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Free and polymeric carbohydrates in Cordyceps, a valued edible mushroom and well-known traditional Chinese medicine, were determined using stepwise pressurized liquid extraction (PLE) extraction and GC-MS. Based on the optimized PLE conditions, acid hydrolysis and derivatization, ten monosaccharides, namely rhamnose, ribose, arabinose, xylose, mannose, glucose, galactose, mannitol, fructose and sorbose in 13 samples of natural and cultured Cordyceps were qualitatively and quantitatively analyzed and compared with myo-inositol hexaacetate as internal standard. The results showed that natural C. sinensis contained more than 7.99% free mannitol and a small amount of glucose, while its polysaccharides were usually composed of mannose, glucose and galactose with a molar ratio of 1.00:16.61~3.82:1.60~1.28. However, mannitol in cultured C. sinensis and cultured C. militaris were less than 5.83%, and free glucose was only detected in a few samples, while their polysaccharides were mainly composed of mannose, glucose and galactose with molar ratios of 1.00:3.01~1.09:3.30~1.05 and 1.00:2.86~1.28:1.07~0.78, respectively. Natural and cultured Cordyceps could be discriminated by hierarchical clustering analysis based on its free carbohydrate contents.

The current study investigates how second language (L2) listening comprehension is associated with three dimensions of L2 vocabulary knowledge: size, depth, and fluency. Vocabulary knowledge tests administered to 290 participants measured L2 auditory vocabulary size, depth, and fluency. Afterward, participants took an International English Language Testing System (IELTS) listening test that measured L2 listening comprehension. Using a structural equation modeling technique, we found that all three dimensions of vocabulary knowledge are significant predictors of L2 listening comprehension. Size of auditory vocabulary in the L2 has the strongest predictive power over L2 listening comprehension. The results of the current study offer useful pedagogical implications for improving L2 listening comprehension. ; La présente étude examine comment la compréhension orale de la deuxième langue (L2) est associée à trois dimensions de la connaissance du vocabulaire de la L2 : la taille, la profondeur et la fluidité. Des tests de connaissance du vocabulaire mesurant la taille, la profondeur et la fluence du vocabulaire auditif de la L2 ont été administrés à 290 participants. Ensuite, les participants ont passé un test d'écoute International English Language Testing System (IELTS) qui mesure la compréhension à l'écoute de la L2. En utilisant une technique de modélisation par équation structurelle, nous avons constaté que les trois dimensions de la connaissance du vocabulaire sont des prédicteurs significatifs de la compréhension orale de la L2. La taille du vocabulaire auditif L2 a la plus forte puissance prédictive sur la compréhension orale de la L2. Les résultats de la présente étude offrent des implications pédagogiques utiles pour améliorer la compréhension orale L2.

Chapter 1. Interest Burden and Debt Sustainability, by Zhang Xiaojing et al -- Chapter 2. The Sophistication of China's Financial System, by Fan Lijun & Yin Jianfeng -- Chapter 3 Corporate Leveraging from the Perspective of Return on Assets--Two-Level Deviations of Macro and Micro Leverage Ratios by Cai Zhen et al -- Chapter 4 Debt Risks of China's Government Sector, by Chang Xin et al -- Chapter 5 Status and Prevention of Banking Sector Risks, by Zeng Gang -- Chapter 6 Monetary Policy in the Context of Deleveraging, by Peng Xingyun

In this paper I review the latest development of China's public pension system. Last several decades saw China's tremendous achievement in various public pension reforms. Especially since the 11th Five-Year Plan (2006-2010), reform has accelerated. By 2019, the public pension system in China has covered almost one billion adults, which makes it the biggest pension system in the world. Together with the expansion of Dibao (Basic living allowance) and the eradication of poverty, the development of pension system has become the top agenda in current policy making of the Chinese government. Yet, challenges exist: unequal distribution of pension resource and the long-run unsustainability of the pension system are waiting to be addressed with increasing urgence. Although potential countermeasures, both based on international experience and with Chinese feature, has been proposed and piloted in both regional and national level, there are incremental pressure for further reforming the system. In the latest Five-Year Plan (2021-2015), the government has vowed to construct a unified, equitable, and sustainable pension system with full coverage. This is a very challenging yet exciting goal to achieve not only for the policy makers, but also for academic researchers and general public.

In this paper I review the latest development of China's public pension system. Last several decades saw China's tremendous achievement in various public pension reforms. Especially since the 11th Five-Year Plan (2006-2010), reform has accelerated. By 2019, the public pension system in China has covered almost one billion adults, which makes it the biggest pension system in the world. Together with the expansion of Dibao (Basic living allowance) and the eradication of poverty, the development of pension system has become the top agenda in current policy making of the Chinese government. Yet, challenges exist: unequal distribution of pension resource and the long-run unsustainability of the pension system are waiting to be addressed with increasing urgence. Although potential countermeasures, both based on international experience and with Chinese feature, has been proposed and piloted in both regional and national level, there are incremental pressure for further reforming the system. In the latest Five-Year Plan (2021-2015), the government has vowed to construct a unified, equitable, and sustainable pension system with full coverage. This is a very challenging yet exciting goal to achieve not only for the policy makers, but also for academic researchers and general public.

In this paper I review the latest development of China's public pension system. Last several decades saw China's tremendous achievement in various public pension reforms. Especially since the 11th Five-Year Plan (2006-2010), reform has accelerated. By 2019, the public pension system in China has covered almost one billion adults, which makes it the biggest pension system in the world. Together with the expansion of Dibao (Basic living allowance) and the eradication of poverty, the development of pension system has become the top agenda in current policy making of the Chinese government. Yet, challenges exist: unequal distribution of pension resource and the long-run unsustainability of the pension system are waiting to be addressed with increasing urgence. Although potential countermeasures, both based on international experience and with Chinese feature, has been proposed and piloted in both regional and national level, there are incremental pressure for further reforming the system. In the latest Five-Year Plan (2021-2015), the government has vowed to construct a unified, equitable, and sustainable pension system with full coverage. This is a very challenging yet exciting goal to achieve not only for the policy makers, but also for academic researchers and general public.

Purpose
China's economic development in the past 40 years has an array of distinctive features that have attracted the attention of the world. The paper aims to discuss this issue.


Design/methodology/approach
The analysis logic is as follows: with regard to the mechanism, the above factors were met in a timely manner and jointly contributed positive energy to China's economic growth, with the increase in the savings rate as the necessary condition and foundation, and the increase in the savings rate is attributed to the explosive expansion of the financial system at the beginning of reform and the formation of positive incentives for residents, enterprises and governments at all levels, and the expansion of the financial system and the formation of positive incentives are clearly the crystallization of the wisdom of Chinese-style progressive reform.


Findings
Therefore, we have every reason to believe that the growth prospects of the Chinese economy remain bright. The author is nonetheless confident that the new two-step strategy for economic development will be realized, proposed by the 19th CPC National Congress.


Originality/value
Moreover, the growth of China's economy has long been accompanied by the "double surplus" of current accounts and capital and financial accounts in the international balance of payments, which is not completely consistent with the traditional paradigm of development economics. These phenomena are so unique that the international community calls it the "Mystery of China" or "China's Development Path."