Pub Date : 2023-07-22DOI: 10.1080/10971475.2023.2234791
A. Sattar, Abida Hassan, Muhammad Noshab Hussain, Uzma Sakhi, Teme Temesgen Hordofa
{"title":"Does China’s Education and Cultural Diplomacy Promote Economic Growth in the Belt and Road Countries?","authors":"A. Sattar, Abida Hassan, Muhammad Noshab Hussain, Uzma Sakhi, Teme Temesgen Hordofa","doi":"10.1080/10971475.2023.2234791","DOIUrl":"https://doi.org/10.1080/10971475.2023.2234791","url":null,"abstract":"","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"15 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91505488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/10971475.2023.2227028
Ke Lyu
Abstract Opportunity-driven entrepreneurship can stimulate economic growth and foster technology innovation, while subsistence-driven self-employment can have the opposite effect. In China, a country with a typical relational society and a middle-income status, the nature of nonagricultural self-employment remains contentious. Examining the influence of social capital on entrepreneurial activities can provide insight into the nature of entrepreneurial activities in China, although this issue has received relatively little attention in the literature. To address this gap, this study employs multivariate discrete choice modeling on national representative samples from the China Family Panel Studies dataset to assess the relationship between social capital and entrepreneurship dynamics. The results indicate that relational, structural, and cognitive social capital all affect entrepreneurial dynamics, and these effects vary between urban and rural areas. Individuals who are less likely to be members of an organization, who are less conscientious, and who have low levels of trust and gift expenses are more likely to become self-employed. Conversely, people with high trust, strong conscientiousness, and low social status are more likely to exit self-employment. In addition, individuals with lower levels of human capital are more likely to both enter and exit self-employment. These findings suggest that self-employment tends to be subsistence-driven in China, which has implications for policymakers seeking to promote opportunity-driven entrepreneurial activities.
{"title":"Social Capital and Self-Employment Dynamics in China","authors":"Ke Lyu","doi":"10.1080/10971475.2023.2227028","DOIUrl":"https://doi.org/10.1080/10971475.2023.2227028","url":null,"abstract":"Abstract Opportunity-driven entrepreneurship can stimulate economic growth and foster technology innovation, while subsistence-driven self-employment can have the opposite effect. In China, a country with a typical relational society and a middle-income status, the nature of nonagricultural self-employment remains contentious. Examining the influence of social capital on entrepreneurial activities can provide insight into the nature of entrepreneurial activities in China, although this issue has received relatively little attention in the literature. To address this gap, this study employs multivariate discrete choice modeling on national representative samples from the China Family Panel Studies dataset to assess the relationship between social capital and entrepreneurship dynamics. The results indicate that relational, structural, and cognitive social capital all affect entrepreneurial dynamics, and these effects vary between urban and rural areas. Individuals who are less likely to be members of an organization, who are less conscientious, and who have low levels of trust and gift expenses are more likely to become self-employed. Conversely, people with high trust, strong conscientiousness, and low social status are more likely to exit self-employment. In addition, individuals with lower levels of human capital are more likely to both enter and exit self-employment. These findings suggest that self-employment tends to be subsistence-driven in China, which has implications for policymakers seeking to promote opportunity-driven entrepreneurial activities.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"33 1","pages":"459 - 485"},"PeriodicalIF":0.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87980969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-03DOI: 10.1080/10971475.2023.2227030
Gene H. Chang, Y. Chen, Kathryn J. Chang
{"title":"Effective VAT Rates, Tax Efficiency and Burden: Are Some Industries over-Taxed in China?","authors":"Gene H. Chang, Y. Chen, Kathryn J. Chang","doi":"10.1080/10971475.2023.2227030","DOIUrl":"https://doi.org/10.1080/10971475.2023.2227030","url":null,"abstract":"","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78367618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-21DOI: 10.1080/10971475.2023.2213631
Seamus Grimes
Abstract This paper explores China’s integration into the chemical global value chain (GVC) in the past decade through the experience of foreign chemical companies. It examines how the intellectual monopoly of foreign companies help them to exercise control in the GVC, but over time how the challenges of co-evolving with local rival Chinese companies erode that advantage as they face the challenge of maintaining market share by learning to collaborate within a very different innovation environment. It explores these developments by contextualizing the presence of Chinese companies within particular segments of the GVC and through a longitudinal series of company interviews.
{"title":"China’s Evolving Role in the Chemical Global Value Chain","authors":"Seamus Grimes","doi":"10.1080/10971475.2023.2213631","DOIUrl":"https://doi.org/10.1080/10971475.2023.2213631","url":null,"abstract":"Abstract This paper explores China’s integration into the chemical global value chain (GVC) in the past decade through the experience of foreign chemical companies. It examines how the intellectual monopoly of foreign companies help them to exercise control in the GVC, but over time how the challenges of co-evolving with local rival Chinese companies erode that advantage as they face the challenge of maintaining market share by learning to collaborate within a very different innovation environment. It explores these developments by contextualizing the presence of Chinese companies within particular segments of the GVC and through a longitudinal series of company interviews.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"23 1","pages":"441 - 458"},"PeriodicalIF":0.0,"publicationDate":"2023-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79583035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-08DOI: 10.1080/10971475.2023.2200662
Yongqing Wang
Abstract Despite considerable reforms of Chinese monetary policy, very few papers have empirically examined the long-run effects of monetary policy on China’s economic growth. Our purpose is to shed some light on it. We use money supply, real effective exchange rate, and real interest rate to describe monetary policy of China. We first apply the Granger causality test to annual data from 1980 to 2020 to examine the relationship between monetary policy and China’s economic growth measured by Chinese real GDP. Our results suggest both money supply and real effective exchange rate Ganger cause Chinese real GDP, while real interest does not. We then adopt the autoregressive distributed lag (ARDL) model without asymmetric effects and nonlinear ARDL with asymmetric effects of exchange rate to estimate the impact of monetary policy on China’s economic growth. Our long-run results indicate that expansion of money supply would promote Chinese real GDP growth. Both higher interest rate and depreciation would hinder China’s economic growth. There are asymmetric effects of exchange rate on growth. Finally, the CUSUM and CUSUMQ stability test results reveal that the relationship among money supply, real effective exchange rate, and real interest rate with Chinese real GDP is stable.
{"title":"Long-run Effects of Monetary Policy of China on Its Economic Growth","authors":"Yongqing Wang","doi":"10.1080/10971475.2023.2200662","DOIUrl":"https://doi.org/10.1080/10971475.2023.2200662","url":null,"abstract":"Abstract Despite considerable reforms of Chinese monetary policy, very few papers have empirically examined the long-run effects of monetary policy on China’s economic growth. Our purpose is to shed some light on it. We use money supply, real effective exchange rate, and real interest rate to describe monetary policy of China. We first apply the Granger causality test to annual data from 1980 to 2020 to examine the relationship between monetary policy and China’s economic growth measured by Chinese real GDP. Our results suggest both money supply and real effective exchange rate Ganger cause Chinese real GDP, while real interest does not. We then adopt the autoregressive distributed lag (ARDL) model without asymmetric effects and nonlinear ARDL with asymmetric effects of exchange rate to estimate the impact of monetary policy on China’s economic growth. Our long-run results indicate that expansion of money supply would promote Chinese real GDP growth. Both higher interest rate and depreciation would hinder China’s economic growth. There are asymmetric effects of exchange rate on growth. Finally, the CUSUM and CUSUMQ stability test results reveal that the relationship among money supply, real effective exchange rate, and real interest rate with Chinese real GDP is stable.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"16 1","pages":"431 - 440"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82770376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-29DOI: 10.1080/10971475.2023.2193118
Mohamad Zreik
Abstract Multilateral organizations are taking attention toward foreign divestment; they are in practice to shift toward a large number of host countries from their home countries. In this paper, the significant role of FDI divestment in the development of the economy has been discussed. The role and contribution of FDI divestment in emerging economies have been discussed. The study employs qualitative descriptive analysis to address the determinants of FDI divestment operated by the emerging economies specifically in China. The study is based on economic reports, official documents, and data directly related to the subject of the study. The role and contribution of FDI divestment to develop a strong corporate sector are elaborated in this paper. Furthermore, the role of FDI divestment in reforming organizations and their sustainable growth with the support of evidence has been discussed. Issues regarding FDI divestment faced by different stakeholders have been explained in this research. Inflows and outflows of FDI divestment with cause and effect have been discussed in this paper. Additionally, this study examined the role of multilateral organizations to convince emerging economies by improving their divestment approach. In global strategy formulation FDI divestment consider as a significant aspect. It is observed, that this aspect of the strategy is still untouched in the field of international business and business academies. This study is specifically in the context of China with under consideration of other developed economies. This study investigates the encouraging factors for growing economies to formulate their divestment policies.
{"title":"Analytical study on Foreign Direct Investment Divestment Inflows and Outflows in Developing Economies: Evidence of China","authors":"Mohamad Zreik","doi":"10.1080/10971475.2023.2193118","DOIUrl":"https://doi.org/10.1080/10971475.2023.2193118","url":null,"abstract":"Abstract Multilateral organizations are taking attention toward foreign divestment; they are in practice to shift toward a large number of host countries from their home countries. In this paper, the significant role of FDI divestment in the development of the economy has been discussed. The role and contribution of FDI divestment in emerging economies have been discussed. The study employs qualitative descriptive analysis to address the determinants of FDI divestment operated by the emerging economies specifically in China. The study is based on economic reports, official documents, and data directly related to the subject of the study. The role and contribution of FDI divestment to develop a strong corporate sector are elaborated in this paper. Furthermore, the role of FDI divestment in reforming organizations and their sustainable growth with the support of evidence has been discussed. Issues regarding FDI divestment faced by different stakeholders have been explained in this research. Inflows and outflows of FDI divestment with cause and effect have been discussed in this paper. Additionally, this study examined the role of multilateral organizations to convince emerging economies by improving their divestment approach. In global strategy formulation FDI divestment consider as a significant aspect. It is observed, that this aspect of the strategy is still untouched in the field of international business and business academies. This study is specifically in the context of China with under consideration of other developed economies. This study investigates the encouraging factors for growing economies to formulate their divestment policies.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"18 1","pages":"415 - 430"},"PeriodicalIF":0.0,"publicationDate":"2023-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82940179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-10DOI: 10.1080/10971475.2023.2173397
Tsung-Pao Wu, Hung-Che Wu, Ge Ye, Xi Yao, Feng Chen
Abstract To account for potential asymmetries in the relationship, this study applies new bootstrap symmetric and asymmetric multivariate panel Granger causality test to examine the causal relationship between international tourism receipts (ITRs) and economic growth in China for the period from 1995 to 2019. The result supports evidence for the symmetric causality in Henan, showing significant one-way Granger causality from ITRs to real gross domestic product (RGDP). They also indicate that Hunan has significant one-way Granger causality from RGDP to ITRs. These results denote that the hidden tourism-led growth hypothesis is valid in Heilongjiang, Henan, Hubei and Jiangxi.
{"title":"The Symmetric and Asymmetric in the Nexus Tourism and Economic Development in China","authors":"Tsung-Pao Wu, Hung-Che Wu, Ge Ye, Xi Yao, Feng Chen","doi":"10.1080/10971475.2023.2173397","DOIUrl":"https://doi.org/10.1080/10971475.2023.2173397","url":null,"abstract":"Abstract To account for potential asymmetries in the relationship, this study applies new bootstrap symmetric and asymmetric multivariate panel Granger causality test to examine the causal relationship between international tourism receipts (ITRs) and economic growth in China for the period from 1995 to 2019. The result supports evidence for the symmetric causality in Henan, showing significant one-way Granger causality from ITRs to real gross domestic product (RGDP). They also indicate that Hunan has significant one-way Granger causality from RGDP to ITRs. These results denote that the hidden tourism-led growth hypothesis is valid in Heilongjiang, Henan, Hubei and Jiangxi.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"51 1","pages":"399 - 414"},"PeriodicalIF":0.0,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90973553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-07DOI: 10.1080/10971475.2023.2173399
Kevin H. Zhang
Abstract The US has been waging an economic decoupling from China, in which national security concerns replace economic logic and loss-loss game replaces win-win gains from globalization. The decoupling is generating profound ramifications for the world as well as the US and China. The article explores the following questions: what drives the US government to implement the decoupling? what rationales for technology separation as the core of the decoupling? and what are possible outcomes of the decoupling in the short run and long run? It argues that (a) the decoupling was motivated mainly by national security and geopolitical concerns that China’s rapid rise has come to be seen as the largest threat to the US hegemony; (b) the decoupling concentrates on high-tech industries because technology is critical for the US to maintain its global hegemony, and (c) it is highly uncertain for the US to achieve its policy goals and a complete decoupling could divide the world into two economic blocs that centered on them.
{"title":"U.S.-China Economic Links and Technological Decoupling","authors":"Kevin H. Zhang","doi":"10.1080/10971475.2023.2173399","DOIUrl":"https://doi.org/10.1080/10971475.2023.2173399","url":null,"abstract":"Abstract The US has been waging an economic decoupling from China, in which national security concerns replace economic logic and loss-loss game replaces win-win gains from globalization. The decoupling is generating profound ramifications for the world as well as the US and China. The article explores the following questions: what drives the US government to implement the decoupling? what rationales for technology separation as the core of the decoupling? and what are possible outcomes of the decoupling in the short run and long run? It argues that (a) the decoupling was motivated mainly by national security and geopolitical concerns that China’s rapid rise has come to be seen as the largest threat to the US hegemony; (b) the decoupling concentrates on high-tech industries because technology is critical for the US to maintain its global hegemony, and (c) it is highly uncertain for the US to achieve its policy goals and a complete decoupling could divide the world into two economic blocs that centered on them.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"30 1","pages":"353 - 365"},"PeriodicalIF":0.0,"publicationDate":"2023-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80884594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-02DOI: 10.1080/10971475.2023.2173396
Yiran Chen, Yidong Li, George Lodorfos, Junjie Wu
Abstract This paper examines the impact of structural distortions on resource allocation among industries, regions (provinces), and ownerships in China, using data from 2003 to 2019. This paper innovatively develops an empirical model to measure multi-dimensional structural distortions and assesses the resource misallocation degrees regarding industries, regions, and ownerships. The results indicate that China’s most serious resource misallocation is related to industries, followed by regions and ownerships, and the most severe capital misallocation is associated with ownership, and labor misallocation exists in industries. The present study contributes to the literature by creating an innovative two-layer empirical model to address the limitations of Hsieh and Klenow’s model. The findings have identified which group (industry, region, and ownership) is excessive or insufficient in resource usage, and the results have profound policy and practical implications.
{"title":"Impact of Structural Distortions on Resource Allocation in China: Evidence from an Innovative Empirical Model","authors":"Yiran Chen, Yidong Li, George Lodorfos, Junjie Wu","doi":"10.1080/10971475.2023.2173396","DOIUrl":"https://doi.org/10.1080/10971475.2023.2173396","url":null,"abstract":"Abstract This paper examines the impact of structural distortions on resource allocation among industries, regions (provinces), and ownerships in China, using data from 2003 to 2019. This paper innovatively develops an empirical model to measure multi-dimensional structural distortions and assesses the resource misallocation degrees regarding industries, regions, and ownerships. The results indicate that China’s most serious resource misallocation is related to industries, followed by regions and ownerships, and the most severe capital misallocation is associated with ownership, and labor misallocation exists in industries. The present study contributes to the literature by creating an innovative two-layer empirical model to address the limitations of Hsieh and Klenow’s model. The findings have identified which group (industry, region, and ownership) is excessive or insufficient in resource usage, and the results have profound policy and practical implications.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"53 1","pages":"366 - 383"},"PeriodicalIF":0.0,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75189701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-30DOI: 10.1080/10971475.2023.2173398
H. Bao, T. Dinh, Hoang Phong Le
Abstract As the USD is the globally dominant vehicle currency, the exchange rate USD/CNY can affect China’s trade balances with not only the US but also other partners. Nevertheless, most of the existing studies overlook its role when analyzing China’s trade balances with non-US partners. This common drawback conceals the possible effects of currency choice for invoicing the exported and imported merchandise. Moreover, the proportion of invoicing currencies can vary from industry to industry, which implies the distinctive patterns in China’s exchange rate-trade balance nexus at industry level. Motivated by the facts that China and the EU are now the largest trading partners of each other, and they substantially use the vehicle currency USD, this paper is the first to examine the nonlinear impacts of USD/CNY on China’s trade balances with the EU-28 at industry level, which minimizes aggregation bias and reveals more detailed and helpful findings for policy-makers. The empirical results indicate that the responses of China’s trade balances in each industry are contingent on the choice of invoicing currencies. And the depreciation of CNY against the vehicle currency USD cannot stimulate China’s trade balances.
{"title":"A Nonlinear Industry-Level Analysis of China’s Trade Balances with the EU-28: Does the Utilization of the Vehicle Currency USD Matter?","authors":"H. Bao, T. Dinh, Hoang Phong Le","doi":"10.1080/10971475.2023.2173398","DOIUrl":"https://doi.org/10.1080/10971475.2023.2173398","url":null,"abstract":"Abstract As the USD is the globally dominant vehicle currency, the exchange rate USD/CNY can affect China’s trade balances with not only the US but also other partners. Nevertheless, most of the existing studies overlook its role when analyzing China’s trade balances with non-US partners. This common drawback conceals the possible effects of currency choice for invoicing the exported and imported merchandise. Moreover, the proportion of invoicing currencies can vary from industry to industry, which implies the distinctive patterns in China’s exchange rate-trade balance nexus at industry level. Motivated by the facts that China and the EU are now the largest trading partners of each other, and they substantially use the vehicle currency USD, this paper is the first to examine the nonlinear impacts of USD/CNY on China’s trade balances with the EU-28 at industry level, which minimizes aggregation bias and reveals more detailed and helpful findings for policy-makers. The empirical results indicate that the responses of China’s trade balances in each industry are contingent on the choice of invoicing currencies. And the depreciation of CNY against the vehicle currency USD cannot stimulate China’s trade balances.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"95 1","pages":"384 - 398"},"PeriodicalIF":0.0,"publicationDate":"2023-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79549881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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