The regulation of digital financial assets has been a topic of discussion for many countries over the last decade. China is among the world leaders in the digitalization and blockchain technologies. Under the “one country, two systems,” two different approaches to the digital financial assets have been implemented in the PRC. Although the COVID-19 pandemic has stimulated many investors to diversify their investment portfolios to include digital financial assets, the People’s Bank of China has not changed its prohibitive position on tokens and cryptocurrencies and even launched a campaign against miners and crypto exchanges. Macau and Taiwan have also prohibited initial coin offerings and the transfer of cryptocurrencies due to the risks of money laundering connected with the citizens of mainland China. Macau, Taiwan, and the Monetary Authority of Hong Kong have implemented less stringent regulations of digital financial assets. Comparative analysis demonstrates that Hong Kong acts as an intermediary for China to the digital financial assets.
After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.
The Chinese market has played an important role for the luxury industry in the past years, with double-digit yearly growth (except for last year). Luxury brands have tried to design strategies to meet the local requirements, be it in terms of retail formats or communication strategies. However, Chinese luxury consumers are evolving in terms of consumption habits and materialistic value: observations from the field show that there is less and less emphasis on logo display among certain consumers (Dubois & Laurent, 1994; Lin & Wang, 2010). Such changes might affect also young consumers, which already stand for a great share of luxury consumers (Source: Red Luxury,2012). Besides, past studies on Chinese consumers’ attitudes toward luxury and values behind luxury consumption have often relied on student-samples, acknowledging the potential limitation to their results due to a potential lack of representativeness of the population interviewed. Few studies have provided analyses of the causes of the values and behaviours of young Chinese customers towards luxury product consumption, focused on them as ‘young people’ (Wang et al., 2012; Xue & Wang, 2012). Besides, most of those that tried to do so relied upon student samples of Chinese students studying abroad (in the USA or Europe) (Chen & Kim, 2013).
This paper attempts to investigate the contemporary young Chinese consumers’ behaviour towards luxury consumption, segmenting them into two groups : the international student group and mainland Chinese young consumer group. A quantitative survey collected data from 104 respondents within a month where the snowball sampling method was applied to broadcast both online and offline questionnaires. Qualitative data was analyzed through lexical analyzis, while quantitative data was analyzed with the help of SPSS (Levene-test and T-tests).
This study mainly focuses on four features: Chinese culture, materialism, young Chinese generation culture and buying motivation. The results of the study mainly indicate that there have been some changes between generations. One such change is that Chinese youths are more individualistic than what was found in previous studies, and another change is that young Chinese consumers hold different points of view towards the values of luxury consumption.
As far as differences between international students and local young people from Mainland China are concerned, we found the following differences:
• Finding 1: International students purchase luxury products to fit-in with their friends & because they want others to view them as a member of the upper class & as a successful person more than their local fellows.
• Finding 2: International students’ income is more able to support them purchase luxury products than for young locals, and they are more inclined to save money to buy luxury products that their local fellows.
• Finding 3: Mainland Chinese young people usually go luxury shopping with their parents more than international students do and claim they will still purchase luxury products even if prices increase more than them as well.
• Find 4: Purchasing luxury products make local young people happier than international students, and they care more about the style (as opposed to price) of luxury products than these lasts.
We believe such findings will help luxury companies refine their strategies for the coming generations and help researchers notice on which dimensions of luxury consumption using expatriated Chinese students might have an impact and lead towards biased results.
본 논문은 1991년 4월부터 2013년 9월까지의 중국의 상해, 심천 및 홍콩주식시장의 주간 지수자료를 이용하여 중국대륙의 두 시장과 홍콩 시장간 수익률 상호연관성의 정도를 분석하였다. 특히 1997년 7월 1일 에 있었던 홍콩의 중국반환 이전과 이후를 구분하여 비교하였는데, 상 관분석, 그랜저인과분석 및 GARCH(1,1)모형을 이용한 분석결과는 상해 와 심천주식시장은 모든 기간에 걸쳐 상호연관성이 강하게 나타났으며, 홍콩주식시장과 중국본토의 주식시장 간에는 홍콩반환 이전에는 상호연 관성이 없는 움직임을 보였으나 홍콩반환 이후에는 상해주식시장과 심 천주식시장이 홍콩시장에 상당한 영향을 끼쳤으며, 홍콩시장 또한 상해 주식시장과 심천주식시장에 영향을 준 것으로 나타났다. 한편 상해 및 심천주식시장은 홍콩시장에 비해 시장의 충격에 아주 민감하게 반응을 보였으며, 충격 후 회복도 빠른 것으로 나타났다. 결론적으로 홍콩의 반 환이전부터 상당한 상호연관성을 보인 중국본토의 두 주식시장은 반환 이후에는 홍콩주식시장과 동조화현상을 보여주고 있음을 알 수 있다.
The ECFA was signed by Taiwan and Mainland China on June 29, 2010. It is Taiwan’s new overall national economic policy calling for rapproachment with Mainland China. A primary purpose of this Agreement is to establish a quasi national cross-strait common market within the framework of the WTO as well as to design the legal framework of bilateral economic cooperation. It is a course for the Chinese common market as the final economic integration. By its nature the current ECFA lies somewhat between a free trade agreement and a bilateral trade agreement within the framework of the WTO in the sector of trade in goods. Two parties have agreed on a new model of preferential treatment for goods exported from Taiwan to Mainland China. An agreed Early Harvest for Trade in Goods list is favourable for Taiwan, while an Early Harvest for Trade in Services list is balanced one for both parties. Other principles formulated by the ECFA are related to intellectual property rights and mutual investment. The success and failure of the ECFA will depend largely on the future cross-strait political atmosphere.
언어와 문자는 언제 생겼는가? 어느 누구도 이 질문에 정확하게 말할 수 없다 는 것을 우리는 알고 있다. 우리나라 언어학자들은 “語先文後(말이 먼저 있는 후 글이 다음에 있었다)” 론을 꾸며내었지만, 실상은 자신들 조차도 서로 모순되는 것이었다. 이것은 어떤 이유에서인가? 언어학은 과학적 학문이다. 과학은 이야기 하는 것에 근거가 있어야지 허투루 단정을 할 수 없다. 만약 그 근거가 없다면, 단지 가설이라고 부를 뿐이다. 가설 또한 아무렇게나 말할 수 없다. 논리의 증명에 순서가 있어야지 논리적 잘못이 있어서는 안 된다. 무릇 논리에 맞지 않으면, 또한 역사 발전의 추론 중에서도 그 혼란이 있을 수 있다. 우리나라 언어학자는 왕왕 비평가를 반박할 권리를 가지고서, 그들이 언어학의 ABC를 이해하지 못한다고 말하고, 그들의 비평을 억압한다. 언어학의 ABC란 무엇인가? 내가 생각하기에 그것은 역사, 규율과 기본개념이다. 본고는 “语先文后”의 쟁론 가운데 깨달은 언어학중의 ABC, 즉 기호와 부호 두 가지의 개념을 이용하여 발전한 역사적 발전 속에서 언어와 문자 발전의 이치를 탐구하였다. 이 기호와 부호라는 두 가지 개념의 분석 중 이 두개의 개념이 뒤섞이게 된 원 인을 찾아내고, 동시에 언어학에서 찾아낸 부호 체계, 기호 체계, 문언, 문장 등의 기본 개념에 대해 진지한 구분을 하고자 노력하였다.