MARKET WATCH

China steps up a clampdown on the financing vehicles of local governments control over local governments' financing vehicles will be tightened to fend off what some economists warn could turn into a mountain     

MARKET WATCH

TO THE POINT: The Chinese economy maintained stable and relativelyfast growth in 2008 with eased inflation. Its GDP grew 9 percent last year,the first single-digit growth since 2002, and accounted for 20 percent of theglobal economy. Economists hope that the latest rescue measures adoptedby the Central Government could boost the country's economic performancein 2009. Inflation was brought under control as the consumer price index grewa satisfactory 1.2 percent in December year on year. The urban registered ...     

风险投资参与对IPO抑价的影响——基于深交所创业板市场2009-2012年数据分析

本文利用2009年到2012年创业板上市的336家企业IPO数据,采取倾向性评分的方法对无风险投资参与的IPO数据进行调整,解决了风险投资与企业之间相互选择产生的内生性问题。进而研究了风险投资的参与对创业板市场上IPO抑价水平的影响,比较调整后风投参与和无风投参与IPO之间的差异。从时间序列的角度,发现风投参与和无风投参与的IPO发行价的差异在逐年降低,首日收益率的差异逐年增加,说明风险投资的参与会加大IPO抑价水平,支持了Amit et al提出的"逆向选择理论"。     

MARKET WATCH

The central bank on November 19 ordered commercial banks to set aside an additional 0.5 percent of their reserves amid looming inflationary risks.Investors are on the defense and preparing for the worst by buying up gold as a safe haven against inflation and market uncertainties.China’s stateowned enterprises earned a combined profit of 1.626 trillion yuan($245 billion) from January to October this year,soaring 44.8 percent year on year.In a push into renewable energies,China should enhance efforts in hydropower,wind power and inter-provincial trade,as well as green electricity schemes,said the World Bank.The aviation industry booms as air traffic increases.     

Not-So-Desperate Housewives

After equally dividing community property with her husband, a housewife in Fujian Province received an additional 550,000 yuan ($85,000) in "household labor compensation." The verdict was made by a local court in July. It is one of several cases nationwide that saw housewives receive divorce compensation for additional domestic duties this year, thanks to an article in China's Civil Code, the civil law promulgated last year that went into force on January 1. The woman in this particular case, who had married to her husband for more than 20 years, obtained higher compensation than other such cases earlier this year, in which the housewives got between 15,000 yuan ($2,320) and 120,000 yuan ($18,550).     

Plowing Ahead

The Chinese economy,with its growth reviving to 6.5 percent in the fourth quarter of 2020,is on track to a full recovery from the pandemic this year.The International Monetary Fund projected that China's economy will grow by 8.1 percent in 2021,according to its latest World Economic Outlook Update released on January 26.Hu Yifan,chief China economist of UBS Wealth Management,is even more optimistic.China's GDP growth this year could rebound to around 9 percent due to a low base in 2020,Hu said at the Forecast of China's Economy for 2021,a recent online discussion hosted by the National Committee on U.S.-China Relations.     

提高"限塑"成效的经济思考

从今年1月8日颁布“限塑”通知，到6月1日正式实施，“限塑令”在社会上掀起了不小的风波。在大部分学者都普遍关注“限塑”的环保效应时，应从经济角度出发，分析“限塑”可能带来的经济效应．以及可能影响“限塑”成效的经济因素，并在此基础上提出提高“限塑”成效的政策措施。     

BUSINESS BLENDING

New commercial ventures embark on a path of powerful growth During the seven-day Spring Festival holiday this year,which started on January 31,many Beijing residents chose to enjoy themselves in bookstores;but not just to uncover the latest in literature.Page One Bookstore at Beijing Fun,a commercial and cultural complex in the capital city.     

Snow Fever

With the Beijing 2022 Olympic and Paralympic Winter Games one year away, the construction of competition venues has come to an end. On January 18, President Xi Jinping, while inspecting preparations for the Games, called for advancing the work against difficulties. China is pulling out all the stops to ensure the Games will be a success.     

2004年台湾经济的态势分析与2005年展望

2004年是民进党上台执政四年中台湾经济态势最好的一年,以当年价格计算,可达到中速经济增长。但是,这是台湾千万个企业家几十年来不断耕耘、不断改善、向上提升的结果,而不是台湾当局的政绩。当前,台湾经济仍然存在不少隐忧:政治动荡不已、财政赤字不断扩大、失业率虽有所下降但仍偏高不易解决、股市房产市场仍然不振、外来投资仍然负增长和民众信心不足等等。这必然影响2005年的经济发展,发展速度将低于2004年。     

MARKET WATCH

National Economy in 2009 Last year was one of the most difficult periods for China's economic development in the new century.     

MARKET WATCH

By ordering another interest rate hike,China attempts to combat runaway inflation.The manufacturing industry loses some steam as the PMI hits a five-month low in January 2011.The gold market is bursting with vitality as risk aversion comes to the fore amid inflationary fears.Chinese telecom equipment suppliers Huawei and ZTE reap juicy returns,with their 2010 revenues on a sharp rise.China’s job markets are bound for a rosy outlook this year with hiring activities picking up.     

Confidence Matters

China's economy passed over a bumpy road last year. Influenced by the global economic crisis, China faces many uncertainties in 2009. Yao Jingyuan, Chief Economist of the National Bureau of Statistics, gave a speech at the 2009 China Mining Merger and Acquisition Forum at Tsinghua University on January 10 about the risks the country faces and the positive factors that still exist in China's economic development. Excerpts follow.     

MARKET WATCH

Local governments at all levels in China are taking efforts to curb soaring home prices, with Beijing introducing the strictest policies. On observing the increase of international crude oil prices, China raised gas prices for the first time this year. Foreign direct investment in China continued to expand in January and will remain high in 2011. Hot money, on the other hand, accounted for a small amount of capital inflows. Huawei Technology withdrew from its acquisition of the U.S. 3Leaf Systems and the Chinese Government has requested transparency in the U.S. approval procedure. Baidu, the biggest search engine in China, is facing a lawsuit for allegedly blocking competitor’s search results.     

MARKET WATCH

China adds to its holdings of U.S. Treasury securities for the first time in three months. China’s auto market stages a significant comeback in August as vehicle sales grew 6.29 percent from July figures. The Anshan Iron & Steel Group Corp. concluded an agreement to invest in the United States, ending doubts about the feasibility of the deal. State -owned enterprises raked in juicy profits from January to August this year. China inches up on the global competitiveness ranking list. Global payment giant MasterCard Worldwide predicts China will replace the United States as the world’s top credit card market by 2020.     

商品住宅价格高位运行的原因及平抑对策

最近几年,商品住宅价格的快速增长,已经引起人们的普遍关注。房价的高位运行,直接影响了社会的稳定和经济的健康发展。房价上涨,除了需求拉动之外,还有开发商的行为不规范、投机等诸多因素所致,本文从多方面入手分析了房价高位运行的原因,并提出平抑房价的对策。     

基于VECM模型的中国货币政策调控房地产价格的有效性分析

该文从货币政策传导理论出发,选取货币供应量、利率、商品房销售价格指数建立向量误差修正模型（VECM）,运用Johansen协整分析、Granger因果检验等方法,对货币政策调控房地产价格的有效性进行分析。结果表明,长期来看,货币政策对房地产价格具有一定的调控效果;短期内,货币供应量变化对房价的影响相对较大,而利率调整不是调控房价的有效手段;利率政策有较长时滞,但对房价波动的贡献度大于货币供应量。     

Make or Break?

Although the UK officially left the EU on January 31,2020,it was until December 31 of the year when the"transition period"was set to expire.     

When Politics Trumps Facts

正The world gets tired of the U.S. ‘Wuhan lab leak' claim ‘They(the U.S.) have been saying that for almost a year. If there is real evidence, then it's the responsibility of the U.S. to share it," Marion Koopmans, a top virologist, told the BBC on May 27, when asked about her opinion on a recent U.S. report claiming it was "plausible" that the coronavirus had been leaked from a Wuhan lab.     

我国房地产调控政策目标的选择与平衡

"高烧不退"的房地产市场已经成为我国经济社会健康发展的"重负"。尽管中央政府针对高房价展开了"暴风骤雨"般的密集调控,然而房地产调控政策的整体效果并不理想,社会上甚至形成了一种"越调越涨"的心理预期。我国房地产调控之所以陷入"越调越涨"的怪圈中,行政体制不合理是其外部制约因素,而房地产调控政策目标选择和调控方式不当则是政策本身的缺陷。鉴于此,厘清房地产调控政策的基本目标及内涵,根据调控政策环境的变化,科学、灵活地对政策目标进行选择与平衡,是保证房地产政策调控有效性的首要环节和先决条件。