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On Green Development of the Agricultural Products E-commerce Logistics Finance Xu Honglian, Hu Yu Finance & Economics of Xinjiang    2016, 0 (4): 5-15.   DOI: 10.16716/j.cnki.65-1030/f.2016.04.001 Abstract （229）      PDF（pc） （1831KB）（7943）       Knowledge map    Save Agricultural products e-commerce logistics is the new growth source in the new normal development of rural economy. Based on suchfeatures of agricultural product logistics aslarge volume, many varieties, wide distribution and massive financial needs in China, it is of great necessity to integrate efficiently the trade flow, logistics, capital flow and the information flow of the agricultural products to realizethe mutual benefit and win-win for agricultural products e-commerce industry, logistics industry and finance industry.Based on the research at home and abroad,the paper analyzes the demand, supply and restricting factors, dynamic mechanism of agricultural products e-commerce logistics finance to find out the initiatives to develop agricultural products E-commerce logistics finance.The analysis shows that its development will provide strong financial support for the agricultural products green logistics, therefore, it is of significance to enhance the system and technological innovation to promote the green development, to establish perfect system and mechanism of the agricultural products e-commerce logistics finance, so as to realize the social value, economic value and ecological value of the agricultural products green logistics. Reference | Related Articles | Metrics

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Trade Efficiency and Potential of China's Soybean Imports—Based on the Stochastic Frontier Gravity Model GUO Yanqin, XU Shuhao Finance & Economics of Xinjiang    2022, 0 (3): 30-39.   DOI: 10.16716/j.cnki.65-1030/f.2022.03.003 Abstract （73）   HTML （2）    PDF（pc） （1356KB）（494）       Knowledge map    Save China's soybean imports are highly dependent on foreign countries and have a single import source. Under the background of Sino-US trade conflict, there is great uncertainty in the future. Therefore, based on the stochastic frontier gravity model and the data from 2001 to 2019, this paper measures and analyzes the efficiency and potential of China's soybean import trade. The results show that the efficiency of China's soybean import trade shows a downward trend with time; China's GDP, population and soybean output of source of import have a significant role in promoting China's soybean import. The GDP and the level of urbanization of the country of source of imports, the level of urbanization in China and the exchange rate have a restraining effect on the China's soybean import trade. The direct import of meat products can also reduce the import of soybeans. The population of source of import has no significant impact on soybean import. Secondly, economic and trade organizations, maritime network construction and investment freedom have a significant effect on China's soybean import. In the future, China should strengthen trade cooperation among countries, participate in investment in the construction of shipping network, and pay attention to preventing financial risks. Table and Figures | Reference | Related Articles | Metrics

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Study on the Relationship between Service Quality,Image Perception and Revisit Intention of Tourist Destination—Take Xinjiang Inbound Tourists for Example Li Dong, Huang Dan, Dai Chuanxuan Finance & Economics of Xinjiang    2021, 0 (6): 46-56.   DOI: 10.16716/j.cnki.65-1030/f.2021.06.005 Abstract （640）      PDF（pc） （1239KB）（952）       Knowledge map    Save The quality of destination service has an important influence on tourists'willingness to return to travel,and it is imperative to improve the quality of destination service. This research would take Xinjiang inbound tourists as the object of investigation,the image of the destination as the intermediary variable, the tourist satisfaction as the adjustment variable in order to empirically examine the influence mechanism of the quality of service and image perception on the tourists'willingness to re-visit. It is found that the dimension of destination service quality has a differentiated effect on destination image and re-travel intention,the destination image has multiple intermediary effects between service quality and re-travel intention,and satisfaction has a significant regulating impact on the influence of emotional image on tourists're-travel intention. It is obvious that the direct influence and transmission mechanism of tourist destination service quality on tourists'willingness to revisit combined with boundary condition may provide decision-making reference for the high-quality development of inbound tourism. Reference | Related Articles | Metrics

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A Study of Impact of Enterprise ESG Performance on Financing Constraints—Based on Signal Asymmetry and Principal-Agent Perspective ZHANG Yalian, SU Changping Finance & Economics of Xinjiang    2023, 0 (2): 48-57.   DOI: 10.16716/j.cnki.65-1030/f.2023.02.005 Abstract （746）   HTML （29）    PDF（pc） （871KB）（1031）       Knowledge map    Save Based on the sample of listed companies in Shanghai and Shenzhen A-shares from 2015 to 2020, this paper empirically tests the mitigation effect, mechanism and path of ESG performance on corporate financing constraints. The results show that good corporate ESG performance can help enterprises get out of the financing constraint dilemma, and the effect of corporate ESG performance to alleviate the financing constraint is more obvious in small and medium-sized enterprises. From the perspective of the mechanism of enterprise ESG performance affecting enterprise financing constraints, enterprise ESG performance can not only play a signal effect and help enterprises gain more analysts' attention, but also give full play to the governance effect of enterprise ESG performance and effectively alleviate the agency conflict of enterprises. From the perspective of the impact path of corporate ESG performance to alleviate corporate financing constraints, corporate ESG performance can help enterprises obtain lower cost debt financing and equity financing. This study has implications for promoting enterprises' ESG information disclosure and improving the efficiency of resource allocation. Table and Figures | Reference | Related Articles | Metrics

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An Analysis of Export Potential of China's Mechanical and Electrical Products to Countries Along "the Belt and Road"—An Empirical Study Based on the Expansion Gravity Model ZHANG Zhibin, CHEN Zhuo Finance & Economics of Xinjiang    2023, 0 (4): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.007 Abstract （134）   HTML （4）    PDF（pc） （2240KB）（589）       Knowledge map    Save Based on the sample data of 61 countries along "the Belt and Road" from 2005 to 2019, this paper analyzes the current situation of China's export of mechanical and electrical products to the countries along "the Belt and Road", and empirically studies the influencing factors and export potential of China's export of mechanical and electrical products to the countries along "the Belt and Road" through the expanded gravity model. The findings are as follows: First, the export scale of China's mechanical and electrical products to the countries along "the Belt and Road" has been growing continuously. In terms of market categories, China's mechanical and electrical products are mainly exported to countries with strong complementarity with China's mechanical and electrical products trade, and in the product category, mainly electrical, electronic, mechanical equipment and other technical mechanical and electrical products. Second, China's GDP, importing country's GDP, importing country's political and social stability have a significant promoting effect on China's export of mechanical and electrical products to countries along "the Belt and Road", while the population size ratio of the two countries has an insignificant inhibiting effect. Third, among the export potential of China's mechanical and electrical products to 61 countries along "the Belt and Road", 28 countries belong to potential re-modeling, 9 countries belong to pioneering potential, and 24 countries belong to great potential. In the future, we should continue to further promote "the Belt and Road" Initiative, strengthen the demonstrated comparative advantages of the electromechanical industry, strengthen the integration of enterprise resources and investment in scientific research, and promote the high-quality development of the Chinese economy. Table and Figures | Reference | Related Articles | Metrics

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Interstate Distribution and Production Efficiency of Agricultural Resources in Kazakhstan Gao Guixian, Guo Lingxia Finance & Economics of Xinjiang    2020, 0 (6): 59-69.   DOI: 10.16716/j.cnki.65-1030/f.2020.06.006 Abstract （565）      PDF（pc） （3523KB）（1061）       Knowledge map    Save Kazakhstan has a vast territory and abundant agricultural resources, however, the distribution among the states is extremely uneven. This paper analyzes the interstate distribution of agricultural resources in Kazakhstan, and uses the DEA model to calculate the production efficiency of agricultural resource inputs in Kazakhstan's states (cities) from 2014 to 2018. The following conclusions are obtained: The uneven distribution of agricultural resources in Kazakhstan has formed distinctly different production areas and non-main production areas; the comprehensive production efficiency of agricultural resources in Kazakhstan experienced a trend of first increasing and then decreasing; From the perspective of the production efficiency of agricultural production input elements in non-DEA effective states, the use of sunlight is the highest. In addition, other resource inputs need to be adjusted at a higher proportion; the average annual growth of agricultural total factor productivity was 8.3%, mainly due to technological progress. Kazakhstan needs to strengthen agricultural technology cooperation with China. Reference | Related Articles | Metrics

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On Agricultural Products Trade Between China and Kazakhstan—Based on An Ternary Margins Analysis Cheng Yunjie, Sun Zhiming Finance & Economics of Xinjiang    2020, 0 (2): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2020.02.007 Abstract （342）      PDF（pc） （1986KB）（433）       Knowledge map    Save Both China and Kazakhstan are large agricultural countries. It is of great significance to analyze the growth path of agricultural trade between China and Kazakhstan to expand export scale and deepen agricultural cooperation. Based on CEPII Database 2008-2017 Trade data of agricultural products between China and Kazakhstan, this paper measures the contribution of expansion margin, price margin and quantity margin to the growth of bilateral agricultural exports. The results show that the expansion margin of China's agricultural exports to Kazakhstan remains at a high level, the price margin keeps increasing, and the quantity margin shows the trend of "increasing and decreasing alternately". The expansion margin of Kazakhstan's export of agricultural products to China has increased significantly, and the price margin and quantity margin show the trend of "W" and "inverted V" respectively. Its export growth is mainly due to the expansion of categories. Therefore, China and Kazakhstan should actively expand the types and quantity of agricultural products exported, accelerate the pace of "going global" in Chinese agriculture and promote high-quality development of bilateral agricultural trade. Reference | Related Articles | Metrics

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The Spillover of Carbon Trading Market， Energy Market and Low Carbon Stock Market—An Empirical Study Based on the Joint Spillover Index Model GONG Zhenting, CHEN Yanbei Finance & Economics of Xinjiang    2023, 0 (5): 16-28.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.002 Abstract （132）   HTML （5）    PDF（pc） （3543KB）（607）       Knowledge map    Save With the gradual acceleration of the construction of a unified carbon trading market across China, scientifically measuring the risk spillover effects between different markets is particularly important for effectively responding to complex and ever-changing market conditions. The paper uses a joint spillover index model to empirically find that there is a risk spillover effect between the carbon trading market, energy market, and low-carbon stock market, and the directional spillover effect and net spillover effect between different markets have obvious time-varying characteristics. Compared with China, the EU carbon trading market has a stronger ability to resist risks. In this regard, a risk warning mechanism should be established between the carbon trading market, energy market, and low-carbon stock market, and the policy system construction of China’s carbon trading market and the information disclosure mechanism of relevant financial institutions should be improved to effectively prevent cross market financial risks. Table and Figures | Reference | Related Articles | Metrics

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An Analysis of China’s Import Trade Efficiency and Potential of Natural Gas under the Background of "the Belt and Road"–Based on Time Stochastic Frontier Gravity Model Ma Yuan, Zhang Rui Finance & Economics of Xinjiang    2021, 0 (1): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2021.01.007 Abstract （335）      PDF（pc） （1286KB）（537）       Knowledge map    Save In the context of the new era, China is carrying out international energy cooperation under the Background of "the Belt and Road" initiative. Natural gas trade plays an important role in building a community of energy interests, a community of responsibility and a common destiny. This paper uses a time-varying stochastic frontier gravity model to empirically analyze the factors that affect China's natural gas imports, and measure trade efficiency and potential. Studies have shown that among natural factors, the economic development level, population size, and the formal operation of natural gas pipelines have a positive effect on natural gas import trade, while factors such as geographical distance and landlocked countries have limited hindrance to the efficiency of natural gas import trade. Among the human factors, whether it is a country along "the Belt and Road", investment freedom and financial freedom are key factors affecting China's natural gas imports. The overall level of trade efficiency between China and major natural gas importing countries is relatively high, but with countries such as Algeria, it still has great trade potential and room for trade expansion. Therefore, it is proposed to accelerate the pace of energy innovation, establish a long-term trade mechanism while adopting a differentiated trade strategy to improve the efficiency and potential of natural gas trade with countries along the route. Reference | Related Articles | Metrics

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The Mechanism and Empirical Test of Digital Inclusive Finance Promoting Green Total Factor Productivity LIU Rongzeng, LI Zien, HE Chun Finance & Economics of Xinjiang    2023, 0 (1): 5-16.   DOI: 10.16716/j.cnki.65-1030/f.2023.01.001 Abstract （405）   HTML （556）    PDF（pc） （1587KB）（553）       Knowledge map    Save With the promotion of digital China construction, digital inclusive finance plays an important role in implementing the new development concept and promoting the improvement of green total factor productivity. This paper uses the economic and social data of 30 provinces, municipalities and autonomous regions in China from 2011 to 2020 to study the impact of digital inclusive finance on green total factor productivity using fixed effect model and intermediary effect model. The results show that digital inclusive finance effectively promotes the promotion of green total factor productivity, and this promotion is more obvious in the eastern and western regions. Digital inclusive finance has significant intermediary effect in promoting green total factor productivity, that is, digital inclusive finance improves green total factor productivity through three channels: technological progress, industrial structure upgrading, and technological progress-industrial structure upgrading. In this regard, we should promote the development of digital inclusive finance by improving the regional basic hardware equipment and popularizing the concept of digital inclusive finance, and training professional financial talents, so as to improve total factor productivity. Table and Figures | Reference | Related Articles | Metrics

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The Benefit Game of Mineral Resources Exploitation in Xinjiang under the Perspective of Related Stakeholders Zhu Xiao Finance & Economics of Xinjiang    2017, 0 (1): 33-39.   DOI: 10.16716/j.cnki.65-1030/f.2017.01.004 Abstract （163）      PDF（pc） （821KB）（608）       Knowledge map    Save As a region with abundant mineral resources,Xinjiang has been identified as an important energy strategic region in China during the 12th Five-Year Plan period.In the long term processes of the resources development, the misunderstanding of knowledge results in the awareness of “low-price resources,priceless environment”,which causes a lot of external problems concerning economy during the processes of the resources development in Xinjiang.Based on the stakeholder theory, this article analyzes the process of the game between main relative stakeholders for their own economic benefit in the development of mineral resources exploitation in Xinjiang.These main stakeholders include the central government,local government,mineral resources development enterprises and the local farmers and herdsmen (including immigrants) who lives in resources areas.This article expected to inspire the future development of mineral resources in Xinjiang,and achieve the maximum of social welfare in Xinjiang finally. Reference | Related Articles | Metrics

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The Spatial Effect and Threshold Characteristics of Fiscal Expenditure for Supporting Agriculture in China's 31 Provinces Xiang Jie, Hu Qingjiang, Yan Hailong Finance & Economics of Xinjiang    2021, 0 (1): 17-30.   DOI: 10.16716/j.cnki.65-1030/f.2021.01.002 Abstract （319）      PDF（pc） （1536KB）（550）       Knowledge map    Save Fiscal expenditure for supporting agriculture is the key factor to realize the economic growth of agriculture, revealing the law of action between the two is conducive to better guide the agglomeration and diffusion of production factors between industries and regions, and then promote the development of agriculture. Based on the data of 31 inter-provincial panels in China from 2007 to 2018, this paper uses the Spatial Dubin Model and the threshold regression model to analyze the impact of fiscal expenditure for supporting Agriculture. It is found that fiscal expenditure for supporting agriculture has significant spatial heterogeneity and dependence; fiscal expenditure for supporting agriculture has a significant role in promoting agricultural economic growth in this region, but has a significant negative spillover effect on agricultural economic growth in adjacent regions; different control variables have different spillover effects on agricultural economic growth.In addition, fiscal expenditure for supporting agriculture has a threshold effect on agricultural economic growth, and with the increase of financial support for agriculture, the marginal contribution to agricultural economic growth shows an accelerating effect. Finally, the paper puts forward the corresponding policy enlightenment from the aspects of carrying out differentiated financial support policy according to local conditions, scientific allocation and optimization of financial support policy and stabilizing growth mechanism. Reference | Related Articles | Metrics

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Empirical Research on the Influence of Export Servitization Level on Enterprise Markups in China－Based on the Manufacturing Export Enterprises Qin Guangyuan, Zhang Muqing, Xiong Wei Finance & Economics of Xinjiang    2020, 0 (4): 45-56.   DOI: 10.16716/j.cnki.65-1030/f.2020.04.005 Abstract （236）      PDF（pc） （1305KB）（457）       Knowledge map    Save This paper uses the input-output method to measure the overall servitization level, input servitization level and output servitization level of China's manufacturing export industry, and uses the DLW method to measure the markups of enterprises. The results show that, on the whole, the servitization level of China's manufacturing exports lags far behind the world's advanced level and the development trend is not good. From the perspective of input, China's service-oriented pioneer industry has a trend of transformation from traditional manufacturing industry to new manufacturing industry; From the perspective of output, the servitization level of all industries showed a downward trend from 2000 to 2014, but the overall servitization level of traditional manufacturing industry was relatively high. China's manufacturing industry in the main export industry enterprise markup rate is not high, only a few industries outstanding performance. On this basis, the econometrics regression method is used to analyze the impact of export servitization on enterprise markups. The results show that output servitization and the enhancement of enterprise internal governance have a significant promoting effect on the enhancement of enterprise markups. Reference | Related Articles | Metrics

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Coordinated Development of Border Land Ports and Cities Economy in China—An Empirical Study Taking Xinjiang as an Example XIAO Chunmei, JIN Lin Finance & Economics of Xinjiang    2023, 0 (2): 26-38.   DOI: 10.16716/j.cnki.65-1030/f.2023.02.003 Abstract （153）   HTML （682）    PDF（pc） （2171KB）（538）       Knowledge map    Save Border ports and port cities, as important engines and growth poles for the economic and social development of border areas, promote and develop together. Improving the system of border towns and supporting the construction of border ports is of great significance for promoting the revitalization and prosperity of the border, stabilizing and consolidating the border, and deepening the implementation of regional coordinated development strategies. After measuring the coordinated development level of China's border land ports and cities economy, the paper found that since 2017, with the support of the border opening policies, ports have been more active in development than cities, and the port-city relationship has shown a port driven pattern; In 2020, affected by the COVID-19, port trade were blocked, and the port-city relationship became city driven pattern. Taking Xinjiang as an example, using the coupling coordination degree model to measure the coordinated development level of Xinjiang's border ports and cities economy from 2011 to 2020, the paper found that although the coupling coordination level of Xinjiang's border ports and cities economy has significantly improved, it is still in an imbalanced stage. In order to accelerate the coordinated development of border ports and cities economy, it is of great necessity of strengthening the construction of infrastructure and port open platform, promoting the transformation and upgrading of foreign trade, strengthening talent training and talent introduction, and optimizing the business environment. Table and Figures | Reference | Related Articles | Metrics

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A Study of Flow Experience, Emotional Attachment and User Stickiness Behavior–An Empirical Analysis Based on Booking Travel App Wang Liming, Li Xiaodong, Li Xiaohu, Huang Jie Finance & Economics of Xinjiang    2021, 0 (1): 49-59.   DOI: 10.16716/j.cnki.65-1030/f.2021.01.005 Abstract （422）      PDF（pc） （1215KB）（770）       Knowledge map    Save With the advent of the experience economy era, tourists' sense of consumption and their travel behavior have undergone significant changes. User stickiness is the continuous use willingness and dependent behavior generated by consumers using Internet products. This paper selects the booking travel App as the research object, and explores its behavior, which has far-reaching significance for improving the tourist experience and promoting the development of online tourism. Based on the framework of "Cognition–Attitude–Behavior", this paper integrates the theory of flow experience and emotional attachment, constructs a theoretical model of user stickiness influence mechanism of booking travel App, and uses structural equation model to test hypothesis. The results show that flow experience has a direct and positive effect on user's emotional attachment; emotional attachment has a direct and positive effect on user's stickiness; flow experience has a direct and positive effect on user's stickiness, and emotional attachment plays a mediating role between them. Therefore in the development of booking travel App, efforts should be made to improve the usability and usefulness of App, fully understand the psychological preferences and emotional needs of travel consumers, provide personalized products, and pay special attention to cultivate and maintain the sticky behavior of self-guided tour group. Reference | Related Articles | Metrics

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A Study of the Path of Digital Economy Promoting the Digital Transformation of Xinjiang's Foreign Trade DUAN Xiufang, ZHOU Dufeng Finance & Economics of Xinjiang    2023, 0 (3): 69-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.007 Abstract （443）   HTML （8）    PDF（pc） （821KB）（414）       Knowledge map    Save Since the report of the 19th National Congress of the Communist Party of China proposed the construction of a digital China, China's digital economy has developed rapidly and gradually become an important support for achieving the digital development of China's foreign trade. The report of the 20th National Congress of the Communist Party of China further proposes to "accelerate the development of the digital economy" and "promote digital trade to accelerate China's transformation into a trader of quality". In this context, it is of great practical significance to study how the digital economy supports the digital transformation of Xinjiang's foreign trade. From the perspective of mechanism, the digital economy promotes the digital development of Xinjiang's foreign trade through three aspects: promoting digital industrialization and industrial digitization, bringing digital elements for improving quality and efficiency, and improving the innovation ability of enterprises. At present, Xinjiang's digital trade service platform has been initially established, and the digital transformation of foreign trade has a preliminary industrial foundation. However, restricted by such factors as small scale of digital economy, low proportion of digital economy, low integration of digital industry and traditional industry, insufficient use of digital elements, and insufficient digital technology innovation capability, Xinjiang's foreign trade digital transformation is faced with such problems as low driving force of digital economy. Therefore, this paper proposes paths such as improving digital infrastructure, cultivating and guiding digital industries, improving the level of industry digitization, building a digital factor market, enhancing digital innovation capabilities and talent cultivation, and effectively promoting the digital development of Xinjiang's foreign trade. Table and Figures | Reference | Related Articles | Metrics

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"the Belt and Road" Initiative and Chinese Household Consumption Structer Upgrading—Based on a Quasi -Natural Experiment Using Difference -in -Difference Model Analysis Liu Yufei, Chang Xiaokun Finance & Economics of Xinjiang    2021, 0 (4): 61-69.   DOI: 10.16716/j.cnki.65-1030/f.2021.04.006 Abstract （425）      PDF（pc） （875KB）（486）       Knowledge map    Save This paper regards "the Belt and Road" Initiative as a quasi -natural experiment and uses the difference-in-difference model to study the impact of "the Belt and Road" Initiative on Chinese household consumption upgrading. The result illustrates that "the Belt and Road" Initiative has significantly boosted China's household consumption structure from survival to development and enjoyment. The above conclusion is still robust after changing the explanatory variables that measure consumption structure. Additionally, "the Belt and Road" Initiative is mainly driven by the increase in the proportion of consumption expenditure for medical care consumption, while the impact on consumption of transportation,communications, culture, education and entertainment is positive, but it is not significant during the sample period. Furthermore, "the Belt and Road" Initiative is mainly to promote the change of urban residents' consumption structure from survival to development and enjoyment, however, it has a greater effect on rural residents in reducing food consumption expenditure. All in all, this paper expands the research framework of "he Belt and Road" Initiative policy and the realization of domestic and international double circulation in the post-epidemic era, which may be a good reference for follow-up policy decision-making. Reference | Related Articles | Metrics

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An Analysis of Trade Structure and Trade Competitiveness of Agricultural Products in Sino-Central Asian Countries Yang Lihua, Gong Enmin Finance & Economics of Xinjiang    2019, 0 (6): 60-69.   DOI: 10.16716/j.cnki.65-1030/f.2019.06.006 Abstract （218）      PDF（pc） （1279KB）（787）       Knowledge map    Save Under the background of continuous trade friction between China and the United States, the pattern of China's agr-products foreign trade will face great changes and reshaping, and consequently it is inevitable to develop a new alternative market for agricultural trade. Central Asia area not only borders with China, but also is pioneered by Belt and Road Initiative and has a special strategic position. With the continuous expansion of agricultural trade scale between China and the five Central Asian countries, the trade structure has also undergone significant changes. According to the HS code of UN COMTRADE of United Nations, this paper discussed the agricultural trade structural evolution of Sino-Central Asia in term of three dimensions: export structure, import structure and country structure. Moreover,we measured the competitiveness of agricultural products in 27 subdivision industries by using TC index, and expounds the evolution of their competitiveness. Accordingly this paper put forward some countermeasures and suggestions for optimizing the trade structure and improving the competitiveness of subdivision industries. Reference | Related Articles | Metrics

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The Impact of COVID-19 on Russian Economy:Anti-epidemic and Anti-crisis Measures, Economic Performance and Growth Prospects Xu Poling Finance & Economics of Xinjiang    2020, 0 (4): 57-68.   DOI: 10.16716/j.cnki.65-1030/f.2020.04.006 Abstract （312）      PDF（pc） （920KB）（661）       Knowledge map    Save The rapid development and long-term trend of COVID-19 in Russia has had a serious negative impact on its already fragile economic growth. Not only have Russia's plans for "breakthrough growth" and "new investment cycle" been put on hold, but the huge amount of financial resources consumed by anti-epidemic and anti-crisis measures has raised the short-term risks of the Russian economy to a very high level. As a result of the outbreak, the domestic economy stopped, the tendency of household consumption and savings changed, and the energy market remained sluggish in the long-term context of the outbreak, Russian economic growth faced the risk of long-term stagnation and"zombification". Russia's current strategy of regional and international economic cooperation is not conducive to economic recovery and the country needs a fundamental change in the dynamic structure of investment, consumption and export, among which more open and inclusive international economic and trade cooperation is crucial to Russia's economic growth. Related Articles | Metrics

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A Study of Early Warning of Systemic Financial Risk in Kazakhstan–An Analysis Based on Financial Pressure Index Zuo Zhenglong Finance & Economics of Xinjiang    2021, 0 (4): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2021.04.007 Abstract （377）      PDF（pc） （2373KB）（364）       Knowledge map    Save Taking the data in Kazakhstan as the sample, this paper selects representative synchronous variables in four subsystems such as external financial market, stock market, banking and macroeconomic fundamentals. Based on the CRITIC empowerment, the financial stress index is obtained as dependent variable by using the three-level indices through three-time Synthesis. Taking the variables of macro-economic and monetary credit policy, the indices of international economic relations and trading partner countries, and the lagged dependent variable as independent variables, the optimal prediction equation of systemic financial risk is constructed by using the stepwise regression method and the practical risk early-warning index system in Kazakhstan has been established, and by using it the risk status in Kazakhstan has been predicted. The results show that the synthetic total stress index has the characteristics of periodic change. The stress prediction results from July 2018 to July 2019 show that the total stress is decreasing with increasing amplitude. By identifying the stress periods, Kazakhstan is basically in a moderate stress period and began to decline to a relative safety one in the forecast period. On the whole, the forecast results are in good agreement with the economic and financial development reality in Kazakhstan. Reference | Related Articles | Metrics