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This paper investigates the changing roles played by liquidity constraint and uncertainty in accounting for the dynamism of Chinese household consumption behaviour. Starting from the Euler equation-based model of Robert Hall, a framework encompassing an array of consumption models is developed and applied to Chinese data over the period 1961-1998. Empirical results reveal a regime shift in the early 1980s and imply that increases in the proportion of liquidity constrained consumers and increased uncertainty in the post-reform period are responsible for the extremely low consumption or high savings in China. Moreover, it is found that interactions between liquidity constraint and uncertainty reinforce each other's effects and lead to declines in both the level and growth of consumption.

Fermented meat products have a long history in China. These products exhibit a characteristic unique flavor, compact meat quality, clear color, long shelf life and wide variety and are easy to transport. During the processing and storage of fermented meat products, microorganisms are present and exhibit diverse characteristics. Microorganisms can accelerate the degradation of proteins and fats to produce flavor compounds, inhibit the growth and reproduction of heterozygous bacteria, and reduce the content of chemical pollutants. This paper reviews the microbial diversity of Chinese ham, sausage, preserved meat, pressed salted duck, preserved fish and air-dried meat and provides analyses of the microbial compositions of various products. Due to the differences in raw materials, technology, auxiliary materials, and fermentation technology, the microbial species found in various fermented meat products in China are different. However, most fermented meat products in China are subjected to pickling and fermentation, so their microbial compositions also have similarities. Microorganisms in fermented meat products mainly include staphylococci, lactobacilli, micrococci, yeasts, and molds. The study of microbial diversity is of great significance for the formation of quality flavor and the safety control of fermented meat products, and it provides some theoretical reference for the study of fermented meat products in China.

-Wireless spectrum is a precious resource and must be allocated and used efficiently. The conventional spectrum allocation lets a government (e.g., FCC) sell a given portion of spectrum to one provider. This is not only restrictive, but also limits spectrum reuse and may lead to significant under-utilization of spectrum. In this paper, we develop a novel truthful double auction scheme to let any resource owner (e.g., a cellular provider), who has spare spectrum at a given time, sell to one or more providers that need additional spectrum at that time. Spectrum auction is fundamentally different from conventional auction problems since spectrum can be re-used and competition pattern is complex due to wireless interference. We propose the first double auction design for spectrum allocation that explicitly decouples the buyer side and seller side auction design while achieving (i) truthfulness, (ii) individual rationality, and (iii) budget balance. To accurately capture wireless interference and support spectrum reuse, we partition the conflict graph so that buyers with strong direct and indirect interference are put into the same subgraph and buyers with no or weak interference are put into separate subgraphs and then compute pricing independently within each subgraph. We develop a merge scheme to combine spectrum allocation results from different subgraphs and resolve potential conflicts. Using conflict graphs generated from real cell tower locations, we extensively evaluate our approach and demonstrate that it achieves high efficiency, revenue, and utilization.

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