Frugality and overspending:sources of Sino-U.S.economic imbalances

Savings rates are the biggest difference in the economic structures of China and the United States,the two most important countries in today’s global economy.China has the highest savings rate of any major country,while the United States,at the other end of the spectrum, has the lowest.This paper discusses the origin of this contrast and its far-reaching implications for two-way economic and trade ties.

Evolution and Governance of the Structure of Marine Economic Networks in China’s Coastal Areas: Based on Sea-related A-share Listed Companies

Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.

Did weekly economic index and volatility index impact US food sales during the first year of the pandemic?

We explore the impacts of economic and financial dislocations caused by COVID-19 pandemic shocks on food sales in the United States from January 2020 to January 2021.We use the US weekly economic index(WEI)to measure economic dislocations and the Chicago Board Options Exchange volatility index(VIX)to capture the broader stock market dislocations.We validate the NARDL model by testing a battery of models using the autoregressive distributed lags(ARDL)methodology(ARDL,NARDL,and QARDL specifications).Our study postulates that an increase in WEI has a significant negative long-term effect on food sales,whereas a decrease in WEI has no statistically significant(long-run)effect.Thus,policy responses that ignore asymmetric effects and hidden cointegration may fail to promote food security during pandemics.

A Strategic Vision Urged for Sino-US Economic Relations

As an important ingredient in bilateral ties, China-US economic and trade rela-tions have now evolved into a bond of strategic interests that glue the world’stwo great powers. Since a trans-Pacific strategic partnership is taking shape in the political arena,the author believes that, the call of the hour is to go a step further and put

Adhering to Opening-up is the Key to Solve Sino-US Economic and Trade Problems

The new round of Sino-US high-level economic and trade consultations has been concluded.This is the 13th round of negotiations since the wide acceleration of economic and trade frictions between China and US.

Research on Rebalance of Economic Globalization and Sino-US Trade Friction

With the development of science and technology, informationization and economic globalization are developing faster and faster, and their impact on the world's economy and trade is also growing. The United States started the rebalancing strategy with tax reform as the starting point, and had large-scale trade frictions with China. How to avoid economic and trade frictions and promote sustainable economic development has become an important issue facing all countries. Although the economic and trade relations between the two countries are generally in a stable state, the friction in the trade field between the two countries exists in every stage of their economic and trade cooperation from beginning to end. The occurrence of trade friction not only affects the development of bilateral trade and regional economic development, but also may lead to a worldwide economic crisis. This paper analyzes the new forms of trade friction faced by the two countries under economic globalization through the friction between China and the United States in trade. With a view to promoting the sound development of trade between the two countries.

Chinese and US S&T Innovation Policies and Their Effects on Economic Growth Potentials

Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology （S＆T） innovation at the heart. Since taking office, US President Donald Trump has adopted an ＂America First＂ strategy but has yet to specify a clear S＆T innovation policy. However, Trump＇s current policies have already affected S＆T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S＆ T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S＆T innovation strategy, promote the utilization of S＆T innovation results, boost its economic growth potentials and make the most of global innovation resources.

China’s Potential Economic Growths during 2015-2025 under Different Scenarios~

China has entered a crucial period of further growth and restructuring that will last until 2025. Based on a review of the major factors affecting China＇s potential economic growth, this paper has created an integrated economic system model consisting of system dynamics, econometrics, and input-output for the forecast of China＇s economic size and structure by 2025. Analysis shows that prior to 2025, China will be able to maintain a potential annual economic growth rate of 5.7%-7.2%. Faced with an international environment of a possible slowdown of advanced economies and diminishing demographic dividends, China needs to further expedite its urbanization process, enhance R＆D and education spending, increase total factor productivity （TFP）, vigorously develop the tertiary sector, and expand consumption in order to achieve the optimistically estimated growth of 6.6%-7.4% during the period of 2015-2025. Economic growth should be accompanied by the upgrade of industry structure and improvement of investment and consumption structures.

R/S AND WAVELET ANALYSIS ON EVOLUTIONARYPROCESS OF REGIONAL ECONOMIC DISPARITY IN CHINA DURING PAST 50 YEARS

This paper shows the dynamic process of regional disparity of economic development in China in the past 50 years from a new insight by using the rescaled range statistic (R/S) analysis and wavelet analysis of the Theil index sequence with different time scales. The main conclusions are: 1) The regional disparity of economic development in China, including the inter-provincial disparity, inter-regional disparity and intra-regional disparity, has existed for many years. Theil index by the comparative price has revealed the true trend for comparative disparity of regional economic development from 1952 to 2000. 2) Decomposition of Theil index indicates that the dynamic trend of comparative inter-provincial disparity in the coastal region is in line with dynamic trend of inter-provincial disparity in the whole China. 3) The R/S analysis results tell us that during 1966-1978, the Hurst exponent H=0.504 approximate to 0.5, which indicates that in that period the evolution of comparative inter-provincial disparity of economic development showed a random characteristic, and in the other periods, i.e. 1952-1965, 1979-1990 and 1991-2000, the Hurst exponent H>0.5, which indicates that in those periods the evolution of the comparative inter-provincial disparity of economic development in China had a long-enduring characteristic. 4) By using wavelet analysis at different time scale, we arrived at a conclusion that the evolutionary process of the disparity of economic development of China is not a simple inverted U shape but a compound of several U shapes. The result tells us that the evolutionary plot of inter-provincial disparity in China follows the inverted U on the whole at the higher scale, 24 ( 16 years). That is to say, the disparity tends to rise in the first stage of economic development, and fall slowly over the peak in the second stage of economic development. However, if we shorten the time scale to 23 ( 8 years), then a link of several U shapes will appear.

China’s Economic Growth and High-Quality Development:2020-2035

The time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,China must maintain a certain pace of economic growth and strive to double its real GDP per capita by 2035.However,by the current growth trajectory,China’s average economic growth rate is expected to stay at approximately 3.8%over the period between 2020-2035.This makes the GDP per capita growth target hard to achieve.Even when in a high-quality development stage,China should speed up economic growth while enhancing growth quality.Speed and quality are interdependent rather than contradictory with each other.To ramp up economic growth potentials,China must proceed with market-oriented reforms and shift economic growth drivers.To improve economic growth quality,household consumption should be increased to unleash China’s full potential,not only as the factory floor of the world but also one of world’s biggest markets,i.e.“dual circulations.”With appropriate policy response,China’s economy will be poised to achieve the goal of doubling real GDP per capita by 2035,marking a large stride in its economic aggregate and urban and rural household per capita incomes.

Understanding the Past,Present,and Future of China's Economic Development——Based on A Unified Framework of Growth Theories

Through exploring the limitation of the neoclassical theory of economic growth,which classifies growth as a homogenous process,this paper reconciles various theories of economic development and explains the rises and falls of economic growth under a unified framework,focusing on incentives of the accumulation of physical and human capital.This paper classifies instances of economic growth into four categories—the Malthusian poverty trap,the Lewis dual model of economic development,the Lewis turning point,and Solow neoclassical growth model.This paper conducts empirical analysis of these categories of economic development as they are relevant to Chinese economic growth and discusses policy implications therein.

Changes of China’s Status in the Global System and Its Influencing Factors:A Multiple Contact Networks Perspective

Clarifying China’s position in the global system is an important logical basis for developing national diplomacy.Although much research has been done on China’s development status,most studies have been based on country comparisons or institutional en-vironment.In today’s networked era in which the global economy,trade,personnel,and information are closely connected,studies on China’s global position and its status changes and influencing factors in multiple contact networks are still insufficient.In this study,from the perspective of diverse global contact networks,we constructed economic,cultural,and political influence indices to explore the changes and influencing factors on China’s status in the global system from 2005 to 2018.The results show that during the study period,China’s global influence in the fields of economic ties,cultural exchanges,and political contacts increased significantly,but its influ-ence in the fields of cultural exchanges and political contacts lagged far economic ties.The pattern of China’s economic influence on various economies around the world has shown a transformation from an‘upright pyramid’to an‘inverted pyramid’structure.The proportion of these economies in low-influence zones has decreased from more than 60%in 2005 to less than 20%in 2018.China’s cultural and political influence on various economies around the world has increased significantly;however,for the former,the percentage of high-influence areas is still less than 20%,whereas for the latter the percentage of these economies in medium-and high-influence areas is still less than 50%.Analyses such as a scatter plot matrix show that geographical proximity,economic globalization,close cooperation with developing countries,and a proactive and peaceful foreign policy are important factors in improving China’s status in the diverse global network system.

Statistical Communique of the People's Republic of China on the 1998 National Economic and Social Development

In 1998, facing the complicated and severe domestic and internationaleconomic environment, people of all nationalities, under the correct lead-ership of the Central Party Committee and the State Council, implement-ed a series of policies aiming at increasing input and expanding domesticdemand. Difficulties brought about by the Asian financial crisis and dev-astating flooding were overcome, various reforms were further deepened,and economic growth was promoted, resulting in great achievements at-tracting worldwide attention.

Entrepreneurial Spirit for China in the New Era and Strategies for Cultivation

What type of entrepreneurial spirit is needed for China’s new era,and how can we unlock its innovation potential?Answers to these questions will unleash vital forces to drive China’s high-quality economic development.After reviewing the theories,dimensions,features,and limitations of the entrepreneurial spirit in the Western context,we concluded that the entrepreneurial spirit in China’s new era,which is characterized by patriotism,innovation,trustworthiness,adherence to the law,fulfillment of social responsibilities,and a global horizon,has overcome the limitations that come with self-interested entrepreneurship in the context of Western economics.This is a major step forward in the development of theories on entrepreneurial spirit.In the development context of the new era,this paper argues that the entrepreneurial spirit should become an important force at the individual level to implement the new development concept,foster the new development paradigm,and promote high-quality development in the new stage.This paper provides answers to the question of what type of entrepreneurial spirit China’s new era requires.Finally,this paper presents basic strategies for cultivating entrepreneurial spirit in the context of China’s new era,emphasizing the importance to promote the healthy growth of young entrepreneurs,ensure their business autonomy,develop a multi-tiered capital market,implement the factor market reforms,improve the business climate,and accelerate the digital transition.

The Forest Pattern and Its Variation Characteristics in Economic Zone on the Western Coast of the Taiwan Straits

Taking Economic Zone on the Western Coast of the Taiwan Straits as the study area,we use GIS,remote sensing,mathematical statistics and other methods,to analyze the forest pattern and its variation characteristics in Economic Zone on the Western Coast of the Taiwan Straits during the period 1992-2008;use canonical correspondence analysis(CCA)to examine the effects of environmental factors on changes in forest pattern.The results show that the forest resources are rich in Economic Zone on the Western Coast of the Taiwan Straits,accounting for 61.40% of the total area,but the geographical distribution is very uneven,with obvious regional and elevation gradient difference;since1992,the forest has been dwindling in Economic Zone on the Western Coast of the Taiwan Straits,from 89 300 km2 in 1992 to 88 300 km2 in 2008;in terms of changes in region and elevation gradient,there is obvious difference in the forest,and the central and western forest of Wuyi Mountain tends to decline obviously;the main environmental factors influencing changes in forest pattern in Economic Zone on the Western Coast of the Taiwan Straits include temperature,sunshine hours,GDP per capita and precipitation;evaporation,evaporation and population density have weak effects on changes in forest pattern.

Whither U.S. economic slide?

Asharp ecohomic slide began in U. S. economy since the second half of last year after a sustained robust growth lasting close to a decade. Three successive Federal Reserve Board’s (FRB) interest rate cuts amounting to 1. 5 percentage points have thus far failed to check the downturn. The situation is more grave than expected with the bottom-out not yet in sight. The recovery period may be a longdrawn-out affair, yet a traditional depression may be avoidable, not to say a repeat of enduring recession in Japanese style.