30 years of prosperity in China's non-state economy

This article analyzes the basic experiences in the reform and development of China’s non-state-owned economy,based on a review of its distinctive features and major achievements of sustained rapid development over the last three decades since reform and opening began. It also identifies the problems facing further reform and development of China’s non-state-owned economy. Finally,it presents an outlook of the future of non-state-owned economic development. Looking ahead,the collectively owned economy in urban areas and townships is expected to enter a new stage of development based on transition and transformation; the individual and private economy will reach new heights of development; foreign invested enterprises will further boost economic and technological investment and raise the technological content of output.

Seventy Years of China’s Foreign Trade:Becoming a Global Trader through Growth and Reform

GROWTH and reform are the basic factors for the sevendecade- long development and growth of China’s foreign trade. After the founding of the People’s Republic of China, an independent socialist economic and trade system with highly centralized planning management was established, which is considered big progress in its history.

Accounting regulation and IPSAS implementation： Efforts of transition countries toward IPSAS compliance

The need for high quality standards to enhance sound and consistent financial reporting and the fact that the inefficiency and ineffectiveness of public sector extended to a belief that public and private sectors did not have to be managed in fundamentally different ways, fostered a wide-ranging discussion about the harmonization of public sector accounting systems and their convergence towards the private sector financial reporting standards. This paper discusses the state and perspective of public sector accounting and financial reporting in transition countries. Precisely, this paper aims to examine the adequacy of governmental accounting and financial reporting model, reflecting the existing accounting regulation and financial reporting framework in Slovenia, Croatia and Bosnia and Herzegovina. The motivation for this paper emerges from international discussions about IPSASs development and adoption, and the fact that the topic is becoming more and more relevant as many countries are moving towards adopting full accrual accounting using IPSASs as their method of financial reporting. Our results show that the degree and dynamics of government accounting systems＇ transformation in transition countries depends upon several specific factors which have to be taken into account when evaluating the systems and making comparison between government accounting system reforms in countries in the analysis. Thus, the study distinguishes certain similarities but also discrepancies regarding the status and possible further development of governmental accounting in countries examined.

Marx's Labor Theory of Value and Its Implications for Structural Problems in China's Economy

This paper computes the values of commodities(including fixed capital) as well as production prices in China's economy. In light of Marx's transformation problem, the ratios of production prices to the values of 24 major commodities are computed. It is shown that the ratio of price to value in agriculture is the lowest, which indicates that agriculture is facing an unequal exchange of labor with other sectors.

External Factors Are Only one Element Contributing to Inflation

Our paper first fully examines the stylized facts of the translation of global liquidity into other economic phenomena, transmission of international commodity prices into other forms, the contractionary effects of renminbi appreciation, and the factor price distortion enhanced by external shocks. It then uses the extension of Phillips curve and VAR model to test the impacts of external shocks on domestic inflation. The regression results indicate that: in the short run, world food price is the main reason for domestic inflation; the influence of world oil prices on inflation will take effect in the median and long term; renminbi appreciation is contractionary through a relatively long time; world interest rates have a certain impact on domestic prices; and the translation of global liquidity has no significant effects on domestic prices thanks to the central bank’s offset efforts. In sum, GDP growth is still the root cause of inflation and the external shocks are just one contributing factor. Therefore, the following policies would be vital to curbing inflation: maintaining a moderate rather than excessive growth rate, adjusting the distorted factor price to control investment demand, and increasing the flexibility of the exchange rate regime and making the independent monetary policy the first line of defense against external shocks.

The Effect of the Model-Shaping Forms of Government Intervention in the Economy on the Economic Growth

This paper argues that the comparative assessment of the market liberalism-dirigisme in different economies should be done based on some specific forms of the government regulation,which are called the model-shaping forms of government intervention in the economy.For its measurement a composite indicator,called the Index of Leftness(Rightness)of Economy,is introduced.IL(R)E is calculated for 62 countries as a weighted average of six sub-indices.Then,IL(R)E(both the Index in general and each of its sub-indices)is used to identify the dependence of economic growth rates on governments’model-shaping interference in the economy.Cross-country regression analysis shows that an increase in model-shaping government intervention in the economy(indicated by IL(R)E’s change towards one)has a negative impact on economic growth,but different forms of that intervention(measured by individual sub-indices)have different impact.Besides,there is a rather profound difference between the countries with GDP per capita less and more than 30 thousand International dollars.In the second group of countries the impact is less significant.In conclusion the authors hypothesize that the process of moving the economy to the right has a more positive impact on the economic growth than its static(unchanging)proximity to the right pole.

China＇s Current income Distribution Status and Countermeasures Analysis

From two perspectives, - the proportion of residential income and the equality of residential income distribution - this paper identifies a widening gap in China＇s income distribution and considers that this is a result of different factors such as technological progress, increasing return on assets, the economic growth priority strategy of local governments, the increasing number of migrant workers who are in a weak position to negotiate wages, as well as the rapid process of industrialization. Based on the above analysis, this paper presents policy recommendations on how to improve the income distribution system.

China’s Gini Coefficient:Myths and Realities

Using retroactive adjustment approach of history data published by the National Bureau of Statistics （NBS）, this study has adjusted micro-level survey data of China Household Income Project Survey （CHIPS, 2007） and conducted point estimation on household income Gini coefficient using the NBS method. On this basis, the standard error of the point estimation of China＇s Gini coefficient is estimated using bootstrap method, creating a confidence interval of Gini coefficient. Results indicate that among five continuous declines of Gini coefficient between 2008 and 2013, only three declines are statistically significant. It is thus too early to jump at the conclusion that the Gini coefficient of China＇s household income distribution has already entered into a downward channel and at least the argument that China＇s Gini coefficient has been on the decline for five consecutive years is questionable.