Table of Content

16 March 2005, Volume 25 Issue 3

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MACROECONOMIC STABILIZATION POLICY: THEORETICAL GROUNDS

GUO Qing-wang, Zhao Zhi-yun

2005, (3):  5-11. 

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Although the macroeconomic stabilization policy is a tool often used by all governments to stabilize economic performance in modern times, the debate about the theory of stabilization policy never ends. This paper reviews and analyzes the policy points of view and theoretical grounds of different economic schools, and arguing that Keynesian demand management policy is still the theoretical basis for active fiscal policy brought into effect in China in the past several years.

ON PERFECTION OF THE FORMATION MECHANISM OF RMB EXCHANGE RATE

Wang Yuan-long

2005, (3):  17-23. 

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Formation mechanism of RMB exchange rate is in fact the choice of exchange rate regime. The current formation mechanism carries a handful of drawbacks, for example, distortion of formation mechanism, rigidity of exchange rate, lack of a consistent base on which adjustment decision is made, and higher maintenance cost, among others. Under the new circumstances characterized by the China's entry into WTO, perfection of the formation mechanism of RMB exchange rate is demanding, in which at least five factors should be give highest priority, i.e., perfection of the base on which exchange rate is determined, elimination of the distortion now in the formation mechanism, strengthening the exchange market, increasing the flexibility of the exchange rate, and enhancing the adjustment mechanism. The essence of perfection of formation mechanism is to give more teeth to market forces in determining exchange rate, not merely revaluation of RMB. China should embark on perfection of formation mechanism at its own will, taking account of the social and economic reality, ensuring no excessive volatility arises.

SEVEN MAIN BODIES IN THE CAPITAL MARKET

CHEN Xue-rong

2005, (3):  28-33. 

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The year of 2005 will see a key time of Chinese capital market, with seven main bodies as such: banks, securities, funds, futures, trust, insurances, and QFII. The banks rely on securities market to tackle risks; the securities industry is domino for Chinese finance; the insurance industry is looking for the win win trade with the securities market; the fund industry is the most active; the trust industry is supplementary; the futures industry gives the chance; and QFII is the new comer.

HUMAN CAPITAL AND ENTERPRISES'ORGANIZATIONAL STRUCTURES:AN ELEMENTARY MODEL

WANG Yue-sheng, WANG Yun

2005, (3):  42-49. 

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Since 1990s, both the flat tendency of the enterprises'organizational structures and the increasing tendency of inside human capital can be seen. The latter will promote and result in the former, and increase the organizational communication efficiency.