China's economic performance and prospects for the first half of 2009

China’s economic downturn has been brought under control with a series of stimulus policies,and the economy is in a critical period of stable recovery.In the first half of this year,its GDP growth reached 7.1%,and is expected to rise in the second half of the year.Overall,the annual growth rate for this year may exceed the goal of 8%. Maintaining growth remains a top priority of the next stage of macro-regulation,and China must steadfastly implement a proactive fiscal policy and moderately relaxed monetary policy.In maintaining growth and expanding domestic consumption,China should be patient,follow the laws of economic development,and properly balance the urgent economic growth priorities with long-term sustainable development.Macro-regulation should highlight transformation of growth pattern,strategic restructuring and improvement of economic efficiency.We should implement the policies that have been alrendy issued,and make policy preparations against emerging domestic and international situations and problems.

Benefits and Costs of Autonomous Trucks and Cars

Autonomous vehicles are currently developed, and are expected to be introduced gradually. Society needs a basis for decisions regarding market interventions. This study identifies, quantifies and values the benefits and costs of autonomous trucks and cars considering generalized costs, external effects and social marginal cost pricing to consumers with Swedish data. The results show that the greatest benefits are saved driver costs for trucks and decreased travel time costs for car drivers. In the example calculations, capital costs may increase by 22 percent for cars and 36 percent for trucks for benefits to exceed costs in 2025. Subsidies are not needed since the producers and consumers get the major benefits and pay the costs.

The New Normal of China's Macroeconomic Policy

This paper summarizes the theoretical background and realistic considerations for the emergence of the new normal of macro policy. The characteristics of the new normal of macro policy are as follows: 1) a supply-side approach in response to growth slowdown; 2) understanding economic heterogeneity and growth disequilibrium and paying attention to structural regulation; 3) highlighting strategic planning and broadening the horizon of macro policy; 4) re-establishing a benchmark of macro policy and re-initiating local competition; 5) balancing the interests of various stakeholders and understanding the political economy of macro policy; 6) respecting the spillover effects of major countries and implementing responsible macro policies; 7) respecting "market determinism" and recognizing the limitations of macro policy; and 8) propelling institutional developments and creating a basic framework of macro policy. This paper concludes that the new normal of macro policy is not simply a passive adjustment to the new normal of economy but represents an initiative of proactive response that steers the economy towards a more advanced form. In particular, the following issues should be clarified in current macro policy: some of the characteristics will be corrected or phased out, some that coincide with the new normal will be abreast with the times, and some require that a new trail be explored through innovation of macro policy. These components will constitute the basic framework for China's macro policy to transition towards the new normal.

Export,subsidy and innovation:China’s state-owned enterprises versus privately-owned enterprises

In this study,we advance the literature on export and government subsidy by examining their effects in the context of China,a fastgrowing emerging economy,and comparing the effects across ownership of enterprises.We examine the relationship among export,government support and firms’innovation capability,and how these relationships differ between state-owned and private owned enterprises,by using a large data sample of Chinese firms(2003–2007).First,we find that there exists an inverted U-shaped relationship between export and innovation in state-owned enterprises,but not in private owned enterprises.Second,there is a positive effect of government subsidy on firms’innovation capability.Finally,from the sub-sample analyses,we identify differences in the impact of government support between SOEs and POEs.This study will inspire future research into these issues in the disciplines of marketing,management and international business.