Table of Content

20 March 2013, Volume 33 Issue 3

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THE CHARACTERISTICS OF CHINA'S ECONOMIC GROWTH AND UNBALANCE STRUCTURE UNDER INDUCTION TECHNOLOGY MODE

CHEN Zhang,HUANG Biao

2013, 33(3):  5-15. 

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China's economy has maintained high growth rate, while accompanied by many structural problems. Using technology-induction as the basic assumption, this paper studied the high speed growth rate and unbalance structure of China's economy. In the background of international industries transfer and domestic technology induction,China's economy formed the unbalance growth mode. Under the technology-induction mode, high productivity sector had productivity and income transmission effects to low productivity sector. Some empirical research showed the old economic growth mode could not maintain, and only structural changes and changes of development modes could make China's economy towards a better development way. The core of structural changes was the changes of technical progress mode, which required technology induction with independent innovation to solve China's structural problems fundamentally.

DOES THE LIFE CYCLE HYPOTHESIS EXIST IN CHINA
——An Analysis on the Distribution and Evolution of Saving Rate in Life Cycle

FAN Xu-Chun-1,ZHU Bao-Hua-2

2013, 33(3):  16-28. 

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Using Chinese household income project series (CHIPS) data, this paper discussed whether the life cycle/permanent income hypothesis existed in China. The empirical results showed that the behavior of China urban household savings was not consistent with the life cycle/permanent income hypothesis, and there were different reasons in explaining the behavior of China urban household savings rate. From the view of education and health care and pensions and housing, this paper explained the factors which caused the difference characteristics of China urban household saving rate.

SOCIAL WELFARE SYSTEM AND INCOME DISTRIBUTION IN CHINA: 1988—2007

YANG Sui-1,GAO Qin-2,LI Shi-1

2013, 33(3):  29-38. 

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Based on empirical evidence from the CHIPs 1988—2007 data, this paper analyzes the size, structure, and redistributive effect of the Chinese welfare system. Empirical results show that the Chinese welfare system is highly divided along the urban-rural line: the urban social benefit system stands among the more comprehensive and generous ones similar to those in the western industrialized countries, while the rural system is minimal and residual and similar to those in the least developed countries. The urban system has consistently reduced income inequality, despite to a lesser extent in recent year. It has remained progressive over time. The rural system has little impact on reducing income inequality and has been largely regressive. It is, however, moving toward a more progressive direction as indicated by the results in 2007. The social benefits for the migrants have significantly increased from 2002 to 2007 and played an increasingly larger redistributive role.

THE STUDY OF INTERPROVINCIAL DIFFERENCES OF THE PROPOOR SPENDING TO THE LEVEL OF GROSS NATIONAL HAPPINESS

JIANG Tuan-Biao,ZHU Yu-Xin

2013, 33(3):  39-50. 

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Based on the public finance theory, new economic geography and spatial econometrics, this paper analyzed the influence of pr-poor spending on the level of national happiness by using spatial model. The spatial spillover effect was found significantly in this paper. PPS of local area increased every 1% that would drive the NHI increasing 0.2%~1%, and the NHI of adjacent area increased 1% that would drive the NHI of local area increasing 0.7%. New economic geography theory could provide partial explanation on the differences of PPS and NHI in 31 provinces in China.

A LITERATURE REVIEW ON AGING AND ECONOMIC DEVELOPMENT

ZHANG Su-1,WU Ren-Ge-Ri-Le-2

2013, 33(3):  51-63. 

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Demographic changes would inevitably influence socioeconomic development, especially to the existing endowment insurance system and labor market. This paper systematically reviewed the challenge, opportunity and policy of the aging society, from the existing endowment insurance system, labor market and the economic benefit of the older people. This paper also prospected the future research based on the actual situation of China.

MONETARY POLICY SHOCKS, FOREIGN EXCHANGE INTERVENTION AND EXCHANGE RATE MOVEMENT

QIN Feng-Ming,BIAN Ying-Xin

2013, 33(3):  64-76. 

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This paper adopted SVAR model to analyze the dynamic relationships among monetary policy shock, foreign exchange intervention and exchange rate movement since a new round of exchange rate regime reformation in 2005, based on monthly data between July 2005 and December 2011. The empirical results showed that among monetary policy shock, foreign exchange intervention and exchange rate movement, the foreign exchange intervention could not impact on exchange rate right away. Increase in interest rate and money supply changes could affect the nominal effective exchange rate insignificantly. Among the three factors'dynamic relevancies, the unsterilized nature and effectiveness of foreign intervention were verified. The hypothesis of foreign exchange intervention as signal might bring exchange rate fluctuations. Finally, the rising of nominal effective exchange rate might control CP'Is rising, however, quantitative monetary policy was easily to lead rebounding of CPI. This paper provided some policy implications according to research conclusions.


ANALYSIS ON CHINA'S ASHARE MARKET IN 2013

LIU Jiang-Li

2013, 33(3):  77-82. 

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This paper investigated the main factors which would drive China's A-share market in 2013.he first factor was that the economy would be stabilized periodically and enterprises profit would be improved.The second factor was the reform dividend and the third factor was that economic transition pressure Stable economy and the reform dividend could promote the confidence of investors and improve the level of market valuation.However, being enslaved to economic transition pressure, A-share marketwould continue to be bumpy.The main risks of A-share market would be inflation expectations and the effect of Japanese economy policy

EMPIRICAL RESEARCH ON THE IMPACT OF DYNAMIC CAPABILITY ON CORPORATION PERFORMANCE ——Base on the View of Environment Dynamics

LIU Gang-1,LIU Jing-2

2013, 33(3):  83-94. 

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Since the 1980s, the development of modern enterprises has been in rapidly changing business environment and competition among enterprises has come along with more challenges and opportunities. In the current background, how to understand and use the dynamic ability to adapt to the dynamic competitive environment has become the focus of attention by the academic research and a pressing problem of corporate practice. This paper introduces the environmental dynamics as the regulation variable of the relationship between dynamic capabilities and corporation performance and concludes that dynamic capabilities are consist of sensing ability, learning ability, coordinating and integrating ability, innovation and reconstructing ability. Dynamic capabilities and its dimension capabilities both have significant effects on corporate financial performance and non-financial performance.Environmental dynamics has regulation effect on the relationship of dynamic capabilities and corporate non-financial performance.Therefore, corporations should both build dynamic capabilities following the cycle path: sensing ability, learning ability, coordinating and integrating ability, innovation and reconstructing ability and concern about the match of dynamic capabilities and environment dynamics

POLITICAL CONNECTIONS AND THE GROWTH OF  PRIVATE ENTERPRISES IN URBAN PUBLIC UTILITIES ——A Case Study of the First Private Enterprise in Public Transportation

GONG Jun-Jiao

2013, 33(3):  95-104. 

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 During the transformation period of Chinese society,the political connection was the key factor of private enterprises in the city public utilities.This paper selected the first private enterprise which entered the city public transportation as the research subject, and studied the relationship between the changes of political connection and the growth of enterprise.This paper found the source of political connection of an enterprise could be divided into three levels: the support of the key government officials, the political identity of entrepreneurs, and the political identity of top management team members. Political connection of private enterprises was dominant, the support of the key government officials played a decisive role to the growth of enterprises, and the political identity of entrepreneurs and top management team members had no significant impact on enterprise growth. However, the political connection to the growth of the private enterprises was “the double-edged sword”, which had the driving effect and the restraining effect.The driving effect lied that political connection would lead to the breakthrough of government regulation barriers and access to government subsidies, which would promote private enterprises to enter the public utilities and growth.The restraining effect lied that political connection might lead to private enterprises unrelated diversification, which increased political risks, thereby inhibited the growth of enterprises

REVIEW OF THE FRONTIER RESEARCH ON PUBLIC WELFARE EXPENDITURE IN REDISTRIBUTING INCOME
——In View of Operational Mechanism of Fiscal Expenditure

ZHU Jun

2013, 33(3):  105-112. 

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Redistribution is one of important functions of contemporary government.For the government, public expenditure is one of effective measures to execute the redistribution function.The research on the redistributive effect of public goods, tagging, targeting, in-kind transfer and workfare are discussed theoretically in this paper.This paper summarizes these theories and practices and provides its implications for the improvement of Chinese public welfare spending Finally, this paper provides some suggestions in order to improve Chinese public expenditure program