From the end of the seventies Chinese economic achievements attracted the whole world's unflagging attention. The sources of the long-lasting development success are many while the specific conditions of modern Chinese uniqueness should be searched even in many thousand of years of shaping a different civilization. Thus, to some degree it concerns also separate elements of the current strategic and tactical concepts, and especially the dynamic economic growth philosophy on the market terms-with only some aberrations, at the same time keeping the authoritarian political system that liberalizes itself insignificantly and slowly.

After many years of rapid growth China gained export surpluses not only when it comes to the traditional consumable articles but also in the area of electronics, certain industrial appliances etc., which shows the gradually growing industrial versatility. With strong development of its own scientific-research area, it is also important that foreign direct investments from many world countries, including Taiwan, enter the Chinese market in record quantities. Chinese development dynamics already caused significant prosperity growth in some regions, however, chosen parts of the rural economy stay outside the area of the intensive growth. One also has to notice that the extremely quick growth creates potentially different kinds of threats to the economic balance and structural transformation in China.

The subject of the article is the theoretical aspects of the effectiveness of the sterilized currency intervention as a means to stabilize the fixed rate. Effectiveness of currency intervention, especially sterilized, is the subject of continuous controversy the resolution of which is searched for in more and more numerous statistical-econometrical empirical studies. In the face of contradictory and ambiguous study results as well as cursory empirical observation a particularly great importance should be attached to theoretical arguments that would provide a ground for interpretation and understanding of empirical observations. The main part of the article constitutes a critical overview of the theoretical views on the ways in which intervention influences the exchange rate. The conducted analysis leads to a conclusion that currency interventions directed to protect the rate level may in some cases be effective, but in others they may be ineffective. Such conclusion is perfectly consistent with the experience gathered. Contrary to the empirical analysis the theoretical perspective allows to look into the intervention mechanism and define the factors that may determine the effectiveness of intervention.

This paper analyses the gender wage gap and returns to education in urban China using data collected from Fangshan, Beijing. The traditional Oaxaca decomposition shows that the unexplained part seems to dominate the gender wage gap in urban China. The Appleton decomposition, which takes into account sectoral location, shows that the gender gap is mostly within sector and most of the intra-sector wage gap is unexplained. The gender pay differential due to sectoral location is small; in fact, the overall sectoral location favours female in urban China.

The article elaborates on conditions for SMEs in the EU and Poland as far as integrated EU business environment is concerned. It also focuses on the important role of the EU policy and integrated business environment on the cooperation strategies among SMEs. Although it was not the intention of the EU, the integration process favours Large-sized Enterprises in the run for market success. Yet, it does not mean that SMEs are on the lost position. Owing to the EU integration, value creation processes take place within transnational or interregional networks of suppliers, customers, competitors. Nowadays, more and more products offered on the worldwide market are becoming effects of complex systems. The analysis of detailed effects of that influence should be the subject of further research. e