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20 October 1998, Volume 32 Issue 10 Previous Issue    Next Issue

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A Shift in Patterns of Systemic Changes and Development of Investment and Financing System Yang Reilong 1998, (10):  5-11,64.  DOI: Abstract ( )   PDF (759KB) ( )   Yang Reilong A gradual but tremendous shift of investment and financing system has taken place in China in the direction of market economy. During this course, according to a theoretical hypothesis, systemic changes will follow the process of shifts from provision-oriented structure through the structure of separation at the intermediate level, to the structure of demand and supply. Thus changes of our investment and financing system has undergone three stages in the past 20 years. Stage One: from the late 1970s to mid 1980s with decentralization of authority for decision making while the major part of the system remained unchanged; Stage Two: from mid 1980s to the early 1990s with an administrative shift of investment authority and introduction of multi-investment policy; Stage Three: formation of multi-investment setup after Deng Xiaoping’s talks in the South were published. Measured against the goal of setting up socialist market economy our reform of investment and financing system has not been completed. It will proceed towards realization of a variety of patterns of financing and marketing, indirect control of investment decisions from the government, as well as separation of authority for investment decisions on the basis of a multi-investment system. Related Articles | Metrics

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Spirit of the Time: On Culture in the Republic of China Huang Xingtao 1998, (10):  16-23.  DOI: Abstract ( )   PDF (1623KB) ( )   The essential value of culture in the Republic of China is pursuit of democracy and science that bears the marks of modern times. The persistent progress in culture and its tremendous aachievements during the period of the Republic of China have been motivated by a strong yearning for rejuvenation of China and the Chinese culture. Efforts made to seek for a thorough and profound reconciliation of the Chinese and Western cultures had stimulated cultural development in the Republic of China and in turn became the most direct incentive approach and pattern for cultural creativity. This structure of cultural spirit sprang out from the tradition of the late Qing Dynasty, accompanied the whole course of the Republic and finally led to the discovery of the new democratic culture. This pursuit represents the trend of cultural development in the Republic of China and has paved way for the advances of modern culture in China. References | Related Articles | Metrics

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Expansion of Finance Network and Strength of Foreign Banks in China after the 1880s Wang Jingyu 1998, (10):  24-29,64.  DOI: Abstract ( )   PDF (814KB) ( )   This article holds that the 1880s is a period of time when foreign banks expanded their strength in China by means of spreading their finance network. This is closely related to their efforts to open up inland markets in China. Events such as the dumping of surplus goods from capitalist countries, the China-Britain Yantai Treaty, the open-up of the Suez Canal, and the establishment of tele-communication between China and the West provided optimal chances for their expansion of trade in China. Throughout the 19th century activities of foreign trade and finance were closely linked and mutually supportive. Related Articles | Metrics

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On Financial Crisis in Southeast Asia Song Tao 1998, (10):  36-40.  DOI: Abstract ( )   PDF (378KB) ( )   The causes for the serious financial crisis in Southeast Asia were economic crises in these countries and regions. The reason why the crisis could spread so rapidly from Thailand to various countries in Southeast Asia was that under the circumstances of integration of world economy and formation of regional economic blocs, circulation of goods and capital was closely related among different countries or regions, and therefore what happened in one country directly affected situations elsewhere. It is advisable that the developing countries draw lessons from the Southeast Asian crisis. Measures should be taken to maintain necessary control of the scale and distribution of foreign investment, to adjust arrangement of products in line with the demand of international market, and to reinforce management of the financial market. References | Related Articles | Metrics

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A Comparative Study of Enterprise Theories of Marx and Those of Western Neoinstitutional School Zhang Yinjie 1998, (10):  46-51.  DOI: Abstract ( )   PDF (532KB) ( )   The author points out that Marx was right when he regarded increase of productivity and social yield capacity as the basic cause for the rise of enterprises. The neoinstitutional school, on the contrary, ignored the productive function of enterprises and considered economizing the cost of dealings the only reason why enterprises came into being, which led their theories to a difficult position. Marx’ analysis of the reasons for enterprises to expand rested on an increase of productivity, while the neoinstitutional school used the notion of dealing cost to explain the extent of expansion. They were right in admitting that cost of management could affect the scale of enterprises.However, they were wrong to believe that dealing cost was the only aspect that could affect the scale of enterprises. Marx said that the basic relation inside capitalist enterprises was that of employment, while neoinstitutional school emphasized the relation of client and agent between the owner of capital and the manager of enterprise. Marx explained the reason for enterprises to exist as a hierarchical organization from the point of view of social division of work, while neoinstitutional school elaborated on the incompleteness of the social contract as the reason for the existence of the enterprise as a hierarchical organization. This argument, however, is not sound enough. References | Related Articles | Metrics