CONTENTS 0.Foreword:1996 Review/(Fan Gang) 1.On State-owned Enterprise Debts/(Zhang Chunlin) 2.Endogenous Property Ownership Theory and Stable Economic Transition/(Tian Guoqiang) 3.Ownership,Governance Structure,and Principal-Agent Relation/(Zhang Weiying) 4・Property Right Games/(Wang Dingding) 5.Judge Adjudication and Public Choice/(Sheng Hong) 6.How to Realize production Conglomeration in Competitive Industries/(Jiang Xiaojuan and Liu Shijing) 7.The Market Structure of China’s Manufacturing Sector and Corresponding Trade Policies/(Sheng Bing) 8.Tariff Reduction,Tax Substitution and Effects on Income Distribution/(Zai Fan.Li Shantong,and Wang Zi) 9.Theoretical Reflections on China’s Trade Liberalization/(Zhang Shuguang, Zhang Yansheng, and Wan Zhongxin) 1 0.Inter-firm Debts and Macroeconomic Fluctuations/(Fan Gang) 11.The Control of Aggregate Money in the Transition to a Market Economy in China/(Xie Ping and Yu Qiao) 1 2.Interest Rate Parity Theory and Its Realization in China/(Zhang Ping) 13.Analysis of China’s Financial Asset Structure and Its Policy Implication/(Yi Gang) 1 4.Economics Analysis of Labor Flow/(Cai Fang)