Table of Content

21 January 2021, Volume 0 Issue 06

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The Macroeconomic Effects of Sino-American Trade War: Based on an Analysis of the Two Countries DSGE Model

LV Jiang-lin，SHENTU Lian-sheng

2019, 0(06):  140. 

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This paper constructs a two-country dynamic stochastic general equilibrium (DSGE) model with heterogeneous enterprises to study the macroeconomic effects of the Sino-American trade war on the two countries. The conclusions are mainly as follows: Faced with a trade war against China launched by the U.S., even the trade war being promoted by raising the tariff rates, if China does not take counter-measures, China’s output value, trade balance and other macroeconomic indicators will become significantly worsen in a short to medium term, while the corresponding indicators of the U.S. will be better. If China takes basically equal counter-measures, China’s output value, trade balance and other macroeconomic indicators will be improved to a certain extent in the short to medium term, while the corresponding indicators of the U.S. will be worse. Whether China takes counter-measures or not, the levels of consumption and welfare of China’s residents will become worsen to a certain extent; when counter-measures are taken, an even worse situation can be seen in China. If China does not take counter-measures, the level of consumption and welfare of the U.S. residents will also become worsen to some extent; while China takes basically equal counter-measures, the level of consumption and welfare of the U.S. residents will become still worsen. China should firmly oppose trade war, but if the U.S. persists in launching or upgrading trade wars, China should take counter-measures determinedly, so as to force the U.S. to stop trade wars.

Research on the Influence of Parental Occupation Types on College Students’ Employment Performance: Based on the Survey Data of 2017 National College Graduates Employment Situation

RUAN Cao

2019, 0(06):  154. 

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The quality of college students’ employment is a key indicator for evaluating the flow of social classes. The influence of parental careers on the employment performance of their children has always been a topic of wide concern. Based on the survey data of the employment status of college graduates in 2017, this paper analyzes the influence of parental occupation types on the employment direction of college students and the starting salary of employment. The findings of this study show that when the influence that may be caused by such factors as the student individual characteristics, human capital, job search process and so on is controlled, the probability that graduates whose parents are working in the government system would find jobs in the same system is slightly higher than other college students, but they cannot gain more at the starting salary of employment. While from the perspective of the impact mechanism, the parents working within the government system has a significant positive impact on the graduates’ academic levels and career choices, and it is likely that these variables will affect the employment performance of the graduates.

On the PPP Mode of the Comprehensive Development Type

DONG Rui-nan1, TANG Dan-tong2

2019, 0(06):  155. 

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The innovative practice of China’s PPP model is more concentrated in the construction of single projects, which has obvious limitations. At the same time, the comprehensive development projects of the project-packaging researches and the contiguous development type have become a highlight of PPP development and application, which is conducive to overcoming the limitations of individual projects and giving full play to the potential of PPP positive effects. Under the premise of emphasizing the significant practical significance of the comprehensive development of PPP mode, this paper conducts the specific investigation and analysis of the characteristics of the model, the key points that should be focused, the structural design essentials of related combinations, and the idea of the platter features, then it puts forward the thinking logic for the overall planning of the modular optimized grouping of the model, as well as the coordination mechanism and system supply that should be matched.

An Optimization Analysis of Human Capital Market in the Context of Supply Side Reform: Based on the Three Elements and Three Dimensions of Labor Market

WEN Zhi-qiang1, HAO Ya-li2

2019, 0(06):  156. 

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As one of the traditional three factors, i.e., the key supply factor, the labor force has become an important aspect of economic growth and structural adjustment. By replacing the demographic dividend, the human capital dividend is becoming a growth point in China’s economy. Being different from the previous perspective of emphasizing the demand side, this paper regards the labor force as the supply side to interpret the new semantics of the human capital theory in the context of supply-side reform. From the perspective of the three elements and three dimensions of labor market, it analyzes specifically the existing deficiencies and potential advantages of labor resource allocation in the context of supply-side reform: the subject is faced with institutional obstacles but is gradually overcoming them, the object amount is generally lower in quality but is continuously investing, the behavior management is shifting from relying on the government to resorting to the market, the quantitative advantage in the scale is weakening but the technical and institutional advantages are appearing, the quality in general should be worried but is rapidly improving, the structure is developing from deformed development to focusing on optimization. Finally, from the perspective of government, business owners and laborers, it proposes some coping strategies for labor market optimization in the context of supply-side structural reform.

Actual Controllers’ Foreign Residency Rights, Institutional Investors and Corporate Debt Financing Cost: Based on the Evidences from China’s Private Listed Companies

WANG Xue-ping1, WANG Xiao-ping2

2019, 0(06):  157. 

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Taking China’s private listed companies as samples, this paper empirically examines the impact of actual controllers’ foreign residency rights on corporate debt financing costs. The findings show that if the actual controllers have foreign residency rights, the corporate debt financing costs will be increased, and this kind of effect is more significant in the non-high-tech enterprises, the enterprises with higher control powers, and the enterprises in which the actual controllers also hold the position as chairman of the board. The mechanism analysis shows that the actual controllers with foreign residency rights can affect corporate debt financing costs through the two paths of increasing the actual controllers’ tunneling behaviors and increasing the corporate default risks. In addition, the institutional investors’ holdings can relieve the positive effect of the actual controllers with foreign residency rights on the corporate debt financing costs. This paper can not only extend the researches on the economic consequences of actual controllers with foreign residency rights, but also provide useful policy reference to support the development of private economy.

Whether the New Rural Insurance Policy Is Conducive to the Human Capital Investment of Rural Families? Empirical Date from China Family Panel Studies

JIA Jing1, KE Rui2

2019, 0(06):  158. 

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Based on the data of China Family Panel Studies, this paper measures the level of family human capital investment by the acquisition of family education expenditure and educational opportunities and empirically examines the impact of the new rural insurance policy on the rural household human capital investment and its mechanism by making use of the instrumental variable estimation method of FE, DID and DDD. The findings show that, regardless from the county-level perspective or from the family perspective, the new rural insurance policy has a statistically significant positive impact on rural household human capital investment, and it is robust. The new rural insurance policy not only has a significant negative impact on the economic assistance provided by the younger generation to their older generations, but also significantly and positively stimulates the increase of household debt, that is, it is verified that from the perspective of inter-generation economic support and lending and borrowing constrains the new rural insurance policy has an effect on rural household human capital investment through the path of reducing economic assistance provided by the younger generation to their older generations and increasing family debts.

Can Informal Nursing Substitute for Formal Nursing? An Empirical Analysis Based on CLHLS (2014)

LI Hong, WANG Xin-jun

2019, 0(06):  159. 

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By making use of the data of the Chinese Longitudinal Health Longevity Survey (CLHLS) of 2014, this paper conducts an empirical analysis of the impact of informal nursing on the use of housekeeping services and the use of nursing home services by means of the instrumental variable method. In addition, it analyzes for the first time the impact of the degree of disability on the relationship between informal nursing and formal nursing. The results of the study show that there is a significant substitutive relationship between informal nursing and formal nursing, and this substitutive relationship is not affected by the individual heterogeneity of the degree of disability of the elderly. This shows that the state policies of encouraging and supporting family care for the older can effectively promote the demand for informal nursing services and reduce the burden of families and the society.

Factor Input, Institutional Changes and China’s Grain Growth: An Empirical Analysis Based on Provincial Panel Data

CHEN Su, ZHANG Li-guo

2019, 0(06):  160. 

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By applying the econometric analysis model constructed by Griliches product function, this paper conducts an empirical and theoretical analysis of the relationship between China’s grain growth and the factor inputs, the institutional changes and natural disasters during the different stages from 1994 to 2016 and explores the promotion effect of the factor input and the institutional changes on the grain growth. The findings reveal that the institutional changes have a significant impact on China’s grain growth; there are great differences in the functions of institutions at different stages. As the various systems are gradually become improved, the potential of institutional factors contributing to grain growth become less and less, while the promotion effect of the factor inputs become more and more significant. Under the restrictions of resources and environment, in order to protect farmers’ production enthusiasm and stabilize grain production, it is suggested that the government should take the opportunity of“rural revitalization”and adopt reasonable policies to speed up the cultivation of new professional farmers, to improve the mechanization level of grain production energetically and to construct the agricultural socialization service system actively. The government should give full play to the markets in allocating resources, continue to deepen the reform of the price system, improve the mechanism of sustained growth of agricultural input, optimize the expenditure structure of fiscal support in agriculture, and improve the grain subsidies mechanism.

Mutual Fund Support for Poverty Alleviation: Availability and Matching——An Analysis Based on the Two-Way Choice between the Poor Households and the Mutual Funds

WANG Gang1, CAI Rong1, JIN Qiang2, SHI Qi1

2019, 0(06):  161. 

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Based on the survey data of 15 poverty-stricken villages in Zhouqu county in the deeply poverty-stricken area, this paper investigates the degree of mutual funds’ support for poverty-stricken households in terms of availability and matching. Based on the fitting results from the bivariate Probit model, the experiences from Zhouqu county show that the poverty alleviation mode with the help of mutual funds is characterized by easier fund availability but weaker matching: in terms of the availability of mutual funds, in order to give priority to meeting the requirements of local governments’ supervision and assessment, the mutual funds appeal to have some“tolerance”for the application of mutual funds from poor households; in terms of the matching of mutual funds, the risk of payment collection has become the priority factor of mutual funds, showing a certain degree of selective characteristics of“aversion to the poor and love to the rich”. Therefore, it is necessary to improve the current supervision mode, perfect the mutual fund guarantee mechanism, strengthen the mutual fund supply orientation and promote the group joint guarantee system, so as to help improving the precision of mutual fund poverty alleviation.

Carrier and Path: Political Theory Construction of the Party in the Central Soviet Area

ZHANG Hong-qing1, XIAO Wen-yan2

2019, 0(06):  162. 

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During the Soviet Movement period, the Party’s political construction has its specific contents and measures, of which, especially, the“Party’s political theory construction” has extremely rich historical facts. From the newspapers, books, articles to the lectures, conference reports, and to schools, societies and the traditional customs of the general public, the Central Soviet Area can always reflect the multidimensional carrier, grassroots trend and effective path of the Party’s political theory construction with outstanding achievements in the revolutionary era. The practice of the political theory construction of the Party in the Central Soviet Area can provide reference and example for the leaders in the new era to study the theory, strengthen the belief, consolidate the foundation of faith, complement the calcium of the spirit, and master the rudder of the stable thinking.

Research on the Changes of Social Economic Thought in Modern China: Based on the Evolution Framework of Economic Thought Paradigm

XIONG Jin-wu

2019, 0(06):  163. 

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The modern Chinese economic thought has undergone a transition from traditional and pre-scientific economic thought to modern and scientific economics. The methodology of the Lakatos Scientific Revolution Program is conducive to understanding the paradigm shift of economic thought. Through the construction of economic thought evolution mechanism, this paper analyzes the transformation of modern Chinese social economic thoughts, points out the possible direction of China’s modern social economic thought changes, and illustrates the complexity of social economic thought forms: overseas students, overseas returned economists, missionaries and other scientific communities are closely related with the evolution of social economic thought forms. To construct an economic theory system with Chinese characteristics requires insisting on the local economic ideology and culture tradition, being rooted in China’s unique problem consciousness, and facing the actual economic problems.

On the Economic Policy in Economic Law: Taking the Policy Application in the Field of Banking Law as an Example

GAN Qiang

2019, 0(06):  164. 

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The orientation of economic policy in economic law is related to the development direction of economic law. The current “identity theory”, “theory of nature”, “methodology theory” and “soft law theory” all pay attention to the close relationship between economic policy and economic law，which has great significance, but there is still room for development. The operation of economic policy in the field of banking law shows that economic policy is a kind of economic law thinking and a way to realize the regulation and control of economic life by economic law. Its inherent logic is as follows: at the stage of “economic policy in advance”, economic policy is used as a preliminary rehearse of legislation; at the stage of “economic policy into law”, economic policy itself has become a kind of legal rule; at the stage of “economic policies implementation”, economic policy has yet become a way of implementation of economic law. Although the formulation, expression and performance of economic policy need to be further improved, it cannot be denied that economic policy thinking plays an important role in economic law’s regulation of economic life.

A Tentative Analysis of the Significance of Collective Action to the Development of Rural Cooperative Economic Organizations in China: A Comment on Chinese-Style Water Control: Rural Cooperative Organizations and Collective Action

YANG Yu, WANG Fang

2019, 0(06):  165. 

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