In the Kigongo area of Mwanza Region,northwest Tanzania,fishmonger Neema Aisha remembers how the morning’s fresh catch would sour while she queued for the ferry,putting her business at risk.
To achieve the goals of sustainable development of the energy system and the construction of a lowcarbon society,this study proposes a multi-energy storage collaborative optimization strategy for industrial park that ...To achieve the goals of sustainable development of the energy system and the construction of a lowcarbon society,this study proposes a multi-energy storage collaborative optimization strategy for industrial park that integrates the laddered carbon trading mechanism with demand response.Firstly,a dual dimensional DR model is constructed based on the characteristics of load elasticity.The alternativeDRenables flexible substitution of energy loads through complementary conversion of electricity/heat/cold multi-energy sources,while the price DR relies on timeof-use electricity price signals to guide load spatiotemporal migration;Secondly,the LCT mechanism is introduced to achieve optimal carbon emission costs through a tiered carbon quota allocation mechanism.On this basis,an optimization decision model is established with the core objective of maximizing the annual net profit of the park.The objective function takes into account energy sales revenue,generator unit costs,and investment and operation costs of multiple types of energy storage facilities.Themodel constraint system covers three key dimensions:dynamic operation constraints of power generation units,including unit output limits,ramping capability,and minimum start-stop time;the physical boundary of an electric/hot/cold multi-energy storage system involves energy storage capacity and charge/discharge efficiency;The multi-energy network coupling balance equation ensures that the energy conversion and transmission process satisfies the law of conservation of energy.Using CPLEX mathematical programming solver for simulation verification,construct an energy storage capacity configuration decision process that includes LCT-DR synergistic effect.The research results show that compared with the traditional single energy storage configuration mode,this strategy effectively enhances the economic feasibility and engineering practicality of industrial park operation by coordinating demand side resource scheduling and finely controlling carbon costs,while maintaining stable system operation.Its methodological framework provides a technical path that combines theoretical rigor and practical operability for the low-carbon transformation of regional integrated energy systems.展开更多
Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challeng...Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challenges facing cross border traders and future business prospects.The aim of this paper is to examine the challenges that face Zimbabwean cross border traders in South Africa. The paper goes further to review existing literature as well as empirical studies in order to identify the major challenges that face Zimbabwean cross border traders. Among the challenges noted are crime, harassment due to xenophobia, traders are often stigmatized as ＂prostitutes＂ or ＂smugglers＂, accommodation problems, extortion and bribery by the South African Police and municipal police officials, delays at the border post during peak periods and banks that close early and also do not operate on Sundays. The Zimbabwean Cross Border Traders Association should build office in Musina and Johannesburg so that members can easily consult with the association in times of problems and also help with marketing information like distribution of brochures showcasing Zimbabwean products sold by cross border traders and also organize fairs where Zimbabwean traders can display their products. Furthermore cases of harassment by police officials should be investigated and dealt with. Banks that do have branches at the border posts are also urged to provide 24 hour service to cross border traders.展开更多
In the era of the digital economy,digital trade has demonstrated strong vitality,becoming a crucial driving force for the highquality development of national and regional economies.However,understanding the resilience...In the era of the digital economy,digital trade has demonstrated strong vitality,becoming a crucial driving force for the highquality development of national and regional economies.However,understanding the resilience of digital trade in the face of external crises is an important topic.Taking the backdrop of Sino-US trade friction,this paper constructs a resilience index system for digital trade.It utilizes entropy method,kernel density estimation,and ArcGIS mapping to calculate and visually analyze the resilience of China’s digital trade from 2017 to 2021.Additionally,a Tobit model is constructed to explore the main influencing factors of digital trade resilience patterns.The research findings indicate:1)temporally,during the period of Sino-US trade friction,China’s digital trade resilience shows an overall upward trend,but there are regional differences in resilience levels across the country,with a severe polarization phenomenon.2)Spatially,high resilience is observed in the eastern and central regions of China,while the western and northeastern regions exhibit low resilience.3)From a dimensional perspective,the resistance of digital trade resilience displays a spatial distribution of high values in the east and low values in the west.The recovery force is aggregated along coastal areas,and the renewal force tends to aggregate along the eastern coastline.4)Factors such as economic scale,industrial structure,urbanization rate,government fiscal expenditure,and technological talents significantly promote the enhancement of digital trade resilience.This study reveals the dynamic characteristics and influencing factors of digital trade resilience in responding to external shocks,providing theoretical basis and policy suggestions for enhancing digital trade resilience,and promoting high-quality economic development in China.展开更多
The China Import and Export Fair, also known as the Canton Fair, is China’s oldest trade fair. It is also the largest, as it covers an area equivalent to 166 football pitches. Due to the COVID-19 pandemic, the 127 th...The China Import and Export Fair, also known as the Canton Fair, is China’s oldest trade fair. It is also the largest, as it covers an area equivalent to 166 football pitches. Due to the COVID-19 pandemic, the 127 th edition of this biannual trade fair was held online from June 15 to 24 for the first time since its creation in 1957.展开更多
The demand response(DR)market,as a vital complement to the electricity spot market,plays a key role in evoking user-side regulation capability to mitigate system-level supply‒demand imbalances during extreme events.Wh...The demand response(DR)market,as a vital complement to the electricity spot market,plays a key role in evoking user-side regulation capability to mitigate system-level supply‒demand imbalances during extreme events.While the DR market offers the load aggregator(LA)additional profitable opportunities beyond the electricity spot market,it also introduces new trading risks due to the significant uncertainty in users’behaviors.Dispatching energy storage systems(ESSs)is an effective means to enhance the risk management capabilities of LAs;however,coordinating ESS operations with dual-market trading strategies remains an urgent challenge.To this end,this paper proposes a novel systematic risk-aware coordinated trading model for the LA in concurrently participating in the day-ahead electricity spot market and DR market,which incorporates the capacity allocation mechanism of ESS based on market clearing rules to jointly formulate bidding and pricing decisions for the dual market.First,the intrinsic coupling characteristics of the LA participating in the dual market are analyzed,and a joint optimization framework for formulating bidding and pricing strategies that integrates ESS facilities is proposed.Second,an uncertain user response model is developed based on price‒response mechanisms,and actual market settlement rules accounting for under-and over-responses are employed to calculate trading revenues,where possible revenue losses are quantified via conditional value at risk.Third,by imposing these terms and the capacity allocation mechanism of ESS,the risk-aware stochastic coordinated trading model of the LA is built,where the bidding and pricing strategies in the dual model that trade off risk and profit are derived.The simulation results of a case study validate the effectiveness of the proposed trading strategy in controlling trading risk and improving the trading income of the LA.展开更多
Peng et al.in[Phys.Rev.Research,2020,2(3):033089,11 pp.]formulated one-way fluxes for a general chemical reaction far from equilibrium,with arbitrary complex mechanisms,multiple intermediates,and internal kinetic cycl...Peng et al.in[Phys.Rev.Research,2020,2(3):033089,11 pp.]formulated one-way fluxes for a general chemical reaction far from equilibrium,with arbitrary complex mechanisms,multiple intermediates,and internal kinetic cycles.They defined the limit of the ratio of mesoscopic one-way fluxes and the volume of the tank reactor when the volume tends to infinity as macroscopic one-way fluxes,but a rigorous proof of existence of the limit is still awaiting.In this article,we fill this gap under a mild hypothesis:the Markov chain associated with the chemical master equation has finite states and any two columns in the stoichiometric matrices are not identical.In fact,an explicit expression of the limit is obtained.展开更多
The horizontal ecological compensation plays an important role in balancing the interests of all parties and coordinating regional development in the basin.However,the mechanism of ecological compensation based on emb...The horizontal ecological compensation plays an important role in balancing the interests of all parties and coordinating regional development in the basin.However,the mechanism of ecological compensation based on embodied carbon emissions is still poorly understood.Here,taking the Yellow River Basin as the research area,we use the multi-regional input-output(MRIO)model to measure the embodied carbon transfers between its seven urban agglomerations in 2012 and 2017 from the viewpoint of value-added trade benefits.Further,for the first time,the green trade benefits and ecological compensation amounts are analyzed.The results indicate that:(1)The transfer of trade-embodied carbon among the urban agglomerations in the basin showed obvious spatial heterogeneity and geographic proximity effects,and trade-embodied carbon outflows(inflows)had a pattern of"highest in the midstream,second in the downstream,and lowest in the upstream".(2)The industry composition of the urban agglomerations in relation to embodied carbon outflows(inflows)was similar,mainly in the service and heavy manufacturing industries.(3)The spatial pattern of green trade benefits in the basin had shifted from"high in the north and low in the surrounding area"to"high in the east-central part and low in the west".(4)The pattern of ecological compensation in the basin had shifted from the upstream surplus,the middle and downstream deficit to the midstream deficit,and the upstream and downstream surplus.Therefore,we recommend improving energy structures in high-demand urban agglomerations by adopting clean energy,focusing on decarbonization and energy efficiency in resource-rich regions.Additionally,promoting low-carbon economies,especially in the service and heavy manufacturing industries,implementing differentiated emission reduction strategies,and optimizing carbon compensation mechanisms considering regional disparities and resource endowments are crucial.It is expected that the study can enrich the scientific basis of horizontal ecological compensation and increase the fairness of regional carbon emission rights allocation.展开更多
One of the most notable developments in the asset management industry in recent decades has been the growth of algorithmic trading.At the same time,significant structural changes in the industry have occurred,with pas...One of the most notable developments in the asset management industry in recent decades has been the growth of algorithmic trading.At the same time,significant structural changes in the industry have occurred,with passive investing gaining momentum.The intersection of these two major trends poses special challenges during market downturns,magnifying portfolio losses and leading to significant outflows.Emerging market(EM)investors have seen two major downturn events in the 2020s,namely the COVID-19 pandemic and the Russia-Ukraine conflict,both of which have strongly affected EM portfolios’risk-return profiles and increased their correlations with their developed market counterparts,eliminating much or all of EMs’diversification benefits.This has led to major capital outflows from EM countries,further destabilizing these fragile economies.Against this backdrop,we argue that capital need not exit these riskier markets during periods of turmoil and support this by developing a second-generation Automated Adaptive Trading System(AATS)back-tested on a relevant,diversified EM portfolio that tracks the Morgan Stanley Capital International(MSCI)Emerging Markets Index during a volatile period characterized by negative returns,high risk,and a high correlation with global markets for the buy-and-hold EM portfolio.The system incorporates an Autoregressive Moving Average-Generalized AutoRegressive Conditional Heteroskedasticity model that offers an interpretability advantage over machine-learning methods.The main strength of the AATS is its ability to allow the embedded hybrid forecasting model to adapt to the changing environments that characterize EMs.This is done by implementing a recursive window technique and running a user-specified fitness function to dynamically optimize the mean equation parameters throughout the lead time.Back-testing several configurations of the flexible AATS consistently reveals its superiority while assuring the robustness of the results.We conclude that with the right investment tools,EMs continue to offer compelling opportunities that should not be overlooked.The novel AATS proposed in this study is such a tool,providing active EM investors with substantial value-added through its ability to generate abnormal returns,and can help to enhance the resilience of EMs by mitigating the cost of crises for those countries.展开更多
In what is a great news for those engage in the co!ee sector,the government of Burundi and the Chinese embassy in Bujumbura recently announced the commencement of exports of Burundian co!ee to China.The first consignm...In what is a great news for those engage in the co!ee sector,the government of Burundi and the Chinese embassy in Bujumbura recently announced the commencement of exports of Burundian co!ee to China.The first consignment of 38 tonnes of green co!ee has already been shipped to China.This will further strengthen the economic and trade relations between the two countries.China Henan International Cooperation Group(CHICO)will be responsible for selling Burundian co!ee in China.展开更多
The global trade governance system is the institutional safeguard for maintaining the operation of world trade. It consists of governance entities, platforms and rules. Since the end of World War Ⅱ, the global trade ...The global trade governance system is the institutional safeguard for maintaining the operation of world trade. It consists of governance entities, platforms and rules. Since the end of World War Ⅱ, the global trade governance system has mainly referred to the multilateral trading system, with the General Agreement on Tariffs and Trade(GATT) and the World Trade Organization(WTO) serving as governance platforms.展开更多
Since the early 2000s,economic ties between China and Indonesia have grown into one of the most important bilateral partnerships in Asia.Recent developments have strengthened this relationship,as Indonesia became Chin...Since the early 2000s,economic ties between China and Indonesia have grown into one of the most important bilateral partnerships in Asia.Recent developments have strengthened this relationship,as Indonesia became China’s largest trading partner for the ninth repeated year,with bilateral trade surpassing USD 147 billion in 2024.展开更多
The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural produ...The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural products in China.In recent years,amid increasing uncertainty in global trade policy,MERCOSUR has accelerated the signing of free trade agreements with other countries and diversified its trading partners to reduce the risks posed by the international market.展开更多
This paper empirically studies the impact mechanism of the depth of digital trade rules on China’s digital service trade exports and explores the improvement paths for China accordingly.Based on the transaction cost ...This paper empirically studies the impact mechanism of the depth of digital trade rules on China’s digital service trade exports and explores the improvement paths for China accordingly.Based on the transaction cost theory and other foundations,this paper systematically classifies rule provisions into four categories:access and facilitation,cross-border data flow,digital intellectual property rights,and privacy protection and data security.It also uses the gravity model of trade to quantitatively analyze 22 Regional Trade Agreements texts involving China.The empirical results show that:the depth of digital trade rules as a whole significantly promotes digital service trade exports;the core driving factors include the gap in digital infrastructure,differences in higher education levels,urbanization levels,and GDP gaps;all four categories of provisions show a significant positive impact,among which access and facilitation provisions have the most prominent promotional effect.Heterogeneity analysis further reveals that the depth of rules has a significantly stronger promotional effect on trade partners in developed countries than in developing countries;sector-specific tests show that the financial services sector benefits the most,while the intellectual property sector is inhibited.Based on this,this paper proposes that China should actively participate in the construction of global rules,improve digital infrastructure,deepen the implementation of provisions,orderly expand opening-up in the digital field,strengthen intellectual property protection to balance innovation incentives and market expansion,and improve laws and regulations to ensure data security.展开更多
We theoretically demonstrate that multipartite entanglement and one-way Einstein-Podolsky-Rosen(EPR)steering in a magnon frequency comb(MFC)can be generated in a hybrid magnon-skyrmion system.When the system is driven...We theoretically demonstrate that multipartite entanglement and one-way Einstein-Podolsky-Rosen(EPR)steering in a magnon frequency comb(MFC)can be generated in a hybrid magnon-skyrmion system.When the system is driven by two microwave fields at the magnonic whispering gallery mode(m WGM)and the skyrmion,the skyrmion can be simultaneously entangled with three magnon modes of the MFC and the entanglement of the first-order magnon pair in the MFC also appears.The results show that the perfect one-way steering between the skyrmion and the three magnons can be obtained.Interestingly,the steering direction can be manipulated by controlling the amplitudes of two drive fields,which provides flexibility in controlling the asymmetry of the EPR steering and may well have practical applications.Moreover,the genuine tripartite entanglement among the skyrmion and the first-order magnon pair can be achieved with appropriate parameters in the steady state.Our work exhibits that the MFC has great potential in preparing multi-mode entanglement resources,with promising applications in quantum communication.展开更多
Both the EU and China remain committed to safeguarding the multilateral trading system,which is in alignment with the bilateral and common interests of the world.
Washington’s disruptive trade wars present both opportunities and challenges to China and Africa.Borders that are crisscrossed more frequently by trade in goods and services are less likely to be besieged by soldiers...Washington’s disruptive trade wars present both opportunities and challenges to China and Africa.Borders that are crisscrossed more frequently by trade in goods and services are less likely to be besieged by soldiers and other armed elements,buttressing the fact that trade dividends are not just related to development,growth,and prosperity,but also include peace and mutual understanding through dialogue among civilisations.展开更多
Against the backdrop of profound reshaping of the current international landscape and the unprecedentedly rapid iteration of digital technologies,the global digital economy landscape and international trade rule syste...Against the backdrop of profound reshaping of the current international landscape and the unprecedentedly rapid iteration of digital technologies,the global digital economy landscape and international trade rule system are entering a new era full of changes.Digital trade rules have emerged as a prominent focus in this field.Firstly,through a comprehensive review of sample data such as the WTO e-commerce proposals under the current multilateral framework,we can gain a profound insight into the negotiation practices of major economies regarding digital trade rules.In this context,China has demonstrated strong defensive interests in the“emerging”issues of digital trade,aiming to safeguard national data security and promote the healthy development of the digital economy.Therefore,when participating in the formulation of global digital trade rules,China needs to accurately strike a balance between offense and defense,contribute Chinese wisdom and solutions,and promote the construction of a fairer,more reasonable,and inclusive international digital trade governance system.展开更多
CAETE fosters real partnerships and drives China-Africa relations through business,culture and trust The city of Changsha recently concluded a remarkable chapter in China-Africa relations with the conclusion of the fo...CAETE fosters real partnerships and drives China-Africa relations through business,culture and trust The city of Changsha recently concluded a remarkable chapter in China-Africa relations with the conclusion of the fourth China-Africa Economic and Trade Expo(CAETE).Since its debut in 2019,the event has expanded in size and stature,emerging as a dynamic hub where business,innovation,and cultural exchange intersect.展开更多
文摘In the Kigongo area of Mwanza Region,northwest Tanzania,fishmonger Neema Aisha remembers how the morning’s fresh catch would sour while she queued for the ferry,putting her business at risk.
基金funded by Science and Technology Projects from State Grid Corporation of China,(Research on Adaptive Balance Optimization and Simulation Technology of Industrial community Energy System with High Proportion of Distributed Energy,No.:5100-202355752A-3-4-SY).
文摘To achieve the goals of sustainable development of the energy system and the construction of a lowcarbon society,this study proposes a multi-energy storage collaborative optimization strategy for industrial park that integrates the laddered carbon trading mechanism with demand response.Firstly,a dual dimensional DR model is constructed based on the characteristics of load elasticity.The alternativeDRenables flexible substitution of energy loads through complementary conversion of electricity/heat/cold multi-energy sources,while the price DR relies on timeof-use electricity price signals to guide load spatiotemporal migration;Secondly,the LCT mechanism is introduced to achieve optimal carbon emission costs through a tiered carbon quota allocation mechanism.On this basis,an optimization decision model is established with the core objective of maximizing the annual net profit of the park.The objective function takes into account energy sales revenue,generator unit costs,and investment and operation costs of multiple types of energy storage facilities.Themodel constraint system covers three key dimensions:dynamic operation constraints of power generation units,including unit output limits,ramping capability,and minimum start-stop time;the physical boundary of an electric/hot/cold multi-energy storage system involves energy storage capacity and charge/discharge efficiency;The multi-energy network coupling balance equation ensures that the energy conversion and transmission process satisfies the law of conservation of energy.Using CPLEX mathematical programming solver for simulation verification,construct an energy storage capacity configuration decision process that includes LCT-DR synergistic effect.The research results show that compared with the traditional single energy storage configuration mode,this strategy effectively enhances the economic feasibility and engineering practicality of industrial park operation by coordinating demand side resource scheduling and finely controlling carbon costs,while maintaining stable system operation.Its methodological framework provides a technical path that combines theoretical rigor and practical operability for the low-carbon transformation of regional integrated energy systems.
文摘Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challenges facing cross border traders and future business prospects.The aim of this paper is to examine the challenges that face Zimbabwean cross border traders in South Africa. The paper goes further to review existing literature as well as empirical studies in order to identify the major challenges that face Zimbabwean cross border traders. Among the challenges noted are crime, harassment due to xenophobia, traders are often stigmatized as ＂prostitutes＂ or ＂smugglers＂, accommodation problems, extortion and bribery by the South African Police and municipal police officials, delays at the border post during peak periods and banks that close early and also do not operate on Sundays. The Zimbabwean Cross Border Traders Association should build office in Musina and Johannesburg so that members can easily consult with the association in times of problems and also help with marketing information like distribution of brochures showcasing Zimbabwean products sold by cross border traders and also organize fairs where Zimbabwean traders can display their products. Furthermore cases of harassment by police officials should be investigated and dealt with. Banks that do have branches at the border posts are also urged to provide 24 hour service to cross border traders.
基金Under the auspices of National Natural Science Foundation of China(No.42471205)the General Scientific Research Project of Zhejiang Provincial Department of Education(No.2024JYTYB12)the Philosophy and Social Science Planning Project of Zhejiang Province(No.23NDJC109YB)。
文摘In the era of the digital economy,digital trade has demonstrated strong vitality,becoming a crucial driving force for the highquality development of national and regional economies.However,understanding the resilience of digital trade in the face of external crises is an important topic.Taking the backdrop of Sino-US trade friction,this paper constructs a resilience index system for digital trade.It utilizes entropy method,kernel density estimation,and ArcGIS mapping to calculate and visually analyze the resilience of China’s digital trade from 2017 to 2021.Additionally,a Tobit model is constructed to explore the main influencing factors of digital trade resilience patterns.The research findings indicate:1)temporally,during the period of Sino-US trade friction,China’s digital trade resilience shows an overall upward trend,but there are regional differences in resilience levels across the country,with a severe polarization phenomenon.2)Spatially,high resilience is observed in the eastern and central regions of China,while the western and northeastern regions exhibit low resilience.3)From a dimensional perspective,the resistance of digital trade resilience displays a spatial distribution of high values in the east and low values in the west.The recovery force is aggregated along coastal areas,and the renewal force tends to aggregate along the eastern coastline.4)Factors such as economic scale,industrial structure,urbanization rate,government fiscal expenditure,and technological talents significantly promote the enhancement of digital trade resilience.This study reveals the dynamic characteristics and influencing factors of digital trade resilience in responding to external shocks,providing theoretical basis and policy suggestions for enhancing digital trade resilience,and promoting high-quality economic development in China.
文摘The China Import and Export Fair, also known as the Canton Fair, is China’s oldest trade fair. It is also the largest, as it covers an area equivalent to 166 football pitches. Due to the COVID-19 pandemic, the 127 th edition of this biannual trade fair was held online from June 15 to 24 for the first time since its creation in 1957.
基金supported by National Natural Science Foundation of China(52407126).
文摘The demand response(DR)market,as a vital complement to the electricity spot market,plays a key role in evoking user-side regulation capability to mitigate system-level supply‒demand imbalances during extreme events.While the DR market offers the load aggregator(LA)additional profitable opportunities beyond the electricity spot market,it also introduces new trading risks due to the significant uncertainty in users’behaviors.Dispatching energy storage systems(ESSs)is an effective means to enhance the risk management capabilities of LAs;however,coordinating ESS operations with dual-market trading strategies remains an urgent challenge.To this end,this paper proposes a novel systematic risk-aware coordinated trading model for the LA in concurrently participating in the day-ahead electricity spot market and DR market,which incorporates the capacity allocation mechanism of ESS based on market clearing rules to jointly formulate bidding and pricing decisions for the dual market.First,the intrinsic coupling characteristics of the LA participating in the dual market are analyzed,and a joint optimization framework for formulating bidding and pricing strategies that integrates ESS facilities is proposed.Second,an uncertain user response model is developed based on price‒response mechanisms,and actual market settlement rules accounting for under-and over-responses are employed to calculate trading revenues,where possible revenue losses are quantified via conditional value at risk.Third,by imposing these terms and the capacity allocation mechanism of ESS,the risk-aware stochastic coordinated trading model of the LA is built,where the bidding and pricing strategies in the dual model that trade off risk and profit are derived.The simulation results of a case study validate the effectiveness of the proposed trading strategy in controlling trading risk and improving the trading income of the LA.
基金partially supported by NSFC(Nos.11701265,11961033).
文摘Peng et al.in[Phys.Rev.Research,2020,2(3):033089,11 pp.]formulated one-way fluxes for a general chemical reaction far from equilibrium,with arbitrary complex mechanisms,multiple intermediates,and internal kinetic cycles.They defined the limit of the ratio of mesoscopic one-way fluxes and the volume of the tank reactor when the volume tends to infinity as macroscopic one-way fluxes,but a rigorous proof of existence of the limit is still awaiting.In this article,we fill this gap under a mild hypothesis:the Markov chain associated with the chemical master equation has finite states and any two columns in the stoichiometric matrices are not identical.In fact,an explicit expression of the limit is obtained.
基金supported by the National Natural Science Foundation of China(Grant number 42201302)the"Double First-Class"University Construction Project of Lanzhou University(Grant number:561120213)。
文摘The horizontal ecological compensation plays an important role in balancing the interests of all parties and coordinating regional development in the basin.However,the mechanism of ecological compensation based on embodied carbon emissions is still poorly understood.Here,taking the Yellow River Basin as the research area,we use the multi-regional input-output(MRIO)model to measure the embodied carbon transfers between its seven urban agglomerations in 2012 and 2017 from the viewpoint of value-added trade benefits.Further,for the first time,the green trade benefits and ecological compensation amounts are analyzed.The results indicate that:(1)The transfer of trade-embodied carbon among the urban agglomerations in the basin showed obvious spatial heterogeneity and geographic proximity effects,and trade-embodied carbon outflows(inflows)had a pattern of"highest in the midstream,second in the downstream,and lowest in the upstream".(2)The industry composition of the urban agglomerations in relation to embodied carbon outflows(inflows)was similar,mainly in the service and heavy manufacturing industries.(3)The spatial pattern of green trade benefits in the basin had shifted from"high in the north and low in the surrounding area"to"high in the east-central part and low in the west".(4)The pattern of ecological compensation in the basin had shifted from the upstream surplus,the middle and downstream deficit to the midstream deficit,and the upstream and downstream surplus.Therefore,we recommend improving energy structures in high-demand urban agglomerations by adopting clean energy,focusing on decarbonization and energy efficiency in resource-rich regions.Additionally,promoting low-carbon economies,especially in the service and heavy manufacturing industries,implementing differentiated emission reduction strategies,and optimizing carbon compensation mechanisms considering regional disparities and resource endowments are crucial.It is expected that the study can enrich the scientific basis of horizontal ecological compensation and increase the fairness of regional carbon emission rights allocation.
基金funded by the EU’s NextGenerationEU instrument through the National Recovery and Resilience Plan of Romania-Pillar Ⅲ-C9-I8,managed by the Ministry of Research,Innovation and Digitalization,within the project entitled,Non-Gaussian self-similar processes:Enhancing mathematical tools and financial models for capturing complex market dynamics”,contract no.760243/28.12.2023,code CF 194/31.07.2023’.
文摘One of the most notable developments in the asset management industry in recent decades has been the growth of algorithmic trading.At the same time,significant structural changes in the industry have occurred,with passive investing gaining momentum.The intersection of these two major trends poses special challenges during market downturns,magnifying portfolio losses and leading to significant outflows.Emerging market(EM)investors have seen two major downturn events in the 2020s,namely the COVID-19 pandemic and the Russia-Ukraine conflict,both of which have strongly affected EM portfolios’risk-return profiles and increased their correlations with their developed market counterparts,eliminating much or all of EMs’diversification benefits.This has led to major capital outflows from EM countries,further destabilizing these fragile economies.Against this backdrop,we argue that capital need not exit these riskier markets during periods of turmoil and support this by developing a second-generation Automated Adaptive Trading System(AATS)back-tested on a relevant,diversified EM portfolio that tracks the Morgan Stanley Capital International(MSCI)Emerging Markets Index during a volatile period characterized by negative returns,high risk,and a high correlation with global markets for the buy-and-hold EM portfolio.The system incorporates an Autoregressive Moving Average-Generalized AutoRegressive Conditional Heteroskedasticity model that offers an interpretability advantage over machine-learning methods.The main strength of the AATS is its ability to allow the embedded hybrid forecasting model to adapt to the changing environments that characterize EMs.This is done by implementing a recursive window technique and running a user-specified fitness function to dynamically optimize the mean equation parameters throughout the lead time.Back-testing several configurations of the flexible AATS consistently reveals its superiority while assuring the robustness of the results.We conclude that with the right investment tools,EMs continue to offer compelling opportunities that should not be overlooked.The novel AATS proposed in this study is such a tool,providing active EM investors with substantial value-added through its ability to generate abnormal returns,and can help to enhance the resilience of EMs by mitigating the cost of crises for those countries.
文摘In what is a great news for those engage in the co!ee sector,the government of Burundi and the Chinese embassy in Bujumbura recently announced the commencement of exports of Burundian co!ee to China.The first consignment of 38 tonnes of green co!ee has already been shipped to China.This will further strengthen the economic and trade relations between the two countries.China Henan International Cooperation Group(CHICO)will be responsible for selling Burundian co!ee in China.
文摘The global trade governance system is the institutional safeguard for maintaining the operation of world trade. It consists of governance entities, platforms and rules. Since the end of World War Ⅱ, the global trade governance system has mainly referred to the multilateral trading system, with the General Agreement on Tariffs and Trade(GATT) and the World Trade Organization(WTO) serving as governance platforms.
文摘Since the early 2000s,economic ties between China and Indonesia have grown into one of the most important bilateral partnerships in Asia.Recent developments have strengthened this relationship,as Indonesia became China’s largest trading partner for the ninth repeated year,with bilateral trade surpassing USD 147 billion in 2024.
文摘The Southern Common Market (hereinafter referred to as MERCOSUR) is the most important regional organization in South America,and its major member countries are also important import sources of bulk agricultural products in China.In recent years,amid increasing uncertainty in global trade policy,MERCOSUR has accelerated the signing of free trade agreements with other countries and diversified its trading partners to reduce the risks posed by the international market.
文摘This paper empirically studies the impact mechanism of the depth of digital trade rules on China’s digital service trade exports and explores the improvement paths for China accordingly.Based on the transaction cost theory and other foundations,this paper systematically classifies rule provisions into four categories:access and facilitation,cross-border data flow,digital intellectual property rights,and privacy protection and data security.It also uses the gravity model of trade to quantitatively analyze 22 Regional Trade Agreements texts involving China.The empirical results show that:the depth of digital trade rules as a whole significantly promotes digital service trade exports;the core driving factors include the gap in digital infrastructure,differences in higher education levels,urbanization levels,and GDP gaps;all four categories of provisions show a significant positive impact,among which access and facilitation provisions have the most prominent promotional effect.Heterogeneity analysis further reveals that the depth of rules has a significantly stronger promotional effect on trade partners in developed countries than in developing countries;sector-specific tests show that the financial services sector benefits the most,while the intellectual property sector is inhibited.Based on this,this paper proposes that China should actively participate in the construction of global rules,improve digital infrastructure,deepen the implementation of provisions,orderly expand opening-up in the digital field,strengthen intellectual property protection to balance innovation incentives and market expansion,and improve laws and regulations to ensure data security.
基金supported by the National Key R&D Program of China(Grant No.2022YFA1402802)the National Natural Science Foundation of China(Grant Nos.12374103,12434003,and 12074057)。
文摘We theoretically demonstrate that multipartite entanglement and one-way Einstein-Podolsky-Rosen(EPR)steering in a magnon frequency comb(MFC)can be generated in a hybrid magnon-skyrmion system.When the system is driven by two microwave fields at the magnonic whispering gallery mode(m WGM)and the skyrmion,the skyrmion can be simultaneously entangled with three magnon modes of the MFC and the entanglement of the first-order magnon pair in the MFC also appears.The results show that the perfect one-way steering between the skyrmion and the three magnons can be obtained.Interestingly,the steering direction can be manipulated by controlling the amplitudes of two drive fields,which provides flexibility in controlling the asymmetry of the EPR steering and may well have practical applications.Moreover,the genuine tripartite entanglement among the skyrmion and the first-order magnon pair can be achieved with appropriate parameters in the steady state.Our work exhibits that the MFC has great potential in preparing multi-mode entanglement resources,with promising applications in quantum communication.
文摘Both the EU and China remain committed to safeguarding the multilateral trading system,which is in alignment with the bilateral and common interests of the world.
文摘Washington’s disruptive trade wars present both opportunities and challenges to China and Africa.Borders that are crisscrossed more frequently by trade in goods and services are less likely to be besieged by soldiers and other armed elements,buttressing the fact that trade dividends are not just related to development,growth,and prosperity,but also include peace and mutual understanding through dialogue among civilisations.
基金the achievements of the 2025 Guangxi Degree and Graduate Education Reform Project on Artificial Intelligence Empowering International Business Master’s Teaching Innovation Research(JGY2025036).
文摘Against the backdrop of profound reshaping of the current international landscape and the unprecedentedly rapid iteration of digital technologies,the global digital economy landscape and international trade rule system are entering a new era full of changes.Digital trade rules have emerged as a prominent focus in this field.Firstly,through a comprehensive review of sample data such as the WTO e-commerce proposals under the current multilateral framework,we can gain a profound insight into the negotiation practices of major economies regarding digital trade rules.In this context,China has demonstrated strong defensive interests in the“emerging”issues of digital trade,aiming to safeguard national data security and promote the healthy development of the digital economy.Therefore,when participating in the formulation of global digital trade rules,China needs to accurately strike a balance between offense and defense,contribute Chinese wisdom and solutions,and promote the construction of a fairer,more reasonable,and inclusive international digital trade governance system.
文摘CAETE fosters real partnerships and drives China-Africa relations through business,culture and trust The city of Changsha recently concluded a remarkable chapter in China-Africa relations with the conclusion of the fourth China-Africa Economic and Trade Expo(CAETE).Since its debut in 2019,the event has expanded in size and stature,emerging as a dynamic hub where business,innovation,and cultural exchange intersect.
