Table of Content

16 November 2010, Volume 30 Issue 11

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THE REFORM OF CHINA'S FISCAL EXPENDITURE STRUCTURE IN THE 12^TH FIVE-YEAR PLAN PERIOD

Research Group, Institute of Public Finance and Trade Economics, CASS

2010, (11):  5-14. 

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This paper discusses the main issues that may be involved in the process of China's fiscal expenditure structure reform in the 12^th five-year plan period.It consists of four parts.Part 1 gives a brief account of the background of China's fiscal expenditure structure reform.Part 2 analyses the basic status and shortcomings of China's existing fiscal expenditure structure by comparing the structures of other countries.Part 3 explores the strategies of China's fiscal structure reform against the economic and social situation during the 12^th five-year plan period.Part 4 draws the conclusion.

MACRO-PRUDENTIAL FRAMEWORK AND CHINA'S CHOICE

PENG Gang, MIAO Yong-wang

2010, (11):  15-23. 

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After the outbreak of the global financial crisis,how to build an effective macro-prudential framework that can prevent systematic risk has become a key issue of the major countries of the world.Under this context,the paper reviews the macro-prudential regulatory framework of the major countries or regions and analyzes recent years' macro-prudential supervision in China.Based on the analysis above,the paper presents the model of construction of China's macro-prudential regulatory framework.The authors believe that establishing a high-level financial stability office,connecting monetary policy and asset prices with certain mechanism,developing effective tools of macro-prudential supervision,and constructing a coordination system of macro-prudential supervision between China and other countries are the foundations of constructing China's macro-prudential regulatory framework.

WHETHER DOUBLE EFFICIENCY LOSS EXISTS WITH STATE-OWNED ENTERPRISES: DISCUSSING WITH LIU RUI-MING AND SHI LEI

HONG Gong-xiang

2010, (11):  24-32. 

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The two important hypotheses-state-owned enterprises bear low efficiency,and the governments have a soft budget constraint to them-from which professor LIU Rui-ming and SHI Lei draw the conclusion that double efficiency loss exists with state-owned enterprises,are not in accordance with actuality.Through an empirical analysis with the 29 provincial panel data from 2000—2008,it can be seen that the state-owned enterprises have significant positive effects,rather than an increase drag,on economic growth.Therefore in view of research methodology,conclusions of previous research can not be taken as the premise of present research without careful evaluation.With the relations between state-owned and private economy,it is not appropriate to one-sidedly emphasize the withdraw of state-owned economy from competition,or simply oppose state-owned economy with the the private economy.

ENDOGENOUS ECONOMIC GROWTH UNDER RESTRAINTS OF CARBON ABATEMENT

ZHANG Qing, TAO Xiao-ma, YANG Peng

2010, (11):  33-39. 

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By introducing restraints of carbon abatement and elasticity of carbon abatement costs into production function,and alert awareness of climate change into utility function,this paper,under the framework of endogenous economic growth model,makes a systematic analysis of the mechanism of carbon abatement's effects on economic growth,as well as the conditions for the two objectives to be achieved-stabilizing atmospheric green gases and maintaining economic growth.Several conclusions are reached: 1,when low-carbon infrastructure is incomplete and low-carbon technology not widely used,acceleration of the rate of carbon abatement will cause a great negative effect on the economy;2,apart from the objective factors such as the rate of carbon abatement and the increase of non-fossil energy,subjective factors such as people's awareness towards climate change are also important for carbon abatement;and 3,to stabilize atmospheric green gases and maintain economic growth,carbon abatement should depend on technological progress and increase of non-fossil energy.

LITERATURE ABOUT THE REAL ESTATE MARKET'S TRANSMISSION EFFECTS ON CONSUMPTION:A REVIEW

LI Liang

2010, (11):  40-46. 

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Real estate market affects household consumption through the transmission channels of direct wealth effect,collateral effect,buffer stock and distribution of consumption.This paper summarizes the effects of the real estate market on recent years' household consumption with the author's commentary.

CONSTRUCTION OF GOVERNMENT-CIVILIAN COOPERATIVE ECOLOGICAL SYSTEM

FANG Zhu-lan

2010, (11):  47-50. 

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Civilians' position as the objects of ecological compensation is overlooked in a system where the government's fiscal position is an dominating factor.In order to transit from the government-oriented ecological compensation system to a legally oriented one,civilians should be regarded as the major objects of ecological compensation,while the government provides institutional environment.

FINANCIAL SUPPORT FOR CHINA'S ECONOMIC GROWTH IN TIMES OF TRANSITION:AN EXPLORATION BASED ON ECONOMICS LITERATURE REVIEW

ZHANG Jing, SHEN Kun-rong

2010, (11):  51-57. 

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Based on existing literature,the paper discusses the issue of financial support for the transition of the growth pattern of China's economy.The authors find that regional financial development has been playing an important role in promoting the extensive accumulation and growth of China's capital,while making little contribution to the growth of TFP and technical progress.Therefore this financial development pattern does not help with the transition of China's economic growth from the extensive to the intensive model.The paper points out that,in a decentralized fiscal system,local government intervention with the regional financial development is an important factor causing low efficiency of financial resource allocation and difficulty of the transition of the economic growth pattern.

STUDY ON THE INDEX SYSTEM OF THE SIGNIFICANCE MEASUREMENT OF RISKS OF BANKING SERVICE OUTSOURCING

TANG Liu, LI Zhi-ming, WANG Jun

2010, (11):  58-64. 

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The index system of quantitative analysis of China's banking service outsourcing has not been established yet.This paper makes a deep and systematic research regarding the types of risks given in Financial Services Outsourcing Document,which was issued by the joint forum under the leadership of the Basel Committee,and then refines and classifies the risks of 11 categories into 30 risk events,constructing an evaluation index system of banking service outsourcing risks.Moreover,considering the impact of risks and their probability,this paper makes a quantitative analysis and accurate sorting with the risk matrix method and fuzzy comprehensive evaluation,providing both a quantitative and scientific method for computing the key risks of banking service outsourcing,as well as a scientific basis for the internal control and external monitoring of banking service outsourcing risks.

ENVIRONMENTAL REGULATION,FOREIGN DIRECT INVESTMENT AND "POLLUTION HAVEN" HYPOTHESIS

ZENG Xian-gang

2010, (11):  65-71. 

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Based on the 1998-2008 China's 30 provinces panel data,a model is established to analyze the correlation mechanism between China's foreign direct investment,environmental regulation and other factors.The result shows that environmental regulation has certain negative influence on the influx of foreign direct investment,however,the influence is not significant.Comparatively,economic scale,infrastructure and the accumulation effect of investment have more significant influence on foreign direct investment.In addition,it was found that environmental regulation is not Granger-cause fluctuations in FDI inflows whereas FDI is not Granger-cause in environmental regulation.Hence,the proofs are not sufficient to support the "pollution haven" hypothesis for China.

AN ANALYSIS OF THE EFFECTS ON CROPPING EARNING AND CALCULATION OF OPTIMAL PLANTING AREA

WU Jiang, WU Xiao-shan, ZHAO Zheng

2010, (11):  72-80. 

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Based on field surveys about crop earning in Shandong and Ningxia provinces,the paper analyzes the various factors that affect farmers' income gaining from crops.Basing on the research the authors believe that the major factors effecting farmer planting income are the quantity of the farming area,the investment in agricultural machinery and the scale of labor force,among which the first factor plays the most essential role on planting earning.Furthermore,the paper discusses the optimal amount of planting area in Shandong and Ningxia at a given agricultural production level,and provides comparative static methods for optimum cropping area calculation.