Abstract:The important characteristic of the transformation of Chinese economic system is that the ration of state-owned economy descends since the economic reform.It is embodied in Chinas economic growth which displays both the increase in the ratio of GDP and the rate of growth.It is manifested in the equilibrium of growth ,i.e. the nonstate\|owned economy is bound by the market more than the state\|owned one,and therefore it reduces the effect of governmental intervention. It is represented in factor efficiency, i.e. the efficiency of social labor and capital will increase as the ratio of nonstate\|owned economy increases ,it will especially enhance the efficiency of capital.

Abstract:This paper attempts to examine why Chinas medium and small\|sized enterprises MSEs cannot obtain adequate financial services and to propose remedies for the situation.The paper first analyzes the importance of MSEs in Chinas economic development.The labor\|intensive MSE is the most dynamic element in Chinas enterprise system due to the labor\|abundant and capital\|scarce nature of endowment structure at the current stage of Chinas economic development.However,during the planning economy period that followed the “leap\|forward” strategy,the government established highly concentrated big banks to support the development of capital\|intensive large enterprises,which were inconsistent with the comparative advantage of Chinese economy and are non\|viable in a market system.Large sized financial institutions are inherently not suitable for providing financial services to MSEs.Therefore,Chinas MSEs are under served financially.The paper argues that the costs and efficiency of providing financial services to different sizes of enterprises are different,depending on the structure of financial system.The paper concludes that the development of medium and small\|sized financial institutions is the way to overcome the difficulty in providing financial services to Chinas MSEs.

Abstract:The broadening of market share in economic operation forces the interest rate to be market-oriented. Now, China is putting in action the market-oriented interest rate gradually by the mode of “Five first, Five second”. After interest-rate was market-oriented, the commercial bank acquired the right of fund-pricing independently.But the market-oriented interest-rate brings a new kind of market risk—interest rate risk to commercial bank, too. According to the duration, this paper classifies the risk of market-oriented interest-rate as two sorts, one is the transitional risk, another is the everlasting risk. The transitional risk means that, commercial bank cant adapt to the background of the market-oriented interest-rate at the initial stage, because the process is transitional and systematic. The everlasting risk, namely, interest-rate risk, is long and non-systematic.The control of risk, needs both organization building, technique of risk recognizability, adjustment of balance sheet structure, off-balance hedge of commercial bank and elasticity control, norm-based adjustment, transparency in decision-making,market stimulus by the central bank.

Abstract:Agricultural industrialization is a process of evolution and innovation of rural economic organization.This paper analyses the historical process based on the investigation of Laiyang County,Shandong Province.At the early stage of agricultural industrialization,rural economic organization mainly tooks the form of cooperatives and the form of “leading firms +farmers”. However,both of these forms have defects.The cooperatives,being too small,possess too few assets for mortgage.The “leading firms+farmers”,on the other hand,are not effectively bound by their contracts,if any.So,intermediary organizations are needed to remove these defects.New organizations,such as “firms+cooperatives+farms” or “firms+big farmers+small farmers” are innovated as a result.This innovation improves the efficiency of rural economic organization,but the new forms,too,have their problems caused by the incomplete contracts and inadequate assets of intermediary organizations.To solve these problems,we need to have a fresh look into the improvement and innovation of rural economic organization.