In recent years,the impact of the rise of emerging powers on the transformation of international order has been a focus for scholars at home and abroad . However,most scholars mainly remain to pay more attention to the importance of the distribution of international power on the transformation of international order,attaching less importance to the concepts and rules of legitimacy . In fact,the transformation of international order relates not only to the distribution of international power,but also relates tofunction of norms andconcepts of legitimacy becauseanyinternational order is the results of the interaction of these elements : the distribution of international power,international institution and the dominant ideas of values .International legitimacy involves two dimensions : the core principles of legitimacy and the practice of legitimacy,both of which have intimate relations with social consensus .Consensus is fundamental to international order because it is itself the product of the shared values of a society .As a dimension of legitimacy,consensus is not simply about procedural matters,it expresses the substantive values of the society more generally . Obviously,the degree of legitimacy present in any particular international order is directly related to the stability of that order .Whether the developing and developed countries will attain the basic consensus about the common interests and common values in international order relates not only to the legitimacy of the extant international order,but also concerns the stability of the extant international order . International order generally includes international political order and international economic order . The defects of the extant international economic order lie in not only its inability to cope with complex challenges posed by the contemporary global economy,but its outdated system which fails to reflect the reality of the shifting global economiclandscapein the ageof theemerging economies'rise .Thesedefects of thecurrent international order aredue to the instabilityof U .S dollar,the insufficiency of the decision-making mechanisms of IMF and the World Bank and the lack of financial supervision in these organizations andetc .As a result,the effectivenessandlegitimacy of the IMF and WorldBank have been seriously questioned .The rise of emerging powers and their demands tochange the unreasonablestateof the current international financial system and reshape such a system have strongly pushed forward the formation of common consensus of the international society on such questions as raising the representation and the voice of the emerging economic powers in IMF and World Bank . The concepts and principles advocated by the emerging powers will surely influence the transformation of international political order . The emerging powers argue that the new international order should be founded on respect for state sovereignty and other recognized principles and norms of international law .Some of the guiding principles they emphasize include the Five Principles of Peaceful Coexistence and that international exchanges should be fair,just,reasonable,mutually beneficial,mutually respectful,and that negotiations should be done on an equal footing . The concepts and principles advocated by emerging powers are significantly different from the dominant mode of thinking found in those international order in history—the concept of balance of power—and they are also obviously different from the concepts and the norms of international order based on democracy,human rights as advocated by the Westerncountries after the endof the Cold War .Although all current parties hope theinternational order in favor of its own direction of development,the futureof international order will largely depend on the traditional powers and the emerging powers to obtain fundamental consensus on the principal norms and procedures governing international order . Whether the Western powers can meet the requests of the emerging powers about fair changes of international order to a certain degree,and whether they can further establish a global system though the cooperation of new and old powers based on equal status and extensive consultations,will decide on the success or failure of cooperation between the traditional powers and the emerging powers .

From a global perspective,although the protection of freedomof expression will still be a problem in many countries,the new challenge of freedom of expression in the age of Internet is that people with ability and freedom to communicate freely tend to communicate only with people they agree with . This kind of ineffective communication leads to not only some negative consequences as″debates and communication cannot help people get close to the truth,″b ut also to some serious negative ramifications as political division and social contradiction . In 2004,Ronald Dworkin delivered his concern in his writings on political division in American democracy . He also put forward his theoretical solution—″return to the common background .″However,Dworkin's solution is more like an ideal one lack of practical strategy and workable operation . This article proposes a principle of″N ew Public Forum″and expects to solve the problem on a systematic,strategic and operational level .The principle of traditional public forum considers its main goal as solving the dilemma between the valuable role of mass media and the right of individuals to express freely and effectively .Today we have to deal with another dilemma because whereas the internet improves people's capability of sending and receiving information and expressing their opinions,the effectiveness of communication itself is still being threatened . Cyberkans,a phenomenon of worldwide network Balkanization,is the linchpin in this dilemma . Cyberkans results from complex factors such as political and legal policies,business strategies of Internet product manufacturers and a more crucial one that ordinary people as consumers tend to choose the internet product to help them filter for favorable information and opinions . In the Internet era,people not only rely on information filtration,but also prefer and actively choose filtering tools . They are fond of″p ersonalized″products,which inevitably lead to information ″cocoon″a nd″D aily Me .″That is why people with different values,different preferences and different interests are easily separated and divided into different groups . Furthermore,opinions and beliefs in divided groups tend to become extreme in the process of″G roup Polarization,″ which intensifies social contradictions and affects social stability because of the lack of effective debate and communication . Malfunction of the marketplace of opinions,group polarization and tagging tendency all manifest certain kind of ineffective communication resulting from Cyberkans . There are at least two solutions for these problems .The first one is to remove all separation institutes and integrate all information into one platform .This proposal fundamentally denies the network users'c hoices and overthrows market mechanismin the Network Economy,that's whyit can only be applied to some web sites of government and other public service departments . The second solution is to establish a new kind of″P ublic Forum″for effective communication meanwhile keeping commodity market of internet working by itself . This new Public Forum Doctrine includes the test of extensity,compatibility and,the most important,efficiency . Extensity Test requires the forum to reach as many opinion groups as possible . Compatibility Test requires theforum tocontain as many different opinions as possible .Efficiency Test requires political debaters to follow certain kind of regulations to make sure debates are reasonable and yield reasonable results . Considering the actual situation in China,the traditional mainstream media has the responsibility and capability to become the platform of the new public forum .

It is widely accepted that the housing price fluctuations are contagious and can significantly affect the soundness of financial system .In the Chinese context,one major channel of such spillover comes from real estate developers'd efault risk . Accordingly after several major housing markets cooled down during the 2nd half of 2011,whether such change of market conditions would lead to the systematic risk in the developers'loan sector has become a hot topic in China . In this paper we provide the first quantitative analysis on Chinese listed real estate developers'default risk,focusing on the effects of both housing price changes and developers' inventory volumes . Using the quarterly data between2006Q1 and2012Q1 of81 developers listed in Shanghai and Shenzhen,we firstly re-estimate the value of each developer's inventory by taking the effect of presale into consideration and transferring the book value to market value . This innovative indicator suggests a very high and fast expanding inventory volume in most developers .On average the ratio between inventory value and total asset of the sample firms rose from40% in2006Q1 to68% in2012Q1 . Then we empirically test the sensibility of developers' long-term (with debt-asset ratio as the indicator) and short-term (with acid-test ratio as the indicator) solvencies to housing price changes,and compare the results between developers with different inventory levels . In the long-term,due to the substantial appreciation of developers' inventories during the recent housing price surges,the test suggests that most developers' debt-asset ratios could still remain on a safe level even if housing prices significantly declined .In the extreme scenario in which the housing price dropped by 40%,the debt-assetratio of about 80% of the sample developers would still be below the level of 80%,and firms with higher inventory values are particularly resistant to such housing price drop from the long-term solvency perspective . However,the developers are found to be exposed to high risk in the short-term,especially after the market turning point of 2011Q3 . According to the results of the panel data model,housing price growth rate can significantly and positively affect acid-test ratio,while the inventory volume has a significant and negative effect,which suggests that firms with higher inventory values are especially vulnerable to housing price fluctuations from the short-term perspective . As a most noteworthy fact,the acid-test ratios of some developers with huge inventory volumes would drop to a dangerously low level of less than50% in the scenario with a large housing price drop,which indicates a high default risk for these developers . We suggest both developers and policy makers pay special attention to such potential problem .

The rapidly rising prices in China's housing market have attracted a lot of heated discussions . There has been a large volume of researches examining the effects of expectation on housing price,but few studies have been done on how these effects change over time and in different market situations . Using the data on monthly constant quality housing price and rent from January2005 to December2010 in Beijing,this paper analyzes the impact of expectation on housing rent to price ratio .Based on a user cost model,we studied the asymmetric pattern of the expectation and housing price dynamics . Three main results have been obtained from this study . First,from2005 to2010,the rent to price ratio in Beijing increased by175 percent,with housing price rising7 .3 times that of rent .For most of the time during this period,the return rate in the housing market was lower than the risk-free interest . All of these show that the housing price hikes in Beijing are associated with high risks as well . Second,using a panel data to test eight districts of Beijing from January2005 to December 2010,we find that changes of rent to price ratio can mostly be explained by the extraordinary high expectations on the capital gains .Rent to price ratio will change by 20 .50% and 32 .94% respectively in response to a unit standard deviation change in real interest and expectation . Third,there is a positive correlation between the coefficient of the expectation on housing price and the real housing price . During the boom period,expectation plays a significant role in pushing up housing prices .On the contrary,during the relatively stagnant period,the role of expectation for the housing price movement becomes less important . Such expectation-driven market behavior reveals a potential hazard in China's housing market . There are two findings in the current study . First,due to the lack of high quality rental data,most rent to price studies calculate rent and house price from the rent index and the housing price index . A comparison of the two smoothed aggregate time series (the two indices) may only reveal the trend but miss the risks associated with the real housing price movements .Based on the housing transaction data on second-hand housing and rental data with detailed housecharacteristics,we constructed pairs of constant quality housing price and rent data for a more reliable analysis . Second,this paper not only studies how expectation influences housing rent to price ratio,but also how the influence changes in different market situations .By rolling the sample time window,we estimated the coefficients of expectation on housing price in different times,and found an asymmetric pattern of the impacts of expectations on housing price movements .

Efficiency is an everlastingissue which is of special importance toany economic society . In the modern market economy society,inefficiency means losing competitiveness . It is imperative for cooperatives toimproveeconomicefficiency,thus maintaining theircompetitiveness .Generally there are two aspects in the concept of cooperative efficiency . On the one hand,it can be understood as cooperative input-output efficiency,which means to obtain maximum output at a certain level of input,or to realize minimuminput at a certain level of output .This belongs to internal efficiency for cooperatives . On the other hand,it also can be regarded as external efficiency for cooperatives,which means the comprehensive efficiency of cooperatives in promoting reasonable allocation of social resources among various departments while pursuing internal efficiency . In short,external efficiency refers to cooperatives'contribution to total welfare in society . However,the external efficiency for cooperatives,in other words,the ideal Pareto optimality,does not exist in reality and it would be difficult tocarry on quantitative evaluation .Therefore,it is realistically reasonable for cooperatives to pursue input-output efficiency . The cooperative efficiency is determined by the chosen objective function .Cooperatives with different functions have different objective functions . For example,objective functions for marketing cooperatives and for purchasing cooperatives are different . Identical objective function is the basic premise for measuring cooperative efficiency . It is an accidental phenomenon for cooperatives to realize efficiency because of information asymmetry,poor management etc . Generally inefficiency manifests in cooperatives . Therefore,there is practical significance of adopting effective methods to measurecooperative efficiency accurately and in discussing profound reasons affecting the efficiency . The influence of scale on cooperative efficiency is obvious .It is generally believed that there exists an optimal scale for each cooperative,with which the cooperative can reach its maximum efficiency .It also should be noted that cooperatives need an appropriate scale,which may grow bigger with the expanding of social-economic scale .Only the cooperative has dynamic adaptability in terms of scale can it achieve higher efficiency in increasingly fierce global competition . Internal control factors have essential impact on cooperative efficiency .Among thesefactors,staff structure and manager's human capital are the most important ones . To some extent,the process of improving cooperative efficiency is the process of constantly improving staff and manager's quality and ability . It is also clear that a certain size of board members and the supervision of certain members from supervisory board can improve cooperative efficiency . The external environments such as institution,resource and market also affect resource allocation and utilization in cooperatives though influencing internal control factors,and then affect cooperative efficiency . Therefore,a cooperative which can achieve input-output efficiency has to rely on the coordinative operation between internal control mechanism and external environments . As far as policy is concerning,investment on staff,including managers,is the key to improve cooperative efficiency . Given the fact that most staff members in Chinese cooperatives have weak cooperative awareness and are incompetent in management,investing on them is especially significant .In particular,the approaches to promote efficiency of cooperatives include improving staff's human capital by education and training and improving their cooperative awareness,discussion competence,managerial capability,and response to environment . In addition,it is necessary to consider the role of external environments .Besides continuing to perfect relevant laws and regulations and creating a better institutional environment,other factors such as regional resources environment should also be taken into consideration . It is important to adjust policies to accord with different resource factors in different regions in order to produce a positive incentive effect on the development of cooperatives .

Order provisions,a common part of the current law,can be dividedinto provisions of judicial order and thoseof administrative order .The provisionsof administrativeordercan be further dividedinto inner order actions and external order actions . An examination of the connotation of the administrative order action maylead to theestablishment of specificstandards,with the helpof which theexternalorder actions can clearly be classified into penalty order actions and non-penalty order actions . It is necessary to classify order actions before their nature can be determined . The nature of ″ordering for suspension″can be classified from the following three aspects . First,″o rdering for suspension″with a penalty naturecan only be made after legal qualification has been obtained .Secondly,the overall suspension of the party's business shall be classified as penaltyorder action,while the order to suspend illegal business shall be classified as non-penalty order action . Finally,ordering to suspend non-production and non-business activities is not equal to″o rdering for suspension of production or business,″n or does it have the attributes of administrative penalty .The natureof other order actions can be judged from the punitive features of the administrative penalty . Generally,the structure of legal legislation is composed of three elements : the assumed element,the processing element and the sanctionative element . According to the structure of the″sanctionative element″in the order provision,non-penalty order actions are categorized into five types,namely,unconstrained single order structure,constrained single order structure,selecting punishment structure,conditioning punishment structureand punishment structure .Different types of structure reflect different functions of regulation . The current provisions of administrative order have some demerits,such as inaccurate term definition,unreasonable structure choice,and unscientific action establishment . Specifically speaking,the″order″in some provisionsapplies to the parties with no relationshipof subordinationor management,which goes against both the general meaningandspecificmeaning of″order .″S omeprovisions do not take into account the structure function and applicable cases of the″sanctionative element,″which results in the unfair legislation .Some provisions do not distinguish the function of administrative order from that of administrative penalty,and do not takeintoaccount the sanction strength of specificadministrative orders and administrative penalties . It is necessary to construct a typical model for administrative order to make the administrative legal provisions more unified,normative and scientific . The typical model for administrative order should obey two principles :fully embodying the remedial function of order actions and ensuring the execution of administrative order . In the combined order provisions,administrative orders become the assistant measures of other administrative actions,and are absorbed by other administrative actions in procedures and relief-granting . The provision of″unconstrainedsingle command structure″does not include the legal consequence of failing to perform the administrative order,which greatly weakens its authority and executive effect . Therefore,″the constrained single command structure″should be taken as the typical model of administrative order,that is,″a dministrative order +′refused to…′+ sanctions .″T he key parts of typical model are″administrative order″and″sanctions .″ The major function of the″sanctions″is ensuring the performance of administrative orders .Thus,the″sanctions″should normally contain the executive measures as well as the corresponding punitive measures if necessary .

Although not cited directly as the formal basis for judgments in tort claims,public policies exert an immediate impact on judicial proceedings and their results . Through an analysis of tort claims in Communique of the Supreme People's Court,this essay combines the policy science in public administration with the tortuous liability in civil law,adopts an empirical approach,and discusses public policies in tort claims from a multidisciplinary perspective . We attempt to describe what and why public policies are considered,and how public policies are implemented in judging tort claims . Significant influence is imposed on the result of tort claims by such public policies as value priority,social environment,order management,liability insurance and so on . Generally,the court decides the scope of protection according to the value priority of benefits . However,the decision is also affected by the social contextual factors in a given period .Furthermore,administrative factors prevent the court from getting involved in various social disputes . In addition,the existence of insurance constitutes a potential reason for judgments against the defendant . There are mainly three justifications for public policies to be considered in judging tort claims,namely,to implement tort liability law,to make tortuous liability fit in with social advances,and to transform the court's role in the modern society . Such purposes of the tort liability law as″freedomof action″a nd″value of security″a re substantiatedin all kinds of values in specific cases,namely,where to weigh values is to consider public policies . In judging tort claims,the court attaches importance to social background together with the social effects of settlement of tortuous disputes,which is an important way for tortuous liability to fit in with social advances . Modern courts have abandoned the one-sided concept of formal justice,and turned to considering public policies in judging tort claims for substantial justice . From a structural perspective of tortuous liability,the above public policies can be implemented by admitting damage,identifying negligence,determining the sequence of cause and effect,allowing defenses,etc . To a certain extent,public policies decide whether relevant parties'f actual damage is admissible by the court to award a relief . Besides,there is some disagreement andcontroversy over the connotation of negligence,which needs to be settled by the court in considering various factors,including public policies in specific cases . Another key issue in determining liability is the remoteness of damage,and public policies play a vital role in defining it . Finally,valid defenses are allowed to exempt or mitigate tortuous liability and thus implement public policies in tort claims .

The Confucian thoughts about the relationship between virtue and happiness have been highlighted in Chinese academia since Mou Zongsan published his book,Yuanshan Lun .However,in the past thirty or forty years,scholars have concentrated their studies on the idea of″the highest good″m ainly on the tradition of Mencius and on Mou Zongsan's thoughts of″the complete good″w hich was often compared with Immanuel Kant's thoughts of″summum bonum .″Most scholars ignored the thoughts of the Confucian tradition of Xun Zi regarding the relationship between virtue and happiness .Confucian ideas about the faith in the decree of the heaven and in the consistency between virtue and happiness,were based on the thought of″the harmony between the heaven and the people,″w hich was the main essence of Chinese ancient philosophy .Although ″the harmony between the heaven and the people″was the mainstream of Confucian philosophy,it was not the only philosophical way .There was another Confucian tradition,Xun Zi's natural rationalism,which was based on the thought of″the distinction between the heaven and the people .″X un Zi's natural rationalism went strongly against the ideas of″the harmony between the heaven and the people″and the theology of the decree of the heaven,and it destroyed the philosophical basis of the faith in the consistency between virtue and happiness under the decree of the heaven .It was Xun Zi who initiated the natural rationalist tradition of″the distinction between the heaven and the people″in Confucianism .Xun Zi's idea of heaven was different from the ideas of other Confucianists in Pre-Qin Dynasty .The theological meanings had almost been abandoned from Xun Zi's idea of the heaven,which took a metaphysical approach and regarded the heaven as the objective nature .As for the relationship between the heaven and the people,Xun Zi thought that Mencius school mixed up the″D ao″of the heaven and the″D ao″of the people .So he claimed that heaven is independent form the people,and came up with a theory of″controlling the decree of the heaven .″T his theory reflected the typical spirit of pragmatic rationalism in Confucianism .Xun Zi's philosophical tradition has less influence than Mencius tradition,but it's not wise to ignore its influence on the following Confucianists .The tradition of Confucian natural rationalism has continuously existed as an opposition of the faith in the decree of the heaven,on which the consistency between virtue and happiness is based .Following the philosophy of XunZi,Wang Chong claimed the way the heaven works is through nature and inactivated,and disagreed with the idea that there was consistency between virtue and happiness governing by the faith in the decree of the heaven .Also he proposed a theory to separate human nature from fate .In the medieval era,Liu Zongyuan and Liu Yuxi inherited the thoughts of Wang Chong and built the theory that″heaven and the people are separated .″W ith the rising of the NewConfucianismin the Song and Ming Dynasties,the Confucian natural rationalism had been marginalized .However,it still influenced many Confucianists who were concerned with social reality .In brief,the thoughts of the Confucian natural rationalism represent important progress in exploring the relationship between the heaven and the people subjectively and rationally .But Confucian natural rationalism ignored the social significance of the faith in the consistency between virtue and happiness under the decree of the heaven,and lost the fundamental spirit of Confucianism,″the humanistic concern .″