China’s Economic Reform : Success, Problems and Challenges

China, state-owned-enterprises, state-owned-bank, macroeconomic stability

Perturbative QCD analysis of Dalitz decays J/ψ→η(′)ℓ+ℓ−J/\psi\rightarrow\eta^{(\prime)}\ell^{+}\ell^{-}

In the framework of perturbative QCD, we study the Dalitz decays $J/\psi\rightarrow\eta^{(\prime)}e^{+}e^{-}$ with large recoil momentum. Meanwhile, the soft contributions from the small recoil momentum region and the VMD corrections have also been taken into account. The transition form factors $f_{\psi\eta^{(\prime)}}(q^{2})$ including the hard and soft contributions as well as the VMD corrections are calculated for the first time. By analytical evaluation of the involved one-loop integrals, we find that the transition form factors are insensitive to both the light quark masses and the shapes of $\eta^{(\prime)}$ distribution amplitudes. With the normalized transition form factors, our results of the branching ratios $\mathcal{B}(J/\psi\rightarrow\eta^{(\prime)}e^{+}e^{-})$ and their ratio $R_{J/\psi}^{e}=\mathcal{B}(J/\psi\rightarrow\eta e^{+}e^{-})/\mathcal{B}(J/\psi\rightarrow\eta^{\prime}e^{+}e^{-})$ are in good agreement with their experimental data. Furthermore, by the ratio $R_{J/\psi}^{e}$, we extract the mixing angle of $\eta-\eta^{\prime}$ system $\phi=34.0^{\circ}\pm0.6^{\circ}$ and comment on this result briefly. Inputting the mixing angle $\phi$ extracted from $R_{J/\psi}^{e}$, we predict the branching ratios $\mathcal{B}(J/\psi\rightarrow\eta\mu^{+}\mu^{-})=3.64\times10^{-6}$, $\mathcal{B}(J/\psi\rightarrow\eta^{\prime}\mu^{+}\mu^{-})=1.52\times10^{-5}$ and their ratio $R_{J/\psi}^{\mu}=23.9\%$.Comment: 14 pages, 9 figures and 5 table

China's Sovereign Wealth Fund : Weakness and Challenges

The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts on the macro-economy of countries holding reserves need to be considered. The Chinese Government established China Investment Corporation (CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of CIC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.CIC, external challenge, internal weakness, foreign exchange reserve management