Table of Content

16 July 2011, Volume 31 Issue 7

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NEW CHAPTERS OF SOCIALIST ECONOMICS WITH CHINESE CHARACTERISTICS——Reviews of Innovation of CPC's Economic Thoughts on Marxian Economics

GU Hai-liang

2011, (7):  5-12. 

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This paper reviewed the formation and development of socialist economics with Chinese characteristics in three aspects: theoretical innovation,methodological innovation and systematic innovation of Marxian economics.This paper concluded that socialist economics with Chinese characteristics are the economic theories which reveal the essence and development laws of economic relations in the primary stage of socialism in China.The leading theories,such as institutional theory,systematic theory,development theory and opening theory,which are interrelated and interdependent to produce a series of derivative theories and construct a whole theoretical system of socialist economics with Chinese characteristics.

AN EXCELLENT PRACTICER OF NEW DEMOCRATIC ECONOMICS:CHEN YUN

HE Yao-min

2011, (7):  13-20. 

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This paper described Chen Yun's job as a leader in Shaan-Gan-Ning and the Northeast Liberated Areas,and honored his contributions for the Chinese revolution.This paper considered that Chen was an excellent practicer of new democratic economics.Chen made a signficant contribution for economic development in Yan'an and Northeast area.He was not only one of the most influential leaders of Chinese economy development and modernizations,but also one of the top leaders of the CPC and New Democracy.

CHALLENGING THE DOLLAR IN INTERNATIONAL MONETARY RELATIONS? THE LOST OPPORTUNITIES OF THE EURO

Henrik Plaschke

2011, (7):  21-33. 

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The international status of the Euro has been on the International agenda since the very creation of the euro a decade ago.It has gained even further attention in the wake of the global financial crisis as the latter could have been expected to imply an increased questioning of the global role of dollar.While the international role of the dollar is currently under scrutiny,the EU and its currency have not played any sort of proactive role.This paper dealt with the question of whether the euro is increasingly used in international transactions not only between Europe and the rest of the world but also in transactions between third-countries.That is the question of whether the euro may challenge the role of the dollar as the present main reserve currency in the international monetary system.

INTERPRETATION OF THE CONSUMPTION MARKET OF CHINESE MIGRANT WORKERS:THE WEALTH AT THE BOTTOM OF THE PYRAMID

CHU Rong-wei, ZHANG Xiao-dong

2011, (7):  34-46. 

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Understanding the demands of the consumer market of Chinese migrant workers is of great concern to the transition of the development of economy,creativity of business pattern,the elimination of impoverished population and the going-down of dual economic structure of urban and rural areas.This paper considered that the consumption of migrant workers depended on two mechanisms which were "economic effect" and "identity effect" respectively.The former effect mainly had influence on the migrant workers' private consumption,yet the latter effect mainly influenced their collective consumption and welfare consumption.Referring to the survey of the migrant workers at Shanghai in 2010,this paper interpreted their demographics,consumption structure and consumption goods,and then summarized their patterns of consumption accordingly.Lastly,this paper proposed that business firms should all attach great importance to the consumers at the bottom of the Pyramid and their large amount of wealth.

STRUCTURAL TRANSFORMATION AND STABILIZATION OF BUSINESS CYCLE

YANG Tian-yu, LIU Yun-tin

2011, (7):  47-55. 

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Using the method of variance decompositions,this paper assessed the role of compositional shifts on macroeconomic stabilization.Our decomposition of output growth volatility indicated as follows:(1) in calculating GDP both by expenditures and by producer,the main effect on macroeconomic stabilization is not compositional effect but volatility effect;(2) the incorrect direction of compositional shifts led to a limited effect on macroeconomic stabilization in China since 1986;(3) The compositional shifts in the second industry contributed to macroeconomic stabilization significantly;(4) some policies of compositional shifts,such as increasing the sector shares of the consumption and the third industry,reducing the volatility of manufacture sector,would lead to macroeconomic stabilization.

A STUDY ON CHINESE COMMERCIAL BANK COMPETITIVENESS AND FACTORS ANALYSIS:2002—2009

HAN Song, JIANG Peng

2011, (7):  56-66. 

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Based on data envelopment analysis,this paper focused on Chinese commercial bank competitiveness by using the data from 2002 to 2009.This paper first defined social production efficiency,services efficiency,profit efficiency,and growth efficiency,then provided a comprehensive and objective assessment,and carried on some regression analysis.Compared with joint-stock banks,the efficiency of four state-owned banks in every aspect was much low.But if the input variable of employee number was substituted by salary,the efficiency of state-owned banks would be increased.Equity structure could affect the efficiency,but the relationship between the proportion of state-owned equity and the efficiency was not always negative.The foreign-owned equity with efficiency was positive only for product efficiency.

THE RESEARCH ON DYNAMIC RELATIONSHIP BETWEEN MONETARY SUPPLY AND INFLATION

YANG Yi

2011, (7):  67-74. 

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Through an empirical study,we found that monetary shocks could not explain the phenomena of inflation significantly,which implied that the excessive money supply was not an important reason for the inflation in China.On the other hand,households' expectation on the retail price could predict the change of inflation rate.From this point,expectation management might be much more powerful than the policy of monetary supply to control inflation.

MEASURES ON SUBJECTIVE PROBABILITY OF CHINESE INVESTORS UNDER ADAPTIVE EXPECTATIONS

CHEN Sheng-fei, XIE Wang-song, ZHU Xu-qiang

2011, (7):  75-78. 

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The price of stocks is mainly determined by investors'expectations.Under the theory of adaptive expectations,we could measure the subjective probability of investors in stock market.By analyzing the data of stock market in China,this paper found that Chinese investors wouldn't forecast the bull market or the bear market continuously,whose period was not more than two years.

THE THIRD CHALLENGE AND ITS STRATEGY OF CHINA'S RETAIL INDUSTRY

ZHU Ya-ping

2011, (7):  79-86. 

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This paper mainly studied the development process of retail industry in China for the last 20 years,and explored its strategies in the new environmental condition according to the status and trend of retail industry.The study showed that China's retail development would change from a single model to a diversified model,which should focus on the demand of consumer,the efficiency of internal management,the core competitiveness and the differential operation.

DETERMINED FACTORS AND IMPACTS OF NON-REPAYMENT OF DEBTS IN CHINESE FIRMS

ZHANG Jie, FENG Jun-xin

2011, (7):  87-98. 

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Non-repayment of debts in Chinese firms had become a major problem to obstruct the development in China.The determined factors of the no-repayment of debts not only came from the firms'own characteristics,but also closely linked with external institutional environment.The determined factors of non-repayment of debts among the local firms and foreign firms were quite different,which provided a direct micro-level evidence to understand the behavioral characteristics and motivation of the no-repayment of debts among firms.With the appropriate instrumental variables,the further finding showed that the no-repayment of debts among the local firms of China would lead to lower total factor productivity and less R&D activities.

ON RECONSTRUCTING AND IMPROVEMENT OF INDUSTRIAL PRODUCTS WHOLESALE SYSTEM

WANG Xiao-dong

2011, (7):  99-105. 

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The atrophy of wholesale system in China did not come from the useless of wholesale link.Whether is necessary to restrict the wholesale system is to be resolved in next stage of China circulation reform.The decentralization of wholesale function results in the absence of dominant power in circulation as well as little innovation,which makes the contradictions in industrial products circulation more complex.The construction of new industrial products wholesale system should follow the frame of "reconstructing and improvement",including "reconstructing one core","distinguishing two fields","mixing three channels" and "coordinating four relations".

INVESTIGATION AND REFLECTION ON THE TRANSFER SYSTEM OF CONTRACT OPERATION RIGHTS OF RURAL LAND——Base on the Fieldwork in Anhui Province

CHEN Xiao-lin

2011, (7):  106-112. 

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In the processes of converting the growth mode in agricultural production,promoting rural land consolidation and reclamation,and reducing the gap between urban and rural economy,the transfer system of contract operation rights of land was one of major problems in issues of agriculture,farms and rural area.After 2006,accompanied with the abolishment of the agricultural taxation and the implementation of the various agricultural subsidies in China,new changes took place in transfers of rural land,such as subjects of transfer,scales of transfer,modes of transfer,and some new problems arose in this process.Based on the field investigation among seven villages and towns of two cities and five counties in Anhui province,this paper summarized the existing questions on the transfer system of contract operation rights of land,and theoretically discussed how to improve the transfer system.