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Abstracts of Papers Published by the Faculty of Tsinghua Institute of Economics

The Fifth Issue

[1]Li Bangxi. Present Situation and Future Development of Political Economics in Japan [J]. Chinese Review of Political Economy, 2016, 03: 99-101.
Abstract: The Conference for The Annual Report on the Development of Political Economy in China (2015) was held at Renmin University of China on March 26, 2016. It was organized by the School of Economics, Renmin University of China and co-organized by the Collaborative Innovation Center for China Economy and the Editorial Department of China Review of Political Economy. Experts and scholars such as Zhang Yu, Qiu Haiping, Xue Yufeng, Zhu Andong, Wang Shengsheng and Li Bangxi addressed the conference on the development of the socialist political economy with Chinese characteristics and other topics. We here provide presentations by some experts and scholars.

[2]Zhong Teng and Tang Ke. Research on Characteristics of Commodity Futures Investment in China [J]. Journal of Financial Research, 2016, 04: 128-143.
Abstract: Commodity futures have gradually become important type of investment against the backdrop of global financialization of staple commodities. The paper probes the characteristics of commodity futures investment in China considering risk premium, risk diversification and risk factors. Estimates show positive risk premium for Chinese commodity futures, indicating risk compensation for futures in various channels, which supports the theory of normal backwardation. Similar to the situation in the US, China’s commodity futures market is highly positively correlated with the stock market over the past decade. Further research shows that inflation and the economic cycle are main channels for such positive correlation. In additon, we find that common risk factors in the US commodity future markets are not applicable in China.

[3]Xiong Chai, Deng Mao and Cai Jiming. Total Quantity Control or Structural Adjustment: On Population Management and Control in Supercities and Megacities—A Study Case of Beijing [J]. Tianjin Social Sciences, 2016, 03: 99-104.
Abstract: Supercities and megacities are “drivers” of China’s economic growth and national centers for innovation in science and technology and incubation of emerging industries. Development of these cities has impact on China’s status in global resources allocation and competition patterns. Relevant research shows that resource constraints, traffic congestion and environmental pollution cannot constitute reasons for control of population in these cities. Main problems with population development in these cities are overpopulation in central city and serious separation between workplace and residence, so controls over population size in large cities should be eliminated and population distribution should be optimized. Finally, the balance between workplace and residence in suburbs can be promoted in ways such as dispersal of functions of central cities, allocation of quality public service resources to suburbs and improvement of the public transit system.
[4]Li Bangxi, Wang Shengsheng and Pei Hong. Okishio Theorem and the Law of Falling Rate of Profit: Mathematical and Physical Structure, Controversies and Rethinking [J]. Journal of Tsinghua University (Philosophy and Social Sciences), 2016, 04: 178-186+198.
Abstract: We reviewed and addressed main controversies over Okishio Theorem among Marxist political economists in a relatively simplified framework from perspectives of both mathematical and physical structure and economic implications, and then described differences and relations between the Okishio Theorem and the Marxist law of falling rate of profit. The two are quite different in dimensions such as definition of economic variables, explanation of economic concepts and research objects, and in essence deal with problems at different levels of abstraction. Therefore, the Okishio model neither supports nor denies the Marxist law of falling rate of profit, showing no essential contradiction between the two. However, research on criticism and theoretical extension of the Okishio Theorem implies that mathematical stability and economic forecast of relevant conclusions of the theorem will in reality be greatly affected in various complex economic conditions.
[5] Cai Jiming, Jin Weiping. The Methodological Principles of Constructing Socialist Political Economics with Chinese Characteristics [J]. Journal of Chinese National School of Administration, 2016, 02:34-44.

[6] Wang Shengsheng. Interpreting the “Belt and Road” Initiative with a Political Economy Perspective. [J] Chinese Review of Political Economy, 2016, 03:98-99+101.
Abstract:  On March 26, 2016, “The Press Conference of the Annual Report on the Development of Political Economy in China (2015)”, hosted by the School of Economics at Renmin University of China and co-sponsored by Collaborative Innovation Center for China Economy and the Editorial Department of China Review of Political Economy, was held at Renmin University of China. Zhang Yu, Qiu Haiping, Xue Yufeng, Zhu Andong, Wang Shengsheng, Li Bangxi and other experts and scholars made presesntations on themes like development of political economy with Chinese characteristics.

[7] Li Bangxi. Status Quo and the Future of Political Economy in Japan [J]. Chinese Review of Political Economy, 2016,03:99-101.
Abstract: On March 26, 2016, “The Press Conference of Annual Report on the Development of Political Economy in China (2015)”, hosted by School of Economics at Renmin University of China and co-sponsored by Collaborative Innovation Center for China Economy and the Editorial Department of China Review of Political Economy, was held at Renmin University of China. Zhang Yu, Qiu Haiping, Xue Yufeng, Zhu Andong, Wang Shengsheng, Li Bangxi and other experts and scholars made presentations on themes like development of political economy with Chinese characteristic.

[8] Liu Taoxiong, Luo Zhenli. Shifting from Traditional Industrial Policies to Competitive and Innovative Policies—Logic and Strategy of the Shifting of China’s Industrial Policy under the New Normal Conditions [J]. Theory Journal, 2016,02:76-82.
Abstract: With over 30 years of reform and opening up, China is now facing new economic challenges. Thus it is urgent to change traditional industrial policies. The top priority of policy transformation is to transform traditional industrial policies to competitive and innovative policies through policy transformation and micro-interaction among all policy elements under the new normal conditions. “Competition-Innovation” policy analysis framework and logical systems are created by taking policy subjects, policy tools and policy objectives into consideration. The key to establishing competitive and innovative policies is to accelerate the transformation of industrial policy objectives from industrial support to competition protection and innovation promotion, transform industrial policy means from localized policies to universal policies, transform industrial policy organization and procedure from administrative approval to administrative legislation, and transform industrial policy performance evaluation from government-dominated evaluation to the third-party evaluation.