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[PBC]
The 2nd Plenary Meeting of FATF-XIX Convened in Paris
(2008-03-06)
[Abstract]
The 2nd Plenary Meeting of the Financial
Action Task Force on Money Laundering (FATF) XIX and the
Working Group Meeting was in session from February 25 to
29, 2008 in Paris, France.
The meeting reviewed reports by the
Working Group on Combating Financing of Terrorism (CTF)
and Anti-Money Laundering (AML), the Working Group on
Evaluation and Implementation, the Working Group on
International Cooperation and Investigation and the
Working Group on Typologies, listened to reports of
Greece and China on follow-up actions concerning AML/CFT,
discussed and adopted evaluation reports of Canada and
Singapore's compliance with FATF standards, and
deliberated membership expansion, strategic development
issues of FATF and so on.
[PBC]
Accelerate Rural Financial Innovation and Support the
Development of Rural Economy (2008-03-14)
[Abstract]
From March 1st to 6th,
Mr. Liu Shiyu, Deputy Governor of the People's Bank of
China, led a field study team to visit Hubei and Anhui
provinces which were severely stricken by snow storm and
made field studies on financial services in supporting
the rural economy.
[PBC]
Change in Corporate Goods Prices, February 2008
(2008-03-16)
[Abstract]
In February 2008, the price of corporate
goods increased by 1.1 percent from last month and by
9.2 percent over the same period last year. Please refer
to the link.
[NBSC]
Value-added of Industry Grew up in
February
(2008-03-13)
[Abstract]
The value-added of the industrial
enterprises that above designated size (all state-owned
enterprises and non-state-owned enterprises with an
annual sales income over 5 million yuan) increased 15.4
percent from January to February, year-on-year. The
sales ratio of industrial products was 97.50 percent,
rose by 0.7 percentage points over the same month of
last year. Industrial enterprises achieved a total
export delivery value of 1082.8 billion yuan, a
year-on-year rise of 14.8 percent.
[NBSC]
Urban Investment in Fixed Assets Kept
Climbing in February
(2008-03-14)
[Abstract]
From January to February, urban
investment in fixed assets achieved 812.1 billion yuan,
with a year-on-year increase of 24.3 percent. Of which
state-owned and state-holding enterprises invested 330.8
billion yuan, up by 12.3 percent; investment in real
estate development reached 237.4 billion yuan, an
increase of 32.9 percent over the same period a year
ago.
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Peter K. Schott,“Convergence Across
Chinese Provinces: An Analysis Using Markov Transition
Matrix”Economic Policy, 2008, Vol.23, No.53, pp.5-49
China's exports have grown dramatically
over the last three decades in large part due to its
rapid penetration of new product markets. To help
address the implications of this growth for developed
economies, this paper gauges the relative sophistication
of Chinese exports along two dimensions. First, I
measure China's export overlap with developed countries
by comparing the set of products China exports to the
United States with the bundle of products exported by
the OECD. Second, I compare Chinese and other countries’
exports within product markets in terms of the price
they receive in the US market. While China's export
overlap with the OECD is much greater than one would
predict given its low wages, the prices that US
consumers are willing to pay for China's exports are
substantially lower than the prices they are willing to
pay for OECD exports. This fact, as well as the increase
in the ‘OECD premium’ over time, suggests that
competition between China and the world's most developed
economies may be less direct than their product-mix
overlap implies. It may also reflect efforts by
developed-country firms to compete with China by
dropping their least sophisticated offerings and moving
up the quality ladder.
Key words：export、OECD、Markov Transition
Matrix
Xian Xin、Jing Liu,“Geographic
Concentration and China's Agricultural Export
Instability”The World Economy, 2008, Vol.31, No.2,
pp.275-285
This paper investigates the impacts of
geographic concentration on China's agricultural export
instability with a multiple-region variance
decomposition approach. The decomposition results
suggest that China's agricultural export concentration
into the Japanese market greatly lowers agricultural
export instability, while concentration into the Hong
Kong, South Korea, ASEAN, the US, and Russian Federation
markets increases export instability. China's exports to
the EU also lower its agricultural export instability.
Further decomposition results indicate that the impacts
of geographic concentration on different agricultural
product export instabilities are different.
Key words：geographic
concentration、agricultural export、China
Ravi Kanbur 、Yingyi Qian 、Xiaobo
Zhang,“Symposium on Market development and inequality in
China”The Economics of Transition, 2008, Vol.16, No.1,
pp.1-5
After three decades of market
development, the problem in China is no longer how to
achieve growth but how to manage its consequences and
how to sustain it. One of the most important
consequences is the growing inequality – between skilled
and unskilled workers, between the genders, between
rural and urban areas, and between inland and coastal
regions. The papers in this symposium shed light on the
important issue of inequality during rapid market
development in China. Analysis based on ground level
empirical studies can help us to understand better the
sources of the rising inequality and to illuminate the
nature of the future challenges.
Key
words：China、growth、inequality、institutions、market
development
Xiaobo Zhang 、Li Xing 、Shenggen
Fan、Xiaopeng Luo,“Resource Abundance and Regional
Development in China”The Economics of Transition, 2008,
Vol.16, No.1, pp.7-29
Over the past several decades, China has
made tremendous progress in market integration and
infrastructure development. Demand for natural resources
has increased from the booming coastal economies,
causing the terms of trade to favour the resource
sector, which is predominantly based in the interior
regions of the country. However, the gap in economic
development level between the coastal and inland regions
has widened significantly. In this paper, using a panel
dataset at the provincial level, we show that Chinese
provinces with abundant resources perform worse than
their resource-poor counterparts in terms of per capita
consumption growth. This trend that resource-poor areas
are better off than resource-rich areas is particularly
prominent in rural areas. Because of the institutional
arrangements regarding property rights of natural
resources, most gains from the resource boom have been
captured either by the government- or state-owned
enterprises. Thus, the windfall of natural resources has
more to do with government consumption than household
consumption. Moreover, in resource-rich areas, greater
revenues accrued from natural resources bid up the price
of non-tradable goods and hurt the competitiveness of
the local economy.
Key words：China、regional
inequality、resource curse、Dutch disease、property rights
Wen Wang、Peter G. Moffatt,“Hukou and
Graduates’ Job Search in China”Asian Economic Journal,
2008, Vol.22, No.1, pp.1-23
This paper presents evidence that
graduates from rural areas, classified as non-urban
Hukou, choose to invest in higher levels of job-search
effort (as measured by number of different search
methods used and the number of employers contacted) and
also set a lower reservation wage, reflected in
acceptance of a lower starting salary, than do
comparable graduates of urban Hukou, in China. The
former also appear to have higher probabilities of being
employed, in terms of both their higher probabilities of
receiving offers and, more importantly, their higher
probabilities of acceptance. The evidence thus suggests
that graduates with non-urban Hukou face more intense
pressure to gain employment in the period leading up to
graduation, than do their urban counterparts. More
generally, the evidence suggests that effort invested in
job search is rewarded in the graduate labor market in
China.
Key words：graduates’ employment、job
search、Hukou、China
Sean M. Dougherty、Robert H. McGuckin,“The
Effects of Federalism on Productivity in Chinese
Firms”Management and Organization Review, 2008, Vol.4,
No.1, pp.39-61
This study offers empirical evidence
about how the structure of government and private
ownership affected productivity in Chinese firms. It
uses the microdata of China's last decennial industrial
census, covering all of the 23,000 large and
medium-sized industrial firms operating in China during
1995. The results show that government decentralization
– ‘federalism’ – played an important role in improving
the performance of not just collective firms, but also
state-owned and mixed public/private ownership firms.
This result is strongly confirmatory of much of the
recent theoretical work on transition economies that
posits a key role for government in the efficient
operation of markets.
Key words：productivity、federalism、China
Chun Kwok Lei 、Shujie,“On Income
Convergence among China, Hong Kong and Macau”The World
Economy, 2008, Vol.31, No.3, pp.345-366
Hong Kong and Macau were reunited with
China in the late 1990s as two special administrative
regions (SARs). Over the last half century, they were
China's good examples of economic development, windows
of openness and investors. Owing to historical reasons,
China lagged far behind Hong Kong and Macau in terms of
per capita incomes. However, rapid economic growth in
China over the last three decades must have brought
about a significant convergence of the three economies.
China's economic success has benefited from the
integration of its two SARs and the coastal provinces,
especially Guangdong, in terms of technological
spillover, massive investment and trade. The economic
trickledown, direct investment and trade must have been
important drivers of economic integration and income
convergence. This paper aims to analyse the trend and
studies the determinants of income convergence between
China and its two SARs. Both parametric and
non-parametric techniques are employed to quantify the
pace of convergence on per capita incomes in Hong Kong,
Macau and the Chinese provinces over a period of more
than 40 years. We find no evidence of convergence in the
pre-reform period, but strong evidence of both absolute
and conditional β-convergence in the post-reform period.
Over the reform period, the pace of convergence is less
than 1 per cent per annum without controlling for trade
and more than 2 per cent conditional on trade.
Key words：income convergence、Hong
Kong、Macau、Chines
Rod Tyers、Iain Bain、Yongxiang Bu,“China's
Equilibrium Real Exchange Rate: A Counterfactual
Analysis”Pacific Economic Review, 2008, Vol.13, No.1,
pp.17-39
China's ‘equilibrium’ real effective
exchange rate is explored using an adaptation of the
Devarajan-Lewis-Robinson three-good general equilibrium
model under a variety of assumptions about the balance
of trade. The absence of secondary indices of import and
export prices necessitates their construction from trade
data. Some undervaluation is suggested in the lead-up to
and during the financial crisis, due in part to an
extraordinary accumulation of foreign reserves following
exchange rate integration in 1994. If, instead, China
had run a more typical trade balance prior to the crisis
its real effective exchange rate would have been higher
by about a tenth.
Key words：exchange rate、trade
balance、Counterfactual Analysis
Shudong Zhou、Thomas Herzfeld、Thomas
Glauben、Yunhua Zhang 、Bingchuan Hu,“Factors Affecting
Chinese Farmers' Decisions to Adopt a Water-Saving
Technology”Canadian Journal of Agricultural Economics,
2008, Vol.56, No.1, pp.51-61
Chinese farm households (N = 240) were
interviewed to understand some of the factors affecting
their adoption of a water-saving technology called the
Ground Cover Rice Production System (GCRPS). A logit
model was established on the basis of a survey to
estimate the determinants of adoption and to simulate
impacts of changes in these determinants on adoption
potential. There are no significant influences of age
and number of laborers on the probability of GCRPS
adoption. Male farm managers had higher adoption
probabilities than female farm managers. Large farms had
higher adoption probability than small farms. Off-farm
occupation of farm managers had negative influences on
adoption. Education had complex impacts on GCRPS
adoption in China. The farm manager with middle school
education had low probability in GCRPS adoption, whereas
the farm manager with primary education and high
education had high probability of adoption. Previous
experience with GCRPS had a positive impact on adoption.
Membership in extension service was an important driving
factor of adoption. Farmers with high income showed a
high probability to adopt GCRPS. Soil type was also an
important determinant in GCRPS adoption, probability of
GCRPS adoption was very low at red soil, but high at
yellow and brown soil. Low reliability of irrigation
water supply led to a high rate of adoption, whereas
high reliability of water supply led to a low rate of
adoption.
Key words：GCRPS、Water-Saving
Technology、Chinese
Xiao-Yuan Dong 、Lixin Colin Xu,“The
Impact of China's Millennium Labour Restructuring
Program on Firm Performance and Employee Earnings”The
Economics of Transition, 2008, Vol.16, No.2, pp.223-245
Around the turn of the century, China
experienced perhaps the largest labour restructuring
program in the world. This paper uses a new dataset of
Chinese industrial enterprises to examine what leads to
downsizing, and tries to understand the effects of
labour downsizing on firms’ technical efficiency,
financial performance and employee wages. We find that
downsizing is more prevalent in state-owned enterprises
(SOEs), and is more likely when enterprises are older,
larger and have higher excess capacity. For both SOEs
and private firms, downsizing is more likely when the
prices of their products drop, but private firms respond
more dramatically. Moreover, downsizing has serious
short-term costs in terms of total factor productivity (TFP).
For mild downsizing, private firms suffer more
deterioration in productivity. The distribution of
surplus after downsizing is more favourable to labour in
SOEs. For severe downsizing, both SOEs and private firms
exhibit lower TFP growth with similar magnitudes. Our
findings imply that private firms emphasize profit
goals, while SOEs place a greater weight on labour
protection.
Key
words：Downsizing、restructuring、ownership、firm
performance、employee earning、China .
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