Medium-term and Long-term Momentum and Contrarian Effects on China during 1994-2004

We examine momentum and contrarian effects in China＇s stock market during 1994-2004 and find that no medium momentum effects exist. Meanwhile, contrarian strategy works effectively over the horizon of 18-36 months. 1-month gap for avoiding bid-ask bounce and lead-lag effect make no considerable change to our empirical results. Transaction costs seem to have no significant impact on contrarian strategies＇ profit.

Westinghouse Electric Corp.plans long-term investment in China

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THE NINTH FIVE-YEAR PLAN AND LONG-TERM TARGET BY 2010 FOR CHINA'S FOOD INDUSTRY

The"Ninth Five-Year Plan for theNational Economy and SocialDevelopment and the Long-TermTarget by the Year 2010" adopted at theFourth Session of the Eighth National People’sCongress have opened up a vast new worldfor the development of China’s food industry.The food industry should seize the opportunityto strengthen itself and speed up itsdevelopment for meeting the needs ofimproving the people’s living standards andperform well in modernized socialistconstruction.

Medium-term Air Quality Benchmarking for Ecosystem Monitoring and Sustainability Planning: Case Study Dallas County (U.S.A.) 2015 to 2020

Medium-term air quality assessment,benchmarking it to recent past data can usefully complement short-term air quality index data for monitoring purposes.By using daily and monthly averaged data,medium-term air quality benchmarking provides a distinctive perspective with which to monitor air quality for sustainability planning and ecosystem perspectives.By normalizing the data for individual air pollutants to a standard scale they can be more easily integrated to generate a daily combined local area benchmark(CLAB).The objectives of the study are to demonstrate that medium-term air quality benchmarking can be tailored to reflect local conditions by selecting the most relevant pollutants to incorporate in the CLAB indicator.Such a benchmark can provide an overall air quality assessment for areas of interest.A case study is presented for Dallas County(U.S.A.)applying the proposed method by benchmarking 2020 data for air pollutants to their trends established for 2015 to 2019.Six air pollutants considered are:ozone,carbon monoxide,nitrogen dioxide,sulfur dioxide,benzene and particulate matter less than 2.5 micrometres.These pollutants are assessed individually and in terms of CLAB,and their 2020 variations for Dallas County compared to daily trends established for years 2015 to 2019.Reductions in benzene and carbon monoxide during much of 2020 are clearly discernible compared to preceding years.The CLAB indicator shows clear seasonal trends for air quality for 2015 to 2019 with high pollution in winter and spring compared to other seasons that is strongly influenced by climatic variations with some anthropogenic inputs.Conducting CLAB analysis on an ongoing basis,using a relevant near-past time interval for benchmarking that covers several years,can reveal useful monthly,seasonal and annual trends in overall air quality.This type of medium-term,benchmarked air quality data analysis is well suited for ecosystem monitoring.

Power generation expansion planning approach considering carbon emission constraints

Decarbonization of the power sector in China is an essential aspect of the energy transition process to achieve carbon neutrality.The power sector accounts for approximately 40%of China’s total CO_(2) emissions.Accordingly,collaborative optimization in power generation expansion planning(GEP)simultaneously considering economic,environmental,and technological concerns as carbon emissions is necessary.This paper proposes a collaborative mixedinteger linear programming optimization approach for GEP.This minimizes the power system’s operating cost to resolve emission concerns considering energy development strategies,flexible generation,and resource limitations constraints.This research further analyzes the advantages and disadvantages of current GEP techniques.Results show that the main determinants of new investment decisions are carbon emissions,reserve margins,resource availability,fuel consumption,and fuel price.The proposed optimization method is simulated and validated based on China’s power system data.Finally,this study provides policy recommendations on the flexible management of traditional power sources,the market-oriented mechanism of new energy sources,and the integration of new technology to support the attainment of carbon-neutral targets in the current energy transition process.

Development of ToSPACE for Pipe Wall Thinning Management in Nuclear Power Plants

A number of piping components in the secondary system of nuclear power plants are exposed to aging mechanisms such as FAC (Flow-Accelerated Corrosion), cavitation, flashing, SPE (Solid Particle Erosion), LDIE (Liquid Droplet Impingement Erosion), etc. Those mechanisms may lead to thinning, leak, or rupture of the components. Due to the pipe ruptures caused by wall thinning in Surry unit 2 of USA in 1986 and in Mihama unit 3 of Japan in 1994, the pipe wall thinning management has emerged as one of the most important issues in nuclear power plants. To manage the pipe wall thinning in the secondary system, Korea has used a foreign program since 1996. As using the foreign country’s program for long term, it was necessary to improve from the perspective of the users. Accordingly, KEPCO-E & C has started to develop the 3D-based pipe wall thinning management program (ToSPACE, Total Solution for Piping And Component Engineering management) from eight years ago, and the development was successful. This paper describes the major functions included in ToSPACE program, such as 3D-based DB (Database) buildup, development of FAC and erosion evaluation theories, UT (Ultra-sonic Test) data reliability analysis, field connection with 3D, automatic establishment of long-term inspection plan, etc. ToSPACE program was developed to allow site engineers performing the selection of inspection quantity at each refueling outage, UT data reliability analysis, UT evaluation, determination of next inspection timing, identification of the inspecting and replacing components in 3D drawings, etc., to access easily.

Market-Based Transmission Expansion Planning

The paper presents the main features of transmission expansion problem (TEP). In accord with review the aims and influencing factors are defined. The competitive behaviors of market participants, transmission losses, discrete investment costs, various operating conditions are considered in the model. The model is a mixed-integer linear programming formulation for a static TEP in the competitive environment. The presented methodology is applied to six-node system. In order to point out efficiency of the model the results obtained are compared with traditional problem solution.

BM(book-to-market ratio) factor: mediumterm momentum and long-term reversal

To explain medium-term momentum and long-term reversal,we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio.According to the CAPM model’s zero explanatory ability with respect to stock market anomalies,we obtain an anomaly interpretative model.This study shows that this anomaly interpretative model can explain stock market perceptions and medium-term momentum.Most importantly,BM is a critical factor in the model’s explanatory ability.We present a robustness test,which includes selecting new sample data,adding new auxiliary variables,changing sample years,and adding industry fixed effects.In general,the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal.

Case Studies on Newly-emerging Long- and Medium-term Strategic Planning and Its Reference to Beijing

Responding to the significant impacts brought by social, political, economic and environmental changes, some countries, regions and cities in the world have introduced new forms of long- and medium-term strategic planning since 2000, so as to promote the sustainable development of the cities or regions through a higher-level thoughts and a wider-perspective exploration. Taking America 2050, Future Ruhr 2030, New York 2030 and some other long- and medium-term strategic plans as examples, the paper analyzes the evolution of long- and medium-term strategic planning from the aspects of plan-making methods, analyzing techniques, research contents development trends etc. at the state, regional, and city levels. Based on international experience, this paper puts forward the necessity for Beijing to launch a new long-term strategic planning study "Beijing 2049." The innovation, challenges and development direction of "Beijing 2049" is also expounded in the paper.

Long-term Coordination of Transmission and Storage to Integrate Wind Power

A power system with a high wind power integration requires extra transmission capacity to accommodate the intermittency inherent to wind power production.Storage can smooth out this intermittency and reduce transmission requirements.This paper proposes a stochastic optimization model to coordinate the long-term planning of both transmission and storage facilities to efficiently integrate wind power.Both longterm and short-term uncertainties are considered in this model.Long-term uncertainty is described via scenarios,while shortterm uncertainty is described via operating conditions.Garver’s 6-node system and a system representing Northwest China in 2030 are used to illustrate the proposed model.Results indicate that storage reduces transmission requirement and the overall investment,and allows the efficient integration of wind power.

The long-term impact on the Chinese economy of an aging population

Rapid fertility decline and rising life expectancy are leading to a fast and profound aging of China＇s population. This paper will attempt to analyze the long-term economic impact of population aging. After discussing its impact on employment, domestic consumption, social security programs and public finance, rural-urban migration and urbanization, the Chinese economy＇s comparative advantage in international markets and structural change in industry, we suggest alternative policies of gradually relaxing the fertility control policy, assigning higher priority to the development of human capital, raising the compulsory retirement age, and improving the equity and efficiency of social security programs.

Application of Mathematial-Simulated Model Setup for Eudcational Planning

In this paper, the principle and methods of system engineering are applied to studying the problem of educational long-term development planning. a complete mathematical-simulated model setup is adopted to describe the internal regularity between educational system and social economic macrosystem. and then. a set of effective methods are put forward to carry out educational planning. This model has been actually appliedcation in the project of educational planning research in Chongqing region,

Multifactor-influenced Reliability-constrained Reserve Expansion of Integrated Electricity-gas Systems Considering Failure Propagation

With the increasing interactions between natural gas systems(NGS)and power systems,component failures in one system may propagate to the other one,threatening reliable operation of the whole system.Due to neglect of such cross-sectorial failure propagation in integrated electricity-gas systems(IEGSs),traditional economy-oriented reserve expansion models may lead to unreasonable planning results.In order to address this,an innovative reserve expansion model is proposed to determine the allocation of energy production components through the harmonization between costs and reliability.First,novel multifactor-influenced reliability indices are defined con-sidering synthetic effects of multiple uncertainties,including failure propagation,load uncertainties and generation failures.In reliability index formulation,contribution of failure propagation on system reliability is analytically expressed.To avoid high computational complexity,the fuzzy set theory is combined with conventional methods,e.g.,Monte-Carlo simulation technique to reduce numerous contingency states.Sampled contingency states are aggregated into several clusters represented by a fuzzy number.To effectively solve the planning model,a decomposition approach is introduced and applied to decompose the original problem into a master problem and two correlated reliability sub-problems.Numerical studies show the proposed model can plan reasonable reserves to guarantee reliability levels of IEGSs considering failure propagation.

Two decades of tax-sharing system reform in China:a comparative study

Two decades have passed since the Tax-sharing System Reform began in China.We discuss deep-seated problems in the financial management system.We contend that from the point of fiscal relations among different levels of government,the marked decline of the central government’s fiscal revenue as a share of the national total indicates that the macroeconomic regulation and control function of the central government has weakened;from the point of the form of fiscal revenue,the constant downward trend of the proportion of the tax revenue indicates that the old problem of excessive types of fiscal revenue forms have reappeared;from the perspective of tax structure,although the proportion of direct taxes has grown,turnover tax continues to account for the majority of tax revenue and the unbalanced dual-subject tax system has changed little,which indicates China’s tax structure has brought about stagnation.We believe that China’s tax reform should be incorporated into the medium-term fiscal planning in order to solve deep-seated problems in operation of the financial management system.