Here we report the discovery of eight specimens of an Early Cambrian fossil tunicate Shankouclava near Kunming (South China). The tunicate identity of this organism is supported by the presence of a large and perforated branchial basket, a sac-like peri-pharyngeal atrium, an oral siphon with apparent oral tentacles at the basal end of the siphonal chamber, perhaps a dorsal atrial pore, and an elongated endostyle on the mid-ventral floor of the pharynx. As in most modern tunicates, the gut is simple and U-shaped, and is connected with posterior end of the pharynx at one end and with an atrial siphon at the other, anal end. Shankouclava differs from Cheungkongella, which was previously called a tunicate. Based on new, more complete ''Cheungkongella'' specimens that show branching tentacles, this form may be a lophophorate, and in any case is not a tunicate.
This paper develops a time‐varying parameter vector autoregressive model to examine the dynamic effects of crude oil prices and monetary policy on China's economy during January 1996 to June 2017. The empirical results indicate that (a) in general, international crude oil price shocks have positive effect on China's economic growth and inflation in the short run, but the long‐run effect appears diverse; (b) China's monetary policy shocks have positive effect on the economic growth and inflation overall; specifically, an increase in monetary supply can partly offset crude oil prices' negative effect on China's economic growth; (c) China's monetary policy has positive effect on crude oil prices and plays an important role in the relationship between crude oil price shocks and economy; and (d) during the recent global financial crisis, crude oil price shocks produce greater negative effect on China's economic growth, whereas the long‐run effect of monetary policy on China's economic growth proves weaker, compared with other periods.
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