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Abstracts of papers published by teachers of Institute of Economics (Issue 12)

1.CAI Jiming  China’s Distribution System Reform   China Finance  May 1, 2018
[Abstract] Since the reform and opening up, along with the formation of mixed ownership structure with public ownership as the mainstay, China’s distribution system has gradually changed from a single distribution on the basis of labor to distribution in accordance with various factors of production. In the traditional socialist economic theory, the single distribution on the basis of labor, as an economic realization form of public ownership, has always been regarded as the only distribution principle of socialism. To deny the distribution on the basis of labor is to deny the socialist basic economic system.
2.JIANG Ning, CAI Jiming   Objectives-oriented Lenient and Severe Regulation of Sharing Economy
[Abstract] The government should take different regulatory measures according to the different nature of the problems caused by the sharing economy. The illegal and criminal activities in the name of sharing economy should be resolutely combated and banned. Discriminatory supervision should not be applied to the common problems existing in the new and old formats. The principle of prudence and tolerance should be followed for the format in which the market can effectively allocate resources and the industries are self-disciplined. For industries with strong negative externalities and high system risks, more efforts should be made in prior and in-process supervision.
3.CAI Jiming  The Course of Economic System Reform in China and Its Theoretical Analysis    Reform    June 15, 2018
[Abstract] The fundamental economic institution and distribution institution have changed deeply since reform and opening up in China: unitary public ownership has changed into multiple ownership with public ownership as main body; unitary distribution according to work has changed into distribution according to contribution of all kinds of production factors. Meanwhile the mode of resource allocations has changed into the socialist market economy from the planning economy; the enclosed and semi-enclosed economy has changed to all round opening up. The traditional Political Economy based on Labour Theory of Value cannot explain the changes, and we must innovate the theory of value in order to build the Socialist Political Economy System with Chinese Characteristics, therefor to provide the theoretical support for further consolidating and improving the Socialist fundamental economic institution and distribution institution, better playing the decisive role of market in resource allocations, and promoting the globalization and formation of Human Destiny Community.
4.CAI Jiming   Deepening Land Reform to Release Residents’ Consumption   Economic Information Daily   September 12, 2018
[Abstract] There are seven breakthroughs of deepening land system reform: firstly, empowering the market to determine the allocation of land resources; secondly, adhering to the principle of land expropriation for public welfare; thirdly, relaxing restrictions on rural land marketization; fourthly, giving the rural residential land complete usufructuary rights; fifthly, allowing to apply the quota of the hook of increase and decrease to inter-village and inter-provincial transactions; sixthly, eliminating the obstacles of farmland scale operation;
5.CAI Jiming   Four Changes in the Past 40 Years of Reform and Opening up   Shenzhen Special Zone Daily   December 25, 2018
[Abstract] The four major changes achieved in the past 40 years of reform and opening up are also the institutional guarantee for China’s sustained, stable and rapid economic development for 40 years. They are the successful experience that we need to summarize, confirm and promote most to developing countries and the international community in celebrating the 40th anniversary of China’s reform and opening up. Only in this way can we enhance “four matters of confidence” and eliminate the interference from “left-deviationist and right-deviationist thinking”.
6.CAI Jiming  Step up Individual Income Tax Cuts in China   Social Sciences Weekly   February 21, 2019  
[Abstract] One of the main problems in China’s current individual income tax law is the implementation of classified levy way with great differences, resulting in unequal tax burden of income from different sources. The high progressive system is executed for wages and salaries income, with a maximum tax rate of 45%. The maximum tax rate of business income is 35% and that of property income (interest, stock dividend, bonus dividend, property rental income, property transfer income) and contingent income as well as other income is 20%.
7.CAI Jiming   Current Situation and Countermeasures of Urban-Rural Integrated Development    China National Conditions and Strength  March 7, 2019
To promote the urban-rural integrated development, we should break the urban-rural dual system and accelerate the institutional reform of household registration and land and public resources allocation. Furthermore, the corresponding fiscal and financial policy systems should be established and perfected to provide financial guarantee for the integrated development.
8.LIU Taoxiong   A Literature Review on Artificial Intelligence, Robotics and Economic Development   Comparative Economic & Social Systems  November 15, 2018
[Abstract] With the rapid development of artificial intelligence technology, a new round of technological revolution and industrial transformation is gradually taking shape. The Internet of Things, big data, cloud computing, artificial intelligence, and robotics are interdisciplinary, and the era of robots changing manufacturing and living patterns has arrived. The rapid development of the international robot market has become an important phenomenon that cannot be ignored in China’s economic life. So, what impact will the development of artificial intelligence and robots have on the economy and society? The academic community has been gradually exploring and researching this question. The main purpose of this paper is to review the research on artificial intelligence, robot and economic development analysis, sort out and explore the relationship between robot development and labor market, economic growth and population, and summarize the latest research on artificial intelligence and robot economics, in order to provide some practical references and ideas for future research.
9.LONG Denggao   Test and Interpretation of Land Rights Distribution before Land Reform
[Abstract] The land property possessed by landlords and rich peasants was an important indicator of the distribution of land rights in modern times. It was also a basic judgment of land property rights system and modern economy. However, there has been a lack of convincing basic data. Detailed nationwide surveys were conducted for the land reform. Although accurate national data were not published, they laid the foundation for statistical work. On the basis of general surveys of land reform and referring to the survey data during the period of the Republic of China, this paper studied the proportion of land occupied by the top 10% of the rich in rural areas before the land reform. The accurate value of the southern provinces was about 30% (±5%), higher than that of northern provinces. If considering the possession of surface rights, emphyteusis, public field and other land rights, the value would be much lower. In the past, the land concentration phenomenon and trend were exaggerated, mainly due to the ignoring of the role of negative feedback mechanism in restraining and hedging land ownership concentration.
10.LONG Denggao   Discrimination of Traditional Land Ownership Transaction Forms-Centered on Pawn   Zhejiang Academic Journal   July 5, 2018
[Abstract] Based on the transaction theory of different levels and intertemporal adjustment of land rights, this paper discriminates and analyzes various traditional forms of land rights transaction in China and clarifies relevant ambiguities and misunderstandings. Flexible marketing is a kind of transfer of ownership with redemption priority. Rent deposit is the transaction of the right to use. Pawn is not the transaction of ownership or the right to use, but the transaction of possession (other property rights). Pawn can produce a security interest and has low risk compared with short-term mortgage so that it can effectively restrain the final transfer of land rights. The nature and characteristics of pawn right are further discussed in this work and the correlation and logical system between different forms of land rights transaction are revealed. This system meets the diversified preferences and needs of the actors in the factor market, and reduces the systematic risk of land ownership transaction.
11.YI Wei, LONG Denggao, WANG Miao   Foreign Engineer-in-Chief Employment Mechanism and Dredging Industry in Modern China   Journal of Anhui Normal University   July 10, 2018
[Abstract] In the late Qing Dynasty, Hai-ho Conservancy Board (1897) and Whangpoo Conservancy Board (1905) were established in Tianjin and Shanghai. They were mainly responsible for dredging projects and maintenance of the channel of Hai-bo and Huangpu River. This has become the origin of modern dredging industry in China. Both organizations adopted engineer-in-chief mechanism, which was strict in employment procedures and regulations. The nomination screening was excluded from nepotism, which was a characteristic from many other international industries at that time. Its employment mechanism, work authority, and independence reflected the institutional nature and operational characteristics of both organizations. By introducing foreign technology and hiring management talents, these organizations have contacted and introduced the world’s most advanced dredging technology and equipment at the time. And they adopted and transformed them locally, which formed a high starting point for China dredging. At the same time, they cultivated early professional technologies and talents, which laid the foundation for China’s modern waterway construction and dredging industry.
12.CHEN Bizhou, LONG Denggao   Property Right Structure of Foreign Enterprises in Modern China---A Case Study of American-Owned Shanghai Power Company   Shanghai Economic Review   September 15, 2018
[Abstract] The company property right is one of the core contents in the research of modern enterprise history. Through the study of the capital structure and property structure of the typical modern foreign enterprises, American-owned Shanghai Power Company, the characteristics of the property right structure of foreign enterprises in modern China can be deeply analyzed. The research shows that Electric Bond and Share Co. had acquired the complete property right of its overseas subsidiary, American-owned Shanghai Power Company, with its tight and complex capital structure. Under the ingenious design of the Electric Bond and Share Co., the property right structure of American-owned Shanghai Power Company was a joint-stock company system with privileged stocks. The property right structure not only succeeded in achieving the stable operation of the foreign subsidiary of Electric Bond and Share Co., but also was a typical case of the property right arrangement in the transnational operations of foreign enterprises in modern China.
13.LONG Denggao, WANG Zhenghua, YI Wei   The Governance Structure of Traditional Social Organizations and Institutional Property Rights of Legal Enterprises: Based on the Management of Public Infrastructure in the Qing Dynasty   Economic Research Journal   October 20, 2018
[Abstract] In traditional China, local infrastructure projects were generally organized and undertaken by the people themselves, while river crossings, covered bridges, charities and other similar projects were usually set up by philanthropists. This paper comprehensively discusses the organizational model and the governance structure of public facility construction, demonstrates the property rights of legal entities in Chinese history for the first time, and systematically investigates the property rights foundation of various social organizations to promote reflection on and understanding of traditional grassroots society. First, local infrastructure construction is based on a relatively mature organization and its governance structure. Council members are selected by the people and are responsible for the financing, construction, operation and maintenance of the infrastructure. The council’s administration and management are open and transparent, and it is capable of achieving cross-regional coordination and handling disputes. Second, river crossings and covered bridges are a kind of non-profit and non-government public interest project. In a time of economic shortage, the ability to mobilize and organize people reflects the creativity of social organizations. Public goods are provided by the people in the form of free services, which was seldom done in the past. This is quite different from the direct undertakings of the government and profit-driven companies. From a moral viewpoint, it is respectable, but it has inherent limitations compared with the contemporaneous Britain and American market players. Moreover, legal entities own independent properties, mostly real estate and farmland, in addition to endowments with future value added earnings, which are used for long-term maintenance and operations with rules and regulations. Their exclusive legal property rights have integrity and are indivisible and guaranteed by the government and law. Last but not least, these social organizations play their respective roles in various aspects of economic and social life, and as an intermediary and bridge for the government to connect, communicate and coordinate grassroots, as well as the institutional foundation for the low-cost maintenance of the unified regime.

14.LONG Denggao, LI Yiwei   40 Years of Overseas Chinese Businessmen Investment in China: Development State, Function and Trend   Journal of Overseas Chinese History Studies   December 1, 2018
[Abstract] Overseas Chinese-invested enterprises are the forerunners, contributors and beneficiaries of China’s Reform and Opening-up. The staged characteristics that have emerged over the past 40 years reflect the historical process of China’s Reform and Opening-up. In 1979, 1989, 2008 and other key points, the investment and exchanges of overseas Chinese businessmen have effectively promoted China’s Reform and Opening-up to overcome difficulties and to maintain its sustainable development. In a unique way, overseas Chinese businessmen have promoted China’s industrialization process, promoted ideological emancipation and institutional innovation, promoted the advancement of technology and management, and the cultivation of human capital, making irreplaceable contributions to China’s economic development and institutional reform. Overseas Chinese businessmen and the Chinese economy have grown together. In the past ten years, overseas Chinese businessmen’s average investment scale has increasingly surpassed that of European, American and Japanese companies in China, and has been expanding and upgrading in terms of management level and quality, from low-end labor-intensive industries to technology industries, emerging strategic industries and financial services. The localization trend has made it fully integrated into the pulse of the Chinese economy.

15.LONG Denggao   The Evolution of Traditional Institutions of Land Property Rights in China   China Social Sciences Press   2018
[Abstract] The land property right institutions have laid the institutional foundation for China’s traditional economy to be in the lead in the world for a long time, and have also been the key to the social and economic transformation of modern China, as well as have unique theoretical values in the history of world economy. However, the academia hasn’t conducted a systematic analysis for this, and thought that they were the causes of poverty and backwardness in modern China. This book constructs and comprehensively discusses the traditional theories of land property rights in China from the perspective of stratifications of land property rights, including the forms of land property rights such as ownership, possession and use rights, and the land property rights trading system composed of permanent sale, flexible marketing, pawn, rent deposit, general tenancy, mortgage and “Taijie” and so on. Through the historical studies of pawn right transaction and discrimination of various transaction forms, the unique institutional heritages are sorted out. Under this analytical framework, this book reveals the role of the land property right market in allocating production factors and improving production efficiency, especially the complementarity between the land property right market and individual family farms.
16.RONG Ke, XIAO Fei, WANG Yong, KANG Zhengyao   Growth of Internet Innovation Ecosystems: Through the Lens of M&A   R&D Management   August 15, 2018
[Abstract] It explored how Internet companies expanded their innovation ecosystems through merger & acquisition (M&A). It classified Internet innovation ecosystems into three patterns: value networks, social networks and information networks. Based on the traditional M&A theory and the cross-industry features of Internet economy, three M&A strategies were defined as monopoly type, economies of scope type and coordination type. It examined the M&A strategies of Internet ecosystems by using 559 M&A cases of 56 Internet companies among the top 100 companies in China, from the PEdata of Zero2IPO Group. The following results are found using regression analysis and variance analysis. From the view of sector, the social networking patterns are more focused on building ecosystems, while the value and information networks pay more attention to cost saving. From the view of scale, bigger Internet companies tend to concentrate on cost savings. In terms of scale and growth, companies with larger M&A scale are more likely to build up their ecosystem. Furthermore, in reveals how Internet ecosystems differ in value creation and value appropriation during the process of expansion. The patterns of social networks and information networks are more focused on value creation while value networks are more likely to conduct value appropriation as the main objective.