“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader ...“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader trend:Visitors from overseas are flocking to China’s retail scene,lured by its growing shopping convenience.On April 26,six government agencies,including the Ministry of Commerce,jointly issued the refined departure tax refund policy,slashing the minimum refund threshold from 500 yuan(US$69)to 200 yuan(US$28),doubling the cash refund limit from 10,000 yuan(US$1,376)to 20,000 yuan(US$2,752),and encouraging shopping districts,tourist attractions and hotels to increase the number of tax refund stores.展开更多
Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibil...Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.展开更多
In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial go...In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.展开更多
Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go o...Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."展开更多
The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack...The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack a unified data structure,and depend heavily on manual intervention to process high-frequency and retroactive transactions.To address these limitations,a graph-based unified settlement framework is proposed to enhance automation,flexibility,and adaptability in electricity market settlements.A flexible attribute-graph model is employed to represent heterogeneousmulti-market data,enabling standardized integration,rapid querying,and seamless adaptation to evolving business requirements.An extensible operator library is designed to support configurable settlement rules,and a suite of modular tools—including dataset generation,formula configuration,billing templates,and task scheduling—facilitates end-to-end automated settlement processing.A robust refund-clearing mechanism is further incorporated,utilizing sandbox execution,data-version snapshots,dynamic lineage tracing,and real-time changecapture technologies to enable rapid and accurate recalculations under dynamic policy and data revisions.Case studies based on real-world data from regional Chinese markets validate the effectiveness of the proposed approach,demonstrating marked improvements in computational efficiency,system robustness,and automation.Moreover,enhanced settlement accuracy and high temporal granularity improve price-signal fidelity,promote cost-reflective tariffs,and incentivize energy-efficient and demand-responsive behavior among market participants.The method not only supports equitable and transparent market operations but also provides a generalizable,scalable foundation for modern electricity settlement platforms in increasingly complex and dynamic market environments.展开更多
The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat ...The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat the end of 2007 to 16,000 yuan ($2,300)展开更多
The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences...The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences to the terms of guarantee coupled with the different facts of each case can result in dramatically different rulings as to the nature of the refund guarantee and bank’s obligation for repayment of installments thereunder. It is also noteworthy that different refund guarantee may provide the beneficiary with different coverage. From the comparison among CSTC Form,Shanghai Form and NEWBUILDCON Form,it is suggested that the terms of the contract and refund guarantee of the NEWBUILDCON are more favorable to the buyers and buyers’ banks than the other two forms.展开更多
The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators....The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators. This article studies the possible implications that the Real Rights Law may have on the search for alternatives to the shipbuilding refund guarantee.The search is essential for the survival and development of Chinese shipbuilding industry, which is struggling in the world’s second position.The study shows that the Real Rights Law may realise the long redundant ship construction mortgage by way of charge of semi-finished industrial products or ’floating assets.’ Moreover,the statute may perfect the title transfer of newbuilding in the ’Taizhou Model’,a popular private financing structure for ship construction in Chinese rural areas.In practice,the ship construction mortgage and ’Taizhou Model’ are the most effective alternatives to the shipbuilding refund guarantee.Of course,whether the possible implications of the Real Rights Law could benefit the practice depends on Chinese administrators’ recognition,comprehension and implementation of the statute,which is yet to be observed.展开更多
This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT...This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT system.The article also discusses the implication of the reform for economic growth and promotion of cross-border trade and investment.展开更多
Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the coun...Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the country continues to boost inbound tourism and consumption,a senior official said.展开更多
China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”...China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”tax rebate scheme,shopping has never been more convenient for overseas visitors.展开更多
文摘“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader trend:Visitors from overseas are flocking to China’s retail scene,lured by its growing shopping convenience.On April 26,six government agencies,including the Ministry of Commerce,jointly issued the refined departure tax refund policy,slashing the minimum refund threshold from 500 yuan(US$69)to 200 yuan(US$28),doubling the cash refund limit from 10,000 yuan(US$1,376)to 20,000 yuan(US$2,752),and encouraging shopping districts,tourist attractions and hotels to increase the number of tax refund stores.
基金Scientific Research Project of Higher Education Institutions in Hebei Province in 2025“Research on Government Procurement-Driven Green Governance of Hebei’s Manufacturing Industry”(Project No.:QN2025662)Social Science Fund of Hebei Province in 2024“Research on Informal Environmental Regulation Promoting Green Development of Hebei’s Manufacturing Industry”(Project No.:HB24GL036)Hebei Provincial Social Science Development Research Project,“Study on the Constraints and Implementation Paths of the Transformation from Dual Control of Energy Consumption to Dual Control of Carbon Emissions in Hebei Province”(Project No.:HBSKFZ25QN199)。
文摘Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.
文摘In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.
文摘Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."
基金funded by the Science and Technology Project of State Grid Corporation of China(5108-202355437A-3-2-ZN).
文摘The increasing complexity of China’s electricity market creates substantial challenges for settlement automation,data consistency,and operational scalability.Existing provincial settlement systems are fragmented,lack a unified data structure,and depend heavily on manual intervention to process high-frequency and retroactive transactions.To address these limitations,a graph-based unified settlement framework is proposed to enhance automation,flexibility,and adaptability in electricity market settlements.A flexible attribute-graph model is employed to represent heterogeneousmulti-market data,enabling standardized integration,rapid querying,and seamless adaptation to evolving business requirements.An extensible operator library is designed to support configurable settlement rules,and a suite of modular tools—including dataset generation,formula configuration,billing templates,and task scheduling—facilitates end-to-end automated settlement processing.A robust refund-clearing mechanism is further incorporated,utilizing sandbox execution,data-version snapshots,dynamic lineage tracing,and real-time changecapture technologies to enable rapid and accurate recalculations under dynamic policy and data revisions.Case studies based on real-world data from regional Chinese markets validate the effectiveness of the proposed approach,demonstrating marked improvements in computational efficiency,system robustness,and automation.Moreover,enhanced settlement accuracy and high temporal granularity improve price-signal fidelity,promote cost-reflective tariffs,and incentivize energy-efficient and demand-responsive behavior among market participants.The method not only supports equitable and transparent market operations but also provides a generalizable,scalable foundation for modern electricity settlement platforms in increasingly complex and dynamic market environments.
文摘The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat the end of 2007 to 16,000 yuan ($2,300)
文摘The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences to the terms of guarantee coupled with the different facts of each case can result in dramatically different rulings as to the nature of the refund guarantee and bank’s obligation for repayment of installments thereunder. It is also noteworthy that different refund guarantee may provide the beneficiary with different coverage. From the comparison among CSTC Form,Shanghai Form and NEWBUILDCON Form,it is suggested that the terms of the contract and refund guarantee of the NEWBUILDCON are more favorable to the buyers and buyers’ banks than the other two forms.
文摘The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators. This article studies the possible implications that the Real Rights Law may have on the search for alternatives to the shipbuilding refund guarantee.The search is essential for the survival and development of Chinese shipbuilding industry, which is struggling in the world’s second position.The study shows that the Real Rights Law may realise the long redundant ship construction mortgage by way of charge of semi-finished industrial products or ’floating assets.’ Moreover,the statute may perfect the title transfer of newbuilding in the ’Taizhou Model’,a popular private financing structure for ship construction in Chinese rural areas.In practice,the ship construction mortgage and ’Taizhou Model’ are the most effective alternatives to the shipbuilding refund guarantee.Of course,whether the possible implications of the Real Rights Law could benefit the practice depends on Chinese administrators’ recognition,comprehension and implementation of the statute,which is yet to be observed.
文摘This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT system.The article also discusses the implication of the reform for economic growth and promotion of cross-border trade and investment.
文摘Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the country continues to boost inbound tourism and consumption,a senior official said.
文摘China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”tax rebate scheme,shopping has never been more convenient for overseas visitors.
