Table of Content

15 May 2019, Volume 36 Issue 3

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On the Function and Positioning of Independent Guarantee under Chinese Rules: An Interpretation of Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Independent Guarantee Dispute Cases in the Perspective of Interest and Risk Distribution

2019, 36(3):  1-13. 

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The introduction of judicial interpretation of independent guarantees is an official recognition of the effectiveness of independent guarantees in China’s domestic market and a sign of establishing Chinese rules governing independent guarantees. The benefits of the interested parties and risk distribution mechanism have become the key to the interpretation of the new rules. The core function of independent guarantees is to replace deposits and guarantees. As far as interest and distribution mechanism are concerned, it accords with the basic principles of China’s civil and commercial laws. Although risks concentrate on principal debtors in basic transactions, they are still within normal market risks. Independent guarantee is weakly subordinated while highly independent, and should be a kind of “personal guarantee” parallel to “guarantee” in Chinese legal system. At present, the issuers of independent guarantees are limited to banks and nonbank financial institutions, and the wide applicability of independent guarantees is limited.

On Several Legal Issues of Independent Guarantee in the “Belt and Road” Initiative——Comments on the Provisions of the Supreme People’s Court on Several Issues Concerningthe Trial of Independent Guarantee Dispute Cases

2019, 36(3):  14-24. 

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As a new type of guarantee system, the independent guarantee system plays an important role in international economic and trade exchanges. Especially with the advancement of China’s “The Belt and Road” initiative, independent guarantee disputes have become a hot issue in foreignrelated judicial trials. In view of this, the Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Independent Guarantee Dispute Cases came into force. According to the judicial interpretation, issues like the identification of independent guarantees, fraud and remedies for independent guarantees and jurisdiction and legal application of independent guarantees are particularly important. To understand these three issues, we need to compare relevant issues with the United Nations Convention on Independent Guarantees and Standby Letters of Credit, and take into account some typical cases in China’s judicial practice. We believe that the judicial interpretation should be modified in the following aspects: refining the qualifications of independent guarantees, clarifying the criteria for the identification of independent guarantees, adding provisions on the validity period of independent guarantees, and improving the provisions on fraud of independent guarantees. Key words：

Disputes over the “Objectivity” of Documentaries

2019, 36(3):  25-34. 

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As a Chinese film author popular in the global films circle, the documentary style of Jia Zhangke’s film and his attitude towards the nobody has long been the consensus of academic research at home and abroad. Under the consensus of the spirit of the new realism, we seem to ignore the way Jia Zhangke expresses the oriental aesthetics in his films as a Chinese film author. When we extract the imagery of Chinese classical aesthetics scattered in JiaZhangke’s film and put it in the spacetime context of the great changes of contemporary China, the discontinuit ynarrative of “thing” and “I” gradually emerges in front of us. Key words：

Possibility,Rules and Limits of Han Yu and Liu Zongyuan's Prose Writing in MidTang Dynasty: A Stylistic Perspective

2019, 36(3):  35-44. 

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Ancient Chinese prose is not a stylistic concept like parallel prose or other popular essays. “Ancient”, equivalent to Chinese character gu, signifies classic elegance and standard correction. The purposes of ancient Chinese prose writing in Tang Dynasty contained the quest for elegant form by returning to the ancients on the one hand and standard correction by revealing truth thematically on the other hand. However, ancient Chinese prose had its own writing rules and principles, so writers in MidTang Dynasty were required not only to understand the differences between palaeoid Chinese and medieval Chinese, but also to obey the rules of pronunciation and grammar in palaeoid Chinese. Since writers failed to get away from the restrictions of their current ideologicalacademic traditions and social customs, they could only achieve breakthroughs in some styles but not all, thus hardly managing to challenge the popular essay styles of the times.

On the Discontinuity Narration of Jia Zhangke’s Oriental Aesthetics from Three Images

2019, 36(3):  45-57. 

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As a Chinese film author popular in the global films circle, the documentary style of Jia Zhangke’s film and his attitude towards the nobody has long been the consensus of academic research at home and abroad. Under the consensus of the spirit of the new realism, we seem to ignore the way Jia Zhangke expresses the oriental aesthetics in his films as a Chinese film author. When we extract the imagery of Chinese classical aesthetics scattered in JiaZhangke’s film and put it in the spacetime context of the great changes of contemporary China, the discontinuit ynarrative of “thing” and “I” gradually emerges in front of us.

Zimei’s Collection Opening a Poetic World: A Narrative Study of Du Fu’s Poetry

2019, 36(3):  58-72. 

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Du Fu’s travel poems reveal more spatial displacements and time sequences, thus acquiring a more “narrative” style. Among the travel poems, despite the fact that Du’s autobiographical poems still had the characteristics of ancient Yuefu narrative featured with essential means of summary and vague plots, narrative elements had been greatly strengthened, as was seen in consistent actors (roles), plot development and flow of time in these poems. Those poems reflecting wartime chaos had the least emotional expressions, while adding to objective “narrative” elements, thus to some extent reproducing real life scenarios instead of direct emotional expressions. The so called “historyrecording poems” were simply results of seemingly objective and neutral expressions brought about by Du Fu’s successful adoption of narrative strategies in his poems. Narrative brought a brandnew aesthetic experience to Du’s poems. It not only provided an internal necessity for plain Tang poetry language and explored new ways of poetic expressions, especially through the creative usage of “external focus perspective” in such poems as Officials in Xin’an County, Officials in Shihao Village, Separation after New Marriageand Old Age Departure, but also laid a foundation for the prosperity of narrative poetry in the MidTang Dynasty. Key words：

Radical Evil and Absolute Nothingness ——Levinas and the Disconnection Theme of Posthumanism

2019, 36(3):  73-84. 

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Arendt’s ‘banality of evil’ has not only radically overturned the traditional thoughts about ‘radical evil’, but also pushed our thinking even deeper into the maze of this turbulent age. However, since her conception of “judgement” failed to respond to this tough problem, we have to turn to Levinas for further inspiration, especially his innovative argument about temporality. The temporal sequence in which temporality is connected to the totally alien future and the remnant scars of trauma provides both a premise for the philosophical principle of absolute separation and a real starting point for the perspective of radial evil. Precisely on this point, a strong resonance could be felt between Levinas and the recent rather radical version of posthumanism.

Microautonomy in Rural Revitalization: Triple Logic of History, Space and Reality

2019, 36(3):  85-95. 

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The rural revitalization strategy is an essential policy of China's rural governance in the new era. Just as rural transformation is the result of the implementation of national policies, so are the changes in the mode of rural governance. As national and rural policies change from the resourcebased to the inputtype, the villager autonomy model embedded in the national governance system should also undergo corresponding changes. Micro autonomy, a new exploration of rural autonomy through empowerment to lower basic units,can stimulate the vitality of grassroots autonomy, thus being a useful supplement to village autonomy and of great significance to the implementation of the rural revitalization strategy. Microautonomy as a system with historical foundation is a return to the natural space of village governance. But more importantly, it provides a subject base as well as action and platform support for the rural revitalization strategy.

Practical Experience and Policy Design of Big Data Agriculture in the Context of Rural Revitalization

2019, 36(3):  96-106. 

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The Rural Revitalization Strategy ushers in a new era of agricultural modernization. As rural prosperity depends on the boom of agriculture, rural revitalization can only be achieved through the industrialization of agriculture. Big data technologies based on cloud computing create the possibility for process reengineering of agricultural industry chain and for revolutionary transformation of traditional agriculture. By comparing and analyzing the existing modes of practice, the paper suggests that we should push forward the development of the big data agriculture by taking the following measures: accelerating the agricultural big data system and infrastructure, advancing rural land circulation, adopting an appropriate scale management of rural land, building agricultural big data technology association and cultivating new farmers to meet with the new demands.

The Effects of Manager Team Characteristics on Hedge Fund Performance: Diversity of Opinions Or Group Shift？

2019, 36(3):  107-125. 

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All of the hedge fund data and manager information in this paper are collected from China Hedge Fund Cloud database (CHFDB), Suntime database and Wind database ranging from January 2015 to March 2018 and manually compiled. We find that diversity has more impact on income, while group drift has more effect on risks.In addition, a management team with larger size, with women, with high degree of diversified business backgrounds and with highly diversified academic qualifications has higher returns, while a team consisting of “veterans and novices” has lower returns. What’s more, a team with veteran and overseas experiences has stronger risk control ability. Finally, fund managers with mutual fund working experiences have poorer returns and lower risk control capabilities.

Influencing Factors of Interest Rate Spread in the Issuance of Local Government Bonds

2019, 36(3):  126-140. 

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Based on local government bonds issued during 2015-2017, this paper studies the factors affecting the interest rate spreads of local government bonds. The results show that rising financial gap and debt scale of local governments will lead to the increase of interest rate spread. In addition, bond maturity and Shibor rate are positively correlated to the spread of local government bonds while the proportion of the secondary industry and financial environment degree are negatively correlated. The results of subsample regression show that different types of local government bonds have different influencing factors. Specifically, revenue bonds are more sensitive to the fiscal situation of local governments than general obligation bonds; publicly issued government bonds are more sensitive to market conditions and fiscal situations than directional replacement bonds. Accordingly, we recommend accelerating the reform of the government accounting system, improving financial marketization degree, attracting diversified investment entities, improving the price mechanism and establishing a scientific assessment and risk management system for local government bonds.