The debt, the stock market and the state-owned enterprises. The sources of chaos on the Chinese financial markets. OSW Commentary NUMBER 201/16.03.2016

The government’s extensive programme for stimulating the economy has enabled China to maintain high economic growth after the global financial crisis in 2008. However, this success has come at the price of a number of negative economic phenomena and the consequences they have had are the major challenge for the government today. The vast programme of investments in infrastructure, construction and fixed assets, which has been the main source of economic growth over the past few years, has caused a rapid increase in China’s debt from 158% of GDP in 2007 to 282% in 2014. Along with the local governments in charge of implementing the programme, the Chinese sector of state-owned enterprises (SOEs) has been heavily burdened by the stimulation policy. The sector’s profitability has fallen, its indebtedness has increased and management problems have been revealed.

Integrated architecture for vision-based indoor localization and mapping of a quadrotor micro-air vehicle

Atualmente os sistemas de pilotagem autónoma de quadricópteros estão a ser desenvolvidos de forma a efetuarem navegação em espaços exteriores, onde o sinal de GPS pode ser utilizado para definir waypoints de navegação, modos de position e altitude hold, returning home, entre outros. Contudo, o problema de navegação autónoma em espaços fechados sem que se utilize um sistema de posicionamento global dentro de uma sala, subsiste como um problema desafiante e sem solução fechada. Grande parte das soluções são baseadas em sensores dispendiosos, como o LIDAR ou como sistemas de posicionamento externos (p.ex. Vicon, Optitrack). Algumas destas soluções reservam a capacidade de processamento de dados dos sensores e dos algoritmos mais exigentes para sistemas de computação exteriores ao veículo, o que também retira a componente de autonomia total que se pretende num veículo com estas características. O objetivo desta tese pretende, assim, a preparação de um sistema aéreo não-tripulado de pequeno porte, nomeadamente um quadricóptero, que integre diferentes módulos que lhe permitam simultânea localização e mapeamento em espaços interiores onde o sinal GPS ´e negado, utilizando, para tal, uma câmara RGB-D, em conjunto com outros sensores internos e externos do quadricóptero, integrados num sistema que processa o posicionamento baseado em visão e com o qual se pretende que efectue, num futuro próximo, planeamento de movimento para navegação. O resultado deste trabalho foi uma arquitetura integrada para análise de módulos de localização, mapeamento e navegação, baseada em hardware aberto e barato e frameworks state-of-the-art disponíveis em código aberto. Foi também possível testar parcialmente alguns módulos de localização, sob certas condições de ensaio e certos parâmetros dos algoritmos. A capacidade de mapeamento da framework também foi testada e aprovada. A framework obtida encontra-se pronta para navegação, necessitando apenas de alguns ajustes e testes.

Fossil and Nonfossil Sources of Organic and Elemental Carbon Aerosols in the Outflow from Northeast China

Source quantification of carbonaceous aerosols in the Chinese outflow regions still remains uncertain despite their high mass concentrations. Here, we unambiguously quantified fossil and nonfossil contributions to elemental carbon (EC) and organic carbon (OC) of total suspended particles (TSP) from a regional receptor site in the outflow of Northeast China using radiocarbon measurement. OC and EC concentrations were lower in summer, representing mainly marine air, than in other seasons, when air masses mostly traveled over continental regions in Mongolia and northeast China. The annual-mean contribution from fossil-fuel combustion to EC was 76 ± 11% (0.1−1.3 μg m−3). The remaining 24 ± 11% (0.03−0.42 μg m−3) was attributed to biomass burning, with slightly higher contribution in the cold period (∼31%) compared to the warm period (∼21%) because of enhanced emissions from regional biomass combustion sources in China. OC was generally dominated by nonfossil sources, with an annual average of 66 ± 11% (0.5−2.8 μg m−3), approximately half of which was apportioned to primary biomass burning sources (34 ± 6%). In winter, OC almost equally originated from primary OC (POC) emissions and secondary OC (SOC) formation from fossil fuel and biomass-burning sources. In contrast, summertime OC was dominated by primary biogenic emissions as well as secondary production from biogenic and biomass-burning sources, but fossil-derived SOC was the smallest contributor. Distinction of POC and SOC was performed using primary POC-to-EC emission ratios separated for fossil and nonfossil emissions.