Table of Content

25 January 2020, Volume 0 Issue 1

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Xi Jinping's Thought of Socialism with Chinese Characteristics in the New Era

Theoretical Interpretation and Value Implication of “People-Centered Development Thought”

LUO Hong-jie, PING Zhang-qi

2020, 0(1):  3-10. 

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People-centeredness is the fundamental position of the Communist Party of China. Adhering to people-centered thinking is the significant advantage and basic strategy of the socialism with Chinese characteristics in the new era. The“people-centered development thought”is a scientific thought with Marxist“humanism”as the theoretical cornerstone and the CPC's“people-oriented”governing philosophy as the ideological foundation, which has comprehensively revised western humanitarian theories, and whose essence has surpassed the traditional Chinese people-based thought. This idea contains rich scientific connotation and profound spiritual essence. In the new era, the“people-centered development thinking”is fully integrated into the“five developments”concept, the“four comprehensives”strategic layout, the“five-in-one”overall layout, the“four greats”historical mission, and the comprehensively deepening reforms. It is of great value and significance to advance the governance of the country in the new era.

Economy & Management

An Analysis of the Buyer Concentration in China's Residential Land Market: A Study Based on Big Data

WU Jing, ZHANG Rong-jie

2020, 0(1):  13-24. 

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Residential land is the most important input factor in the real estate development. The quantitative measurement of buyer concentration in the residential land market is the key to accurately grasp the status quo of industrial structure of the real estate developing industry, so as to promote the supply-side structural reform of urban housing markets and scientifically formulate the industrial policies for the real estate developing industry. This study makes use of both the big data resources, i.e., the land leasing bulletin and the business enterprises registration, and accomplishes for the first time the quantitative measurement of the city-level buyer concentration ratio of the primary residential land markets in 286 cities from 2008 to 2017. The research results show that China's urban residential land market has actually reached a very high buyer concentration degree, which has still been keeping a fast increasing trend in recent years. Up to 2017, over 70% of the sample cities could be identified as some kind of oligopoly markets, and the concentration ratio is especially high in the cities in the western region and the third and fourth-tier cities. It has become a top priority to re-examine and reasonably adjust the current industrial policies for China's real estate developing industry.

Foreign Aid, Institutional Quality and China's Outward Foreign Direct Investment

LI Fu-you, WANG Yun-liang

2020, 0(1):  25-35. 

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From the perspective of the locational choice for outward foreign direct investment, this paper makes use of the cross-country data from 2003 to 2014 and the dynamic panel models to analyze the effect of foreign aid and the system quality of recipient countries on China's outward foreign direct investment comprehensively. The findings show that, if the institutional factors are not taken into account, foreign aid is the“vanguard”of China's overseas investment. A 1% increase in aid to recipient countries can drive China's investment in recipient countries to grow by 5.8%. If the institutional factors are considered, the corruption control of the recipient countries will not affect the impact of aid on direct investment; the efficiency of government operations and the level of the legal system will positively affect the pioneering role of the aid. Seeing from the different types of aids, the corruption control, government running efficiency and the level of the legal system would positively influence the“pioneer role”of the economic infrastructure aids, while the promotion effect on social infrastructure aids is not significant. The positive effects of production sector aids on China's outward foreign direct investment are obvious under the influence of government running efficiency and the level of the legal system, while the aid effect in the non-production sector is only significantly positive under the influence of corruption control and government running efficiency.

An Analysis of the Development Path of Resource-Based Cities Based on Dual Dynamic Value Network: Investigation of China's 126 Resource-Based Prefecture-Level Cities

XU Yuan-chen, QIU De-rong

2020, 0(1):  36-47. 

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The resource-based cities are generally faced with the double restrains of the fast increasing resource costs and the industrial rigidity, how to fully use the global value network to search for the appropriate path has prominent significance in people'livelihood. Different from previous research ideas, this paper starts from the theoretical framework of the dual dynamic value network, conducts a two-dimension classification of the resource-based cities based on the variables of market potential and city development ability, and carries out an empirical study of the influencing factors on the city development based on the dynamic value network variables. It is found that, unlike the commerce-based cities, the resource-based cities mainly adopt the indirect ways to integrate into the value network, and they adopt the form of supplier-driven development. There are structural contradictions in the elements of strong mobility. The market demand-driven force plays a key role, and the traditional resource input and the marginal influence of city capacity have a substitution effect for each other. On such basis, this paper puts forward the policy design logic of“classified positioning-value discovery-value management and innovation”for the resource-based cities. The key point of path adjustment is to construct the market economic cycle system for the resource-based cities and to carry out the classified city management.

Customer Concentration Ratio and Company Litigation Risks

YANG Su-chang, MA Ya-hong

2020, 0(1):  48-61. 

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The listed companies of China generally rely on relational transactions, and the customer concentration ratio is rather high. How this phenomenon will affect the litigation risks of the companies is worthy of attention. Taking the A-share companies listed in Shanghai and Shenzhen stock exchanges during the period of 2008-2017 as the research objects, this paper studies the impact of customer concentration ratio on corporate litigation risks and the heterogeneity of this impact in different contexts. The empirical results show that in the sample groups with higher customer concentration ratio, the customer concentration ratio will increase the litigation risks for the companies; while in the sample groups with lower customer concentration ration, the customer concentration ratio has no significant impact on the litigation risks for the companies. This also verifies that excessive customer reliance may increase corporate risks from the perspective of litigation risks. It is found through further distinguishing the company sizes, the nature of property rights, the quality of internal control, and the level of regional marketization that the impact of customer concentration ratio on litigation risks is only significant in the companies with small scale, non-state holding, weak internal control and lower regional marketization. It indicates that the difference in market standing and internal and external governance mechanisms would cause the heterogeneity in the customers' influence on corporate behaviors. Companies can reduce these kinds of impacts and litigation risks through the improvement of internal and external governance mechanisms.

Insurance and Security

A Study of the Regional Efficiency Differences of China's Endowment Insurance and the Affecting Factors: From a Comparative Perspective between the Workers' Insurance and the Residents' Insurance

QIANG Guo-min, DING Jian-ding

2020, 0(1):  62-70. 

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Through setting up the non-radial super efficiency DEA model, this paper conducts a mesurement of the efficiency of the endowment insurance for urban workers and the endowment insurance for urban & rural residents of China's 31 provinces and compares the regional differences, so as to further study the affecting factors. The results show that the efficiency of both the endowment insurances presents obvious regional differences: among which, the efficiency of endowment insurance for urban workers is the highest in the northeast region, the lowest is in the central region, and that in the western and eastern regions is almost the same. The efficiency of endowment insurance for urban & rural residents is the highest in the eastern region, while the differences in the northeast, central and western regions are quite close. Such factors as the level of regional economic development, the level of urbanization, the degree of aging and the size of the government public expenditures can exert important influence on the efficiency of the endowment insurance for urban workers and that for urban & rural residents.

Evaluation of the Solvency of Urban Pension Insurance Based on Longevity Risks

XIE Lin

2020, 0(1):  71-84. 

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With the fast development of the aging population, the longevity risks exert great adverse impacts on the current pension system. In order to accurately assess the solvency status of urban employees' basic pension insurance in the context of longevity risks, this paper constructs a full-factor interval estimation method based on the double-randomized Lee-Carter model of finite data and measures the longevity risks. Then by establishing a solvency assessment model, it evaluates the solvency under the ongoing operation of the current system from 2018 to 2050. After that, it incorporates the reform scheme for delaying the retirement age into the solvency assessment model to examine comprehensively the solvency conditions of China's basic pension insurance for urban employees, the purpose is to provide guidance and suggestions for the urban employees' basic pension insurance in China to keep a long-term healthy and sustainable development.

Agricultural Research

A Study of the Intergenerational Differences in the Rent Pressure of Agricultural Transferred Population: Evidences from Mean Decomposition and Quantile Decomposition

WEI Wei

2020, 0(1):  85-98. 

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The level of rent pressure on the agricultural transferred population inflowing into cities is directly related to the process of citizenization of the agricultural transferred population. Based on the national monitoring data of the floating population in 2016, this paper applies the Oaxaca mean difference decomposition and counterfactual distribution MM quantile decomposition to conduct a measurement. The findings show that there is a significant intergenerational difference in the rent pressure on the agricultural transferred population, and the “new generation” of the agricultural transferred population born after the 80s is carrying a higher absolute pressure value and relative pressure ratio of rent than those carried by the older generation. There is a kind of intergenerational rent discrimination against the “new generation” in the housing leasing markets in cities. The degree of intergenerational discrimination shows a U-shaped changing tendency along with the increasing of the degree of rent payment pressure. The conclusions have positive reference value in promoting the fair pricing of the urban housing rental markets and in promoting the willingness and process of the “citizenization”conversion of the new generation of agricultural migrants.

The Realistic Dilemma of Poverty Reduction by Rural Labor Flow in Poverty-Stricken Areas and Policy Choices: Based on Micro-Survey of Rural Households at Continuous Destitute Areas

HAN Jia-li

2020, 0(1):  99-110. 

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To win the battle against poverty is the fundamental guarantee for the realization of a well-off society in an all-round way. At the present stage, the problem of poverty differentiation in China's rural areas is prominent; the marginal efficiency of the poverty alleviation policies is decreasing and the marginal cost is rising. In this context, the rural labor mobility as a spontaneous economic decision-making behavior is the main policy tendency to help the impoverished people out of poverty. However, the internal and external environment of rural labor mobility in poverty-stricken areas has changed fundamentally in the new era, which poses a great challenge to its poverty reduction effect. Therefore, this paper examines the current situation of rural labor mobility and poverty alleviation in poverty-stricken areas based on the micro-survey data of farmers in the representative continuous destitute areas and analyzes in depth the practical difficulties they are facing. On this basis, from the perspective of three-dimensional structure, combined with such macro-strategies as precise poverty alleviation, rural revitalization and new urbanization development, this paper points out five feasible policy optimization paths, such as to speed up the specialty industries in the poverty-stricken areas, to promote the local non-agricultural employment of the labors, and so on.

Literature, History and Philosophy

An Analysis of the Promotion of Consumer Cooperatives in Jiangxi Judicial Circle during the Period of Republic of China

GONG Ru-fu, LI Yan

2020, 0(1):  111-119. 

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During the period of Republic of China, with the original intention of improving the unit employees' welfare, providing low-cost and high-quality goods, and improving employees' economic conditions, the employee consumer cooperatives were organized in governments at all levels, schools, enterprises, and even in the military troops. As the Anti-Japanese War entered a stalemate phase, according to the requirements of the Ministry of Justice, the judicial circle in Jiangxi vigorously promoted the employee consumer cooperative movement. However, under the judicial system that embarrassed employees' livelihoods, the introduction of an equal and mutually beneficial employee consumption cooperation mechanism into the judicial organs not only failed to achieve the expected effect of improving employee welfare, but also became an excellent excuse for a few people to use their power to seek rent. Coinciding with the lack of supplies during the war, coupled with the worsening inflation, consumer cooperatives were distorted and transformed into institutions that harmed the welfare of employees, which exacerbated the process of disintegration of the personnel within the judicial organs, showing the complete collapse of the national government from the level of the judicial system.

Law & Economy

On Macro Prudential Supervision of Stock Index Futures and Stock Spot Cross Market Transactions: In the Context of the Establishment of the CFSDSC

LIU Hui

2020, 0(1):  120-133. 

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The ensuing incidents of“8.16 Everbright's Fat Finger Events”,“5.28 Stock Market Dramatically Dropping Event”and“5.6 Thousands of Shares Limited-down Events”heavily proclaimed the careless omission of the legal system for macro prudential supervision of China's stock index futures and stock spot cross market transactions. According to the basic principles of risk responsive financial law, the macro prudential supervision for the cross market transactions must respond to the basic needs of systematic risk management and cross market coordination and stability. Therefore, the government should grant the decision-making power of macro prudential supervision to the Council for Financial Stability and Development of the State Council (CFSDSC), grant the executive power of macro prudential supervision to People's Bank of China, keep the limit up or down system for individual stocks and establish the circuit breaker mechanism for cross market transactions, establish a legal system for cross market transaction sharing supervision and liquidity management, as well as a legal system for the supervision of key trading behaviors of important institutional investors, and formulate the“Futures Law”to guide the basic legal system for macro prudential supervision.

Tax Preference under Multi-Stage Administration: From the Perspective of Enterprise Income Tax Preferential Cases

SHI Yi

2020, 0(1):  134-147. 

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Tax preference is extensively applied in the social economic development with state macro-control, which not only played a role in attracting investment and promoting industrial development in 1980s for the fast development of China's economy, but also is currently playing a role in optimizing the investment structure, promoting industrial upgrading and guiding economic transformation. However, it is because tax preference has been guided by such economic policies for a long time that it has become an increasingly discretionary object in national legislation, and is increasingly divorced from the nature of“taxation according to ability to pay”in tax law and the formula of “statutory taxation”. In the normal state of administrative power expansion in post-rule of law countries (social countries), the administrative organs (the exercised administrative power) have even become a decisive factor in the identification of tax preferences. Therefore, there are many provisions of pre or post procedures involving administrative agencies in the preferential tax terms. It is precisely because the current situation that tax preference has been successful that they should be interpreted in a new way. Thus, the multi-staged administration is not only the essence of things under tax preference, but also the only way to improve its rule of law.