The Research On Strategies Of Setting Up Shanxi Coal Sustainable Investment Fund In The Resource-based Economic Transformation Period

Shanxi Province is China’s important supply base of energy and raw materials, butin a long time, it has relied on natural resources, especially coal resources to developeconomic, and has formed a typical resource-based economic structure, the Dutchdisease has generated, which seriously impeded the sustainable development of theeconomy. The Shanxi economy development level equals to the medium developedcountries, in the province, the constrained capital and absorptive capacity, the shortageof public investment and the weak ability of social investment absorption become abottleneck for the further economic development. In2010, Shanxi was set up for thenational resources economic transformation and the ancillary reform pilot area by theState Council, exploring how to solve the problems of the single economic structure andthe deterioration of ecological environment, which were caused by the dependencyeconomic pattern.Under the background of resource-based economy transformation, about theproblems of constrained capital and absorptive capacity in the province, the author putsforward the idea of setting up coal sustainable investment fund in Shanxi to promote theeconomy developing comprehensively and sustainably, which has importantsignificance to the transformation development of resource-based economy.On the basis of the literature research in and out of the country, combining thetheory research with practical economic development, the paper first analysis thenecessity to establish the sustainable investment fund according to the present economicdevelopment situation of Shanxi under the theoretical guidance; Secondly combiningqualitative research method and quantitative research method, using the panel data toconstruct the double logarithm production function model, from two perspectives--theory and practice, the paper analysis the mechanism that the sustainable investmentfund can promot the development of resource-based economy; Third, refer the practicaluse of foreign resources income and its financial management mode to guide theestablishment of setting up the coal sustainable investment fund; Finally this article putsforward the idea of setting up coal sustainable investment in Shanxi, proposes thatShanxi should reserve the coal earning to invest to the public and to realize thesustainable development in the future. On the basis of literature research, combining with the abroad practical experience,this article puts forward the idea of setting up coal sustainable investment fund, andoffers relevant ways on how to found it in the practice, puts the internationallyrecognized Santiago principles to the fund innovatively. The article suggests that itshould set up professional supervision and management team, make the fund intofinance budget, set up fund management method, get on the non-resouce yield tomaintain the stability of macroeconomic, establish fund operating evaluation system andinformation disclosure system. In addition, it proposes the operating ways of investmentfund---the “gradual scaling up” approach, which allows for the social investmentabsorption efficiency in practice, in order to perfect the supporting system of economicdevelopment and improve the efficiency of social investment persistently to ensure theeffective use of the fund.