Pub Date : 2021-01-02DOI: 10.1080/14765284.2020.1842987
Xinxin Ma, I. Iwasaki
ABSTRACT In China, despite the drastic economic transition from a planned system to a market economy, the influences of the Communist Party of China (CPC)’s organization on firm management in both the public and private sectors are still remarkable. This study performs a meta-analysis to examine the impact of CPC membership on wage levels in China using 622 estimates extracted from 71 English and Chinese papers. The results of meta-synthesis suggest that CPC membership positively affects wage levels. They also reveal that the effect size of CPC membership is greater for state-owned enterprises, urban regions, female workers, and regular wages, as compared with privately owned enterprises, rural regions, male workers, and performance pay. The test results of publication selection bias based on the FAT-PET-PEESE approach indicate that the collected estimates contain genuine evidence of the wage premium of CPC membership, and its true impact takes a value within a range of 0.0414 to 0.0431 in terms of the partial correlation coefficient.
{"title":"Does communist party membership bring a wage premium in China? a meta-analysis","authors":"Xinxin Ma, I. Iwasaki","doi":"10.1080/14765284.2020.1842987","DOIUrl":"https://doi.org/10.1080/14765284.2020.1842987","url":null,"abstract":"ABSTRACT In China, despite the drastic economic transition from a planned system to a market economy, the influences of the Communist Party of China (CPC)’s organization on firm management in both the public and private sectors are still remarkable. This study performs a meta-analysis to examine the impact of CPC membership on wage levels in China using 622 estimates extracted from 71 English and Chinese papers. The results of meta-synthesis suggest that CPC membership positively affects wage levels. They also reveal that the effect size of CPC membership is greater for state-owned enterprises, urban regions, female workers, and regular wages, as compared with privately owned enterprises, rural regions, male workers, and performance pay. The test results of publication selection bias based on the FAT-PET-PEESE approach indicate that the collected estimates contain genuine evidence of the wage premium of CPC membership, and its true impact takes a value within a range of 0.0414 to 0.0431 in terms of the partial correlation coefficient.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"55 - 94"},"PeriodicalIF":2.0,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1842987","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43450572","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 : 2021-01-02DOI: 10.1080/14765284.2020.1868932
Junhua Jiang
ABSTRACT This study investigates the effects of real estate regulatory policies on the real estate risks to banks in China. The study shows that real estate control policies issued by the policy makers in China cannot constrain the risks of the real estate market to banks. Real estate stimulating policies, however, could raise the risks of the real estate market to banks, which mainly results from the effects of tax-related stimulating policies. The study also shows that real estate control policies affect the discount rate risks of the real estate firms to banks, while both the real estate control policies and the real estate stimulating policies show some effects on the overall risks of the real estate firms to banks.
{"title":"Can real estate regulatory policies constrain real estate risks to banks? Evidence from China","authors":"Junhua Jiang","doi":"10.1080/14765284.2020.1868932","DOIUrl":"https://doi.org/10.1080/14765284.2020.1868932","url":null,"abstract":"ABSTRACT This study investigates the effects of real estate regulatory policies on the real estate risks to banks in China. The study shows that real estate control policies issued by the policy makers in China cannot constrain the risks of the real estate market to banks. Real estate stimulating policies, however, could raise the risks of the real estate market to banks, which mainly results from the effects of tax-related stimulating policies. The study also shows that real estate control policies affect the discount rate risks of the real estate firms to banks, while both the real estate control policies and the real estate stimulating policies show some effects on the overall risks of the real estate firms to banks.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"35 - 53"},"PeriodicalIF":2.0,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1868932","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41822878","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 : 2020-12-30DOI: 10.1080/14765284.2020.1862637
Guanzhong James Wen
ABSTRACT Economic globalization is generally desirable and beneficial to a great extent, but not necessarily virtuous. Modern history has proven time and again that economic globalization may go astray if rivalry among big powers are not coordinated and regulated in a timely manner. Thorny issues arise inevitably when globalization involves big economies such as China, whose resource allocation mechanisms deviate significantly from that of a typical market economy. This paper will focus on: 1) What is virtuous globalization? 2) Why should big powers adopt the goal of three-zeros (zero tariff, zero barrier, and zero subsidy) as a necessary condition for achieving the goal of virtuous globalization? 3) Why should China in particular set a leading example to adopt and implement this policy to make a real contribution to the building of global institutions that are conducive to virtuous globalization as well as its domestic economic reforms.
{"title":"Virtuous globalization, the three-zeros policy, and China’s choice","authors":"Guanzhong James Wen","doi":"10.1080/14765284.2020.1862637","DOIUrl":"https://doi.org/10.1080/14765284.2020.1862637","url":null,"abstract":"ABSTRACT Economic globalization is generally desirable and beneficial to a great extent, but not necessarily virtuous. Modern history has proven time and again that economic globalization may go astray if rivalry among big powers are not coordinated and regulated in a timely manner. Thorny issues arise inevitably when globalization involves big economies such as China, whose resource allocation mechanisms deviate significantly from that of a typical market economy. This paper will focus on: 1) What is virtuous globalization? 2) Why should big powers adopt the goal of three-zeros (zero tariff, zero barrier, and zero subsidy) as a necessary condition for achieving the goal of virtuous globalization? 3) Why should China in particular set a leading example to adopt and implement this policy to make a real contribution to the building of global institutions that are conducive to virtuous globalization as well as its domestic economic reforms.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"221 - 237"},"PeriodicalIF":2.0,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1862637","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41701603","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 : 2020-12-14DOI: 10.1080/14765284.2020.1855937
Wenxuan Hou, Brian Main, Xianda Liu
ABSTRACT
Disease does not only affect development through its contemporaneous impact on health, but also through its enduring historical effect through its shaping of culture and institutions. By drawing on the experience of historical pandemics, we argue that some of the current stringent approaches adopted in combating COVID-19 come at the expense of social capital (trust) and institutions (checks on government power), which hold back long-run development. We review the evidence that the Black Death intensified witchcraft beliefs and antisemitism, which, in turn, developed mistrust and exerted an adverse influence on present-day development. Finally, we demonstrate that institutions and culture have greater explanatory power in terms of cross-country infection rates and fatality rates than does health care quality.
{"title":"Covid-19 and development: lessons from historical pandemics","authors":"Wenxuan Hou, Brian Main, Xianda Liu","doi":"10.1080/14765284.2020.1855937","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855937","url":null,"abstract":"<p><b>ABSTRACT</b></p> <p>Disease does not only affect development through its contemporaneous impact on health, but also through its enduring historical effect through its shaping of culture and institutions. By drawing on the experience of historical pandemics, we argue that some of the current stringent approaches adopted in combating COVID-19 come at the expense of social capital (trust) and institutions (checks on government power), which hold back long-run development. We review the evidence that the Black Death intensified witchcraft beliefs and antisemitism, which, in turn, developed mistrust and exerted an adverse influence on present-day development. Finally, we demonstrate that institutions and culture have greater explanatory power in terms of cross-country infection rates and fatality rates than does health care quality.</p>","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"1 2 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138516387","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 : 2020-11-16DOI: 10.1080/14765284.2020.1846010
Muhammad Shahin Miah
ABSTRACT This paper investigates the impact of IFRS adoption on Chinese listed companies. More specifically, this study shows the empirical evidence of the effect of a new set of Chinese accounting standards (CAS) introduced in 2007 on firms’ performance. Analyzing 7020 firm-year observations, this study finds that, compared to pre-IFRS adoption regime, firms’ performance significantly improves after IFRS adoption. A set of sensitivity analysis provides consistent findings about the impact of new CAS on firms’ profitability. As for the implication of international accounting standards, these findings suggest that adoption of global accounting standards is bringing positive change in the capital market through firms’ development in terms of profitability.
{"title":"Does IFRS convergence bring improvement in firm performance? An empirical analysis","authors":"Muhammad Shahin Miah","doi":"10.1080/14765284.2020.1846010","DOIUrl":"https://doi.org/10.1080/14765284.2020.1846010","url":null,"abstract":"ABSTRACT This paper investigates the impact of IFRS adoption on Chinese listed companies. More specifically, this study shows the empirical evidence of the effect of a new set of Chinese accounting standards (CAS) introduced in 2007 on firms’ performance. Analyzing 7020 firm-year observations, this study finds that, compared to pre-IFRS adoption regime, firms’ performance significantly improves after IFRS adoption. A set of sensitivity analysis provides consistent findings about the impact of new CAS on firms’ profitability. As for the implication of international accounting standards, these findings suggest that adoption of global accounting standards is bringing positive change in the capital market through firms’ development in terms of profitability.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"19 1","pages":"95 - 107"},"PeriodicalIF":2.0,"publicationDate":"2020-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1846010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44956525","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 : 2020-10-01DOI: 10.1080/14765284.2020.1855939
Xiaolan Fu, Jing Zhang, Liming Wang
ABSTRACT It is indisputable that the Covid-19 pandemic has shaken the world economy and indeed panglobal society in many dimensions. In this Introduction to our Special Section, we examine the dynamics involved, particularly in relation to China and the world economy, and the response policies utilised for post-pandemic recovery based on detailed and critical comments and summaries of the excellent papers collected in this volume. We highlight the impact of the pandemic on global supply chains with a particular focus on China’s trade, foreign direct investment, digitalisation and innovation, its cooperation with its major trade partners, as well as the economic outlook of the Chinese economy against the backlock of the pandemic and US-China tensions. How other countries responded to the pandemic is also brought in so as to understand China’s response in a broad context and the role of culture and institutions in the process.
{"title":"Introduction to the special section: the impact of Covid-19 and post-pandemic recovery: China and the world economy","authors":"Xiaolan Fu, Jing Zhang, Liming Wang","doi":"10.1080/14765284.2020.1855939","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855939","url":null,"abstract":"ABSTRACT It is indisputable that the Covid-19 pandemic has shaken the world economy and indeed panglobal society in many dimensions. In this Introduction to our Special Section, we examine the dynamics involved, particularly in relation to China and the world economy, and the response policies utilised for post-pandemic recovery based on detailed and critical comments and summaries of the excellent papers collected in this volume. We highlight the impact of the pandemic on global supply chains with a particular focus on China’s trade, foreign direct investment, digitalisation and innovation, its cooperation with its major trade partners, as well as the economic outlook of the Chinese economy against the backlock of the pandemic and US-China tensions. How other countries responded to the pandemic is also brought in so as to understand China’s response in a broad context and the role of culture and institutions in the process.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":"311 - 319"},"PeriodicalIF":2.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1855939","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41666604","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 : 2020-10-01DOI: 10.1080/14765284.2020.1855394
Shusong Ba, Haifeng Bai
ABSTRACT The Covid-19 pandemic has had a significant impact on the financial sector and real economy around the world. China’s economy has recovered rapidly from Covid-19. The main reasons are that China has an ample policy toolbox and paid more attention to the recovery supply-side. The Covid-19 pandemic has been an accelerator of China’s digital economy and has established a ‘dual circulation’ development pattern. Digital technology-supported inclusive finance and supply chain finance were the key to a rapid recovery. Financial innovation has ensured that the companies quickly resumed production. China still insists on the reform and opening up of its financial sector. In a word, the Covid-19 pandemic has been an accelerator of economic transition and financial innovation in China.
{"title":"Covid-19 pandemic as an accelerator of economic transition and financial innovation in China","authors":"Shusong Ba, Haifeng Bai","doi":"10.1080/14765284.2020.1855394","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855394","url":null,"abstract":"ABSTRACT The Covid-19 pandemic has had a significant impact on the financial sector and real economy around the world. China’s economy has recovered rapidly from Covid-19. The main reasons are that China has an ample policy toolbox and paid more attention to the recovery supply-side. The Covid-19 pandemic has been an accelerator of China’s digital economy and has established a ‘dual circulation’ development pattern. Digital technology-supported inclusive finance and supply chain finance were the key to a rapid recovery. Financial innovation has ensured that the companies quickly resumed production. China still insists on the reform and opening up of its financial sector. In a word, the Covid-19 pandemic has been an accelerator of economic transition and financial innovation in China.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":"341 - 348"},"PeriodicalIF":2.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1855394","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41675148","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 : 2020-10-01DOI: 10.1080/14765284.2020.1855846
Liming Wang, Yuan Li
ABSTRACT The negotiation of the Comprehensive Agreement on Investment (CAI) between the EU and China has convened over 34 rounds in the last seven years. The CAI, when finally established, will constitute a historical first, unprecedented in being the most detailed and important agreement between the EU and China ever. It is expected that both parties will bring negotiations to a close with the signing of the agreement either by the end of 2020 or not long thereafter. This paper presents an overview of these negotiations, with an assessment of its potential impact on bilateral investment and economic cooperation between the two parties. Consequentially, the further elimination of investment and trade barriers between China and Europe should lead to the steady recovery and growth of the global economy in the post-pandemic era.
{"title":"The negotiation of EU–China comprehensive agreement on investment and its potential impact in the post-pandemic era","authors":"Liming Wang, Yuan Li","doi":"10.1080/14765284.2020.1855846","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855846","url":null,"abstract":"ABSTRACT The negotiation of the Comprehensive Agreement on Investment (CAI) between the EU and China has convened over 34 rounds in the last seven years. The CAI, when finally established, will constitute a historical first, unprecedented in being the most detailed and important agreement between the EU and China ever. It is expected that both parties will bring negotiations to a close with the signing of the agreement either by the end of 2020 or not long thereafter. This paper presents an overview of these negotiations, with an assessment of its potential impact on bilateral investment and economic cooperation between the two parties. Consequentially, the further elimination of investment and trade barriers between China and Europe should lead to the steady recovery and growth of the global economy in the post-pandemic era.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":"365 - 372"},"PeriodicalIF":2.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1855846","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43427231","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 : 2020-10-01DOI: 10.1080/14765284.2020.1855051
B. Javorcik
ABSTRACT The COVID-19 pandemic has drawn attention to high dependence of industrialized countries on Chinese suppliers and led to calls for increasing resilience through diversification of supply sources. This article argues that geographic reshaping of global value chains will require substantial flows of foreign direct investment. As such flows are projected to remain subdued in the next few years, reshaping of global value chains will not happen very fast.
{"title":"Reshaping of global supply chains will take place, but it will not happen fast","authors":"B. Javorcik","doi":"10.1080/14765284.2020.1855051","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855051","url":null,"abstract":"ABSTRACT The COVID-19 pandemic has drawn attention to high dependence of industrialized countries on Chinese suppliers and led to calls for increasing resilience through diversification of supply sources. This article argues that geographic reshaping of global value chains will require substantial flows of foreign direct investment. As such flows are projected to remain subdued in the next few years, reshaping of global value chains will not happen very fast.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":"321 - 325"},"PeriodicalIF":2.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1855051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47507259","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 : 2020-10-01DOI: 10.1080/14765284.2020.1855395
Wenjing Duan, Shujin Zhu, M. Lai
ABSTRACT This paper analyzes the development trend and characteristics of China’s foreign trade and outward FDI amid the epidemic from the overall trend of change, the structure of domestic regions, the structure of overseas markets, the structure of import and export products, the industrial distribution of overseas investment and the situation between countries along the Belt and Road. Further, we proposed some countermeasures to promote China’s trade and OFDI, such as establishing an early-warning system for overseas risks, adhering to innovation drive, fostering a new, dual-cycle development architecture with domestic and international development reinforcing each other, promoting the construction of cross-border e-commerce facilities and technologies and so on.
{"title":"The impact of COVID-19 on China’s trade and outward FDI and related countermeasures","authors":"Wenjing Duan, Shujin Zhu, M. Lai","doi":"10.1080/14765284.2020.1855395","DOIUrl":"https://doi.org/10.1080/14765284.2020.1855395","url":null,"abstract":"ABSTRACT This paper analyzes the development trend and characteristics of China’s foreign trade and outward FDI amid the epidemic from the overall trend of change, the structure of domestic regions, the structure of overseas markets, the structure of import and export products, the industrial distribution of overseas investment and the situation between countries along the Belt and Road. Further, we proposed some countermeasures to promote China’s trade and OFDI, such as establishing an early-warning system for overseas risks, adhering to innovation drive, fostering a new, dual-cycle development architecture with domestic and international development reinforcing each other, promoting the construction of cross-border e-commerce facilities and technologies and so on.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":"355 - 364"},"PeriodicalIF":2.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14765284.2020.1855395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45065698","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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