What Kind of Landing for the Chinese Economy?

Rarely has the outlook for the Chinese economy been so contested. Th e fi nancial press widely quotes three alternative perspectives on the short- and medium-term outlook. One school argues that the Chinese government's recent eff orts to rein in overly rapid growth are working and that the economy is now on a glide path to what is referred to as a soft landing. While "soft landing" is usually not fully defi ned, its chief feature in this case is that Chinese economic growth slows modestly from its current pace of 9 to 10 percent to around 8 percent and that the rate of job creation does not slow enough to constitute a major political challenge for the regime. At the other end of the spectrum is the hard landing school, which argues that the authorities to date have not tightened suffi ciently, that loan and investment growth remain excessive, and that the authorities soon will be forced to take more drastic action that will trigger a sharp correction. Finally, the no landing school argues that China's eff orts to slow growth modestly are misguided since the economy was not overheating in 2003 and early 2004. In this view, China is in the early stages of a secular boom that has several additional years to run.

China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity

This paper argues that the way in which China is portrayed in the revived Bretton Woods thesis (BW2) is not consistent with several important trends in, and features of, the Chinese economy; nor does the strategy in the BW2 seem sensible for China's long-term economic development. Whether it is the behavior of China's real exchange rate, the costs of sterilizing large reserve inflows, the role that FDI plays in financing China's fixed asset investment, the participation of foreign firms in China's exports and in the ownership of export industries, or the political economy of trade protectionism in the United States, the BW2 does not provide a good explanation either for how China has behaved in the past or how it should behave in the future. We conclude that the BW2 does not provide a persuasive story for why large US current account deficits and undervalued Asian exchange rates can or should continue for the next decade or longer.China's exchange rate policies, revived Bretton Woods system, Chinese economy

Debating China's Exchange Rate Policy

More than two and a half years have passed since China announced a number of changes to its foreign exchange regime in July 2005. During this period, the debate on the pros and cons of China's exchange rate policy, which had begun in earnest several years earlier, intensified. This important new book, based on an Institute conference in October 2007, takes stock of exchange rate policy in China and identifies the major policy options going forward. Specific proposals presented in the volume address how best to eliminate any misalignment of the renminbi; how best to reduce pressures emanating from the sterilization of large reserve accumulation; how best to make capital flows the ally--not the enemy--of exchange rate policy; and what institutional arrangements and policy guidelines to put in place to reap the greatest benefits from management of China's large foreign exchange reserves. Leading experts--including three from China--have contributed to the volume. The keynote address by Wu Xiaoling, deputy governor to the People's Bank of China at the time of the conference, is also presented in the book.

Tribo-Mechanical Investigation of the Functional Components used in Flexible Energy Harvesting Devices

During the previous decade, the development of energy harvesting devices based on piezoelectric materials has garnered great interest. The ability to capture ambient mechanical energy and convert it to useable electricity is a potential solution to the ever-growing energy crisis. One of the most attractive functional materials used in these devices is zinc oxide (ZnO). This material\u27s relative low cost and ease of large-area processing has spurred numerous device designs based around it. The ability to grow ZnO nanostructures of various geometries with low-temperature chemical methods makes this material even more attractive for flexible devices. Although numerous device architectures have been developed, the long-term mechanical reliability has not been addressed.;This work focuses on the fabrication and mechanical failure analysis of the flexible components typically used in piezoelectric energy harvesting devices. A three-phase iterative design process was used to fabricate prototypical piezoelectric nanogenerators, based on ZnO nanowires. An output of several millivolts was achieved under normal contact and microtensile loading, but device failure occurred after only a few loading cycles, in all cases. Ex situ failure analysis confirmed the primary sources of failure, which became the focus of further, component-level studies. Failure was primarily seen in the flexible electrodes of the nanogenerating devices, but was also observed in the functional piezoelectric layer itself.;Flexible electrodes comprised of polyester substrates with transparent conductive oxide (TCO) coatings were extensively investigated under various loading scenarios to mimic tribo-mechanical stresses applied during fabrication and use in flexible contact-based devices. The durability of these films was explored using microtensile testing, spherical nanoindentation, controlled mechanical buckling, stress corrosion cracking, and shear-contact reciprocating wear. The electro-mechanical performance and reliability of functional ZnO films and nanostructures were also studied. ZnO was deposited on rigid and flexible substrates for investigations including controlled buckling, and contact-based rolling/sliding scenarios. Numerous in situ and ex situ analytical techniques were used to characterize component-level failure mechanisms, including two-probe electrical resistance, optical microscopy, SEM, AFM, and stylus profilometry.;Experimental results show that there is a strong relation between crack onset strain values, during microtensile and controlled bucking loading, and coating thickness. Relatively high crack onset values were observed for both thinner coatings and those patterned using photolithography and wet chemical etching techniques. Tribological experiments show that although piezoelectric ZnO films produce a measurable electrical output during combined rolling/sliding contact, cohesive wear of the oxide and adhesive wear between oxide and substrate is present and detrimental to sustained film functionality

Randomized Polypill Crossover Trial in People Aged 50 and Over

PMCID: PMC3399742This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited

Incorporating DNA Sequencing into Current Prenatal Screening Practice for Down's Syndrome

PMCID: PMC3604109This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited