Search

Several health-promoting effects of mature silkworms, Bombyx mori, have recently been reported. Interestingly, those reports suggested that powders of steamed and lyophilized mature silkworms (SMSPs) generated from different varieties with unique cocoon colors may have additional and distinctive pharmacological activities. In our recent studies, “fine” SMSPs (fSMSPs) with an average particle size of 10 μm had higher contents of nutrients and enhanced their pharmacological activities, compared with “coarse” SMSPs (cSMSPs) with an average particle size of 120 μm. Recently, a new pulverizing method for SMSPs reducing their particle size to around 1.1 μm has been developed to generate “ultra-fine” SMSPs (ufSMSPs). In the present study, we analyzed and compared the contents of nutrients in the ufSMSPs generated by four different varieties with unique cocoon colors; white jade, yellow, pistachio, and red. The contents of almost all nutrients detected in the four ufSMSPs showed significant differences (p

Meeting consumer concerns and preferences for fresh and safely processed fisheries products free of chemical and synthetic preservatives is a challenge for the aqua-food industry. As such, natural preservatives from plant and animal origin including chitosan, essential oils (EOs), plant extracts and lactic acid bacteria have attracted considerable interest recently. These preservatives have antimicrobial and antioxidant properties that can retard spoilage, uphold product quality and safety as well as extend the storage shelf-life of fish and seafood. Chitosan and EOs have been successfully used in edible coatings, film wrapping and dipping solutions. The present review focuses on the effectiveness of chitosan, EOs and other natural preservatives intended for prolonging the shelf-life of fisheries products, and maintaining their freshness and quality. Moreover, the mechanisms of action of natural additives, harmful impacts of chemical preservatives and status of aquatic food preservatives in Southeast Asian countries are summarized, with notes on important research gaps. Overall, this study informs recent development in natural preservatives related to the aqua-food industry.

Silkworms, Bombyx mori L., have been traditionally used as an oriental medicine to manage diverse pathological conditions including dermatological problems in East Asia, in addition to the use of their cocoons for making fabrics. The “mature” silkworms of B. mori have recently been regarded as a potential health supplement due to gaining their edibility for humans by a newly-developed steaming method. Therefore, the present study was conducted to investigate the effects of steamed and freeze-dried mature silkworm powder (SMSP) on skin pigmentation and melanogenesis. For elucidating the hypo-pigmenting activity, lightness of a designated site on the murine dorsal skin was measured in vivo. During the experiment, hyper-pigmentation was induced on the skin by cumulative exposure to ultraviolet B (UVB) irradiation. At the end of the experiment, melanin production on the skin was visualized by Fontana-Masson staining. Orally administered SMSP significantly and dose-dependently reduced abnormal pigmentation caused by UVB on the murine dorsal skin. SMSP also showed a potential anti-melanogenic efficacy in modulating UVB-induced melanogenesis. Taken together, SMSP was identified for the first time as a potential candidate for a novel anti-melanogenic agent, which showed hypo-pigmenting efficacy against UVB-induced melanogenesis in vivo when administered orally.

Since 2015, the Chinese government has been strongly promoting its "Made in China 2025" initiative, which aims to accelerate the transformation of China from a "big manufacturing country" into a "world manufacturing power" by boosting manufacturing competitiveness through innovation and nurturing high-tech manufacturing industries. China's "Made in China 2025" strategy is both a threat and opportunity for Korea. This study aims to analyze the development status of Chinese manufacturing industries and the policy of "Made in China 2025," and to provide implications and countermeasures.

Korean Abstract: 핀테크(FinTech)는 금융(Finance)과 기술(Technology)의 합성어로, 정보통신기술(ICT: Information and Communication Technology)을 활용한, 기존 금융업의 혁신을 의미한다. 중국은 핀테크 여러 분야 중 특히 모바일 지급결제에서 괄목한 만한 발전을 거듭하고 있다. 중국 모바일 지급결제의 플랫폼은 지급결제 수단의 변화를 넘어 온라인과 오프라인을 아우르는 다양한 혁신적인 비즈니스 모델을 창출하며 핀테크 산업의 발전을 견인하고 있다. 또한 중국의 모바일 지급결제 플랫폼이 현금과 신용카드 등 기존 결제 수단을 빠르게 대체하면서 중국이 세계 최초로 ‘현금 없는 사회’가 될 거라는 예측도 나오고 있다. 본 연구는 세계에서 가장 빠르게 발전하고 있는 중국 모바일 결제 플랫폼의 발전 배경, 문제점, 향후 전망 등을 정밀하게 분석함으로써 한국에 대한 시사점을 얻고자 하였다. English Abstract: FinTech is a combination of the words finance and technology, signifying innovation in existing financial businesses using information and communication technology (ICT). China is making remarkable progress in the mobile payment sector, especially in the various fields of FinTech. There are also predictions that China’s mobile payment platform will lead China to become the world’s first “cash-free society” by integrating on-line and off-line payments and quickly replacing existing payment methods such as cash and credit cards. On the other hand, mobile payment services in Korea show a relatively low penetration rate. According to a survey, as of November 2017, only 26.1% of mobile payment services enable the use of mobile devices to purchase products, which is much lower than in China. Therefore, this study analyzes the development status of mobile payment platforms in China and suggests policy suggestions for the improvement of mobile payment services in Korea. The platform for mobile payments in China is driving the development of the FinTech industry, creating a variety of innovative business models that span both offline and online payment alternatives. In this way, we sought to gain implications for Korea by identifying the factors behind China’s rapid development, obstacles it is encountering, and future prospects of China’s mobile payment platform, which is developing at the fastest rate in the world.

Korean Abstract: 본 보고서에서는 중국의 제조업 발전 현황과 추세를 산업, 무역, 글로벌 가치사슬(GVC) 데이터 등 다양한 지표를 이용하여 분석하였다. 또한 중국이 최근 강력하게 추진하고 있는 제조업 발전 정책 '중국제조2025'의 내용과 성과를 정리하고 분석하였다. 이를 통해 중국 제조업 발전과 제조업 발전 정책이 한국에 주는 시사점을 기회요인과 위협요인으로 나누어 도출하고 한국정부와 기업의 다양한 대응방안을 제시하였다. English Abstract: Since 2015, the Chinese government has been strongly promoting its "Made in China 2025" initiative, which aims to accelerate the transformation of China from a "big manufacturing country" into a "world manufacturing power" by boosting manufacturing competitiveness through innovation and nurturing high-tech manufacturing industries. China's "Made in China 2025" strategy is both a threat and opportunity for Korea. This study aims to analyze the development status of Chinese manufacturing industries and the policy of "Made in China 2025," and to provide implications and countermeasures.

The 2nd AIIB Annual Meeting was held in the Republic of Korea as an international forum to evaluate the operations of the AIIB and discuss short and long-term strategies and challenges. At the Meeting, the AIIB emphasized the keyword "Lean (efficient)" in its business operations, presenting the core principles of its short- to long-term strategy as "Lean (efficient), Clean (ethical) and Green (environment-friendly)" operations. The AIIB is expected to respond to new global challenges by constructing infrastructures, while aligning its operations with the core principles of a lean, clean and green organization, thus aiming to develop into a new type of MDB appropriate for the 21st century. However, in order to develop into such a 21st century MDB model, the AIIB will have to overcome many difficulties. First, the AIIB needs to handle the internal capability problem. Second, the AIIB should overcome the profitability problem. Third, there are the institutional limitations. Fourth, it will be important to control the potential conflict breaking out between member states. Fifth, there is the issue of China's influence. The question of how China exercises its influence will be a measure of AIIB's progress toward a truly international cooperation body. The AIIB is also expected to hold discussions on how to upgrade the existing Bretton Woods system as China-led international financial institutions such as the AIIB, NDB and Silk Road Fund continue to grow. In line with the development of the AIIB, Korea should develop a new infrastructure model that incorporates new global issues such as the 4th industrial revolution, climate change, the digital economy, and sustainable development, proactively present this to the AIIB and encourage the participation of Korean companies in these business projects. In addition, based on its experience with successfully leading infrastructure investments in the past, Korea needs to actively develop infrastructure development projects that contribute to inclusive growth, such as projects that contribute to regional balanced growth, high-quality job creation, and social integration in Asian developing countries. It would also be possible for Korean local governments to utilize their networks of exchange and cooperation with cities and regions in Asian developing countries to jointly develop local infrastructures in these countries.

Korean Abstract: 중국의 신(新)실크로드 구상인 일대일로(一帶一路) 전략은 중국 내륙지역을 중심으로 한 육상 실크로드와 연해지역을 중심으로 한 해상 실크로드로 나뉜다. 육상실크로드 해당 지역 대부분은 기존 동부 연해지역 위주의 대외개방정책에서 소외되었던 중국 중서부 및 동북부 등 내륙지역으로써 향후 대외교류 확대를 위해 주변 인접국가와의 인프라 연결 및 무역원활화 추진에 더욱 역점을 두고 있다. 해상실크로드 선상의 주요 지방정부는 아시아-유럽-아프리카를 잇는 해상 인프라 구축과 해양 협력 강화를 일대일로 전략의 핵심으로 제시하고 있다. 따라서 주요 항구를 거점으로 한 인프라 연결을 중요시하는 각 지방정부들은 해당 지역의 지리적 이점을 활용한 항공, 항만, 도로 건설 등 종합 교통 네트워크 및 물류 통신 정보 네트워크의 구축 등 이와 관련된 구체적 계획을 발표하였다. 한편, 일대일로가 중국의 새로운 대외전략 방향성을 제시하고, 중앙 부처별, 지방정부의 지역별 참여방안 마련을 통해 구체화 작업이 진행되었다는 성과에도 불구하고 앞으로 일대일로 추진에 있어 많은 과제에 직면해있다. 대외적으로 일대일로 연선국가는 대부분 개발도상국이나 빈곤 국가들로 구성되어 있고 정치적 종교적으로도 불안정한 지역이 적지 않다. 또한, 현 단계에서 주요 협력이 인프라 협력 위주로 추진되는 점은 중국 정부의 재정 부담으로 작용할 가능성이 크고, 구매력이 높지 않은 국가들과의 경제 협력은 단기적으로 무역, 투자 확대 효과가 크지 않을 가능성도 있다. 본 보고서에서는 일대일로의 오통 중에 경제협력과 가장 관련이 깊은 인프라, 자금, 무역 부문의 일대일로 진행상황에 대해 중국 연구의 총체적인 평가를 개괄하고, 세부 부문별로 중국과 연선국가간의 일대일로 전략의 진행상황을 분석하였다. English Abstract: One Belt and One Road (B&R, 一带一路), China’s new Silk Road initiative, is largely divided into two parts: the Land Silk Road centered on China’s inland area and the Maritime Silk Road based in China’s coastal area. Most of the Land Silk Road area is located in the Midwest and the Northeast inland area of China, hitherto marginalized by the opening policy emphasizing the eastern coastal area. In order to expand future foreign exchanges, more emphasis has been placed on promoting infrastructure connection and trade facilitation. Local governments on the Maritime Silk Road are presenting the creation of maritime infrastructure connecting Asia-Europe-Africa and the strengthening of marine cooperation as the core of their B&R strategy. Therefore, each local government is emphasizing infrastructure connection centered on major ports and announcing concrete plans related to a comprehensive transportation network including aviation, harbor and road construction and logistics, communication, information networks making use of their geographical advantages. Meanwhile, despite the achievements made by the central and local governments through various regional participation plans, the B&R initiative is faced with several challenges ahead. Among B&R countries, there are many developing and poor countries that are unstable from a political and religious perspective. Also, the fact that major cooperation at the present stage is promoted mainly by infrastructure cooperation is likely to act as a financial burden to the Chinese government, and economic cooperation with countries where buying power is not high is not expected to be significant in the near term. This report scrutinized the Chinese researches assessing the progress of the B&R initiative, and analyzed the cooperation between China and the B&R countries in infrastructure, funding, and trade – issues which are closely related to the area of economic cooperation among the five areas (Wu Tong, 五通) specified within the B&R initiative.

Aim of study The purpose of the present study was to examine the effects of daily administration of an aqueous extract of the dried, immature fruit of Poncirus trifoliata Raf. (Rutaceae) (PF-W) on body weight in rats. Materials and methods PF-W was used in following experiments: 10-week-long measurement of body weight and food intake, in vitro pancreatic lipase activity assay, in vivo triglyceride concentration study, and measurement of intestinal transit rate. Results A high dose of PF-W (200 mg/2 mL/animal/day, in aqueous solution) was administered intragastrically to rats for 10 weeks. PF-W suppressed body weight gain by 6%. However, administration of PF-W at a lower dose (20 mg/animal/day) did not reduce weight gain. Administration of low- or high-dose PF-W had no effect on food intake throughout the experimental period. Additional experiments revealed that the suppressive effect of PF-W on body weight gain was not related to pancreatic lipase activity. Moreover, co-administration of PF-W with a lipid emulsion did not reduce plasma triglyceride concentration. Of interest, the high dose of PF-W significantly increased the rate of intestinal transit, whereas oral administration of the lower dose did not. Control and PF-W-treated groups did not differ in hematological and serum biochemical parameters, or in relative organ weights after 10 weeks of high-dose PF-W administration. Conclusion PF-W does not suppress body weight gain by interfering with fat absorption in a pancreatic lipase-dependent manner. The suppressive effect of PF-W on weight gain is likely due to the increased rate of intestinal transit, and the consequent reduction in nutrient absorption. Moreover, it appears that PF-W is relatively safe for long-term use. Taken together, the results of the present study suggest that long-term, daily administration of PF-W successfully suppressed body weight gain—apparently due to accelerated intestinal transit and not to interference with pancreatic lipase activity. Due to its apparent long-term safety, PF-W is a potential therapeutic agent for reduction of body weight in humans.

Background & Aims In human and canine colon, both slow (slow waves, 2–8/min) and fast (myenteric potential oscillations [MPOs]; 16–20/min) electrical rhythms in the smooth muscle originate at the submucosal and myenteric borders, respectively. We used Ca 2+ imaging to investigate whether interstitial cells of Cajal (ICCs) at these borders generated distinct rhythms. Methods Segments of canine colon were pinned with submucosal or myenteric surface uppermost or cut in cross section. Tissues were loaded with a Ca 2+ indicator (fluo-4), and activity was monitored at 36.5 ± 0.5°C using an electron multiplying charge coupled device (EMCCD). Results Rhythmic, biphasic Ca 2+ transients (5–8/min), similar in waveform to electrical slow waves, propagated without decrement as a wave front (2–5 mm/s) through the ICC-SM network lying along the submucosal surface of the circular muscle (CM). In contrast, rhythmic intracellular Ca 2+ waves (∼16/min) and spontaneous reductions in Ca 2+ were observed in ICCs at the myenteric border (ICC-MY). Normally, intracellular Ca 2+ waves were unsynchronized between adjacent ICC-MY, although excitatory nerve activity synchronized activity. In addition, spontaneous reductions in Ca 2+ were observed that inhibited Ca 2+ waves. Nω-nitro-L-arginine (100 μmol/L; nitric oxide antagonist) blocked the reductions in Ca 2+ and increased the frequency (∼19/min) of intracellular Ca 2+ waves within ICC-MY. Conclusions ICC-SMs form a tightly coupled network that is able to generate and propagate slow waves. In contrast, Ca 2+ transients in ICC-MYs, which are normally not synchronized, have a similar duration and frequency as MPOs. Like MPOs, their activity is inhibited by nitrergic nerves and synchronized by excitatory nerves.

Update: On June 24-26, 2016, the Asian Infrastructure Investment Bank (AIIB) held a board of directors meeting and its first annual meeting in Beijing, China. USD 509 million worth of loans will finance four projects approved by the AIIB The projects can be defined by the following characteristics: 1) infrastructure investment in countries situated on the path connecting the Belt and Road Initiative, 2) proposals by recipient country governments, 3) co-financing with other MDBs, and 4) small loans. Short-term Forecast: The AIIB's projects are predicted to involve joint collaboration via co-financing with other MDBs. As for joint ventures, other MDBs and recipient governments will propose AIIB participation in existing projects, and the AIIB will do due diligence before making a final investment decision. The reason behind this operational structure is that the AIIB is yet a newly-formed MDB and has a staff of only around 40 people in the working group. Consequently, it lacks the internal capacity to pursue a large-scale, stand-alone venture. Also, by setting its initial projects as collaborations with other MDBs, the AIIB can expect lower risk, seek to acquire business operation know-how, and build international public confidence. Above all, the AIIB will seek collaboration with international financial organizations including other MDBs, and strive to settle itself in the international financial system (in a bid to alleviate concerns that China will have undue influence on AIIB projects, or that it will challenge the existing international financial order).Mid to Long-term Forecast: The AIIB will possibly lead a greater share of stand-alone projects and support the Belt and Road Initiative financially, on the back of accumulated experience and better project financing capabilities. Projects related to the Belt and Road Initiative are expected to dominate, and economic corridor implementation projects that strengthen linkage among regions and countries will likely be considered a priority. There is also the possibility of collaboration with other new financial organizations founded under Chinese leadership (the BRICS-led New Development Bank (NDB), the Silk Road Fund, the Shanghai Cooperation Organization (SCO)). These China-led organizations will provide funds for the Belt and Road Initiative's implementation and pursue the internationalization of the renminbi, which will help increase China's financial influence globally. Implications: In the case of co-financing projects, strong contenders are likely to be infrastructure projects related to the Belt and Road Initiative that have been developed and screened by other MDBs. Therefore, Korean companies will stand to gain by seeking participation in such ventures. Meanwhile, for stand-alone projects the AIIB will assess the feasibility of infrastructure projects proposed by member governments and companies. This would call for a proactive approach, identifying in advance the infrastructure demands of recipient countries and then cooperating with local institutions. Financial institutions should also respond appropriately to the AIIB's initial moves to pursue extensive cooperation with other MDBs, state-run financial institutions and global financial companies.

Korean Abstract: 한국과 대만의 중소기업은 매우 유사한 문제점을 안고 있다. 양국 모두 국내시장이 협소하고, 자국 내 중소기업의 입지가 좁은 편이다. 따라서 양국 기업의 대부분을 차지하는 중소기업의 활로는 해외시장 진출에 있다고 할 수 있다. 특히 기업 생산활동이 국제적으로 다양화되는 상황을 고려할 때 중소기업의 글로벌 가치사슬(GVC) 참여를 통한 해외진출은 매우 중요하다. 수출 데이터로 본 양국 중소기업의 직접수출은 글로벌 금융위기 이후 세계경제 성장이 둔화되는 가운데 전체 수출에서 차지하는 비중이 축소되고 있다.그러나 생산과정이 복잡해진 지금 직접수출비중 축소가 중소기업의 해외 경쟁력 저하를 의미한다고 볼 수는 없다. 본 보고서에서는 많은 중소기업이 대기업 가치사슬을 통해 간접수출을 하고 있음에 주목하고, 이를 포함한 한국과 대만 중소기업의 전체 수출비중을 계산하고 비교하였다. 그 결과 대만 중소기업의 간접수출비중은 크게 증가하고 있는 반면 한국 중소기업의 간접수출비중은 큰변화가 없었다. 이는 대만 중소기업의 전체 수출비중은 증가하지만 한국 중소기업의 전체 수출비중은 하락하는 결과로 이어졌다. 이 결과는 양국의 산업구조 변화와 중소기업과 대기업의 GVC 참여 상황 변화로 설명할 수 있다. 2000년대 대만의 급속한 대기업화는 중소기업이 대기업에 수출용 중간재를 공급하는 구조를 강화하면서 중소기업의 간접수출비중을 늘렸다. 반면 한국은 대기업 위주의 수출구조 및 수직계열화 구조가 계속 유지되면서 중소기업과 대기업 간 GVC 관계가 심화되지 못했기에, 2000년대 총수출 증가가 중소기업 수출비중을 늘리는 방향으로 이어지지 못했다. 휴대폰 산업의 한 · 대만 GVC 참여상황 분석에서도 이러한 특징이 뚜렷이 나타난다. 한국과 대만은 휴대폰 산업의 GVC 참여 형태가 다르다. 한국은 대기업이 가치사슬을 대부분 내부화시켰고 최종 브랜드 생산에 직접 임하고 있지만, 대만은 다수의 중소기업이 중저가 위주의 표준화된 부품분야에서 주로 다국적기업과 가치사슬로 연결되어 있다. 이런 구조하에서 한국 중소기업은 대만 중소기업에 비해서 GVC에 직접 연결되어 세계시장 참여도를 높이거나 고부가가치 영역을 개척하기가 쉽지 않았다. GVC에 성공적으로 진입한 대만과 한국 중소기업의 사례를 종합해보면 몇가지 시사점을 발견할 수 있다. 첫째, 다국적기업에 부품을 납품하거나 OEM, ODM으로 해외 주문을 수주하는 등 다양한 GVC 진입 방법이 있으나, 이런 글로벌화의 성공을 위해서는 중소기업 자체의 기술력이 바탕이 되어야 한다는 것이다. 또 이를 위해서는 RD both suffer from relatively small domestic markets and limited positions in the respective markets.Therefore, the survival of SMEs in both Korea and Taiwan-which take up the largest portion in both economies-depends on their capacity for increased overseas expansion. In today’s world where the production cycle of companies is becoming increasingly internationalized, the SMEs’ overseas expansion through participation in the global value chains (GVCs) becomes all the more important.Due to the economic recession, the direct exports of SMEs in proportion to the total direct exports are decreasing in both economies. But the complex production cycle of companies indicates that this does not necessarily point to a decrease in SMEs’ overseas competitiveness. This research focused on the fact that actually, many SMEs engage in indirect exporting by participating in value chains of major companies, and compared the total exports(including both the direct and indirect exports) of SMEs in Korea and Taiwan. The results showed that while the proportion of indirect exports to total exports in Taiwan SMEs has greatly increased over time, that of Korean SMEs has shown little difference.This has led the total exports of Taiwanese companies to increase while the total exports of Korean SMEs decreased. This phenomenon can be explained by two factors: the changes in the industry structures in the two countries and the changes in the participation rate of SMEs and major companies in GVCs. In the 2000s, the proportion of major companies in the Taiwanese economies grew rapidly, intensifying the relationship between major companies and SMEs, under which SMEs provided for the intermediate goods for exports to major companies. This practice increased indirect exports of Taiwanese SMEs. On the other hand, in Korea, major company-oriented export structure and vertical integration structure persisted, with no progress in the GVC relations between major companies and SMEs.This meant that the increase in Korea’s total exports in the 2000s did not lead to an increase in the total exports of Korean SMEs.These characteristics are clearly visible in the two countries’ cellular phone industry. The GVC structure in Korea and Taiwan differs very much in that for Taiwan, SMEs are more directly involved in the GVC than Korea. For SMEs in Korea, where major companies mostly internalized the value chains and are involved directly in the final brand production process, it is not easy for SMEs to engage in GVCs, or participate in the global market or a high value-added industry.Looking into the cases of SMEs that have successfully integrated into GVC in both Taiwan and Korea, we can derive several implications.First, although there exist multiple ways to enter GVCs such as supplying parts and components to a multinational company or procuring overseas contracts as OEM or ODM, in order for such trials to succeed, the SME in question must have a solid technological base. Long-term investment in R&D and research personnel are essential. Second, an active response to the demand is also integral for the company’s success. The SMEs who did succeed in entering overseas markets, actively respond to the foreign buyers’ needs.Third, active overseas investment strategy is also essential. Another common trait that these SMEs shared was that they all actively sought to build production factories or sales networks in China or Southeast Asia, where they can enjoy multiple benefits including obtaining a new market and low-cost factors of production.Taiwanese cases of SMEs who have successfully integrated into GVCs show that the government’s role in the beginning stage of industrialization is to attract multinational companies by utilizing measures like FDI. Many Taiwanese SME personnel learned technology and garnered experience working at multinational companies, and by utilizing the international network formed during this initial stage, was able to continue the OEM, ODM relations with multinational companies. Also, Taiwan’s government organizations such as Department of Industrial Technology and Ministry of Economic Affairs, actively supported SMEs to develop and construct hightechnology production management systems, and supported companies to enhance R&D capacity and application technology by sharing the results of government-led research projects on basic science. For Korean SMEs, the factors for success also included continued R&D investment, an adequate prediction of the market demand and quick response to the changes, global networking, etc..

English Abstract: The emergence of China in the international financial order can be analyzed in three aspects: strengthening its position within the IMF system led by the West, establishing a new financial order through multilateral development banks (MDBs) like the AIIB and NDB, and the internationalization of the renminbi (RMB). China has steadily demanded an increase in its share in the IMF. Following the effectuation of the reform plan in 2016, China became the third largest member of the IMF and the RMB is now included in the SDR basket. China also succeeded in launching the AIIB by formulating a consensus on the necessity for launching an alternative multilateral development bank in Asia where the ADB had a monopoly. On the other hand, RMB internationalization is executed based on a set of internal and external goals: stabilizing inflation and the engine for internal reform, and consolidating the international status of China. As a result, RMB settlements accounted for approximately 2% in world trade, while investment accounted for 16.6% in 2015. However, the RMB still accounts for only 0.6% of the global bond market, and only 1.1% of global foreign reserves. As such, although the internationalization of the RMB has achieved some degree of success, it is hardly keeping up with the extent to which China’s economic power is growing.For the China-led financial order to take root, China should continue to pursue further reforms and openness regarding free convertibility, capital accounts, and the exchange rate. China, however, is maintaining a cautious approach. Some of the reasons for this are as follow. First, there are concerns about an outbreak of financial crisis through the opening up of China’s capital account. Second, there are fears that there will be an increase of non-performing loans and decrease of interest rate in the event of non-interference by China’s financial authorities. As China also has tried to maintain a managed floating system and to allow capital opening only on an experimental basis, it will not be easy for it to expand its influence in the international financial market in a short period of time. Moreover, as the recent appreciation of the yuan has weakened, the impetus for internationalization of the RMB has weakened.Korean Abstract: 2016년 들어 AIIB가 운영을 개시하고, 위안화가 IMF의 SDR 통화바스켓에 편입되면서 국제금융질서에서 중국의 위상이 날로 높아지고 있다. 이에 본 연구는 중국 주도의 신금융질서 태동의 의미와 전망, 중국 중심 국제금융기구의 구조와 운영, 위안화 국제화와 통화블록 형성 가능성 등을 분석하였다. 이를 바탕으로 한국의 중장기 정책대응 방향과 함께 기업의 인프라 건설 참여방안, 민간 금융기관의 인프라금융 참여방안, 정부의 정책 지원방향을 제시함으로써 급변하는 국제금융질서에 대한 한국의 대외 입장 정립과 국익 확보에 기여하고자 하였다.

Background & Aims: Like the heart, intestinal smooth muscles exhibit electrical rhythmicity, which originates in pacemaker cells surrounding the myenteric plexus, called interstitial cells of Cajal (ICC-MY). In large mammals, ICC also line septa (ICC-SEP) between circular muscle (CM) bundles, suggesting they might be necessary for activating muscle bundles. It is important to determine their functional significance, because a loss of ICC in humans is associated with disordered motility. Our aims were therefore to determine the role of ICC-SEP in activating the thick CM in the human jejunum. Methods: The mucosa and submucosa were removed and muscle strips were cut and pinned in cross-section so that the ICC-MY and ICC-SEP networks and the CM could be readily visualized. The ICC networks and CM were loaded with the Ca 2+ indicator fluo-4, and pacemaker and muscle activity was recorded at 36.5 ± 0.5 ° C. Results: Ca 2+ imaging revealed that pacemaker activity in human ICC-MY can entrain ICC-SEP to excite CM bundles. Unlike the heart, pacemaker activity in ICC-MY varied in amplitude, propagation distance, and direction, leading to a sporadic activation of ICC-SEP. Conclusions: ICC-SEP form a crucial conduction pathway for spreading excitation deep into muscle bundles of the human jejunum, necessary for motor patterns underlying mixing. A loss of these cells could severely affect motor activity.

The effect of an aqueous extract of the dried immature fruit of Poncirus trifoliata Raf. (Rutaceae) (PF-W) on gastrointestinal (GI) motor function was investigated by measuring the intestinal transit rate (ITR) of Evans blue in rats and mice with experimental GI motility dysfunctions (GMDs). GMD was induced by appropriate surgery or by the administration of acetic acid, atropine, L-DOPA, or morphine to the animals. The ITR in these GMD animals was significantly retarded compared to normal animals. The retardation, however, was significantly inhibited by the intragastric administration of PF-W (0.1–1 g/kg) in a dose dependent manner for all GMD models except for L-DOPA-induced GMD. The above results suggest that PF-W has the potential for development as a prokinetic agent that may prevent or alleviate GMD in human patients.

Recently, the Chinese economy is undergoing a slowdown in the real economy, falling stock prices in the stock market, and devaluation of the yuan in the foreign exchange market. This research analyzes the current condition of the Chinese economy, evaluating the risks in China's real and financial economy. It also estimates the effects such risks can have on the Korean economy, presenting suggestions for Korea in responding to the China risk. The Chinese economy has maintained an annual average of 9.7% growth since its reform and opening up, but this slowed down to 7.3%~7.7% during 2012~2014, and plunged to 7.0% in the first half of 2015, entering the so-called "era of a new normal". Factors such as excessive production facilities, local government debt, adjustments in the real estate market and financial risk are hindering the nation's economic development. China's stock price, which crashed due to China's economic slowdown and a growing distrust in the government's ability to manage the stock market, nonetheless is not on the verge of collapse, as the total value of listed stocks remains above the trend line and the total trade volume also remains high. Moreover, as the correlation between stocks and the real economy is still low, the impact of the recent stock market crash on the real economy will be limited. As China's real economy is projected to continue undergoing a recession, it is important to utilize the opportunities that come from qualitative changes in the economy, while preparing for the risks that economic slowdown entails.