Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

Postal Subscription Code 80-978

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A report on the development of China’s market economy 2005
LI Xiaoxi
Front. Econ. China. 2006, 1 (3): 311-371.  
https://doi.org/10.1007/s11459-006-0011-8

Abstract   PDF (465KB)
This paper dicusses on the issue of the development of China s market economy from six aspects. (1) Basic Content and Conclusions on the development of China s market economy. (2) Further progress in building market-oriented economy in China. (3) Assessment of the degree of market economy development in China. (4) New progress in 2004 in developing market economy in China. (5) A general analysis of twelve key questions concerning market economy. (6) Resolution of the non-market economy  issue: a win-win option.
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Rapid industrialization and market for energy and minerals: China in the East Asian context
Ross GARNAUT, SONG Ligang
Front. Econ. China. 2006, 1 (3): 373-394.  
https://doi.org/10.1007/s11459-006-0012-7

Abstract   PDF (842KB)
The mainland of China s rapid pace of industrialization and trade expansion have led many to ask whether its ever-increasing demand for resources can be met without disruption to economic stability and growth in the country and the world as a whole. The article examines the experience of growth in resource demand and the associated pressure on global markets from Japan, Taiwan Province of China and Korea during their periods of sustained, rapid economic growth for periods in the second half of the twentieth century. It seeks to draw lessons for the twenty-first century. The article points out that because of its size the mainland of China may cause the resources boom, associated with the later decades of its period of sustained rapid growth, to raise the prices of resource-intensive products by a large amount, not for a few years, but for several decades. This will have important implications for economic development and the distribution of incomes within and between all countries, and on power relations between states in the Asia-Pacific and throughout the global community.
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An analysis of the consumption risk and asset returns of Chinese residents
ZANG Xuheng, WANG Liping
Front. Econ. China. 2006, 1 (3): 395-405.  
https://doi.org/10.1007/s11459-006-0013-6

Abstract   PDF (352KB)
The research on the consumption-based asset pricing theory is limited to the developed capital markets. This paper seeks to extend the research to the Chinese developing capital market. It analyzes the dynamic relationship between the Chinese residents  consumption, stock market returns and interest rates with the CCAPM. According to the analyses of this paper, the IV regression results are mixed. However, the data can fit the model relatively well, and the empirical results fail to reject the model. Thus, the results show that a relationship between the Chinese residents  consumption growth rates and the asset returns does indeed exist, and that the consumption volatility risk could influence the asset returns.
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Political economy of China’s trade policy: the evidence from industrial protection in 1990s
SHENG Bin
Front. Econ. China. 2006, 1 (3): 406-432.  
https://doi.org/10.1007/s11459-006-0014-5

Abstract   PDF (441KB)
The theory of the political economy of trade policy, combining public choice and neoclassical trade theories, studies the level and pattern of trade intervention from the perspective of policy decision-making process, by stressing on income distribution instead of economic efficiency. The paper attempts to apply such an endogenous trade theory to an empirical study of China. On the basis of a formal revised model of political economy of trade protection, it tests theoretical hypotheses concerning the political and economic determinants of cross-sector trade protection in the Chinese industry at various periods. The results show that trade protection in China fits into China s national development strategy of fast catching-up with the developed world.
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Banking structure and financial stability: a comparison of Chinese and German banking systems
CAI Conglu
Front. Econ. China. 2006, 1 (3): 433-448.  
https://doi.org/10.1007/s11459-006-0015-4

Abstract   PDF (440KB)
In the process of financial globalization and diversification, the issue of financial stability has become heated all over the world. This paper attempts to uncover the delicate relationship between banking structure and financial stability by comparing and analyzing the situation of the Chinese and German banking systems. This paper suggests that (i) the trade-off between competition and concentration in banking industry is a vital factor to maintain financial stability and (ii) concentration is not always a bad thing for financial stability, especially in banking systems with discontent bank performance.
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