China’s Financial System: Opportunities and Challenges

We provide a comprehensive review of China’s financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China’s stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). Finally, among the policies that will help to sustain stable economic growth in China are those that reduce the likelihood of damaging financial crises, including a banking sector crisis, a real estate or stock market crash, and a “twin crisis” in the currency market and banking sector.

An Alternative View on Law, Institutions, Finance and Growth

The spectacular economic growth in East Asian economies such as China, South Korea and Taiwan over the past five decades contradicts most of the existing research on law, institutions, finance, and growth. We propose an alternative view based on the comparison of legal institutions and alternative institutions outside the legal system. Despite well-known advantages, the legal system, as a monopolist institution, can be captured by interest groups and become a barrier to innovations. Moreover, in a dynamic environment alternative institutions can adapt and change much more quickly than when the law is used, as this process does not require persuading the legislature and the electorate to revise the law. We argue that in fast-growing economies and during early stages of economic growth, efficient alternative institutions are the main driver for finance, commerce and growth. In static environments with low and predictable growth, legal institutions can play a more important role in supporting finance and commerce. In these environments, however, viable alternative institutions and competition among different types of institutions remain keys to ensuring that the most efficient mechanism prevails and sustains long-term growth

Six SNPs and a TTG indel in sheep desmoglein 4 gene are in complete linkage disequilibrium

Desmoglein 4 (DSG4) plays an important role in the regulation of growth and differentiation of hair follicles in mammals. In this study, a 755 bp long segment of DSG4 was screened in 544 sheep sampled from nine Chinese indigenous breeds and two Western breeds using PCR-SSCP assay with three different pairs of primers. Two of the three fragments showed polymorphisms with genotypes defined as AA, AB, BB and BC, and DD, DE, and EE, respectively. Interestingly, polymorphisms in these two fragments were in strong linkage disequilibrium. Only three haplotypes were found, of which haplotype AD determined by alleles A and D was the major one in all breeds, while haplotype BE was only found in Chinese breeds that possess divergent frequencies ranging from 0.02 to 0.43; haplotype CD was very rare and present in only one Chinese sheep. Sequences of the three haplotypes showed seven single nucleotide polymorphisms (SNPs) and a TTG insertion/deletion (indel), leading to five amino acid substitutions and a glycine indel. Our study provides valuable genetic markers in evaluating the impact of the DSG4 gene on wool traits in sheep.Key words: Sheep, DSG4 gene, single-strand conformational polymorphism (SSCP), variation, linkage disequilibrium

Biological roles of crop NADP-malic enzymes and molecular mechanisms involved in abiotic stress

The abiotic stress tolerance of plants is very important for plant growth, development, survival and functional performance. NADP-ME is one of the most important enzymes in plants. Studying the role that NADP-malic enzyme plays in many metabolisms may help researchers improve the plant abiotic tolerance. The studies on NADP-ME in plants focus on its activity under different stresses. The regulation of NADP-ME gene expression in transgenic plants and the mechanism about abiotic stress resistance are less. In this paper, we reviewed the characteristics of the activity and genes expression of NADP-ME under drought, salt and temperature stresses. We also focused on the role of NADP-ME when it resists these varying stresses and the mechanism on how it performs.Key words: Plant NADP-malic enzyme, abiotic stress, gene expression, molecular mechanism

Three-dimensional strain state and spacer thickness-dependent properties of epitaxial Pr0.7Sr0.3MnO3/La0.5Ca0.5MnO3/Pr0.7Sr0.3MnO3 trilayer structure

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Rethinking how external pressure can suppress dendrites in lithium metal batteries

We offer an explanation for how dendrite growth can be inhibited when Li metal pouch cells are subjected to external loads, even for cells using soft, thin separators. We develop a contact mechanics model for tracking Li surface and sub-surface stresses where electrodes have realistically (micron-scale) rough surfaces. Existing models examine a single, micron-scale Li metal protrusion under a fixed local current density that presses more or less conformally against a separator or stiff electrolyte. At the larger, sub-mm scales studied here, contact between the Li metal and the separator is heterogeneous and far from conformal for surfaces with realistic roughness: the load is carried at just the tallest asperities, where stresses reach tens of MPa, while most of the Li surface feels no force at all. Yet, dendrite growth is suppressed over the entire Li surface. To explain this dendrite suppression, our electrochemical/mechanics model suggests that Li avoids plating at the tips of growing Li dendrites if there is sufficient local stress; that local contact stresses there may be high enough to close separator pores so that incremental Li+ ions plate elsewhere; and that creep ensures that Li protrusions are gradually flattened. These mechanisms cannot be captured by single-dendrite-scale analyses

Monolithic semiconductor lasers with dynamically tunable linear-to-circular polarization

The ability to control the polarization state of emission from semiconductor lasers is essential for many applications in spectroscopy, imaging, and communications, inter alia, with monolithic integration approaches being extremely beneficial. Although manipulating the output polarization of radiation from a laser can be achieved through a number of approaches, obtaining continuous dynamic control, e.g., from linear to circular, remains extremely challenging. In this paper, we demonstrate that the polarization of terahertz (THz) frequency radiation can be continuously tuned electronically from linear to circular polarization by monolithically integrating in-plane metasurfaces with two phase-locked semiconductor-based THz quantum cascade lasers. Moreover, the metasurfaces—metal antenna arrays in this case—also act as efficient beam collimators, yielding a collimated beam divergence of ∼10° × 10°. Our results, however, have broad applicability to a wide range of semiconductor lasers operating from the visible to THz regions of the electromagnetic spectrum

Designer Multimode Localized Random Lasing in Amorphous Lattices at Terahertz Frequencies

Random lasers are a special class of laser in which light is confined through multiple scattering and interference process in a disordered medium, without a traditional optical cavity. They have been widely studied to investigate fundamental phenomena such as Anderson localization, and for applications such as speckle-free imaging, benefitting from multiple lasing modes. However, achieving controlled localized multi-mode random lasing at long wavelengths, such as in the terahertz (THz) frequency regime, remains a challenge. Here, we study devices consisting of randomly-distributed pillars fabricated from a quantum cascade gain medium, and show that such structures can achieve transversemagnetic polarized (TM) multi-mode random lasing, with strongly localized modes at THz frequencies. The weak short-range order induced by the pillar distribution is sufficient to ensure high quality-factor modes that have a large overlap with the active material. Furthermore, the emission spectrum can be easily tuned by tailoring the scatterer size and filling fraction. These “designer” random lasers, realized using standard photolithography 2 techniques, provide a promising platform for investigating disordered photonics with predesigned randomness in the THz frequency range, and may have potential applications such as speckle-free imaging

Trapped lipopolysaccharide and LptD intermediates reveal lipopolysaccharide translocation steps across the Escherichia coli outer membrane

Lipopolysaccharide (LPS) is a main component of the outer membrane of Gram-negative bacteria, which is essential for the vitality of most Gram-negative bacteria and plays a critical role for drug resistance. LptD/E complex forms a N-terminal LPS transport slide, a hydrophobic intramembrane hole and the hydrophilic channel of the barrel, for LPS transport, lipid A insertion and core oligosaccharide and O-antigen polysaccharide translocation, respectively. However, there is no direct evidence to confirm that LptD/E transports LPS from the periplasm to the external leaflet of the outer membrane. By replacing LptD residues with an unnatural amino acid p-benzoyl-L-phenyalanine (pBPA) and UV-photo-cross-linking in E.coli, the translocon and LPS intermediates were obtained at the N-terminal domain, the intramembrane hole, the lumenal gate, the lumen of LptD channel, and the extracellular loop 1 and 4, providing the first direct evidence and “snapshots” to reveal LPS translocation steps across the outer membrane

GoldenBraid: An Iterative Cloning System for Standardized Assembly of Reusable Genetic Modules

Synthetic Biology requires efficient and versatile DNA assembly systems to facilitate the building of new genetic modules/pathways from basic DNA parts in a standardized way. Here we present GoldenBraid (GB), a standardized assembly system based on type IIS restriction enzymes that allows the indefinite growth of reusable gene modules made of standardized DNA pieces. The GB system consists of a set of four destination plasmids (pDGBs) designed to incorporate multipartite assemblies made of standard DNA parts and to combine them binarily to build increasingly complex multigene constructs. The relative position of type IIS restriction sites inside pDGB vectors introduces a double loop (“braid”) topology in the cloning strategy that allows the indefinite growth of composite parts through the succession of iterative assembling steps, while the overall simplicity of the system is maintained. We propose the use of GoldenBraid as an assembly standard for Plant Synthetic Biology. For this purpose we have GB-adapted a set of binary plasmids for A. tumefaciens-mediated plant transformation. Fast GB-engineering of several multigene T-DNAs, including two alternative modules made of five reusable devices each, and comprising a total of 19 basic parts are also described