Changing Money Market and Monetary Policy Operations in China: an institutional perspective

This paper uses an institutional perspective to examine the changing monetary policy operations in China since the 1978 reform. It shows that the establishment of money markets has enabled the central bank to shift its policy approach of direct control over credits to a set of indirect monetary tools. Under the constraint of exchange rate stability and other institutional factors, the effectiveness of these indirect tools is limited. Establishing an interbank money market policy rate through SHIBOR will provide a means of signaling the cost of funds to banks and the public. Its success in China is conditional on improved corporate governance and the competitive structure of banks, increased flexibility in its exchange rate determination, and a more cost-conscious state sector.     

地方政府利益调整的角色重构与制度创新——从“市管县”体制到以分权为特征的“扩权强县”改革

"扩权强县"改革在实现了市县双重解放之后,引发了利益调整与角色重构等多方面的深层问题。本文认为,解决这些问题必须跳出"扩权"思维,建立"分权"基础,在政治、经济、管理、行政、伦理、法律层面上界定改革的价值取向,并通过制定战略目标、加强政治意愿和协作、强化问责制度、确保地方财源、合理分配事务性项目、确保因地制宜等措施促进改革的成功。     

China as a latecomer: Toward a global logic of the open policy

The paper reviews a number of substantive issue‐areas in China's foreign economic sector (the foreign trade system, industrial and geographical targeting, foreign investment regulations, and the foreign exchange regime), finding that conventional mercantilist accounts of China's recent success in world markets are overstated. In fact, the paper argues that the most salient changes occurring in China's foreign economic sector are now in many respects beyond the immediate control of the state. In this vein, it is argued that most scholars have seriously underestimated the structuring impact of the international political economy on China's reform and opening. Indeed, the paper maintains that there is a ‘global’ logic to the evolution of the Open Policy, just as others have identified an ‘economic’ or ‘political’ logic to foreign trade reform, the creation of the SEZs, liberalization of investment laws, the loosening of foreign exchange controls, and other such changes. The paper concludes, therefore, that there is much about the course of China's reform and deepening integration into the world economy that can be understood as a function of its position as a latecomer in the international system.     

Did Policy Experimentation in China Always Seek Efficiency? A case study of Wenzhou financial reform in 2012

Policy experimentation has been widely considered a ‘magic bullet’ of policy improvement and key to economic prosperity in China. This article, however, argues that policy experimentation in China does not always seek policy efficiency. Rather, it can be manipulated as a political symbol without actually affecting practices. By taking a case study on Wenzhou's financial reform, this article illustrates that local policy experimentation can serve as a mechanism for the central government to legitimately delay reform practices—in the case of Wenzhou's financial reform in 2012, out of a desire to maintain socio-economic stability during the power succession at the 18th Party Congress. In this reform, socio-economic stability was deemed more important than developing a sustainable and effective long-term policy. This article provides a new perspective on understanding policy experimentation in China by proposing the idea of ‘symbolic reforms’.     

Coping with the Global Financial Crises: institutional and ideational sources of Taiwan's economic resiliency

Over the last two decades, Taiwan has weathered two global financial crises: the Asian financial crisis of 1997–1998 and the sub-prime loan crisis of 2008–2009. Each time the island's economy emerged from the crisis relatively unscathed. Many of the elements that constitute Taiwan's economic resilience have been fostered through entrenched institutional arrangements and established policy orientations over a long period. Taiwan managed to retain the bulk of these long-running sources of economic resilience despite the tremendous external pressures exerted by neo-liberal policy advocates to dismantle these ‘out-dated’ policy thinking and practices in the name of reform during the decade-long interval between the two crises. Taiwan was able to cope with the 2008–2009 global financial crisis thanks also to a more enabling regional environment created through stronger cooperation among Asian economies and under a new awakening among the East Asian policy makers.     

部分产业政策与公共财政改革取向的矛盾分析

产业政策与竞争政策具有不同的政策取向,本文对产业政策和竞争政策,以及公共财政改革的理论思路的异同进行了分析比较。我国目前实行的部分产业政策与建立公共财政的改革取向间存在着矛盾,尤其是在鼓励竞争与保护垄断方面具有截然不同的态度。对此提出了坚持公共财政模式的改革思想、减少产业政策调控的范围、逐渐减少政府对经济的干预、发挥行业协会作用等方面的政策建议。     

China's post‐1979 uneven regional policy: Shanghai and Guangdong

This article examines the effects of China's uneven regional development policy, especially in relation to Shanghai. It analyses the evolving role of Shanghai and the constraints that it has operated under during the reform period. Discussion will be particularly devoted to the areas such as the fiscal transfer, central investment in the municipality, the tax and other incentive program allowed to increase the inflows of foreign direct investment by adopting a series of comparisons with Guangdong province. The article argues that it is not economically efficient for China to ‘open its door’ by creating new cities in its southern area while neglecting to improve existing facilities in Shanghai and other advanced cities. This article also suggests that social‐economic institutional change is the same important source of Shanghai's difficulty in keeping pace with Guangdong as the preferential treatment given to Guangdong by the central government in the 1980s.     

China's Sovereign Wealth Funds: origins,development, and future roles

China has established two of the world's newer large sovereign wealth funds (SWFs): the official China Investment Corporation (CIC), and the non-official and less transparent State Administration of Foreign Exchange (SAFE) Investment Company (SIC). Both provide alternative investment opportunities for China's exploding foreign exchange reserves, at US$2.4 trillion at the end of 2009, the largest in world history. This paper will address how China has accumulated its huge and growing foreign exchange reserves, and what roles these reserves, until 2007 managed only by the State Administration of Foreign Exchange (SAFE), have played in the establishment and development of China's two new SWFs. We will look specifically at why China's foreign exchange reserves have developed, and how the new SWFs are a part of broader efforts to provide investment alternatives for China's ballooning foreign exchange surpluses, particularly in light of the inflow of ‘hot’ foreign speculative funds. We will then point out some of the difficulties for China's financial officials of SWFs as they try to pursue multiple and sometimes competing goals, set by boards of directors representing different bureaucratic and economic interests, all within the context of a general lack of transparency and a rapidly growing economy. Finally, we will present our conclusions about the future roles of the two SWFs as well as of the policies being developed to decentralize foreign exchange reserve holdings while at the same time not slowing the growth of China's foreign trade surpluses, nor its foreign direct investments, nor its overall economic growth. We will also examine the effects of US-promoted Chinese currency appreciation on the future of China's foreign exchange reserves and its sovereign wealth funds.     

Foreign Direct Investment and Investment Environment in Dongguan Municipality of Southern China

Based on 26 case studies, this paper investigates the socio-economic causes of the inflow of FDI and its policy implications in Dongguan. The favourable factors for foreign investors in Dongguan can be categorised under the Dunning's OLI (ownership, locational and internalisation advantages) framework. This paper argues that factors other than policy incentive, such as sub-contractual and pseudo integration, are playing more important roles in attracting the inflow of FDI and maintaining the high level of economic growth in Dongguan. This finding questions the effectiveness of policy incentives, such as tax-breaks, implemented by the Government as a means to attract FDI in Dongguan. The existence of 'Chinese crony capitalism' calls for further improvement in the implementation of laws and regulations in Dongguan and the reduction of bureaucratic red-tape by the central and local governments.     

Reconfiguring Chinese Propaganda and Control Modalities: A case study of Shanghai's television system

China's television industry has experienced a number of internal changes that have shaped this system's structure into the new millennium. The Chinese Government has reconfigured the propaganda and control modalities of this industry to allow television to become the prime mover for economic reform. A case study of Shanghai's dynamic television system from 1995 to 1999 is used to understand the changes that have taken place. This analysis provides an understanding of how the Chinese Government policy changes impact on the interrelatedness of the system's components. The consequences of these changes have had dramatic and lasting effects on the way the television industry operates in China. These effects have serious implications for foreign organisations, that are attempting to find a foothold in this booming industry, and for the Chinese television viewer.     

论健康公平的意义与限度

公平是一种权利与义务的分配原则。健康公平意味着健康权利与健康责任的合理分配,它关系到社会和谐、补偿正义与政府执政的合法性,既是健康权利与健康责任的统一,也是个人责任与政府责任的统一,已经成为我国政府卫生改革与发展的目标。健康公平受社会经济关系、政策目标和个人自由选择等多种因素的影响,其实现程度总是具体的、有限的。     

Economic Growth and Income Inequality: the modern Taiwan experience

This paper investigates the dispersion of household income in the course of economic development in Taiwan. Statistics show that inequality of income has increased since the early 1980s as the rate of economic growth has declined from 11.6% in 1986 to 4.1% in 2005. The empirical result on the relationship between economic growth and income distribution also fails to support the conventional inverted-U Kuznets curve. Factors leading to change in income disparity may be attributed to variations in family formation, economic structures, and the recent change in political leadership and institutional policy. Among them, increased single-parent families deteriorate overall income share, although growth in the service sector helps to alleviate inequity. The new political governance and policy reform since 2000 are detected to aggravate income inequality.     

Economic Reform and Social Welfare: The Chinese perspective portrayed through a social survey in Shanghai

This article starts with a brief comparative analysis of China and East Europe in terms of their stark differences in approaching economic reform and social welfare. Perhaps China has the benefit of learning, from the 1989 Tiananmen Incident, of the undesirable social costs incurred by economic reform. Henceforth, it has adopted a pragmatic and gradualist approach towards economic reform. This article reports the findings of an attitude survey in Shanghai, which by and large are compatible with the gradualist approach of the Chinese Government toward economic reform and social welfare. The survey finds that the Chinese in Shanghai positively rate economic reform in light of the benefits that it has brought about, but they are also aware of the large income disparities caused as a result. In the light of the evidence, the article suggests that China's economic reform has not transformed people's beliefs to be in line with the market system. The Chinese are still, in general, in favor of a large role for the state in welfare and they themselves are not willing to shoulder heavier welfare responsibility. In the concluding section, the article explains this mixed pattern of public perceptions and pinpoints the likely developmental trend of China's welfare system.     

中国文化产业政策点评及发展路径探讨

该文通过描述中国改革开放以来文化体制改革进程中文化产业政策发展的历程,对中国文化产业政策制定的动因和路径进行梳理,分析文化产业政策对经济社会发展的影响。在考察了美国文化产业发展的历史、现状和经验,对比分析中国文化产业政策的优劣后,对中国文化产业政策的创新与发展提出相关建议。     

经济学哲学观的评介与比较

经济学哲学观是经济理论赖以建立的基本世界观 ,有什么样的哲学观就会有什么样的经济学说 ,哲学观是一定历史时期的产物。在我国处于改革开放不断深入、各种经济学说和政策主张层出不穷的今天 ,重新思考经济学哲学观的演变过程 ,有利于我们从根本上对这些经济理论和政策主张进行判断与比较 ,使我们能够更好地把握科学合理的经济学哲学观 ,建立与发展适合我国当今现实需要的经济理论体系 ,提出更加正确的政策主张     

Nationalism and Democratization in Contemporary China

The crippled economic and political reform in China has come with two schools of thought: the new-left and nationalism. The new-left focuses on domestic issues, while nationalism tackles more international relationships. This paper explores the effects of radical nationalism on China's democratization process. It argues that if nationalism takes the dominant position in China's political process, Chinese reform will go astray.     

State Capacity in Contemporary China: ‘closing the pits and reducing coal production’

This paper analyses the capacity of China's central state to control society and implement its policies at the local level, using as a case study the implementation from 1998 of a major policy initiative—‘closing the pits and reducing coal production’. The aims of this policy were to close down many of the TVE (township and village enterprise) mines, thereby ameliorating China's coal safety record, and to reduce output in order to balance supply and demand, thereby improving the situation of the SOE (state-owned enterprise) coal mines. The paper concludes that, despite some success, the state found it difficult to overcome resistance from a powerful coalition of local cadres, mine bosses, workers and farmers who depended directly or indirectly on the mines for their living. It therefore highlights continuing shortfalls in China's state capacity, particularly in situations where the state is trying to control or influence the distribution of economic rents as between different groups in society.     

Domestic Bureaucratic Politics and Chinese Foreign Policy

One of the outstanding features of China's domestic politics is the prominence of the bureaucracy in the policy-making process. Arguably, bureaucracy is the next major player in the policy-making process in China after the top leaders. In this article, the three following aspects of the role of bureaucracy in the Chinese foreign policy-making process are examined: (1) the structure of the bureaucracy, especially the main agencies of the bureaucracy involved in foreign policy making; (2) the respective responsibilities of these agencies and their roles in the process; and (3) inter-agency coordination including the resolution of conflict among them. It observes that while the Ministry of Foreign Affairs plays a key role in the process, other ministries and bureaucratic agencies have significant and even growing input in an increasing number of functional areas, such as trade, finance, economy, climate change, soft power and military affairs. In addition, coordination among these agencies has become a key in the policy-making process.     

From the Language of Class to the Rhetoric of Development: discourses of ‘nationality’ and ‘ethnicity’ in China

In the People's Republic of China's (PRC) continuous state-building project since its establishment in 1949, the notion of nation and nationality (minzu) has been uninterruptedly utilised by the leading elite in its political programmes. The notion of the ‘nationality question’ (minzu wenti) was employed especially for addressing the issues of the officially identified minority nationalities at the time when the multinational nature of the state was made fundamental. However, how a multinational character of the Chinese state is interpreted by the state elite and how this interpretation is shaped by their policies have arguably changed along with the political and economic preferences of the regime. This paper aims to explore the meaning of ‘nationality question’ during the period of socialist construction, and traces the shift in its notion during the reform period which started in the 1970s. The essay pays attention to the change in the preferred corresponding English term of minzu wenti. I argue that the substitution of the ‘nationality question’ term, which was dominant during the socialist period, with the concept of the ‘ethnic question’ during the reform period points not only to the changing character of the government policies towards minorities, but also legitimises them as the only suitable and rightful in the context of economic reforms.