Pub Date : 2022-04-20DOI: 10.1080/17538963.2022.2067685
Lixing Li, Yiqing Mo, Guangsu Zhou
ABSTRACT The development of platform economy has accelerated the change of the nature of work, namely from manual labor to automation, from off-line to online, and from fixed employment to flexible arrangement. The share of gig workers is quickly increasing in the Chinese labor market. The structural transformation of labor market partly reflects the trend of dis-organization, featured with division of production procedures, restructuring of tasks, and large-scale outsourcing. While traditional single-employer full-time jobs are replaced by self-employment and gig jobs, the employment relationship is experiencing structural transformation, too. The current labor protection and social security systems face great challenges both in China and globally. Establishment of a flexible and portable benefit account for gig workers could be potential options to address these challenges.
{"title":"Platform economy and China’s labor market: structural transformation and policy challenges","authors":"Lixing Li, Yiqing Mo, Guangsu Zhou","doi":"10.1080/17538963.2022.2067685","DOIUrl":"https://doi.org/10.1080/17538963.2022.2067685","url":null,"abstract":"ABSTRACT The development of platform economy has accelerated the change of the nature of work, namely from manual labor to automation, from off-line to online, and from fixed employment to flexible arrangement. The share of gig workers is quickly increasing in the Chinese labor market. The structural transformation of labor market partly reflects the trend of dis-organization, featured with division of production procedures, restructuring of tasks, and large-scale outsourcing. While traditional single-employer full-time jobs are replaced by self-employment and gig jobs, the employment relationship is experiencing structural transformation, too. The current labor protection and social security systems face great challenges both in China and globally. Establishment of a flexible and portable benefit account for gig workers could be potential options to address these challenges.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46065256","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 : 2022-04-19DOI: 10.1080/17538963.2022.2067686
Zhuo Huang, Li Zhu
ABSTRACT Digital financial platforms are important for the development of the platform economy and are a significant source of innovation for the further development of China’s financial system. At present, in terms of both market scale and technology, China’s digital finance development is leading internationally. The positive impact of China’s digital financial platforms on the real economy is evidenced by the number of innovative developments they have enabled. Nonetheless, because digital financial platforms have both technological and financial attributes, they pose potential risks and represent a challenge to regulation. For this reason, a regulatory framework adapted to the development of digital financial platforms and the digital financial industry needs to be established; one that adheres to the principles of financial support for the real economy and guides the direction of innovative digital financial platforms.
{"title":"Innovative development and regulation of digital financial platforms in China","authors":"Zhuo Huang, Li Zhu","doi":"10.1080/17538963.2022.2067686","DOIUrl":"https://doi.org/10.1080/17538963.2022.2067686","url":null,"abstract":"ABSTRACT Digital financial platforms are important for the development of the platform economy and are a significant source of innovation for the further development of China’s financial system. At present, in terms of both market scale and technology, China’s digital finance development is leading internationally. The positive impact of China’s digital financial platforms on the real economy is evidenced by the number of innovative developments they have enabled. Nonetheless, because digital financial platforms have both technological and financial attributes, they pose potential risks and represent a challenge to regulation. For this reason, a regulatory framework adapted to the development of digital financial platforms and the digital financial industry needs to be established; one that adheres to the principles of financial support for the real economy and guides the direction of innovative digital financial platforms.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41442648","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 : 2022-04-19DOI: 10.1080/17538963.2022.2067690
Zha Daojiong, T. Dong
ABSTRACT China ranks prominently in terms of capacity to engage in and benefit from the data-driven world economy. But China is more restrictive than many other countries on digital service imports, in addition to being passive in negotiations towards universal digital economic governance rules at the World Trade Organization. The world’s digital economy is getting more geopolitical, with practices of digital sovereignty and signs of a splinternet on the rise. However, with its application to join regional-free trade arrangements like the RCEP and CPTPP, China is internationalizing its digital economy governance. China’s domestic legislations and policy reforms, meanwhile, are increasingly aligning with those in Europe, in addition to industry-level interoperability with the United States. This provides a basis for further harmonization of digital economy governance with the rest of the world.
{"title":"China in international digital economy governance","authors":"Zha Daojiong, T. Dong","doi":"10.1080/17538963.2022.2067690","DOIUrl":"https://doi.org/10.1080/17538963.2022.2067690","url":null,"abstract":"ABSTRACT China ranks prominently in terms of capacity to engage in and benefit from the data-driven world economy. But China is more restrictive than many other countries on digital service imports, in addition to being passive in negotiations towards universal digital economic governance rules at the World Trade Organization. The world’s digital economy is getting more geopolitical, with practices of digital sovereignty and signs of a splinternet on the rise. However, with its application to join regional-free trade arrangements like the RCEP and CPTPP, China is internationalizing its digital economy governance. China’s domestic legislations and policy reforms, meanwhile, are increasingly aligning with those in Europe, in addition to industry-level interoperability with the United States. This provides a basis for further harmonization of digital economy governance with the rest of the world.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48848478","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 : 2022-04-19DOI: 10.1080/17538963.2022.2067689
Harry X. Wu, Changhua Yu
ABSTRACT China’s digital economy experienced a rapid development over the past two decades. How can we systematically measure the contribution of the digital economy to China’s economic growth? Has the digital economy contributed to an increase in China’s total factor productivity? This paper analyzes the impact of the information and communication technology (ICT) development on China’s economic growth since its WTO accession in an aggregate production possibility frontier framework. Our empirical analysis shows that the digital economy has been the most significant contributor to China’s economic growth and productivity improvements over the past two decades. Nevertheless, due to severe capital misallocation across industries and persistent inefficient performance of some non-ICT industries, industries with high investment growth have not been matched by industries with high TFP growth.
{"title":"The impact of the digital economy on China’s economic growth and productivity performance","authors":"Harry X. Wu, Changhua Yu","doi":"10.1080/17538963.2022.2067689","DOIUrl":"https://doi.org/10.1080/17538963.2022.2067689","url":null,"abstract":"ABSTRACT China’s digital economy experienced a rapid development over the past two decades. How can we systematically measure the contribution of the digital economy to China’s economic growth? Has the digital economy contributed to an increase in China’s total factor productivity? This paper analyzes the impact of the information and communication technology (ICT) development on China’s economic growth since its WTO accession in an aggregate production possibility frontier framework. Our empirical analysis shows that the digital economy has been the most significant contributor to China’s economic growth and productivity improvements over the past two decades. Nevertheless, due to severe capital misallocation across industries and persistent inefficient performance of some non-ICT industries, industries with high investment growth have not been matched by industries with high TFP growth.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45071556","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 : 2022-04-18DOI: 10.1080/17538963.2022.2067688
Hao Wang
ABSTRACT This article reviews the recent developments in digital platform antitrust in China. I first introduce the key players in China’s platform industry, particularly those that have been frequently affected by recent antitrust events. I then provide a brief overview of economic theories that are often cited in think tank reports and official documents, including network externalities, hub-and-spoke collusion, and contestable markets. Finally, recent platform antitrust events in China are reviewed, including the introduction of platform antitrust guidelines and major antitrust cases.
{"title":"Platform antitrust in China","authors":"Hao Wang","doi":"10.1080/17538963.2022.2067688","DOIUrl":"https://doi.org/10.1080/17538963.2022.2067688","url":null,"abstract":"ABSTRACT This article reviews the recent developments in digital platform antitrust in China. I first introduce the key players in China’s platform industry, particularly those that have been frequently affected by recent antitrust events. I then provide a brief overview of economic theories that are often cited in think tank reports and official documents, including network externalities, hub-and-spoke collusion, and contestable markets. Finally, recent platform antitrust events in China are reviewed, including the introduction of platform antitrust guidelines and major antitrust cases.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45100112","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 : 2022-03-09DOI: 10.1080/17538963.2022.2042066
Mei Li
ABSTRACT Motivated by the capital outflow episode after the 8/11 renminbi exchange rate reform, we establish formal models to study renminbi exchange rate policy under depreciation pressure with a focus on its effect on market expectations. In an economy where capital controls are imposed, a central bank aims both to discourage speculative capital outflows and to reduce exchange rate misalignment. We find that (i) both capital controls and speculators’ uncertainty about the central bank’s exchange rate target can effectively discourage capital outflows; (ii) Any action taken by the central bank will send a signal to speculators about the central bank’s exchange rate target, causing a change in speculators’ expectations and subsequently in capital flows. This explains large capital outflows triggered by the 8/11 reform. A key takeaway is that exchange rate policy should take into account its effect on market expectations to avoid unnecessary exchange rate and capital flow volatility.
{"title":"Market expectation management and renminbi exchange rate policy under depreciation pressure","authors":"Mei Li","doi":"10.1080/17538963.2022.2042066","DOIUrl":"https://doi.org/10.1080/17538963.2022.2042066","url":null,"abstract":"ABSTRACT Motivated by the capital outflow episode after the 8/11 renminbi exchange rate reform, we establish formal models to study renminbi exchange rate policy under depreciation pressure with a focus on its effect on market expectations. In an economy where capital controls are imposed, a central bank aims both to discourage speculative capital outflows and to reduce exchange rate misalignment. We find that (i) both capital controls and speculators’ uncertainty about the central bank’s exchange rate target can effectively discourage capital outflows; (ii) Any action taken by the central bank will send a signal to speculators about the central bank’s exchange rate target, causing a change in speculators’ expectations and subsequently in capital flows. This explains large capital outflows triggered by the 8/11 reform. A key takeaway is that exchange rate policy should take into account its effect on market expectations to avoid unnecessary exchange rate and capital flow volatility.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47866116","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 : 2022-01-29DOI: 10.1080/17538963.2022.2033394
Lixin Sun
ABSTRACT In this paper, we use an overlapping-generations model to estimate the optimal public debt level in terms of the growth-maximizing theory under changing demographics and examine the fiscal sustainability in China. The results suggest that the optimal level of public debt in China lies in a scope of 70% to 88%, which varies as a function of the driving force of the production, the number of children, and the subsidy policy for rearing the children. On the basis of fiscal space framework, we can conclude that China’s public debt and thereby the fiscal position is sustainable in the near and medium terms. Sensitivity analyses and robustness tests also support our empirical findings. Our study provides insights into public debt management, population policy, and strategies for economic growth in China.
{"title":"Optimal public debt under demographic changes in China","authors":"Lixin Sun","doi":"10.1080/17538963.2022.2033394","DOIUrl":"https://doi.org/10.1080/17538963.2022.2033394","url":null,"abstract":"ABSTRACT In this paper, we use an overlapping-generations model to estimate the optimal public debt level in terms of the growth-maximizing theory under changing demographics and examine the fiscal sustainability in China. The results suggest that the optimal level of public debt in China lies in a scope of 70% to 88%, which varies as a function of the driving force of the production, the number of children, and the subsidy policy for rearing the children. On the basis of fiscal space framework, we can conclude that China’s public debt and thereby the fiscal position is sustainable in the near and medium terms. Sensitivity analyses and robustness tests also support our empirical findings. Our study provides insights into public debt management, population policy, and strategies for economic growth in China.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44196466","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 : 2022-01-02DOI: 10.1080/17538963.2021.2019924
K. Lu, P. Failler, B. Drakeford, Qinyi Wang, Tong Liu
ABSTRACT This paper uses the Multivariable Grey Model and the Counterfactual Reasoning Method to evaluate the impact of the recent trade dispute between the USA and China from the perspective of its impact on the international trade of China’s aquatic products. Regarding imports the recent trade dispute did not have a negative impact, due to substitution possibilities with other countries. China’s aquatic products export is heavily dependent on the market in the USA. Nevertheless, the aggravation of the recent trade dispute has not caused significant effects on China’s aquatic product exports. Compared with the potential trade loss in terms of exports to China suffered by aquatic product producers and operators in the USA, the economic interests of China’s aquatic products producers and operators in terms of exports have not been affected significantly overall. In comparison, the potential trade losses of aquatic product producers and operators in the USA are relatively greater.
{"title":"Impacts of the recent USA and China trade dispute on China’s aquatic products","authors":"K. Lu, P. Failler, B. Drakeford, Qinyi Wang, Tong Liu","doi":"10.1080/17538963.2021.2019924","DOIUrl":"https://doi.org/10.1080/17538963.2021.2019924","url":null,"abstract":"ABSTRACT This paper uses the Multivariable Grey Model and the Counterfactual Reasoning Method to evaluate the impact of the recent trade dispute between the USA and China from the perspective of its impact on the international trade of China’s aquatic products. Regarding imports the recent trade dispute did not have a negative impact, due to substitution possibilities with other countries. China’s aquatic products export is heavily dependent on the market in the USA. Nevertheless, the aggravation of the recent trade dispute has not caused significant effects on China’s aquatic product exports. Compared with the potential trade loss in terms of exports to China suffered by aquatic product producers and operators in the USA, the economic interests of China’s aquatic products producers and operators in terms of exports have not been affected significantly overall. In comparison, the potential trade losses of aquatic product producers and operators in the USA are relatively greater.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45067700","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 : 2022-01-02DOI: 10.1080/17538963.2021.1994709
Satar Bakhsh, Hengbin Yin, M. Shabir, Kishwar Ali
ABSTRACT This article investigates the impact of institutional quality on China’s trade with belt and road economies by testing the augmented gravity model framework. Our empirical analysis is based on 16 years of balanced panel data of 65 belt and road economies. We use the instrumental variable estimator developed for a panel data model to address the potential endogeneity issue. We distinguish the vital role of institutions in trading partner countries in shaping this result. Our outcomes outline an interesting story about the association between institutional quality and China’s export to and import from belt and road countries. We find that the weaker voice and accountability and political stability in B&R countries negatively affect China exports, while China import from B&R economies shows a statistically positive effect of institutions. Our findings are robust to employs a panel pseudo-maximum likelihood (PPML) estimation method. As part of wider trade integration, we conclude that the B&R countries should strengthen their institutions. The results of this study have several implications for policymakers.
{"title":"China trade with belt and road countries: the role and impact of institutions","authors":"Satar Bakhsh, Hengbin Yin, M. Shabir, Kishwar Ali","doi":"10.1080/17538963.2021.1994709","DOIUrl":"https://doi.org/10.1080/17538963.2021.1994709","url":null,"abstract":"ABSTRACT This article investigates the impact of institutional quality on China’s trade with belt and road economies by testing the augmented gravity model framework. Our empirical analysis is based on 16 years of balanced panel data of 65 belt and road economies. We use the instrumental variable estimator developed for a panel data model to address the potential endogeneity issue. We distinguish the vital role of institutions in trading partner countries in shaping this result. Our outcomes outline an interesting story about the association between institutional quality and China’s export to and import from belt and road countries. We find that the weaker voice and accountability and political stability in B&R countries negatively affect China exports, while China import from B&R economies shows a statistically positive effect of institutions. Our findings are robust to employs a panel pseudo-maximum likelihood (PPML) estimation method. As part of wider trade integration, we conclude that the B&R countries should strengthen their institutions. The results of this study have several implications for policymakers.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47298477","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 : 2021-12-08DOI: 10.1080/17538963.2021.2014703
W. Bandura
{"title":"Trade uncertainty in US and China on trade openness in Sub-Saharan Africa","authors":"W. Bandura","doi":"10.1080/17538963.2021.2014703","DOIUrl":"https://doi.org/10.1080/17538963.2021.2014703","url":null,"abstract":"","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2021-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46420570","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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