Market integration in China

Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural divide, and Chinese cities tend to be under-sized by international standards. China has also integrated globally, initially through the Special Economic Zones on the coast as launching grounds to connect with world markets, and subsequently through the accession to the World Trade Organization. For future policy considerations, this paper argues that its economic production needs to be spatially concentrated, and its social services need to be spread out to the interior to ensure harmonious development and domestic integration (through inclusive rural-urban transformations and effective territorial development).Economic Theory&Research,Banks&Banking Reform,Debt Markets,Emerging Markets,Access to Finance

Product Hardy spaces associated to operators with heat kernel bounds on spaces of homogeneous type

The aim of this article is to develop the theory of product Hardy spaces associated with operators which possess the weak assumption of Davies--Gaffney heat kernel estimates, in the setting of spaces of homogeneous type. We also establish a Calder\'on--Zygmund decomposition on product spaces, which is of independent interest, and use it to study the interpolation of these product Hardy spaces. We then show that under the assumption of generalized Gaussian estimates, the product Hardy spaces coincide with the Lebesgue spaces, for an appropriate range of~$p$.Comment: Accepted by Math.

Electronic structure interpolation via atomic orbitals

We present an efficient scheme for accurate electronic structure interpolations based on the systematically improvable optimized atomic orbitals. The atomic orbitals are generated by minimizing the spillage value between the atomic basis calculations and the converged plane wave basis calculations on some coarse $k$-point grid. They are then used to calculate the band structure of the full Brillouin zone using the linear combination of atomic orbitals (LCAO) algorithms. We find that usually 16 -- 25 orbitals per atom can give an accuracy of about 10 meV compared to the full {\it ab initio} calculations. The current scheme has several advantages over the existing interpolation schemes. The scheme is easy to implement and robust which works equally well for metallic systems and systems with complex band structures. Furthermore, the atomic orbitals have much better transferability than the Shirley's basis and Wannier functions, which is very useful for the perturbation calculations