A Study of Chinese Market Efficiency, Shanghai Versus Shenzhen
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Master's Degree Programme
Master’s Degree programme in Lingue, economie e istituzioni dell’Asia e dell’Africa mediterranea “Second Cycle (D.M. 270/2004)” Final Thesis The Evolving Framework of Chinese Outbound M&A The case of Inter Supervisor Ch. Prof. Renzo Riccardo Cavalieri Assistant supervisor Ch. Prof. Franco Gatti Graduand Valentina Coccato 841509 Academic Year 2016/2017 TABLE OF CONTENTS 前言 ....................................................................................................................................... 3 Chapter One: China’s Outbound M&A ............................................................................... 10 1.1 Chinese Outward Foreign Direct Investment ............................................................ 10 1.2 Government role and regulations .............................................................................. 14 1.3 Policymaking actors .................................................................................................. 16 1.3.1 Top Level ............................................................................................................ 16 1.3.2 Second level ........................................................................................................ 17 1.3.3 Third level ........................................................................................................... 18 1.3.4 Fourth level ......................................................................................................... 20 1.4 OFDI Approval Procedure: A Changing Framework ............................................... -
Shanghai, China's Capital of Modernity
SHANGHAI, CHINA’S CAPITAL OF MODERNITY: THE PRODUCTION OF SPACE AND URBAN EXPERIENCE OF WORLD EXPO 2010 by GARY PUI FUNG WONG A thesis submitted to The University of Birmingham for the degree of DOCTOR OF PHILOSOHPY School of Government and Society Department of Political Science and International Studies The University of Birmingham February 2014 University of Birmingham Research Archive e-theses repository This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. ABSTRACT This thesis examines Shanghai’s urbanisation by applying Henri Lefebvre’s theories of the production of space and everyday life. A review of Lefebvre’s theories indicates that each mode of production produces its own space. Capitalism is perpetuated by producing new space and commodifying everyday life. Applying Lefebvre’s regressive-progressive method as a methodological framework, this thesis periodises Shanghai’s history to the ‘semi-feudal, semi-colonial era’, ‘socialist reform era’ and ‘post-socialist reform era’. The Shanghai World Exposition 2010 was chosen as a case study to exemplify how urbanisation shaped urban experience. Empirical data was collected through semi-structured interviews. This thesis argues that Shanghai developed a ‘state-led/-participation mode of production’. -
Appendix 1: Rank of China's 338 Prefecture-Level Cities
Appendix 1: Rank of China’s 338 Prefecture-Level Cities © The Author(s) 2018 149 Y. Zheng, K. Deng, State Failure and Distorted Urbanisation in Post-Mao’s China, 1993–2012, Palgrave Studies in Economic History, https://doi.org/10.1007/978-3-319-92168-6 150 First-tier cities (4) Beijing Shanghai Guangzhou Shenzhen First-tier cities-to-be (15) Chengdu Hangzhou Wuhan Nanjing Chongqing Tianjin Suzhou苏州 Appendix Rank 1: of China’s 338 Prefecture-Level Cities Xi’an Changsha Shenyang Qingdao Zhengzhou Dalian Dongguan Ningbo Second-tier cities (30) Xiamen Fuzhou福州 Wuxi Hefei Kunming Harbin Jinan Foshan Changchun Wenzhou Shijiazhuang Nanning Changzhou Quanzhou Nanchang Guiyang Taiyuan Jinhua Zhuhai Huizhou Xuzhou Yantai Jiaxing Nantong Urumqi Shaoxing Zhongshan Taizhou Lanzhou Haikou Third-tier cities (70) Weifang Baoding Zhenjiang Yangzhou Guilin Tangshan Sanya Huhehot Langfang Luoyang Weihai Yangcheng Linyi Jiangmen Taizhou Zhangzhou Handan Jining Wuhu Zibo Yinchuan Liuzhou Mianyang Zhanjiang Anshan Huzhou Shantou Nanping Ganzhou Daqing Yichang Baotou Xianyang Qinhuangdao Lianyungang Zhuzhou Putian Jilin Huai’an Zhaoqing Ningde Hengyang Dandong Lijiang Jieyang Sanming Zhoushan Xiaogan Qiqihar Jiujiang Longyan Cangzhou Fushun Xiangyang Shangrao Yingkou Bengbu Lishui Yueyang Qingyuan Jingzhou Taian Quzhou Panjin Dongying Nanyang Ma’anshan Nanchong Xining Yanbian prefecture Fourth-tier cities (90) Leshan Xiangtan Zunyi Suqian Xinxiang Xinyang Chuzhou Jinzhou Chaozhou Huanggang Kaifeng Deyang Dezhou Meizhou Ordos Xingtai Maoming Jingdezhen Shaoguan -
Impact Stories from the People's Republic of China: Partnership For
Impact Stories from the People’s Republic of China Partnership for Prosperity Contents 2 Introduction Bridges Bring Boom 4 By Ian Gill The phenomenal 20% growth rate of Shanghai’s Pudong area is linked to new infrastructure— and plans exist to build a lot more. Road to Prosperity 8 By Ian Gill A four-lane highway makes traveling faster, cheaper, and safer—and brings new economic opportunities. On the Right Track 12 By Ian Gill A new railway and supporting roads have become a lifeline for one of the PRC’s poorest regions. Pioneering Project 16 By Ian Gill A model build–operate–transfer water project passes its crucial first test as the PRC encourages foreign-financed deals. Reviving a Historic Waterway 20 By Ian Gill Once smelly and black with pollution, a “grandmother” river is revived in Shanghai. From Waste to Energy 24 By Lei Kan Technology that can turn animal waste into gas is changing daily life for the better in rural PRC. From Pollution to Solution 28 By Lei Kan A project that captures and uses methane that would otherwise be released into the atmosphere during the mining process is set to become a model for thousands of coal mines across the PRC. Saving Sanjiang Wetlands 35 By Lei Kan A massive ecological preservation project is fighting to preserve the Sanjiang Plain wetlands, home to some of the richest biodiversity in the PRC . From Clean Water to Green Energy 38 By Lei Kan Two new hydropower plants in northwest PRC are providing clean, efficient energy to rural farming and herding families. -
Shenzhen – Hong Kong Stock Connect (Northbound)
Shenzhen – Hong Kong Stock Connect (Northbound) On 10th April 2014 the Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) jointly announced approval to establish a scheme to allow cross border exchange access between the Stock Exchange of Hong Kong (SEHK) and the Shanghai Stock Exchange (SSE). Further development was announced by SFC and CSRC on 16th August 2016 that the Shenzhen-HK Stock Connect will be established by the Shenzhen Stock Exchange (SZSE) and SEHK. Note: You can trade through us at CIMB- Investment Bank Berhad by calling your Dealer’s Representative or Authorised Officer of CIMB Bank Berhad now. Pursuant to Clause 36 of CIMB's General Terms and Conditions, transactions involving securities traded on the Shenzhen – Hong Kong Stock Connect shall be subjected to the Supplemental Terms and Conditions for Northbound Trading of Shares through China Connect Market. General Terms and Conditions Applicable to Northbound Trading of Shares Through China Connect Market. Eligible Securities Only A-Shares will be included for trading in this initial phase. ETF will be included as eligible securities at a later stage once Shenzhen Connect has been in operation for a period of time. B Shares, Bonds and other listed securities will not be included. Also, at this stage, the program will be for secondary trading only; i.e., it will not apply to IPOs. Initial phrase the eligible securities are constituent stocks of (a) Constituent stocks of the SZSE Component Index; (b) SZSE Small / Mid Cap Innovation Index which have a market capitalization of not less than RMB 6 billion; and (c) All SZSE listed A-Shares which have corresponding H shares listed on SEHK except A-Shares shares not traded in RMB and shares included in the “risk alert board” or under delisting arrangement. -
EDUCATION in CHINA a Snapshot This Work Is Published Under the Responsibility of the Secretary-General of the OECD
EDUCATION IN CHINA A Snapshot This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Photo credits: Cover: © EQRoy / Shutterstock.com; © iStock.com/iPandastudio; © astudio / Shutterstock.com Inside: © iStock.com/iPandastudio; © li jianbing / Shutterstock.com; © tangxn / Shutterstock.com; © chuyuss / Shutterstock.com; © astudio / Shutterstock.com; © Frame China / Shutterstock.com © OECD 2016 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d’exploitation du droit de copie (CFC) at [email protected]. Education in China A SNAPSHOT Foreword In 2015, three economies in China participated in the OECD Programme for International Student Assessment, or PISA, for the first time: Beijing, a municipality, Jiangsu, a province on the eastern coast of the country, and Guangdong, a southern coastal province. -
SZSE Weekly Bulletin 2 July, 2021
Shenzhen Stock Exchange Market Bulletin July 02, 2021 (Issue 58) Market Summary Daily Trading Value (June 21 – July 02) By market closed on July 02, 2021 Listed Companies (No.) 2,456 - Main Board 1,478 - ChiNext Market 978 Funds 479 Bonds 9,192 Market Cap. (US$ bn) 5,582.2 SZSE Component Index (June 21 – July 02) - Main Board 3,634.4 Index Value Index Trading Value Trading Value (US$ bn) - ChiNext Market 1,947.7 Average Turnover Ratio 1.95 Average P/E Ratio 30.85 No. of IPO (YTD) 106 Most Active Companies 1 East Money Information Co., Ltd. (300059) ChiNext Index (June 21 – July 02) 2 Byd Company Limited (002594) Index Value Index Trading Value Trading Value (US$ bn) Contemporary Amperex Technology Co., 3 Limited (300750) Top Gainers 1 Qingdao Baheal Medical Inc. (301015) 2 Shenzhen Lihexing Co.,ltd. (301013) 3 Nanjing Railway New Technology Co.,ltd. SZSE 100 Index (June 21 – July 02) (301016) Index Value Index Trading Value Trading Value (US$ bn) Top Decliners 1 Steyr Motors Corp. (000760) Title 2 Northcom Group Co., Ltd. (002359) Zhejiang Cayi Vacuum Container Co., Ltd. Comments 3 (301004) For week of June 28-July 02, 2021 New Listing Ningbo Color Ningbo Color Master (301019) Ningbo Color Master Batch Co., Ltd. engages in production and sale of technical services of color masterbatch. In Master (301019) 2020, its operating income reached 430 million yuan with the net profit of 104.41 million yuan. Lihexing (301013) Lihexing (301013) Shenzhen Lihexing Co., Ltd. engages in R&D, production and sale of automation and intelligent equipment. -
The Rise of Equity Capital Markets in Greater China Contact Information Matthew Puhar September 16, 2020 [email protected] +852 3694.3060
The Rise of Equity Capital Markets in Greater China Contact Information Matthew Puhar September 16, 2020 [email protected] +852 3694.3060 1. Greater China’s Stock Markets Power Ahead Sonia Lor [email protected] With governments looking to boost the growth of domestic equity markets, the Hong +852 3694.3062 Kong Stock Exchange (HKEx) has been trumpeting the benefits of its new regimes for emerging and innovative companies—moves which have successfully attracted Allen Shyu [email protected] leading tech businesses such as Alibaba, JD.com and NetEase. +86 10.8567.2230 Over the border, the recently incepted Shanghai STAR market and the Shenzhen Dennis Yeung ChiNext board (both Nasdaq look-alikes) are off to a flying start, with a raft of recently [email protected] completed or reportedly planned high-profile listings, including Chinese commercial +86 10.8567.2212 giant Ant Financial and carmaker Geely Automobile. Sophie Chu In this alert, we analyze important recent developments in the increasingly innovative [email protected] and successful equity markets in Hong Kong and Mainland China. +852 3694.3021 Steven Franklin 2. Hong Kong, Shanghai & Shenzhen – Targeting Growth and [email protected] Innovation +852 3694.3005 As the world’s securities exchanges look to attract the best and most valuable Calvin Ng emerging tech unicorns, biotech firms and similarly innovative businesses, Chinese [email protected] companies are at the forefront of global shifts in equity capital. +852 3694.3027 Many tech and new economy businesses come with dual-class U.S.-style share Janice Wong structures that were previously not listable on exchanges like the HKEx. -
William T. Allen Han Shen China's Securities Markets Are
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics NATIONAL BUREAU OF ECONOMIC RESEARCH PROJECT CAPITALIZING CHINA LATEST REVISED JULY 20, 2010 ASSESSING CHINA’S TOP-DOWN SECURITIES MARKETS William T. Allen New York University School of Law & NYU Stern School of Business Han Shen Davis Polk & Wardwell LLP China’s securities markets are unlike those of Amsterdam, London or New York. Those markets evolved over centuries from myriad interac- tions among those seeking finance on the one hand and savers seeking rewarding investments on the other. Such spontaneous securities mar- kets did emerge throughout China in the 1980s following the start of economic liberalization, but these spontaneous markets were closed by the government in favor of new and tightly controlled exchanges estab- lished in the early 1990s in Shanghai and Shenzhen. These new markets, have been designed to and largely limited to, serving state purposes, that is to assist in the financing of the state sector of the economy. Rather than evolving in a bottom-up pattern, they are controlled, top-down se- curities markets. This essay reviews as of June 2010, the development of these markets, the economic functions they perform, the regulatory structure that controls and shapes them, and the governance mechan- isms – legal and otherwise – that controls the management of the PRC listed companies. These markets represent a signal accomplishment of the Chinese leadership in producing in less than twenty years’ modern, albeit not yet fully developed, securities markets. Whether they can be further developed to serve more basic economic role than they have been permitted to play is a question with which the essay concludes. -
Low Carbon Development Roadmap for Jilin City Jilin for Roadmap Development Carbon Low Roadmap for Jilin City
Low Carbon Development Low Carbon Development Roadmap for Jilin City Roadmap for Jilin City Chatham House, Chinese Academy of Social Sciences, Energy Research Institute, Jilin University, E3G March 2010 Chatham House, 10 St James Square, London SW1Y 4LE T: +44 (0)20 7957 5700 E: [email protected] F: +44 (0)20 7957 5710 www.chathamhouse.org.uk Charity Registration Number: 208223 Low Carbon Development Roadmap for Jilin City Chatham House, Chinese Academy of Social Sciences, Energy Research Institute, Jilin University, E3G March 2010 © Royal Institute of International Affairs, 2010 Chatham House (the Royal Institute of International Affairs) is an independent body which promotes the rigorous study of international questions and does not express opinion of its own. The opinions expressed in this publication are the responsibility of the authors. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or any information storage or retrieval system, without the prior written permission of the copyright holder. Please direct all enquiries to the publishers. Chatham House 10 St James’s Square London, SW1Y 4LE T: +44 (0) 20 7957 5700 F: +44 (0) 20 7957 5710 www.chathamhouse.org.uk Charity Registration No. 208223 ISBN 978 1 86203 230 9 A catalogue record for this title is available from the British Library. Cover image: factory on the Songhua River, Jilin. Reproduced with kind permission from original photo, © Christian Als, -
Stock Market and Economic Growth in China
Stock Market and Economic Growth in China Baotai Wang Department of Economics University of Northern British Columbia Prince George, British Columbia, Canada Tel: (250)960-6489 Fax: (250)960-5545 Email: [email protected] and D. Ajit Department of Economics University of Northern British Columbia Prince George, British Columbia, Canada Tel: (250)960-6484 Fax: (250)960-5545 Email: [email protected] ______________________________ The Authors wish to thank Dr. Gang Peng of Renmin University of China for his valuable comments on this study. However, the usual disclaimer applies. 1 Abstract This study investigates the impact of stock market development on economic growth in China. To this end, the quarterly data from 1996 to 2011 are used and the empirical investigation is conducted within the unit root and the cointegration framework. The results show that the relationship between the stock market development, proxied by the total market capitalization, and economic growth is negative. This result is consistent with Harris’ (1997) finding that the stock market development generally does not contribute positively to economic growth in developing countries if the stock market is mainly an administratively-driven market. Key Words: Stock Market, Economic Growth, Unit Root, Cointegration JEL Classification: G10, O1, O4, C22. 2 1. Introduction The impact of the stock market development on economic growth has long been a controversial issue. The theoretical debates generally focus on the increasing intermediation roles and functions of the stock market in promoting liquidity, mobilizing and pooling savings, generating information for potential investments and capital allocation, monitoring firms and exerting corporate control, and providing vehicles for trading, pooling and diversifying risks. -
The Effect of Beijing-Shanghai High-Speed Railway on the Economic Development of Prefecture-Level Cities Along the Line Based on DID Model
E3S Web of Conferences 235, 01016 (2021) https://doi.org/10.1051/e3sconf/202123501016 NETID 2020 The Effect of Beijing-Shanghai High-Speed Railway on the Economic Development of Prefecture-Level Cities Along the Line Based on DID Model Ma Yuzhou1 1School of Economics and Management, Beijing Jiaotong University, Beijing, China Abstract. High-speed railway has an essential impact on the economic and social development of the regions along the line. Based on the Beijing-Shanghai high-speed railway, this paper constructs the DID model and analyzes the impact of Beijing-Shanghai high-speed railway on the economic development of prefecture-level cities along the route from the empirical perspective. The empirical analysis results show that the Beijing- Shanghai high-speed railway has a significant negative impact on the per capita GDP of prefecture-level cities along the line in the short term, mainly because the agglomeration effect is greater than the diffusion effect. Therefore, small cities should actively think about how to deal with the agglomeration effect caused by the construction of high-speed rail. billion yuan. The line is a project with the most massive 1 Introduction scale and highest technique since the founding of China. The BSHSR, which owns faster speed, fewer stops, and Since the opening of Beijing-Tianjin intercity high-speed more running trains, adds a vital passenger transport railway in 2008, China's high-speed railway (abbreviated channel for the eastern region. BSHSR improves the to “HSR”, for short) has stepped into a rapid expansion transportation capacity of Beijing-Shanghai line, meets stage, and the "four vertical and four horizontal" HSR the ever-growing travel demand of passengers, and network planned and constructed by the state has taken strengthens the connection between the two urban clusters shape.