Pub Date : 2015-03-04DOI: 10.1080/10971475.2014.993221
Xiaoming Feng
As an innovative form of social organization, the charitable foundation is a new phenomenon in the People’s Republic of China. Since 2004, when the new Regulations on Administration of Foundations were promulgated, the charitable foundation sector has experienced rapid growth. However, compared to its potential and the important role the foundation sector can play in China’s social development, a more favorable institutional and legal environment should be considered to boost the expansion of charitable foundations. Because government policies are vital in shaping the landscape of the civil sector in China, this article will focus on how government policies can help create a conducive legal and institutional environment for the expansion of private foundations. Specifically, administrative barriers and tax incentives are extensively discussed. In doing so, experiences from other countries, especially the United States, will be discussed to serve as a reference as well as a model of best practice.
{"title":"China’s Charitable Foundations: Development and Policy-Related Issues","authors":"Xiaoming Feng","doi":"10.1080/10971475.2014.993221","DOIUrl":"https://doi.org/10.1080/10971475.2014.993221","url":null,"abstract":"As an innovative form of social organization, the charitable foundation is a new phenomenon in the People’s Republic of China. Since 2004, when the new Regulations on Administration of Foundations were promulgated, the charitable foundation sector has experienced rapid growth. However, compared to its potential and the important role the foundation sector can play in China’s social development, a more favorable institutional and legal environment should be considered to boost the expansion of charitable foundations. Because government policies are vital in shaping the landscape of the civil sector in China, this article will focus on how government policies can help create a conducive legal and institutional environment for the expansion of private foundations. Specifically, administrative barriers and tax incentives are extensively discussed. In doing so, experiences from other countries, especially the United States, will be discussed to serve as a reference as well as a model of best practice.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"130 - 154"},"PeriodicalIF":2.0,"publicationDate":"2015-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2014.993221","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667617","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 : 2015-03-04DOI: 10.1080/10971475.2015.993228
Francisco Urdínez, G. Masiero
China’s Protocol of Accession to the World Trade Organization, signed on December 2001, allowed other country members to consider China as a Non-Market Economy (NME) until the end of 2016. The aim of this article is to answer the following question: Can the Market Economy Status (MES) Recognition be measured in its compliance? The proxy used for that compliance was the number of antidumping investigations initiated per country. The expectation is that countries recognizing Chinese MES would initiate fewer antidumping investigations than countries still treating China as a NME. This would explain why the Chinese government has been campaigning vigorously since 2001 to gain MES among its economic partners. Using count-models, we demonstrate that MES had a positive impact in reducing the number of antidumping investigations against Chinese products.
{"title":"China and the WTO: Will the Market Economy Status Make Any Difference after 2016?","authors":"Francisco Urdínez, G. Masiero","doi":"10.1080/10971475.2015.993228","DOIUrl":"https://doi.org/10.1080/10971475.2015.993228","url":null,"abstract":"China’s Protocol of Accession to the World Trade Organization, signed on December 2001, allowed other country members to consider China as a Non-Market Economy (NME) until the end of 2016. The aim of this article is to answer the following question: Can the Market Economy Status (MES) Recognition be measured in its compliance? The proxy used for that compliance was the number of antidumping investigations initiated per country. The expectation is that countries recognizing Chinese MES would initiate fewer antidumping investigations than countries still treating China as a NME. This would explain why the Chinese government has been campaigning vigorously since 2001 to gain MES among its economic partners. Using count-models, we demonstrate that MES had a positive impact in reducing the number of antidumping investigations against Chinese products.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"155 - 172"},"PeriodicalIF":2.0,"publicationDate":"2015-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993228","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59668088","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 : 2015-03-04DOI: 10.1080/10971475.2015.993215
H. Anderson, J. Chi, Q. Wang
We study IPO underpricing and long-run performance of ChiNext, a newly-established Growth Enterprise Board in China. Using a sample of 281 ChiNext IPOs during October 2009–December 2011, we find the initial average market adjusted abnormal return (MAAR) is 33.5 percent. The average 12-month buy-and-hold abnormal return (BHAR) is −45.7 percent for those IPOs listed prior to 2011. Although the average MAARs of ChiNext is significantly higher than IPOs listed on the Main Board, it is not significantly different from the Small and Medium Enterprise (SME) Board IPOs during the sample period. However, the ChiNext average BHARs are significantly lower than those on both the SME and Main Boards. Regression findings support the information asymmetry hypothesis (high uncertainty of ChiNext IPOs) and the behavioral theory (market sentiment) on underpricing for ChiNext IPOs, and we find that ChiNext IPO underperformances are consistent with the significant deterioration of their operating performance after listing and investors’ speculative trading behavior on these new issues.
{"title":"IPO Performance on China’s Newest Stock Market (ChiNext)","authors":"H. Anderson, J. Chi, Q. Wang","doi":"10.1080/10971475.2015.993215","DOIUrl":"https://doi.org/10.1080/10971475.2015.993215","url":null,"abstract":"We study IPO underpricing and long-run performance of ChiNext, a newly-established Growth Enterprise Board in China. Using a sample of 281 ChiNext IPOs during October 2009–December 2011, we find the initial average market adjusted abnormal return (MAAR) is 33.5 percent. The average 12-month buy-and-hold abnormal return (BHAR) is −45.7 percent for those IPOs listed prior to 2011. Although the average MAARs of ChiNext is significantly higher than IPOs listed on the Main Board, it is not significantly different from the Small and Medium Enterprise (SME) Board IPOs during the sample period. However, the ChiNext average BHARs are significantly lower than those on both the SME and Main Boards. Regression findings support the information asymmetry hypothesis (high uncertainty of ChiNext IPOs) and the behavioral theory (market sentiment) on underpricing for ChiNext IPOs, and we find that ChiNext IPO underperformances are consistent with the significant deterioration of their operating performance after listing and investors’ speculative trading behavior on these new issues.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"113 - 87"},"PeriodicalIF":2.0,"publicationDate":"2015-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993215","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59668028","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 : 2015-01-02DOI: 10.1080/10971475.2015.993174
Shunfeng Song
After more than three decades of economic reforms and opening-up, China has become the second largest economy in the world, after the United States of America. In terms of per capita GDP, China now is an upper-middle income country. According to the World Bank, China’s per capita GDP, measured in current U.S. dollars, increased from $1,274 in 2003 to $6,091 in 2012 and China’s ranking moved from 125 in 2003 up to 79 in 2012 (World Bank, 2014). Similar to many other middle-income countries, China faces significant challenges, including income inequality, regional disparity, rural-urban divide, food safety, environmental pollution, urban congestion, political corruption, and social disorder (Lu, 2011). Therefore, it is important for scholars to study the new challenges and provide insightful policy recommendations for China’s future development. This special issue collects five articles that focus on China’s income inequality, food safety, urban congestion, intellectual property right protection, and China’s transformation. The first article, “Empirical Analysis on the Marketization Process and the Urban Resident’s Income Gap in China,” by Heng Liu and Zhihong Zhao, examined the influence of marketization on income disparity. The marketization process in each province is measured by the market index from 1997 to 2009, developed by Fan, Wang, and Zhu (2011). Income disparity is measured by the Gini coefficient of urban residents’ income. The authors argued that China’s economic growth benefits from market-oriented reform but the income gap runs parallel with market-oriented reform. Therefore, it is important to understand the relationship between the marketization process and the income gap. Using data from 1997 to 2010, the paper found that China’s Gini coefficient of urban resident income increased from 0.22 to 0.31, a growth rate of over 42 percent. If rural residents were included, the Gini coefficient would become much larger. The paper concluded that the
经过30多年的改革开放，中国已成为仅次于美国的世界第二大经济体。按人均国内生产总值计算，中国已进入中高收入国家行列。根据世界银行的数据，中国的人均GDP(以当前美元计算)从2003年的1274美元增加到2012年的6091美元，中国的排名从2003年的125上升到2012年的79(世界银行，2014)。与许多其他中等收入国家类似，中国面临着巨大的挑战，包括收入不平等、地区差距、城乡差距、食品安全、环境污染、城市拥堵、政治腐败和社会混乱(Lu, 2011)。因此，学者们研究这些新的挑战，并为中国未来的发展提供有见地的政策建议是非常重要的。本期特刊收录了五篇文章，聚焦中国的收入不平等、食品安全、城市拥堵、知识产权保护和中国转型。第一篇文章《市场化进程与中国城镇居民收入差距的实证分析》，作者刘恒、赵志宏考察了市场化对收入差距的影响。各省的市场化进程由Fan, Wang, and Zhu(2011)开发的1997 - 2009年的市场指数来衡量。收入差距是用城市居民收入的基尼系数来衡量的。作者认为，中国的经济增长得益于市场化改革，但收入差距与市场化改革并行。因此，了解市场化进程与收入差距之间的关系具有重要意义。利用1997年至2010年的数据，该论文发现，中国城镇居民收入的基尼系数从0.22上升到0.31，增长率超过42%。如果包括农村居民，基尼系数会大得多。论文的结论是
{"title":"Challenges to China after Becoming an Upper-Middle Income Country","authors":"Shunfeng Song","doi":"10.1080/10971475.2015.993174","DOIUrl":"https://doi.org/10.1080/10971475.2015.993174","url":null,"abstract":"After more than three decades of economic reforms and opening-up, China has become the second largest economy in the world, after the United States of America. In terms of per capita GDP, China now is an upper-middle income country. According to the World Bank, China’s per capita GDP, measured in current U.S. dollars, increased from $1,274 in 2003 to $6,091 in 2012 and China’s ranking moved from 125 in 2003 up to 79 in 2012 (World Bank, 2014). Similar to many other middle-income countries, China faces significant challenges, including income inequality, regional disparity, rural-urban divide, food safety, environmental pollution, urban congestion, political corruption, and social disorder (Lu, 2011). Therefore, it is important for scholars to study the new challenges and provide insightful policy recommendations for China’s future development. This special issue collects five articles that focus on China’s income inequality, food safety, urban congestion, intellectual property right protection, and China’s transformation. The first article, “Empirical Analysis on the Marketization Process and the Urban Resident’s Income Gap in China,” by Heng Liu and Zhihong Zhao, examined the influence of marketization on income disparity. The marketization process in each province is measured by the market index from 1997 to 2009, developed by Fan, Wang, and Zhu (2011). Income disparity is measured by the Gini coefficient of urban residents’ income. The authors argued that China’s economic growth benefits from market-oriented reform but the income gap runs parallel with market-oriented reform. Therefore, it is important to understand the relationship between the marketization process and the income gap. Using data from 1997 to 2010, the paper found that China’s Gini coefficient of urban resident income increased from 0.22 to 0.31, a growth rate of over 42 percent. If rural residents were included, the Gini coefficient would become much larger. The paper concluded that the","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"885 1","pages":"1 - 4"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993174","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667648","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 : 2015-01-02DOI: 10.1080/10971475.2015.993180
Heng Liu, Zhi-Min Zhao
The debate on the relationship between China’s income gap and marketization is ongoing. The influences that different modes and aspects of the marketization process have on the income gap have been theoretically analyzed in this article. From the empirical aspect, the statistical yearbook data of various provinces are used to calculate the Gini coefficient of urban residents’ disposable incomes from 1997 to 2010, and then to investigate the effects of the marketization process and other factors on the income gap. The empirical results confirm the theoretical hypothesis: The overall effect of marketization is to narrow the income gap significantly. The empirical analysis also shows that the main reasons for China’s increasingly expanding income gap lie in the promotion of education and in insufficient employment opportunities. This indicates that the human capital of the employed and market risk have become crucial factors affecting China’s income distribution. The influence of the aging population structure transition, economic growth, and other factors impacting the income gap is investigated. Corresponding policy recommendations on how to narrow the income gap are proposed.
{"title":"Empirical Analysis on the Marketization Process and the Urban Resident’s Income Gap in China","authors":"Heng Liu, Zhi-Min Zhao","doi":"10.1080/10971475.2015.993180","DOIUrl":"https://doi.org/10.1080/10971475.2015.993180","url":null,"abstract":"The debate on the relationship between China’s income gap and marketization is ongoing. The influences that different modes and aspects of the marketization process have on the income gap have been theoretically analyzed in this article. From the empirical aspect, the statistical yearbook data of various provinces are used to calculate the Gini coefficient of urban residents’ disposable incomes from 1997 to 2010, and then to investigate the effects of the marketization process and other factors on the income gap. The empirical results confirm the theoretical hypothesis: The overall effect of marketization is to narrow the income gap significantly. The empirical analysis also shows that the main reasons for China’s increasingly expanding income gap lie in the promotion of education and in insufficient employment opportunities. This indicates that the human capital of the employed and market risk have become crucial factors affecting China’s income distribution. The influence of the aging population structure transition, economic growth, and other factors impacting the income gap is investigated. Corresponding policy recommendations on how to narrow the income gap are proposed.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"21 - 5"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993180","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667665","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 : 2015-01-02DOI: 10.1080/10971475.2015.993182
P. Xu, Zhigang Wang, Shunfeng Song
Pork is the most preferred meat for the Chinese, representing 64 percent of the national animal protein consumption in 2011. Severe pork contaminations have caused the loss of 1,700 lives, weakened consumer confidence, and plagued China’s already inefficient pork supply system. This study examines Chinese consumers’ attitudes toward the government-issued Quality and Safety Certificate (the QS label). We applied a three-stage adoption framework and focused on the impact of self-perceived opinion leadership, pork-related health risk knowledge, consumption frequency, retailers visited, price concerns, and demographic factors related to the awareness, use, and valuation of the QS label. Results from a univariate profit model show that 1) opinion leadership status is the only factor that positively affects all three stages of adoption; 2) pork health risk knowledge only contributes to the second stage of how the label is used; 3) education and spouse participation in decision making positively affects the awareness of the label; and 4) frequent pork consumers tend to perceive the label as useful. The results suggest that, due to the increased awareness and improved acceptance of labeled pork by more knowledgeable consumers, private firms and the government stand to benefit from improvements in comprehensive pork safety control in China.
{"title":"Opinion Leadership and Chinese Consumers’ Attitudes Toward Pork with a Quality and Safety Label","authors":"P. Xu, Zhigang Wang, Shunfeng Song","doi":"10.1080/10971475.2015.993182","DOIUrl":"https://doi.org/10.1080/10971475.2015.993182","url":null,"abstract":"Pork is the most preferred meat for the Chinese, representing 64 percent of the national animal protein consumption in 2011. Severe pork contaminations have caused the loss of 1,700 lives, weakened consumer confidence, and plagued China’s already inefficient pork supply system. This study examines Chinese consumers’ attitudes toward the government-issued Quality and Safety Certificate (the QS label). We applied a three-stage adoption framework and focused on the impact of self-perceived opinion leadership, pork-related health risk knowledge, consumption frequency, retailers visited, price concerns, and demographic factors related to the awareness, use, and valuation of the QS label. Results from a univariate profit model show that 1) opinion leadership status is the only factor that positively affects all three stages of adoption; 2) pork health risk knowledge only contributes to the second stage of how the label is used; 3) education and spouse participation in decision making positively affects the awareness of the label; and 4) frequent pork consumers tend to perceive the label as useful. The results suggest that, due to the increased awareness and improved acceptance of labeled pork by more knowledgeable consumers, private firms and the government stand to benefit from improvements in comprehensive pork safety control in China.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"41 - 56"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993182","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667733","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 : 2015-01-02DOI: 10.1080/10971475.2015.993181
Xue-Bin Dong, Huitian Zhu, Charlotte Hu
Recently, creative industries have clustered in medium and large cities. Based on data from the provincial economic census, this article applies the method of exploratory spatial data analysis (ESDA) to investigate the spatial correlation of the creative economy in China, thereby, shedding light on spatial dependence patterns and spatial interactions. The empirical result shows that there is a spatial correlation and an obvious agglomeration effect. The protection of intellectual property rights (IPRs) has a positive effect on the agglomeration of creative industries. This result is robust against various estimation methods. Besides the protection of IPRs, many other elements influence the agglomeration of creative industries. We find that the real wage, which has been considered the most important determinant for industry agglomeration in the classical literature, has a positive but insignificant effect on the agglomeration of creative industries. The estimated coefficients for the level of marketization and cultural endowment are significant and positive.
{"title":"Protection of Intellectual Property Rights and Industrial Agglomeration: Evidence From the Creative Industries in China","authors":"Xue-Bin Dong, Huitian Zhu, Charlotte Hu","doi":"10.1080/10971475.2015.993181","DOIUrl":"https://doi.org/10.1080/10971475.2015.993181","url":null,"abstract":"Recently, creative industries have clustered in medium and large cities. Based on data from the provincial economic census, this article applies the method of exploratory spatial data analysis (ESDA) to investigate the spatial correlation of the creative economy in China, thereby, shedding light on spatial dependence patterns and spatial interactions. The empirical result shows that there is a spatial correlation and an obvious agglomeration effect. The protection of intellectual property rights (IPRs) has a positive effect on the agglomeration of creative industries. This result is robust against various estimation methods. Besides the protection of IPRs, many other elements influence the agglomeration of creative industries. We find that the real wage, which has been considered the most important determinant for industry agglomeration in the classical literature, has a positive but insignificant effect on the agglomeration of creative industries. The estimated coefficients for the level of marketization and cultural endowment are significant and positive.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"22 - 40"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993181","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667672","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 : 2015-01-02DOI: 10.1080/10971475.2015.993206
Hui Zhao, Jiangnan Zhu
China is facing a crucial turning point in its sociopolitical development with the recent turnover of the leadership and the potential of further reform carried out by the new administration. To shed light on the future of China, this research compares the United States between 1789 and 1917 with China between 1949 and 2012. We examine the social impetus, economic roots, and political logic of the great transformations of the two countries. Through the lens of American history, we argue, first, that social discontent in the short run may push structural reform forward. Second, to transform the passive, piecemeal, and unpredictable reform into a proactive, systematic, and integral reform, we propose that China must build social consensus and a strong middle class.
{"title":"Social Impetus, Economic Roots, and Political Logic: China’s Transformation Through the Lens of American History","authors":"Hui Zhao, Jiangnan Zhu","doi":"10.1080/10971475.2015.993206","DOIUrl":"https://doi.org/10.1080/10971475.2015.993206","url":null,"abstract":"China is facing a crucial turning point in its sociopolitical development with the recent turnover of the leadership and the potential of further reform carried out by the new administration. To shed light on the future of China, this research compares the United States between 1789 and 1917 with China between 1949 and 2012. We examine the social impetus, economic roots, and political logic of the great transformations of the two countries. Through the lens of American history, we argue, first, that social discontent in the short run may push structural reform forward. Second, to transform the passive, piecemeal, and unpredictable reform into a proactive, systematic, and integral reform, we propose that China must build social consensus and a strong middle class.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"68 - 84"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993206","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667308","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 : 2015-01-02DOI: 10.1080/10971475.2015.993200
Shunfeng Song
Over the past two decades, China has experienced a dramatic increase in auto ownership and use, with the number of privately owned vehicles increasing more than 70 folds in twenty years, from 0.82 million in 1990 to 59.39 million in 2010. Urban roads in major Chinese cities have, thus, become much more congested. Congestion pricing, theoretically, helps to internalize traffic externalities and reduce congestion. Practically, it has been implemented in a number of countries. This article presents the economic theory of congestion pricing and discusses international practices of congestion pricing. Based on the theory and practices, the article proposes implications for China and argues that China should consider implementing congestion pricing to combat traffic congestion in major cities.
{"title":"Should China Implement Congestion Pricing?","authors":"Shunfeng Song","doi":"10.1080/10971475.2015.993200","DOIUrl":"https://doi.org/10.1080/10971475.2015.993200","url":null,"abstract":"Over the past two decades, China has experienced a dramatic increase in auto ownership and use, with the number of privately owned vehicles increasing more than 70 folds in twenty years, from 0.82 million in 1990 to 59.39 million in 2010. Urban roads in major Chinese cities have, thus, become much more congested. Congestion pricing, theoretically, helps to internalize traffic externalities and reduce congestion. Practically, it has been implemented in a number of countries. This article presents the economic theory of congestion pricing and discusses international practices of congestion pricing. Based on the theory and practices, the article proposes implications for China and argues that China should consider implementing congestion pricing to combat traffic congestion in major cities.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":"48 1","pages":"57 - 67"},"PeriodicalIF":2.0,"publicationDate":"2015-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10971475.2015.993200","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59667744","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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