MARKET WATCH

China’s manufacturing industry continues to lose momentum, as reflected by a falling PMI.The third-party payment sector’s transactions have grown rapidly as a result of an e-commerce boom.Foreign companies make in- roads into China’s restaurant industry by acquiring local competitors.The Ministry of Railways is burdened with a load of debt due to a building spree of high-speed railways.The Internet portal Sohu.com has generated juicy profits.     

Railway Sector Reform in China: controversy and problems

The railway sector in China has undergone several major rounds of reform and institutional restructuring since 1986. These reform initiatives have largely been unsuccessful due to strong resistance from vested interest groups. The development of China's railway sector has raised some challenging issues that include the centralization of power in the Ministry of Railways (MOR), state monopoly control, rampant corruption and the accumulation of a huge debt burden. The 2013 railway reform initiatives have provided very little in the way of concrete measures to deal with these thorny issues but have instead created more controversy and problems in an already crisis-ridden sector. For the railway industry, the transformation from the mixed-function MOR to a monopolistic China Railway Corporation (CRC) will not necessarily lead to better railway management.     

MARKET WATCH

In an attempt to boost liquidity, China’s central bank decreases the reserve requirement ratio for the first time in three years. The November purchasing managers index tumbles below the boom-and-bust line of 50 percent, indicating downside growth risks. As they tighten delisting rules on the growth enterprise board, China’s securities regulator tries to protect interests of investors. The Ministry of Commerce has released a development outline for the service trade sector. Chinese shipbuilders face a bumpy road ahead due to weakness in demand. Credit card fever is sweeping through the country, though debt risks still loom large.     

The political economy of banking reforms in China, 1993–1997

The weakness of China's banking system poses a serious threat to the sustainability of the country's economic development. This article measures the extent of this weakness and analyzes its causes. It focuses especially on the structural changes in the banking sector, the economic crisis of 1992–1993, and the subsequent financial reforms implemented. The evidence gathered by the author shows that the banking reforms initiated since 1994 have produced mixed results. Although central bank autonomy and bank supervision have improved, political, economic, and institutional constraints have prevented the government from taking more decisive measures to re‐capitalize banks, restructure the debt of state‐owned enterprises, and increase competition in the banking sector quickly. Despite the apparent effectiveness of the short‐term measures taken to bolster public confidence in the banking system, China's banking reform will be a difficult and prolonged process.     

我国地方政府债务的区域差异比较及影响因素分析北大核心SSCI

从债务规模、偿债能力和财政压力三个方面,通过均值法和比较分析方法,对我国东部地区、东北地区、中部地区和西部地区的政府债务进行区域间和区域内比较,结果显示我国地方政府债务风险的区域分布具有很大差异性。主要体现为东部地区负债率低、财政压力小,中部地区偿债能力强,西部地区债务规模增速快,东北地区偿债能力堪忧等区域特征。影响我国地方政府债务空间分布特征的经济因素主要是区域经济体量、经济增速和财政赤字率。地方政府债务监管部门应加强对地方政府债务资金使用的绩效管理,实行区域差异化的债务风险防控措施。     

我国地方政府债务融资监管立法缺陷及完善

我国地方政府债务近几年急剧膨胀,负债融资发展已经形成不可阻挡之势。加强对地方政府债务融资监管显得意义特别重大。本文在界定地方政府融资内含的基础上,概括了我国地方政府债务融资监管立法缺陷,并对完善我国地方政府债务融资监管立法提出了若干建议,以求同仁赐教。     

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.     

关于防范甘肃财政外债风险的对策研究

外债风险事件会对国民经济造成负面影响 ,会增加政府财政部门的负担。本文通过对甘肃财政外债风险的评述 ,提出了防范风险的对策。     

由主权负债危机引发对地方政府过度负债的思考

世界金融危机爆发后,中国经济经过结构调整,内生动力不断增强并带动区域经济的快速增长。与此同时,地方政府超常规融资积聚的风险隐患也在迅速增加,巨额的地方政府负债极有可能成为诱发新一轮危机的重要因素,成为制约中国经济发展的主要瓶颈。弄清地方政府过度负债的主要风险,衡量地方政府的负债能力,界定风险转变为危机的临界点,明确地方政府适度负债规模水平是稳妥地化解地方政府过度负债风险,防范危机的重要途径。     

论西南少数民族习惯规范中的债

债权关系是与经济形态的发展密切联系的一种法律关系,从西南少数民族习惯规范中的债权关系中分析其习惯规范里的债权债务关系,体现出的债权债务关系正是特定历史时期经济条件的反映,它反映了独特的债权思想,该债权理念的传承不仅对西南少数民族地区现今经济的发展产生重要影响,还会对民族区域自治以及立法产生作用。     

日本人的恩伦理意识初探

日本人具有浓厚的"恩"的伦理意识。从感恩的对象来看,有天地自然之恩、父母之恩、师恩和社会恩;感恩与施恩是互动共存的,由施恩、受恩、感恩、报恩组成"恩的行为链",构成了日本人的"恩的伦理世界"。为了使外在的规范变成个人内在的自觉,日本人重视"恩"的伦理实践和报恩意识的培养,从而为日本伦理和谐设置了牢固的心理机制,对于社会稳定和谐起到了重要的作用。     

高校债务化解之我见

部分高校债台高筑,究其原因,大多是在寻亲发展过程中资金短缺造成的.既要发展,又要还债,加之沉重的利息负担,无法自救.高校这一财务风险,应该从内部和外部两个方面入手,对内加强财务管理,开源节流;对外争取财政大力支持,吸收社会捐助,置换土地等等.     

Challenging Credit Dominance

Europe's widening sovereign debt crisis has brought independent credit ratings to the forefront of the EU's agenda.To directly address the mat ter,the EU announced plans to set up a European creditrating authority for sovereign debt ratings on April 30.This marked a milestone in the international credit history,and the beginning of changes to U.S.-dominated international credit ratings and the pattern of international politics and economics,said Sun Zhe,Director of the Center for U.S.     

广西出版发行产业发展现状及对策分析

近年来,广西出版发行业坚持以邓小平理论和“三个代表”重要思想为指导,把握导向,坚守阵地,服务大局,在深化改革中推进了新闻出版产业的发展,取得了明显成效。文章在分析广西出版发行产业现状的基础上,提出了加快广西出版发行产业发展的对策措施。     

欧洲债务危机对欧盟政治的影响

当前,欧债危机愈演愈烈且成蔓延、发酵之势,给欧盟及欧洲一体化事业带来诸多困难与挑战。它对欧盟政治的影响是长远的,且具有战略性和全局性。欧债危机迫使欧盟强化政治合作与政策协调,采取一系列蕴含深刻政治含义的改革,加强经济治理和行业监督,以进一步推进经济领域的高度一体化;它导致欧盟内部各政治力量新的分化、调整和组合,迫使法国和德国联合起来应对经济失衡,继续担当欧洲一体化的"火车头"、"发动机";它扩大了欧元区集团与非欧元区成员国间的裂痕,促使双方重新评估和调整相关政策,为今后集体实现单一货币奠定基础。历史地看,欧洲一体化事业总是在危机中不断前进的。此次欧债危机虽然给欧盟造成了许多困扰,但如果应对妥当,它将会以政治联盟建设的新突破为欧洲一体化注入新的强劲动力。     

第三部门促进大学生就业的可行性分析

伴随着近30年的改革开放，第三部门在中国获得了迅猛发展，并在诸多方面发挥着日益重要的作用。同时，第三部门的发展也受到缺乏高素质员工的根本性制约。在就业形势严峻的当下，发展第三部门，使之成为吸收大学生就业的第三支力量，是一个对双方都有利的可行方向。不过在这方面，尚需国家及社会各方创造更多条件。     

中国的超额外汇储备：基于BP账户的实证分析

对中国超额外汇储备成因的解释主要有重商主义和预防性动机两种观点。重商主义与经常帐户差额和债权性储备,预防性动机与资本帐户差额和债务性储备存在内在联系。从国际收支表中经常帐户和资本帐户名义差额对外汇储备增量贡献上看,重商主义和预防性动机交替发挥主要作用,对外汇储备存量的累积贡献上看重商主义成为主要因素。两个帐户的实际差额对外汇储备的增量和存量贡献则都表明重商主义是我国超额外汇储备的主要成因。     

MARKET WATCH

Chinese banks reap juicy returns as interest income widens.The manufacturing sector warms up,as evidenced by the PMI's continued growth.Foreign trade regains its lost ground and is estimated to grow 25 percent this year,but the road ahead is filled with challenges. Consumers click away as China's e-commerce sector booms with a transaction volume totaling $180 billion in the third quarter this year. International hot money remains a concern since an increased amount may be pouring into China.     

中国预算改革:未来的挑战

1999年以来,中国启动了一场意义深远的预算改革,目标是建立现代公共预算制度。十余年的预算改革,取得了显著的成绩,中国基本上建立起现代公共预算制度的基本框架。但同时,也在预算权力结构、综合预算、总额控制、绩效预算、现金和债务管理、会计改革等方面面临着挑战。未来,中国应更加深入地推进预算改革,建立现代公共预算制度。     

MARKET WATCH

China slashes import duties on 33 items,a move expected to stimulate imports and benefit a series of relevant sectors.Growth of industrial profits is slowing down due to costs inflation and tightening monetary policies.Foreign banks operating in China see a rosy future for their businesses.Mounting debt poses risks to local governments.By closing 56 unlicensed express delivery firms,China aims to streamline the crowded and chaotic industry.Suning takes majority control of the Japanese company Laox as the Chinese appliance retailer expands abroad.