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Abstract.  Using a data set based on a cross‐sectional firm level survey conducted by the World Bank in year 2001, in this paper we investigate the major sources of production improvement and innovation growth of Chinese enterprises from ten major industries and five major cities. In terms of production improvement, the production network, R&D and innovation and openness are the crucial factors; and in terms of innovation growth, it could be enhanced through raising R&D inputs, training, improving managers' education, outsourcing and participating in a production network.

Abstract.  This paper examines the degree of financial integration that exists in East Asian equity markets using the International Capital Asset Pricing Model methodology. We employ three market portfolios to test for integration: the weighted average equity index of all sample countries, the Japanese market index and the US market index. The study shows that the level of financial efficiency and the integration of sample countries is high and has improved significantly during 1991 to 2005, and they are more financially integrated within the region and with the Asian leading market (Japan) than with the world leading market (the USA).