The 8th International Capital Conference held in Beijing

The 8th International Capital Conference （ICC） was held in Beijing on November 30. Vice Chairman of the China Council for the Promotion of International Trade （CCPIT）, who is also Vice President of the China Chamber of International Commercial （CCOIC）, Yin Zonghua attended and addressed the conference.

How Demographic Structure Determines International Capital Flows

This paper investigated the relationship between demographic structure and international capital flows with panel data of 190 countries over the past 60 years＇ and projection data for the 21st century. As found, from a global perspective, the current account balance （CAB） is negatively related to the dependency ratio, and orresponding to continuous change, international eapital flows tend to move from ＂adult countries＂ to ＂aged or young countries.＂ Since the middle of the 20th century, the U.S., Europe, Japan, China, Southeast Asia, Central Asia, South Asia, West Asia and Africa took turns in exporting capital to other countries. In the 2lst century, Europe, the U.S., Australia and Singapore will keep importing capital, while China in the 2030s, and Southeast Asia in the 2050s will in turn become the main capital importers. Given the demographic structure of China and the world, the future pattern of the international capital flows requires more serious concern and responses.

Chinese Policy Options on International Capital Flow after WTO Accession

I. IntroductionThere have been numerous studies on free capital mobility, its management and impact on developing countries’ economy during the past decades. International capital flows create opportunities for portfolio diversification and risk sharing. In classical cases, capital mobility permits a more efficient global allocation of savings and directs resources toward their most productive uses (Fischer, 1998, etc.). However,

Re-measuring International Short-term Capital Flow into China with Varying Methods

This paper.fi＇rst conducts a systematic review of domestic and foreign scholars＇ approaches to predicting short-term capital flows, then employs a combination of both direct and indirect methods to carry out its analysis. Three kinds of indicators, both specific and general, are applied in both methods. Thorough consideration is given to short-term international capital inflow from trade, other current account items, capital account, and errors and omissions, as well as other channels through which short term capital might accrue to a nation＇s balance. Based on a comprehensive comparison of year-on-year data, this paper also estimates monthly data using a simplified, indirect calculation approach. Estimates show that, despite a degree of difference in results between methods, most estimates are highly consistent for a given period. Based on monthly estimates, we conclude that turbulence in international financial markets （i.e., the United States subprime mortgage crisis and the European sovereign debt crisis） has had a major impact on China ＇s short-term capital flow.

Analyze Chinese capital escape ＆ international moving capital influx from net errors and omissions in the balance of payments

With the rapid economic development, the imbalance of China＇s balance of payments gets sever gradually, especially in the continuous increase in the net errors and omissions, which even has exceeded the international alert line. Such scale of net errors and omissions have also presented the flaws of the custody of capital flows, leading to huge capital escape and hot money influx, which needs our attention.

Beijing Makes its Move into an'International Fashion Capital'

One goal, four projects -- Beijing International Fashion Center, this three billion Yuan baby is going to represent one of Beijing’s top ambitions -- the forming of the International Clothing City. It’s announced in the China

Study on Agency Models within Internal Capital Market of Enterprise Group

In order to overcome the shortcomings brought up by the single-layer agency relation analyses of agency problems within enterprise group, two-tiered agency models in the internal capital market are set up, and how rent-seeking behaviors of member firms＇ managers affect investment allocation decision made by headquarters manager is demonstrated. From equilibrium solutions of the model, it＇s inferred that the larger the divergence of member firm＇s productivity is, the higher probability of investment allocation distortion is.

CAPITAL INTERNATIONAL SCHOOL- Cradle of Tomorrow's Leaders

As one of the 10 government cooperation projects signed between China and Canada in 2005, following the signing of a memorandum at the Great Hull of the People jointly witnessed by Chinese Premier Wen Jiabao and former Canadian Prime Minister Paul Martin, Capital International School, located at 38 Liangmaqiao Road in an embassy quarter of Beijing, held a topping-off ceremony on April 10. With great support from China's Ministry of Foreign Affairs, Ministry of Education and

Characterization of aircraft emissions and air quality impacts of an international airport

Beijing Capital International Airport（ZBAA） is the world＇s second busiest airport. In this study, the emissions of air pollutants from aircraft and other sources at ZBAA in 2015 were estimated using an improved method, which considered the mixing layer height calculated based on aircraft meteorological data relay（AMDAR）, instead of using the height（915 m）recommended by ICAO. The yearly emissions of NOx, CO, VOCs, SO2, and PM2.5 at the airport were 8.76 × 10^3, 4.43 × 10^3, 5.43 × 10^2, 4.80 × 10^2, and 1.49 × 10^2 ton/year, respectively. The spatial–temporal distribution of aircraft emissions was systematically analyzed to understand the emission characteristics of aircraft. The results indicated that NOxwas mainly emitted during the take-off and climb phases, accounting for 20.5% and 55.5% of the total emissions. CO and HC were mainly emitted during the taxi phase, accounting for 91.6%and 92.2% of the total emissions. Because the mixing layer height was high in summer, the emissions of aircraft were at the highest level throughout the year. Based on the detailed emissions inventory, four seasons simulation using WRF-CMAQ model was performed over the domain surrounding the airport. The results indicated that the contribution to PM2.5 was relatively high in winter; the average impact was about 1.15 μg/m3 within a radius of1 km around the airport. Meanwhile, the near surroundings and southwest areas of the airport are the most sensitive to PM2.5.

Anti-dumping Policies and International Portfolio Allocation:The View from the Global Funds

Anti-dumping policies,as one of the most important nontariff measures to protect a country's economic interests,can have an impact not only on a country's trade and social welfare,but also on capital fows.Anti-dumping measures can result in increased trade costs and alterations to exchange rate risk.This study investigates the impact of anti-dumping sanctions on the international portfolio allocations of global funds.Anti-dumping policies can decrease the proportion of a fund's investment portfolio allocated to recently-sanctioned countries.Closer trade ties between the sanctioned country and the country where a fund is domiciled exacerbate the divestiture,but stronger foreign direct investment links weaken the negative association.Some country and fund heterogeneities are also discussed.We find that more developed countries are less affected by the impact of anti-dumping measures on equity fund allocations;liberalization of the economy and stable government could also mitigate the negative impact of anti-dumping sanctions.High-risk funds,such as growth funds or funds that invest in leveraged buyouts,showed the greatest response to changes in anti-dumping regulations.

Obstacles open the door—Negative shocks can motivate individuals to focus on opportunities

By responding to the call for research on negative career shocks and future time perspective,this study regarded internal social capital as a tool of resource retention which shifts attention to negative career shocks’positive effects.We test a moderated mediation model which illustrates the effect of negative career shocks on focus on opportunities—positive dimension of occupational future time perspective.Results revealed that internal social capital acts as the mediator between negative career shocks and focus on opportunities,and organizational embeddedness moderats the mediation effect.The relationship is stronger when individuals are highly embedded in organizations.

Does overcapacity prompt controlling shareholders to play a propping role for listed companies?

A major risk currently facing the Chinese economy is overcapacity,which affects the efficiency of social resource allocation(Xi et al.,2017;Huang et al.,2019).When a company is in crisis,the internal capital market often plays a propping role.This study approached this issue from the perspective of the controlling shareholder and examined whether controlling shareholders provide financial support to enterprises in industries with excess capacity.According to the data for China’s A-share listed companies from 2007 to2019,companies in industries with excess capacity received more financial support from controlling shareholders compared with those in non-overcapacity industries.Analysis of the mechanism revealed that state-owned enterprises and companies with relatively poor financial status received more financial support from controlling shareholders.This study also examined the economic consequences of such support and found that it is conducive to enhancing enterprise value.This study enriches the literature on overcapacity and internal capital markets by demonstrating that internal capital markets play a propping role for companies facing industry-level crises.This finding has both theoretical value and practical implications related to supply-side reform and capacity reduction.