scale effect increased the emissions in 2008（contributed 21.9%） and decreased the emissions in 2010（contributed-28.0%）. However, as a source control measure, the excess capacity control policy indeed had a significant role in emission reduction. The main reason for the technology effect（contributed 34.7% in 2008 and 7.4% in 2010 based on 2006） having an emission-increasing role was the weakness in implementing policies for restricting industries with outdated facilities. Some specific suggestions were proposed on PCDD/F reduction for local administrators at the end.