Pub Date : 2022-02-14DOI: 10.1080/14765284.2022.2036577
K. Kimura
ABSTRACT This study analyses how firms sharpen technological specialization as they develop technologies. We investigate the technological positions of firms in the Chinese robotics industry, which has been rapidly growing in recent years. Using patent information for technological fields that firms focus on, firstly, we show that the technological positions of Chinese firms have been getting close to that of a Japanese first-mover firm in the same industry. Secondly, we examine the characteristics of the technological positions of Chinese firms and show that specialization consists of technologies which realize the basic functions of robots and those which improve the sophistication of products. Specialization generally means a strength rooting in narrower technological fields, but it is established as an expansive structure that straddles various technological fields. Therefore, to evaluate the strength of each firm, it is necessary to compare the commonalities and differences of technological positions.
{"title":"How do firms specialize? The technological positions of Chinese robotics firms","authors":"K. Kimura","doi":"10.1080/14765284.2022.2036577","DOIUrl":"https://doi.org/10.1080/14765284.2022.2036577","url":null,"abstract":"ABSTRACT This study analyses how firms sharpen technological specialization as they develop technologies. We investigate the technological positions of firms in the Chinese robotics industry, which has been rapidly growing in recent years. Using patent information for technological fields that firms focus on, firstly, we show that the technological positions of Chinese firms have been getting close to that of a Japanese first-mover firm in the same industry. Secondly, we examine the characteristics of the technological positions of Chinese firms and show that specialization consists of technologies which realize the basic functions of robots and those which improve the sophistication of products. Specialization generally means a strength rooting in narrower technological fields, but it is established as an expansive structure that straddles various technological fields. Therefore, to evaluate the strength of each firm, it is necessary to compare the commonalities and differences of technological positions.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"339 - 353"},"PeriodicalIF":2.0,"publicationDate":"2022-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46903744","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 : 2022-01-25DOI: 10.1080/14765284.2021.1977082
N. Apergis, M. Lau, Zezeng Li
ABSTRACT Developing countries suffer from shortages of electricity, posing a severe problem for industrial firms and giving them considerable incentives to access electricity resources through bribery. We investigate how firms’ revenues, sales and productivity are affected by payments of bribes to obtain electricity connections. We use ordinary least squares (OLS), quantile and instrumental variable (IV) quantile regression analysis. OLS estimates reveal a negative effect on sales and productivity and a positive impact on profitability, while quantile regression suggests a negative effect on sales across all quantiles and a positive effect on productivity at the lower quantile. Since this research shows that bribery may negatively influence productivity, it informs shareholders that bribery may be detrimental to their long-term benefits.
{"title":"Challenges for sustainable productivity in developing economies: shortage of energy and corruption","authors":"N. Apergis, M. Lau, Zezeng Li","doi":"10.1080/14765284.2021.1977082","DOIUrl":"https://doi.org/10.1080/14765284.2021.1977082","url":null,"abstract":"ABSTRACT Developing countries suffer from shortages of electricity, posing a severe problem for industrial firms and giving them considerable incentives to access electricity resources through bribery. We investigate how firms’ revenues, sales and productivity are affected by payments of bribes to obtain electricity connections. We use ordinary least squares (OLS), quantile and instrumental variable (IV) quantile regression analysis. OLS estimates reveal a negative effect on sales and productivity and a positive impact on profitability, while quantile regression suggests a negative effect on sales across all quantiles and a positive effect on productivity at the lower quantile. Since this research shows that bribery may negatively influence productivity, it informs shareholders that bribery may be detrimental to their long-term benefits.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"239 - 261"},"PeriodicalIF":2.0,"publicationDate":"2022-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45049243","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 : 2022-01-17DOI: 10.1080/14765284.2021.2024486
A. Hadfield
ABSTRACT Covid-19 has had the most profound impact at all levels: globally, nationally, and individually, across every sector imaginable. The ‘spectrum of responses’ represents an emerging structure that decision-makers have created and implanted, to help control the unpredictable nature of the pandemic. From shut down to lock down, from time and location-based unlocking, and back to full release, local and national communities alike have struggled – and some have succeeded – in their responses to Covid’s epidemiological impacts. Every state, every individual has been propelled back and forth along this spectrum, and the spectrum itself has been swiftly made, and overhauled by governments attempting to stay one step ahead of the spread, in lockstep with the swiftest developments in immunology and virology yet seen this century. But the spectrum cannot capture everything, including the tremendous economic and social impacts that Covid has had on societies, and indeed the most appropriate steps to take next.
{"title":"From pandemic to endemic? Learning lessons from a global contagion","authors":"A. Hadfield","doi":"10.1080/14765284.2021.2024486","DOIUrl":"https://doi.org/10.1080/14765284.2021.2024486","url":null,"abstract":"ABSTRACT Covid-19 has had the most profound impact at all levels: globally, nationally, and individually, across every sector imaginable. The ‘spectrum of responses’ represents an emerging structure that decision-makers have created and implanted, to help control the unpredictable nature of the pandemic. From shut down to lock down, from time and location-based unlocking, and back to full release, local and national communities alike have struggled – and some have succeeded – in their responses to Covid’s epidemiological impacts. Every state, every individual has been propelled back and forth along this spectrum, and the spectrum itself has been swiftly made, and overhauled by governments attempting to stay one step ahead of the spread, in lockstep with the swiftest developments in immunology and virology yet seen this century. But the spectrum cannot capture everything, including the tremendous economic and social impacts that Covid has had on societies, and indeed the most appropriate steps to take next.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"225 - 233"},"PeriodicalIF":2.0,"publicationDate":"2022-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42495359","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 : 2022-01-10DOI: 10.1080/14765284.2021.2024485
Majid Lateef, M. Riaz
ABSTRACT This study investigates the potential impact of China’s Belt and Road Initiative (BRI) on its agricultural exports. A gravity model was formulated to find the determinants of China’s agricultural exports. This model uses two measures of distance: Model 1A uses the great-circle measure of distance and Model 1B uses the existing real distance used between China and its trade partners. The determinants of both models are then used to simulate China’s pre-CPEC export potential in agricultural products. The results of Model 1B are then simulated, using the proposed real distance values to calculate China’s post-CPEC agricultural export potential. The findings for pre-CPEC exports show that a strong potential for agricultural exports exists for African, Middle Eastern, and other countries. The findings for post-CPEC trade show that there will be a tremendous increase in the export potential for African and Middle Eastern countries that can be attributed to BRI.
{"title":"Influence of CPEC–Flagship of Belt and Road Initiative on the agricultural trade of China","authors":"Majid Lateef, M. Riaz","doi":"10.1080/14765284.2021.2024485","DOIUrl":"https://doi.org/10.1080/14765284.2021.2024485","url":null,"abstract":"ABSTRACT This study investigates the potential impact of China’s Belt and Road Initiative (BRI) on its agricultural exports. A gravity model was formulated to find the determinants of China’s agricultural exports. This model uses two measures of distance: Model 1A uses the great-circle measure of distance and Model 1B uses the existing real distance used between China and its trade partners. The determinants of both models are then used to simulate China’s pre-CPEC export potential in agricultural products. The results of Model 1B are then simulated, using the proposed real distance values to calculate China’s post-CPEC agricultural export potential. The findings for pre-CPEC exports show that a strong potential for agricultural exports exists for African, Middle Eastern, and other countries. The findings for post-CPEC trade show that there will be a tremendous increase in the export potential for African and Middle Eastern countries that can be attributed to BRI.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"263 - 280"},"PeriodicalIF":2.0,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45734220","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: 10.1080/14765284.2021.2019446
Minghui Li, Chong Liu, Fang Zhang
ABSTRACT Against the backdrop of Sino-US trade friction, we use Chinese President Xi Jinping’s visit to rare earth companies as an exogenous event to investigate market investors’ pursuit effect, on 11 rare earth companies. We find that (1) Xi’s visit had an important signal effect, causing abnormal fluctuations in the stock prices and a significantly positive cumulative average abnormal return (CAAR) of the 11 companies . (2) After government political visits (GPV), firms located in developing regions, younger firms, firms with poor historical performance, and firms with high ownership concentration can generate higher cumulative excess returns than those in developed regions, more established firms, firms with better financial performance, and firms with lower ownership concentration. (3) Our findings can be interpreted from two perspectives: the information asymmetry between market investors and enterprises and the signal effects of GPV. Finally, we discuss policy recommendations from the perspective of information transfer and securities analysts.
{"title":"The effects of government political visits on sustainability of energy enterprises: evidence from rare earth companies in China","authors":"Minghui Li, Chong Liu, Fang Zhang","doi":"10.1080/14765284.2021.2019446","DOIUrl":"https://doi.org/10.1080/14765284.2021.2019446","url":null,"abstract":"ABSTRACT Against the backdrop of Sino-US trade friction, we use Chinese President Xi Jinping’s visit to rare earth companies as an exogenous event to investigate market investors’ pursuit effect, on 11 rare earth companies. We find that (1) Xi’s visit had an important signal effect, causing abnormal fluctuations in the stock prices and a significantly positive cumulative average abnormal return (CAAR) of the 11 companies . (2) After government political visits (GPV), firms located in developing regions, younger firms, firms with poor historical performance, and firms with high ownership concentration can generate higher cumulative excess returns than those in developed regions, more established firms, firms with better financial performance, and firms with lower ownership concentration. (3) Our findings can be interpreted from two perspectives: the information asymmetry between market investors and enterprises and the signal effects of GPV. Finally, we discuss policy recommendations from the perspective of information transfer and securities analysts.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"39 - 63"},"PeriodicalIF":2.0,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46838546","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 : 2021-12-30DOI: 10.1080/14765284.2021.2012387
Alvar Castello Esquerdo
ABSTRACT This research aims to study the determinant of Chinese technology FDI into Latin America, to identify the role of macroeconomic and institutional environment in their investment location choice, and to reveal the influence of key country-level effects. The results indicate that the host country’s economic development and the China-host country trade agreements positively influence Chinese technology investments, while the home economic growth of China might hinder them. These findings suggest a market-seeking motivation rather than the traditional resource-seeking one, whereas the institutional and cultural distance seems not deter Chinese technology investment into the region. Our findings suggest that Chinese OFDI toward Latin America is strongly driven by state-owned enterprises (SOEs) and thanks to the support of their government, maybe less concerned by the host country's institutional environment. This research contributes to a better understanding of the location decision-making of MNEs from emerging markets carrying out investments in others emerging economies.
{"title":"Determinants of technology investment from China into Latin America","authors":"Alvar Castello Esquerdo","doi":"10.1080/14765284.2021.2012387","DOIUrl":"https://doi.org/10.1080/14765284.2021.2012387","url":null,"abstract":"ABSTRACT This research aims to study the determinant of Chinese technology FDI into Latin America, to identify the role of macroeconomic and institutional environment in their investment location choice, and to reveal the influence of key country-level effects. The results indicate that the host country’s economic development and the China-host country trade agreements positively influence Chinese technology investments, while the home economic growth of China might hinder them. These findings suggest a market-seeking motivation rather than the traditional resource-seeking one, whereas the institutional and cultural distance seems not deter Chinese technology investment into the region. Our findings suggest that Chinese OFDI toward Latin America is strongly driven by state-owned enterprises (SOEs) and thanks to the support of their government, maybe less concerned by the host country's institutional environment. This research contributes to a better understanding of the location decision-making of MNEs from emerging markets carrying out investments in others emerging economies.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"213 - 238"},"PeriodicalIF":2.0,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46957749","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 : 2021-12-28DOI: 10.1080/14765284.2021.2021488
Jiandong Chen, Ping Wang, M. Gao, W. Hou, Hai-yu Liao
ABSTRACT Achieving carbon neutrality depends on carbon emission reduction and sequestration. However, research on vegetative carbon sequestration in China remains preliminary. In this study, we calculated the total carbon sequestration of terrestrial vegetation and that of different vegetation types in China from 2001–2019 using satellite data. Total vegetative carbon sequestration slowly increased but its increase was significantly lower than that of carbon emissions over the same period. Provinces with the strongest carbon sequestration capacity were mainly distributed in the south, whereas those with the lowest capacity were mainly in the west of Heihe-Tengchong Line. Woody grassland achieved the largest amount of carbon sequestration and grassland experienced the fastest growth. As sequestration ability varies by vegetation type and region, we suggest adopting a holistic regional approach that optimizes local vegetation growth environments, improves ecological compensation protection mechanisms (especially in urban areas) and develops other carbon sequestration pathways.
{"title":"Carbon sequestration capacity of terrestrial vegetation in China based on satellite data","authors":"Jiandong Chen, Ping Wang, M. Gao, W. Hou, Hai-yu Liao","doi":"10.1080/14765284.2021.2021488","DOIUrl":"https://doi.org/10.1080/14765284.2021.2021488","url":null,"abstract":"ABSTRACT Achieving carbon neutrality depends on carbon emission reduction and sequestration. However, research on vegetative carbon sequestration in China remains preliminary. In this study, we calculated the total carbon sequestration of terrestrial vegetation and that of different vegetation types in China from 2001–2019 using satellite data. Total vegetative carbon sequestration slowly increased but its increase was significantly lower than that of carbon emissions over the same period. Provinces with the strongest carbon sequestration capacity were mainly distributed in the south, whereas those with the lowest capacity were mainly in the west of Heihe-Tengchong Line. Woody grassland achieved the largest amount of carbon sequestration and grassland experienced the fastest growth. As sequestration ability varies by vegetation type and region, we suggest adopting a holistic regional approach that optimizes local vegetation growth environments, improves ecological compensation protection mechanisms (especially in urban areas) and develops other carbon sequestration pathways.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"109 - 124"},"PeriodicalIF":2.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46067884","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 : 2021-12-28DOI: 10.1080/14765284.2021.2021489
S. Shah, Ch. Mazhar Hussain, Muhammad Anwar
ABSTRACT Small and Medium Enterprises (SMEs) operating in China and Pakistan have shown great interest to participate in China-Pakistan Economic Corridor (CPEC). However, there is a dearth of reliable evidence on how SMEs can easily participate and get maximum benefits of the corridor. This research fills the gap by examining the influence of entrepreneurial orientation on the participation of CPEC through a sample of 211 Pakistani SMEs. The emphasis is placed on entrepreneurial orientation, rather than statutory regulations and governmental invention, to meet the desired objectives of CPEC. The results indicate that innovativeness, pro-activeness and risk-taking significantly facilitate SMEs towards CPEC while autonomy and competitive aggressiveness do not influence the perception of top managers/owners about CPEC. Our research recommends SMEs create entrepreneurial culture (specifically innovative, proactive and risk-taking) to gain benefits from export/imports arising CPEC. The findings also recommend policymakers initiate entrepreneurship programs and minimize regulations on internationalization among the SMEs..
{"title":"Does entrepreneurial orientation encourage Pakistani SMEs to participate in China-Pakistan economic corridor?","authors":"S. Shah, Ch. Mazhar Hussain, Muhammad Anwar","doi":"10.1080/14765284.2021.2021489","DOIUrl":"https://doi.org/10.1080/14765284.2021.2021489","url":null,"abstract":"ABSTRACT Small and Medium Enterprises (SMEs) operating in China and Pakistan have shown great interest to participate in China-Pakistan Economic Corridor (CPEC). However, there is a dearth of reliable evidence on how SMEs can easily participate and get maximum benefits of the corridor. This research fills the gap by examining the influence of entrepreneurial orientation on the participation of CPEC through a sample of 211 Pakistani SMEs. The emphasis is placed on entrepreneurial orientation, rather than statutory regulations and governmental invention, to meet the desired objectives of CPEC. The results indicate that innovativeness, pro-activeness and risk-taking significantly facilitate SMEs towards CPEC while autonomy and competitive aggressiveness do not influence the perception of top managers/owners about CPEC. Our research recommends SMEs create entrepreneurial culture (specifically innovative, proactive and risk-taking) to gain benefits from export/imports arising CPEC. The findings also recommend policymakers initiate entrepreneurship programs and minimize regulations on internationalization among the SMEs..","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"281 - 299"},"PeriodicalIF":2.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42522228","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 : 2021-11-29DOI: 10.1080/14765284.2021.2009999
Y. O. Erzurumlu, Giray Gozgor
ABSTRACT This paper examines the effects of economic policy uncertainty on final energy consumption per capita in the panel dataset of 72 countries from 1960 to 2016. Economic policy uncertainty is captured by the World Uncertainty Indices (WUI). We firstly utilize the panel unit root tests with cross-sectional dependence to confirm the stationarity of the series. Secondly, we run various estimation techniques, such as fixed-effects, random-effects, and feasible generalized least squares. The results indicate that income is positively related to energy demand. However, a higher energy price decreases energy consumption, and the WUI is also negatively associated with energy consumption. These findings are robust to exclude the oil-exporter and the Organisation for Economic Co-operation and Development countries from the panel dataset. Finally, the Machado-Santos Silva quantile regression estimations show that the related effects of the income, energy price and the WUI on energy demand are valid at the different quantiles.
{"title":"Effects of economic policy uncertainty on energy demand: evidence from 72 countries","authors":"Y. O. Erzurumlu, Giray Gozgor","doi":"10.1080/14765284.2021.2009999","DOIUrl":"https://doi.org/10.1080/14765284.2021.2009999","url":null,"abstract":"ABSTRACT This paper examines the effects of economic policy uncertainty on final energy consumption per capita in the panel dataset of 72 countries from 1960 to 2016. Economic policy uncertainty is captured by the World Uncertainty Indices (WUI). We firstly utilize the panel unit root tests with cross-sectional dependence to confirm the stationarity of the series. Secondly, we run various estimation techniques, such as fixed-effects, random-effects, and feasible generalized least squares. The results indicate that income is positively related to energy demand. However, a higher energy price decreases energy consumption, and the WUI is also negatively associated with energy consumption. These findings are robust to exclude the oil-exporter and the Organisation for Economic Co-operation and Development countries from the panel dataset. Finally, the Machado-Santos Silva quantile regression estimations show that the related effects of the income, energy price and the WUI on energy demand are valid at the different quantiles.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"23 - 38"},"PeriodicalIF":2.0,"publicationDate":"2021-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47168741","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 : 2021-11-12DOI: 10.1080/14765284.2021.2004350
Weiying Zhang
ABSTRACT It is commonly believed that market economy and common prosperity are conflict and that the income redistribution policy is needed to achieve common prosperity. This article shows that this common belief is wrong. I argue that market economy is the only way for common prosperity. China’s future development depends on our beliefs. If we lose our faith in the market and introduce more and more government intervention in the name of common prosperity, China can only move towards common poverty.
{"title":"Market economy and China’s “common prosperity” campaign","authors":"Weiying Zhang","doi":"10.1080/14765284.2021.2004350","DOIUrl":"https://doi.org/10.1080/14765284.2021.2004350","url":null,"abstract":"ABSTRACT It is commonly believed that market economy and common prosperity are conflict and that the income redistribution policy is needed to achieve common prosperity. This article shows that this common belief is wrong. I argue that market economy is the only way for common prosperity. China’s future development depends on our beliefs. If we lose our faith in the market and introduce more and more government intervention in the name of common prosperity, China can only move towards common poverty.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"323 - 337"},"PeriodicalIF":2.0,"publicationDate":"2021-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42051554","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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