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)