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Long Han SCM Agreement Says “No” to Charges against RMB Exchange Rate as Export Subsidy
Long Han
Front Law Chin. 2010, 5 (3): 397-423.
https://doi.org/10.1007/s11463-010-0104-2
Recently one of the big charges raised mainly by the US against RMB exchange rate is the so-called undervaluation of RMB exchange rate as constituting a subsidy for China’s exports, the US even threatens to refer it to international or domestic settlement. However, the study on the provisions of subsidy, i.e., financial contribution, benefit conferral and specificity, the SCM Agreement indicates that RMB exchange rate neither constitutes financial contribution in art. 1.1 of the SCM Agreement, nor comes in line with the listings of the Illustrative List of the Agreement. The prevailing exchange rate of RMB is the only benchmark for the measurement of the value of RMB except that no other methods are available to be used to properly determine whether RMB exchange rate confers any benefit to exporters. As regards specificity requirement, RMB exchange rate is unspecific, on the contrary, it is among the policy measures for the government to regulate economy.
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Fostering a Triple Response Mechanism to Combat Global Climate Change: Emission Abatement, Carbon Capture and Water Improvement
Ke Zhou, Xia Cao
Front Law Chin. 2010, 5 (3): 435-451.
https://doi.org/10.1007/s11463-010-0106-0
The Kyoto Protocol has established emission abatement and carbon sink increase to cope with climate change. However, in recent years, developed countries tend to focus more on the former. The simplifying of GHG causes has posed challenges for the understanding of climate change issues and for the development of consequent counter-measures, leading to present controversy and dilemma over mechanisms to combat global climate change. It is held that a desirable global cooperative stance should be “harmonious but differentiated,” i.e., the division of responsibilities and co-operation among the countries should be conducted after the diversities of different countries are recognized in terms of climate change, interests and functions. To meet this end, it is necessary to have UNFCCC play a leading role, under which emission abatement, carbon sink and water cycle improvement are concurrently reinforced. Under this triple mechanism, industrialized countries ought to continue to take the lead in emission abatement, while developing countries, especially those with great potentialities to strengthen carbon sink and water conservancy, ought to conduct ecological preservation and to develop hydraulic capacity so as to strengthen the natural carbon cycle and water cycle to combat climatic impacts.
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