Pub Date : 2020-12-22DOI: 10.1108/cpe-10-2020-0016
Haiping Qiu
PurposeGeneral Secretary Xi Jinping pointed out that to uphold and develop socialist political economics with Chinese characteristics, the authors should be guided by Marxist political economics.Design/methodology/approachIt is an essential methodological principle for building a theoretical system of socialist political economics with Chinese characteristics as a “systematic economic theory”.FindingsTo implement this principle, the authors need to understand the rich connotation of Marxist political economics and its relationship with socialist political economics with Chinese characteristics fully and correctly and unswervingly uphold and inherit, creatively transform and innovatively develop the theoretical achievements of Marxist economics, especially capital.Originality/valueIt is also an essential and necessary way to build a theoretical system of socialist political economics with Chinese characteristics.
{"title":"Great significance of innovative research on capital for building socialist political economics with Chinese characteristics","authors":"Haiping Qiu","doi":"10.1108/cpe-10-2020-0016","DOIUrl":"https://doi.org/10.1108/cpe-10-2020-0016","url":null,"abstract":"PurposeGeneral Secretary Xi Jinping pointed out that to uphold and develop socialist political economics with Chinese characteristics, the authors should be guided by Marxist political economics.Design/methodology/approachIt is an essential methodological principle for building a theoretical system of socialist political economics with Chinese characteristics as a “systematic economic theory”.FindingsTo implement this principle, the authors need to understand the rich connotation of Marxist political economics and its relationship with socialist political economics with Chinese characteristics fully and correctly and unswervingly uphold and inherit, creatively transform and innovatively develop the theoretical achievements of Marxist economics, especially capital.Originality/valueIt is also an essential and necessary way to build a theoretical system of socialist political economics with Chinese characteristics.","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115414419","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 : 2020-12-22DOI: 10.1108/cpe-10-2020-0015
Tai-Hsin Huang
PurposeThe purpose of this paper is based on China’s economic fundamentals. Factor input, structural optimization and institutional reform, which determine the fundamentals of China's economic development, will actively prop up long-term, sustained and stable growth of the Chinese economy and keep China's potential economic growth rate stabilized within a reasonable growth range in the long term.Design/methodology/approachThe fundamentals of economic development of a country are the basic situation of economic operation determined by the country's main factors and the long-term trend thereof, and they have such characteristics as stability, internality and persistence.FindingsStability refers to economic operation that remains relatively stable within a reasonable growth range at a certain stage of development, and this does not rule out exceptional economic fluctuations in certain years due to the impact of unexpected short-term factors. For instance, the fundamentals of the Chinese economy during the period after the reform and opening-up are characterized by a sustained high growth rate.Originality/valueInternality refers to the intrinsic quantity and quality of all factors supporting the economic development of a country, especially the quantity and quality of the factors that play a decisive role in the economic development of a country at a specific stage. For instance, demographic dividend and capital formation have bolstered the high-speed growth of the Chinese economy since the reform and opening-up.
{"title":"Scientific understanding of the fundamentals of China's economic development","authors":"Tai-Hsin Huang","doi":"10.1108/cpe-10-2020-0015","DOIUrl":"https://doi.org/10.1108/cpe-10-2020-0015","url":null,"abstract":"PurposeThe purpose of this paper is based on China’s economic fundamentals. Factor input, structural optimization and institutional reform, which determine the fundamentals of China's economic development, will actively prop up long-term, sustained and stable growth of the Chinese economy and keep China's potential economic growth rate stabilized within a reasonable growth range in the long term.Design/methodology/approachThe fundamentals of economic development of a country are the basic situation of economic operation determined by the country's main factors and the long-term trend thereof, and they have such characteristics as stability, internality and persistence.FindingsStability refers to economic operation that remains relatively stable within a reasonable growth range at a certain stage of development, and this does not rule out exceptional economic fluctuations in certain years due to the impact of unexpected short-term factors. For instance, the fundamentals of the Chinese economy during the period after the reform and opening-up are characterized by a sustained high growth rate.Originality/valueInternality refers to the intrinsic quantity and quality of all factors supporting the economic development of a country, especially the quantity and quality of the factors that play a decisive role in the economic development of a country at a specific stage. For instance, demographic dividend and capital formation have bolstered the high-speed growth of the Chinese economy since the reform and opening-up.","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125973996","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 : 2020-06-01DOI: 10.1108/cpe-05-2020-0005
Yan Ma, Cai Minqiang, Lie Yun
PurposeThe purpose of this paper is to define the Internet as a virtual space supported by technologies and presented in the form of socioeconomic relations from the perspective of political economy. The Internet space is a unique virtual commodity different from ordinary commodities and has the following effect characteristics: super replicability, space- and time-transcendence, open-source shareability and reality–virtuality transformation.Design/methodology/approachInternet space can also be imagined as a piece of virtual land. Internet space can be deemed as a piece of virtual land and its value can be divided into labor value and virtual value. The pricing model of virtual value is mainly determined by the gain and discount rate and this value comes from the transfer and markup of social value. In the context of the Internet Plus era, Internet space has become an essential economic factor that influences human economic activities.FindingsTherefore, it is of practical significance and theoretical value to introduce Internet space as an economic variable into the framework of economic theory. The realistic logic of Internet space is to influence human economic behaviors with the combination of information binding.Originality/valueThe theoretical mechanism is to have an impact on the micro-market price by changing market relations from two-dimensional to three-dimensional. Its path to functioning at the macro level is to influence economic behaviors by changing the expectations of investment and consumption, resulting in new economic trends.
{"title":"A political–economic explanation of “internet space”","authors":"Yan Ma, Cai Minqiang, Lie Yun","doi":"10.1108/cpe-05-2020-0005","DOIUrl":"https://doi.org/10.1108/cpe-05-2020-0005","url":null,"abstract":"PurposeThe purpose of this paper is to define the Internet as a virtual space supported by technologies and presented in the form of socioeconomic relations from the perspective of political economy. The Internet space is a unique virtual commodity different from ordinary commodities and has the following effect characteristics: super replicability, space- and time-transcendence, open-source shareability and reality–virtuality transformation.Design/methodology/approachInternet space can also be imagined as a piece of virtual land. Internet space can be deemed as a piece of virtual land and its value can be divided into labor value and virtual value. The pricing model of virtual value is mainly determined by the gain and discount rate and this value comes from the transfer and markup of social value. In the context of the Internet Plus era, Internet space has become an essential economic factor that influences human economic activities.FindingsTherefore, it is of practical significance and theoretical value to introduce Internet space as an economic variable into the framework of economic theory. The realistic logic of Internet space is to influence human economic behaviors with the combination of information binding.Originality/valueThe theoretical mechanism is to have an impact on the micro-market price by changing market relations from two-dimensional to three-dimensional. Its path to functioning at the macro level is to influence economic behaviors by changing the expectations of investment and consumption, resulting in new economic trends.","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124799513","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 : 2020-06-01DOI: 10.1108/cpe-05-2020-0008
Fusheng Xie, Ling Gao, Peiyuan Xie
PurposeThis paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.Design/methodology/approachThis paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.FindingsAt the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.Originality/valueThe establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.
{"title":"Supply-side structural reforms from the perspective of global production networks – based on the theoretical logic and empirical evidence of political economy","authors":"Fusheng Xie, Ling Gao, Peiyuan Xie","doi":"10.1108/cpe-05-2020-0008","DOIUrl":"https://doi.org/10.1108/cpe-05-2020-0008","url":null,"abstract":"PurposeThis paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.Design/methodology/approachThis paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.FindingsAt the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.Originality/valueThe establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127489656","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 : 2019-12-02DOI: 10.1108/cpe-10-2019-0017
Xinhua Jian, Jiang Yu
Purpose The purpose of this paper is to review the four large and two small fluctuations in China’s economic growth since the reform and opening up, which can be further divided into five periods of economic upturn and six periods of economic downturn. Design/methodology/approach This paper also analyzes the performance, causes and practical countermeasures of these fluctuations and summarizes the experience and lessons from the eight aspects of dealing with economic downturn and stabilizing growth since the reform and opening up. Findings At last, the paper puts forward some measures to cope with economic downturn and stabilize growth under the new normal in the new era. Originality/value Any country’s economic growth is a tortuous process with many fluctuations. The rate of economic growth cannot rise or go down straight for a long time, and China’s economic growth is no exception. The drastic fluctuations of economic growth can lead to serious overproduction, waste of resources, increased unemployment, decreased income or supply shortages, rising prices and decline of living standards.
{"title":"The fluctuations of China’s economic growth since the reform and opening up and the rational countermeasures","authors":"Xinhua Jian, Jiang Yu","doi":"10.1108/cpe-10-2019-0017","DOIUrl":"https://doi.org/10.1108/cpe-10-2019-0017","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to review the four large and two small fluctuations in China’s economic growth since the reform and opening up, which can be further divided into five periods of economic upturn and six periods of economic downturn.\u0000\u0000\u0000Design/methodology/approach\u0000This paper also analyzes the performance, causes and practical countermeasures of these fluctuations and summarizes the experience and lessons from the eight aspects of dealing with economic downturn and stabilizing growth since the reform and opening up.\u0000\u0000\u0000Findings\u0000At last, the paper puts forward some measures to cope with economic downturn and stabilize growth under the new normal in the new era.\u0000\u0000\u0000Originality/value\u0000Any country’s economic growth is a tortuous process with many fluctuations. The rate of economic growth cannot rise or go down straight for a long time, and China’s economic growth is no exception. The drastic fluctuations of economic growth can lead to serious overproduction, waste of resources, increased unemployment, decreased income or supply shortages, rising prices and decline of living standards.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132987767","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 : 2019-07-24DOI: 10.1108/cpe-04-2019-0011
Guidong Wang
Purpose With the increase of state capital, corporate total factor productivity (TFP) has a tendency to jump up at first and then slowly decrease. Generally, no significant “productivity paradox” can be observed in China’s manufacturing industry. With the increase of export density, corporate TFP also shows a trend of initial jump growth and subsequent slow decline. This paper aims to discuss these issues. Design/methodology/approach Using the 1996–2013 China Industrial Enterprise Database, this paper studies the monopolistic behavior of Chinese manufacturing enterprises through the measurement of TFP and corporate monopoly power. Findings Results show that China’s manufacturing monopoly enterprises are generally innovation-oriented rather than rent-seeking. However, there are certain differences between diversified types of monopoly enterprises: the ones with state capital are more inclined to innovate than those without, whereas the ones with export delivery value are more inclined to seek rent than those without. Originality/value Therefore, the government should implement differentiated policies for diversified types of monopoly enterprises, and do so in a targeted manner fully reflecting the containment of rent-seeking and the encouragement of innovation.
{"title":"Monopoly behavior of China’s manufacturing enterprises","authors":"Guidong Wang","doi":"10.1108/cpe-04-2019-0011","DOIUrl":"https://doi.org/10.1108/cpe-04-2019-0011","url":null,"abstract":"\u0000Purpose\u0000With the increase of state capital, corporate total factor productivity (TFP) has a tendency to jump up at first and then slowly decrease. Generally, no significant “productivity paradox” can be observed in China’s manufacturing industry. With the increase of export density, corporate TFP also shows a trend of initial jump growth and subsequent slow decline. This paper aims to discuss these issues.\u0000\u0000\u0000Design/methodology/approach\u0000Using the 1996–2013 China Industrial Enterprise Database, this paper studies the monopolistic behavior of Chinese manufacturing enterprises through the measurement of TFP and corporate monopoly power.\u0000\u0000\u0000Findings\u0000Results show that China’s manufacturing monopoly enterprises are generally innovation-oriented rather than rent-seeking. However, there are certain differences between diversified types of monopoly enterprises: the ones with state capital are more inclined to innovate than those without, whereas the ones with export delivery value are more inclined to seek rent than those without.\u0000\u0000\u0000Originality/value\u0000Therefore, the government should implement differentiated policies for diversified types of monopoly enterprises, and do so in a targeted manner fully reflecting the containment of rent-seeking and the encouragement of innovation.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129061423","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 : 2019-07-24DOI: 10.1108/cpe-04-2019-0004
Guoqiang Tian, Yupu Zhao, Rukai Gong
Purpose In the transitional process of promoting market-oriented interest rate, China is confronted with an important theoretical and practical issue: how to avoid bank runs and realize the smooth operation of the financial system. The purpose of this paper is to construct a bank-run dynamic model by taking into account a market environment with the transmission of multiple rounds of noise information, a comprehensive consideration of depositors’ expectation of return on assets (or earning rate/yields of assets), the efficiency of information processing and dissemination, and the different motives for premature withdrawal. Design/methodology/approach The authors discussed the dynamic process of bank runs, furnished the ratio and number of each round of bank run, and characterized the corresponding dynamic equilibrium as well. Furthermore, the authors expanded the benchmark model by incorporating the deposit insurance system (DIS) to discuss the action mechanism of DIS overruns. Findings The results show that DIS implementation has two opposite effects: stabilized expectation and moral hazard, by virtue of its influence over the two types of premature withdrawal motives of depositors; the implementation effect of DIS rests with the dual-effect comparison, which is endogenous to the institutional environment. Originality/value The policy implications are as follows: while implementing DIS, it is necessary to establish and improve the corresponding institutional construction and supporting measures, to consolidate market discipline and improve the supervisory role of the bank’s internal governance mechanism, so as to reduce the potential moral hazards. The financial system reform shall be furthered and the processing and dissemination efficiency of information be elevated to prompt depositors to form stable withdrawal expectations, thereby enhancing the stabilizing effect of DIS.
{"title":"Market-oriented interest rate, deposit insurance system and bank runs","authors":"Guoqiang Tian, Yupu Zhao, Rukai Gong","doi":"10.1108/cpe-04-2019-0004","DOIUrl":"https://doi.org/10.1108/cpe-04-2019-0004","url":null,"abstract":"\u0000Purpose\u0000In the transitional process of promoting market-oriented interest rate, China is confronted with an important theoretical and practical issue: how to avoid bank runs and realize the smooth operation of the financial system. The purpose of this paper is to construct a bank-run dynamic model by taking into account a market environment with the transmission of multiple rounds of noise information, a comprehensive consideration of depositors’ expectation of return on assets (or earning rate/yields of assets), the efficiency of information processing and dissemination, and the different motives for premature withdrawal.\u0000\u0000\u0000Design/methodology/approach\u0000The authors discussed the dynamic process of bank runs, furnished the ratio and number of each round of bank run, and characterized the corresponding dynamic equilibrium as well. Furthermore, the authors expanded the benchmark model by incorporating the deposit insurance system (DIS) to discuss the action mechanism of DIS overruns.\u0000\u0000\u0000Findings\u0000The results show that DIS implementation has two opposite effects: stabilized expectation and moral hazard, by virtue of its influence over the two types of premature withdrawal motives of depositors; the implementation effect of DIS rests with the dual-effect comparison, which is endogenous to the institutional environment.\u0000\u0000\u0000Originality/value\u0000The policy implications are as follows: while implementing DIS, it is necessary to establish and improve the corresponding institutional construction and supporting measures, to consolidate market discipline and improve the supervisory role of the bank’s internal governance mechanism, so as to reduce the potential moral hazards. The financial system reform shall be furthered and the processing and dissemination efficiency of information be elevated to prompt depositors to form stable withdrawal expectations, thereby enhancing the stabilizing effect of DIS.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128429188","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 : 2019-07-24DOI: 10.1108/CPE-04-2019-0013
Haiping Qiu, M. Zhao
Purpose The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues. Design/methodology/approach In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world. Findings The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD. Originality/value This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.
{"title":"The US dollar and new imperialism under the logic of capital accumulation","authors":"Haiping Qiu, M. Zhao","doi":"10.1108/CPE-04-2019-0013","DOIUrl":"https://doi.org/10.1108/CPE-04-2019-0013","url":null,"abstract":"\u0000Purpose\u0000The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues.\u0000\u0000\u0000Design/methodology/approach\u0000In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world.\u0000\u0000\u0000Findings\u0000The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD.\u0000\u0000\u0000Originality/value\u0000This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130004432","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 : 2019-07-24DOI: 10.1108/CPE-04-2019-0003
Jianghuai Zheng, C. Shen
Purpose The purpose of this paper is to propose policy recommendations that resort to the domestic market to achieve inclusive growth from an open perspective. Design/methodology/approach How will economic globalization based on domestic demand affect economic growth and income distribution in an open and large country? With the aim of discussing the mechanism of the impact of expanding domestic demand on the inclusive growth from an open perspective, this paper incorporates the Global Value Chains vs National Value Chains (GVC-NVC) competition, which is triggered by foreign investments attracted by the domestic demand scale into an endogenous growth model with “Schumpeterian Innovation.” Findings Theoretical analysis indicates the following findings: although domestic demand-based economic globalization can promote transnational inclusive growth across countries, it is not conducive to national (domestic) inclusive growth; the impacting effect of domestic demand scale on inclusive growth across countries is subject to the moderating effect of the development maturity of the labor market; and the impacting effect of domestic demand scale on national inclusive growth is subject to the joint moderating effect of the development maturity of the labor market and labor skill structure. Originality/value First, this paper examines the impact of domestic demand-based economic globalization on the inclusiveness of economic growth from an open perspective, which deepens the existing theory of intra-product specialization and inclusive growth. Second, the paper puts the sequential production process into Schumpeterian growth model and reveals the mechanism that domestic demand affects inclusive growth. Third, the study finds that the enhancement of labor market efficiency, transfer payments to low-skilled labor and the creation of a fair competitive market environment will contribute to the globalization of a domestic demand-oriented economy, which provides a policy-making basis for government sectors.
{"title":"Domestic demand-based economic globalization and inclusive growth","authors":"Jianghuai Zheng, C. Shen","doi":"10.1108/CPE-04-2019-0003","DOIUrl":"https://doi.org/10.1108/CPE-04-2019-0003","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to propose policy recommendations that resort to the domestic market to achieve inclusive growth from an open perspective.\u0000\u0000\u0000Design/methodology/approach\u0000How will economic globalization based on domestic demand affect economic growth and income distribution in an open and large country? With the aim of discussing the mechanism of the impact of expanding domestic demand on the inclusive growth from an open perspective, this paper incorporates the Global Value Chains vs National Value Chains (GVC-NVC) competition, which is triggered by foreign investments attracted by the domestic demand scale into an endogenous growth model with “Schumpeterian Innovation.”\u0000\u0000\u0000Findings\u0000Theoretical analysis indicates the following findings: although domestic demand-based economic globalization can promote transnational inclusive growth across countries, it is not conducive to national (domestic) inclusive growth; the impacting effect of domestic demand scale on inclusive growth across countries is subject to the moderating effect of the development maturity of the labor market; and the impacting effect of domestic demand scale on national inclusive growth is subject to the joint moderating effect of the development maturity of the labor market and labor skill structure.\u0000\u0000\u0000Originality/value\u0000First, this paper examines the impact of domestic demand-based economic globalization on the inclusiveness of economic growth from an open perspective, which deepens the existing theory of intra-product specialization and inclusive growth. Second, the paper puts the sequential production process into Schumpeterian growth model and reveals the mechanism that domestic demand affects inclusive growth. Third, the study finds that the enhancement of labor market efficiency, transfer payments to low-skilled labor and the creation of a fair competitive market environment will contribute to the globalization of a domestic demand-oriented economy, which provides a policy-making basis for government sectors.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133447156","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 : 2019-06-14DOI: 10.1108/CPE-04-2019-0012
Xiaoning Long
Purpose Innovation is the fundamental driving force for the long-term sustainable development of an economy. After four decades of rapid economic growth, China is facing crises related to a demographic structure of “aging before getting rich,” industrial overcapacity of low-end products and environmental and resources constraints. This paper aims to discuss these issues. Design/methodology/approach Based on logical analysis and recapitulation of previous empirical research, this study presents the conclusion. Findings Scientific and technological innovation, as strategic support to improve social productivity and overall national strength, must be placed at the center of the country’s overall development. Originality/value The development model that preys upon cheap resources for extensive growth is unsustainable. Thus, the country needs an urgent strategic switch to drive its economic growth through research and development innovation and original technological advancement.
{"title":"Scientific and technological innovation related to real economic growth","authors":"Xiaoning Long","doi":"10.1108/CPE-04-2019-0012","DOIUrl":"https://doi.org/10.1108/CPE-04-2019-0012","url":null,"abstract":"\u0000Purpose\u0000Innovation is the fundamental driving force for the long-term sustainable development of an economy. After four decades of rapid economic growth, China is facing crises related to a demographic structure of “aging before getting rich,” industrial overcapacity of low-end products and environmental and resources constraints. This paper aims to discuss these issues.\u0000\u0000\u0000Design/methodology/approach\u0000Based on logical analysis and recapitulation of previous empirical research, this study presents the conclusion.\u0000\u0000\u0000Findings\u0000Scientific and technological innovation, as strategic support to improve social productivity and overall national strength, must be placed at the center of the country’s overall development.\u0000\u0000\u0000Originality/value\u0000The development model that preys upon cheap resources for extensive growth is unsustainable. Thus, the country needs an urgent strategic switch to drive its economic growth through research and development innovation and original technological advancement.\u0000","PeriodicalId":250696,"journal":{"name":"China Political Economy","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132987943","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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