汽车消费信贷风险及其动态博弈分析

随着中国汽车消费市场的逐步升温，汽车消费信贷市场渐成扩张之势，汽车消费贷款已成为继个人住房贷款之后重要的消费信贷品种。与此同时，汽车消费信贷的风险也与日俱增，主要包括信用风险、市场风险和操作风险。通过建立不对称信息动态博弈模型分析了我国现阶段汽车信贷市场中银行和个人消费者的博弈情况，在此基础上提出了完善信贷消费市场的建议：健全相关的法律法规，改善汽车信贷的制度环境；提高汽车信贷专业化水平，完善风险控制；加强银行内部管理，合理利用法律保障手段。     

The Privatization of Urban Housing in China and its Contribution to Financial System Development

The privatization of urban housing and the subsequent development of a mortgage market have played a major role in the development of China's financial system. This paper explores the history and development of China's urban housing market, its impact on the financial system, and the government's efforts to grapple with new issues that have surfaced alongside these reforms. This paper concludes that although housing privatization has helped strengthen the financial standing of state-owned enterprises, urban residents, and commercial banks alike, systematic weaknesses must be addressed in order to promote sustainable economic growth.     

Implications of WTO Membership for China's State-owned Banks and the Management of Public Finances: Issues and strategies

WTO membership will dramatically change the environment within which China's financial institutions operate. It increases the urgency of many reforms, including the re-capitalization of state-owned commercial banks and the establishment of a healthy credit culture. The severe under-capitalization of state banks and many state enterprises is part of a growing domestic debt problem that cannot be solved through normal fiscal policy adjustments. It will require the sale or securitization of state assets on a much larger scale than has been undertaken so far. The approach that was taken by the government's four Asset Management Companies to non-performing loan clean-up in 1999 and 2000 was flawed and should not be repeated. State banks should play a larger role in absorbing their own accumulated losses. China should leverage its external financial strength for domestic financial clean up. If the balance of payments remains strong, a mild appreciation of the nominal exchange rate--when the risk of deflation has passed--may serve China's interest. A large and growing proportion of state assets is held in the form of non-tradable shares in partially privatized state companies. To protect state solvency, many of these shares will have to be made tradable and sold in the next 5-10 years. A further strengthening of the fiscal system, along with rapid development of domestic capital markets is essential. Breaking up some or all of the four large state-owned commercial banks into smaller units may facilitate their restructuring and eventual privatization.     

房产税调控商品房市场的效果与对策分析——以重庆、上海、北京为例

我国市场经济发展中商品房市场具有自住需求与投机投资的双重功能,国家为保障百姓生活安居乐业、国民经济协调发展,"新国五条"中通过扩大"房产税"开征范围,以支持自住需求、抑制投资投机行为调控商品房市场,在辩证分析其积极作用的同时,一定要注重其社会负效应的降低。     

民营企业知识产权质押中的政府角色分析——基于三批16个知识产权质押制度试点的考察

该文按政府参与度的差异,将民营企业知识产权质押模式分为纯市场化模式、政府信用介入模式以及政府为主的关系性贷款模式;继而分别分析了银行、贷款企业以及中介机构是知识产权质押制度的主要参与者时,在试点中政府兼具指导者、推动者、参与者的三重角色;最后指出,该制度的后续实施中,政府应从推动者、参与者角色逐步向监管者与服务者角色转变。     

论美国次贷危机的成因及其对我国房贷市场的启示

由于利率上升和房价下跌引发的美国次贷危机导致了全球经济的剧烈波动。美国次贷危机为中国房贷市场敲响了警钟，必须高度关注和严格防范我国信贷市场的潜在风险，促进我国房贷市场的健康发展。     

Frustrations and Hopes: Chinese perceptions of the engagement policy debate in the United States

This paper argues that now, more than at any other time, the way that China‐US relations evolve will shape each country's interests and affect the development of global politics. Thus, at this critical point, it is important that the two countries develop a mutually beneficial relationship. In this respect Chinese views of US intentions matter because these views translate into policies; policies that influence US domestic politics and shape relations between the two countries. It is ironic, then, that while Chinese understanding of US domestic politics has never been better and its response to it has never been more sophisticated, the criticisms of China in the US have never been stronger than at any time since rapprochement in the early 1970s. And, pointing specifically to the debate in the US since 1994 over the Clinton Administration's engagement policy, Jia analyzes this as a key source of current Chinese frustrations.     

Market Watch

Moderate Prospects Investment and consumption have been the biggest motors of the economy,both surging in the first four months this year.Exports also regained some lost ground,soaring 30.5 percent in April from a year ago.     

我国资产证券化法律冲突与障碍刍议

资产证券化作为一种金融创新在我国的发展一直步履维艰,主要原因在于该领域所涉及到的银行、证券、信托、税收、破产等多领域的法律、法规中存在诸多法律冲突。通过专门的资产证券化立法搭建起我国资产证券化发展的制度平台,能综合解决我国资产证券化发展过程中的未来债权转让、SPV设立及运作、证券化资产"真实销售"、证券化资产信用增级等四个方面所涉及的法律冲突与障碍。     

商业银行开展黄金业务的金融思考

黄金是稳健、保值的理财产品。由于国家对黄金的严格管制，中国黄金投资市场与国内其他金融投资市场相比，发展起步晚、市场容量小、产品过于初级与单一。随着中国金融领域逐步与国际接轨，黄金投资市场改革发展步伐将明显加快，这为商业银行的业务发展提供了良好的契机，民间浓厚的黄金情节将使中国的黄金市场更加繁荣，可以预见，商业银行涉足黄金投资业务具有广阔的发展前景。     

划拨土地使用权抵押制度的问题与完善

现行立法采用规定具体条件的方式确定划拨土地抵押的客体,但未能提供一种可行方法来清晰界定公益性划拨土地使用权,采列举方式制定的《划拨土地目录》也缺乏科学性。在抵押设立中,由于房地一体的立法规则与房产、地产管理分离的实践导致了双重抵押登记的出现。通行的比例式出让金确定方式难以反映真实价格。行政权与司法权的冲突导致了抵押实现不能的风险。类型化抵押客体,调整土地目录,建立不动产统一登记制度,变革出让金确定方式,引进土地储备制度是解决上述问题的方法。     

金融危机下中国银行业流动性风险的防范——以资产市场价格波动为视角

2007年以来，源于美国次贷市场的金融危机迅速深化和蔓延，造成欧美大批金融机构严重亏损，一些欧美的商业银行和国际投资银行因流动性问题已经或即将面临倒闭风险，而资产价格泡沫破灭是导致这场银行业流动性危机的根源。由次贷危机引起的金融危机对银行业流动性风险管理提出了新的挑战，该文从资产市场价格波动的角度来进行探讨，加强对中国银行业流动性风险的防范。     

US–China Energy Relations and Energy Institution Building in the Asia–Pacific

Although China and the US are starting their fourth decade of energy cooperation, it is only recently that there has been a concerted US effort to create a framework for US–China bilateral energy relations. The past 30 years have witnessed many successful energy projects that have lacked follow through and institutionalization, often becoming ‘one-off’ exercises that duplicated previous projects. Recent initiatives intend to establish long-term linkages between US and Chinese energy bureaucracies, linking energy efficiency, energy security, and environmental issues. The US is nesting the bilateral relationship in global and Asia–Pacific multilateral energy and environmental regimes, and is also using bilateral agreements as mechanisms to promote domestic energy and environmental reform. This paper will examine US–China relations in the Asia–Pacific Partnership on Clean Development and Climate and the Five-Country Energy Ministerial.     

External Contradictions of the Chinese Development Model: export-led growth and the dangers of global economic contraction

China's development model faces an external constraint that could cause an economic hard landing. China has become a global manufacturing powerhouse, and its size now renders its export-led growth strategy unsustainable. China relies on the US market, but the scale of its exports is contributing to the massive US trade deficit, creating financial fragility and undermining the US manufacturing sector. These developments could stall the US economy's expansion, in turn triggering a global recession that will embrace China. This is the external constraint. These considerations suggest that China should transition from export-led growth to domestic demand-led growth. This requires growing the economy's demand side as well as its supply-side. To avoid stalling the US economic expansion, which is critical to China's growth, China should significantly revalue its currency as part of a generalized East Asian upward currency revaluation. Longer term, China should raise wages and improve income distribution. Under export-led growth, higher wages undermine employment. Under domestic demand-led growth, they support it. The challenge is to raise wages in an efficient decentralized manner. History shows that this requires independent democratic trade unions. However, such unions are currently unacceptable to the Chinese political leadership. Creating a domestic demand-led growth regime therefore requires solving this political roadblock.     

MARKET WATCH

Property Market Home prices in 70 large and mediumsized Chinese cities rose by 12.4 percent year on year in May,said the National Bureau of Statistics.It was only 0.4 percentage points lower than the record high growth rate in April.     

Transforming China's Banks: the IFC's experience

China's progress in fixing its banking system has surprised observers. Successful experiments, some of them involving foreign investors, have emerged in China to deal with the problems of the banking system. The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has played an active role in piloting some of these approaches in close cooperation with the regulator and other strategic investors. In the period 1995–2000, IFC's strategy was to work with one or two banks to help improve their governance and skills. The idea was to create some model banks which could be emulated by others and used by the regulators to introduce modern banking practices. Once the corporate governance and business practices of these banks improved, then the IFC was able to attract foreign banks to invest in these banks. These investments encouraged other foreign banks to consider taking minority stakes in the smaller banks. The success of these experiments gave confidence to the Chinese authorities to open up the big state-owned banks for foreign investment and encouraged big international banks to invest large sums of money to take minority stakes in the big banks. While progress in reform has been remarkable, the real and sustainable transformation of the Chinese banks is far from over and will be a lengthy process. Significant challenges such as improving corporate governance and credit risk management remain. Despite the significant opening of the banking system to foreign direct investment, foreign ownership in the Chinese banking system remains low by international standards. Even with existing limitations on foreign ownership, foreign strategic investors are contributing to the transformation of Chinese banks and their role remains highly relevant for the continued reform of the Chinese banking system.     

关于离婚诉讼中按揭房屋分割问题的思考

随着社会进一步发展，在离婚诉讼中，涉及到按揭房的分割争议也越来越多了，而如何处理好这一争议，将是法律实务应当面对的一个现实问题。由于目前我国法律上对这一现象并没有很明确的规定，因此，本文拟从离婚诉讼中就按揭房屋的处理作一些分析探讨。     

小产权房合法化的法理探讨

我国现行的二元土地制度及城市房价的不断飞涨使得小产权房在全国各地的城市房屋买卖市场上占据了一定的份额。给予城市居民、农民的权利对等的保护是正义的基本要求;满足城市居民多元化的住房需要和促进房地产市场公平竞争是秩序稳定的基本要求;实现农民、城市居民和政府利益的最大化是三方和谐共处的基础。因此,小产权房合法化有其合理依据。     

Income Elasticity of Housing Demand in China: micro-data evidence from Shanghai

Since 1998, the Chinese housing market has played a fundamental role in driving macroeconomic stability and economic growth. This paper attempts to estimate the income elasticity of housing demand in Shanghai based on a household survey conducted by the National Bureau of Statistics of China in 2007. We utilize a two-stage model, which integrates analysis of both tenure choice and housing demand. Our findings indicate that both permanent and current income has significant influence on tenure choice in Shanghai, and that owner-occupiers' permanent income elasticity of housing demand in Shanghai is between 0.375 and 0.447. Our research also suggests that migrant homeowners have higher permanent income elasticity than Shanghai natives and that most Chinese households are liquidity constrained with regards to obtaining homeownership. We also find that permanent income elasticity increases with age. Finally, the existence of an urban–rural and regional difference is shown.     

Bashing ‘the Chinese’: contextualizing Zambia's Collum Coal Mine shooting

The 2010 shooting of 13 miners at Zambia's small, privately-owned ‘Chinese’ Collum Coal Mine (CCM) has been represented by Western and Zambian politicians and media as exemplifying the ‘neo-colonial’ and ‘amoral’ practices of ‘China’ and ‘the Chinese’ in Africa. CCM has been used to provide a sharp contrast to the supposed ways of the Western firms that own most of Zambia's mines. Embedded in racial hierarchy and notions of strategic competition between the West and China, the discourse of the CCM shootings further shapes conceptions of global China and Chinese overseas. While examining all the oppressive conditions that have given rise to protest at the mine, we contextualize the shooting and subsequent conflicts. In analyzing CCM's marginal and troubled development, we discuss aspects of the 2010 shooting incident known to miners and union leaders, but ignored by politicians and media. We look at the shooting's political fallout, focus also on the epilogue that was the 2012 CCM riot—in which one Chinese person was murdered and several others seriously injured—and trace the sometimes violent discontent manifested at other foreign-owned mines in Zambia since their privatization in the late 1990s. The empirical data for this detailed study derive from hundreds of documentary sources and interviews with union leaders, workers, officials and others in Zambia from 2011 to 2013.