This paper divides the expenditure of local government into the productive and nonproductive expenditure for revealing the effect of local government’s expenditure on output-capital efficiency through model and empirical analysis. In general, the elasticity of productive expenditure is more than that of nonproductive in a developing country. Therefore, the drawing effect of productive expenditure on economic growth is more than nonproductive one. However, the positive drawing effect of local government’s expenditure on the ratio of output to capital can be displayed only if the expenditure is within a reasonable scale. When the public expenditure has surpassed the limit, there will be a negative influence. Through our empirical analysis on current Chinese economic data, it shows that the positive drawing effect of local government productive expenditure on the ratio of output to capital is remarkable; however, the positive effect of expenditure on economic construction is critically small. In some areas, the government expenditure behavior has indirectly become the economic intervention and it reveals the negative effect and low efficiency in high speed of economic growth. It is imperative for Chinese government to improve the efficiency of economic growth by adjusting the expenditure structure of local government.
This paper presents a new answer to the old question of how to aggregate individual beliefs. We construct a model which allows agents to take arbitrage opportunities against the aggregated belief by making contingent claims against the states, and the aggregator (market maker) regulates the probability of states. When all claims from the agents are mutually covered for every realization of the state, an aggregation of individual beliefs is thus obtained. We prove the existence and uniqueness of the equilibrium aggregation, and also show that the aggregate belief lies in the convex hull of individual beliefs. This model allows us to address some important problems such as how individual agent’s attitude toward risk and wealth endowment affect the outcome of the aggregation process, and whether the aggregate belief satisfies the well-known properties like equal treatment.
In this paper we consider infinite horizon multilateral bargaining with alternate offers. We prove that there exists only one stationary subgame perfect equilibrium outcome and it corresponds to the unique invariantmeasure of a column stochastic matrix. We characterize this stationary subgame perfect equilibrium outcome in a closed form, and also extend the approach to the multilateral bargaining with random moves.
This paper centers on tonal representation of Chinese Wenzhou dialect. Tonal behaviors in Wenzhou indicate that tone is on an independent tier to the segment. Also, because of the complex of register and contour, Chinese tones have been represented with a structure of two dimensions, i.e. register and contour. However, these representations present an insolvable dilemma when analyzing the tonal behavior of Wenzhou dialect. Noticing that tone sandhi in Wenzhou is totally blind to register, we will propose that register is not an underlying feature for Wenzhou tone. We will further suggest that it is the initial consonant that carries the feature of register. This paper will conclude that the tonal representation of Wenzhou dialect has only one level, the tonal contour is formed by concatenation of level tones, and initial consonants carry the burden of meaning distinction that “tonal register” is supposed to carry.
Virtual marketing teams have emerged in T Company, a regional branch of China Telecom, and led to tremendous success in recent years. It is beneficial to explore the reasons behind such a phenomenon and to identify the factors leading to high performance. Investigating these issues also helps deepen our understanding of managerial experience and some important organizational changes that Chinese state-owned enterprises are going through. In this case study, analysis of the characters of high performing virtual marketing teams in T Company concentrates on four main team processes, namely virtuality and communication, personnel selection, trust, and motivation. Key factors contributing to the team’s high performance are analyzed, and the implications of the results for management and future research directions are also discussed.
As a State Party to the 1982 United Nations Convention on the Law of the Sea, China adheres to the principle of the common heritage of mankind and supports the International Seabed Authority functioning to organize and control activities in the Area. According to international law, domestic legislation on the Area is a substantial requirement for obligations/responsibilities and exemption from liability of a sponsoring State. China has a sound legal base for legislation on the Area’s activities and is accelerating the process of legislation on this field in recent years. This paper will introduce the background and process of the nation’s legislation and examine the framework of the law on activities in the Area. Specific issues under the law pertain to relevant considerations, structure, objectives, principles and key elements. The follow-up efforts of China’s legislation on activities in the Area are also briefly mentioned.
The Chinese Iconography Thesaurus (CIT) is freely accessible and brings together sinology, art history and information studies to create the first alternative classification scheme, especially designed for the Chinese visual culture, with a complementary image archive. Traditionally iconography has been used to index and access images of European art. Because of the lack of alternative models, the contents of non-Western art objects have long been catalogued according to Eurocentric classifications. To fill this gap, a research group led by Hongxing Zhang, Senior Curator of Chinese collections at the V&A London, created the CIT.
The CIT website is built and hosted by Brill. The database can be consulted in both Chinese and English and is regularly updated; Currently, it contains 10,000 terms extracted primarily from pre-1900 sources and 2700 images of objects from the V&A, the MET, and the NPM Taipei.