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15 February 2019, Volume 0 Issue 2 Previous Issue    Next Issue

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The Notion of Tax Reduction and Fee Reduction with Chinese Characteristics DENG Liping 2019, 0(2): 3-12.  Abstract ( )   PDF (201KB) ( )   Tax reduction and fee reduction are important arrangements made by the CPC Central Committee to grasp the overall situation and to deal with various risks and challenges at home and abroad. It is also one of the most important policy applications in China's fiscal taxation and economic society in 2019. It is necessary to recognize the specific requirements of the important factors on China's reduction of taxes and fees, such as China's state system and polity, the market economy, and the stage of development at the time being, etc. By expounding the concept of tax reduction and fee reduction with Chinese characteristics in the new era and grasping the six aspects, i.e., the major decision-making and implementation, the glorious tasks and income functions, the long-term requirements and specific missions, the paralleled tax and fee and effect grasp, the burden alleviation expectations and the rigidity of people's livelihood, the taxation individuals and the masses, this study provides theoretical support and strong evidence for the current application of the larger scale tax reduction and fee reduction. This round of tax reduction and fee reduction is effectively implemented by the tax authorities, which reduces the level of taxes and fees of enterprises and obviously benefits them, thereby achieving high-quality economic development, and finally achieving "enhancing the sense of gain of the people". Such is the fundamental goal of the notion of tax reduction and fee reduction with Chinese characteristics. References | Related Articles | Metrics

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Institutional Innovation and the Development Cycle of Great Powers ZHANG Jinming 2019, 0(2): 13-24.  Abstract ( )   PDF (228KB) ( )   Modern history shows that there is a development cycle of about 80 years in big countries. The rise and decline of such countries as Portugal, Spain, Japan, Germany, and the Soviet Union have all experienced such a cycle. The process of long-term economic development of Britain and the United States also contains many such cycles. A key factor affecting the development cycle of a country is the institutional innovation, including non-systematic institutional innovation, systematic but unsustainable institutional innovation, and systematic and sustainable institutional innovation. Among them, the institutional innovations of Portugal and Spain are mainly the development mode so as to maintain their predatoriness, which belongs to non-systematic institutional innovation, and is unsustainable after all. Japan, Germany and the Soviet Union have all carried out systematic institutional innovations, however, due to their unsustainable institutional innovations, they declined eventually. While the United Kingdom and the United States have re-launched systematic and sustainable institutional innovations every time they are faced with the danger of decline, therefore, they can continue to develop smoothly and keep strong status for a long time. References | Related Articles | Metrics

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Ownership Division, Household Registration Discrimination and Intergenerational Urban-Rural Wage Differences MENG Fanqiang, WAN Haiyuan, WU Shanshan 2019, 0(2): 25-39.  Abstract ( )   PDF (282KB) ( )   Based on the consideration of the intergenerational differentiation of migrant workers, this paper makes use of data of the 2016 China Mobile Population Dynamic Monitoring Survey. It employs the wage differential decomposition method to analyze the issue of household registration discrimination and intergenerational differences faced by the new and older generations of migrant workers in the urban labor market. The findings show that the wage difference between the new generation of urban and rural labors is wider than that of the older generation. The difference in individual characteristics is not enough to explain the intergenerational urban-rural wage difference, while the intergenerational difference of household registration discrimination is the leading cause of intergenerational urban-rural wage difference. Compared with the older generation of migrant workers, the new generation of migrant workers suffered even more severe discrimination in the household registration. The study of the two different forms of discrimination on the basis of the same work with different pay and ownership divisions shows that no matter what are the degrees of the same work with different pay or the split effect of ownership, the new generation of migrant workers are suffering more than the older generation of migrant workers. However the difference in the degree of the same work with different pay is the main reason for the intergenerational differences in household registration. Further analysis finds out the difference in the degree of the same work with different pay mainly comes from the intergenerational differences in the "salary premium" of urban migrants, the new generation of urban migrants has gained more "salary premium" in the urban labor market. References | Related Articles | Metrics

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Budget Performance Reform under Medium Term Budget Framework: Logic Start Point and Path Selection LI Hongxia, ZHOU Quanlin 2019, 0(2): 40-50.  Abstract ( )   PDF (215KB) ( )   The report at the 19th National Congress of the CPC highlighted the target for the full scale implementation of budget performance management. The budget performance reform is a significant change in the budget management system; as a standard equipment for the deepening of the medium term budget reform, it is an important part of building a modern financial system. At present, the budget performance reform under the framework of medium term budget is still at the exploratory stage, there exist such problems as the security system for the budget system being not sound enough, the budget performance evaluation indicator system that meet the scientific standards having not been really established, the range of budget performance evaluation waiting to be extended, the application of the performance evaluation results being not wide enough, and the budget performance being not well connected with government governance, etc. If these problems are not solved in time, the process of the full scale deepening of the budget reform will be affected. Therefore, in order to explore the path of budget performance reform under the framework of medium term budget, the budget management model can be changed from expenditure control to performance oriented, so as to complete the significant transformation from“the government keeping the wallet”to“keeping the government's wallet”. References | Related Articles | Metrics

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How Does Chinese Monetary Policy Affect the Term Structure of Government Bond Yields?--Based on the Expectation Channel and the Premium Channel GUAN Yu, WANG Xuebiao, SUN Guanglin 2019, 0(2): 51-65.  Abstract ( )   PDF (313KB) ( )   Based on an AGDTSM model, this paper decomposes Chinese government bond rates into interest rate expectation and risk premiums. Empirically we tested the influencing mechanism of monetary policy on the interest rate term structure of national debt with the double perspectives of the expectation channel and the premium channel. The main conclusions of this study are as follows. Firstly, Chinese present monetary policy is affecting the interest rate term structure of government bond mainly through the expectation channel, while the effect of the premium channel is limited. Secondly, the guiding direction of the expectation channel is consistent with the monetary policy targets, at the initial stage of the policy the premium channel will weaken the guidance effect of the expectation channel. Thirdly, the expectation channel has a stronger guiding strength on the short end of the government bond yield curve, but weaker on the long end. This difference is the fundamental cause leading to the recent “extreme flattening” of the recent government bond yield curve. References | Related Articles | Metrics

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Urban Housing Price Bubble and Financial Stability: An Empirical Study Based on the PVAR Model of 35 Large and Medium-Sized Cities in China SHEN Yue, LI Boyang, ZHANG Jiawang 2019, 0(2): 66-81.  Abstract ( )   PDF (324KB) ( )   The ever-expanding housing price bubble has become the largest“grey rhino”hidden in Chinese economy. Based on the expected equilibrium price model of real estate, this paper makes a scientific measurement of China's urban housing price bubble. On the basis of theoretical analysis, it takes the panel data of 35 large and medium-sized cities during the period of 2000-2017 as the samples to conduct an empirical analysis of the dynamic relationship between China's urban housing price bubble and financial stability with the PVAR model. The findings show that the impact of housing price bubble on financial stability can support the price deviation hypothesis, in the eastern cities and the cities with stronger financial support, the housing price bubble has a greater destructive effect; moreover, compared with bubble expansion, the shrinkage of housing price bubble has a stronger impact on financial stability. In this regard, the real estate regulation and control should adhere to the differentiated regulation measures according to the real conditions of the cities, squeeze out the bubbles in a fine adjustment way, guard against the risk of “two way imbalance”in the implementation of regulation policies, speed up the establishment of a long-acting housing system with multi-subject supply, multi-channel protection, and the double way of rent and purchase. References | Related Articles | Metrics

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The Impact of Civilization Clashes on the Bilateral Trade of Countries along the“Belt and Road”Route under the Institutional Boundary WANG Ying 2019, 0(2): 82-93.  Abstract ( )   PDF (233KB) ( )   By making use of the HS07 six digit statistical data of classified trade of 64 countries along the“Belt and Road”route from 2008 to 2014 and employing the high-dimensional fixed effects model of panel data, this paper empirically studies the impact of civilization clashes on the bilateral trade of countries along the “Belt and Road”route under the institutional boundary when the other affecting factors are effectively controlled. The findings indicate that the institutional quality of the import and export countries is an important boundary condition to the impact of the civilization clashes on the bilateral trade of countries along“Belt and Road”route, that is, the good institutional quality of the import and export countries can reduce from the institutional level the transaction costs and uncertainty risks brought by the civilization clashes, thereby weakening the inhibitory effect of the civilization clashes on the bilateral trade of countries along the“Belt and Road”route. Furthermore, this effect is more significant for the trade of high contract intensive products. The important enlightenment of this conclusion is that even if there is a great difference in civilizations among the countries along the Belt and Road route, the countries can still weaken and resolve the trade risks that may be caused by the civilization clashes through improving their own institutional quality, so as to promote the development of bilateral trade in the region. References | Related Articles | Metrics

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Production Capacity Endowment and Upgrading Path of China's Industrial Transformation: From the Perspective of Product Space Theory XU Xiaoxin, LI Hao 2019, 0(2): 94-104.  Abstract ( )   PDF (234KB) ( )   Based on such characteristics as product heterogeneity and product space non-uniformity, this paper conducts an empirical research on China's industrial upgrading path. The findings show that the production capacity endowment has a dual impact on the transformation and upgrading of the regional industrial structures, while promoting regional industrial upgrading, it will also curb the exit of the existing industries, but the former is weaker than the latter. In terms of regions, the production capacity endowment of the eastern region is relatively richer, and its role in promoting potential product upgrading and curbing the withdrawal of superior products is weaker than that of the central and western regions. The industrial upgrading is realized mostly through the process of“self-revolution”and“creative destruction”. In the central and western regions where production capacity endowment is relatively weaker, industrial upgrading is more likely to follow the comparative advantage path. Therefore, in order to transform and upgrade its industries, it is inevitable for China to choose the path of being guided by industrial policy planning, improving market exit mechanism, and upgrading in different ways according to the regional conditions. References | Related Articles | Metrics

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Can Enterprises Get“New Energy”Through Getting Rid of “Old Energy”: An Empirical Exploration Based on Organizational Forgetting Theory WANG Jian, HUANG Qunhui 2019, 0(2): 105-116.  Abstract ( )   PDF (246KB) ( )   During the process of replacing old growth drivers with new ones, there are often temporary shortages in the enterprises, the existing researches only have relatively limited explanations on this phenomenon. Based on the organizational forgetting theory, this paper tries to answer the question whether enterprises can get“new energy”by abandoning old energy”. Taking 192 manufacturing enterprises in China's Economic Belt around Bohai Sea as samples, this paper analyzes the influence mechanism of organizational forgetting on innovation performance from the perspectives of absorptive capacity, entrepreneurial orientation and environmental dynamics. The findings show that the impact of organizational forgetting on innovation performance is uncertain, and that under the influence of absorptive capacity, entrepreneurial orientation and environmental dynamism, organizational forgetting shows positive effects on innovation performance. References | Related Articles | Metrics

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Has China's Green Credit Policy Been Effectively Implemented? An Analysis of Loan Scale and Cost Based on“Two Highs and One Surplus”Enterprises CHEN Qi 2019, 0(2): 117-130.  Abstract ( )   PDF (277KB) ( )   Taking the“Green Credit Guidelines”issued by the former China Banking Regulatory Commission in 2012 as the quasi-natural experiment, this paper makes use of the data of A-share listed companies from 2007 to 2017 and employs the double-difference model to examine from a corporate perspective whether Chinese commercial banks have implemented green credit policies. The results of the empirical research show that after the introduction of the “Green Credit Guidelines”, compared with other enterprises, the loan scale of the“two high and one surplus”enterprises has been significantly reduced, while the loan cost has increased significantly. The results of further adjustment effect test show that compared with the state-owned enterprises, the non-state-owned“two high and one surplus”enterprises are more inhibited by the“Green Credit Guidelines”, in areas with lower marketization level, the loan scale of the“two high and one surplus” enterprises is even more inhibited by the“Green Credit Guidelines”, the higher the financing demand, the greater the inhibition of the“Green Credit Guidelines”on its loan size, but it weakens the effect of the loan cost. References | Related Articles | Metrics