The 2018 new asset management regulation and LGFV bonds in China

While the local government debts and local government financing vehicle(LGFV)bonds underwent reconstruction,in 2018 the new asset management regulation introduced some tighter measures to restrain shadow banking business and to mitigate the moral hazard issue that led to an ongoing boom of the LGFV market.This paper examines the impacts of the 2018 new asset management regulation on the credit spread of newly issued LGFV bonds and explores how the new asset management regulation affects the implicit guarantee of local governments in the LGFV market that has piled up systemic risks.We find that the release of the new asset management regulation has raised the credit spread of LGFV bonds at issuance.More importantly,the credit spread becomes increasingly sensitive to the local governments’financial capacity and credibility right after the introduction of the new asset management regulation.Therefore,investors are compensated by more risk premiums for holding LGFV bonds issued by the local governments with a weaker balance sheet.Consequently,the implicit guarantee problem in the LGFV bond market has worsened.

Regulations on the Management of the Qualification to Engage in the Business Operations concerning Shares Owned by Foreign Investors

With a view to standardizing the business operationsrelating to foreign investment of domestic and overseas secu-rities organizations and protecting the legitimate rights andinterests of investors,the China Security Regulatory Commis-sion has promulgated the Provisional Regulations on theManagement of the Qualification of Domestic and OverseasSecurities Organizations to Engage in the Business Opera-tions concerning Shares Owned by Foreign Investors.TheseRegulations enter into force on December 1.1996.The wholetext is as follows:Chapter 1 General PrinciplesArticle 1 With a view to standardizing the businessoperations of domestic and overseas securities organizationswhich relate to shares owned by foreign investors and pro-

NEW REGULATIONS ON IMPORT AND EXPORT MANAGEMENT RIGHTS GRANTED TO COMMERCIAL AND MATERIAL SUPPLY ENTERPRISES

With the approval of the State Council, State Economicand Trade Commission, Ministry of Foreign Trade and EconomicCooperation and Ministry of Internal Trade recently issued theCircular Regarding Some Relevant Issues in Granting Import andExport Management Rights to Commercial and Material SupplyEnterprises. It means that work ofgranting import and exportmanagement rights has from a trial been led onto the right path ofexamination and approval. The principle of examination and ap-proval, conditions, and the procedure of reporting to a higher in-stitution shall still be in conformity with the relevant regulationsprescribed in Decree No.76 (1993) of the State Council.In November 1993, the State Council approved and trans-mitted Opinions on Experiment of Granting Import and ExportManagement Rights to Some Commercial and Material Enterprisesby State Economic and Trade Commision, Ministry of ForeignTrade and Economic Cooperation and Ministry of Internal Trade.Totaling 206 commercial (including grain and supply and sale)and material supply enterprises are put to trial and granted

Construction and Development of China’s Earthquake Information Release System

Focused on the current situation,monitoring system,technical management regulation,process,system composition,and information publication of the earthquake information release,we summarized the construction and development of China’s earthquake information release system and expected its future.In general,China’s earthquake information release systems is able to publish auto-results with MS≥3.0 from 1 to 3 minutes,M_S≥6.0 in global from 2 to 30 minutes,and formal results with MS≥3.0 in China from 8 to 30 minutes,MS≥6.0 in global from 20 to 60 minutes.These earthquake information is released by various channels such as short message,website,microblog,mobile application,etc.

Regulation and management of the biosecurity for synthetic biology

Synthetic biology(SynBio)is a high-profile interdiscipline combining engineering with science.As a dual-purpose discipline,SynBio is bringing large changes to many fields and providing great benefits to humans.However,due to its characteristic of complexity and uncertainty,SynBio also presents potential biosafety and biosecurity risks.Biosecurity risks refer to unauthorized access,loss,theft,misuse,diversion or intentional release.If a biosecurity accident happens,it would pose a huge threat to humans and nature.Therefore,it is crucial to establish a set of regulations and management practices for the biosecurity risks of SynBio.In this paper,we summarized the sources of the biosecurity risks of SynBio,from its research materials,products,technologies,information to Do-it-yourself synthetic biology.We reviewed and analyzed the current situation of regulation and management of biosecurity for SynBio in the international community and in China.We found that in most countries and regions,SynBio risks commonly follow the regulation and management of Genetically Modified Organisms which has loopholes if applied to the regulation for SynBio without any amendments.Here,we proposed suggestions for the Chinese-featured regulation and management of biosecurity for SynBio,including a top-to-bottom governing framework,a think-tank implementation mechanism,a Synthetic Biology Laboratory Biosecurity Manual safeguarding system,and strengthening biosecurity education on synthetic biology and self-regulation awareness among relevant personnel.Through this work,we aim to improve the standardized process of biosecurity regulation and management for SynBio in China and thereby map out a peaceful,profitable,and practical development path for synthetic biology.

Grain Macro-Control Mechanism Research

this paper based on the food security, the food the macroeconomic regulation and control of the operation mechanism of the general theory, focus on the China＇s grain macroeconomic regulation and control mechanism, the concept of grain macroeconomic regulation and control mechanism, the grain circulation macroeconomic regulation and control tool application, grain circulation macroeconomic regulation and control system, the problem of grain circulation system, food price formation mechanism. Through the research set up grain control of the operation mechanism of general theory.

Research Progress on Ecological Risk Assessment based on M ultifunctional Landscape

The unreasonable utilization and trade-offs of the multifunctional landscape is one of the important causes leading to ecological risk.Quantifying the relationship,heterogeneous process and driving mechanism between landscape function and human well-being can provide a scientific basis for achieving a win-win situation of regional development and ecological protection,and it is also an important issue for relevant scientific research.In this paper,we reviewed the current state of knowledge regarding landscape function and ecological risk,identified the feedback mechanisms among landscape change,landscape function,human well-being and ecological risk,constructed the ecological risk assessment framework based on landscape functions,and sorted out the key scientific issues and research trends.The interconnections between the multifunctional landscape,human well-being,and ecological risk comprise an important scientific issue in ecological risk assessment.However,there is a lack of understanding of the spatial-temporal characteristics of landscape function trade-offs,and there is also a lack of systematic and standardized methods for the identification and comprehensive evaluation of landscape functions.Exploring ecological risk management and the methodologies that integrate the two processes of nature and humanity is an inevitable trend for future research.Coupling landscape structure,function and process into ecological risk assessment,as well as focusing on the combination of human well-being,landscape function trade-off and ecological risk control policy design are important issues to be studied.