|Editorial Note|Land has become an issue of increasing social concern as demand continues to surge in the midst of economic development,urbanization and industrialization.The crux of the issue is the land regime. Chin...|Editorial Note|Land has become an issue of increasing social concern as demand continues to surge in the midst of economic development,urbanization and industrialization.The crux of the issue is the land regime. China has a unique dualistic land regime under which the land market has not been well developed.Based on a review and commentary of the existing land polices,this article elaborates on the deficiencies inherent in China’s dualistic land rights system and land market and offers policy recommendations for promoting land system reform and market development.This study will help us gain an in-depth understanding of the problems in China’s land regime.展开更多
Last year, the State Council issued the Several Opinions on Further Strengthening the Management of Urban Planning. The guideline on urban planning has sparked heated debate among Internet users over opening up gated ...Last year, the State Council issued the Several Opinions on Further Strengthening the Management of Urban Planning. The guideline on urban planning has sparked heated debate among Internet users over opening up gated residential communities to public road system. This paper, based on the analysis of the background and contents of block system reform, explored the problems of the implementation of the block system reform and the impact of the block system reform on the real estate in China from 3 aspects, the selling points of the high-end communities, future property management and the community elderly care model.展开更多
The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was es...The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much展开更多
At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the pr...At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the process of the SOEs reform. This paper conducts an in-depth analysis on auditing problems in the process of the SOEs reform from managerial points of view, makes the suggestion that we should introduce governmental audit into the auditing supervision of the SOEs reform, and discusses its methods, approaches, contents and procedures in detail. This paper also indicates the possible obstacles of implementing this suggestion.展开更多
International oil keeps low-price running after crash, and China deepens reformm domestically. Using this opportunity, China lays the same emphasis on investment and trade, on onshore and offshore transportation, give...International oil keeps low-price running after crash, and China deepens reformm domestically. Using this opportunity, China lays the same emphasis on investment and trade, on onshore and offshore transportation, gives full play to the important role of market in resource distribution, speeds up oil and gas system reform to guarantee clean, e fficienL safe and steady energy supply and long-term demand for energy. We systematically and thoroughly established legal system for oil and gas domains, reformed management system for energy domain, re＆treed regulatory domain, built modern market entity and multi-level market system, and improved oil and gas pricing mechanism, etc.展开更多
Since the beginning of 1994,Chinahas conducted a series of majorreform of the systems of taxation,finance,foreign trade and investment,achieving remarkable progress,whichhas played a good role in promotingthe establis...Since the beginning of 1994,Chinahas conducted a series of majorreform of the systems of taxation,finance,foreign trade and investment,achieving remarkable progress,whichhas played a good role in promotingthe establishment and developmentof the socialist market economic system.Not long ago,Xiang Huaicheng,DeputyDirector-General of the State TaxationBureau,made an introduction to thestate of China’s tax system reform anddevelopment trend to Chinese andforeign reporters.展开更多
The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Direct...The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial展开更多
This paper will analyze the history and evolvements of capital system in order to grasp the tendency of capital system reform. Managers should give more attention to the establishing of reform institution and the supe...This paper will analyze the history and evolvements of capital system in order to grasp the tendency of capital system reform. Managers should give more attention to the establishing of reform institution and the supervising of company capital system＇ s operation in the process of reform. Managers should also attach great importance to the third party and creditors when they value the interests of shareholders. It is imperfect to only emphasis or value the interests of the shareholders or the third party and creditors. In addition, creditor＇ s self-protection of civil action should obtain much more approaches in the process of reform.展开更多
Rural homestead system reform is an important manner of saving and intensive use of rural land in Anhui Province and an important means of impelling new urbanization development in Anhui Province. In the analysis proc...Rural homestead system reform is an important manner of saving and intensive use of rural land in Anhui Province and an important means of impelling new urbanization development in Anhui Province. In the analysis process of urbanization development status quo and trend in Anhui Province,combining the characteristics and existing problems of rural homestead system reform,implementation schedule and experience of rural homestead system reform in Anhui Province are summarized,and the influence factors of rural homestead system reform in Anhui Province are pointed out. By constructing five mechanisms: planning,withdrawing,transfer,management platform and public participation,it could provide the thought and direction for rural homestead system reform in Anhui Province.展开更多
By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experien...By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experiences that are conducive to amendments to relevant laws.This paper takes stock of the basic experience of Pidu District in addressing typical problems arising in its rural land system reform and then investigates the inner link between the reform and the persistence of high housing prices in cities,the capital flowing to the countryside,and the rural revitalization program.Based on this analysis,the author puts forward three basic directions of the rural land system reform:remain committed to marketization,balance the interests of all parties and promote the development of rural industries.展开更多
Reform of the corn stockpiling policy is a key initiative for advancing China's market-based grain stockpiling reform. It is a critical component of China's exploration of a price formation mechanism for agric...Reform of the corn stockpiling policy is a key initiative for advancing China's market-based grain stockpiling reform. It is a critical component of China's exploration of a price formation mechanism for agricultural products. Evaluating the effectiveness of such reform is therefore of great relevance. Based on nationwide farm monitoring data of 2014, 2015 and 2016, this paper examines the effects of the corn stockpiling reform on the decision of family farms to join cooperatives. Our finding suggests that after other factors that influence the decision of family farms to join cooperatives are controlled for, the probability of corn farms to join cooperatives in the Northeast and Inner Mongolia, where the corn stockpiling reform was carried out in 2016, is significantly higher compared with the probability of corn farms in non-reform areas that did so. The reason is that after the reform, corn producers must sell their corn to the market instead of to the State, bringing them sales problems, which could be mitigated to some extent by joining cooperatives.Thus, the corn stockpiling reform incentivized the market-based behavior of agricultural producers, giving play to the role of market mechanisms in regulating production and demand.展开更多
This study employed a difference-in-differences model to examine whether judicial reform could affect corporate employment,using the establishment of China's circuit courts in 2015 as a quasi-natural experiment.It...This study employed a difference-in-differences model to examine whether judicial reform could affect corporate employment,using the establishment of China's circuit courts in 2015 as a quasi-natural experiment.It found that the reform of the judicial system enhanced corporate employment significantly.The effects were stronger in enterprises with limited external financing and those situated in provinces with high levels of administrative intervention.Mechanism analysis suggested that the reform encouraged firms to pursue litigation more actively,reducing local judicial protectionism.It also promoted employment by easing financing constraints,expanding firm output,and improving productivity.A cost-benefit analysis showed that the circuit courts were highly efficient in promoting employment.Further analysis found that local state-owned enterprises tended to increase labor input by cutting wages and capital investment whereas private firms raised capital investment to facilitate capital deepening.展开更多
Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic...Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic growth,stabilizing employment markets,and facilitating economic transformation.As the economy progresses,advancing financial system reform to adapt to and promote high-quality financial development has become imperative and urgent.Deepening financial system reform is not only a requirement for synchronizing financial development with Chinese modernization but also a key measure to overcome institutional and systemic barriers constraining high-quality financial development.In the context of Chinese modernization,the priorities for deepening financial system reform include upholding the centralized and unified leadership of the Central Committee of the Communist Party of China(CPC),improving the modern central banking system,establishing an efficient financial regulatory framework,developing the“Five Key Financial Areas”(i.e.,sci-tech finance,green finance,inclusive finance,pension finance,and digital finance),harmonizing the investment and financing functions of capital markets,and advancing high-standard financial opening up.Through continuously deepening financial system reform,high-quality financial development can be elevated to a new level,thereby providing robust financial guarantee and abundant momentum for building a highstandard socialist market economy and serving Chinese modernization.展开更多
The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key...The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key link in advancing Chinese modernization,and an essential requirement for modernizing China’s governance system and capabilities.Deepening the financial system reform is urgently needed to accelerate the building of a financial powerhouse,modernize financial governance systems and capabilities,uphold the approach of financial development with Chinese characteristics,serve the real economy,foster new quality productive forces at a faster pace,improve the macroeconomic governance system,balance development and security,and gain strategic initiative in major-power competition.To deepen financial system reform,Chinese people must be guided by the new development philosophy and thoroughly recognize the political and people-centered nature of financial work.To build a financial powerhouse and the mission of promoting high-quality financial development,China should persistently enhance the systematic,holistic,and coordinated nature of financial reforms,accelerate the establishment of a modern financial system with Chinese characteristics,and continuously meet the growing financial needs of economic and social development as well as Chinese people.展开更多
Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offeri...Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as follows.First,an IPO ownership preference exists under approval system.That is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO approval.However,RSR significantly changes this preference,especially for non-politically connected private enterprises.Second,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior performance.Third,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be fairer.Fourth,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive industries.Collectively,our findings reveal that RSR cultivates a fairer IPO approval process.展开更多
In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including th...In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the Balassa-Samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime.展开更多
Using apolitical economy analytical framework, the present paper examines the hukou system reform in China. The potential unification of the social welfare system of rural and urban areas is discussed. The paper revie...Using apolitical economy analytical framework, the present paper examines the hukou system reform in China. The potential unification of the social welfare system of rural and urban areas is discussed. The paper reviews the progress ofhukou system reform since 2004. It is suggested that since China met its Lewis turningpoint in about 2004, and a labor shortage became a limiting factor in production, there has been stronger demand for hukou system reform. In the meantime, various levels of government have apoint where incentives are compatibile for carrying out reforms. The paper also explores some limitations of the currently implemented reform in certain regions andputs forwardrelevantpolicy suggestions.展开更多
This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in list...This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in listed companies changed significantly after the banking system reform, especially in stateowned listed companies. Further investigation shows that due to the influence of rent-seeking, banks have eased the earnings requirements of non-stateowned listed companies. These findings enhance our understanding of the economic consequences of the banking system reform and of credit discrimination under the new regime.展开更多
文摘|Editorial Note|Land has become an issue of increasing social concern as demand continues to surge in the midst of economic development,urbanization and industrialization.The crux of the issue is the land regime. China has a unique dualistic land regime under which the land market has not been well developed.Based on a review and commentary of the existing land polices,this article elaborates on the deficiencies inherent in China’s dualistic land rights system and land market and offers policy recommendations for promoting land system reform and market development.This study will help us gain an in-depth understanding of the problems in China’s land regime.
文摘Last year, the State Council issued the Several Opinions on Further Strengthening the Management of Urban Planning. The guideline on urban planning has sparked heated debate among Internet users over opening up gated residential communities to public road system. This paper, based on the analysis of the background and contents of block system reform, explored the problems of the implementation of the block system reform and the impact of the block system reform on the real estate in China from 3 aspects, the selling points of the high-end communities, future property management and the community elderly care model.
文摘The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much
文摘At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the process of the SOEs reform. This paper conducts an in-depth analysis on auditing problems in the process of the SOEs reform from managerial points of view, makes the suggestion that we should introduce governmental audit into the auditing supervision of the SOEs reform, and discusses its methods, approaches, contents and procedures in detail. This paper also indicates the possible obstacles of implementing this suggestion.
文摘International oil keeps low-price running after crash, and China deepens reformm domestically. Using this opportunity, China lays the same emphasis on investment and trade, on onshore and offshore transportation, gives full play to the important role of market in resource distribution, speeds up oil and gas system reform to guarantee clean, e fficienL safe and steady energy supply and long-term demand for energy. We systematically and thoroughly established legal system for oil and gas domains, reformed management system for energy domain, re＆treed regulatory domain, built modern market entity and multi-level market system, and improved oil and gas pricing mechanism, etc.
文摘Since the beginning of 1994,Chinahas conducted a series of majorreform of the systems of taxation,finance,foreign trade and investment,achieving remarkable progress,whichhas played a good role in promotingthe establishment and developmentof the socialist market economic system.Not long ago,Xiang Huaicheng,DeputyDirector-General of the State TaxationBureau,made an introduction to thestate of China’s tax system reform anddevelopment trend to Chinese andforeign reporters.
文摘The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial
文摘This paper will analyze the history and evolvements of capital system in order to grasp the tendency of capital system reform. Managers should give more attention to the establishing of reform institution and the supervising of company capital system＇ s operation in the process of reform. Managers should also attach great importance to the third party and creditors when they value the interests of shareholders. It is imperfect to only emphasis or value the interests of the shareholders or the third party and creditors. In addition, creditor＇ s self-protection of civil action should obtain much more approaches in the process of reform.
文摘Rural homestead system reform is an important manner of saving and intensive use of rural land in Anhui Province and an important means of impelling new urbanization development in Anhui Province. In the analysis process of urbanization development status quo and trend in Anhui Province,combining the characteristics and existing problems of rural homestead system reform,implementation schedule and experience of rural homestead system reform in Anhui Province are summarized,and the influence factors of rural homestead system reform in Anhui Province are pointed out. By constructing five mechanisms: planning,withdrawing,transfer,management platform and public participation,it could provide the thought and direction for rural homestead system reform in Anhui Province.
基金part of the periodical research achievements of “Research on the Integration of Core Values of Equality and Justice into Property Rights Protection Legislation”(18VHJ007)a key program funded by the National Social Science Foundation in 2018
文摘By combining top-level design with local pilot practices,rural land system reform,as an important priority on the agenda of deepening comprehensive reform,has accumulated a series of replicable and applicable experiences that are conducive to amendments to relevant laws.This paper takes stock of the basic experience of Pidu District in addressing typical problems arising in its rural land system reform and then investigates the inner link between the reform and the persistence of high housing prices in cities,the capital flowing to the countryside,and the rural revitalization program.Based on this analysis,the author puts forward three basic directions of the rural land system reform:remain committed to marketization,balance the interests of all parties and promote the development of rural industries.
基金a result of the First-Class Discipline Development Project of Guizhou University for Agricultural and Forestry Economic Management in Guizhou Province,2017(Project No.:GNYL[2017]002)the Project of the National Social Science Foundation of China(NSS)"Summary of the Experiences of the Reform of Separate Ownership,Contract and Operation Rights of Agricultural Land in China and Evaluation of Implementation Effects"(Project No.:17BJY010)the key research project of the Ministry of Education "Study on the Separate Ownership,Contract and Operation Rights of Agricultural Land"(Project No.:16JZD024)
文摘Reform of the corn stockpiling policy is a key initiative for advancing China's market-based grain stockpiling reform. It is a critical component of China's exploration of a price formation mechanism for agricultural products. Evaluating the effectiveness of such reform is therefore of great relevance. Based on nationwide farm monitoring data of 2014, 2015 and 2016, this paper examines the effects of the corn stockpiling reform on the decision of family farms to join cooperatives. Our finding suggests that after other factors that influence the decision of family farms to join cooperatives are controlled for, the probability of corn farms to join cooperatives in the Northeast and Inner Mongolia, where the corn stockpiling reform was carried out in 2016, is significantly higher compared with the probability of corn farms in non-reform areas that did so. The reason is that after the reform, corn producers must sell their corn to the market instead of to the State, bringing them sales problems, which could be mitigated to some extent by joining cooperatives.Thus, the corn stockpiling reform incentivized the market-based behavior of agricultural producers, giving play to the role of market mechanisms in regulating production and demand.
基金support from the National Natural Science Foundation of China(No.72403130)major projects of Jiangsu Provincial Department of Education(No.2024SJZD029).
文摘This study employed a difference-in-differences model to examine whether judicial reform could affect corporate employment,using the establishment of China's circuit courts in 2015 as a quasi-natural experiment.It found that the reform of the judicial system enhanced corporate employment significantly.The effects were stronger in enterprises with limited external financing and those situated in provinces with high levels of administrative intervention.Mechanism analysis suggested that the reform encouraged firms to pursue litigation more actively,reducing local judicial protectionism.It also promoted employment by easing financing constraints,expanding firm output,and improving productivity.A cost-benefit analysis showed that the circuit courts were highly efficient in promoting employment.Further analysis found that local state-owned enterprises tended to increase labor input by cutting wages and capital investment whereas private firms raised capital investment to facilitate capital deepening.
基金supported by the Chinese Academy of Social Sciences’Peak-Strategy Priority Discipline“Finance and Development”(No.DF2023YS28)the Chinese Academy of Social Sciences’Innovation Program“Research on High-Quality Development of Digital Finance”(No.2024JRS01).
文摘Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic growth,stabilizing employment markets,and facilitating economic transformation.As the economy progresses,advancing financial system reform to adapt to and promote high-quality financial development has become imperative and urgent.Deepening financial system reform is not only a requirement for synchronizing financial development with Chinese modernization but also a key measure to overcome institutional and systemic barriers constraining high-quality financial development.In the context of Chinese modernization,the priorities for deepening financial system reform include upholding the centralized and unified leadership of the Central Committee of the Communist Party of China(CPC),improving the modern central banking system,establishing an efficient financial regulatory framework,developing the“Five Key Financial Areas”(i.e.,sci-tech finance,green finance,inclusive finance,pension finance,and digital finance),harmonizing the investment and financing functions of capital markets,and advancing high-standard financial opening up.Through continuously deepening financial system reform,high-quality financial development can be elevated to a new level,thereby providing robust financial guarantee and abundant momentum for building a highstandard socialist market economy and serving Chinese modernization.
基金supported by the“Research on Increasing the Proportion of Direct Financing,Optimizing Financial Structure,and High-Quality Economic Development under the New Development Pattern”(No.21&ZD111)the National Social Science Fund of China.
文摘The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key link in advancing Chinese modernization,and an essential requirement for modernizing China’s governance system and capabilities.Deepening the financial system reform is urgently needed to accelerate the building of a financial powerhouse,modernize financial governance systems and capabilities,uphold the approach of financial development with Chinese characteristics,serve the real economy,foster new quality productive forces at a faster pace,improve the macroeconomic governance system,balance development and security,and gain strategic initiative in major-power competition.To deepen financial system reform,Chinese people must be guided by the new development philosophy and thoroughly recognize the political and people-centered nature of financial work.To build a financial powerhouse and the mission of promoting high-quality financial development,China should persistently enhance the systematic,holistic,and coordinated nature of financial reforms,accelerate the establishment of a modern financial system with Chinese characteristics,and continuously meet the growing financial needs of economic and social development as well as Chinese people.
基金support from the Natural Science Foundation of China(72062012)the Natural Science Foundation of Hainan Province(722RC636)+2 种基金Hainan Province Doctoral Students Innovative Scientific Research Project(Qhyb2022-25)Key Research Project on Higher Education and Teaching Reform in Hainan Province(Hnjg2023ZD-2)Key Subject of Education and Teaching Reform in Hainan University(hdyj2303).
文摘Whether registration system reform(RSR)can curb administrative intervention and create a fair market environment has long been a concern in China.We explore this issue from the perspective of the initial public offering(IPO)preference based on the entropy balancing method,and findings are as follows.First,an IPO ownership preference exists under approval system.That is,state-owned enterprises(SOEs)are more likely than private enterprises to obtain IPO approval.However,RSR significantly changes this preference,especially for non-politically connected private enterprises.Second,the post-IPO market performance of SOEs is inferior to that of private enterprises under approval system,thus excluding the view that approval is prioritized for SOEs because of superior performance.Third,compared with SOEs,private enterprises are more likely to switch the issuance system from approval system to registration system;this change makes it easier for them to obtain IPO approval,indicating that private enterprise owners perceive the registration channel to be fairer.Fourth,the effect of RSR on IPO ownership preference mainly occurs in companies in three major urban agglomerations in China—the Pearl River Delta,the Yangtze River Delta,and the Beijing–Tian jin–Hebei region—and in technology-intensive industries.Collectively,our findings reveal that RSR cultivates a fairer IPO approval process.
文摘In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the Balassa-Samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime.
文摘Using apolitical economy analytical framework, the present paper examines the hukou system reform in China. The potential unification of the social welfare system of rural and urban areas is discussed. The paper reviews the progress ofhukou system reform since 2004. It is suggested that since China met its Lewis turningpoint in about 2004, and a labor shortage became a limiting factor in production, there has been stronger demand for hukou system reform. In the meantime, various levels of government have apoint where incentives are compatibile for carrying out reforms. The paper also explores some limitations of the currently implemented reform in certain regions andputs forwardrelevantpolicy suggestions.
基金supported by the Jiangsu Province University Philosophy Social Science Fund Project entitled "Local Government Governance -Earnings Quality and Credit Allocation"(Grant No.: 2011SJD630055)
文摘This paper investigates credit allocation before and after the 2003 banking system reform in China. We find that relationships between earnings quality and new short-term loans, long-term loans and total loans in listed companies changed significantly after the banking system reform, especially in stateowned listed companies. Further investigation shows that due to the influence of rent-seeking, banks have eased the earnings requirements of non-stateowned listed companies. These findings enhance our understanding of the economic consequences of the banking system reform and of credit discrimination under the new regime.
