2002 9 : 3 ( 100836) :20,,,,,,, :,,,,,, :,,,,,,,,,,, 1985 27 % 1995 17 %(,1999),,,,,,,,,,,,, 3, 39
: :,,,,,,,,,,,,,,,,,,,,,, 10 70 % 50 %(,1999),,1980 36 %,1990 30 %,1999 22 % 1996, (1999, 29 %, 22 % ),,20 90, 20 % 1990, 10652, 1999, 68463, 6,, 2000 2001,,,2001 69749 ( 1),, 1 1990 2001 :10 1990 239. 5 36. 1 291. 3 498. 3 1065. 2 1991 404. 7 52. 2 393. 8 542. 5 1393. 2 1992 514. 1 78. 0 504. 2 546. 2 1642. 5 1993 740. 7 144. 5 619. 5 565. 3 2070. 0 1994 852. 8 164. 4 527. 2 611. 0 2155. 3 1995 1249. 1 210. 3 598. 9 753. 0 2811. 3 1996 1726. 0 252. 6 645. 4 901. 8 3525. 8 1997 2368. 0 317. 1 724. 2 1058. 9 4468. 2 1998 2978. 2 364. 7 830. 6 1351. 7 5525. 2 1999 4041. 9 378. 8 812. 5 1613. 1 6846. 3 2000 3962. 0 346. 3 811. 1 1845. 3 6964. 7 2001 3418. 2 346. 3 925. 1 2285. 3 6974. 9 :www. ici. org Schools Brief 3 : Moneyed Men in Institutions, The Economist, November 6, 1999, p. 93. 40
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: :,,,,, 2. :,,,,,?,,,,,,, :,,,,,,,,,,,,, ( ), ( ),,,, (,2000), ( ) ( ) ( ), (,1998) ;,,,,,, Crane, Dwight B Crane, The Global Financial System : A Functional Perspective, Harvard Business School Press,1997 Bert Scholtens Dick van Wensveen(2000),,,,,, (2002),, 44
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: :,,,,,,,, ( J,1998),,, (,2002),,, 3. :,,,, 1992,,, :, Vista Landmark The Nations, 1991, 1100, 1994 2072 ;1991 37 %, 1994 59 %, ;, 2Π5 (, 2001), Fidelity Temper Putnam,, 20 90 1987, 4 %, 1994, 15 %,1996 40 %(,2001),, 90 % ( ) ;,,, (DWS) (DVG) (DG) ; ( ) (DEGI) ; (Deka), (Despa),,,,, 37000, 90 % (, 2001) 46, (
2002 9 ),,,,, ;,, ;,,,,,,,,,,, 1.,,,,,, WTO,, : (1), (2),, (3),,, ( ) (,, ) ( ), (4), (5) 2.,, (1),, : ( ) (2), ( ) ( ) ( ) (3),,,,,,,,,,,,,, 47
: : 3., 2001,,,,,,,, WTO,,,,, : ( ), ( ),,,,,,,,,2001 :, J,1998 : :,,2000 : ( ),,2002 : :, 7 26,2001 :, 1 13,2001 : :, :, 2001 3,2000 :,,2000 :,,1998 :,,1999 :, C,1998 :,,2002 :, ( ),,2001 :, 3 24,1995 : 21, 6 18,2002 : :, 7 D. B. Crane, K. A. Froot, S. P. Mason, A. F. Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 1995, The Global Fi2 nancial System : A Functional Perspective, Boston, MA, Harvard Business School Press. ( : ) ( : ), : (1),, ; (2) 80 ; (3), ; (4), ; (5), 48
China s Regional Specialization in the Course of Gradual Reform Cai Fang,Wang Dewen & Wang Meiyan ( Institute of Population and Labor Economics CASS) To answer whether China s comparative advantage has been utilized through regional specialization since the reform is critical not only for assessing the unique gradual approach of China s reform but also for prospecting the performance and competitive advan2 tage of the Chinese economy. By theoretically exploring the logic of gradual reform and empirically examining the trends of special2 ization in the economy as a whole, its industry and agriculture, this paper suggests that further reducing distortions in commodity markets and production factors markets will make the Chinese economy more competitive in the era of WTO. Key Words : gradual reform ;regional specialization ;comparative advantage JEL Classification :R110,R380,R580 Foreign Investment,Market Structure and Competitive Behavior of Foreign Investment Company Jiang Xiaojuan ( Institute of Finance & Trade Economics,CASS) Controversy has all along surrounded the utilization of capital from multinationals in China in terms of the possibility of their monop2 olizing the market. This paper will analysis the competing behavior of multinational2invested enterprises, with the auto, telecom2 munication equipment and detergent industries as the cases studied in details. The major findings is that behavior of multinational2 invested enterprises have been in Transition from Monopoly to Competition due to the deeper reform and open up of Chinese Econo2 my and consequently, contributed to the formation of the competing market structure in many industries. Key Words : Multinational Investment ; Competition ;Manufacturing JEL Classification :F210,D410,L690 Commercial Bank System and Investment Fund System : A Comparative Analytical Frame work He Dexu ( Institute of Finance & Trade Economics,CASS) Investment fund as a new financial system has gained rapid development worldwide, especially in the Europe and US since the end of 20 th century,and begun to play an increasingly important role in financial system. Its rapid development has not only essentially transformed the traditional financial system and structure, but also become the key factor in the evolution of future global financial pattern. So, an international debate on whether a investment fund system will replace commercial bank system arises. Based on the functional view of financial system, the paper discusses respectively commercial bank system and investment fund system,and conducts a thorough comparative research on the development trend and prospect of these two systems. The article concludes that in a relative long time, the relationship between investment fund system and commercial bank system is complementary, but not substitutional ; also, the article proposes concrete suggestions about how to establish the win2win relationship between Chinese com2 mercial bank and investment fund. Key Words : financial system ;financial structure ;commercial bank ;investment fund JEL Classification : G210, G240, G280 93