The financial burden of physical inactivity

According to the World Health Organization,"physical inactivity has been identified as the fourth leading risk factor for global mortality causing an estimated 3.2 million (annual)deaths globally.”1 In the Research Highlight of the first issue of this journal,I reviewed the evidence which supports the notion that physical inactivity can cost lives,in terms of longevity and quality of life,especially in the last few years of our lives.2 Here,I would like to review the literature that reveals the financial burden due to physical inactivity.

China's Auto Industry Under the Financial Crisis

The global financial tsunami has swept the automobile industry and put major auto markets in the world at stake.The Ameri- can market is now between the beetle and the block,with both General Motors and Chrysler on the verge of reshuffling.The European market has seen a plunge in both car production and sales in many countries.Several big auto companies in Japan have suffered a slump in car sales both at home and abroad.China's economy is inevitably affected,on a relatively

Reform of Financial Institutions—— Getting it Right

The purpose of this article is to reflect upon the importance and the role of financial institutions before, during, and after the financial crisis and to outline proposals for alternative approaches to the financial crisis. Without an understanding of the historic development, nature and scope, and important limitations of modem financial institutions, the regulatory reform of modem financial institutions cannot be successful. The success of financial reforms and their restructuring can only be measured when modem financial institutions participate, support, and develop the real economy and support a more balanced, inclusive, and diverse social development process. This is what the really ＂exciting＂ banking and finance organizations should stand for. The regulatory reforms, bail-outs, and dominant ideas about the European banking union, for example, are impeding, rather than facilitating, hope for real economic and social recovery on both sides of the Atlantic. The method used in the present article, is legal and institutional analysis of the financial institutions. The empirical and comparative overview of the role and importance of financial institutions shows the variety of financial institutions developed in different historical and socio-economic circumstances. They show there is no one single best model of financial institutions that could be universally applicable. The design and the regulatory framework for the financial institutions should therefore take into account the overall strategy of economic and social development. In absence of any such comprehensive strategy it is unlikely that the regulatory reform of the financial institutions can be successful.

On FASB Standard Setting:The Role of Funding Structure and Voting Rule

This study develops and tests hypotheses about organizational characteristics of the Financial Accounting Standards Board(FASB)and captures the effects of some recent changes on the operations of the Board in standard setting.I establish a methodology to quantify the complex work of the FASB through factor analysis and condense various proxies into three meaningful performance metrics:thoroughness,timeliness,and consensus.These performance measures are used as dependent variables in a regression analysis to capture how the work of the FASB varies with respect to funding and voting changes.I find evidence that a change in FASB funding from private donations to mandatory accounting support fees is associated with an improvement in Board consensus but no significant change in thoroughness or timeliness.I also find the change in voting rules from supermajority to simple majority is associated with improvements in timeliness but a decline in thoroughness and consensus.Overall,the results suggest that the work of the FASB is multidimensional and that the improvement of one area may come at the cost of another.

Braving the Financial Storm

China’s top leaders have hammered out a series of policies to sustain the country’s economic growth in 2009 The Central Government held its annual Central Economic Work Conference(CEWC)on December 8-10.In sharp contrast with previ-

Diagnosing the Financial Industry

Heads of the nation’s top economic and finance watchdogs gathered together at the Lujiazui Forum held in Shanghai on May 15-16.The forum,initiated in 2007 and aimed at becoming a Chinese version of the World Economic Forum in Davos,was themed "finance and economic growth in a globalized age" this year.High-level attendees included Zhou Xiaochuan,Governor of the People’s Bank of China;Shang Fulin,Chairman of the China Securities Regulatory Commission(CSRC);Liu Mingkang,Chairman of the China Banking Regulatory Commission(CBRC);and Wu Dingfu,Chairman of the China Insurance Regulatory Commission(CIRC).The following are edited excerpts of their speeches at the forum.

YUTONG BUS: Grateful To The Financial Crisis

Shenyin&Wanguo Securities issued an announcement on Jan 9 rating Yutong Bus(600066)as"buying",on the basis that the bus maker's gross profits went better in the last quarter of 2008 and to be further improved in the first quarter of 2009,with an increased market share. The report drew attention inside the in- dustry when the entire bus segment was suffering a tough time.

Risks and Causes of Financial Sector’s High Growth in China

In recent years,China’s financial sector has witnessed a high growth trend.This trend has been caused by several reasons:the traditional macro-control tools do not match the new normal characteristics of China’s economy growth,the regulatory reform is lagging behind the rapid progress of financial innovation,and the drastic fluctuations of the stock market are combined with a new round of increase in real estate price.In particular,this round of high growth in the financial sector occurs in the context of a rapid decline of manufacturing sector,which reflects the low efficiency of financial operations.It also means the foundation of financial stability and sustainable development is losing and high risks are coming.To deal with this change properly,we need to further deepen financial reform and improve financial supervision,and create a favorable financial environment for the real economy.At the same time,researchers should also reflect on and study the characteristics of China’s financial development,and provide the theoretical basis for maintaining financial security.