In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve th...In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.展开更多
The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chine...The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, reflected on the lessons and opportunitiesthe crisis provides for China’s financial product innovation and development strategies.展开更多
With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of...With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of the Standing Committee of the National People’s Congress and a renowned economist, pointed out it is the disordered flow of large-scale private capital that pushes up consumer prices and adds to worries about inflation. Gu offered suggestions on how to address the problem at a seminar on financial and strategic emerging industries recently held in Beijing. Edited excerpts follow:展开更多
Dong Mingzhu,Chairperson of Zhuhai-based Gree Electric Appliances Inc.,recently said in a China Central Television dialogue program that,nowadays,many young people born in the 1990s are unwilling to work in the real e...Dong Mingzhu,Chairperson of Zhuhai-based Gree Electric Appliances Inc.,recently said in a China Central Television dialogue program that,nowadays,many young people born in the 1990s are unwilling to work in the real economy(the part of the country’s economy展开更多
基金sponsored by"Research on Countermeasures for Deepening Institutional Innovation of Pilot Free Trade Zones,"a Think Tank Program of Tianjin Philosophy and Social Science Planning(No.:TJZDDY20-05).
文摘In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.
文摘The subprime crisis that originated in the United States has prompted a global economic slowdown.In an interview with China Securities Journal, Li Yang, Director of the Institute of Finance and Banking under the Chinese Academy of Social Sciences, reflected on the lessons and opportunitiesthe crisis provides for China’s financial product innovation and development strategies.
文摘With November’s consumer price index (CPI) growing at a staggering 5.1 percent, economic analysts are increasingly concerned about runaway inflation and excess liquidity in the Chinese market. Gu Shengzu, a member of the Standing Committee of the National People’s Congress and a renowned economist, pointed out it is the disordered flow of large-scale private capital that pushes up consumer prices and adds to worries about inflation. Gu offered suggestions on how to address the problem at a seminar on financial and strategic emerging industries recently held in Beijing. Edited excerpts follow:
文摘Dong Mingzhu,Chairperson of Zhuhai-based Gree Electric Appliances Inc.,recently said in a China Central Television dialogue program that,nowadays,many young people born in the 1990s are unwilling to work in the real economy(the part of the country’s economy
