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25 February 2020, Volume 0 Issue 1 Previous Issue    Next Issue

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Substantial Tax Cut and Fee Reduction and High Quality Economic Development Bai Yanfeng 2020, (1):  5-12.  doi: 10.16716/j.cnki.65-1030/f.2020.01.001 Abstract ( )   PDF (843KB) ( )   Save Through the analysis of the evolution of tax reduction and fee reduction policy in China, this paper explains the relationship between substantial tax cut and fee reduction and high-quality economic development. High quality economic development needs to take supply-side structural reform as the guideline to promote the quality, efficiency and power changes of economic development. The goal of China's tax cut and fee reduction policy is to achieve high-quality development, improve the quality of economic growth and economic structure by reducing value-added tax, achieve enterprise efficiency reform by reducing enterprise income tax, and improve the knowledge content and technology level of China's economic growth by reducing the personal income tax of high-level talents, so as to achieve dynamic change. First, based on "double incentives" of China's enterprise income tax support of national innovation system, we need to further improve the tax support system for high-level talents, and form "triple incentives" for national innovation system. Second, we need to build a "multi-pillar pension model" for the government, enterprises and residents, so as to lay the institutional foundation for the "light load" of enterprises. Third, we should adapt to the trend of economic and financial development and strengthen the fair taxation of the digital economy. Fourth, we need to implement high-quality collection and management to ensure the implementation of the "substantial tax cut and fee reduction policy". Fifth, we need to smooth the fiscal relationship between the central government and local governments. References | Related Articles | Metrics

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Readjustment of Rural Contracted Land: Perplexities and Solutions Xing Haibao 2020, (1):  13-26.  doi: 10.16716/j.cnki.65-1030/f.2020.01.002 Abstract ( )   PDF (774KB) ( )   Save The readjustment of contracted lands frustrates the confirmation of the right to operate contracted land and improvement of separating the ownership of rural land, contract rights and management rights. The readjustment is based on the concept that the members of the collective economic entities shall have the right to undertake the contracts equally for survival, on the theory that members enjoy the right to claim for distribution of the land, and on the view that the collective economic entities shall have the right to adjust the land. In this paper, we believe the current governance pattern and the idea of rule of law can no longer adapt to the status quo. The right to contract a rural land is not a right in civil law, but a constitutional right. The right to operate contracted landing should be established and protected on the basis of large-scale production, the marketization and modernization of agriculture. The collective economic organizations should not readjust the land that has been given out to households and households’right to manage the contracted land must not be disturbed. References | Related Articles | Metrics

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Effects of Regional Financial Development on Current Account Balance in China—Based on the Perspective of Commodity Trade Liu Fang 2020, (1):  27-38.  doi: 10.16716/j.cnki.65-1030/f.2020.01.003 Abstract ( )   PDF (876KB) ( )   Save Using panel data of China's 31 provinces over the period from 2007 to 2018, and the estimator of sys-GMM and dif-GMM methods, this paper aims to examine the relationship between financial development and current account balance in four difference regions, namely coastal and inland regions, border and non-border areas, and enjoy the level of preferential policies and the extend of financial control areas. The results of the regression show that financial development has a significantly and robust negative effect on the current account balance by used the full sample. Using the sub-sample of regions, however, financial development have a greater negative effect on the current account balance in coastal, non-border areas and those areas with high preferential policies and low financial control. Therefore, all regions of China should make full use of market-based financial means to replace administrative financial means and ensure the balance of current account continues. References | Related Articles | Metrics

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On Mechanism of National Audit Promoting High-Quality Economic Development —An Empirical Analysis Based on Provincial Panel Data in China Zheng Shiqiao, Xu Lingling 2020, (1):  39-52.  doi: 10.16716/j.cnki.65-1030/f.2020.01.004 Abstract ( )   PDF (1147KB) ( )   Save Promoting high-quality economic development is not only an inevitable requirement for maintaining sustained and healthy economic development,but also an inevitable requirement for adapting to changes of major social contradictions in China and building a well-off society,a socialist modern country in an all-round way.The paper constructs a theoretical framework of how national audit promotes high-quality economic development and builds an economic growth quality index system.Using principal component analysis to measure the economic growth quality of provinces in China from 2012 to 2016,the paper tests based on provincial panel data.The results show that the national audit does improve the quality of economic growth by the synergistic effect among the revealing function,punitive function and recommendation function.Therefore,the auditing agency should,on the basis of comprehensively revealing the problems,handle the punishment,put forward reasonable recommendations and urge the recommendations to be adopted,so as to promote high-quality economic development. References | Related Articles | Metrics

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On Mitigating Effect of Financing Constraint in Supply Chain Finance—An Empirical Analysis Based on the China GEM Data Liang Yan, Wen Yao, Zhang Guangsi, Xie Jiaping 2020, (1):  53-61.  doi: 10.16716/j.cnki.65-1030/f.2020.01.005 Abstract ( )   PDF (994KB) ( )   Save In view of the difficulty of financing for SMEs, this paper puts forward a conceptual model and relevant hypothesis of the stability of cooperative relationship in supply chain and the positive impact of credit diffusion of core enterprises on the financing performance of SMEs under the supply chain financial model from the perspective of signaling mechanism and industrial symbiosis theory, empirical research is carried out by using the panel data of GEM listed companies from the year 2011 to 2017. The results show that the cash holdings of enterprises will change positively with their operating cash flows, which indicates that enterprises can’t obtain sufficient funds from outside and face a certain degree of financing constraints. After adding the variable of supply chain financial development level, the cash holdings of enterprises will be weakened by their operating cash flows, indicating that the degree of financing difficulties will be reduced. Based on this, this paper introduces the stability of cooperation relationship in the supply chain and the credit impact of core enterprises as two adjusting variables. The interaction item is added into the original model to make overall regression, and then tested by grouping. It is found that the supply chain financial model can be applied to enterprises whose cooperation relationship tends to be stable in supply chain and enterprises whose credit is diffused by core enterprises. It has a more significant mitigation effect of financing constraints, which makes the hypothesis of this paper verified. References | Related Articles | Metrics

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Risk Assessment and Enlightenment of the External-Debt of the Countries along the" Belt and Road"—An Analysis Based on Data from 31 Countries Hu Ying, Liu Yingying 2020, (1):  62-71.  doi: 10.16716/j.cnki.65-1030/f.2020.01.006 Abstract ( )   PDF (899KB) ( )   Save The external-debt risks of the countries along the "Belt and Road" have an important impact on the economic and social effects of China OFDI. Selecting data from 31 countries along the "Belt and Road" to build an external-debt risk evaluation index system and employing fuzzy matter-element analysis to comprehensively measure the external-debt risk of countries along the "Belt and Road", this paper analyses the reason of the risks. The results show that the external-debt risks of the countries along the "Belt and Road" are generally on the rise; the external-debt risks of Mongolia, Laos, Sri Lanka, Ukraine, Kazakhstan, Pakistan, and Kyrgyzstan are very high; fiscal deficits, deteriorating terms of trade, and rising international market interest rates are the main factors which lead to high external-debt risk of countries along the "Belt and Road". In order to improve the quality and efficiency of China OFDI in countries along the "Belt and Road", Chinese companies should optimize the spatial layout of direct investment and reduce investment in countries with high foreign debt risks; optimize the investment field, increase investment in non-energy sectors, and promote economic growth and employment in countries along the belt and road; projects should be strictly reviewed before investment, and adopt reasonable financing methods to avoid increasing external-debt risks of countries along the"Belt and Road". References | Related Articles | Metrics

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On the Level of Development of China's Agricultural Products Export Trade to Five Central Asian Countries — Based on the "Belt and Road" Initiative and Grey Correlation Analysis Cao Chong, Xia Yong 2020, (1):  72-80.  doi: 10.16716/j.cnki.65-1030/f.2020.01.007 Abstract ( )   PDF (2202KB) ( )   Save Based on the description statistics of export trade scale, export trade structure, and export trade competitiveness, this paper uses the grey correlation analysis to evaluate the level of development of China's agricultural export with five Central Asian countries. The study found that China's export trade of agricultural products to the five Central Asian countries is expanding, and the export trade structure is not only optimized, however, the trade potential is huge. The export trade competitiveness has comparative advantages in Kazakhstan, Kyrgyzstan, and Uzbekistan. In Tajikistan and Turkmenistan, there is no comparative advantage; the level of export trade development is high, and the characteristics of changes at different times and points are obvious. Therefore, China and five central Asian countries in should actively carry out agricultural economic and trade cooperation, optimize the agricultural structure and trade structure, make overall use of the international market and domestic market, and continuously improve the level of agricultural product development. References | Related Articles | Metrics