Table of Content

16 January 2008, Volume 28 Issue 1

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CHINA'S MACROECONOMIC SITUATION AND POLICIES: 2007—2008

Institute of Economic Research, Renmin University of China

2008, (1):  5-11. 

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In 2007,China's economy will performs the favorable combination of rapid growth and low inflation,with core CPI inflation rate below 2% and GDP growth rate above 11%.China's macroeconomic management should continue implementing the sound fiscal policy and adopting the neutral orientation in 2008,in order to extend the economic prosperity after the whole business cycle comes into its contractionary phase then.

EXPORT-ORIENTED DEVELOPING STRATEGY,OUTSOURCING AND INNOVATION OF LOCAL FIRMS: EMPIRICAL EVIDENCE FROM THE MANUFACTURING FIRMS IN JIANGSU PROVINCE

ZHANG Jie, LIU Zhi-biao, ZHENG Jiang-huai

2008, (1):  12-19. 

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The empirical result shows that joining the GVC system is the main way to Chinese firms of participating in global market,that the difference of firms' exporting ways and dependence degree to abroad market gives an inverted U style's influence in theirs' R&D activities;that depending entirely on exporting to abroad market for Chinese local firms will result in captive network relationship in GVC.The paper discovers through farther empirical analysis that for these firms as outsourcees,who introduce into key producing equipment and parts,their innovation intensity is evidently lower than ones not as outsourcees and their exporting intensity is evidently higher than ones not as outsourcees.The result presents that importing activity for outsourcees will engender their ability of R&D.

MOTIVES OF FDI BEING SINGLE CAPITAL

QIN Feng-ming, ZHANG Zhong-nan

2008, (1):  20-26. 

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Based on the panel data of Chinese provinces during 1996 and 2005,this paper finds that increasing absorbency,measured by human capital, is the most important motive to the trend of FDI being single capital.Among others,market scale and the degree of marketization have significant positive effects.Therefore,with the development of Chinese economy,the larger the market scale and the more marketizing it is,the more FDI become single capital.

THE IMPACT OF REAL ESTATE PRICE FLUCTUATION ON MONEY SUPPLY AND DEMAND UNDER ENDOGENOUS MONETARY SYSTEM

DING Chen, TU Mei-zeng

2008, (1):  43-49. 

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Under endogenous monetary system,there exist two ways of endogenous money expansion resulted from real estate price fluctuation.One is the increment of credit demand based on real estate mortgage leading to commercial banks increasing endogenous money supply.The other is inflow of foreign currency attracted by the continuous rise of house prices and expectation of RMB appreciation resulting in central bank passive releasing a large amount of base money.Such can influence the validity of monetary intermediate target.So the monitoring data of real estate market should be ranked the reference indicators currently.

STUDY ON FIRM'S CHARACTERISTIC,INDUSTRY CHARACTERISTIC AND INDUSTRY TRANSITION STYLE

WANG De-lu, SONG Xue-feng

2008, (1):  64-69. 

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There are remarkable differences in firm's characteristic and industry characteristic between high-correlative and low-correlative industry transition.the better the enterprise performance,the higher the proportion of state stock,the smaller the management risk,the richer the practicality assets,immaterial assets and external funds is,the listed companies will trend to choose high-correlative industry transition.On the contrary,the listed companies will trend to choose low-correlative industry transition.