Lessons from International Financial Crisis

Since the advent of the 1990s, international financial crises broke one after an-other with ever greater frequency. They appear in a variety of forms and canbe traced to highly complicated factors. Yet measures could be taken to nip them inthe bud. In the west, stress has been focused on regulating the behavior of finan-

Quantity and Quality Equally Important in Utilizing Foreign Investment

A new round of FDI flow and new wave of international industry transfer has offered new opportunities for China to participate in international economic competition and cooperation. Utilization of foreign investment has crucial implications for enhancing China's position in the international division of labor,cultivating new competitive advantages and strengthening overall competitiveness. China should grasp the opportunity and improve the investment environment in terms of legislation,system,policy,administration and service and ensure that foreign investment plays an important role in China's economic development and promotion of independent innovation and industry upgrade.

A geological and functional “three-step strategy” for renminbi's internationalization

Internationalization of the renminbi is the only option for China to fully integrate into the global economic and financial systems. It is not only necessary but imperative as well. With the discussion of advancing renminbi internationalization, benef its and costs must be addressed. We need to closely monitor possible risks and bring out the benefits while averting disadvantages. The overall strategy is to consolidate the groundwork and at the same time actively advance renminbi internationalization and opt for a "three-step" strategy at both strategic and policy levels. To overcome the constraints standing in the way of renminbi internationalization, the basic goals should be: to enhance the readiness of renminbi internationalization, dialectically assess the preconditions, and increase the currency's international circulation as a way to achieve major progress in renminbi internationalization.

A Strategic Vision Urged for Sino-US Economic Relations

As an important ingredient in bilateral ties, China-US economic and trade rela-tions have now evolved into a bond of strategic interests that glue the world’stwo great powers. Since a trans-Pacific strategic partnership is taking shape in the political arena,the author believes that, the call of the hour is to go a step further and put

A comparison and interpretation of the international competitiveness of China and India

This paper first presents a comparison between China and India with respect to their overall economic and social development conditions and finds that China is currently at a higher development stage than India in terms of key economic indicators or social indicators.This paper also conducts an assessment of the international competitiveness of the Chinese and Indian manufacturing industries and finds that the Chinese manufacturing industry is more competitive than its Indian counterpart.This paper then conducts an evaluation of the international competitiveness of the Chinese and Indian service industries and finds that(1)the Indian service industry has remained more globally competitive than its Chinese counterpart in most of the years examined;(2)the Chinese service industry has derived its international competitiveness primarily from its competitive advantages.In spite of its weaker comprehensive competitiveness,the Chinese services industry has consistently secured a stronger competitive edge over its Indian counterpart.The Chinese service industry’s comparative competitiveness is weaker than India’s simply because the Chinese manufacturing industry has grown at a faster pace.Last but not least,this paper conducts an in-depth analysis of the causes of competitive difference between China and India in respect of labor quality,infrastructure,government role,social heterogeneity,religion and culture as well as overseas compatriots.

Are the Economic Consequences of Climate Change Really “Pro-Poor”?

In order to comprehensively study the influence of climate change on economic growth and energy conservation&emission reduction,this paper fi rst uses the non-radial directional distance function(NDDF)to calculate the city-level green economic efficiency in China during 2003-2016.The causal effect of daily temperature changes on green economic efficiency is then identifi ed to evaluate the economic consequences of climate change.It fi nds that r elative to the 6~12℃temperature benchmark,any decrease or increase in temperature will pose negative influence on green economic efficiency;moreover,such effects are only observed in developed cities,but not signifi cant in less-developed ones.This refl ects that the economic consequences of climate change are“robbing the rich”to some extents,which differs widely from the“pro-poor”conclusion in the majority of literature previously.Subject to the robustness test and with possible competitive explanations excluded,this finding still stands.The mechanism test reveals that temperature rise brings about economic consequences that“rob the rich”by affecting labor productivity,efficiency of energy conservation&emission reduction and execution of environmental regulations by local government.This study brings a different perspective for understanding the economic consequences of climate change and offers empirical basis for identifying responsibilities of local government in climate governance.

The Equalization Gap of Basic Public Services Supply in China:An Empirical Study on Education,Health Care and Social Security

The equalization of basic public services which helps to meet people’s ever-growing needs for a better life is an important component of the supply-side structural reform under the new normal.This paper constructs the mechanism model and index of basic public services equalization,measures the equalization of education,health care and social security in China during the period of 2005-2016,and empirically tests the contributory factors with regional panel data.It is found that the equalization of basic public services has not been significantly improved by the last 12 years of urbanization;people tend to seek high-end consumption beyond basic public services with the increasing per capita disposable income;while the population structure and the gap between urban and rural areas constitute the main impediments,local governments’revenues and fiscal efficiency can significantly improve the equalization of basic public services.Therefore,the key to the supply-side structural reform of public services lies in enhancing the matching capability of public services in urbanization,reducing the consumption gap between urban and rural public services,and improving the efficiency of government’s public services expenditure.