Finance & Trade Economics

Abstract:网络金融是一种新型的金融形式。This paper analyzes the survival logic,theoretical structure and supervision rules of internet finance from the perspectives of its basic contents,operation structure,theoretical foundation,risk characteristics,supervision standard and substitution boundary.Broad market space is the necessary condition of internet finance,and the match of financial function and technological characteristics of internet is the sufficient condition and logic foundation of internet finance.Financial function theory, "second disintermediation" theory,new credit theory,inclusive finance theory and continuous finance theory constitute the unique theoretical structure of internet finance.The risks of internet finance may appear in the forms of operation risk,technological risk,credit risk and liquidity risk,but the intrinsic risk is in the form of transparency risk while the external risks lie in the safety of technology and system.The additivity of risks is relatively obvious.Based on above risk characteristics,this paper holds the opinion that the basic standard of internet finance supervision is transparency,while the external standard is technological safety level of platform.The competition between internet finance and traditional finance will promote the reform of financial structure and the improvement of financial efficiency,and help complete the transformation from finance for big enterprises and finance for the rich to inclusive finance.

Abstract:The purpose of this paper is to evaluate the performance of affordable housing policy in China and to analyze its problems.We find that the development of affordable housing has experienced three stages:initial stage,fast development stage and adjusting stage.In the aspect of policy performance,the paper evaluates it in four re- spects: housing supplies,housing prices,housing conditions and macroeconomic policy.This study suggests that the effect of affordable housing policy was significant during fast development stage,bttt began to be weak- ened after 2001.On the basis of the empirical analysis,the paper analyzes present problems of affordable housing policy in three aspects: supplying size,building standards and subsidies.Finally,the paper gives some recommendations,including stabilizing supplying size,regulating building standards and changing subsi- dizing approach.

Abstract:Based on three-dimensions Decomposition (ie industries,provinces and energy types) of CO2 emission in China from 1995 to 2007,this paper finds that it’s necessary to transform from the capital-driven growth model,promote energy and capital productivity and adjust energy and industrial structures in order to reduce CO2 emission

Abstract:Carbon-motivated border tax adjustment is a unilateral international trade policy aiming at compensating the loss of competitiveness of carbon intensive products due to carbon dioxide abatement actions It violates fundamental principles of the UNFCCC,and potentially conflict with the core WTO principle of non-discrimination,reflected in the GATT Articles I and III Based on the analysis of embodied carbon emission of China's industrial exports,this paper evaluates the potential impacts of carbon duty to China's industrial production,exports,and employments with a recursive dynamic CGE model The results of simulation show that with a rate of 30 or 60 US dollar per ton of carbon the output of China's industrial sectors would decline 062%～122%,exports would experience a drop of 353%～695%,and employment opportunities would go down 122%～239% The shock of the border tax adjustment would probably persist for more than 5-7years Furthermore,some of non-carbon-intensive sectors,such as manufacture of electrical machinery and equipment,would probably be affected more seriously The authors also suggest for several measures of alleviating the impacts of carbon duty,and put forward a policy of carbon duty based on carbon consumption per capita as a countermeasure

Abstract:Fiscal incentive is closely related with the extra-budgetary revenues. Based on our definition of “fiscal incentive”, we explore the impacts of fiscal incentives under decentralization on responsiveness of public good provision to real local needs. There are also some problems in fiscal decentralization in China: first, with a huge basis of extra-budgetary revenue, the size of local government would be expanded, resulting in a heavier burden on the shoulder of local citizens and peasants; second, there exist some decreasing return to scale in local extra-budgetary expenditure; thirdly, “urbanization” (measured as the ratio of rural population to the total population) is negatively correlated with the local extra-budgetary expenditure on urban maintenance, indicating that in China, the process of industrialization and urban construction are not consistent.