1、This pa per studies how market segmentation between neighboring provinces affects provincial-level economic growth.We find that market segmentation has inverse-U-shape effect on current and future economic growth.For more than 96% of the observations,market segmentation increases growth.We also find that for observations with higher economic opening,market segmentation has stronger pro-growth effect.This means that the provincial governments have given up domestic scale effects when enjoying scale economy from international trade. To avoid the“Prisoner’s Dilemma” in the inter-provincial fragmented growth,only coordination from the central government and the development of private economy can integrate domestic market,so that China as a whole may benefit from domestic scale economy.本文研究市场细分在相邻省份如何影响省级经济增长。
我们发现市场细分呈倒U形状影响当前和未来的经济增长。
96%以上的观察显示,市场细分增加经济增长。
我们还发现,更高的经济开放,市场细分具有较强的促进增长的效果。
这意味着地方政府享受规模经济与国际贸易时放弃国内规模效应。
避免“囚徒困境”跨省的支离破碎的增长,只有协调从中央政府和私营经济的发展才可以整合国内市场,因此,中国作为一个整体可能会受益于国内规模经济。
2、In Japan,the cyclical showing of investment was probably the dominant factor in weaker growth .but a slump in construction of rental housing and the fading of a tax-cut-induced boom in auto sales also contributed.In Germany,the role of investment,was dominant as well. Unification further boosted investment,which then appeared to diminish,as expectations of profitability were dampened by higher wages and high short-term nominal and real interest rates .Upward pressures on wages and interest rates generally dampened economic activity in Germany during 2001.The special factor there was the pressure on interest rates that arose from the financing of unification and from anti-inflationary monetary policy.Inflation as measured by the GDP deflationary slackened in most of the G-7.It continued to decelerate in North America and edged down in Japan.在日本,投资周期性显示可能是弱增长的主导因素。
建设租赁住房的下滑，汽车销量由减税引发的繁荣的衰弱，也起到了推波助澜的作用。
在德国,投资的作用,也占主导地位。
统一进一步增加投资,然后出现被更高的工资和高短期名义利率和实际利率所抑制的预期盈利减少,。
工资和利率的上行压力通常抑制经济活动在2001年在德国。
特殊的因素有从统一的融资和反通胀的货币政策中出现的利率的压力。
以国内生产总值衡量的通货膨胀放缓大部分的七国集团通货紧缩并且在北美和日本继续减速。
3、Even more striking ,China's entrepreneurs are starting to hunt for opportunities abroad.In the past year,capital steel,a state-owned conglomerate with 205000,employees,purchased steel operation in the United States and announced plans to build Semiconductor chips in cooperation with NEC of Japan.In December Capital outbid a Japanese-Mexican-Chilton consortium to buy Peru's leading iron-and-steel complex,Hierroperu. The $312 million purchase makes capital the second largest foreign investor in Peru.Other state-affiliated companies,including CITIC and China Resources,Inc.,are branching out from Hong Kong to establish overseas posts as varied as diamond-trading operations in Slilanka and brokerage services in New York.更令人吃惊的是,中国的企业家们开始寻找海外机会。
在过去的一年中,首都钢铁、拥有205000美国员工国有企业集团, 从美国购买钢铁交易，宣布计划建立与日本电气合作的半导体芯片。
12月首钢出价高于Japanese-Mexican-Chilton财团收购秘鲁的主要钢铁混合Hierroperu。
3.12亿美元收购使得首钢成为秘鲁第二大外国投资者。
其他国有公司,包括中信和中国资源公司,在香港建立海外分支机构，如斯里兰卡钻石交易业务和在纽约经纪服务。
4、If there is a road to China’s future,highway 204 out of Shanghai is it.Along its two dusty lanes,local trucks and buses jockey with Cadillacs driven by financiers from Taiwan and Hong Kong investors. Migrant workers crowd the narrow shoulders.Factories line the highway producing sneaker toys ,plastics ,clothes aircraft .Components and medical equipment .Eventually industry gives way to rice fields ,which is being dug up to build still more factories.Cranes turn overhead as dump trucks and cement mixers nose onto the road. Outside the town of Jiading, one tractor trailer leaves Asia’s largest container plant every three minutes , carrying goods bound for the Shanghai docks.Parts and components a account for a growing share of Japan’s exports; 28% of total exports and 36% of machinery exports in 2002 .Compared with 19% and 28% respectively in 1998.MITI believes that such exports should be of less concern to advocates of managed trade than consumer goods, because components increase the competitiveness--and therefore the exports potential of the industries that buy them.如果有一个中国的未来之路,从上海出发的204公路。
沿着它尘土飞扬的两边，有当地的卡车和公共汽车驾驶员和由台湾金融家和香港投资者驾驶凯迪拉克。
农民工群体拥挤在狭窄的路肩上。
高速公路工厂线生产运动鞋玩具、塑料、衣服架。
组件和医疗设备。
最终行业让位于稻田,仍被挖出建造更多的工厂。
起重机在头顶旋转，自卸卡车和水泥搅拌机上在马路。
在嘉定, 每三分钟就有一辆拖拉机拖车离开亚洲最大的集装箱工厂,携带货物开往上海码头。
零部件占越来越多日本的出口,出口总额的28%,2002年机械出口的36%。
相比之下,1998年分别为19%和28%。
通商认为,这种出口应该相较于消费品减少对管理贸易的提倡，,因为组件增加竞争力,以至于出口的潜力产业购买。