JOURNAL OF ZHEJIANG UNIVERSITY (HUMANITIES AND SOCIAL SCIENCES)

浙江大学学报(人文社会科学版)


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	JOURNAL OF ZHEJIANG UNIVERSITY 2023 Vol.53 Number 2
	2023, Vol.53 Num.2
	Online: 2023-02-10

	Article

Article

	5	Fang Yixin, Lu Lu

		An Overview of Recent Ten Years Studies of the Attribution of the Chinese Buddhist Translation from a Linguistic Perspective ^Hot!
		The attributions of Chinese Buddhist texts to early translators in the Taishō Shinshū Daizōkyō (《大正新修大藏经》) and other widely used editions of the canon are often erroneous and should not be taken at face value. In the early 20th Century, Buddhist scholars in Japan began to study this issue systematically. Since the 1990s, as the early Buddhist texts have been widely used as an important material for the study of the medieval Chinese language, scholars in China have also actively engaged themselves in this research field. After nearly a century of exploration, as our understanding of the Chinese Buddhist texts is significantly enhanced, research perspectives and methods in this area have become increasingly refined and sophisticated, showing an overall trend of cross-referencing between linguistics, philology, and Buddhist studies.There is a wealth of research on the attribution of early Buddhist translators. The linguistic styles and representative phrases of certain important early translators such as An Shigao, Lokak?ema, Zhi Qian, and Dharmarak?a have been summarized. The list of their “core texts” has been revised several times so that other less reliable texts attributed to these early translators can be graded according to the extent to which they deviate from the “core text”. The date and place of production of some anonymous or suspected forgery texts are also explored through their linguistic features. When we use early Chinese Buddhist translations as material for the study of the medieval Chinese language, due attention should be paid to these findings.Recent researches have generally used both “external evidence” (i.e. evidence outside the text, including catalogues, prefaces, commentaries, biographies, quotations, etc.) and “internal evidence” (i.e. evidence from the text itself, including terminology, general vocabulary, grammatical and phonological phenomena, style of writing, etc.) to determine the date and translator of the early Buddhist text. As old translations or transliterations of terminologies are likely to be systematically replaced with new ones by later generations, recent studies have placed more emphasis on the evidence of general words and syntax. A comparative study of the text under examination with its contemporaneous “core texts” (both Buddhist and non-Buddhist) is a useful way of demonstrating whether its linguistic features are consistent with the period to which it claims to belong.Reflections were also made on the limitations of identifying the translator and the period of production of a text by its linguistic features: even among the “core texts” of the same translator, there may be a certain amount of heterogeneity, which may be the result of changes in the translator’s style over time, or differences in the language of the scribes (bishou zhe 笔受者) within the translation team, etc. Therefore, when using linguistic features to identify the attribution of a translated text, judgements cannot be made on the basis of only a few phrases but must be examined thoroughly and cross-checked with evidences from different sources.
		2023 Vol. 53 (2): 5-28 [Abstract] ( 204 ) [HTML 1KB] [PDF 1158KB] ( 595 )

	29	Ye Yuying

		Historical Phonetic Strata of “Duruo” in Shuowen Jiezi in the Light of Excavated Texts ^Hot!
		Since Shuowen Jiezi (SJ) was compiled for the purpose of interpreting Confucian classics, the phonetic annotations of “duruo” (pronounced as...) in this dictionary did not always indicate the actual pronunciations in the Later Han Period. Rather, they sometimes preserved the tradition handed down by the scholars from previous generations. Therefore, the pronunciation recorded by duruo in SJ manifest historical strata. This paper argues that there are both homogeneous and heterogeneous phonetic strata revealed by “duruo” annotations in SJ. The former refers to the diversity caused by sound changes in history of the same language (including its dialects). Some “duruo” in SJ recorded the old pronunciation of the Pre-Qin time, some recorded that of the Western Han, and some recorded that of Xu Shen’s era. Although some of these pronunciations recorded were from Chu or Qin dialects, since these dialects had evolved from the common language of the Western Zhou or the Spring and Autumn Period, they can be regarded as in the same stratum. “Duruo” in SJ reflect pronunciations of the standard language and local dialects of Xu Shen’s time and also include some old pronunciations which were even represented later in Guangyun or Jiyun in the form of fanqie. On the other hand, heterogeneous phonetic strata refer to two or more independent pronunciations annotated as “duruo” of one character in SJ, which form different phonetic correspondences with that character, and these correspondences are so isolated that it cannot be explained as phonetic divergences. The primary reason for such situation is dialect contact. Since the data of ancient dialects reflected in excavated texts are not enough at present, we only discuss in this paper the first category, the historical homogeneous phonetic strata of duruo in SJ. The characters of “duruo” and the characters annotated in SJ are both in the process of dynamic evolution of phonetics. Excavated texts shed light on the evolution process and the time and space of the phonetic changes, and the phonetic strata of “duruo” in SJ can thereby be analyzed in the light of such documents. There were four circumstances in which “duruo” were used. First, the “duruo” characters recorded the later pronunciation of the annotated characters after phonetic evolutions. Relevant examples from excavated texts show such phonetic changes occurred from the middle or late Warring States Period to the early Han Dynasty. Second, from the perspective of annotated characters, there had been phonetic changes of the “duruo” character. Excavated written materials show such changes occurred from the late Spring and Autumn Period, through the Warring States, to the early Han Dynasty. Third, some phonetic changes occurred in the standard Chinese language of that era, while others occurred in the Chu or Qin dialects. Last, characters with the same phonetic component sometimes appear as annotated characters, and were sometimes used as “duruo” character in SJ, which often show different phonetic strata. They all indicate phonetic strata of homogeneous variants formed in the process of phonetic evolution. By the analysis of different layers in phonetic evolution, this study helps us deepen the understanding of the nature of “duruo” in SJ.
		2023 Vol. 53 (2): 29-39 [Abstract] ( 175 ) [HTML 1KB] [PDF 7009KB] ( 344 )

	40	Li Hequn

		Labor System in the Song Dynasty Construction Industry as Evidenced by the Labor of Craftsmen ^Hot!
		The Song Dynasty is a prosperous period of the construction industry which formed a set perfect labor system. The laborers in the construction industry were often called “dingjiang” (丁匠) in historical documents, including unskilled laborers and skilled craftsmen. The latter is the focus of this paper because it is related to building quality and the prosperity of the industry. Based on abundant historical and archaeological data, this paper systematically discusses these dingjiang who served in the capital and local areas of the Song Dynasty, in terms of their source, dispatch, labor, payment, vacation, medical treatment, old-age care, rewards, and punishment, etc. This is an important part of the labor system of the Song Dynasty, and it can also be used as reference for today’s project management. In the Northern Song Dynasty, Jiangzuo jian (将作监), a central building management agency, was formed. There were also some building construction agencies, such as the East and West Eight Construction Institutions (东西八作司), Imperial Palace Construction Institution (提举修内司), Building the Capital City Wall Organization (修完京城所), etc. as well as building material processing organizations, such as Shicai chang (事材场) and the East and West Kiln Administration (东西窑务) and so on. The dingjiang of these institutions had lifelong employment in the capital. Some of these craftsmen were leftovers from the Later Zhou period of the Five Dynasties, and some came from the destroyed Ten States. Others were recruited from all over the country. The criteria for recruitment were youth, strength, and skill. In addition to the lifelong craftsmen of these official institutions, local craftsmen were also recruited every year to supplement them, as well as temporary recruitment in case of large projects. The employment period should not go beyond the completion of the project and overtime employment was not allowed. In addition, the criminals and the Imperial Guards (禁军) also participated in the construction of the capital Kaifeng, which complicated the identity of dingjiang.In comparison, the main force of local construction was xiangjun (厢军), among which zhuangcheng jun (壮城军) specialized in building the city wall. In addition, there were also local recruits, temporary hiring, and some criminals serving exile, etc. How these local craftsmen were recruited was not directly recorded in the official history. However, according to some personal records of that time, the craftsmen were mostly recruited according to the craftsmen’s register. They implemented a rotation system, which was different from the craftsman households of the Tang Dynasty and the Yuan Dynasty. In the Song Dynasty, there was a clear division of labor among craftsmen in the construction industry, such as carpenters, bricklayers, stonemasons, bamboo workers, painters, etc. In addition, the craftsmen in the same type of work were divided into grades to highlight their skills and were linked with their remuneration. Carpenters, the bulk of construction craftsmen, had a more detailed division. According to the available historical data, from lower grade to higher grade, they may possibly be divided into craftsmen, zuotou (作头), duzuotou (都作头), and duliao jang (都料将).The title of this article uses the word “labor”, which indicates that they were paid, including rice and copper money. The payment differed greatly in terms of region and time. Moreover, dingjiang enjoyed a labor protection system, such as winter and summer vacations of a certain kind. They also had holiday leave, sick leave, rain leave, funeral leave, etc. The government also had treatment measures for patients during work and the assignment. When they were old and weak, some could also enjoy pension treatment. In addition, in the construction process, if a dingjiang encountered a casualty accident, the supervisor would be punished.
		2023 Vol. 53 (2): 40-52 [Abstract] ( 156 ) [HTML 1KB] [PDF 1179KB] ( 615 )

	53	Liao Yin, Li Daxiu

		Doubts on “Cao Wei Xingzhuang” by Wang Anshi ^Hot!
		Cao Wei was a famous general of the Northern Song Dynasty, but it was very strange that Cao Wei actually had two copies of his Xingzhuang (行状) in the world. One was the well-known “Cao Wei Xingzhuang” written by Wang Anshi, and the other was the little-known “Cao Wei Xingzhuang” written by Song Xiang. Xingzhuang had five characteristics: time limit, originality, comprehensiveness, only good, and uniqueness. The “Xie Jiang Xingzhuang” included in The Collected Works of Wang Anshi completely violated the timeliness, originality, comprehensiveness, and uniqueness of the Xingzhuang that it could not be the real Xingzhuang. In the same way, the “Cao Wei Xingzhuang” by Wang Anshi also violated the timeliness, originality, comprehensiveness, and uniqueness of Xingzhuang and could neither be the real Xingzhuang. Mingchen Beizhuan Wanyan Ji could not be the real Xingzhuang. The Mingchen Beizhuan Wanyan Ji included Cao Wei and his father Cao Bin’s Xingzhuangs. However, “Cao Bin Xingzhuang” had been proved to be the “National History: Cao Bin Biography”. Following the habitual thinking of “using the son to be the father”, “Cao Wei Xingzhuang” by Wang Anshi could also be regarded as the “National History: Cao Wei Biography”. Compared with the “Cao Wei Xingzhuang” by Wang Anshi, “Cao Wei Xingzhuang” by Song Xiang completely match with all the characteristics of the Xingzhuang, and was the real “Cao Wei Xingzhuang”. Between “Cao Wei Xingzhuang” by Song Xiang and “Cao Wei Xingzhuang” by Wang Anshi, between the two Xingzhuangs and “Longping Ji: Cao Wei Biography”, “Eastern Capital History: Cao Wei Biography”, “Song History: Cao Wei Biography”, there was obvious historical relationships. This further proves that “Cao Wei Xingzhuang” by Wang Anshi should be a biography in the National History.The Collected Works of Wang Anshi was widely circulated in the early days, and most of them were block-printed editions in folk workshops. The official and authoritative edition of The Collected Works of Wang Anshi by Xue Ang was not published due to the war. As a result, although there were many versions of The Collected Works of Wang Anshi, the real and fake versions were mixed up. As far as the Xingzhuang were concerned, the early Longshu Version only included the “Xie Jiang Xingzhuang”, while the later Hangzhou Version included the “Cao Wei Xingzhuang” and the “Wang Deyong Xingzhuang”. “Xie Jiang Xingzhuang” was indeed written by Wang Anshi, while “Cao Wei Xingzhuang” and “Wang Deyong Xingzhuang” were not only not real Xingzhuang, but also should not have been written by Wang Anshi. They were “fakes” mixed in with The Collected Works of Wang Anshi in the early circulation. Comparatively speaking, although the Longshu Version was not as complete as the Hangzhou Version, it was purer than the Hangzhou Version.There are many innovations in this paper. (1) It summarizes for the first time that Xingzhuang has five characteristics: time-limited, primitive, comprehensive, only good, and unique. (2) It points out for the first time that “Cao Wei Xingzhuang” by Wang Anshi should be regarded as a biography of the national history, but it is just under the name of Wang Anshi, and “Cao Wei Xingzhuang” by Song Xiang is the real “Cao Wei Xingzhuang”. (3) For the first time, it clarifies the historical-source relationships among the various biographies of Cao Wei. (4) It clarifies for the first time that the “Cao Wei Xingzhuang” by Wang Anshi was a “fake” mixed in the early circulation of The Collected Works of Wang Anshi.The important value of this paper is (1) to revise The Collected Works of Wang Anshi and advance the research on the version of The Collected Works of Wang Anshi and the contemporary Wang Anshi research; (2) to clarify the historical relationships between various biographies of Cao Wei and promote the study of Cao Wei’s life.
		2023 Vol. 53 (2): 53-66 [Abstract] ( 133 ) [HTML 1KB] [PDF 1227KB] ( 583 )

	67	Lian Fan

	')" href="#">	Evolution of the Concept of "Neo-Confucian(ism)" and Its Ideological Orientation ^Hot!
		During the Ming and Qing Dynasties, Philippe Couplet, a Jesuit who entered China, and others first used the concepts of “neoterici intérpretes” (modern interpreters) in Latin in Confucius Sinarum Philosophus published in Paris in 1687 to refer to Cheng-Zhu Neo-Confucianism who deviated from the original Confucianism in their new interpretation of Confucian classics and its atheistic tendency. The derived concept of “Neo-Confucian(ism)” was used by the Christian missionaries in China at the end of the 19th Century and the beginning of the 20th Century and Western academic circles to refer to Neo-Confucianism, which fused the three religions to restore the religious tradition of the Pre-Qin Dynasty and constructed a metaphysical system for Confucianism. Okakura Kakuzo (1903) and Hu Shi (1917) are known Japanese and Chinese scholars who used and expounded the concept of “Neo-Confucian(ism)” under the Western influence.Feng Youlan first translated “Neo-Confucian(ism)” into the Chinese concept of “Xin Ruxue” in 1926. Then Li Shicen (1926), Xie Fuya (1928), Chen Yinke (1934) and others also expounded the “Xin Ruxue” concept, which makes it a popular academic term in China. Although out of the need of constructing the ideological history system of Confucianism in the Song and Ming Dynasties and the ambiguity of the meaning of the concept of Neo-Confucianism, after the end of 1932, Feng Youlan used the traditional concept of “Daoxue” which includes the Cheng-Zhu School and the Lu-Wang School. However, the American scholar Derk Bodde used the Western concept of “Neo-Confucian(ism)” to translate “Daoxue” in Feng Youlan’s works, which promoted the dissemination of the concept of “Neo-Confucian(ism)” in the academic circles both at home and abroad. Finally, William Theodore de Bary, the leader of “Columbia School”, played a decisive role in the popularization of the concept of “Neo-Confucian(ism)” and the elucidation of the modern value of Neo-Confucianism.The concept of Neo-Confucianism has experienced the meaning evolution from Cheng-Zhu School (narrow sense), to Daoxue or the Song-Ming Lixue (basic sense), and then to the Song School (broad sense). At first, it refers to the Cheng-Zhu School and its Neo-Confucianism in East Asia (Zhu Xi School) formed after its introduction into Korea and Japan, that is, the new interpretation of Confucian classics toward metaphysics and atheism and emphasizes the transcendence of Pre-Qin Confucianism. Since the early 20th Century, it has been used to refer to the Daoxue of the Song and Ming Dynasties, including the Cheng-Zhu School and Lu-Wang School, that is, the trend of Daoxue that returns to the tradition of Pre-Qin Confucianism and constructs a metaphysical system, emphasizing the return of Pre-Qin Confucianism. Since the late 20th Century, it has been used to refer to Songxue, that is, the trend of Song Studies characterized by the interpretation of righteousness and theory and moral practice, emphasizing the transcendence of the study of chapter and sentence exegesis in the Han and Tang Dynasties. The expansion of the meaning scope of “Neo-Confucianism” and the dilution of its religious color reflect the expansion of the visual paradigm of Western Sinology research from religious ideas and philosophical principles to the field of ideology and culture.All in all, the Western concept of “Neo-Confucianism” and the traditional Chinese concepts of “Songxue”, “Daoxue” and “Lixue” have their profound historical background and ideological connotation, and there are complex negotiation relations between them. Therefore, we must clearly define the meaning and relationship of these concepts from the perspective of historical development and logical structure (ideological system). The concept of “Neo-Confucian(ism)” created by the West has been completely Sinicized in the process of its spread, which is marked by the formation of the Chinese concept of “Xin Ruxue” and its deep integration with the history of Chinese thought and its concepts. In addition, it does reveal the historical fact that the Neo-Confucianism and the thoughts of previous generations have both inheritance (continuity) and transcendence (discontinuity). At present, it has become a trend that it is in parallel with the concept of Chinese traditional Confucianism in the Song and Ming Dynasties. This also reflects the interaction and integration of academic circles both at home and abroad.
		2023 Vol. 53 (2): 67-84 [Abstract] ( 141 ) [HTML 1KB] [PDF 1192KB] ( 548 )

	85	Lin Gangjian, Zhang Weiwen, Song Yang

		State Mechanism of Equity Promotion in Neighbourhood Regeneration: A Case Study of the “Future Community Movement” in Zhejiang, China ^Hot!
		It has been widely acknowledged that the market-oriented development of Chinese cities is accompanied by housing differentiation and segregation. Against the background of urban areas being intensively and newly developed, it shows a trend that the small-scale incremental regeneration taking place in dilapidated neighbourhoods has increasingly become a cost-effective strategy for reducing housing disparities, ensuring urban justice and effective spatial governance.Despite being extensively debated by researchers in the fields of urban planning and urban governance, the discussion of urban regeneration is largely limited to the scope of regeneration effect in cased neighbourhoods, which arguably overlooks whether similar regeneration plans can lead to uneven results to the residential groups in different types of neighbourhoods. The role of the state in pursuing spatial and housing justice has long been expected, yet we still know little about how the state works and what mechanisms it can develop during the process of urban regeneration.Taking for instance the specific policy context of the state-led “future community movement” in Zhejiang, China, and based on a resident survey with over 6,882 participants, this study compares the effects of state-funded urban regeneration projects between two different types of neighbourhoods: the state-built, socialist work-unit neighbourhood, and the privately developed commodified housing neighbourhood. Through field research and interviews, we conducted an in-depth comparative case study of two typical neighbourhoods in Hangzhou, Zhejiang Province. Based on the field research, we explored how different state efforts, backed up by distinctive goals of governance, are invested in the regeneration of differently typed neighbourhoods.In recent years, neighbourhood regeneration has been much promoted by the state. It has greatly helped to improve the living quality of vulnerable urban groups, but public resources are also wasted if the state takes regeneration as only a strategy of performance rather than an opportunity of hedging the expanded capitalism and pursuing urban justice and inclusion. Our study provides empirical insights on one of the most recent and massively invested neighbourhood regeneration programmes led by the state. Also, we used both quantitative and qualitative methods, taking a comparative angle to explore both the effect and state governance changes in a spatial and context setting of neighbourhood regeneration. Finally, our argument links urban regeneration to the broader social discourse and political rhetoric of justice governance under state socialism, and portrays the motivations and specific mechanisms of state intervention in incremental regeneration initiatives, thereby suggesting the benefits of reducing social gaps and pursuing urban justice under the state intervention of urban socio-spatial restructuring.Our findings suggest that First, residents in dilapidated work-unit neighbourhoods keep a more positive attitude towards the state-led regeneration programmes which greatly improve their living environments and access to public services. Second, the state takes different strategies for promoting regeneration in two different types of neighbourhoods, which can be summarized as the government-multi-entity partnership model and the community-capital partnership model. Third, being driven by a development logic beyond economic benefits, the state invests more resources in the regeneration of work-place neighbourhoods where more vulnerable groups have lived. It shows a trend of the state and its way of spatial governance that has turned from neoliberalism to more inclusive and equality-oriented developmentalism.
		2023 Vol. 53 (2): 85-100 [Abstract] ( 261 ) [HTML 1KB] [PDF 1625KB] ( 389 )

	101	Fang Kai, Mao Mengyuan, Liu Xiao, Li Shi, Chen Shuai, Liu Peilin

		The Impact of Policy Tools for China’s Carbon Peaking and Carbon Neutrality on Common Prosperity: Evidence from County-level Data of Chinese Certified Emissions Reduction Projects ^Hot!
		In the new development stage, it is of significance to explore policy tools that facilitate the simultaneous realization of carbon peaking and carbon neutrality goals and common prosperity. Based on the data of 2,492 Chinese certified emission reduction (CCER) projects in 2,195 districts and counties in China from 2013 through 2019, this paper investigates the impact of CCER projects on the per capita disposable income of rural residents and the underlying mechanism by establishing a fixed effect panel model. The research results are verified by a suite of model settings, robustness tests and mechanism analyses.Compared with existing studies, the marginal contributions of this paper are threefold. First, we aim at validating the policy synergies between carbon peaking and carbon neutrality goals and common prosperity by exploring the relationship between CCER projects and farmers’ income. Second, we compile and analyze the data for the number of projects and installed capacity of 2,492 CCERs and the 6-year per capita disposable income of rural residents in 2,195 districts and counties throughout China. Third, to make the research results scientifically robust, a two-way fixed effects panel model is developed in combination with instrumental variables test, mechanism analysis and heterogeneity analysis. For example, to address the endogeneity issue, this paper selects annual average wind speed and sunshine hours for instrumental variables testing and further eliminates the effect of pro-poor policies through heterogeneity testing.These findings can not only provide a scientific basis for timely resuming the approval of CCER projects and increasing the share of CCER projects in the national emission trading scheme, but also provide empirical evidences that support the policy synergies of China’s carbon peaking and carbon neutrality goals and common prosperity. In the next step, it is necessary to explore various socioeconomic effects produced by the CCER projects as this is the key to generating policy synergies between climate action and human welfare in a broader sense.The results showed that (1) the CCER projects have significantly improved the income of rural resident; (2) the increase in local non-agricultural employment constitutes the core of the mechanism; (3) the impact of the CCER projects on rural residents’ income vary across the regions, and faster increase in rural income is observed in areas with a relatively low non-agricultural employment rate.
		2023 Vol. 53 (2): 101-115 [Abstract] ( 164 ) [HTML 1KB] [PDF 1070KB] ( 521 )

	116	Wang Weian, Cai Kaixing, Yu Bin

		Economic Policy Uncertainty, RMB Swap Agreements and International Stock Market Stability ^Hot!
		With the increasing complexity of international situation and the frequent occurrence of black swan events, global economic policy uncertainty has been rising, leading to significant shocks in the international capital markets. In order to promote international cooperation and financial stability, China has been committed to a win-win strategy to forge a new type of international relationship featuring mutual respect, fairness and justice, and win-win cooperation. As regards currency cooperation, by the end of 2020, the People’s Bank of China had signed bilateral currency swap agreements worth of 3.99 trillion yuan with the central bank or monetary authorities of 40 countries and regions. During the period of economic policy uncertainty, it is highly significant to contribute Chinese wisdom and power to the improvement of global financial governance by answering the question of whether and how RMB swap agreements can promote the stability of international capital markets.RMB has become the world’s largest currency swap circle. However, most studies on RMB swap agreements mainly focus on promoting the development of international trade and speeding up the process of RMB internationalization, and there lacks evidences about the impacts of RMB swap agreements on the international spillover effects of economic policy uncertainty. By shedding spotlight on global equity markets, this paper examines whether RMB swap agreements are effective in mitigating the shocks of global economic policy uncertainty on the international equity markets. The conclusions of this paper are as follows. First, rising global economic policy uncertainty can cause substantially high international volatility in the global stock markets, while RMB swap agreements can effectively mitigate the negative impacts of global economic policy uncertainty shocks on the international stock markets, and such adjustment is robust to alternative measures, different specifications and reduced samples. Second, the decline of the real effective exchange rate volatility is one possible channel through which RMB swap agreements can work. Third, there exist asymmetrical adjustments of RMB swap agreements under different levels of economic policy uncertainty, which becomes more pronounced under a high level of economic policy uncertainty. Forth, heterogeneity analysis shows that the effect of the adjustment is particularly pronounced in subsamples with developing countries, African countries and Europe countries.This paper makes a significant contribution to the existing literature as follows. Previous studies mainly focus on the measurement of economic policy uncertainty and its spillover effects on the global markets, while ignoring the role of monetary cooperation in preventing instability of the international financial markets. This paper answers the question of the effect of RMB swap agreements on the international equity market stability under economic policy uncertainty, which enriches the literature on not only the influence of economic policy uncertainty and countermeasures, but also the role of bilateral currency swap agreements. In addition, our findings have important policy implications. As increasing RMB swap agreements plays a significant role in promoting international capital market stability under a high level of economic policy uncertainty, all economies, especially emerging markets, should sign currency swap agreements more actively in order to stabilize exchange rate, reduce international capital market volatility, and enhance bilateral economic cooperation. At the same time, China can continue to expand the scope of RMB swap agreements and improve relevant rules, including a larger maximum size and longer validity. In addition, it is important for China to steadily push forward the process of RMB internationalization, create a global partnership on connectivity, build a community of shared future for the mankind, and strengthen China’s contribution to the reform of the global governance system.
		2023 Vol. 53 (2): 116-132 [Abstract] ( 185 ) [HTML 1KB] [PDF 1150KB] ( 382 )

	133	Jiang Sainan, Yang Liuyong, Luo Deming

		Spillover Effect of Violation Events in the Behavior of Shareholders-interlocked Companies ^Hot!
		From the perspective of shareholder interlocked channels, this paper delves into the behavior spillover effect and influencing mechanism of violations among affiliated companies. This paper solves the endogenous problem of behavior spillover effect by controlling the proportion of the associated shareholder-interlocked companies disclosing the violations before the target listed company decides whether to engage in violations. Empirical evidence indicates that there is a significant positive behavior spillover effect among the shareholder-interlocked affiliates, i.e. the affiliates’ misconduct significantly increases the possibility of the shareholder-interlocked companies’ violations. Due to the great financing constraints, lack of cash flow and fierce market competition, non-state-owned enterprises, enterprises with low government subsidies and a higher degree of marketization in their local areas are more motivated to observe and understand the violations of shareholder-interlocked affiliates, which leads to stronger spillover effect of violations. The behavior spillover effect of illegal decisions of listed companies results from the communicating learning mechanism and the observational learning mechanism. When there are common shareholders in listed companies, there are more social network ties and social activity connections, which lays a foundation for the communicating learning and imitation among shareholder-interlocked affiliated companies. By focusing on the market reaction caused by the irregularities of shareholder-interlocked companies and the severity of punishment imposed by the regulatory agency, the listed company decides whether to carry out similar irregularities, thus developing observational learning and imitation. If regulators step up their supervision, managers of listed companies will not be able to obtain high-quality projects or make large profits through illegal means, and meanwhile the penalties for companies that break the rules will be strengthened. Therefore, the introduction of the policy to enhance the supervision of securities institutions has played a vital role in restraining the spillover effect of violations among the stockholder-interlocked affiliated companies. The restraining effect of the policy is more powerful at the beginning. However, with the loosening of the implementation and regulators, the inhibitory effect of the policy gradually declines after the implementation of the policy for a period of time. The contributions of this paper are as follows. Firstly, this paper discusses the factors that affect listed companies’ rule-breaking decisions from the perspective of social network connection. Secondly, from the perspective of the new interlocked channel of shareholders, this paper examines whether shareholders with the right of supervision and control will produce spillover effects of violations through the mechanism of communicating learning and observational learning. Thirdly, this paper finds that investors decide whether to imitate the behavior of other investors mainly by communicating with each other and comparing the costs and benefits of wrongdoing. Finally, the paper takes the introduction of the CPC Central Committee’s eight-point decisions as a measure of regulatory severity and examines the impact of institutional regulatory severity on the spillover effect of irregularities.
		2023 Vol. 53 (2): 133-154 [Abstract] ( 147 ) [HTML 1KB] [PDF 1022KB] ( 546 )

	155	Zhu Jingjing

		A Systematic Interpretation of Adoption Rules in the Civil Code from Triple Perspectives ^Hot!
		Derived from the Marriage Law and judicial interpretations related to adoption, China’s adoption system was developed in the Adoption Law, and has been incorporated into the Marriage and Family Book, a part of the Civil Code of the People’s Republic of China. In the process of improvement, the rules of the adoption system have evolved in two dimensions. One is to establish close associations with the Marriage and Family Book, and the other is to introduce the rationale of private law underlying the Civil Code. This fact urges one to change the way of interpreting the rules set out in the Chapter V “Adoption” of the Civil Code from interpreting specific articles independently to following “the principle of serving the best interests of the adoptee”. It requires rule interpretation to be conducted from triple perspectives, namely the micro system of Chapter V “Adoption”, the medium system of the Marriage and Family Book and the macro system of the Civil Code, which constitutes the basic framework for the systematic interpretation of the adoption rules. In terms of the micro system, it is of vital importance to define the scope of adoptees. In order to classify the adoptees as defined in Subparagraphs (1) and (2) of Article 1093 in the Civil Code, such factors as the types of bereaved “parents” and the willingness of parents to abandon their children are worth careful consideration. To understand the adoptees stipulated in Subparagraph (3) of Article 1093, the “unusual difficulties” should be identified in both broad and narrow terms. In a broad sense, “unusual difficulties” include situations where the parents of a minor are both persons without full capacity for civil conduct and may do serious harm to the minor. The identification of these “unusual difficulties” should be connected with the loss of capacity for guardianship. With respect to the medium system of the Marriage and Family Book, the selection of family names for minors should be examined from this perspective. Besides Article 1112 of Chapter V “Adoption” in the Civil Code, Article 1015 is also applicable to the selection of family names for adopted children. However, in the specific process of application, it is necessary to distinguish between whether the adoptive parents determine or they change the family names of their adopted children. In the case of changing the family name of an adopted child, judgement should be made on whether the selected family name is appropriate in accordance with “the principle of serving the best interests of the adoptee”, which is a necessity to realize the mutual applicability of the rules of natural and artificial consanguinity in the Marriage and Family Book. From the perspective of the macro system of the Civil Code, the core issue lies in the effectiveness of adoption and the termination of adoptive relationship. Rules of general juridical acts have limited applicability in adoption. The four forms of general juridical acts, namely “valid”, “invalid”, “validity to be determined”, and “revocable”, are simplified into valid and invalid in adoption. This is due to the last two forms, which violate “the principle of serving the best interests of the adoptee”. This should be evaluated as “invalid”. Similar to the dissolution of contract, the types of termination of adoptive relationship also include dissolution by law, agreement, and appointment. However, to satisfy the need of identity attributes of adoptive relationship and maximizing children’s interests, the causes and procedures for different types of dissolution are strictly limited. The legal effect of termination of adoptive relationship is not exactly identical to the general effect of dissolution of contract. The former has no retroactive effect, in which the related property obligations are mainly manifested as the “compensation” to adoptive parents. On the one hand, this “compensation” has the attribute of fair responsibility and, on the other hand, it also shows the meaning of “damages” according to the scope of compensation and whether the obligor or obligee of the compensation can be blamed for the termination.
		2023 Vol. 53 (2): 155-168 [Abstract] ( 151 ) [HTML 1KB] [PDF 686KB] ( 396 )

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