Change of Regional Financial Development Disparity in China(1978-1999)

A large country will undoubtedly show development disparity among its regions: it is not surprising therefore that China would not have developed evenly. In analyzing China’s development features and its manner of enforcing relative policies, the various financial sectors in China cannot be simply regarded as a whole unit: a unified policy would not be suitable for the local conditions of a given area, otherwise it will lost its future direction. This paper measures China’s disparity of financial development during the period

Changes of Fiscal and Financial Capacity in a Reforming China

China finds itself in a dual transitional period forboth its economy and its society with the govern-ment playing key role. The government is obliged tomaintain and reinforce its capacity to mobilize and allo-cate social resources, to maintain a stable developmentof both the economy and society.the paper,concernedwith the source of funds, has divided national capacityinto national fiscal capacity and national financialcapacity.By calculation and analysis of the fiscal ca-pacity and financial capacity,we will explain the role ofthe finance industry as "secondary public finance."

Global Financial Crisis Making a V-Shaped Fluctuation in NO_2 Pollution over the Yangtze River Delta

The Yangtze River Delta（YRD）,China’s main cultural and economic center,has become one of the most seriously polluted areas in the world with respect to nitrogen oxides（NO_x）,owing to its rapid industrialization and urbanization,as well as substantial coal consumption.On the basis of nitrogen dioxide（NO_2）density data from ozone monitoring instrument（OMI）and ground-based observations,the effects of industrial fluctuations due to the financial crisis on local NO_2 pollution were quantitatively assessed.The results were as follows.（1）A distinct V-shaped fluctuation of major industrial products,thermal generating capacity,electricity consumption,and tropospheric NO_2 densities was associated with the global financial crisis from May 2007 to December 2009,with the largest anomalies 1.5 times more than standard deviations at the height of the crisis period from November 2008 to February 2009.（2）Among all industrial sectors,thermal power plants were mainly responsible for fluctuations in local NO_2 pollution during the crisis period.Thermal generating capacity had its greatest decrease of 12.10%at the height of the crisis compared with that during November 2007–February 2008,leading to local tropospheric NO_2 density decreasing by 16.97%.As the crisis appeased,thermal generating capacity increased by 29.63%from November 2009 to February 2010,and tropospheric NO_2 densities correspondingly increased by 30.07%.（3）Among all industrial sectors in the YRD,the thermal power sector has the greatest coal consumption of about 65.96%.A decline in thermal power of about 10% can induce a decrease of about 30%in NOx emissions and NO_2 densities,meaning that a relative small fluctuation in industrial production can lead to a large decrease in tropospheric NO_2 densities over industrially developed areas like the YRD region.Since electricity is mainly obtained from local coal-burning thermal plants without NO_x-processing equipment,installing NO_x-removal devices for all thermal power plants is an important and feasible way of controlling local NO_x pollution at present.

Modeling and assessing international climate financing

Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumption- based emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference （2010） and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.0I^C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for develop- ing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the long- term economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.