Regional Finance and Regional Disparities in China

China’s growth has been spectacularly high and persistent over the last few decades. However, there have been regular expressions of concern about the uneven distribution of the benefits across regions and, at times, it has been asserted that the regional distribution of available investment funds has played an important role – national financial institutions (mainly state-owned banks) have redirected deposits from the inland to loans to large institutions in the more prosperous coastal regions. At the same time, smaller regionally-focussed institutions are likely to improve the distribution of funds. We use a panel data set disaggregated by province for the years 1986 to 2004 to test these propositions. We employ recent panel unit roots and cointegration tests using data for state-owned bank loans as well as loans by rural credit cooperatives. We find that financial disparities are related to output disparities, that this relationship is positive, that it is stronger for rural credit cooperatives than for state-owned banks and that this relationship is causal in both the long and short runs. A reduction in financial disparities can be expected to lead a narrowing of output disparities in the short run and in the long run with the effect being larger for rural credit cooperatives than for state-owned commercial banks.regional disparities, panel econometrics, regional finance, China

On Spectral Graph Embedding: A Non-Backtracking Perspective and Graph Approximation

Graph embedding has been proven to be efficient and effective in facilitating graph analysis. In this paper, we present a novel spectral framework called NOn-Backtracking Embedding (NOBE), which offers a new perspective that organizes graph data at a deep level by tracking the flow traversing on the edges with backtracking prohibited. Further, by analyzing the non-backtracking process, a technique called graph approximation is devised, which provides a channel to transform the spectral decomposition on an edge-to-edge matrix to that on a node-to-node matrix. Theoretical guarantees are provided by bounding the difference between the corresponding eigenvalues of the original graph and its graph approximation. Extensive experiments conducted on various real-world networks demonstrate the efficacy of our methods on both macroscopic and microscopic levels, including clustering and structural hole spanner detection.Comment: SDM 2018 (Full version including all proofs

Robust Preparation of GHZ and W States of Three Distant Atoms

Schemes to generate Greenberger-Horne-Zeilinger(GHZ) and W states of three distant atoms are proposed in this paper. The schemes use the effects of quantum statistics of indistinguishable photons emitted by the atoms inside optical cavities. The advantages of the schemes are their robustness against detection inefficiency and asynchronous emission of the photons. Moreover, in Lamb-Dicke limit, the schemes do not require simultaneous click of the detectors, this makes the schemes more realizable in experiments.Comment: 5 pages, 1 fiure. Phys. Rev. A 75, 044301 (2007

Quantum correlation measure in arbitrary bipartite systems

A definition of quantum correlation is presented for an arbitrary bipartite quantum state based on the skew information. This definition not only inherits the good properties of skew information such as the contractivity and so on, but also is effective and almost analytically calculated for any bipartite quantum states. We also reveal the relation between our measure and quantum metrology. As applications, we give the exact expressions of quantum correlation for many states, which provides a direct support for our result.Comment: 6 pages, 2 figures. Comments are welcom