12 volumes (one volume per year) of the proceedings entitled “China Economy” has been published since 1994, and has been enjoying the fame both locally and internationally. As a historical record of the development of China’s economic research, the proceedings have reflected the progress of the development of China’s economic research for some extends. From the other aspect, the proceedings has become not only an absolutely necessity in the library at every economic universities and colleges, but also an essential reference materials for numerous of post students, thanks to the close collaboration between Shanghai People’s Publishing Company and “Beijing Unirule Economic Institute. Also, the success of the proceedings owes to the hard working by all editors involved, the great support from counterpart magazines and researchers in the field of economic research, as well as the joint efforts by the whole educational circles in China. I am very pleased, on behalf of all my colleagues, the editors and publisher of the proceedings to express my sincere thanks and appreciations for their contributions.
As the chairman of the editing committee of the proceedings, I would like to take this opportunity to apologize to readers for the delayed release of the volume 2006 of the proceedings, which was due to the substitution of the executive editor.
2. Papers chosen in the proceedings
The 16 papers compiled in the volume of 2006 includes 4 from “Economic Research Journal”, 4 from“Quarterly Journal of Economics (China)”, 3 from the “Journal of World Economy”, 2 from the “China Journal of Economics”, and “China Social Science”, “Management World” and “Population Study” one each, thanks to the magazines/publications for their recommendation of and permission to reprint the papers. To this end, readers can realize that, not as the usual, papers in the proceedings were not chosen mostly from the “Economic Research Journal”, but also from other magazines/publications concerned thereby promoting the multiplicity and competition in the economic study.
Below is an overview of the 16 papers by the editor.
How to retain external and internal balance and the heavy appreciation pressure on RMB are two key focuses in China today, and has lead to great attention in the academic circle. 5 papers were selected concerning issues of favorable balance in the current and capital account, international trade and exchange rate.
The paper of “China’s twin surplus: its nature, root causes and solution” built a theoretical framework using GDP accounting and balance of payment approach to analyze China’s twin surplus in the current and financial account. In the paper, the author analyzed the deposit and investment by inventorying them into three categories, e.g. domestic private (e.g. individuals and enterprises), governmental and foreign ones. The core of the analysis was focused on the relationship of the gap between the private and governmental deposit and the investment and the foreign exchange reserve. Based on this analysis, the author revealed the relationship between the nature of the double surplus and the increasing accumulation of foreign exchange reserves in China. It was indicated in the paper that the surplus of current account shown clearly that foreign deposit in China was not used for investment, and foreign investment in China was originally from domestic deposit. What foreign business gained in China is capital equity, whilst what the US bonds bought by China is of a type of creditor’s right abroad. And the FDI increase and FER accumulation are the result of the trade mentioned above. Furthermore, the paper illustrated the twin surplus by analyzing various types and means of FDI inflow, and discussed the sustainability of the twin surplus thereafter. In addition, the paper also unveiled conditions for sustainable surplus in the current account, and recommended possible policy to lower the surplus. The mathematic models established in the paper were worthwhile and deducted clearly. It could be much better if verifications could be applied onto the sustainability of either the surplus or the current account.
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