Improvements of Difference Inequalities and Integral Inequalities

A delay difference inequality was studied, and several results were obtained, which improve the known results. Then a typical integral inequality with two independent variables was studied, and some results were obtained, which extend the known results.

Positive and Negative Impacts of Cross-border M&A

Mergers and acquisitions of Chinese enterprises by foreign investors have moved onto the public radar in recent years.To date,the M&A frenzy has drawn widespread attention,with a mixed reaction from proponents and opponents.Proponents consider such mergers and acquisitions conducive to realizing strategic readjustment of the national economic structure,optimizing resource allocation and improving the corporate governance structure.Opponents,however,are concerned that foreign mergers and acquisitions may jeopardize China’s industrial security and erode the executive power of the central government in undertaking industrial development planning.Are the benefits of M&A outweighed by the costs,or vice versa? The focus column of this edition features two articles which debate this issue from opposing viewpoints.In the article"Positive and Negative Impacts of Cross-border M&A",the authors consider foreign M(?)A to be a new way of boosting the level of foreign investment utilization,and advocate China taking full advantage of this approach.The authors of the article"Self-Improvement Or Self-Mutilation",meanwhile,hold foreign M&A to blame for state-owned asset erosion,and insist that China should oppose mergers and acquisitions of key state- owned enterprises by foreign investors at fire-sale prices.

Research on the Problems and Governance of Live E-commerce Based on Blockchain Technology

With the advent of the digital age,new e-commerce formats emerge one after another.As a new mode of e-commerce,live e-commerce plays an important role in helping economic development and increasing social welfare.Based on the current research situation of live broadcast e-commerce,this paper analyzes the problems of irregular behavior and ineffective supervision in the operation of live broadcast e-commerce,and puts forward that the government should strengthen the legislation of live broadcast e-commerce and rationally use blockchain to provide technical support to the government and regulatory agencies,aiming at standardizing the behavior of live broadcast e-commerce and promoting the sound development of live broadcast e-commerce.

International trade,pollution industry transfer and CO_2 emissions in Chinese industries

Will developed countries turn China into a haven for "dirty" industries through international trade by specializing in producing and exporting "clean" products and importing pollution-intensive products from China? How does international trade affect Chinese industries' CO2 emissions? This paper presents an empirical test of these hypotheses using statistical techniques such as the environmental input-output model and net exports as a proportion of consumption(NETXC) based on the trade data of 20 industries in China,and G7 and OECD developed countries.In this study,we draw three conclusions:(1) The proportion of domestically produced CO2 emissions in CO2 emissions embodied in products exported from China has been declining;(2) Industries migrated or displaced from developed countries into China include both "dirty" and "clean" industries;(3) International trade can help industries reduce CO2 emissions in aggregate and per unit of output.China has not become a haven for developed countries' "dirty" industries as a result of international trade.

Extreme Stability of Functional Differential Equations with Finite Delay

This paper obtained some theorems that can ascertain the zero solution of functional differential equations are extremely uniformly stable, extremely asymptotically stable or extremely uniformly asymptotically stable. In the obtained theorems, the derivative of Liapunov function on t along the solutions of functional differential equations is not required to be always negative, especially, it may be even positive.

The development of an open economy in China——A retrospective analysis of 30 years of opening to the outside world

China’s three decades of opening to the outside world are a historical process of establishing and developing an open economy. This process can be divided into four stages:1) reducing regulation,rejuvenating the trade regulatory regime and delegating management rights to foreign-trade operators;2) developing foreign trade firms into de facto market entities; 3)pursuing trade liberalization and establishing an open economic system in conformity with international rules;4) furthering improvement and innovation in infrastructure. At the initial stage of establishing an open economy,China restructured its foreign trade system and learned valuable lessons about liberalization through system transition.China experimented with bold breakthrough initiatives in special economic zones and open coastal cities,and correctly selected an export-oriented development strategy. Two core policies underlying China’s open economy are the strengthening of bilateral and multilateral trade relationships,and realigning the institutional environment to comport with international rules.China’s open economy occupies an important position in the national economy. Moreover,it has become an important part of state’s macro-economic regulation and is exerting growing influence on the world economy.

Modern services and China’s economic transformation

Development of a modern service industry must be accelerated if China’s economic growth pattern is to be transformed and its industrial structure upgraded. For a long time, China’s modern services have been backward and played an insignificant role in the national economy. Sluggish growth of modern services is particularly dragging on China’s otherwise surging economic and social development; and it puts a strain on industrial restructuring and efforts to build a prosperous and harmonious socialist society. This paper sheds light on outstanding issues concerning the role of China’s modern services in various arenas, including transforming the economic growth pattern, improving economic structuring, upgrading the industrial structure, facilitating technological progress and spurring changes in the employment structure. Based on in-depth analysis, this essay proposes policies and countermeasures for the promotion of modern services.

A Preliminary Study of Embedded Supervision Thoughts:Based on a Distributed Financial System

Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervision,which relies on regulation during and after the matter,operates in a decentralized and trusted environment and has the characteristics of high efficiency,transparency,and safety.It provides a breakthrough to solve the lag of traditional financial supervision.This paper clarifies the concepts and theoretical basis of embedded supervision,constructs the embedded supervision model with a lag,and analyzes the feasibility of embedded supervision with a lag.This research can promote scientific exploration and method innovations in the domestic finance field,enrich China’s financial discipline system,and provide decision-making references for practical financial supervision innovation.

Theoretical Research,Practice Exploration and Policy Suggestions on Scenescape Development and Ecological Value Transformation in Chengdu’s Park City Construction

The“Park City”concept presents a new,urban development model that can be used as a guide for planning the growth of a city.Advancing the transformation of Chengdu into a park city is an important and unique strategic option for maintaining and strengthening the Chengdu-Chongqing economic circle.The construction of a park city in Chengdu has many potentially positive and favorable outcomes,including maintaining natural ecosystems while improving biodiversity,livability,and enhancing the city’s historical and cultural heritage,all while establishing Chengdu as a national leader for this new urban development model.In recent years,park city scenescape modeling and the resulting ecological value transformations have been analyzed through theory,mechanism designs,and limited practice,but throughout the explorations on scenescape building and ecological value transformations,the actual construction of a park city is still facing many problems.This article argues that Chengdu should take lessons from the advanced experience in urban ecological construction efforts of other cities,both in China and overseas,focusing on sustained scenescape building,theoretical research in ecological value transformations,establishing meaningful and compatible interaction mechanisms between ecological value transformations and capital markets,improving the levels of planning and designing needed for scenescape building,establishing innovative scenescape building and ecological value transformations management systems and mechanisms,and cultivating park city scenescape brands.Related and detailed scenescape building and ecological value transformation measurement and policy suggestions are also provided in this article.

Marketization the Key to Solving China-U.S. Trade Imbalance

China-U.S.trade has expanded rapidly over the past three decades,during which China’s trade deficit has turned into atrade surplus.China’s exports to the United States account for 20 percent of China’s total export trade,but the United States’exports to China make up less than 10 percent of its export trade.The trade dependence ratio of the two countries has adifference of up to 27 percentage points.While China’s economy and foreign trade become increasingly market-oriented,the U.S.implements long-term export restriction policies against it.Raising the degree of marketization of trade betweenChina and the U.S.is the key to redressing the China-U.S.trade imbalance.

Analysis of the Changes in the Growth of Japan’s Direct Investment in and Trade with China

Japan was China＇s major trading partner in terms of China＇s total imports and exports until 2004 when dramatic changes took place. Its trading status with China dropped to the third place following the European Union （EU）, which dashed into the lead to become China＇ s most important trading partner, and the United States. This has aroused the concern from trade circles and scholars of both China and Japan. Digging into the causes and analyzing the future development trends have thus become a subject of common interest among the trade circles and scholars of China and Japan. This study is now a necessary cognitive prerequisite for studying how to further the economic and trade cooperation and expand investment and trade relations between the two countries. This paper indicates there is the potential for Japan to restore its leading position as the biggest trading partner of China. With the rise in the prices of production factors in China＇s coastal areas, Japanese enterprises are sure to follow the objective law governing economic development and increase their investment in the middle and western parts of China. If Japanese enterprises are aware of such changes and thereby reposition its investment in China by establishing new export processing bases, it is possible for Japan to return to its former position as the biggest trading partner of China.

Seeking new growth hotspots in absorbing foreign direct investment

In recent years, China’s service industries have absorbed an increasing amount of foreign direct investment (FDI); foreign investors have taken wholly foreign-owned enterprise (WFOE) as the most preferred vehicle of making investment in China; free ports have become a major source of FDI inflows to China; China’s FDI inflows as a percentage of global FDI inflows have been in decline. In the export-oriented or import-substitution manufacturing industries, China still needs to vigorously absorb FDI in the future. In addition, China should continue opening its infrastructure and social service industries. It is therefore imperative to further improve the institutional and policy environment for foreign investment utilization.

A Long-term Mechanism Needed to Safeguard Financial Stability

In the post-WTO era, China has encountered new difficulties in maintaining financial stability. Quick fix and emergency measures can no longer be relied on in the long run, and therefore, a long-term mechanism of financial stability must be put in place. This article recommends that China should focus on furthering financial reform, accelerating financial innovation and improving the legal system to promote a strong and competitive finance industry that is less vulnerable to financial hazards.

Japanese Enterprises' Investment in China's Software Industry

The present paper introduces the overall situation of investment in China by Japanese enterprises. It focuses on the cooperation between Chinese and Japanese enterprises in the software industry. It gives a detailed account of strategic investment by Japanese enterprises, their joint-venture projects with Chinese investors and establishment of R＆D centers and laboratories in China＇s software industry, and it analyzes the problems and prospects of Japanese investment in China＇s software industry. The paper suggests that it is of vital to maintain friendly Sino-Japanese relations, to strengthen bilateral economic cooperation and to enhance mutaal political confidence.

Smaller Real Regional Income Gap than Nominal Income Gap: A Price-adjusted Study

Two factors determining the level of living in different areas are income level and price level. Current studies on regional gaps concentrate on the gap in income levels. The present paper studies the impact of the two variables on the real living standards in different regions, with the real gap in the living standards calculated with price adjustment by taking into consideration only the deviations brought about by cash income. The basic conclusion is that, despite China＇s economy having witnessed rapid growth, the statistics at the macro level cannot disguise the obvious gaps among regions; therefore, as a result of the impact of income and price, the real gap in the living standards among different regions is smaller than the gap indicated by the nominal income level. As people are sensitive to cash income level, they have a low sensitivity to changes in real purchasing power. In other words, in areas that have the same real income levels, people tend to think that people live better when the nominal income and price are both high. The differences in price indices among different regions show that the same cash income can get different goods and services in different regions. This explains the rationale of the existence of floating workers among different regions. On this basis, we predict that people working in high-income areas who enjoy higher levels of social security might prefer to live in low-price areas after retirement if the social security payment method becomes more flexible.

中国2005年财政政策的调整(英文)

The prudent fiscal policy adopted in 2005 is the result of adopting a series of measures tostrengthen macro control in recent years. The process of implementation will be gradual.During this period, pushing forward reforms is the main focus of all the measures. Taxreform, social security system reform and rural reform will need the most emphasis.

中国流通领域改革开放30年回顾(英文)

中国流通领域的改革开放是建立社会主义市场经济体制的重要内容。改革开放之前,中国流通领域长期存在高度集中而又封闭分割的特征,国内与国外市场、内贸与外贸相互隔绝,存在两个管理体制和两种政策环境。经过30年的改革开放,中国流通领域的体制环境已经面貌一新,开放型现代流通体制框架已经初步建立,与WTO接轨的商务管理体制已见雏形,商贸服务业的产业延伸促进了体制创新。改革的主要经验是,以对外开放为先导,以开放促改革;改革遵循先易后难、边破边立、逐步完善的渐进路径;突破传统商品流通领域框架,建立了容纳更多服务业的新商务体制。改革经验的经济学含义是,选择出口导向开放战略作为改革突破口具有必然性;商品与服务流通的市场结构与人力资本存在内在联系;扩大非物质产品流通是体制创新的重要基础。