Factors affecting consumer acceptance of electronic cash in China:an empirical study

This paper proposes and validates a comprehensive model of consumer acceptance in the context of offline e-cash payment.It modifies the unified theory of acceptance and the use of technology model(UTAUT)with constructs of perceived security,cost of use,and government policy.Data collected from 4428 questionnaires about users’attitudes toward e-cash is used to apply a structural equation model which,in turn,assesses the predictive model.The empirical results indicate that perceived security and cost of use are beneficial extensions to the traditional UTAUT model,and intention is a key antecedent to users’actual utilization of e-cash.In addition,the demographic moderators are found to have significant effects on the relations among the variables.These results are useful to e-cash development and significant to the issue of Digital Currency Electronic Payment.

Measurement of Urban Economic Gravity of China’s Three Major Agglomerations and Its Implications for the Coordinated Development of the Beijing-Tianjin-Hebei Region

This paper adopts the perspective of urban economic linkage and the modified urban economic gravity model to conduct a comparative analysis of the economic gravity among cities in China’s three major urban agglomerations,including the Beijing-Tianjin-Hebei region,the Yangtze River Delta,and the Pearl River Delta.The results show that,despite the ever-tightening economic linkages among cities in the urban agglomerations,the development of the Beijing-Tianjin-Hebei region falls behind that of the Yangtze River Delta and the Pearl River Delta in terms of coordination,closeness,and balance.The economic linkages among cities in the Beijing-Tianjin-Hebei region are not as cohesive as they could be and display a significant“siphon effect”through Beijing and Tianjin as well as a prominently unidirectional economic flow.This study suggests that efforts should be put into directing the orderly flow of resources from Beijing and Tianjin to cities in Hebei and promoting a balanced economic flow among cities,thus facilitating the coordination of regional development.

A Real-Time and Ubiquitous Network Attack Detection Based on Deep Belief Network and Support Vector Machine

In recent years, network traffic data have become larger and more complex, leading to higher possibilities of network intrusion. Traditional intrusion detection methods face difficulty in processing high-speed network data and cannot detect currently unknown attacks. Therefore, this paper proposes a network attack detection method combining a flow calculation and deep learning. The method consists of two parts: a real-time detection algorithm based on flow calculations and frequent patterns and a classification algorithm based on the deep belief network and support vector machine(DBN-SVM). Sliding window(SW) stream data processing enables real-time detection, and the DBN-SVM algorithm can improve classification accuracy. Finally, to verify the proposed method, a system is implemented.Based on the CICIDS2017 open source data set, a series of comparative experiments are conducted. The method's real-time detection efficiency is higher than that of traditional machine learning algorithms. The attack classification accuracy is 0.7 percentage points higher than that of a DBN, which is 2 percentage points higher than that of the integrated algorithm boosting and bagging methods. Hence, it is suitable for the real-time detection of high-speed network intrusions.

Research on the Investment Effect of Chinese Cultural “Going Out” —Empirical Evidence from the Countries along the “Belt and Road”

This paper is based on 2006-2017 relevant data of 56 countries along the “Belt and Road” to find out the investment effect of cultural “going out”. The empirical results show that: cultural “going out” has a significant promotion effect on China’s foreign direct investment;this effect has national heterogeneity, which is more effective for emerging markets and developing countries;for some traditional influence factors, such as traditional GDP per capita and time for diplomatic relations, cultural “going out” has a substitution effect. Finally, according to the empirical results, put forward targeted suggestions.

Steady Path Ahead

TODAY, as China faces risk through upgrading the structure of its economy, the general consensus is that these risks are in the main manageable. More specifically, China＇s current debt level is under control and withdrawal of the quantitative easing monetary policy, or QE, by developed nations, is not likely to trigger a financial crisis in the country. Looking further, challenges of overcapacity are being resolved and the possibility of economic turbulence brought about by the real estate market bubble is slight.

我国不良资产证券化模式构建与探索

2020年受新冠疫情影响,世界经济遭受重创,我国经济下行压力加大。银行业作为我国金融体系重要组成部分,面临着经济下行带来的多重冲击和影响,不良资产处置压力增加,为此,创新不良资产处置方式、提供多元化的不良资产处置渠道显得尤为重要。不良资产证券化作为不良资产处置的重要方式之一,可以在不良资产的化解中发挥重要功能和作用。据此,本文结合理论与实践,对国内不良资产证券化早期探索、发展现状、存在的问题和风险、现有模式特点、未来模式探索等方面进行分析和探讨。

Impacts of financial decentralization on economic growth and inflation in China

Fiscal decentralization and promotion incentives are main elements that inspire local governments in China to compete for economic growth with each other;but this regime is only part of reason that local governments in China have more effects on economic cycle than their counterparts in other countries.The authors think that financial decentralization should be taken into account.Empirical results indicate that excess financial decentralization would cause high risk of inflation and economic overheating.After tax-sharing reform in 1994,the central government could adjust the boundary of financial decentralization and the local governments may borrow more money during the economic downturn.The authors suggest that a two-tiered financial supervisory system should be set up in the new round of financial reform and financial decentralization should be adjusted to the changing market economy in China.

Green Finance:A New Source of Growth for Banks

Entering the first year of the 13th FiveYear Plan（2016-20）period,the Central Government has laid a focus on pushing forward supply-side structural reform,promoting new breakthroughs in green development and speeding up the expansion of green finance.In other words,

The Effects Analysis of China’s Tax and Fee Reduction Policies

Since 2018,China has continued to further the implementation of tax and fee reduction policies.Through the coordination of fiscal,taxation and other policies,China has achieved the policy goals of maintaining stable growth and adjusting economic structure.Judging from the policy effects,China’s tax and fee cuts have played a positive role in lightening the tax burden,stimulating consumption,encouraging investment,and optimizing industrial structure,while exerting some influence on China’s fiscal balance as well as revenue and expenditure structure changes.

Collaborative Finance in China:Risks and Regulations

Risk identification and prevention,along with open and orderly financial markets are fundamental to standardizing information transactions and stabilizing financial markets.The growing popularity of Big Data,cloud computing,artificial intelligence(AI),and blockchain technology has profound implications.Consumer-to-consumer and peer-to-peer(P2P)platforms are now threatening the previously dominant business-to-business model.

Optimizing Foreign Exchange Administration System for China’s Development

China’s reform and opening up,which began in 1978,opened the once-closed door of the country to the world,enabling the economy to grow by exploiting markets and resources both at home and abroad.In this process,foreign exchange administration system played an important role.In early 1992,the speech made by the then leader Deng Xiaoping,during his inspection tour in Southern China,shelved the debate over capitalism and socialism.

International Experience and Implications of Cross-Border Capital Flow Management

Since the global economic crisis in 2008,the world’s major economies have experienced a rapid reversal in cross-border capital flow trends,as well as considerable huge changes in related management methods.At the outset of the crisis,developed countries of Europe and North America attracted less capital inflow from other countries,while capital flooded into emerging markets.Many Asian and Latin American countries took measures to curb capital inflow,for fear that excess capital inflow would put upward pressure on their domestic currency’s exchange rate-something that would,in turn,lead to increases in credit expansion and asset prices.Since 2014,on account of the U.S.economic recovery and an ever-stronger U.S.dollar,several emerging markets have sustained slowed growth and net capital outflows.

The ‘Second Revolution’ of State-Owned Financial Institutions

A new chapter reforming state-owned enterprises （SOEs） recently began after guidelines were released by the Central Government. Although the guidelines mainly target SOEs in the real economy, they are expected to trigger a second wave of reforms among SOEs in the financial sector. According to the guidelines, the SOE reform aims at strengthening the competence, improving the structure and enlarging the scale of SOEs. Essential tasks include advancing the reform of SOEs based on their classification, improving the modern corporate system, enhancing the management system of state-owned assets and promoting mixed ownership.

STEADY PATH AHEAD

As China faces risks through upgrading the structure of its economy, the general consensus is that these dsks are in the main manageable. More specifically, China＇s current debt level is under control and the U.S. tapering of quantitative easing （QE） is not likely to trigger a financial crisis in the country. Looking further ahead, the challenges of over- capacity are being addressed and the possibility of economic turbulence brought about by the real estate bubble is slight

Europe Should Stop Its Anti-Deflationary Policies

The European Central Bank(ECB)has recently issued a package of measures to ease its monetary policy.These actions include cutting main interest rates in the eurozone to zero,reducing the deposit rate further from minus 0.3 percent to minus 0.4 percent,expanding quantitative easing(QE)to 80 billion euros a month from 60 billion euros,and purchasing more assets by expanding its money printing program.

Guarding Against Deflation With Reforms

Official data showed that commodity prices in China have been dedining, arousing concerns over deflation risks. In response, there has been much outcry in the market that more monetary easing measures should be adopted to cope with the tendency. Deflation should be treated carefully and more emphasis should be put on bolstering reforms.

Discussion on Effective Financial Regulation

As China’s economy steps into a New Normal phase,it has experienced frequent financial risks,from money crunches to Internet financial risks,and from stock market crashes to bond market disasters,exposing the shortcomings of China’s financial regulation system.In this context,China should follow some core principles in its financial regulatory reform when dealing with the incentive compatibility of regulators and regulatory policies,and explore an effective financial regulatory system suitable for China’s national conditions.

Improving the Quality and Efficiency of Finance by Fintech

Fintech is rapidly developing around the world,with mobile Internet,Big Data,cloud computing,artificial intelligence(AI),and other information technologies integrated with financial business,and gradually moving from the“back office”to the“forefront.”Fintech has continuously released innovation-driven vitality,promoted China’s rapid progress to the global leading position in key fields such as payment and settlement,and resulted in world-renowned achievements.The essence of fintech boils down to finance and its core task is to apply information technology to improve the quality and efficiency of finance.