Connoisseur

Market Value: Although its pre-sale estimate was RMB 680,000-1.68 million (US $80,000-200,000), this set of vertical scrolls fetched RMB 2.882 million (US $350,000) at the China Guardian Auctions Company Spring 2005 auction.     

Hekou-Gateway to Southeast Asia

ONE of the 12 busiest ports on the Sino-Vietnamese border, Hekou saw its total import/export volume leap a stunning 126 percent in the first quarter of this year, compared with the same period in 2004. The total figure stood at an impressive RMB 913.27 million (approximately US $11 million). Hekou Yao Autonomous County in southern Yunnan stands out from other Chinese counties. Covering an area of     

Album of Classical Landscape Paintings

Name and Specifications: Album of Classical Landscape Paintings by Wang Jian of the Qing Dynasty (10 Pages). Format: 28.8 cm x 21,3 cmMarket Value: Its pre-sale estimate having been fixed at 1.4-1.8 million yuan (US $160,000-200,000), the album actually sold for an incredible 12.65 million yuan (US $1.52 million) at the China Guardian Auctions Company autumn 2004 auction.Wangjian and His Paintings: Wangjian (1598-1677) was a renowned painter of the early Qing Dynasty. Having passed the imperial examinations at provincial level in 1633, the Ming imperial court appointed him prefect of Lianzhou. When Qing     

Overseas Reaction to China-made Small Commodities

ON September 16, 2004, a warehouse full of stock for a Chinese shoe shopping center in Elche, Spain was completely burnt down, causing 1 million euros worth of damage. From March 12 to 16, 2005, 114 containers of Wenzhou-pro-duced shoes worth more than RMB 100 million (US $12 million) were confis-     

完善我国股票发行方式的基本思路

本文从分析中国股票市场发行方式的历史演变和存在弊端入手,探讨了中国股票发行方式模式选择的科学基础与客观制约因素。指出在中国加入WTO后,完善股票发行方式的终极目标是实现股市资源的市场化选择,而要实现这个终极目标必须经过阶段性目标的积累。因此,在这个过程中要兼顾“多重任务”的完成,从严格审核筹资项目;重新启用市值配售方式;逐步取消新股发行市盈率水平的人为限制;加强股市立法、执法、监管力度;拓展金融市场空间,降低系统风险等五个方面迅速而有效地推进我国股票发行制度的市场化进程。     

MARKET WATCH

House prices continue heading north in most Chinese cities,defying government efforts to curb the property market fever. Chinese companies press ahead with outbound mergers and acquisitions, as they expand their footprint beyond China’s borders. China has boosted its holdings of the U.S. Treasury Securities for two consecutive months after previously shedding these assets. State-owned enterprises continue along a profitable path, with profits soaring in the first half of this year. China remains the world’s hottest initial public offering (IPO) market, despite a decrease in IPO cases in the first half.     

A Due Regard for Multilateralism

A World Trade Organization (WTO) arbitrator on January 26 ruled on the case of the United States—Countervailing Duty Measures on Certain Products From China, determining that China may impose trade retaliations against the U.S. with respect to trade in goods in the amount of$645 million annually given the U.S. failure to comply with a WTO ruling in force. China now urges the U.S. to take immediate action to right its wrongs in trade remedy investigations targeting China.     

Dodging Responsibility Leads to Crisis

正More than 3.5 million people find themselves currently displaced from Afghanistan due to the deteriorating security situation in the country,according to UN High Commissioner for Refugees (UNHCR) Filippo Grandi.Significant movements across borders are not yet taking place.     

SHARING THE PIE IN THE SKY

正Space industry players urge cooperation for global and generational benefitsSince Soviet Union astronaut Yuri Gagarin became the first person to fly in space in 1961, the exploration of the universe has changed stupendously. In 2001, Dennis Tito, a U.S. billionaire, reportedly paid $20 million for an eight-day trip in space, becoming the world's first space tourist.Although the price of a sevento-nine-day space trip has since jumped to $57 million, the global space travel market still has a huge demand, Wu Ji, a researcher with the National Space Science Center of the Chinese Academy of Sciences, said at a workshop on China-U.S. commercial space dialogue during the China Space Conference held in east China's city Nanjing on April 25.     

Anti-Corruption Approaches in Macao: lawmaking and legal enforcement

Successive governments have sought to address the enduring problem of corruption in Macao. Yet the institutional framework for dealing with corrupt practices has singularly failed to live up to political promises and public expectations of clean government. The Ao Man-long case, in which a former Secretary for Transport and Public Works was found guilty of corrupt practices involving an estimated $800 million (about US$100 million), rocked public confidence in the anti-corruption institutions and gave credence to the widely-held view that an expanded gaming industry had provided more opportunities for illicit behavior. Diagnosing the causes of failure suggests that neither a lack of resources nor the absence of rules serves to explain the continuing high levels of bureaucratic corruption. Rather the explanation for the failure of the institutional framework lies in the content of the rules and the way in which they are implemented. While this situation continues to persist, it is unlikely that the problem of bureaucratic corruption will be resolved or that its wider impact on the government's legitimacy will be reduced.     

Bellwether of Growth

正International event in Xiamen to boost two-way investment,trade and cooperation The Asia Plaza, a residential and commercial building in the Manila Bay Area of the Philippines, is one of the offshoots of the country's participation in the China International Fair for Investment and Trade(CIFIT) last year. With an estimated investment of $77 million, the project started construction in June, introducing 200 new jobs, according to the Philippine News Agency.     

Old Home of the Most Venerated of Calligraphers

IN recent years,ancient calligraphic works havefetched millions at auction,most notably in 2003 whenthe Shanghai MuseumPurchased ChunhuaPavilion Rubbings of Model     

Picasso on Show in Shanghai

A staff member of the National Picasso Museum of France checks one of the great Spanish artist Pablo Picasso’s works at the China Pavilion inside the site of the 2010 World Expo in Shanghai on October 12.Sixty-two priceless paintings and statues selected from the works of the renowned artist have been brought to the pavilion for an upcoming exhibition to premiere on October 18.Besides these representative masterpieces,50 valuable photographs showing the artist’s whole life will also be presented.The exhibition’s estimated value is 678 million euros ($934 million).It will be held until January 10,2012.     

我国新股发行定价市场化问题探讨

资本市场的效率很大程度上取决于市场的定价效率,理论分析表明最有效的定价方式是市场化的发行定价.我国的资本市场效率在新股发行方式的不断变换中得到改善,但是新股的发行定价还没有真正实现市场化.本文力图找出适合于现阶段我国股市的发行定价方式,逐步实现市场化的发行和定价方式,提高资本市场的资源配置效率.     

MARKET WATCH

Chinese service outsourcing providers defy the eco-nomic downturn to put their resources into high gear.Private sector investments are also on the rise,boding well for a longer-term upturn in the broader economy.Restructuring in the steel-making industry abounds as the Shandong Iron and Steel Group agree to merge with the Rizhao Steel Holding Group Co.Ltd.The Ministry of Finance is set to float 6 billion yuan($878 million) of renminbi sovereign bonds in Hong Kong to push forward internationalization of the ...     

Planning for Disaster

正Increased adoption of catastrophe insurance brings greater protection to communities The unprecedented July rainstorm that swamped Zhengzhou, capital city of Henan Province, has highlighted the role of catastrophe insurance in compensating losses caused by serious natural disasters.     

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

China has maintained its attractiveness to foreign investors with foreign direct investments leaping 17.4 percent last year. Meanwhile, domestic companies are rushing to extend their global reach, boosting outbound direct investment to a record high. Despite gloomy stock markets, China has taken a leading position among global IPO markets. The logistics industry picks up momentum, though problems remain. Home appliance giant Haier has fared well, with profits soaring 78 percent last year.     

A Leisurely Holiday

正Tourism industry shows new trends during National Day holiday China's tourism industry showed strong momentum during the National Day holiday, which lasted from October 1 to 7. According to the Ministry of Culture and Tourism(MCT), the country's tourism revenue reached 389 billion yuan($60 billion) during the period, 59.9 percent of that over the same period in 2019,     

Consensus and Confidence

Investing over $30 billion in 80 projects, from clean energy to digital infrastructure. Setting up a $10-billion emergency assistance loan facility for COVID-19 control. Approving around $9 billion in loans under this program. These are a few examples of what the New Development Bank (NDB), a multilateral financial institution established by the BRICS countries— Brazil, Russia, India, China and South Africa, has achieved since its debut in 2015.