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Groundwater, as an important store of freshwater, plays a more critical role in sustaining the ecosystem and enhancing human adaptation to changing climate than surface water. In particular, it can store large volumes of water to naturally buffer the pressure of water shortage against seasonal changes in rainfall. However, groundwater itself is also vulnerable to climate change, showing a great change in hydrologic cycle. Therefore, effective groundwater management has a strategic importance for China's water security. At present, China is facing a groundwater crisis because of the dual effects of natural and anthropogenic factors. Many new ideas and solutions have been given in previous studies on groundwater utilization and management. This paper vividly captures these studies. The paper summarizes groundwater properties and the situation of groundwater development and utilization. The paper also reports challenges, strategies and policies in groundwater sustainability.

Money demand and its stability have a great impact on the economy of a country. Because China's financial and monetary system has been in reform, there are many uncertainties in money demand. Especially, China's money demand has its own particularity. This paper studies the determinants of China's money demand through building a linear econometric model and SVAR model. The empirical results show that China's money demand is mainly decided by income, interest rate and expected inflation rate. However, other factors, such as financial innovation, government debt, capital mobility and currency substitution, play a relatively small role, mainly because China's financial and monetary system has been under reform. The regression results of sample data from different periods show that money demand in China is unstable, indicating that China's macro-economy has certain risks. This finding suggests that China should adopt prudent financial and monetary policies to cope with the uncertainty of money demand in the future.