Land system reform should protect farmers' interests

|Editorial Note|Land has become an issue of increasing social concern as demand continues to surge in the midst of economic development,urbanization and industrialization.The crux of the issue is the land regime. China has a unique dualistic land regime under which the land market has not been well developed.Based on a review and commentary of the existing land polices,this article elaborates on the deficiencies inherent in China’s dualistic land rights system and land market and offers policy recommendations for promoting land system reform and market development.This study will help us gain an in-depth understanding of the problems in China’s land regime.

Reflection on the Development of Real Estate in the Context of Block System Reform

Last year, the State Council issued the Several Opinions on Further Strengthening the Management of Urban Planning. The guideline on urban planning has sparked heated debate among Internet users over opening up gated residential communities to public road system. This paper, based on the analysis of the background and contents of block system reform, explored the problems of the implementation of the block system reform and the impact of the block system reform on the real estate in China from 3 aspects, the selling points of the high-end communities, future property management and the community elderly care model.

Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much

CHINA'S TAX SYSTEM REFORM

Since the beginning of 1994,Chinahas conducted a series of majorreform of the systems of taxation,finance,foreign trade and investment,achieving remarkable progress,whichhas played a good role in promotingthe establishment and developmentof the socialist market economic system.Not long ago,Xiang Huaicheng,DeputyDirector-General of the State TaxationBureau,made an introduction to thestate of China’s tax system reform anddevelopment trend to Chinese andforeign reporters.

Finance Minister Liu on Taxation System Reform in China

The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial

Practice and Thinking of Rural Homestead System Reform in Anhui Province

Rural homestead system reform is an important manner of saving and intensive use of rural land in Anhui Province and an important means of impelling new urbanization development in Anhui Province. In the analysis process of urbanization development status quo and trend in Anhui Province,combining the characteristics and existing problems of rural homestead system reform,implementation schedule and experience of rural homestead system reform in Anhui Province are summarized,and the influence factors of rural homestead system reform in Anhui Province are pointed out. By constructing five mechanisms: planning,withdrawing,transfer,management platform and public participation,it could provide the thought and direction for rural homestead system reform in Anhui Province.

Prospect of Mid-long Term Oil & Gas System Reform in China

International oil keeps low-price running after crash, and China deepens reform domestically. Using this opportunity, China lays the same emphasis on investment and trade, on onshore and offshore transportation, gives full play to the important role of market in resource distribution, speeds up oil and gas system reform to guarantee clean, efficient, safe and steady energy supply and long-term demand for energy. We systematically and thoroughly established legal system for oil and gas domains, reformed management system for energy domain, reformed regulatory domain, built modern market entity and multi-level market system, and improved oil and gas pricing mechanism, etc.

Rural Land System Reform Pilot Experiment in Pidu District: Background, Debate and Enlightenment

By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experiences that are conducive to amendments to relevant laws.This paper takes stock of the basic experience of Pidu District in addressing typical problems arising in its rural land system reform and then investigates the inner link between the reform and the persistence of high housing prices in cities,the capital flowing to the countryside,and the rural revitalization program.Based on this analysis,the author puts forward three basic directions of the rural land system reform:remain committed to marketization,balance the interests of all parties and promote the development of rural industries.

Registration system reform and initial public offering ownership preference:Evidence from China

Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as follows.First,an IPO ownership preference exists under approval system.That is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO approval.However,RSR significantly changes this preference,especially for non-politically connected private enterprises.Second,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior performance.Third,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be fairer.Fourth,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive industries.Collectively,our findings reveal that RSR cultivates a fairer IPO approval process.

Effects of China's Corn Stockpiling System Reform on Family Farms' Decision to Join Cooperatives

Reform of the corn stockpiling policy is a key initiative for advancing China's market-based grain stockpiling reform. It is a critical component of China's exploration of a price formation mechanism for agricultural products. Evaluating the effectiveness of such reform is therefore of great relevance. Based on nationwide farm monitoring data of 2014, 2015 and 2016, this paper examines the effects of the corn stockpiling reform on the decision of family farms to join cooperatives. Our finding suggests that after other factors that influence the decision of family farms to join cooperatives are controlled for, the probability of corn farms to join cooperatives in the Northeast and Inner Mongolia, where the corn stockpiling reform was carried out in 2016, is significantly higher compared with the probability of corn farms in non-reform areas that did so. The reason is that after the reform, corn producers must sell their corn to the market instead of to the State, bringing them sales problems, which could be mitigated to some extent by joining cooperatives.Thus, the corn stockpiling reform incentivized the market-based behavior of agricultural producers, giving play to the role of market mechanisms in regulating production and demand.

Chinese Yuan after Chinese Exchange Rate System Reform

In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the Balassa-Samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime.

Hukou System Reform and Unification of Rural-urban Social Welfare

Using apolitical economy analytical framework, the present paper examines the hukou system reform in China. The potential unification of the social welfare system of rural and urban areas is discussed. The paper reviews the progress ofhukou system reform since 2004. It is suggested that since China met its Lewis turningpoint in about 2004, and a labor shortage became a limiting factor in production, there has been stronger demand for hukou system reform. In the meantime, various levels of government have apoint where incentives are compatibile for carrying out reforms. The paper also explores some limitations of the currently implemented reform in certain regions andputs forwardrelevantpolicy suggestions.

Weights and Empirical Analysis of RMB Exchange Rate Adjustments with Reference to a Basket of Currencies Following the Exchange Rate System Reform of 2010

This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the basket currency. The currency basket indicates that the weight of the USD is highest, whereas that of the GB Pound is the lowest. Our currency basket has a high linear dependence on that of the central bank. We found that the RMB/USD and currency basket indices have a long-term co-integration relationship according to the optimal currency weights. The results of the error-correcting model manifest as the RMB/USD exchange rate deviates from the long-term equilibrium level, wherein 76.3% will be corrected. This paper checks the prediction capacity, which indicates the good fit of the model. By using the Granger causality test the findings show that the People＇s Bank of China adjusts the RMB/USD exchange rate with reference to the currency basket.

Housing System Reform is Steaming Ahead in China

A reform of the housing system whichconcerns the immediate interests of over 200million urban residents is going full steamahead in a great number of Chinese citiesand towns.Chen Jinhua,head of the leadinggroupfor housing reform of the State Councilrecently called cities and towns to have a boldtrial and to speed up the housing reform.

Planning Coordination,Social Innovation,and System Reform:Annual Conference of China City Planning 2013 Successfully Held in Qingdao

More than 6,000 urban planners,urban administrative staff,professors,and college students from all over China,as well as representatives from international organizations such as UN-HABITAT and USEF,gathered in Qingdao from Nov.16 to 18 and attended the Annual Conference of China City Planning 2013.Relating to the conference theme of'Urban Age,Coordinated Planning,'they discussed and explored various significant issues of urbanization,coordination between urban planning and other planning,village development,urban planning informatization,etc.

Guiding the Global Economic Governance System Reform in the Spirit of BRICS

BRICS cooperation is praised as a typical model of emerging market economies and developing countries.With the joint efforts of Member States,BRICS cooperation has successfully passed through the first decade,and has yielded fruitful results in politics,economy,humanity and many other fields.On the occasion of the start of cooperation in the second decade,the BRICS 5 members