Analysis on the Steady Growth Effect of China’s Fiscal Policy from a Dynamic Perspective

Under the goal of a “new development pattern”, it is of great practical significance to accurately identify the economic growth effect of fiscal and tax policies. This paper constructs a TVP-FAVAR model to measure the economic effects of China’s fiscal and tax policies at the aggregate and structural levels. The results show that the reduction in total tax has a positive effect on real variables such as output and consumption;especially at the present stage, the promotion effect of total tax reduction on economic growth is relatively strong, but the stimulation effect on price is relatively weak. Further, the tax structure in which the ratio of direct tax to total tax increases and the ratio of indirect tax to total tax decreases is more conducive to the increase in output and consumption, and will not strongly stimulate the rise of price level. Therefore, at this stage, China should continue to vigorously implement the tax reduction policy and ensure the continuity of the tax reduction policy. At the same time, we should continue to optimize the tax structure and give better play to the regulatory role of fiscal and tax policies in income redistribution, so as to achieve the goal that fiscal and tax policies help build a “new development pattern” and promote high-quality economic development.

Benchmarking Crowd-Counting Techniques across Image Characteristics

Crowd-counting is a longstanding computer vision used in estimating the crowd sizes for security purposes at public protests in streets, public gatherings, for collecting crowd statistics at airports, malls, concerts, conferences, and other similar venues, and for monitoring people and crowds during public health crises (such as the one caused by COVID-19). Recently, the performance of automated methods for crowd-counting from single images has improved particularly due to the introduction of deep learning techniques and large labelled training datasets. However, the robustness of these methods to varying imaging conditions, such as weather, image perspective, and large variations in the crowd size has not been studied in-depth in the open literature. To address this gap, a systematic study on the robustness of four recently developed crowd-counting methods is performed in this paper to evaluate their performance with respect to variable (real-life) imaging scenarios that include different event types, weather conditions, image sources and crowd sizes. It is shown that the performance of the tested techniques is degraded in unclear weather conditions (i.e., fog, rain, snow) and also on images taken from large distances by drones. On the opposite, clear weather conditions, crowd-counting methods can provide accurate and usable results. © 2021 Electrotechnical Society of Slovenia. All rights reserved.

COVID-19 Shocks, Monetary Policy, and Real Estate Price Volatility: Analysis Based on a Dynamic Stochastic General Equilibrium Perspective

The COVID-19 pneumonia epidemic in early 2020 severely affected all sectors of the Chinese economy, with economic growth plummeting but the property market continuing to heat up after a brief contraction. How to formulate an effective monetary policy in the face of the COVID-19 shock to achieve stable economic growth while curbing excessive real estate price inflation has become a pressing issue for Chinese policymakers today. To this end, this paper focuses on the impact of two types of monetary policy, price-based and quantity-based, on macro-economic variables such as real estate prices and aggregate output by developing a multi-sectoral DSGE model incorporating the COVID-19 shock and comparing them. The analysis finds that both monetary policy rules can achieve the objective of dampening real estate prices. Nevertheless, while causing the same magnitude of real estate price contraction, quantity-based monetary policy leads to greater volatility in variables such as aggregate output, while other economic variables are less volatile under the price-based monetary policy. [ FROM AUTHOR] Copyright of Scientific Programming is the property of Hindawi Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)