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Table of Content 期刊目录
1. The unfolding of Deng’s drama
Qiren Zhou
Page 119-132
2. Chinese foreign direct investment in Australia: policy issues for the resource sector
Peter Drysdale and Christopher Findlay
Page 133-158
3. On the measurement and analysis of aggregate economic activity for China:
the coincident economic indicators approach
Feng Guo, Ataman Ozyildirim,Victor Zarnowitz
Page 159-186
4. The myth of a booming town: a two-sector model of Macau economic growth
Xinhua Gu and Li Sheng
Page 187-202
5. The nexus between stock market value and demand for money in China
Terence Tai-Leung Chong，Xiaobing Zhang
Page 203-208
6. Foreign investments in China’s local banking sector – the Australian experience
Michael Ngee Tiong Tan
Page 209-218
7. Employment impacts of a ‘green’ energy transition in China
Sara Hsu and Shelley Nauss
Page 219-237
Article Abstract 文章摘要
1. The unfolding of Deng’s drama
Qiren Zhou
Page 119-132
Abstract: the article summaries and interprets Deng Xiaoping's great contributions to China's economic reform from four perspectives: Delineation of property rights in Deng's style, bringing entrepreneurship back into China, facilitating the Invisible Hand again, the challenges of corruption.
Keywords: China’s economic reform, Deng Xiaoping, delineation of property rights
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914248521
2. Chinese foreign direct investment in Australia: policy issues for the resource sector
Peter Drysdale and Christopher Findlay
Page 133-158
Abstract: The past eighteen months has seen Chinese foreign direct investment (FDI) in the Australian resource sector become an issue of policy interest. There are two big questions that the prospects of a significant rise in FDI from China into the Australian resources sector have raised. Is the surge of FDI into Australian mining and energy consistent with achieving the traditional gains from foreign investment? And are there any particular problems associated with investment from foreign state-owned enterprises or state managed sovereign wealth funds? These are among the questions addressed in this paper. The paper argues that there are no issues that cannot be dealt with under the umbrella of the established test of ‘national interest’ in managing the growth of Chinese FDI into the Australian minerals sector. It argues that a confusion has been introduced into policy over the questions of state-ownership and supplier-buyer relations in respect of Chinese investments and that clarifying these issues is likely to be important to Australia’s capturing the full benefits from the growth of Chinese resources demand and longer term economic and strategic interests in China.
Keywords: China’s foreign direct investment, Sino-Australian economic relationship, FDI in resource sector
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914248228
3. On the measurement and analysis of aggregate economic activity for China:
the coincident economic indicators approach
Feng Guo, Ataman Ozyildirim, Victor Zarnowitz
Page 159-186
Abstract: This paper reviews some of China's high frequency economic indicators and our principal findings on their selection and use. Our aim is to develop a composite index of coincident indicators (CEI) which can be used to obtain timely information on the present state of the China’s economy and provide an appropriate measure to analyze China's short-term macroeconomic dynamics. Notably, combining industrial production, retail sales, manufacturing employment, income of financial institutions, and passenger traffic volume， they work well as the method for dating business cycles for China. It shows that, over the past two decades, there was one marked recession which occurred in 1988:8 to 1989:12. In addition to this business cycle chronology we also develop a growth cycle chronology based on the deviations from trend of the CE which shows that there were four cyclical slowdowns since 1986. Whereas GDP growth lacks cyclical movements and appears to be dominated by trend and irregular movements, in contrast to GDP, CEI works well as a measure of cyclical dynamics and can contribute to the analysis of short term fluctuations of Chinese economic activity relative to its long term growth.
Keywords: Coincident Indicators; Business Cycles; China
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914248550
4. The myth of a booming town: a two-sector model of Macau economic growth
Xinhua Gu and Li Sheng
Page 187-202
Abstract: This paper builds a trade-based equilibrium, two-sector model to reveal the inefficiency of foreign dominated, gaming biased, bubble growth in Macau. This fast GDP growth that has not led to much real development as measured by the effective GNP would likely have adverse impacts on the city's long-term prosperity. We employ the model to analyze why various gaming markets have adopted differing tax rates. This work provides a rigorous argument against the problematic attempts to push for low tax convergence in the Asian gaming market. To neutralize the damaging effects of foreign domination in the local economy, we offer several policy recommendations for reviving home businesses and enhancing domestic welfare in Macau. It is suggested that enforceable laws should be made to prevent the foreign firms with cross-market operations from stealing away Macau customers, that differential taxes on casino operators and income taxes on player winnings should be chosen to support Chinese owned casinos and curb pathological gambling, and that a sovereign wealth fund should be established to stop too much of Chinese gaming money from being lost too fast and foster Macau's economic autonomy by reducing its over-reliance on foreign concerns for output growth.
Keywords: Growth, Development, Casino Gambling, Tax Efficiency, Gaming laws.
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914248658
5.The nexus between stock market value and demand for money in China
Terence Tai-Leung Chong，Xiaobing Zhang
Page 203-208
Abstract: This paper examines the influence of the stock market development on money demand in China during the period 1994Q1-2007Q2. A long-run cointegration relationship is found among the real money demand, stock market capitalization, real GDP, real interest rate and the CPI. Specifically, we show that the development of stock market has a positive impact on money demand in the long run. In the short run, however, a boom in the stock market will lower money demand. Our work can be considered as a complement to Baharumshah et al. (2009).
Keywords: Money demand; Stock market capitalization; Cointegration test; Error correction model
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914247664
6. Foreign investments in China’s local banking sector – the Australian experience
Michael Ngee Tiong Tan
Page 209-218
Abstract: This article investigates the experience of Australian banks who invested in China's city commercial banks. Special emphasis is paid to corporate governance before and after they invested in the Chinese banks. Interviews were conducted with senior personnel from the ANZ (Australia and New Zealand) Banking Group who invested in the Tianjin City Commercial Bank and the Shanghai Rural Commercial bank and the Commonwealth Bank of Australia who invested in the Hangzhou City Commercial Bank and the Jinan City Commercial bank. Our investigations showed that corporate governance in the Chinese City Commercial Banks were minimal before the Australian banks invested. Since then, there have been substantial improvements but differences still persist. The article also outlines the steps and strategies adopted by the two banks to improve corporate governance.
Keywords: China, corporate governance, city commercial banks.
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914247852
7. Employment impacts of a ‘green’ energy transition in China
Sara Hsu and Shelley Nauss
Page 219-237
Abstract: Before the US financial crisis that began in 2008, China was the "factory" of the world, utilizing energy intensively for such processes as steelmaking, papermaking, and concrete production. As such, energy emissions in China increased dramatically until 2007, with much of the energy being provided by the labor-intensive coal industry. Under the eleventh year plan, China resolved to increase its energy efficiency, setting out to reduce energy consumption while continuing to increase economic growth, and to increase the usage of "green" technologies to 15% of all energy used by 2020. The Renewable Energy Law of 2007 set a guideline for China's energy reduction goals, to quadruple the national GDP while only doubling the country's electricity usage by the year 2020. Currently, there are virtually no studies on employment effects of a "green" transition to explore what impact the current energy goals, or potentially "greener" energy goals, would have on China's labor force. This paper seeks to analyze employment effects of a "green" transition.
Keywords: Renewable energy, coal, oil, gas, hydropower, nuclear energy, wind energy, thermal energy, green energy, labor, employment
Link to the original text:
http://www.informaworld.com/smpp/content~db=all~content=a914248856
