CONTENTS
The Trend and Perspective of Rural Migrant Workers in China
······································Han Changfu (4)
Riddle of the Sustained and Rapid Tax Increase in China
·······································Gao Peiyong (13)
Marxist Approach to Socialist Economy Transition
······················· Yao Shujie，Feng Genfu and Wei Kailei (35)
Capital Expenditure Decentralization, Public Capital Investment Composition and
Economic Growth
······················Jia Junxue，Guo Qingwang and Liu Xiaolu (47)
Human Capital Return and Income Disparity: ‘Mathew Effect’ and Its Implication
······································ Zhang Juwei (59)
Which Is the Main Reason for Income Inequality in Rural China: Physical Assets or Human Capital?
······························· Gao Mengtao and Yao Yang (71)
The Value of Reputation: Evidence from Online Auctions
················ Zhou Li'an, Zhang Weiying, Gu Quanlin and Shen Yi (81)
Railroad Ticket Pricing and Social Welfare
··················· Jiang Dianchun, Yang Chao and Sheng Mingquan (92)
An Empirical Study of Individual Cognitive State in the Transition of Governing
the Commons
·····················Zhu Xianchen, Zhang Ping and Huang Kainan (101)
The Evolution of Stock Market Regulation and Supervision in China:1873—1949
······························Cheng Jiuyan and Zhu Wuxiang (114)
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The Trend
and Perspective of Rural Migrant Workers in China
Han Chang
fu
(Research
Department, State Council of China)
Abstract: Based on systematic analysis on the developing trend of Chinese
rural migrant workers and selective factors that influence solving the problem
concerning rural migrant workers, this paper has designed a model of migrant
workers' flow between rural and urban areas, and population's settlement in
cities, and then it describes a curve that indicates migrant workers' city
settlement trend. Finally, the historical process and the basic method to solve
the problem concerning rural migrant workers have been drawn .The conclusion of
this paper is that the rural migrant worker problem is the attribute of the
strategy so that it will accompany China's entire modernization process.
Moreover, the problem will terminate correspondingly with the ending of
modernization, which would happen around 2050 as an ending point. The rural
migrant workers are engaged in both farming and non-farming jobs, sometimes
staying in urban areas and sometimes staying n rural areas, in order to obtain
mobile employment and gradually transfer into non-farming industry and urban
areas. To solve the migrant workers problem, the strategy of overall and
balanced development between urban and rural areas should be carried out and
the policy that industry fosters agriculture's development in reverse and urban
areas support to rural areas should be adhered to. Furthermore, with the
motivation of institution reform and policy innovation, elimination of the
urban-rural dual structure should be gradually strived for The human-centeredness
principle and fair treatment to both urban and rural population should be
established.
Key Words:Rural Migrant Workers; Developing Trend; Flow Model
JEL Classification:J430, O110, O180
Riddle
of the Sustained and Rapid Tax Increase in China
Gao Peiyong
(Institute
of Finance & Trade Economics，CASS)
Abstract: After 12 years' sustained and rapid growth, China's tax revenue is exhibiting a more robust increasing trend at the beginning of the 11th
Five-year Plan period, which has aroused more significant implications for
macroeconomic operation and the overall economic and social development course.
Starting from an analysis of the relation between tax revenue and current tax
system, the paper is intended to find out the unusual factors supporting China's sustained and rapid tax increase. Under this basis and by adopting a particular
perspective, the paper focuses on, one by one, several major issues resulted
from the sustained and rapid tax increase, provides policy judgments and puts
forward relevant policy recommendations.
Key Words:
Tax Increase; Scope for Tax Collection;
Tax Burden; Tax System Reform
JEL Classification:H100，H210，H300
Marxist
Approach to Socialist Economy Transition
Yu Jinfu
(Institution
of Economics, Henan University)
Abstract: There are by and large five approaches to socialist economy
transition so far: the rapidity analysis of “radicalness-gradualness", the
quantitative analysis of “target-index", the conjunction analysis of “politics-economics",
the economic analysis of “cost-benefit", and the positive analysis of “course-performance".
There are both rationality and obvious limitation in these approaches. This
paper argues that the Marxist institutional approach based on the scientific
world view of Historical Materialism is the scientific approach to socialist
economy transition. Therefore, this paper analyses socialist economy transition
thoroughly and systematically with Marxist institutional approach, namely, the
analysis of “mode of production social structure". The basic viewpoints of
this paper are as follows: Socialist economy transition is substantially the
transformation of social economy structure namely form of production and
production relationship, the root of the transformation lies in the inherent
contradiction of traditional socialist mode of production and social economy
structure, and the trend of the transformation is consequentially constructing
modern socialist pattern adaptive to market economy.
Key Words: Economy Transition; Mode of Production; Social Structure; Modern
Socialism
JEL Classification:B240，P200，P270
Economic Growth in the Presence of FDI:
The Perspective of Newly Industrializing Economies
1.Yao Shujie
，2.Feng
Genfu and 3.Wei
Kailei
(1.Nottingham
University；2.Xi'an
Jiaotong University; 3 .Middlesex University)
Abstract: Although FDI is widely believed to have a positive effect on
economic growth, the exact mechanism of how FDI impacts upon the development
process of the newly industrializing economies is far from being well
understood. This paper presents and tests two hypotheses on the role of FDI in
economic growth from a newly industrializing economy's perspective. First, FDI
is a mover of production efficiency because it helps reduce the gap between the
actual level of production and a steady state production frontier. Second, FDI
being embedded with advanced technologies and knowledge is a shifter of the
host country's production frontier. Due to its dual role as a mover of
production efficiency and a shifter of production frontier, FDI is a powerful
driver of economic growth for a newly industrializing economy to catch up with
the world's most advanced countries. China's economic success over the past
decades provides an ideal example to test the hypotheses.
Key Words: FDI； Economic Growth； Industrialization； China
JEL Classification: F210，E230，D510，C230
Capital Expenditure Decentralization, Public Capital
Investment
Composition and Economic Growth
Jia Junxue Guo
Qingwang Liu Xiaolu
(China Financial Policy Research Center Renmin University of China)
Abstract: This paper analyzes the
mechanics of capital expenditure decentralization and public capital investment
composition on economic growth by setting up a twosector endogenous growth model
dividing capital expenditure decentralization into physical capital and human
capital expenditure decentralization. The theoretical analysis suggests there
are hump shaped curve linking the economic balance growth rate and physical
capital and human capital expenditure decentralization as well as public
capital investment composition and thus growth-maximizing value for physical
capital and human capital expenditure decentralization as well as public
capital investment composition. On the other hand, We analyze the effects of
capital expenditure decentralization and public capital investment composition
on economic growth based on data in China. The positive analysis suggests that
the share of public physical capital investment to public capital investment is
lower and capital expenditure decentralization are high, which has significant
implies for the allocation of public capital investment in China.
Key Words: Capital Expenditure
Decentralization; Public Capital Investment Composition; Economic Growth
JEL Classification:G320，G340，G390
Human Capital Return and Income Disparity:‘Mathew
Effect'
and Its Implication
Zhang Juwei
（Institute of Population and Labor Economics, Chinese Academy of
Social Sciences）
Abstract: After analyzing how human
capital return related to income disparity, the paper estimated educational
return and how it varies by educational attainment and income distribution. It
is found that the average educational return is about 4.34%, but it varies with
educational attainments and income distribution. The educational return is
about 8.9% for the senior high school and above, which is 2 times more than the
average educational return. Meanwhile, educational return seems to increase
with income level, the people with the 95% highest income
seems to be able to get two times more
than those with the 5% lowest income from increase of one year schooling. As a
result, the ‘Mathew effect' seems existing among income, education and
educational return, which suggests that income disparity is perhaps not reduced
unless the low income people would be able to improve their educational
attainments faster than the average.
Key Words: Educational Return；Income Difference；Mathew Effect
JEL Classification:J310, E250, I200
Which Is the Main Reason for Income Inequality in
Rural China:
Physical Assets or Human Capital?
Gao Mengtao
and Yao Yang
(Yunnan
Nationality University；CCER Peking University)
Abstract: Using a sample of 1320
households in 48 Chinese villages, this paper studies the reason of the income
inequality in rural China. By means of the non parameters method to estimate
the income function, to main finding includes: The human capital is the main
reason to enlarge the income inequity; the physical as sets including land have
no significance impacts on income inequity and in each different income
quintile groups, the human capital have larger impact on household income than
physical assets.
Key Words: Income Inequity; NonParameters Method;
Heterogeneity; Bootstrap
JEL Classification:D310, C140, C150
The Value of Reputation: Evidence from Online Auctions
Zhou Li'ana, Zhang Weiyinga, Gu Quanlinb and Shen Yic
(a:Guanghua School of Management,PKU;b:Institute of Business Research,PKU;c:e\|Business Center,PKU)
Abstract: Using a large online
transaction dataset from Eachnet, this paper empirically examines the effect of
seller reputation on market transactions. We find that seller reputation has a
significantly positive impact both on the probability of successful transaction
and on the transaction price. As a major finding of our paper, we also show
that the positive effect on the probability of successful transaction seems to
be larger than that on the transaction price. These fin
dings provide evidence on positive role
of reputation in a laissez faire virtual market.
Key Words: Reputation；Market Transactions；Online Auctions
JEL Classification: L140, L150
Railroad Ticket Pricing and Social Welfare
Jiang
Dianchuna
Yang Chaoa
Sheng Mingquanb
(a:Nankai University;b:Anhui University of Finance and Economics)
Abstract: It is generally believed that
the scalping of railroad ticket originates from price regulation because there
are arbitrage opportunities when ticket price is lower than the equilibrium
level. This paper, however, shows that arbitrage opportunities still exist even
in a market with equilibrium ticket price under certain circumstances. Raising
ticket price is not only helpless to restrain scalping but also harmful to lowincome consumers' welfare. We
developed a two -period ticket pricing model which is not only effective on
restraining scalping but also favorable to social welfare.
Key Words: Scalping; Railroad Ticket;
Price Discrimination
JEL Classification: C720,D430,L920
An Empirical Study of Individual Cognitive State in
the Transition
of Governing the Commons
Zhu Xianchen1 Zhang Ping1 Huang Kainan2
(1. School of Economics and Management, Nanjing University of Scie. & Tech.；
2. Center
for Economic Research, Shandong University)
Abstract：Based on the understanding of
the relationship between cognition, behavior and institution, using the
framework of the levels of preference, we analyse the transition of governing the
commons which owned neither by household privately nor by the public, but
shared in communities. Then we review the cognitive state in the transition of
governing the Commons by statistical inference: stimulated by signals from a
compound situation during transition period, individuals outside level of
preference and cognitive state arises conflict, i.e. preferring to gain the
decision making right of the commons while aversing from the matching duty of
providing. Analysis of variance and comparison shows, there is no significant
difference between two groups of cross sectional data. According to the change
of the value of the concerned variables, the adjusting of individual cognitive
state will be propitious to the transition of governing the commons.
Key Words： Layers of Preference； Cognitive Conflict； Transition of Governing the
Commons
JEL Classification：D700， H410， P210
The Evolution of Stock Market Regulation and
Supervision in China: 1873—1949
Cheng Jiuyan
and Zhu Wuxiang
(School of Economics and Management, Tsinghua University)
Abstract： Intuitionally, the
effectiveness of the supervisory practice in Chinas stock market from 1873 to
1949 would be very poor. However, what was the real scene in that time, and to
what extent would the weakness of the regulatory power be? From 5 dimensions
including the emergence of regulators, law making, law enforcement, the state
control of stock exchanges, and crisis management, this paper examines the
supervisory history during this period. We find that, (1) by quick law
transplant from other countries, the central government used to make relatively
complete law system for the market while the effectiveness of enforcing these
laws was rather bad all along, (2) the administrative management played a core
role in the multilayer supervisory framework, (3) there were never a complete and
strict mandated disclosure to be set up during this period, and the limited
attention was paid to how to control the market to ensure it works on the governments
requests. This structural feature can be explained by an equilibrium analysis
of fight-poison-with-poison institutions: powerful governmental force which can
easily deprive enterprises properties may promote many firms to go public with hidden
information; serious information asymmetry in the stock market then affects
negatively the effectiveness of rule of law; at last, the failure of rule of
law enhances the governmental force again.
Key Words： Supervisory Framework; Law
Making; Regulators; Imperfect Institution
JEL Classification：G180, K220, N450, O160
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