Why Are Saving Rates So High in China?

In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic, and policy trends in the internal and external environments of the Chinese economy will likely lead to a decline in national saving in the foreseeable future.demographic structure, aggregate saving, international comparison, household behavior, China

China: Surpassing the “Middle Income Trap”

This open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries. China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China’s development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this “middle income trap”. Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists

China: Surpassing the “Middle Income Trap”

This open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries. China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China’s development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this “middle income trap”. Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists

RACER: Rapid Collaborative Exploration with a Decentralized Multi-UAV System

Although the use of multiple Unmanned Aerial Vehicles (UAVs) has great potential for fast autonomous exploration, it has received far too little attention. In this paper, we present RACER, a RApid Collaborative ExploRation approach using a fleet of decentralized UAVs. To effectively dispatch the UAVs, a pairwise interaction based on an online hgrid space decomposition is used. It ensures that all UAVs simultaneously explore distinct regions, using only asynchronous and limited communication. Further, we optimize the coverage paths of unknown space and balance the workloads partitioned to each UAV with a Capacitated Vehicle Routing Problem(CVRP) formulation. Given the task allocation, each UAV constantly updates the coverage path and incrementally extracts crucial information to support the exploration planning. A hierarchical planner finds exploration paths, refines local viewpoints and generates minimum-time trajectories in sequence to explore the unknown space agilely and safely. The proposed approach is evaluated extensively, showing high exploration efficiency, scalability and robustness to limited communication. Furthermore, for the first time, we achieve fully decentralized collaborative exploration with multiple UAVs in real world. We will release our implementation as an open-source package.Comment: Conditionally accpeted by TR

Event-based Visual Inertial Velometer

Neuromorphic event-based cameras are bio-inspired visual sensors with asynchronous pixels and extremely high temporal resolution. Such favorable properties make them an excellent choice for solving state estimation tasks under aggressive ego motion. However, failures of camera pose tracking are frequently witnessed in state-of-the-art event-based visual odometry systems when the local map cannot be updated in time. One of the biggest roadblocks for this specific field is the absence of efficient and robust methods for data association without imposing any assumption on the environment. This problem seems, however, unlikely to be addressed as in standard vision due to the motion-dependent observability of event data. Therefore, we propose a mapping-free design for event-based visual-inertial state estimation in this paper. Instead of estimating the position of the event camera, we find that recovering the instantaneous linear velocity is more consistent with the differential working principle of event cameras. The proposed event-based visual-inertial velometer leverages a continuous-time formulation that incrementally fuses the heterogeneous measurements from a stereo event camera and an inertial measurement unit. Experiments on the synthetic dataset demonstrate that the proposed method can recover instantaneous linear velocity in metric scale with low latency