Table of Content

16 December 2008, Volume 28 Issue 12

Previous Issue    Next Issue

THE EXPERIENCE AND INSPIRATION OF CHINA'S ECONOMIC REFORM

JI Bao-cheng

2008, (12):  5-12. 

Asbtract ( )   PDF (884KB) ( )  

References | Related Articles | Metrics

The fundamental experience of China's economic reform lies in developing the socialist market economy,which features a combination of its basic socialist economic systems and market economy,a combination of transforming its state-owned economy towards a market-oriented one and exerting the guiding role of the said economy,a combination of macroscopical instructions by government and the fundamental functions of market mechanism,a combination of improving efficiency and promoting fairness,a combination of preserving independence and participating in economic globalization,and a combination of preserving the public-welfare-serving virtue of public sector and utilizing means of market operations.Development of economics in China needs to adhere to Marxism as a guide,build an economic theory with Chinese characteristics,and take a path of independent development.

GLOBAL ECONOMIC ADJUSTMENT AND CHINA'S CHOICE:A HISTORICAL PERSPECTIVE

ZHANG Jie

2008, (12):  13-18. 

Asbtract ( )   PDF (930KB) ( )  

References | Related Articles | Metrics

From a historic perspective,China had regrettably missed the opportunity to integrate into and steer the globalization process that started in the 16 th century.As a direct result,since the late Ming dynasty,China's economy and trade had suffered from external shocks and hence declined from their booming period.Currently,given that China's economy is integrating into globalization rapidly,the rational policy choice for China is to forsake the traditional "I-am-superior" orientation and play an equal and active role in the new platform of global economic competition,such that national interests and economic well-being can be effectively integrated to propel China's economic rejuvenation.

THE IMPACT OF SPILL-OVER OF FOREIGN DIRECT INVESTMENT ON THE TECHNOLOGICAL ADVANCE OF CHINA'S INDUSTRIAL SECTORS

FANG Fu-qian, LI Xin-zhen

2008, (12):  19-25. 

Asbtract ( )   PDF (2192KB) ( )  

References | Related Articles | Metrics

There exists an obvious "threshold effect" of human capital on the spill-over effect of foreign direct investment(FDI).To fully utilize FDI's spill-over effect,China needs to surpass the human capital threshold,which requires to increase its human capital level,technology equipment level,research and development ability,and absorption capacity.

A THEORETIC DISCUSSION ON THE LEONTIEF PARADOX BASED ON THE RELATIVE PRICE CURVE

YUAN Hui, NING Kai, XU Xiao-jun

2008, (12):  26-31. 

Asbtract ( )   PDF (982KB) ( )  

References | Related Articles | Metrics

Existing explanations on the Leontief paradox merely explain the paradox itself without break-through from the framework of the Leontief paradox.This paper geometrically analyzes the different locations of consumption equilibria and production equilibria by utilizing analytical tools such as production possibility curve,social indifference curve,and relative price curve.This paper finds that in theory there indeed exists the Leontief paradox,and further brings forth the theory of national economy's development stages,which provides theoretical explanations on the Leontief paradox.

IS HISTORY REPEATING ITSELF?—FROM US "URBAN RENEWAL" TO CHINA'S "OLD CTIY RECONSTRUCTION"

ZHANG Yan, FANG Ke

2008, (12):  45-50. 

Asbtract ( )   PDF (976KB) ( )  

References | Related Articles | Metrics

It is worthy for having a comparison between urban renewal in the United States from the 1950s to 1960s and inner-city redevelopment in China since the late 1980s.It finds that both programs use government authority and subsidies to make large-scale private or quasi-private investment attractive in the name of ameliorating living conditions.Despite the similarities,America's urban renewal was an program in which the local government and downtown business interests cooperated to boost declining inner-cities that were competing with burgeoning suburbs.In contrast,China's redevelopment has been propelled by emerging local elites using decentralized state power to pursue fast growth in rising real estate markets.

AN EMPIRICAL STUDY ON THE TIME-VARYING BETA MODEL

LIN Qing-quan, RONG Qi

2008, (12):  51-56. 

Asbtract ( )   PDF (1903KB) ( )  

References | Related Articles | Metrics

Since the CAPM model was put forward in 1964,studies on the model have never ceased.In theoretical studies,new models were deduced by loosing and changing assumptions;in empirical studies,the theoretic models were tested by using new empirical methods.The newly deduced multi-GARCH model can predict the covariance matrix of multidimensional assets,and this characteristic can be applied in studying the CAPM model and provides a unique perspective.Empirical evidence of this paper shows that the modified time-varying beta model can describe the magnitudes of the risks of individual assets with respect to market portfolios more precisely.

A STUDY ON THE FORMING MECHANISM OF FIRMS' ABSORPTION CAPACITY IN AN OPEN ECONOMY

LI Chun-yan, WANG Wei-qing, TONG Rui

2008, (12):  62-67. 

Asbtract ( )   PDF (1223KB) ( )  

References | Related Articles | Metrics

In an open economy,the technology spill-over of FDI can considerately effect the domestic enterprises' absorption capacity.The empirical results of this paper show that the technology spill-over of FDI exerted a positive externality,which was refrained by interaction of R&D inputs and FDI spill-over;nonetheless,the empirical results support presence of sectoral difference.Therefore,policies which intend to attract investment and provide funding should differ for different sectors,and at the same time should make effects to improve the corresponding technological innovation mechanisms.