Function and Role of China＇s Securities Market

The article discusses the determinant factor of the function of the securities market at first and then proposes that the basic factor is the inherent need of social economic operation and development process itself. In addition, the primary factor of mature securities market is perfect and integrated function of the securities market. Afterwards, the article analyses the static and dynamic function of the securities market. At last, it probes into the government role in the securities market briefly and proposes that China needs to carry out the essential change on government role, market function location, development goal and the mode of securities market if the function of China＇s securities market is to be exerted properly.

Developing Chinese Securities Market

The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,

Existing Problems and Countermeasures in Financial Securities Market Regulation

At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.

A Mandatory Access Control Framework in Virtual Machine System with Respect to Multi-level Security Ⅱ:Implementation

This paper is a continuation of our last paper [1] which describes the theory of Virt-BLP model. Based on Virt-BLP model,this paper implements a mandatory access control(MAC) framework applicable to multi-level security(MLS) in Xen. The Virt-BLP model is the theoretical basis of this MAC framework,and this MAC framework is the implementation of Virt-BLP model. Our last paper focuses on Virt-BLP model,while this paper concentrates on the design and implementation of MAC framework. For there is no MAC framework applicable to MLS in virtual machine system at present,our MAC framework fills the blank by applying Virt-BLP model to Xen,which is better than current researches to guarantee the security of communication between virtual machines(VMs) . The experimental results show that our MAC framework is effective to manage the communication between VMs.

BC-BLPM:A Multi-Level Security Access Control Model Based on Blockchain Technology

Traditional multi-level security(MLS)systems have the defect of centralizing authorized facilities,which is difficult to meet the security requirements of modern distributed peer-to-peer network architecture.Blockchain is widely used in the field of access control with its decentralization,traceability and non-defective modification.Combining the blockchain technology and the Bell-LaPadula model,we propose a new access control model,named BCBLPM,for MLS environment.The“multi-chain”blockchain architecture is used for dividing resources into isolated access domains,providing a fine-grained data protection mechanism.The access control policies are implemented by smart contracts deployed in each access domain,so that the side chains of different access domains storage access records from outside and maintain the integrity of the records.Finally,we implement the BC-BLPM prototype system using the Hyperledger Fabric.The experimental and analytical results show that the model can adapt well to the needs of multi-level security environment,and it has the feasibility of application in actual scenarios.

A Mandatory Access Control Framework in Virtual Machine System with Respect to Multi-level Security I： Theory

At present,there are few security models which control the communication between virtual machines (VMs).Moreover,these models are not applicable to multi-level security (MLS).In order to implement mandatory access control (MAC) and MLS in virtual machine system,this paper designs Virt-BLP model,which is based on BLP model.For the distinction between virtual machine system and non-virtualized system,we build elements and security axioms of Virt-BLP model by modifying those of BLP.Moreover,comparing with BLP,the number of state transition rules of Virt-BLP is reduced accordingly and some rules can only be enforced by trusted subject.As a result,Virt-BLP model supports MAC and partial discretionary access control (DAC),well satisfying the requirement of MLS in virtual machine system.As space is limited,the implementation of our MAC framework will be shown in a continuation.

Urban Market-Gardening in Parakou (Republic of Benin): Spatial Dynamics, Food Security, Protection of the Environment and Creation of Employments

Nowadays, African cities are subjected to upsets which result from the extraordinary growth of urban populations. The growth of the population of cities has induced some changes in the structure of the activity of those cities. Agriculture which was formerly confined to the countryside henceforth develops in the urban area and occupies a preponderant place as a strategy of survival, of insertion and of food supplying of the city-dwellers. It has become an activity integrated to the urban tissue through systems of occupying and exploitation of land in the urban area. Population growth (4.81%) between 2002 and 2013 is a critical poverty rate (65%) of the population of Parakou city, entailing a misery perceptible in all its social and economic dimensions. The market-gardening activity has integrated itself to the urban tissue. The objective of this study is to understand how urban agriculture through market-gardening can be a solution for rural farmers who have moved to Parakou city. In this study, documentary research, interviews and field observation are used for data collection. The main results to be signaled among others are: evolution and status of the market-gardening areas in Parakou, the reduction of food insecurity with the permanent availability in quantity and in quality of market-gardening products accessible to the population: the protection of the environment through the drainage of the urban area and the preservation of the diversity of vegetables;the increase of the income of the households of the farmers and the creation of employments.

Literature Review of Multi-illar Multi-level Old-age Security System

Since the 1970s, according to the international pension system reform trend for old-age social security system, no single institutional arrangement can ensure the functions of endowment security system to achieve the optimal.Therefore,how to based on the present situation of development, and to accurately, thus promote the resources integration, comprehensive build multi-level old-age security system, has important policy and practice significance.

Securing Stock Transactions Using Blockchain Technology: Architecture for Identifying and Reducing Vulnerabilities Linked to the Web Applications Used (MAHV-BC)

This paper deals with the security of stock market transactions within financial markets, particularly that of the West African Economic and Monetary Union (UEMOA). The confidentiality and integrity of sensitive data in the stock market being crucial, the implementation of robust systems which guarantee trust between the different actors is essential. We therefore proposed, after analyzing the limits of several security approaches in the literature, an architecture based on blockchain technology making it possible to both identify and reduce the vulnerabilities linked to the design, implementation work or the use of web applications used for transactions. Our proposal makes it possible, thanks to two-factor authentication via the Blockchain, to strengthen the security of investors’ accounts and the automated recording of transactions in the Blockchain while guaranteeing the integrity of stock market operations. It also provides an application vulnerability report. To validate our approach, we compared our results to those of three other security tools, at the level of different metrics. Our approach achieved the best performance in each case.

用户视角下的教育数据要素交易:安全感知与建议

教育数据要素作为推动教育变革的核心动力,正通过数据要素市场交易推动教育数字化转型纵深发展。然而,目前教育数据要素市场在数据确权、市场监督以及市场交易等制度层面存在不足,阻碍教育数据要素价值的释放。用户作为数据要素市场的核心参与者,其对教育数据要素交易的安全感知与建议是推进数据要素交易有序发展的重要因素。研究面向四类不同用户群体开展了定向调查,发现用户总体对教育数据要素交易持积极态度,且具有较为全面的安全感知,不同用户群体则在教育数据要素基本态度、安全感知与安全建议上存在差异。为加快教育数据要素交易市场建设,可以从加强教育数据要素市场保障,提高高等院校用户市场参与意愿,构建教育数据要素安全体系,满足不同用户群体的安全需求,塑造多元教育数据要素交易市场,推动交易机制向需求侧转型等方面改善。

提升产业链韧性和安全水平:时代背景、风险挑战与靶向进路

提升产业链韧性和安全水平是谋求全球产业链分工主动权和话语权的战略性布局。在全球产业链加速重构的背景下,我国产业链安全稳定面临内外部的风险和挑战。从外部来看,主要面临新的地缘政治掣肘、发达国家制造业回流与发展中国家制造业分流的双重挤压以及高精尖技术领域受到“卡脖子”技术封锁等风险;从内部来看,仍面临如何破除产业链安全稳定面临的体制机制障碍、提升产业链自主可控能力以及降低部分粮食、能源资源和重要产业链的高进口集中度等挑战。对此,可通过加快培育“以我为主”的产业链合作体系、打造高标准配套与高水平营商环境以及突破“卡脖子”技术封锁等措施来应对外部风险;通过有序推进全国统一大市场建设、全面提升产业链自主可控能力以及加快产业体系分散化布局等措施来应对内部挑战,从而实现提升我国产业链韧性和安全水平的战略目标。

中国能源政策2023年回顾与2024年调整研判

2023年,在世界地缘政治动荡、能源价格中高位徘徊、应对气候变化以及绿色低碳转型等多种因素持续交错叠加背景下,中国能源政策坚持战略定力,进一步聚焦能源安全保障、促进多品种能源融合发展、能源与数字信息化技术耦合协同、推动天然气加快发展,以及进一步加快绿色低碳能源布局和规模发展。2024年,中国将继续深化能源体制改革,提升能源产业链供应链韧性和安全水平;提升天然气在能源结构中的地位,促进天然气全产业链发展;推动新型能源体系建设,促进电力市场与新能源发展;加快碳市场体系建设,遏制碳排放上升态势,最终为构建新型能源体系和促进能源产业现代化发展夯实政策基础。

数据要素市场化配置的法治推进——兼论《数据二十条》相关条款设计

数据要素市场化配置的程度与水平决定了充分释放数据要素动能的程度,对加快数据产业链、价值链重构与转型升级意义重大。数据要素市场化配置的前提是明确数据产权归属,基础是构建统一开放的数据要素市场,发展是健全高效的定价机制,底线是保障数据要素安全发展。我国虽已明确了数据这一新型生产要素的重要地位,但相关法律尚未明确数据的产权归属,全国统一的数据要素市场尚未建立,数据要素定价机制尚未明确,数据要素市场交易与监管的边界也尚未清晰,所有这些阻碍了数据要素市场化配置的充分实现。故需立足数据要素市场的特征与现实,以数据产权结构性分置制度促进数据动态权属流动,构建统一开放的数据要素交易市场机制,同时厘清数据监管边界,保障数据要素市场安全发展,实现数据要素高水平、高质量、高效率的市场化配置。

俄乌冲突下的能源安全及我国的应对

美西方国家对俄罗斯能源实施的严厉制裁将严重影响全球能源安全。俄乌冲突对欧洲地区能源安全的影响,主要表现在能源供应链出现较大程度的断裂,以及经济和社会发展遇阻两方面。美国虽然已实现了能源独立,但由于与全球能源市场的高度一体化,亦使其深陷能源危机的漩涡,加速了美元地位的下降。一轮又一轮的制裁使俄罗斯在国际能源市场的话语权下降,传统能源生产和出口受到重创。为有效应对能源安全问题,欧洲地区正寻求能源供应多元化,并加快推进清洁能源和可再生能源;美国一方面积极抢占欧洲能源市场,另一方面缓慢补充石油战略储备;而俄罗斯积极寻求能源出口转向,加速能源经济技术转型。我国应在顶层设计上抓紧审议通过《能源法》,加大清洁能源和可再生能源的研发力度和支出,深度参与全球能源市场,不过度依赖某一特定国家或地区的进口能源。

基于全国统一大市场建设的社会保障制度改革

建设全国统一大市场是国家为提高资源配置效率、实现高质量发展而做出的重大决策部署。公平统一且设计合理的社会保障制度具有降低商品及生产要素流通成本、释放流通潜力的功能,因此有效的社会保障制度是全国统一大市场的必备要件。然而,现行社会保障制度在公平和效率两个方面都存在不足,尤其是地区间和人群间的制度政策差距大、部分项目资源配置不合理、绩效管理机制缺失等,与建设全国统一大市场的要求不相适应。因此,要全面深化社会保障改革,不断增强制度的公平统一性,提高制度运行效率,逐步统一社会保障权益设置、筹资规则、管理规程和服务规范,为形成全国统一大市场做出积极的贡献。

涉生成式人工智能证券、期货犯罪的刑法完善

涉生成式人工智能证券、期货犯罪行为类型可分为非法控制市场信息和非法控制市场两类。现行规制生成式人工智能应用的前置法缺少技术性规范与周延性规范。现行《刑法》无法追究涉生成式人工智能证券、期货犯罪中研发者、生产者的过失责任,也无法规制“滥用技术优势”非法控制市场的行为。立法者应当完善生成式人工智能应用的前置法规定,量化智能化程度认定标准,禁止证券、期货领域生成式人工智能非法分析数据行为并限制其应用范围。应当建立以非法分析数据罪、操纵数据罪、数据安全责任事故罪为核心的涉生成式人工智能算法失范行为刑法规制体系。以数据安全责任事故罪追究研发者、生产者的过失责任。应当增加“滥用技术优势”作为操纵证券、期货市场罪的行为类型。

论中美证券市场内幕交易的罪与罚——以美国高盛独董入狱与中国证监会36亿罚单为视角

在资本市场中不正当利用信息时间差以趋利减损的内幕交易行为,侵蚀了资本市场的公平、公正、公开三原则,扰乱了资本市场运作的正常秩序,是各国证券监管机构重点打击的对象。本文从两个影响巨大的内幕交易案出发,探讨中美两国规制内幕交易法律体系的差异。随着新《证券法》的施行,我国内幕交易监管与处罚体系将不断发展与完善。但是内幕交易基础理论“平等获得信息原则”与董事高管“信义义务原则”是重叠适用,还是特定排他适用;内幕交易“推定成立”的法律渊源等级是否应提升;是否应授予行政裁决与司法审判不同的“自由裁量权范围”等问题,尚无定论,本文在比较借鉴的基础上进一步探讨研究。

公共数据商业化利用:市场价值、竞争理路与法治化促进

公共数据兼具社会公共属性和市场商业价值,是优质生产要素,其商业化利用涵盖开放、开发、流通等多个环节。在实现数字权力向数字资产转化的场景中,公共数据商业化利用需统筹安全与发展、归集与共享、管制与流通等多个维度和价值。当前,我国公共数据范围界定未明确,相关主体面临不愿、不会、不敢开放,还存在无序失序利用的问题。基于此,结合公共数据特征,科学界定公共数据范围,借助《反不正当竞争法》第三次修订的契机,扩展“商业数据”条款为“数据商业化利用”条款,以数据行为为基础,将公共数据纳入数据商业化利用范畴,构建以反不正当竞争法为基础的公共数据商业化利用规则体系。在保障高水平安全的前提下,鼓励和支持公共数据商业化流通使用。

基于VOSviewer的测评机构市场竞争特征分析模型的构建

网络安全等级保护在网络安全保障、网络强国建设方面发挥着至关重要的作用。随着资质管理从审核推荐模式向服务认证模式的转变,网络安全等级保护测评机构的资质管理得到网络安全界越来越多的关注。在分析网络安全等级保护测评机构投标项目信息的基础上,应用VOSviewer知识图谱软件构建一种市场竞争特征分析模型,为等级测评行业的高质量发展提供参考借鉴。首先对采集数据进行清洗以及基于相似度去重;然后采用机器学习算法对项目信息进行“关键词”(项目类型、项目所属行业)的抽取和标注;最后将项目信息进行RefWorks格式转换并导入VOSviewer,可视化呈现测评机构的竞争关系和市场特征。

论利用信息优势型操纵证券市场的法律适用

利用信息优势型操纵证券市场是一种新型的操纵行为,属于信息型操纵的一个子类型。利用信息优势型操纵与利用信息优势连续交易型操纵的区别关键在于,前者影响证券价格的主要原因是公开信息而后者是证券交易。在无法准确判断影响证券价格的主要原因时,应选择证券市场接受度较高的操纵行为来定性。由于“浑水式”做空交易的主体一般是通过自身调研获得了影响证券价格的信息,因此不存在滥用优势地位或者违反信义义务的问题。如果其公开披露的研究报告并无虚假或者误导之处,并且同时也披露了交易计划,那么“浑水式”做空交易并不构成利用信息优势型操纵证券市场行为。行为人分拆信息予以披露或者披露的信息并无坚实基础,则该信息披露具有误导性,构成利用信息优势型操纵证券市场。但是,如果行为人提前披露真实的信息,同时也披露了交易计划,由于投资者不会受到误导,因此该行为不符合操纵证券市场的本质。