Since China's reform and opening began in 1978, the country has come a long way on the path of Socialism with Chinese Characteristics, under the leadership of the Communist Party of China. Over thirty years of reform, efforts and sustained spectacular economic growth have turned China into the world's second-largest economy and wrought many profound changes in the Chinese society. These historically significant developments have been garnering increasing attention from scholars, governments, and the general public alike around the world since the 1990s, when the newest wave of China studies began to gather steam. Some of the hottest topics have included the so-called China miracle, Chinese phenomenon, Chinese experience, Chinese path, and the Chinese model. Homegrown researchers have soon followed suit. Already hugely productive, this vibrant field is putting out a large number of books each year, with Social Sciences Academic Press alone having published hundreds of titles on a wide range of subjects. Because most of these books have been written and published in Chinese; however, readership has been limited outside China even among many who study China-for whom English is still the lingua franca. This language barrier has been an impediment to efforts by academia, business communities, and policy-makers in other countries to form a thorough understanding of contemporary China, of what is distinct about China's past and present may mean not only for her future but also for the future of the world. The need to remove such an impediment is both real and urgent, and the Research Series on the Chinese Dream and China's Development Path is my answer to the call. This series features some of the most notable achievements from the last 20 years by scholars in China in a variety of research topics related to reform and opening. They include both theoretical explorations and empirical studies and cover economy, society, politics, law, culture, and ecology; the six areas in which reform and opening policies have had the deepest impact and farthest-reaching consequences for the country. Authors for the series have also tried to articulate their visions of the "Chinese Dream” and how the country can realize it in these fields and beyond. All of the editors and authors for the Research Series on the Chinese Dream and China's Development Path are both longtime students of reform and opening and recognized authorities in their respective academic fields. Their credentials and expertise lend credibility to these books, each of which has been subjected to a rigorous peer review process for inclusion in the series. As part of the Reform and Development Program under the State Administration of Press, Publication, Radio, Film, and Television of the People's Republic of China, the series is published by Springer, a Germany-based academic publisher of international repute, and distributed overseas. I am confident that it will help fill a lacuna in studies of China in the era of reform and opening.

11月20号银保监会网站刊出《强化监管引领和政策支持，不断提升小微企业金融服务质效》，在下一步考虑的七方面工作中，第四条指出：“推动商业银行贷款方式变革，督促银行以提升风险管理能力为立足点，注重审核第一还款来源，减少对抵质押品的过度依赖，逐步提高信用贷款占比，完善推广续贷业务，缓解资金周转难题”。

区块链不一定是颠覆性的，但确实可以在边际上进行重塑。在区块链构造的虚拟世界里，共识——主观事实足以创造出不菲的价值。

在缺乏市场预期管理的情况下，央行下调MLF利率，主要是因为银行负债成本制约，银行缺乏足够的意愿继续压缩利差来主动调降LPR，在短期经济增长触及政策底线、稳增长压力较大的形势下，央行下调定价基准MLF利率来引导LPR调整更具时效性，能更快达到降低实体融资成本，稳就业、稳投资的目的。

文化金融是以服务文化生产为“天职”的一种金融服务和资本市场体系，那么应如何切实服务文化生产？笔者曾在2015年出版的《中国文化金融合作与创新》一书中提出“以产业金融作为发展文化金融合作与创新的新视角”，认为相较通常的“金融支持文化”，“文化产业金融”是行业发展的更高级形态。这就是我们要说的“文化金融的产业金融论”。

随着中国经济转向高质量发展阶段，客观上需要高效率金融服务与之匹配，但目前国内金融市场存在有效供给不足、效率偏低、金融体系结构失衡、监管不完善等问题，很大程度上削弱了金融市场配置资源的效能，滋长不规范行为，也导致局部风险集聚。从中长期看， 要通过金融供给侧结构性改革，提升金融市场配置资源效率，并增强金融服务实体的能力，有效防范化解金融风险，尤其是系统性风险，实现金融高质量发展。

中国经济和全球经济面临的问题相似。“长期停滞说”和“金融周期说”既相互竞争，也相互补充，从不同角度提出了解决问题的方案。从结构性总需求不足的视角看，零利率下限要求财政政策充分承担责任，甚至可以通过债务货币化。从金融周期的视角看，决策者要特别警惕信贷扩张和资产价格上涨，以避免掉入债务陷阱。从我国各部门的具体情况看，既有长期停滞因素抑制总需求，也有金融周期影响的逐步扩大。短期看，由于全球经济面临巨大的不确定性，我国宏观经济政策应该以静制动，保持定力。在坚持金融去杠杆的大方针下，适时适度推出措施稳增长。同时，要有意识预留政策空间以应对未来可能发生的剧烈变化。

今年以来，指数基金继续快速发展。根据wind统计，2019年1-10月已累计新发行A股ETF基金54只，发行规模合计约1160亿元，发行数量与规模均远超去年全年，且其中不乏首募规模超50亿元的“爆款”产品。如市场宽基指数ETF中，工银瑞信沪深300ETF、汇添富中证800ETF募集资金均超60亿元。7月底成立的富国中证军工龙头ETF，成立规模为72.02亿元，是目前年内发行规模最大的行业类股票ETF。3家基金公司分别发行的央企创新驱动ETF规模均超过80亿元，同时汇添富中证长三角ETF、平安粤港澳大湾区ETF首募规模也都超过了60亿元，市场热度可见一斑，同时也显示了ETF市场上除了宽基指数ETF外，行业及主题指数ETF也在快速扩容，被动投资产品线不断丰富。