Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Sachs
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Sachs
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: China's Economic Growth After WTO Membership
Abstract:
We assess the prospects of China's future growth performance in two
steps. The first step is to project the potential growth path by
determining whether past successes were generated by economic
experimentation that produced non-capitalist institutional innovations
(e.g. incentive contracts to state enterprises, profit-oriented
supervision by state industrial bureaux, collectively-owned rural
enterprises), or by institutional convergence toward the advanced WTO
economies like France, Japan and the United States - two interpretations
known respectively as the experimentalist school and the convergence
school. Because WTO membership would harmonise China's economic
institutions with those of capitalist economies and reduce the scope for
experimentation, the experimentalist school would project a lower
potential growth path than the convergence school. The fact that China has
sought WTO membership voluntarily and with great tenacity is recognition
of the correctness of the convergence interpretation. The second step in
assessing China's growth prospects is to project the extent and duration
that actual growth would deviate from potential growth. We assess the
possibility of a WTO-induced macroeconomic shock that would generate such
great political turmoil that prolonged economic stagnation would result.
This macroeconomic shock could take two forms: a flood of imports that
would cause widespread unemployment; and the entry of foreign banks that
would bankrupt the domestic banks, and hence shut down the national credit
system, crippling production economy-wide. Our main conclusions are that
the government has the technical means to avert such this WTO-induced
macroeconomic shock, and that the real threat to macroeconomic stability
is China's weak fiscal position.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-31
Issue: 1
Volume: 1
Year: 2003
Keywords: Fragile Financial System, Fiscal Crisis, Convergence School, Experimentalist School,
X-DOI: 10.1080/1476528032000039721
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039721
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:1-31
Template-Type: ReDIF-Article 1.0
Author-Name: Xiao-Ming Li
Author-X-Name-First: Xiao-Ming
Author-X-Name-Last: Li
Title: Time-varying Informational Efficiency in China's A-Share and B-Share Markets
Abstract:
This paper employs a time-varying framework to examine the informational
efficiency of China's A-share and B-share markets, with a focus placed on
the following issues: changing weak-form efficiency, the leverage effect,
and information transmission in return volatility. We find that the
A-share markets perform better than the B-share markets in terms of
efficiency-improving; significant leverage effects exist in three of four
markets but with different signs; and no weak and strong volatility
transmissions characterise different pairs of markets. Market segmentation
is also documented, as evidenced by no co-movements in the long-run
behaviour of the four Chinese share markets.
Journal: Journal of Chinese Economic and Business Studies
Pages: 33-56
Issue: 1
Volume: 1
Year: 2003
Keywords: A Shares, B Shares, Weak-form Efficiency, Return Volatility, China,
X-DOI: 10.1080/1476528032000039730
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039730
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:33-56
Template-Type: ReDIF-Article 1.0
Author-Name: Eric Girardin
Author-X-Name-First: Eric
Author-X-Name-Last: Girardin
Author-Name: Zhenya Liu
Author-X-Name-First: Zhenya
Author-X-Name-Last: Liu
Title: The Chinese Stock Market: A Casino with 'Buffer Zones'?
Abstract:
This paper uses Markov-switching techniques to examine the presence of
different market conditions on the Shanghai A-share market since the start
of active trading in the mid-1990s. The originality of the paper lies in
the identification of three contrasting regimes: a speculative market, a
bull market and a bear market. Overall, the 'Casino' character of the
Chinese stock market is the main feature that is substantiated by the
present paper. However, the bull market regime is always a buffer zone
between the other two regimes. After early 1997, an investor with a weekly
horizon most of the time finds herself in the bear market and makes
capital losses. Only during very short periods of 'luck' does she make
substantial capital gains, which on average will compensate her for the
losses.
Journal: Journal of Chinese Economic and Business Studies
Pages: 57-70
Issue: 1
Volume: 1
Year: 2003
Keywords: Markov-switching, Chinese Stock Market,
X-DOI: 10.1080/1476528032000039749
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039749
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:57-70
Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Author-Name: Zongyi Zhang
Author-X-Name-First: Zongyi
Author-X-Name-Last: Zhang
Title: Openness and Economic Performance: A Comparative Study of China and the Asian NIEs
Abstract:
Being the world's largest developing economy, China's successful economic
performance since 1978 has had a powerful impact on the global economy.
Its open policy features an evolutionary process, involving the gradual
liberalization of foreign exchange, international trade and foreign direct
investments. This paper evaluates how this evolutionary process has
contributed to China's economic success in comparison with the development
experiences of the Asian newly industrialized economies (NIEs). It
concludes that despite the economic crisis in 1997-98, China and the NIEs
represent a successful development model, which is built upon openness and
huge investments in physical and human capital.
Journal: Journal of Chinese Economic and Business Studies
Pages: 71-95
Issue: 1
Volume: 1
Year: 2003
Keywords: Openness, China, Asian Nies,
X-DOI: 10.1080/1476528032000039758
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039758
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:71-95
Template-Type: ReDIF-Article 1.0
Author-Name: Jikun Huang
Author-X-Name-First: Jikun
Author-X-Name-Last: Huang
Author-Name: Scott Rozelle
Author-X-Name-First: Scott
Author-X-Name-Last: Rozelle
Author-Name: Yuping Xie
Author-X-Name-First: Yuping
Author-X-Name-Last: Xie
Title: Distortions at the Border; Integration Inland: Assessing the Effect of WTO Accession on China's Agriculture
Abstract:
The main goal of the paper is to address the impact of the WTO on China's
agricultural sector. To accomplish this goal we address two sets of
issues. First, we seek to provide measures of the distortions in China's
agricultural sector at a time prior to the nation's accession to WTO. This
is accomplished by estimating the nominal rates of protection (NPRs) of
the agricultural sector's major commodities using a new methodology to
account for grain quality differences within China and between China and
the world market. Second, we seek to assess how well integrated China's
markets are in order to understand which areas of the country and which
segments of the farming population will likely be isolated from, or
affected by, the changes that WTO will bring. We find that NPRs differ
among commodities. Some of China's agricultural commodities are well above
and others are well below world market prices. We also find that if
increased imports or exports affect China's domestic price at the border,
its own domestic markets are mostly integrated so that price shifts in one
area will affect prices in most of the rest of China. Our analysis finds,
however, that a number of policy and structural factors limit the overall
size of the shock.
Journal: Journal of Chinese Economic and Business Studies
Pages: 97-116
Issue: 1
Volume: 1
Year: 2003
Keywords: Wto Accession, Nominal Rates Of Protection, Integration, Impacts, China,
X-DOI: 10.1080/1476528032000039767
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039767
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:97-116
Template-Type: ReDIF-Article 1.0
Author-Name: Ziping Wu
Author-X-Name-First: Ziping
Author-X-Name-Last: Wu
Author-Name: Ken Thomson
Author-X-Name-First: Ken
Author-X-Name-Last: Thomson
Title: Changes in Chinese Competitiveness in Major Food Products: Implications for WTO Membership
Abstract:
Chinese entry to the WTO in December 2001 marks a new phase in
agricultural trade, both nationally and globally. After a context review
of Chinese agriculture and WTO-related policy issues, this paper first
uses a Balassa index approach to examine China's relative competitiveness
in some major food products over the period since 1985, followed by an
analysis of price-cost ratios and production cost structures for these
products. It is found that China has revealed comparative advantages in
meat products but disadvantages in cereals. With limited land resources,
its production and trade competitiveness has declined despite rapid
substitution of capital for labour, due to a marked rise in relative
labour price in agriculture. In the long run, it is expected that WTO
membership will boost Chinese agricultural trade, but its impact on
competitiveness will probably depend more on production costs, and will
differ between crops and animal products.
Journal: Journal of Chinese Economic and Business Studies
Pages: 117-130
Issue: 1
Volume: 1
Year: 2003
Keywords: Chinese Agriculture, Competitiveness, Wto, Production Costs,
X-DOI: 10.1080/1476528032000039776
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039776
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:117-130
Template-Type: ReDIF-Article 1.0
Author-Name: Dai Xianglong
Author-X-Name-First: Dai
Author-X-Name-Last: Xianglong
Title: China Development Forum 2002 Minister's Speech: Developing China's Capital Market and Speeding Up Banking Reform
Abstract:
In this ministerial speech to the China Development Forum in Beijing,
March 2002, I emphasise the importance of the People's Bank of China in
implementing sound monetary policy and strengthening financial support for
economic development. For these purposes China's capital market needs to
be further developed to increase the share of direct financing, and
state-owned commercial banks need to be reformed to establish appropriate
incentives for loan marketing as well as internal control.
Journal: Journal of Chinese Economic and Business Studies
Pages: 131-135
Issue: 1
Volume: 1
Year: 2003
Keywords: Monetary Policy Transmission, Capital Market Development, Commercial Bank Reform, China,
X-DOI: 10.1080/1476528032000039785
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:131-135
Template-Type: ReDIF-Article 1.0
Author-Name: C. A. E. Goodhart
Author-X-Name-First: C. A. E.
Author-X-Name-Last: Goodhart
Title: China's Financial Development
Abstract:
At the China Development Forum in Beijing, March 2002, I was asked to be
discussant to Governor Dai Xianlong, but his paper, as in most cases, was
not made available beforehand, so my own comments had to be made
independently. Following that event, I can now remark on the Forum as well
as reproducing my discussant paper. In this latter, I emphasize the
importance of developing professional skills, greater competition and the
application, through regulation, of appropriate incentives for the
continued improvement of China's financial system.
Journal: Journal of Chinese Economic and Business Studies
Pages: 137-142
Issue: 1
Volume: 1
Year: 2003
Keywords: China's Financial System, Professional Skills, Competition, Regulation, Incentive Application,
X-DOI: 10.1080/1476528032000039794
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000039794
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:1:p:137-142
Template-Type: ReDIF-Article 1.0
Author-Name: Guy Shaojia Liu
Author-X-Name-First: Guy Shaojia
Author-X-Name-Last: Liu
Author-Name: Haiyan Song
Author-X-Name-First: Haiyan
Author-X-Name-Last: Song
Title: A Dual-Price Demand Theory for Economies under Transition
Abstract:
China adopted a dual-price system shortly after the economic reform
started in 1978 to liberalise its price control. This led to the
coexistence of both plan and market prices for an identical good in the
economy. The conventional demand theory developed based on the pure market
economies is not useful in explaining consumers' behaviour in the
transitional economies such as China in which both plan and market prices
are prevalent. This study develops an alternative demand theory for a
dual-price (or dual-track) economy and derives the dual-price Slusky
equation that identifies a replacement effect of price liberalisation.
This demand theory distinguishes itself from the conventional demand
theory and explains the ways in which consumers respond to the price
liberalisation during the reform period. The new demand theory shows that
the gradual approach to reform is superior to the 'Big Bang' approach in
terms of reducing the 'corrected inflation' during the transition period.
The new theory also suggests that the price elasticity of demand is higher
in the dual-track system than that in a full market economy, implying that
the price elasticity diminishes over the process of price liberalisation.
This theory is tested using the Chinese aggregate consumption data.
Journal: Journal of Chinese Economic and Business Studies
Pages: 185-203
Issue: 2
Volume: 1
Year: 2003
Keywords: Dual-Track Demand Theory, Transition Economies, Price Elasticity,
X-DOI: 10.1080/1476528032000066703F
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703F
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:185-203
Template-Type: ReDIF-Article 1.0
Author-Name: Paul Crompton
Author-X-Name-First: Paul
Author-X-Name-Last: Crompton
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Title: Bayesian Vector Autoregression Forecasts of Chinese Steel Consumption
Abstract:
China consumed 116 million tonnes of steel in 2000, making it the largest
consumer of steel in the world. China differs fundamentally from other
countries at similar levels of economic development in that the secondary
sector, the traditional consumer of steel products, already accounts for a
significant proportion of domestic production. This suggests that little
of any future growth in China's steel consumption will result from further
rises in the 'steel intensity' of domestic production. Rather, growth in
GDP will be the driving force behind future growth in steel consumption.
This paper uses a macroeconomic Bayesian vector autoregression model to
forecast steel consumption in China to 2010. This technique uses
historical correlations among the variables in a system of equations and
Bayesian priors on the estimated parameters, to introduce more flexibility
into the forecasting process and align the models closer in nature to
structural commodity market models. The forecasts suggest that steel
consumption in China will rise from 116 million tonnes in 2000 to around
182 million tonnes in 2010.
Journal: Journal of Chinese Economic and Business Studies
Pages: 205-219
Issue: 2
Volume: 1
Year: 2003
Keywords: China, Steel Consumption, Bayesian Vector Autoregression,
X-DOI: 10.1080/1476528032000066703E
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703E
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:205-219
Template-Type: ReDIF-Article 1.0
Author-Name: Yue Ma
Author-X-Name-First: Yue
Author-X-Name-Last: Ma
Author-Name: Shu Kam Lee
Author-X-Name-First: Shu Kam
Author-X-Name-Last: Lee
Author-Name: Hing Lin Chan
Author-X-Name-First: Hing Lin
Author-X-Name-Last: Chan
Title: Estimating Firm Behavior under Rationing: a Panel Data Study of the Chinese Manufacturing Industry
Abstract:
The purpose of this paper is to investigate the impacts of rationing on
firm behavior. A virtual price approach is adopted to derive the rationed
elasticities of variable input demands and output supply under a translog
profit function. To illustrate the difference between the rationed and
unrationed elasticities, we conduct an analysis using a firm-level annual
survey data of China over the period 1985-88. Our estimation results
indicate that the values of most elasticities would have been affected
significantly if the government had imposed rationing on material inputs.
The behavior of Chinese firms would have been seriously distorted in a
complicated way. The firms would have over-responded to market signals in
making some of their input or output decisions and, at the same time,
might have under-reacted, or would have not changed their reaction, in
making the other input or output decisions, under a rationing regime.
Journal: Journal of Chinese Economic and Business Studies
Pages: 221-244
Issue: 2
Volume: 1
Year: 2003
Keywords: Rationing, Virtual Prices, Translog, Panel Data, China,
X-DOI: 10.1080/1476528032000066703D
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703D
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:221-244
Template-Type: ReDIF-Article 1.0
Author-Name: Shi Li
Author-X-Name-First: Shi
Author-X-Name-Last: Li
Author-Name: Yaohui Zhao
Author-X-Name-First: Yaohui
Author-X-Name-Last: Zhao
Title: The Decline of In-kind Wage Payments in Urban China
Abstract:
Chinese collective and state-owned enterprises have tended to
over-compensate their employees. Using payments in kind as an example,
this paper examines why and how firms engage in such 'irrational'
behavior. In-kind payments (payments made in terms of consumer goods) used
to be an important aspect of urban life in China - 68% of our sample
workers received payments in kind in 1988. The ratio declined to only 10%
in 1999. In explaining the prevalence of in-kind payment in the 1980s and
the subsequent decline in the 1990s, two hypotheses are proposed. The
first is the lack of access to consumer goods by individuals. The second
is to evade the control on wage bills imposed by the government. Empirical
evidence from an urban household survey is consistent with the second
hypothesis. The results imply that the introduction of a hard budget
constraint is essential to ensure the rational behavior of public
enterprises in setting their wage payments.
Journal: Journal of Chinese Economic and Business Studies
Pages: 245-258
Issue: 2
Volume: 1
Year: 2003
Keywords: Payment In Kind, Chinese Collective And State-owned Enterprises, Government Control, Budget Constraints, Rational Behavior,
X-DOI: 10.1080/1476528032000066703
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:245-258
Template-Type: ReDIF-Article 1.0
Author-Name: Yuping Du
Author-X-Name-First: Yuping
Author-X-Name-Last: Du
Title: Haier's Survival Strategy to Compete with World Giants
Abstract:
The aim of this paper is to analyze the internationalization of Chinese
companies; in particular, the very successful case - the Haier Group. This
paper focuses on using a case study methodology to analyze Haier's
survival strategy to compete with world giants. The following issues have
been addressed to meet the respective objects: first, the Uppsala stages
model and Haier's internationalization process; secondly, analysis and
evaluation of Haier's strategic internationalization, using Dawar and
Frost's survival strategy theory to compare with Haier's
internationalization strategy; and finally, to explore the motives
underlying Haier's entry strategy and development.
Journal: Journal of Chinese Economic and Business Studies
Pages: 259-266
Issue: 2
Volume: 1
Year: 2003
Keywords: Internationalization, Uppsala Stages Model, Exporting, Foreign Direct Investment, Joint Venture,
X-DOI: 10.1080/1476528032000066703B
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703B
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:259-266
Template-Type: ReDIF-Article 1.0
Author-Name: Hong Li
Author-X-Name-First: Hong
Author-X-Name-Last: Li
Title: Dynamics of Income Distribution across Chinese Provinces during 1978-98
Abstract:
This study attempts to examine the growth pattern of China's economy
during 1978-98 from the perspective of income distribution dynamics.
Motivated by the model of dynamic distribution, a transition matrix is
derived from a panel of ratios of provincial real incomes to national
averages across 30 provinces over 1978-98. The transition matrix is used
not only to reveal the transitions of provinces between the states of
income over time, but also to predict whether there is a tendency across
provinces to converge in real income per worker in the long run. This
study finds evidence of a slight reduction of income dispersion across
Chinese provinces over 1978-98. However, the slight reduction of income
dispersion is not strong enough for the provinces to converge to mean
income. But there is a strong tendency to converge across provinces within
regions and it is evident that, in the eastern region, poor provinces
caught up with rich ones over the period under study. The long-run
distribution indicates that there will not be a tendency to converge in
real GDP per capita across provinces in the long run.
Journal: Journal of Chinese Economic and Business Studies
Pages: 145-157
Issue: 2
Volume: 1
Year: 2003
Keywords: China, Convergence, Dynamics, Income Distribution,
X-DOI: 10.1080/1476528032000066703C
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703C
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:145-157
Template-Type: ReDIF-Article 1.0
Author-Name: Mario Biggeri
Author-X-Name-First: Mario
Author-X-Name-Last: Biggeri
Title: Key Factors of Recent Chinese Provincial Economic Growth
Abstract:
The aim of this paper is to analyse the factors that affected Chinese
provincial economic growth after the reforms of the early 1980s, through a
panel analysis (period 1986-2001). The production function approach
focuses on human capital, 'space-serving' infrastructure, sectoral
allocation of labour and institutional changes. Indices relevant for the
analysis are elaborated and provincial capital stocks are estimated. The
empirical results indicate the positive role of capital stock, human
capital and physical infrastructure and underline that sectoral allocation
of labour and institutional changes affected the level of aggregate
output. A redistribution policy in favour of the inland provinces needs to
be implemented so that human capital and infrastructure can be enhanced,
bottlenecks can be overcome and investment can be attracted.
Journal: Journal of Chinese Economic and Business Studies
Pages: 159-183
Issue: 2
Volume: 1
Year: 2003
Keywords: China, Institutional Changes, Human Capital, Physical Infrastructure, Structural Change, Transition Economics,
X-DOI: 10.1080/1476528032000066703A
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000066703A
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:2:p:159-183
Template-Type: ReDIF-Article 1.0
Author-Name: Jr-Tsung Huang
Author-X-Name-First: Jr-Tsung
Author-X-Name-Last: Huang
Author-Name: Chun-Chien Kuo
Author-X-Name-First: Chun-Chien
Author-X-Name-Last: Kuo
Author-Name: An-Pang Kao
Author-X-Name-First: An-Pang
Author-X-Name-Last: Kao
Title: The Inequality of Regional Economic Development in China between 1991 and 2001
Abstract:
This paper measures the unequal development of the regional economies in
China and investigates the primary factors leading to the inequality. The
official data on China's regional GDP and the regional GDP of three
industrial sectors from 1991-2001, as reported in the China Statistical
Yearbook and A Statistical Survey of China, are adopted to calculate and
decompose the Gini coefficient for each year. The primary finding is that
the levels of inequality in China's regional economies clearly showed a
slight upward trend after 1991. The inequality of the overall GDP is
primarily attributed to the between-group effect rather than to the
within-group effect. It is also found that the regional inequality of the
secondary industry sector's development accounted for half of the overall
inequality. Thus, this study suggests that it is crucial for China to
formulate and adhere to policies that will help it to develop the economy
more equally among all areas and to develop the secondary industry sector
among all regions/provinces in order to overcome the important issue of
the inequality in regional economic development.
Journal: Journal of Chinese Economic and Business Studies
Pages: 273-285
Issue: 3
Volume: 1
Year: 2003
Keywords: China, Economic Development, Gini Coefficient Decomposition, Inequality, JEL Classifications: D39, O10, R12,
X-DOI: 10.1080/476828032000108553
File-URL: http://www.tandfonline.com/doi/abs/10.1080/476828032000108553
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:3:p:273-285
Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Copeland
Author-X-Name-First: Laurence
Author-X-Name-Last: Copeland
Author-Name: Biqiong Zhang
Author-X-Name-First: Biqiong
Author-X-Name-Last: Zhang
Title: Volatility and Volume in Chinese Stock Markets
Abstract:
The fact that stock market returns in Europe and the USA are
characterised by conditional heteroscedasticity is by now well documented
in a large literature. We address the question of whether the same is true
of the four Chinese stock markets (Shanghai and Shenzhen A and B) over the
period from 25 November 1994 to 27 April 2001. Using daily index data, we
make two departures from the standard GARCH(1,1) model. First, we use
exponential GARCH (EGARCH) to allow for asymmetry in the volatility, which
may be present as a result of leverage effects. Second, we respond to
evidence of two-way causality between volume and return (and return
volatility) by introducing a simultaneous equation model of the
relationship. The results of estimating the model indicate that asymmetry
does not seem to be present to a significant degree, possibly as a result
of lack of information or concern among Chinese investors. We find that
volume appears to play a significant part in determining index volatility,
which may reflect information arrival effects or may alternatively result
from the direct impact of trading on volatility. At the same time, we also
find that both the level of returns and their conditional variance have an
impact on trade volume, probably because positive (negative) returns tend
to attract (deter) investors into the markets.
Journal: Journal of Chinese Economic and Business Studies
Pages: 287-300
Issue: 3
Volume: 1
Year: 2003
Keywords: JEL Classifications: C3, G1,
X-DOI: 10.1080/1476528032000108562
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000108562
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:3:p:287-300
Template-Type: ReDIF-Article 1.0
Author-Name: Linxiu Zhang
Author-X-Name-First: Linxiu
Author-X-Name-Last: Zhang
Author-Name: Jikun Huang
Author-X-Name-First: Jikun
Author-X-Name-Last: Huang
Author-Name: Scott Rozelle
Author-X-Name-First: Scott
Author-X-Name-Last: Rozelle
Title: China's War on Poverty: Assessing Targeting and the Growth Impacts of Poverty Programs
Abstract:
In this paper, we attempt to assess the effectiveness of China's Poverty
Alleviation Programs in contributing to economic growth in poor areas. To
meet this overall goal, we briefly describe China's poor area policy and
examine how its leaders have implemented one of the developing world's
largest poverty alleviation programs. Second, we examine whether or not
the poverty programs have been implemented in the parts of China that are
truly poor. Finally, we attempt to assess if the poverty programs have
affected growth. The major findings are that China's poverty programs do
get implemented in areas of the nation that are poor, but there are many
poor areas that have been left out of the government's various programs.
We also find that poverty programs contribute to economic growth and that
economic growth promotes poverty reduction.
Journal: Journal of Chinese Economic and Business Studies
Pages: 301-317
Issue: 3
Volume: 1
Year: 2003
Keywords: China, Poverty Alleviation, Economic Growth, Targeting, Program Evaluation,
X-DOI: 10.1080/1476528032000108571
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000108571
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:3:p:301-317
Template-Type: ReDIF-Article 1.0
Author-Name: Steven Si
Author-X-Name-First: Steven
Author-X-Name-Last: Si
Author-Name: M. Ruhul Amin
Author-X-Name-First: M. Ruhul
Author-X-Name-Last: Amin
Author-Name: John Cullen
Author-X-Name-First: John
Author-X-Name-Last: Cullen
Title: Cultural Influence, Questionnaire Formation and Manager Response in Sino-American International Joint Ventures
Abstract:
This paper explores the differences in tendencies toward using
middle-of-the scale responses between Chinese and American managers in
Sino-American International Joint Ventures when questionnaire instruments
were administered with an explicit midpoint. Results demonstrate that
Chinese and American managers had different propensities to choose middle
response alternatives when an explicit midpoint in questionnaire items was
offered.
Journal: Journal of Chinese Economic and Business Studies
Pages: 319-325
Issue: 3
Volume: 1
Year: 2003
Keywords: Midpoint Response, International Joint Venture, The Chinese Business Environment,
X-DOI: 10.1080/1476528032000108580
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528032000108580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:1:y:2003:i:3:p:319-325
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Buckley
Author-X-Name-First: Peter
Author-X-Name-Last: Buckley
Title: The Role of China in the Global Strategy of Multinational Enterprises
Abstract:
This paper moves from the general to the particular. First, it examines
the differential speed of globalization in different types of market -
specifically markets in finance, goods and services, and finally labour
markets. It then analyses the location and ownership strategies of
multinational enterprises (MNEs), both as regards individual national
markets and then in terms of the interaction between national markets (the
'local/global' spectrum). This analytical framework is applied to the
place of China in the global strategy of MNEs. This application
illuminates the role of DFI (direct foreign investment) in China and
illustrates the peculiarities of China's place in the global system. The
distortions in China's domestic system interact with the global strategies
of MNEs to produce several interesting results, including: (1) the
importance of MNEs' ownership strategy; (2) non-optimal location
decisions; (3) the 'excessive internalization' of activities in China; and
(4) the growing importance of China as a location for DFI and, in future,
the potential for growth of outward DFI from China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-25
Issue: 1
Volume: 2
Year: 2004
Keywords: China, multinational enterprises, globalisation, direct foreign investment,
X-DOI: 10.1080/14765280310001631354
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280310001631354
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:1:p:1-25
Template-Type: ReDIF-Article 1.0
Author-Name: Zhongmin Wu
Author-X-Name-First: Zhongmin
Author-X-Name-Last: Wu
Author-Name: Yu Zhu
Author-X-Name-First: Yu
Author-X-Name-Last: Zhu
Title: Income Differential and Out-migration: the Impacts of Between-gap and Within-gap
Abstract:
In this paper, we use pooled cross-sectional data on 28 provinces to
study out-migration in China. In particular, we estimate inter- and
intra-province rural-to-urban migration in a simultaneous-equations model.
Allowing for the joint determination of inter- and intra-migration, we
find the effect of the within province rural-urban income gap on
intra-province migration to be almost three times as strong as that of the
between province urban wage gap on inter-province migration.
Journal: Journal of Chinese Economic and Business Studies
Pages: 27-37
Issue: 1
Volume: 2
Year: 2004
Keywords: Out-migration, income differential, China, JEL classifications: R23, I61,
X-DOI: 10.1080/14765280310001631363
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280310001631363
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:1:p:27-37
Template-Type: ReDIF-Article 1.0
Author-Name: Zheng Wang
Author-X-Name-First: Zheng
Author-X-Name-Last: Wang
Title: Regional Divergence of per capita GDP in China: 1991-99
Abstract:
Using China's regional data from 1991 to 1999, this paper investigates
inter-regional income inequalities. GMM estimation has been used to
explore a dynamic panel data model based on the Solow growth model. We
find that regions conditionally converge to their own steady states at an
annual rate of 8%, indicating around 8 years for a region to halve the
deviation from its balanced growth path. However, the panel data
exploration of convergence could not explain the catching up phenomenon.
To see whether poorer regions can grow faster than richer ones, sigma and
absolute beta divergence have been employed. We find that when the
regional income gap enlarges during the 1990s, the initially poor regions
do not catch up with the initially rich regions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 39-53
Issue: 1
Volume: 2
Year: 2004
Keywords: Growth, convergence, divergence, income inequality,
X-DOI: 10.1080/14760280310001631372
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14760280310001631372
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:1:p:39-53
Template-Type: ReDIF-Article 1.0
Author-Name: Ping Zheng
Author-X-Name-First: Ping
Author-X-Name-Last: Zheng
Author-Name: Pamela Siler
Author-X-Name-First: Pamela
Author-X-Name-Last: Siler
Author-Name: Gianluigi Giorgioni
Author-X-Name-First: Gianluigi
Author-X-Name-Last: Giorgioni
Title: FDI and the Export Performance of Chinese Indigenous Firms: a Regional Approach
Abstract:
The primary purpose of this paper is to examine the impact of Foreign
Direct Investment (FDI) on the export performance of Chinese indigenous
firms. A panel data analysis is employed using data across 29 provinces
over the 1985-99 period. Owing to the exceptionally uneven distribution of
FDI, the analysis compares the impact of FDI on all provincial exports and
exports of indigenous firms over the three macro-regions of China. While
the findings of the empirical analysis should be viewed with caution, they
do show that FDI has less influence on the export performance of
indigenous firms than on all firms (foreign and indigenous). The findings
imply that linkages between the foreign and domestic sectors need to be
improved if FDI is to be a vehicle for improving the competitiveness of
domestic firms. Alternatively, policies may have to be directed towards
the indigenous firms themselves to enhance their export performance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 55-71
Issue: 1
Volume: 2
Year: 2004
Keywords: Foreign direct investment (FDI), China, export performance, indigenous firms, international competitiveness, panel data, JEL classifications: C23, F14, F23, O53, P33,
X-DOI: 10.1080/14765280310001631381
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280310001631381
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:1:p:55-71
Template-Type: ReDIF-Article 1.0
Author-Name: John Wong
Author-X-Name-First: John
Author-X-Name-Last: Wong
Author-Name: Wong Chee Kong
Author-X-Name-First: Wong Chee
Author-X-Name-Last: Kong
Title: China's Software Industry: Moving on the Fast Track
Abstract:
China is poised to establish itself not only as a global manufacturing
centre, but also aims to become a world centre for the information
technology (IT) products within the next decade. This paper looks at
China's software industry in particular, which has traditionally been
neglected, and still accounts for only a minuscule share of the world
software market. With empirical evidence, the paper shows that while China
still faces major obstacles to the growth of its software industry, such
as rampant piracy, shortage of professionals and strong external
competition, it has been moving fast to bolster the industry in the
post-WTO era. China has also a long way to go before catching up with its
neighbouring IT giant, India. The paper concludes that China should
capitalize on its own strengths, generated by a strong domestic demand,
increasing pool of software professionals, including returnees from
abroad, and capability to develop Chinese language-based software
platform.
Journal: Journal of Chinese Economic and Business Studies
Pages: 73-95
Issue: 1
Volume: 2
Year: 2004
Keywords: China, software, hardware, information technology (IT), software parks, software piracy, Microsoft, Linux, India,
X-DOI: 10.1080/14765280310001631390
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280310001631390
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:1:p:73-95
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nolan
Author-X-Name-First: Peter
Author-X-Name-Last: Nolan
Author-Name: Huaichuan Rui
Author-X-Name-First: Huaichuan
Author-X-Name-Last: Rui
Title: Industrial Policy and Global Big Business Revolution: the Case of the Chinese Coal Industry1
Abstract:
China has actively implemented an industrial policy during the last two
decades. However, despite important progress, the overall result is rather
disappointing. Should China continue to pursue industrial policy? Should
China focus instead on developing successful globally competitive firms
within the global value chain? This paper, based on an in-depth case study
on the Shenhua Group, which has been deliberately built as an indigenous
globally competitive coal corporation, argues that it is still possible
for China to build powerful big businesses in some sectors. However, a
well-designed industrial policy is necessary.
Journal: Journal of Chinese Economic and Business Studies
Pages: 97-113
Issue: 2
Volume: 2
Year: 2004
Keywords: Industrial policy, big business revolution, coal industry, China,
X-DOI: 10.1080/14765280410001684779
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280410001684779
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:97-113
Template-Type: ReDIF-Article 1.0
Author-Name: Xiao-Ming Li
Author-X-Name-First: Xiao-Ming
Author-X-Name-Last: Li
Title: The Long-run and Short-run Multipliers of Fiscal Policy in the Chinese Economy
Abstract:
To examine the long-run and short-run multipliers of fiscal policy in
China, simple models with some basic characteristics of the Chinese
economy are developed and then estimated using cointegration and error
correction approaches. Empirical results confirm some similarities between
the Chinese economy and well-developed market economies, but also uncover
the unique features that China possesses, in terms of the multipliers of
permanent and temporary changes in government spending, Okun's
coefficient, and the short-run adjustment mechanism.
Journal: Journal of Chinese Economic and Business Studies
Pages: 115-131
Issue: 2
Volume: 2
Year: 2004
Keywords: Multiplier, fiscal policy, China,
X-DOI: 10.1080/14765280410001684788
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280410001684788
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:115-131
Template-Type: ReDIF-Article 1.0
Author-Name: Cecile Batisse
Author-X-Name-First: Cecile
Author-X-Name-Last: Batisse
Author-Name: Sandra Poncet
Author-X-Name-First: Sandra
Author-X-Name-Last: Poncet
Title: Protectionism and Industry Location in Chinese Provinces
Abstract:
This paper investigates the determinants of activities' location in
Chinese provinces based on a unique panel data set, paying particular
attention to the role of local protectionism. We estimate a model of
production location across Chinese provinces that combines factor
endowments and geographical consideration. Results emphasize that the
dynamics of comparative advantages and the forces of the new geographic
economy are at work in Chinese provinces. Estimations, however, lend
strong support to the role of local protectionism. The location of
economic activities in Chinese provinces does thus not exclusively follow
the logic of the market.
Journal: Journal of Chinese Economic and Business Studies
Pages: 133-154
Issue: 2
Volume: 2
Year: 2004
Keywords: China, protectionism, international trade, location of activities, externalities,
X-DOI: 10.1080/14765280410001684797
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280410001684797
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:133-154
Template-Type: ReDIF-Article 1.0
Author-Name: Xuemei Bai
Author-X-Name-First: Xuemei
Author-X-Name-Last: Bai
Author-Name: Gang Li
Author-X-Name-First: Gang
Author-X-Name-Last: Li
Title: Industrial Productivity Convergence in China
Abstract:
This paper examines the convergence process of industrial productivity
between Chinese regions. Both σ- and β-convergences are
investigated using a panel data set of 30 provinces and autonomous regions
over the period 1985-1999. Unconditional σ- and β-convergence
methods fail to detect productivity convergence over the whole sample
period, although they suggest convergence during a sub-period 1985-1990.
The estimates of a human capital enhanced production function, with the
constant return to scale constraint, show that productivity gaps between
Chinese regions declined during 1985-1999 with a rate of convergence of
around 1.3% per annum. Similar results are also found when the data are
disaggregated into three broader geographic regions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 155-168
Issue: 2
Volume: 2
Year: 2004
Keywords: Convergence, productivity, China, industry,
X-DOI: 10.1080/14765280410001684805
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280410001684805
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:155-168
Template-Type: ReDIF-Article 1.0
Author-Name: Qingjie Xia
Author-X-Name-First: Qingjie
Author-X-Name-Last: Xia
Author-Name: Colin Simmons
Author-X-Name-First: Colin
Author-X-Name-Last: Simmons
Title: The Determinants of Labour-time Allocation between Farm and Off-farm Work in Rural China: the Case of Liaoning Province
Abstract:
This article examines the determinants of the allocation process of
labour time between farm and off-farm activities (OFAs) in north-east
rural China during the late 1990s. The question is addressed by means of a
dedicated fieldwork survey of 450 rural households in a clustering of nine
villages in Xinmin County located in Liaoning Province. The econometric
methodology consists of deploying a multinomial logit model to track the
distribution of OFA employment opportunities. Our results reveal that
market forces, rather than overt political connections, are assuming
increasing significance, especially for those operating own-account
enterprises (OAEs); that birthplace and location remain potent
determinants of work destination and earnings capacity; and that being
male and single motivates rural inhabitants to seek OFAs to a much greater
extent than other household members. These findings have implications for
those responsible for framing policy. In particular, a further round of
liberalization to favour OFAs is suggested.
Journal: Journal of Chinese Economic and Business Studies
Pages: 169-184
Issue: 2
Volume: 2
Year: 2004
Keywords: China, employment diversification, off-farm activities, own-account enterprises,
X-DOI: 10.1080/14765280410001684814
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280410001684814
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:2:p:169-184
Template-Type: ReDIF-Article 1.0
Author-Name: Simon Appleton
Author-X-Name-First: Simon
Author-X-Name-Last: Appleton
Author-Name: John Knight
Author-X-Name-First: John
Author-X-Name-Last: Knight
Author-Name: Lina Song
Author-X-Name-First: Lina
Author-X-Name-Last: Song
Author-Name: Qingjie Xia
Author-X-Name-First: Qingjie
Author-X-Name-Last: Xia
Title: Contrasting paradigms: segmentation and competitiveness in the formation of the chinese labour market
Abstract:
An urban labour market is in the process of being formed in China. The
objective of this paper is to analyse the stage that it has reached. A
1999 household survey is used to investigate whether the labour market has
three tiers comprised of recently retrenched and re-employed urban
workers, non-retrenched urban workers, and rural-urban migrants. It tests
whether wage levels and structures differ across these categories of
worker. Panel data are used to model the evolution of the wage structure
and, specifically, the impact of retrenchment and re-employment. The
results indicate that non-retrenched urban workers enjoy a wage premium,
although migrants receive similar returns to education. Re-employed
workers receive no return to education and appear to have lost out on the
wage rises enjoyed by the non-retrenched. There is evidence to suggest
that the urban labour market is segmented into these categories, which
differ in their openness to market competition. The urban labour market
has a long way to go before it is fully competitive.
Journal: Journal of Chinese Economic and Business Studies
Pages: 185-205
Issue: 3
Volume: 2
Year: 2004
Keywords: Chinese labour market, retrenchment, unemployment, re-employment, wages, migration, JEL classifications: J31, J42, O15, P23,
X-DOI: 10.1080/1476528042000276141
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528042000276141
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:3:p:185-205
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaobo Zhang
Author-X-Name-First: Xiaobo
Author-X-Name-Last: Zhang
Author-Name: Timothy Mount
Author-X-Name-First: Timothy
Author-X-Name-Last: Mount
Author-Name: Richard Boisvert
Author-X-Name-First: Richard
Author-X-Name-Last: Boisvert
Title: Industrialization, urbanization and land use in China
Abstract:
Rapid industrial development and urbanization transfer more and more land
away from agricultural production and affect the patterns of land use
intensity. This paper analyzes the determinants of land use by modeling
arable land and sown area separately. An inverse U-shaped relationship
between land use intensity and industrialization is explored both
theoretically and empirically. The findings highlight the conflict between
the two policy goals of industrialization and grain self-sufficiency in
the end. Several policy recommendations are offered to reconcile the
conflict.
Journal: Journal of Chinese Economic and Business Studies
Pages: 207-224
Issue: 3
Volume: 2
Year: 2004
Keywords: Industrialization, urbanization, land use and China, JEL classifications: O13, Q15, R14,
X-DOI: 10.1080/1476528042000276132
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528042000276132
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:3:p:207-224
Template-Type: ReDIF-Article 1.0
Author-Name: Huayu Sun
Author-X-Name-First: Huayu
Author-X-Name-Last: Sun
Author-Name: Yue Ma
Author-X-Name-First: Yue
Author-X-Name-Last: Ma
Title: Money and price relationship in China
Abstract:
This paper investigates the effectiveness monetary policy by Granger
causality tests in the two regimes of inflation and deflation,
respectively. The surplus lag rolling estimation is applied to deal with
the problem of the frequent structural changes in the Chinese monetary
system. We found that the monetary policies have become less effective in
stabilizing the price level in the deflation era that started from 1998.
There is also empirical evidence to suggest that money was endogenous in
China during the inflation period. This implies that the People's Bank of
China had difficulty exercising the power of money supply to reduce
inflation if the endogeneity was the result of the market behaviour.
However, if the endogeneity was due to the government inflation-targeting
rule, then there is no evidence to suggest that this rule has been
effective for M0, M1 and M2 instruments, except for the M0 instrument
during the inflation period of April 1990 to March 1995. Although it was
found that money ceased to be endogenous in the deflation periods, it does
not support the proposal of utilizing the money supply as a policy
instrument, as we found that money is impotent in influencing price in the
deflation regime. Our findings provide some empirical evidence to support
the Chinese government adopting alternative policy instruments such as an
active fiscal policy in the era of deflation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 225-247
Issue: 3
Volume: 2
Year: 2004
Keywords: Money, price, Granger causality, China, JEL classifications: E52, E31, C32,
X-DOI: 10.1080/1476528042000276123
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528042000276123
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:3:p:225-247
Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall
Author-X-Name-First: Christer
Author-X-Name-Last: Ljungwall
Title: Guangdong: A catalyst for economic growth and exports in hunan province
Abstract:
This paper uses the concept of Granger-causality to analyze the link
between export expansion in the rapidly growing Guangdong province and GDP
growth and exports in Hunan, its adjacent northwest neighbor province.
Data cover the 1978 to 2001 period. A long-run equilibrium relationship is
found between the variables and a long-run positive causality is detected
from export expansion in Guangdong to both GDP growth and exports in
Hunan. Hence, the results seem to support the unbalanced regional
development policy implemented by the central government in the late 1970s
and early 1980s.
Journal: Journal of Chinese Economic and Business Studies
Pages: 249-265
Issue: 3
Volume: 2
Year: 2004
Keywords: Spillover effects, backward linkages, error-correction, China, JEL classifications: C22, F14, F15, O10, O53,
X-DOI: 10.1080/147658042000276114
File-URL: http://www.tandfonline.com/doi/abs/10.1080/147658042000276114
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:3:p:249-265
Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Green
Author-X-Name-First: Stephen
Author-X-Name-Last: Green
Author-Name: Jenna Ho
Author-X-Name-First: Jenna
Author-X-Name-Last: Ho
Title: Old stocks, new owners: Two cases of ownership change in China's stock market
Abstract:
During the 1990s, ownership of China's listed firms remained stable:
state entities remained in control of restructured state-owned enterprises
since only a minority of shares were allowed to trade publicly and to be
owned privately. However, since 1999, the ownership of China's listed
firms has become more fluid due to the development of an off-exchange
market in 'legal person' shares. This paper examines two such cases of
ownership change. The case of Taitai's take-over of Lizhu shows that
transfer of control is now occurring on a commercial basis. However, the
Baiwen case shows that buy-outs are still being organized by government
entities to support failing state firms. The deals suggest that while the
government is using all means to restructure listed firms, rather than
de-list them, it is also moving to create a competitive market in control.
Journal: Journal of Chinese Economic and Business Studies
Pages: 267-280
Issue: 3
Volume: 2
Year: 2004
Keywords: China, economic development, stock market, acquisition, restructuring, state-owned enterprises, privatization, JEL classifications: G18, H71, K22, L33, P31,
X-DOI: 10.1080/1476528042000276105
File-URL: http://www.tandfonline.com/doi/abs/10.1080/1476528042000276105
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:2:y:2004:i:3:p:267-280
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hugh Nolan
Author-X-Name-First: Peter Hugh
Author-X-Name-Last: Nolan
Title: China at the crossroads
Abstract:
Since the late 1970s, China has enjoyed one of the most remarkable
periods of economic growth ever seen. However, the country faces deep
economic, ecological, political and social challenges. It is at the
crossroads. In order to attempt to resolve the challenges, which path will
China take? Will it turn towards 'primitive capital accumulation', 'free
market democracy', 'backwards to Maoism' or 'use the past to serve the
present'? This paper argues that the only path towards sustainable
development is to look to the country's long history as a guide to
building a socially just, stable, cohesive and prosperous society. If, by
the 'Third Way', we mean a creative symbiotic interrelationship between
state and market, then we can say that China practised its own 'Third Way'
for two thousand years. This was the foundation of its hugely impressive
long-run economic and social development. By taking the 'choice of no
choice' for its own system survival, China's can contribute to global
survival and sustainable development, by offering a beacon as an
alternative to the US-dominated drive towards global free market
fundamentalism.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-22
Issue: 1
Volume: 3
Year: 2005
Keywords: China, economic growth, primitive capital accumulation, free market demo-cracy, Maoism,
X-DOI: 10.1080/14765280500040327
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500040327
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:1-22
Template-Type: ReDIF-Article 1.0
Author-Name: V. N. Balasubramanyam
Author-X-Name-First: V. N.
Author-X-Name-Last: Balasubramanyam
Author-Name: Yingqi Wei
Author-X-Name-First: Yingqi
Author-X-Name-Last: Wei
Title: Textiles and clothing exports from india and china: a comparative analysis
Abstract:
This paper compares the export performance of the textiles and clothing
industries in India and China using the revealed comparative advantage and
the Kreinin-Finger similarity indices. The results indicate that China has
much higher shares in world exports of both textiles and clothing, while
India has a comparative advantage in women's clothing of various sorts and
men's shirts. With the abolition of the MFA, China is likely to gain at
the expense of India in most items of exports of clothing, even in
categories where India has a higher market share than China. India would
have to improve her competitive strengths in export markets vis-a-vis
China, especially so in high value design oriented products in the EU and
the US markets.
Journal: Journal of Chinese Economic and Business Studies
Pages: 23-37
Issue: 1
Volume: 3
Year: 2005
Keywords: China, textiles and clothing, comparative advantage, Kreinin-Finger similarity index,
X-DOI: 10.1080/14765280500040427
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500040427
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:23-37
Template-Type: ReDIF-Article 1.0
Author-Name: Ping Wang
Author-X-Name-First: Ping
Author-X-Name-Last: Wang
Author-Name: Peijie Wang
Author-X-Name-First: Peijie
Author-X-Name-Last: Wang
Author-Name: Aying Liu
Author-X-Name-First: Aying
Author-X-Name-Last: Liu
Title: Stock return volatility and trading volume: evidence from the chinese stock market
Abstract:
This study investigates the dynamic relationship between stock return
volatility and trading volume for individual stocks listed on the Chinese
stock market as well as market portfolios of these stocks. We found that
the inclusion of trading volume, which is used as a proxy of information
arrival, in the GARCH specification reduces the persistence of the
conditional variance dramatically, and the volume effect is positive and
statistically significant in all the cases for individual stocks.
Consistent with our analysis of the institutional and ownership structure
of listed Chinese companies, trading volume is found to play a role of
proxies of information arrivals for the two B share portfolios, but not
for the two A share portfolios. Our conclusion is that the
information-based effect helps in explaining the GARCH effect to a large
extent. Nevertheless, GARCH does not completely vanish as a result of this
inclusion.
Journal: Journal of Chinese Economic and Business Studies
Pages: 39-54
Issue: 1
Volume: 3
Year: 2005
Keywords: Trading volume, stock market return volatility, GARCH models, China,
X-DOI: 10.1080/14765280500040518
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500040518
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:39-54
Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Author-Name: Genfu Feng
Author-X-Name-First: Genfu
Author-X-Name-Last: Feng
Author-Name: Aying Liu
Author-X-Name-First: Aying
Author-X-Name-Last: Liu
Author-Name: Guohua Fu
Author-X-Name-First: Guohua
Author-X-Name-Last: Fu
Title: On China's rural and agricultural development after WTO accession
Abstract:
Most people expect that China's accession to the WTO would have a
significant and negative effect on agricultural production and rural
development. After joining the WTO, China has an obligation not to
subsidize agriculture, but without government support the future of
agricultural production and rural development is highly pessimistic. This
paper presents a comprehensive analysis of this important issue, drawing
lessons of successes and failures in the last half a century of economic
development. It concludes that without a fundamental shift in industry
policy and regional development strategy, China's rural and agricultural
problems cannot be easily resolved.
Journal: Journal of Chinese Economic and Business Studies
Pages: 55-74
Issue: 1
Volume: 3
Year: 2005
Keywords: Agriculture, rural development and China,
X-DOI: 10.1080/14765280500040583
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500040583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:55-74
Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Mullen
Author-X-Name-First: J. D.
Author-X-Name-Last: Mullen
Title: Domestic grain market reform in china: the contribution of economic policy research funded by ACIAR
Abstract:
This paper reports an assessment of the impact of economics research into
domestic grain marketing policy in China, which was partly supported by
the Australian Centre for International Agricultural Research. A financial
analysis was conducted to value the contribution of these projects in
bringing forward the adoption of more liberalized grain marketing policy.
An estimate had to be made of the potential welfare gains from market
reform in China because grain marketing policy in China in recent decades
has been characterized by periods of reform alternating with periods of
retrenchment in the face of uncertainty about how best to ensure food
security. Any attempt to attribute some share of these potential gains to
a particular research project is highly subjective when there are multiple
sources of policy advice. The potential benefit cost ratio from the
Australian investment may be in the order of 5 to 10:1.
Journal: Journal of Chinese Economic and Business Studies
Pages: 75-94
Issue: 1
Volume: 3
Year: 2005
Keywords: China, grain marketing policy, benefit cost analysis,
X-DOI: 10.1080/14765280500040815
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500040815
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:1:p:75-94
Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Story
Author-X-Name-First: Jonathan
Author-X-Name-Last: Story
Title: China: Workshop of the world?
Abstract:
Because China's transformation process is complex and remains open-ended,
there are many partial answers provided to the many questions asked by
foreign observers and Chinese people alike about where China is heading.
The argument here is that it is wrong to assert China's coming collapse,
just as it is not correct to assert that the dynamics so visibly at work
in China will lead to China becoming the world's workshop. It is closer to
the truth to maintain that the dynamics at work in China can lead in any
direction, and that the necessary, let alone the sufficient conditions for
them leading to a desirable outcome are daunting, but not impossible to
achieve. This article suggests both necessary and sufficient conditions
for China to emerge as the world's workshop, and then looks forward to
assess whether we may expect regime change or political development.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-109
Issue: 2
Volume: 3
Year: 2005
Keywords: Transition, globalization, political development, marketization, Jel Classifications: B52, F0, F23, P20,
X-DOI: 10.1080/14765280500119973
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500119973
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:2:p:95-109
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Buckley
Author-X-Name-First: Peter
Author-X-Name-Last: Buckley
Author-Name: Chen Meng
Author-X-Name-First: Chen
Author-X-Name-Last: Meng
Title: The Strategy of foreign-invested manufacturing enterprises in China: Export-orientated and market-orientated FDI revisited
Abstract:
This paper examines export-orientated and market-orientated foreign
direct investment (FDI) in China's manufacturing industry. Based on Fung's
(1995) survey estimation of China's market-orientated FDI in 1992 and
China's Third National Industrial Census in 1995, we quantify the
proportion of market-orientated FDI in China 1992-2002. By combining and
verifying various data sources, our estimation shows that
market-orientated FDI accounts for the majority of China's total inward
FDI in manufacturing industry and has grown faster than export-orientated
FDI over the period 1992-2002. Our industry level analysis suggests that
Overseas Chinese investors are more export-orientated than Western
investors. The study suggests that many inward investors follow a dual
market strategy. The coexistence of export-orientated and Chinese domestic
market-orientated FDI is a reflection of the flexibility of MNEs to adjust
and adapt ownership attributes to the local market context. The study
offers insights into the evolutionary development path taken by
foreign-invested manufacturing enterprises in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 111-131
Issue: 2
Volume: 3
Year: 2005
Keywords: Export-orientated FDI, market-orientated FDI, foreign-invested enterprises (FIEs), China, Jel Codes: L1, M21,
X-DOI: 10.1080/14765280500120112
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500120112
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:2:p:111-131
Template-Type: ReDIF-Article 1.0
Author-Name: Jianhong Zhang
Author-X-Name-First: Jianhong
Author-X-Name-Last: Zhang
Title: An explanatory study of bilateral FDI relations: The case of China
Abstract:
A bilateral FDI relationship should include two dimensions, size and
intensity. This study explores the factors that contribute to an
explanation of both the size and the intensity of bilateral FDI relations,
using the case of China. The results suggest that the countries, which are
geographically, politically, ethnically, and economically close to China,
have a firm intention of investing in China and enjoy a high FDI
intensity. The countries with a large market, high productivity and an
advanced structure are capable of investing more in China, and they enjoy
a higher FDI value than other countries. The two factors, the overseas
Chinese and the distance from China, are significant influences on both
the size and the intensity of the FDI relationship.
Journal: Journal of Chinese Economic and Business Studies
Pages: 133-150
Issue: 2
Volume: 3
Year: 2005
Keywords: China, FDI, FDI intensity, gravity model, Jel Classifications: F21,
X-DOI: 10.1080/14765280500120054
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500120054
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:2:p:133-150
Template-Type: ReDIF-Article 1.0
Author-Name: Hwy-Chang Moon
Author-X-Name-First: Hwy-Chang
Author-X-Name-Last: Moon
Title: Investment strategies by foreign automobile firms in China: A comparative study of Volkswagen, Honda, and Hyundai
Abstract:
The main question motivating this research is: why did foreign automakers
(i.e. Volkswagen, Honda, and Hyundai) decide to enter different markets
within China (Shanghai, Guangdong and Beijing respectively)? We analyze
this situation in three steps. First, by applying Dunning's Eclectic (OLI)
Paradigm, we show Volkswagen, Honda and Hyundai entered China to exploit
their technological firm specific assets. Instead of traditional market
instruments, these firms engaged in FDI to access China's large market
because of the high regulations on its automobile industry. The second
section incorporates the Diamond Model analysis and concludes that
Shanghai is the most attractive automobile cluster. Although the OLI
predicts all firms to enter the most attractive location, Shanghai, the
firms actually entered three separate regions. In the following section,
we adopt the Imbalance Theory to clarify the rationale behind choosing
alternate locations. The Imbalance Theory conclusively demonstrates that
geographical diversification occurred as a direct result of the strategic
goals of the individual firms.
Journal: Journal of Chinese Economic and Business Studies
Pages: 151-171
Issue: 2
Volume: 3
Year: 2005
Keywords: Automobile industry in China, FDI, Eclectic (OLI) Paradigm, Diamond Model, Imbalance Theory,
X-DOI: 10.1080/14765280500120096
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500120096
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:2:p:151-171
Template-Type: ReDIF-Article 1.0
Author-Name: Pei Sun
Author-X-Name-First: Pei
Author-X-Name-Last: Sun
Title: Industrial policy, corporate governance, and the competitiveness of China's national champions: The case of Shanghai Baosteel Group
Abstract:
The paper presents an in-depth case study of the Shanghai Baosteel Group
as a contribution to the overall assessment of the competitiveness and
catch-up capability of the Chinese national champions after China's WTO
accession. Significant competitive advantages of the firm in the domestic
industry are identified, with cautionary remarks concerning the future
stiff competition with the global steel giants. Through detailed
examinations of the corporate governance mechanism and the industrial
policy implementation in Baosteel and the whole steel sector, the paper
sheds light on the institutional and policy challenges that the Chinese
government has to face in building up its big businesses. It is concluded
that whether Baosteel could emerge as a globally competitive steel firm
depends critically upon the effectiveness of both the further reform of
the state-dominated corporate governance system and the improvement of the
industrial policy enforcement.
Journal: Journal of Chinese Economic and Business Studies
Pages: 173-192
Issue: 2
Volume: 3
Year: 2005
Keywords: China, steel industry, industrial policy, corporate governance, competitiveness, national champions, JEL classification, L53, L61, M2, P31,
X-DOI: 10.1080/14765280500120013
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500120013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:2:p:173-192
Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Chow
Author-X-Name-First: Gregory
Author-X-Name-Last: Chow
Title: The Role of Planning in China's Market Economy
Abstract:
This paper addresses issues raised in 'The Background of China's Planning
Institutional Reform' circulated in advance of the International
Conference on China's Planning System Reform, held on 24-25 March 2004 in
Beijing. The discussion is structured around four topics: (1) the scope of
planning; (2) the administration of the planning system; (3) methods of
planning; and (4) the coordination of planning with market activities. A
critical issue is whether the Chinese government is doing too much or too
little in planning the broad range of activities in a market economy, and
various policy options are examined in relation to this issue. A central
conclusion is that as China's economic and political system evolves within
the framework of the Five-Year Plan, the scope of planning will naturally
reduce as the market sector replaces a number of activities formerly
undertaken by government.
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-203
Issue: 3
Volume: 3
Year: 2005
Keywords: China, eonomic planning, policy options,
X-DOI: 10.1080/14765280500317866
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500317866
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:3:p:193-203
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Author-Name: Tao Zhang
Author-X-Name-First: Tao
Author-X-Name-Last: Zhang
Title: Competitiveness of China's Manufacturing Industry and its Impacts on the Neighbouring Countries
Abstract:
This paper investigates the rapid growth of China's share in the
international commodity market and the structural changes of China's
commodity exports. It demonstrates a significant improvement of
international competitiveness in China's manufacturing sector. The panel
data analysis, based on a Solow-Swan type growth model on China's 37
manufacturing industries from 1991 to 2002, reveals that the main sources
of the strengthened competitiveness of China's manufacturing sector have
been mainly from Total Factor Productivity (TFP), while labour
productivity has been increasing and capital productivity has been
falling. A preliminary empirical analysis on the impacts of China's
increasing competitiveness finds that there are negative correlations
between China and most of its neighbouring countries, both newly
industrialised economies and other Southeast Asian developing economies.
However, there is no evidence of negative impacts of China's increasing
competitiveness on developed countries such as the United States and
Japan.
Journal: Journal of Chinese Economic and Business Studies
Pages: 205-229
Issue: 3
Volume: 3
Year: 2005
Keywords: Chinese economy, productivity, international competitiveness, international trade,
X-DOI: 10.1080/14765280500317940
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500317940
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:3:p:205-229
Template-Type: ReDIF-Article 1.0
Author-Name: Richard Sanders
Author-X-Name-First: Richard
Author-X-Name-Last: Sanders
Author-Name: Yang Chen
Author-X-Name-First: Yang
Author-X-Name-Last: Chen
Title: On Privatisation and Property Rights: Should China Go Down the Road of Outright Privatisation?
Abstract:
Fierce debate is ongoing in China concerning the appropriate role for the
private sector in the current stage of reform and enterprise
restructuring. There are many economists, both within China and without,
who argue that China should now increase both the scale and pace of
privatisation and reduce the barriers to private sector involvement in the
remaining large-sized State-Owned Enterprises as a matter of urgency. This
paper argues, however, that on both theoretical and empirical grounds,
wholesale privatisation in China should not be adopted, that 'fuzzy'
property rights have served China well in the last twenty years of reform
and that the appropriate boundary between the public and private sectors
should be drawn pragmatically and on a case-by-case basis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 231-245
Issue: 3
Volume: 3
Year: 2005
Keywords: JEL Classifications: A11, B13, D23, H42, L32, L33, P20,
X-DOI: 10.1080/14765280500317874
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500317874
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:3:p:231-245
Template-Type: ReDIF-Article 1.0
Author-Name: Zhicheng Liang
Author-X-Name-First: Zhicheng
Author-X-Name-Last: Liang
Title: Financial Development, Market Deregulation and Growth: Evidence from China
Abstract:
In this paper, the relationship between finance and growth is analysed in
the context of an endogenous growth model with government regulation and
intervention. Our theoretical model suggests that financial intermediaries
can affect the process of economic growth in several ways. Using the
recent Generalized Method of Moments (GMM) techniques, we test our model
in a panel data set covering 29 Chinese provinces over the period of
1990-2001. Empirical results show that financial development and
government deregulation in the financial sector significantly promote
China's economic growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 247-262
Issue: 3
Volume: 3
Year: 2005
Keywords: Financial development, economic growth, financial intermediaries, Chinese economy, JEL Classifications: O16, O40, R11,
X-DOI: 10.1080/14765280500317924
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500317924
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:3:p:247-262
Template-Type: ReDIF-Article 1.0
Author-Name: Hongxin Li
Author-X-Name-First: Hongxin
Author-X-Name-Last: Li
Author-Name: Marcel Merette
Author-X-Name-First: Marcel
Author-X-Name-Last: Merette
Title: Population Ageing and Pension System Reform in China: A Computable Overlapping-Generations General Equilibrium Model Analysis
Abstract:
Over the next 50 years, China will face an increase of its old-age
population by approximately three times. Such a demographic change may
result in a large increase of pension payments, which would require a
significant rise in the pension contribution rate. This also implies
important intergenerational redistribution issues and may even harm living
standards as a whole. This paper analyses for China the economic impact of
an ageing population by means of a computable dynamic general equilibrium
model with an overlapping generations structure. The paper explores the
effect on the social security system and economic development of China
under alternative scenarios for the benefit rates on pensions, retirement
age and technological progress. Our research indicates that a pension
reform plus positive technological progress can compensate for the menace
of a decline in living standards for both seniors and working generations.
Journal: Journal of Chinese Economic and Business Studies
Pages: 263-277
Issue: 3
Volume: 3
Year: 2005
Keywords: Population ageing, pension system reform, CGE model, OLG structure,
X-DOI: 10.1080/14765280500317908
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280500317908
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:3:y:2005:i:3:p:263-277
Template-Type: ReDIF-Article 1.0
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: The Structural Nature of Internal and External Imbalances in China
Abstract:
China has a built-in inflationary tendency because of the
partially-reformed nature of its economic system. Specifically, the
post-1978 marketization of the economy has interacted with the continued
state ownership to create an inflationary 'liquidity tango' between the
state-owned enterprises (SOEs) and the state-owned banks. Whenever the
hard budget constraint is imposed on the SOEs, China's dysfunctional
financial system would impart a deflationary bias to the economy and
render China a capital exporting country by constraining the growth of
aggregate demand to be less than the growth of aggregate supply. The use
of price mechanisms as the only instruments for all economic problems is
not appropriate for China's transitional economy, e.g. trade surpluses are
better handled by the establishment of an efficient financial
intermediation mechanism than by appreciation of the Yuan.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-19
Issue: 1
Volume: 4
Year: 2006
Keywords: China, internal and external imbalances, macroeconomic management, price mechanism, quantitative restrictions,
X-DOI: 10.1080/14765280600551208
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600551208
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:1:p:1-19
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolei Qian
Author-X-Name-First: Xiaolei
Author-X-Name-Last: Qian
Author-Name: Russell Smyth
Author-X-Name-First: Russell
Author-X-Name-Last: Smyth
Title: Growth Accounting for the Chinese Provinces 1990-2000: Incorporating Human Capital Accumulation
Abstract:
This paper examines the linkage between aggregate real output, capital,
labour, education, and productivity within a growth accounting framework
for 27 Chinese provinces between 1990 and 2000. The results suggest that
human capital has had a significant role in facilitating economic growth
of all of the provinces throughout the 1990s. Regional disparities in
factor accumulation are also considered. The results suggest that uneven
distribution of resources between the coastal and inland provinces
increased the regional gap in economic growth throughout the 1990s.
Journal: Journal of Chinese Economic and Business Studies
Pages: 21-37
Issue: 1
Volume: 4
Year: 2006
Keywords: China, economic growth, human capital, reform,
X-DOI: 10.1080/14765280600551216
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600551216
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:1:p:21-37
Template-Type: ReDIF-Article 1.0
Author-Name: Kwan Wai Ko
Author-X-Name-First: Kwan Wai
Author-X-Name-Last: Ko
Author-Name: Jagdish Handa
Author-X-Name-First: Jagdish
Author-X-Name-Last: Handa
Title: Currency Substitution in a Currency Board Context: The Evidence for Hong Kong
Abstract:
Hong Kong is an open economy that uses foreign currencies extensively in
domestic payments. This paper focuses on substitution between the domestic
and foreign currencies in their role as media of payments in such an
economy. It uses quarterly data to estimate currency substitution (CS) for
Hong Kong during 1984:I to 2001:III when it had a fixed exchange rate
under a currency board system. Two models, a money demand function and a
dynamic adjustment model, are estimated using the Johansen cointegration
and error-correction technique. The estimates for both these models
indicate significant CS in the media of payments. Our estimates also show
a significant ratchet effect in CS.
Journal: Journal of Chinese Economic and Business Studies
Pages: 39-56
Issue: 1
Volume: 4
Year: 2006
Keywords: Currency substitution, currency board, China,
X-DOI: 10.1080/14765280600551224
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600551224
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:1:p:39-56
Template-Type: ReDIF-Article 1.0
Author-Name: Fengxia Dong
Author-X-Name-First: Fengxia
Author-X-Name-Last: Dong
Author-Name: Allen Featherstone
Author-X-Name-First: Allen
Author-X-Name-Last: Featherstone
Title: Technical and Scale Efficiencies for Chinese Rural Credit Cooperatives: A Bootstrapping Approach in Data Envelopment Analysis
Abstract:
Chinese rural credit cooperatives (RCCs) are a major supplier of credit
to the rural sector in China. However, Chinese RCCs are currently
encountering operating problems, and experimental reform is occurring to
restructure the RCCs. In order to have some idea about the efficacy of
reform, it is important to have an understanding of the institutional
economics underlying the delivery of rural credit in China. This paper
evaluates pure technical efficiency, overall technical efficiency, and
scale efficiencies for RCCs in China using non-parametric techniques. The
use of a bootstrap algorithm allows for inference on efficiency measures.
Journal: Journal of Chinese Economic and Business Studies
Pages: 57-75
Issue: 1
Volume: 4
Year: 2006
Keywords: Bootstrapping, Chinese rural credit cooperatives, data envelopment analysis, scale efficiency, technical efficiency,
X-DOI: 10.1080/14765280600551240
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600551240
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:1:p:57-75
Template-Type: ReDIF-Article 1.0
Author-Name: Dilip Das
Author-X-Name-First: Dilip
Author-X-Name-Last: Das
Title: The Chinese and Indian Economies: Comparing the Comparables
Abstract:
Both China and India were noted for their prowess and prosperity in the
remote past, but in the recent past they went into a precipitous decline
and became marginal economies, known for large impoverished masses and
economic stagnation. Early in the 21st century, China and India are once
again being seen as two emerging economic powers of the global economy.
The closing decades of the 20th century were remarkable for both the
economies. China in particular turned in a stellar economic performance.
In the beginning of the 21st century, it was even being seen as the
economic super power of the future. It has emerged as a low-cost
manufacturing juggernaut invading global markets in a sizeable array of
products, with a high and rapidly rising level merchandise exports and
imports. In comparison, India's post-1991 growth performance has shown
improvement. Although its success in the services sector exports is
noteworthy, its economic performance did not match that of China. The
economic weight of China and its integration into the global economy is
going to continue to increase, and India could follow suit. This article
compares and contrasts the two emerging-market economies of Asia, their
soaring global significance and global integration and draws policy
related lessons from it.
Journal: Journal of Chinese Economic and Business Studies
Pages: 77-89
Issue: 1
Volume: 4
Year: 2006
Keywords: China, India, comparison, Global significance,
X-DOI: 10.1080/14765280600551281
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600551281
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:1:p:77-89
Template-Type: ReDIF-Article 1.0
Author-Name: John Knight
Author-X-Name-First: John
Author-X-Name-Last: Knight
Author-Name: Jinjun Xue
Author-X-Name-First: Jinjun
Author-X-Name-Last: Xue
Title: How High is Urban Unemployment in China?
Abstract:
Rapid economic growth and radical structural transformation pose a
challenge to official statisticians as they seek to encompass new economic
activities and phenomena. The accuracy of official statistics is liable to
come into question. Urban unemployment in China is a good example. This
paper estimates the urban unemployment rate using administrative
statistics, population census data and a recent sample survey data set,
and provides a critique showing in some detail how and why Chinese
unemployment statistics are a minefield for the unwary and unemployment is
so difficult to measure. Nevertheless, it is found that the urban
unemployment rate rose rapidly over the 1990s and exceeded 11% in 1999 and
2000. The paper concludes by considering the implications of the findings
for understanding unemployment, for policy, and for the collection of
statistics.
Journal: Journal of Chinese Economic and Business Studies
Pages: 91-107
Issue: 2
Volume: 4
Year: 2006
Keywords: JEL Classifications: C13, J21, J64, J79, O53,
X-DOI: 10.1080/14765280600736833
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600736833
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:2:p:91-107
Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall
Author-X-Name-First: Christer
Author-X-Name-Last: Ljungwall
Title: Export-led Growth: Application to China's Provinces, 1978-2001
Abstract:
China's economic development has in many ways taken the world by storm,
and no part of the country has been left fully unaffected. Many attempts
have been made to explain the sources of this rapid, yet uneven,
development. Previous studies on the specific relationship between growing
exports and economic growth provide important information on the issue,
but results from individual provinces are lacking. To fill the gap, this
paper reviews the basic empirical question defined by the export-led
growth (ELG) hypothesis, i.e. whether growth in exports drives growth in
GDP, at the provincial level. The ELG hypothesis is validated in 13 of the
27 provinces in the sample.
Journal: Journal of Chinese Economic and Business Studies
Pages: 109-126
Issue: 2
Volume: 4
Year: 2006
Keywords: JEL Classifications: C32, F14, F19, O53,
X-DOI: 10.1080/14765280600736866
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600736866
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:2:p:109-126
Template-Type: ReDIF-Article 1.0
Author-Name: Alyson Ma
Author-X-Name-First: Alyson
Author-X-Name-Last: Ma
Title: Export Spillovers to Chinese Firms: Evidence from Provincial Data
Abstract:
Multinational firms are important conduits of managerial skills, foreign
market linkages, and technology. Foreign export spillovers associated with
multinational firms have the potential to reduce entry costs for local
exporting firms. This paper examines whether exports by multinational
firms increase the probability of exporting by domestic Chinese firms. The
findings from the Probit estimation highlight the varying relationships
between multinational exports and local foreign entry based on the type of
ownership. The results from separating foreign-invested enterprises into
overseas Chinese companies and OECD-based multinational firms suggest that
the export activity of the former does not increase the probability of
exporting by local firms, whereas the latter positively influence the
export decision of local firms, particularly under processing trade.
Journal: Journal of Chinese Economic and Business Studies
Pages: 127-149
Issue: 2
Volume: 4
Year: 2006
Keywords: JEL Classifications: F1, F14, F23,
X-DOI: 10.1080/14765280600736908
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600736908
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:2:p:127-149
Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang
Author-X-Name-First: Bing
Author-X-Name-Last: Zhang
Author-Name: Xindan Li
Author-X-Name-First: Xindan
Author-X-Name-Last: Li
Title: Do Calendar Effects Still Exist in the Chinese Stock Markets?
Abstract:
The paper uses rolling sample tests to investigate time-varying calendar
effects in the Chinese stock market, based on the GARCH (1, 1)-GED model.
The Friday effect existed with low volatility at the early stage, but it
seems to have disappeared since 1997. The positive Tuesday effect began to
appear then. There is a small-firm January effect with high volatility.
The turn-of-the month effect has also disappeared in the Chinese stock
market since 1997.
Journal: Journal of Chinese Economic and Business Studies
Pages: 151-163
Issue: 2
Volume: 4
Year: 2006
Keywords: JEL Classifications: J14, J15,
X-DOI: 10.1080/14765280600736999
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600736999
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:2:p:151-163
Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan
Author-X-Name-First: Paresh Kumar
Author-X-Name-Last: Narayan
Author-Name: Xiujian Peng
Author-X-Name-First: Xiujian
Author-X-Name-Last: Peng
Title: An Econometric Analysis of the Determinants of Fertility for China, 1952-2000
Abstract:
This study investigates the determinants of the fertility rate in China
over the 1952-2000 period. Consistent with theory, the key explanatory
variables in our fertility model are real per capita income, infant
mortality rate, female illiteracy and female labour force participation
rates. The long-run results and the test for cointegration are based on
the Johansen (1988) and Johansen & Juselius (1990) approach. Our long-run
results conform to theory in that all variables appear with their expected
signs, and the dummy variable used to capture the effects of the family
planning policy indicates that in the years of the policy, fertility rates
have been falling by around 10-12%. Our results suggest that
socio-economic development - consistent with the traditional structural
hypothesis - played a key role in China's fertility transition.
Journal: Journal of Chinese Economic and Business Studies
Pages: 165-183
Issue: 2
Volume: 4
Year: 2006
Keywords: JEL Classifications: J13, C22, C52,
X-DOI: 10.1080/14765280600737039
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600737039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:2:p:165-183
Template-Type: ReDIF-Article 1.0
Author-Name: Charles Goodhart
Author-X-Name-First: Charles
Author-X-Name-Last: Goodhart
Author-Name: Xiaosong Zeng
Author-X-Name-First: Xiaosong
Author-X-Name-Last: Zeng
Title: China's Banking Reform: Problems and Potential Solutions
Abstract:
Despite recent reforms to China's financial system, there remain numerous
shortcomings. The asset quality of state-owned banks continues to be
unsatisfactory, with taxpayers and depositors subsidising both SOBs and
SOEs. Banks' loan margins and capital adequacy remain too low. The capital
market is also inefficient. The fundamental problem is the lack of an
appropriate property rights infrastructure, without an adequate
informational, incentive and legal framework.
Journal: Journal of Chinese Economic and Business Studies
Pages: 185-198
Issue: 3
Volume: 4
Year: 2006
Keywords: State-owned banks, non-performing loans, asset management companies, 'Modern Enterprise System', property rights infrastructure,
X-DOI: 10.1080/14765280600992204
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600992204
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:3:p:185-198
Template-Type: ReDIF-Article 1.0
Author-Name: Meixing Dai
Author-X-Name-First: Meixing
Author-X-Name-Last: Dai
Title: Inflation-targeting under a Managed Exchange Rate: the Case of the Chinese Central Bank
Abstract:
In 2004, the People's Bank of China (PBC) is reported to have abandoned
the quantity of money as its intermediate goal and to adopt some elements
of the apparatus of inflation targeting, without giving up the managed
exchange rate regime for the renminbi (RMB), the Chinese currency. We show
in this paper, using a dynamic setting, that partially implementing the
apparatus of inflation targeting by the PBC to improve the performance of
monetary policy encounters various difficulties from out-of-equilibrium
dynamics to macro-economic and financial instability. In this context,
some macro-economic measures can be helpful for reducing disequilibrium.
Further development of internal monetary and financial markets and
assigning balanced weights by the PBC to inflation and output targets are
necessary conditions for the regime to be stable.
Journal: Journal of Chinese Economic and Business Studies
Pages: 199-219
Issue: 3
Volume: 4
Year: 2006
Keywords: Inflation targeting, renminbi (RMB), managed exchange rate, macro-economic and financial instability, JEL CLASSIFICATION: E52, E58, F41,
X-DOI: 10.1080/14765280600995579
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600995579
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:3:p:199-219
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Author-Name: Angang Hu
Author-X-Name-First: Angang
Author-X-Name-Last: Hu
Title: An Empirical Analysis of Provincial Productivity in China (1979-2001)
Abstract:
This study estimates and analyzes provincial productivity growth in China
for the period 1979-2001. The Malmquist Index approach allows us to
decompose productivity growth into two components, technological progress
and efficiency change. Considerable productivity growth was found for most
of the data period, but it was accomplished mainly through technological
progress rather than efficiency improvement. Although China's capital
stock has accumulated at record speed in recent years, our findings show
that TFP growth slowed down significantly during 1995-2001. The study thus
raises serious questions about whether China's recent growth pattern is
consistent with its comparative advantages, and whether its reliance on
capital accumulation can be sustained in the long run.
Journal: Journal of Chinese Economic and Business Studies
Pages: 221-239
Issue: 3
Volume: 4
Year: 2006
Keywords: Productivity, technological progress, efficiency, China, JEL Classification: O47, O53, D24,
X-DOI: 10.1080/14765280600991917
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600991917
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:3:p:221-239
Template-Type: ReDIF-Article 1.0
Author-Name: Jianling Wang
Author-X-Name-First: Jianling
Author-X-Name-Last: Wang
Author-Name: Lin Song
Author-X-Name-First: Lin
Author-X-Name-Last: Song
Title: Timeliness of Annual Reports of Chinese Listed Companies
Abstract:
The timeliness of annual reports has received serious attention by the
Chinese regulatory and professional bodies in recent years. Using 8294
company reports from the Chinese listed companies during 1993-2003, this
paper analyzes the timeliness of annual reports by first examining the
trend of reporting lags, separating the effects of 'good' and 'bad' news
on timeliness, and then by using a multivariate regression to identify the
determinants of reporting lags. It is found that there is a significant
improvement on timeliness of reports although the shortening of reporting
lags shows a U-shape over the data period. There is strong evidence that
reporting lags were related to firm performance as bad news tended to hold
back timely release of corporate reports. It is interesting to note that
government policies have also played an important role in improving
timeliness of corporate annual reporting in China but much more work needs
to be done to make sure that listed companies provide more timely and
reliable reports to investors and regulatory authorities.
Journal: Journal of Chinese Economic and Business Studies
Pages: 241-257
Issue: 3
Volume: 4
Year: 2006
Keywords: Annual report, timeliness, Chinese listed companies, JEL Classification: G14, G38,
X-DOI: 10.1080/14765280600995538
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600995538
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:3:p:241-257
Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Goldstein
Author-X-Name-First: Andrea
Author-X-Name-Last: Goldstein
Title: The Political Economy of Industrial Policy in China: The Case of Aircraft Manufacturing
Abstract:
This paper focuses on China's efforts to build a world-class aircraft
manufacturing industry. In the first half of the 1990s, the potential of
the Chinese industry to mount a competitive challenge to Western aircraft
builders was largely discounted. Nowadays, the threat is taken more
seriously. The growth in the Chinese air transport market has reinforced
the bargaining power of national aircraft producers and authorities are
giving priority to building science and technology capacity in this area.
Progress in creating military/civilian synergies has proven much more
modest and the overall industry still lacks effective coordination.
Journal: Journal of Chinese Economic and Business Studies
Pages: 259-273
Issue: 3
Volume: 4
Year: 2006
Keywords: Aerospace, China, JEL Classification: H11, L62, O14,
X-DOI: 10.1080/14765280600991628
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280600991628
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:4:y:2006:i:3:p:259-273
Template-Type: ReDIF-Article 1.0
Author-Name: James Laurenceson
Author-X-Name-First: James
Author-X-Name-Last: Laurenceson
Author-Name: Kam Ki Tang
Author-X-Name-First: Kam Ki
Author-X-Name-Last: Tang
Title: Opening China's Capital Account: Modeling the Capital Flow Response
Abstract:
Capital account convertibility in China is on the rise. In this paper we
consider the impact that removing remaining capital controls might have on
the volume of China's international capital flows. Better understanding of
this capital flow response can shed light on China's current degree of
international financial integration, which has important implications for
policy decisions such as whether China should move toward a more flexible
exchange rate regime. It is also relevant to discussing the financial
stability consequences of removing remaining capital controls. The main
finding is that China's capital account is already quite open, thus
implying a tradeoff presently exists between exchange rate stability on
the one hand and monetary independence on the other. In terms of financial
stability, the results generally serve to allay fears that further opening
the capital account would compromise China's international payments
ability or disrupt global capital flows.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-18
Issue: 1
Volume: 5
Year: 2007
Keywords: JEL CLASSIFICATION: F30, F47,
X-DOI: 10.1080/14765280601109196
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109196
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:1-18
Template-Type: ReDIF-Article 1.0
Author-Name: Yue Ma
Author-X-Name-First: Yue
Author-X-Name-Last: Ma
Author-Name: Huayu Sun
Author-X-Name-First: Huayu
Author-X-Name-Last: Sun
Title: Hot Money Inflows and Renminbi Revaluation Pressure
Abstract:
Despite a series of revaluations, which started in July 2005, hot money
has been sporadically sneaking into China in anticipation of further
revaluations of the renminbi. In this paper we build a monetary model to
show how anticipated revaluations lead to the instability of a pegged
exchange rate regime. This model assumes current account convertibility
and some degree of capital control, and fundamentally sound domestic
policies and economy, as is the case in China. The model demonstrates that
market-oriented interest rates can act as an automatic stabilizer to ease
revaluation pressures, but cannot resolve them completely because the
nominal interest rate has a zero nominal bound. Therefore, the official
parity is difficult to defend and the revaluation expectations can be
self-fulfilling, in the absence of external intervention. The empirical
results of Granger causality tests are consistent with the main findings
of our theoretical model. There are a number of policy intervention
measures that can extend the life of a pegged exchange rate regime.
Journal: Journal of Chinese Economic and Business Studies
Pages: 19-36
Issue: 1
Volume: 5
Year: 2007
Keywords: JEL CLASSIFICATION: E58, F31,
X-DOI: 10.1080/14765280601109220
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109220
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:19-36
Template-Type: ReDIF-Article 1.0
Author-Name: Zhang Jun
Author-X-Name-First: Zhang
Author-X-Name-Last: Jun
Author-Name: Guanghua Wan
Author-X-Name-First: Guanghua
Author-X-Name-Last: Wan
Author-Name: Yu Jin
Author-X-Name-First: Yu
Author-X-Name-Last: Jin
Title: The Financial Deepening-Productivity Nexus in China: 1987-2001
Abstract:
The financial intermediation-growth nexus is a widely studied topic in
the literature of development economics. Deepening financial
intermediation may promote economic growth by mobilizing more investments,
and lifting returns to financial resources, which raises productivity.
Relying on provincial panel data from China, this paper attempts to
examine if regional productivity growth is accounted for by the deepening
process of financial development. Towards this end, an appropriate
measurement of financial depth is constructed and then included as a
determinant of productivity growth. It finds that a significant and
positive nexus exists between financial deepening and productivity growth.
Given the divergent pattern of financial deepening between coastal and
inland provinces, this finding also helps explain the rising regional
disparity in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 37-49
Issue: 1
Volume: 5
Year: 2007
Keywords: JEL CLASSIFICATION: N1, O5,
X-DOI: 10.1080/14765280601109253
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109253
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:37-49
Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li
Author-X-Name-First: Ming-Yuan Leon
Author-X-Name-Last: Li
Author-Name: Her-Jiun Sheu
Author-X-Name-First: Her-Jiun
Author-X-Name-Last: Sheu
Author-Name: Lin Lin
Author-X-Name-First: Lin
Author-X-Name-Last: Lin
Author-Name: Yu-Chi Tang
Author-X-Name-First: Yu-Chi
Author-X-Name-Last: Tang
Title: Market Conditions and Abnormal Returns of IPO-An Empirical Study of Taiwan's High-Tech Companies
Abstract:
Four new determinants of initial/long-run IPO (initial public offering)
returns from the perspectives of market conditions are proposed in this
paper. The associated effects are examined by using the samples of
Taiwan's high-tech IPO companies. Our empirical findings are consistent
with the following notions. First, the four new determinants proposed
perform remarkable effects on the IPO returns. Second, the length for IPO
and IPO clustering phenomena has notable impacts on the long-run returns
of IPO. In contrast, the performances of public stock markets show
significant effects on the initial returns of IPO.
Journal: Journal of Chinese Economic and Business Studies
Pages: 51-64
Issue: 1
Volume: 5
Year: 2007
Keywords: JEL CLASSIFICATION: G11, G12, G15,
X-DOI: 10.1080/14765280601109329
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109329
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:51-64
Template-Type: ReDIF-Article 1.0
Author-Name: Miao-Ling Chen
Author-X-Name-First: Miao-Ling
Author-X-Name-Last: Chen
Title: Incentive and Dilution Effects of Employee Stock Bonuses and Stock Options: Evidence from Taiwan
Abstract:
Employee stock bonuses (ESBs) and employee stock options (ESOs) are the
means for high-technology companies in Taiwan to reward their employees.
This research connects the Ohlson (1995) model and Linear Structural
Relations (LISREL) model to investigate these effects of ESBs and ESOs,
respectively, for a sample of high-technology companies in Taiwan. I
generate two empirical generalizations. (1) The incentive effects of ESBs
are significantly associated with performance, thus enhancing firm value;
in addition, the incentive effects of ESBs are greater than the dilution
effects. (2) The incentive effects of ESOs are also significantly
associated with performance, whereas the dilution effects of ESOs are
insignificant. Although evidence supports the incentive effects of
providing ESOs and ESBs, it is debatable whether ESOs and ESBs dilute
shareholders' equity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 65-73
Issue: 1
Volume: 5
Year: 2007
Keywords: Employee stock bonuses, employee stock options, Black-Scholes model, valuation,
X-DOI: 10.1080/14765280601109352
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109352
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:65-73
Template-Type: ReDIF-Article 1.0
Author-Name: Yue Wang
Author-X-Name-First: Yue
Author-X-Name-Last: Wang
Title: Understanding Contractual Joint Ventures in China
Abstract:
Contractual Joint Ventures (CJVs) in China have been under-studied
despite their importance as one of the three major forms of foreign direct
investment (FDI) prescribed by the Chinese government. Based on first-hand
survey data and within a transaction cost-comparative institution
framework, the paper conceptualizes the nature of CJVs as a relational
subcontracting arrangement rather than a form of FDI. Formed mainly
between Hong Kong and Chinese manufacturing firms in the South China
province of Guangdong, CJVs display quasi-market and quasi-hierarchy
features, sitting between Processing and Assembling arrangements (P&As) on
the one hand and Equity Joint Ventures (EIVs) and Wholly Foreign Owned
Enterprises (WFOEs) on the other. The theoretical and practical
implications are discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 75-90
Issue: 1
Volume: 5
Year: 2007
Keywords: Jel Classification, F23,
X-DOI: 10.1080/14765280601109394
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280601109394
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:75-90
Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Cheng
Author-X-Name-First: Jeremy
Author-X-Name-Last: Cheng
Author-Name: David Bennett
Author-X-Name-First: David
Author-X-Name-Last: Bennett
Title: Success Strategies in the Chinese Chemical Industry: A Survey and Case Study Investigations
Abstract:
The chemical industry in China is facing fierce competition and exposure
to market forces as a result of changes in the country's economic policy.
The Chinese government has applied administrative actions rather than
simply relying on market forces to address the changing dynamics. It has
attempted to privatise state-owned chemical enterprises (SOCEs) by
corporatisation, coupled with industrial restructuring by merging
individual state-owned enterprises into groups. Based on a quantitative
survey in combination with case studies of two Chinese chemical
enterprises, this paper concludes that in this industry building
competences is more effective than privatisation and restructuring to
improve performance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 91-112
Issue: 2
Volume: 5
Year: 2007
Keywords: Performance, China, chemical industry, resource-based view (RBV), privatisation,
X-DOI: 10.1080/14765280701362232
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362232
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:91-112
Template-Type: ReDIF-Article 1.0
Author-Name: Penelope B. Prime
Author-X-Name-First: Penelope B.
Author-X-Name-Last: Prime
Title: West China Development: Updates on Policy and Progress
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 113-113
Issue: 2
Volume: 5
Year: 2007
Keywords: Poverty, West China, regional development,
X-DOI: 10.1080/14765280701362299
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:113-113
Template-Type: ReDIF-Article 1.0
Author-Name: Jane Golley
Author-X-Name-First: Jane
Author-X-Name-Last: Golley
Title: China's Western Development Strategy and Nature versus Nurture
Abstract:
The current trend of rising inequalities in industrial development
between East and West China has resulted from a combination of nature and
nurture. Given the natural tendency for firms to agglomerate in a
developing, market economy, and the numerous geographical and historical
factors that have long favoured the Eastern region, it is hardly
surprising that this is where Chinese industry has become increasingly
agglomerated in recent decades. It is even less surprising in light of
deliberate policy choices that compounded, or nurtured, this natural
tendency. Left to market forces alone, the agglomeration process should
reverse itself (to some extent) in the (very) long-run, as firms relocate
to provinces with relatively low costs of production. However, that
theoretical long-run is too far away for the Chinese central government,
which has introduced a 'Western Development Strategy' to try and speed up
economic development in China's poorest region. This paper assesses the
likelihood that this Strategy in its current guise will succeed in
promoting industrial development in the West.
Journal: Journal of Chinese Economic and Business Studies
Pages: 115-129
Issue: 2
Volume: 5
Year: 2007
Keywords: JEL Classifications: O14, O18, O25, O53, R58, R11,
X-DOI: 10.1080/14765280701362380
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362380
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:115-129
Template-Type: ReDIF-Article 1.0
Author-Name: Susan M. Walcott
Author-X-Name-First: Susan M.
Author-X-Name-Last: Walcott
Title: The Dragon's Tail: Utilizing Chengdu and Chongqing Technology Development Zones to Anchor West China Economic Advancement
Abstract:
This research examines the role of post-1999 'Develop the West' policies
in promoting accelerated economic development in Chengdu and Chongqing,
the two largest, spatially proximate metropolitan centers of western
China. Differences between these two cities test theories regarding
utilization of characteristics that flow from a place's location, history,
political-economy, and cultural resources. Chengdu serves as the
traditional capital of Sichuan province. The mountainous setting of
Chongqing relegated it to a military-industrial complex dominated by
state-owned enterprises. Its new autonomous status and completion of the
Three Gorges Dam will solidify the city as the western edge of the
Yangtze. It is argued that geographically reinforced historical cultural
patterns form the basis of systemic problems. A key difference between the
two cities lies in their different utilization of university research, a
proxy for openness to information fueling change. Statistics and
interviews accumulated in both cities flesh out this comparative
examination of two major geographical bases for economic dynamism in west
China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 131-145
Issue: 2
Volume: 5
Year: 2007
Keywords: JEL Classifications: R12, R58,
X-DOI: 10.1080/14765280701362422
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362422
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:131-145
Template-Type: ReDIF-Article 1.0
Author-Name: Rachel Connelly
Author-X-Name-First: Rachel
Author-X-Name-Last: Connelly
Author-Name: Zhenzhen Zheng
Author-X-Name-First: Zhenzhen
Author-X-Name-Last: Zheng
Title: School Enrollment and Graduation Rates in Western China Based on the 2000 Census
Abstract:
This paper examines the 2000 Chinese Census data for educational
enrollment and graduation of Western Chinese youth aged 10-18. Analysis is
done on a regional, provincial, and individual level and comparisons are
offered between Western and Eastern China. Comparisons are also made with
the 1990 Census in order to explore changes over the decade of the 1990s.
We find a substantial improvement in educational attainment rates for all
groups and at all levels over the decade. School initiations are very high
in every province. The aggregate gender gap has also narrowed
significantly over this period. Individual level analysis shows that boys
are still more likely to start school, graduate from primary school and
start middle school. There is no significant gender gap when it comes to
finishing middle school or starting high school.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-161
Issue: 2
Volume: 5
Year: 2007
Keywords: JEL Classification: I21,
X-DOI: 10.1080/14765280701362448
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362448
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:147-161
Template-Type: ReDIF-Article 1.0
Author-Name: Anqing Shi
Author-X-Name-First: Anqing
Author-X-Name-Last: Shi
Author-Name: Shuming Bao
Author-X-Name-First: Shuming
Author-X-Name-Last: Bao
Title: Migration, Education and Rural Development: Evidence from China 2000 Population Census Data
Abstract:
There has been a concern that the growth of towns has been stalled
recently and with it, the creation of non-farm jobs in rural industries.
This study uses 2000 census tabulations to look at this issue by examining
in-migration in towns in three provinces in China, Zhejiang, Henan, and
Sichuan. In addition to the diversified patterns of town in-migrants
revealed in these provinces, this paper finds that town in-migrants
generally possess higher levels of educational attainment than those of
the local population in towns, especially in the less-developed western
and central provinces of Sichuan and Henan. There is also evidence that as
towns themselves grow wealthier, such as in Zhejiang, better educated
people in rural areas were likely to shift their jobs from the farm to
non-farm sector in towns nearby, instead of leaving the countryside to
migrate to other provinces. Labor markets in towns in less-developed
western and central provinces were more flexible in accommodating
in-migrants, whereas in the coastal province of Zhejiang, labor markets
tend to become segregated between migrants and the local population.
Journal: Journal of Chinese Economic and Business Studies
Pages: 163-177
Issue: 2
Volume: 5
Year: 2007
Keywords: JEL CLASSIFICATIONS: R23, J61,
X-DOI: 10.1080/14765280701362471
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701362471
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:2:p:163-177
Template-Type: ReDIF-Article 1.0
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: For the Motion
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 179-191
Issue: 3
Volume: 5
Year: 2007
X-DOI: 10.1080/14765280701656625
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701656625
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:3:p:179-191
Template-Type: ReDIF-Article 1.0
Author-Name: Barry Naughton
Author-X-Name-First: Barry
Author-X-Name-Last: Naughton
Title: Against the Motion
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-202
Issue: 3
Volume: 5
Year: 2007
X-DOI: 10.1080/14765280701656591
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701656591
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:3:p:193-202
Template-Type: ReDIF-Article 1.0
Author-Name: Xun Lu
Author-X-Name-First: Xun
Author-X-Name-Last: Lu
Author-Name: Dietrich Fausten
Author-X-Name-First: Dietrich
Author-X-Name-Last: Fausten
Author-Name: Russell Smyth
Author-X-Name-First: Russell
Author-X-Name-Last: Smyth
Title: Financial Development, Capital Accumulation and Productivity Improvement: Evidence from China
Abstract:
Financial sector development may contribute to economic growth by
facilitating capital accumulation and by improving productivity. This
article investigates empirically the contribution that financial
development may make to these two alternative drivers of economic growth
in China using annual data for the period 1952 to 2005. Using
cointegration and Granger-causality testing we examine the relationship
between financial development and, respectively, capital accumulation and
productivity in a time-series vector autoregression (VAR) framework. The
substantive findings are that there is either bi-directional Granger
causality between financial development and capital accumulation or that
Granger causality runs from capital accumulation to financial development,
depending on how capital accumulation and financial development are
measured. The link between financial development and productivity is found
to be statistically weak.
Journal: Journal of Chinese Economic and Business Studies
Pages: 227-242
Issue: 3
Volume: 5
Year: 2007
Keywords: Financial development, economic growth, China, causality,
X-DOI: 10.1080/14765280701656658
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701656658
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:3:p:227-242
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Ding
Author-X-Name-First: Ying
Author-X-Name-Last: Ding
Title: Fiscal Decentralization and Economic Growth in China, 1994-2002
Abstract:
The question of whether fiscal decentralization has affected economic
growth since the 1994 fiscal reform in China is interesting to both policy
makers and economists. Using a simple model of endogenous growth that
incorporates spending by different levels of government, and a panel data
set for 30 provinces for the period of 1994-2002, this paper finds that
fiscal decentralization contributes significantly to economic growth. This
finding is consistent with the theoretical prediction that fiscal
decentralization can increase economic efficiency. In addition, this paper
attempts to investigate how the relationship between fiscal
decentralization and provincial growth differs in the different regions
considered. For this purpose, the 30 Chinese provinces and regions are
categorized into three conventional economic belts that comprise the
eastern, central, and western areas. This study finds that the effects of
fiscal decentralization on economic growth vary among these three regions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 243-260
Issue: 3
Volume: 5
Year: 2007
Keywords: Fiscal decentralization, economic growth, Chinese economy, E62, H2, H5, O4, R5,
X-DOI: 10.1080/14765280701656682
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701656682
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:3:p:243-260
Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Shapiro
Author-X-Name-First: Daniel
Author-X-Name-Last: Shapiro
Author-Name: Yao Tang
Author-X-Name-First: Yao
Author-X-Name-Last: Tang
Author-Name: Cathy Xuejing
Author-X-Name-First: Cathy
Author-X-Name-Last: Xuejing
Title: Mode of Entry and the Regional Distribution of Foreign Direct Investment in China
Abstract:
In this paper we re-examine the regional determinants of FDI in China
using both total FDI flows, and FDI flows disaggregated by entry mode.
Building on both the FDI location and entry mode choice literatures, we
argue for the existence of mode-specific location advantages, and test for
their existence. We first specify and estimate a location model of
aggregate FDI flows to Chinese regions. Using the aggregate model as a
benchmark, we then estimate separate equations for each of three different
entry modes (wholly-owned subsidiaries, equity joint ventures and
cooperative joint ventures), and compare the results with the aggregate
model. The results indicate that mode-specific location advantages do
exist, at least within China, but they are limited to a small number of
factors. In particular, we identify the accumulated stock of FDI as being
more likely to attract high control modes of entry, while existing
policies to attract FDI are more likely to attract lower control modes of
entry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 261-277
Issue: 3
Volume: 5
Year: 2007
Keywords: Foreign Direct Investment, location choice, entry modes, China,
X-DOI: 10.1080/14765280701656690
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701656690
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:5:y:2007:i:3:p:261-277
Template-Type: ReDIF-Article 1.0
Author-Name: Barry Bosworth
Author-X-Name-First: Barry
Author-X-Name-Last: Bosworth
Author-Name: Susan Collins
Author-X-Name-First: Susan
Author-X-Name-Last: Collins
Title: United States-China trade: where are the exports?
Abstract:
This paper empirically examines US goods trade with China, focusing on
the performance of exports. Throughout the analysis, we explore whether US
trade is unusual by contrasting it with trade from Japan and the EU-15.
The issue is examined from three perspectives: the commodity composition
of exports, the role of multinational firms, and the estimation of a set
of 'gravity equations' that explore the role of market size and distance
from the United States. We find that the commodity composition of trade
with China is not distorted, nor can the low level be related to an
unusual role of US multinationals in China. Instead, distance does seem to
exert a surprisingly large effect on trade. Finally, while exports to
China may be a small share of US GDP, they are relatively substantial
compared to US exports to other countries. In other words, the measure of
US trade performance in China is distorted by the low level of its exports
to all countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-21
Issue: 1
Volume: 6
Year: 2008
Keywords: China, United States, trade,
X-DOI: 10.1080/14765280701841292
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841292
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:1-21
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Buckley
Author-X-Name-First: Peter
Author-X-Name-Last: Buckley
Author-Name: Jeremy Clegg
Author-X-Name-First: Jeremy
Author-X-Name-Last: Clegg
Author-Name: Hui Tan
Author-X-Name-First: Hui
Author-X-Name-Last: Tan
Title: Organization and action in a Chinese state-owned service intermediary: the case of Sinotrans
Abstract:
Thompson's (1967) framework is regarded as one of the classic work for
analysing organizations in the West. This paper analyses organizational
changes in Sinotrans utilizing a longitudinal case study to examine
whether Thompson's framework is valid for understanding firms in a
transitional economy. As a Chinese state-owned service intermediary,
Sinotrans faces uncertainty arising from political interference from
government and party institutions. Over time it has faced increasing
market pressure, which has caused it to attempt to close off its technical
core by short run strategies that have frequently then been reversed.
Thompson's (1967) framework proves to be an excellent means of capturing
the dynamics of Sinotrans' actions by focusing on the changing types of
uncertainty with which the managers in Sinotrans have attempted to cope.
Journal: Journal of Chinese Economic and Business Studies
Pages: 23-48
Issue: 1
Volume: 6
Year: 2008
Keywords: Thompson's framework, state-owned enterprise, organizational changes, uncertainty, service intermediary, China,
X-DOI: 10.1080/14765280701841326
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841326
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:23-48
Template-Type: ReDIF-Article 1.0
Author-Name: Tao Peng
Author-X-Name-First: Tao
Author-X-Name-Last: Peng
Author-Name: Minsoo Lee
Author-X-Name-First: Minsoo
Author-X-Name-Last: Lee
Author-Name: Christopher Gan
Author-X-Name-First: Christopher
Author-X-Name-Last: Gan
Title: Has the Chinese currency been undervalued?
Abstract:
China's trade surplus reached a record $102 billion in 2005 while the US
trade deficit of $717 billion accounted for 5.8% of US Gross Domestic
Product in the same year. US policy makers claim China's currency is
undervalued about 25 to 35% against the US dollar and they blame China for
holding the value of the RMB weak to keep Chinese products competitive on
prices in international markets. Given the unique situation in China,
where the capital account is only partially convertible and the economy
has been growing at an annual average rate of 10% over the last two
decades, this paper empirically examines the magnitude of the exchange
rate misalignment of China's RMB against the US dollar by using the
Behavioral Equilibrium Exchange Rate (BEER) and Permanent Equilibrium
Exchange Rate (PEER) models. Our results show that the RMB was undervalued
by approximately 15% from 2002:Q2 to 2003:Q4; however, it is interesting
to note that while the RMB was overvalued during 1997:Q4-2002:Q2, China
experienced a huge trade surplus during that period.
Journal: Journal of Chinese Economic and Business Studies
Pages: 49-66
Issue: 1
Volume: 6
Year: 2008
Keywords: behavioral equilibrium exchange rate, misalignment, exchange rate regime,
X-DOI: 10.1080/14765280701841375
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841375
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:49-66
Template-Type: ReDIF-Article 1.0
Author-Name: Raymond Tse
Author-X-Name-First: Raymond
Author-X-Name-Last: Tse
Author-Name: James Webb
Author-X-Name-First: James
Author-X-Name-Last: Webb
Title: Housing markets in China: an empirical evaluation of present-value model
Abstract:
Derived from the present-value model, our model implies that house price
is a linear function of expected house rents and the expected rate of
growth of house rents where expectations are formed adaptively. The model
is used to explain the link between expected inflation and expected house
rental growth rates. The estimated parameters of the housing markets in
Hong Kong, Shanghai, Guangzhou and Shenzhen were compared.
Journal: Journal of Chinese Economic and Business Studies
Pages: 67-75
Issue: 1
Volume: 6
Year: 2008
Keywords: housing markets, adaptive expectations, house rents, China,
X-DOI: 10.1080/14765280701841516
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841516
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:67-75
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong Zhao
Author-X-Name-First: Zhong
Author-X-Name-Last: Zhao
Title: Health demand and health determinants in China
Abstract:
This paper identifies health determinants in rural and urban China. Using
the 2000 wave of the China Health and Nutrition Survey, we find that
education has an important positive effect on health. We also find that
regional location is an important determinant of health. Our results
indicate that the self-reported health status is not significantly
different between the urban and the rural population. Our study suggests
that Chinese males have better health than females, and married persons
have better health than single persons. We also find that rural residents
who live in suburbs have worse health than those who live in remote
villages.
Journal: Journal of Chinese Economic and Business Studies
Pages: 77-98
Issue: 1
Volume: 6
Year: 2008
Keywords: self-reported health status, health determinants, ordered probit, China,
X-DOI: 10.1080/14765280701841573
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841573
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:77-98
Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen
Author-X-Name-First: Shyh-Wei
Author-X-Name-Last: Chen
Title: Untangling the web of causalities among four disaggregate government expenditures, government revenue and output in Taiwan
Abstract:
Using Taiwan data, this empirical study delves into the causal links
among four disaggregate real government expenditures, real government
revenue and real output. The results substantiate that there is (i)
neutrality between real government revenue and real government expenditure
on economic development; (ii) unidirectional causality from real
government revenue to real government expenditures on national defence, on
general administration and on education, science and culture, confirming
the tax-and-spend hypothesis; (iii) neutrality between output and the four
disaggregate government expenditures; and (iv) unidirectional causality
from real output to real government revenue. Several implications emerge
from our empirical results.
Journal: Journal of Chinese Economic and Business Studies
Pages: 99-107
Issue: 1
Volume: 6
Year: 2008
Keywords: government expenditure, tax, Granger causality, VAR,
X-DOI: 10.1080/14765280701841581
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280701841581
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:99-107
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: On Chinese productivity studies
Abstract:
The key to making China wealthy and powerful was to raise total factor
productivity. (Dwight Perkins 1988)
Journal: Journal of Chinese Economic and Business Studies
Pages: 109-119
Issue: 2
Volume: 6
Year: 2008
Keywords: productivity, China, growth,
X-DOI: 10.1080/14765280802028187
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028187
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:109-119
Template-Type: ReDIF-Article 1.0
Author-Name: Gary Jefferson
Author-X-Name-First: Gary
Author-X-Name-Last: Jefferson
Author-Name: Thomas Rawski
Author-X-Name-First: Thomas
Author-X-Name-Last: Rawski
Author-Name: Yifan Zhang
Author-X-Name-First: Yifan
Author-X-Name-Last: Zhang
Title: Productivity growth and convergence across China's industrial economy
Abstract:
Using a firm-level data set for 1998 and 2005 including all of China's
'above designated size' enterprises that together account for more than
85% of China's industrial output, this paper investigates three issues.
One key issue in China's industrial system is the extent to which growth
has been driven by productivity change. A second issue is the relative
productivity performance of enterprises of different ownership types,
including a comparison of state-owned versus various forms of non-state
ownership. The third issue is whether productivity across China's key
regions-coast, northeast, central, and west-exhibits convergence or
divergence. One key finding that cuts across all three issues is the
exceptional contribution to productivity growth made by exiting and
entering firms, much of which is associated with restructuring. During
1998-2005, the phenomenon of firm exit and entry contributed substantially
to China's overall industrial productivity growth, to the relatively rapid
growth of state industry productivity, and to substantial productivity
catch-up with the coastal region by many of the interior provinces.
Journal: Journal of Chinese Economic and Business Studies
Pages: 121-140
Issue: 2
Volume: 6
Year: 2008
Keywords: productivity, growth, convergence,
X-DOI: 10.1080/14765280802028237
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028237
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:121-140
Template-Type: ReDIF-Article 1.0
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Title: The role of productivity in China's growth: new estimates
Abstract:
The impressive growth of the Chinese economy in the past three decades
has attracted a lot of attention and hence the research interest of many
scholars and policy makers. One of the focuses in the literature is the
role of productivity in China's economic growth. This paper aims to
revisit the debate about the role of productivity in China's growth, to
provide an updated estimate of productivity growth and hence to make a
contribution to the understanding of China's economic growth in recent
years. Its objective is to propose and apply a growth accounting technique
to assess economic performance in China, in particular the role of
technological progress in China's recent growth. The findings about the
latter may have important policy implications for the sustainability of
China's economic growth in the future.
Journal: Journal of Chinese Economic and Business Studies
Pages: 141-156
Issue: 2
Volume: 6
Year: 2008
Keywords: total factor productivity, growth accounting stochastic frontier approach,
X-DOI: 10.1080/14765280802028260
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028260
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:141-156
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Author-Name: Zheng Wang
Author-X-Name-First: Zheng
Author-X-Name-Last: Wang
Author-Name: Jinchuan Shi
Author-X-Name-First: Jinchuan
Author-X-Name-Last: Shi
Title: Industrial productivity performance in Chinese regions (1987-2002): a decomposition approach
Abstract:
This article investigates the productivity performance of China's
industries 1987-2002, by means of a provincial panel. Productivity growth
is decomposed into four components: technical progress, scale efficiezncy
change, and improvements in technical and allocative efficiency. Although
total factor productivity growth had been the second major contributor to
industrial growth (after capital accumulation), it has been driven mainly
by technical progress rather than efficiency improvement. The estimated
stochastic production frontier function exhibits substantial economies of
scale. Regional differences in technical progress are negligible, but
differences in technical efficiency are statistically significant across
regions. The restructuring of state-owned enterprises from the mid-1990s
seems to have improved technical efficiency considerably, while the
performance of allocative efficiency does not seem to be converging
towards standard conditions for optimizing firms under perfect
competition. Factor price distortions, like artificially cheap capital
together with suppressed wage levels, might have been the driving forces
behind China's capital-intensive industrial growth and
technology-dependent productivity performance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 157-175
Issue: 2
Volume: 6
Year: 2008
Keywords: transition, industry, productivity, TFP, SOE reform,
X-DOI: 10.1080/14765280802028278
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028278
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:157-175
Template-Type: ReDIF-Article 1.0
Author-Name: Jun Zhang
Author-X-Name-First: Jun
Author-X-Name-Last: Zhang
Title: Estimation of China's provincial capital stock (1952-2004) with applications
Abstract:
Construction of physical capital stock data is a key element for
estimating production functions, measuring total factor productivity
growth, and for growth accounting. Existing literature, however, shows
great variations in the estimates of China's national capital stocks
because different methodologies and statistical sources were used.
Systematic improvements and adjustments to China's GDP accounting
practices have made it possible to produce a consistent and comparable
series for provincial level capital stock using the perpetual inventory
method (PIM). This article recommends a standardized procedure in
constructing the level of capital stock for 30 Chinese provinces from 1952
to 2004. The merit of such statistical construction, although with some
drawbacks, is that the series can be easily updated to more recent years
using official statistics. Applying our capital stock data, we estimate
total factor productivity growth and characterize the spatial pattern
across provinces in post-reform China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 177-196
Issue: 2
Volume: 6
Year: 2008
Keywords: capital stock, total factor productivity,
X-DOI: 10.1080/14765280802028302
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028302
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:177-196
Template-Type: ReDIF-Article 1.0
Author-Name: Shujin Zhu
Author-X-Name-First: Shujin
Author-X-Name-Last: Zhu
Author-Name: Mingyong Lai
Author-X-Name-First: Mingyong
Author-X-Name-Last: Lai
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Title: Spatial characteristics and dynamics of provincial total factor productivity in China
Abstract:
This paper explores the influence of spatial effects on the convergence
of total factor productivity (TFP) across Chinese regions. We use the
Moran index, Markov transition matrix and panel data techniques to analyse
spatial dependence, transition dynamics and disparities in TFP across
Chinese provinces over the period from 1978 to 2004. We find that in the
period following 1978, there has been an increase in spatial dependence in
provincial-level TFPs across the various regions in China. However, the
extent of this dependence is not the same across regions and the direction
of movement of provincial TFP does not show convergence. On the contrary,
provincial TFPs at the middle quintile level moved to the quintile levels
at the highest and lowest levels, suggesting divergence and polarization
in TFP across Chinese regions. The 'New Eastern Region' appears to be a
TFP convergence club over the sampling period but no evidence is found
suggesting convergence of TFP between provinces in the other subgroups.
Policy implications are discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 197-217
Issue: 2
Volume: 6
Year: 2008
Keywords: productivity, spatial dependence, transition dynamics, convergence,
X-DOI: 10.1080/14765280802028328
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028328
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:197-217
Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Chow
Author-X-Name-First: Gregory
Author-X-Name-Last: Chow
Title: Another look at the rate of increase in TFP in China
Abstract:
There has been some controversy concerning the rate of growth of total
factor productivity after economic reform started in China in 1978. It is
the purpose of this note to present evidence to show that an annual rate
of increase of about 2.7% is reliable and that the capital elasticity of
output is close to 0.6. I first present time series evidence and then
supporting evidence from other sources.
Journal: Journal of Chinese Economic and Business Studies
Pages: 219-224
Issue: 2
Volume: 6
Year: 2008
Keywords: China, total factor productivity,
X-DOI: 10.1080/14765280802028344
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802028344
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:2:p:219-224
Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Mehrotra
Author-X-Name-First: Aaron
Author-X-Name-Last: Mehrotra
Author-Name: Jouko Rautava
Author-X-Name-First: Jouko
Author-X-Name-Last: Rautava
Title: Do sentiment indicators help to assess and predict actual developments of the Chinese economy?
Abstract:
This paper evaluates the usefulness of business sentiment indicators for
forecasting developments in the Chinese real economy. We use data on
diffusion indices collected by the People's Bank of China for forecasting
industrial production, retail sales and exports. Our bivariate vector
autoregressive models, each composed of one diffusion index and one real
sector variable, generally outperform univariate autoregressive models in
forecasting one to four quarters ahead. Similarly, principal components
analysis, combining information from various diffusion indices, leads to
enhanced forecasting performance. Our results indicate that Chinese
business sentiment indicators convey useful information about current and
future developments in the real economy. Moreover, the results could be
seen as support for the reliability of the official data on the real
economy, as both survey and real sector data seem to reflect the same
underlying economic dynamics. … But historically, we always
observed in the past that the hard data followed suit soft data. There was
a strong correlation. (Jean-Claude Trichet, President of the European
Central Bank)1
Journal: Journal of Chinese Economic and Business Studies
Pages: 225-239
Issue: 3
Volume: 6
Year: 2008
Keywords: forecasting, diffusion index, VAR, China,
X-DOI: 10.1080/14765280802283451
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283451
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:225-239
Template-Type: ReDIF-Article 1.0
Author-Name: Ping Hua
Author-X-Name-First: Ping
Author-X-Name-Last: Hua
Title: Real exchange rates and China's bilateral exports towards industrialized countries
Abstract:
A bilateral export demand function is used to estimate the effects on the
Chinese bilateral exports of three real exchange rates: (1) bilateral real
exchange rate capturing the price-competitiveness of the Chinese products
in the market of the considered import country (traditional effect); (2)
real effective exchange rate capturing the price-competitiveness of the
goods of Chinese competitors in the same market (third-export-country
effect); (3) real effective exchange rate capturing the
price-competitiveness of the Chinese products in China's other export
markets (third-import-country effect). This function is applied for the
Chinese bilateral real exports towards 11 industrialized countries over
the period from 1991 to 2004. The econometric results confirm the effects
of the three real exchange rates, as well as the effects of the demand
from developed countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 241-259
Issue: 3
Volume: 6
Year: 2008
Keywords: bilateral exports, China, real exchange rates,
X-DOI: 10.1080/14765280802283493
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283493
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:241-259
Template-Type: ReDIF-Article 1.0
Author-Name: Myint Moe Chit
Author-X-Name-First: Myint Moe
Author-X-Name-Last: Chit
Title: Exchange rate volatility and exports: evidence from the ASEAN-China Free Trade Area
Abstract:
This paper examines the impact of exchange rate volatility on the
bilateral exports within the ASEAN-China Free Trade Area (ACFTA) by using
a generalized gravity model. A panel data set of 20 bilateral observations
for the period from 1982:Q1 to 2005:Q1 is estimated using fixed-effect and
random effect methods. Panel unit-roots and panel cointegration tests
confirm the long-run relationship among the variables. The empirical
results suggest that bilateral real exchange rate volatility has a
statistically significant negative impact on the bilateral exports of the
major ACFTA countries. But the magnitude of the impact appears to be
fairly small.
Journal: Journal of Chinese Economic and Business Studies
Pages: 261-277
Issue: 3
Volume: 6
Year: 2008
Keywords: ACFTA, trade, exchange rate volatility,
X-DOI: 10.1080/14765280802283543
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283543
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:261-277
Template-Type: ReDIF-Article 1.0
Author-Name: Helian Xu
Author-X-Name-First: Helian
Author-X-Name-Last: Xu
Author-Name: Mingyong Lai
Author-X-Name-First: Mingyong
Author-X-Name-Last: Lai
Author-Name: Peng Qi
Author-X-Name-First: Peng
Author-X-Name-Last: Qi
Title: Openness, human capital and total factor productivity: evidence from China
Abstract:
This paper examines the drivers behind China's economic growth. In
particular, it focuses on the channels of knowledge spillovers: human
capital and openness to trade and foreign direct investment. The specific
features of the study include using the most recent comprehensive panel
data consisting of 29 provinces during the period 1994-2006 and performing
unit root and cointegration tests in the panel data framework. The paper
finds that human capital, trade and FDI are the significant determinants
of total factor productivity, but their importance varies with
technological levels of provinces. These findings have important policy
implications.
Journal: Journal of Chinese Economic and Business Studies
Pages: 279-289
Issue: 3
Volume: 6
Year: 2008
Keywords: openness, human capital, economic growth, panel data,
X-DOI: 10.1080/14765280802283576
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283576
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:279-289
Template-Type: ReDIF-Article 1.0
Author-Name: Jie Chen
Author-X-Name-First: Jie
Author-X-Name-Last: Chen
Author-Name: Qianjin Hao
Author-X-Name-First: Qianjin
Author-X-Name-Last: Hao
Title: The impacts of distance to CBD on housing prices in Shanghai: a hedonic analysis
Abstract:
It is widely recognized that location is the primary determining factor
of housing price. But to what extent the variation of housing price in
Shanghai can be explained by the locational factor has not been
empirically examined. In this paper, we examine the power of applying the
hedonic method to the spatial-statistical analysis of housing prices in
Shanghai. The data we use covers all new commercial residential housings
sold in Shanghai during July 2004 and June 2006. The main focus in this
paper is to examine the effect of geographical distance to city centre on
the selling price of residential housings in Shanghai. We also discuss how
the price gradient varies at different directions in Shanghai. Finally, we
demonstrate the importance of applying quality control on the development
of a housing price index. The statistical methodology and empirical
results obtained in this paper carry interesting implications for other
cities in China as well.
Journal: Journal of Chinese Economic and Business Studies
Pages: 291-302
Issue: 3
Volume: 6
Year: 2008
Keywords: hedonic analysis, Shanghai housing market, price gradient, constant-quality housing price index,
X-DOI: 10.1080/14765280802283584
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283584
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:291-302
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Fan
Author-X-Name-First: Ying
Author-X-Name-Last: Fan
Title: Country of origin, branding strategy and internationalisation: the case of Chinese piano companies
Abstract:
This paper studies the internationalisation of Chinese piano firms from a
branding perspective. The purpose of the paper is twofold. First, it
examines the interplay between the country of origin (COO) effect and
international branding, and how COO affects the choice of branding
strategies in international markets. Second, it explores the possible link
between international branding decisions and international expansion of
the firm. A model is introduced that illustrates the relationships between
COO, branding options and internationalisation. Corresponding to its
progress in internationalisation, a firm's branding development in
international markets may follow certain stages. As the firm moves to
advanced stages, it increases its international brand equity; the impact
from negative COO will decrease and eventually become irrelevant. The
literature on internationalisation is largely based on the experience of
MNEs from Western developed countries. Multinational firms from developing
countries such as China possess some unique characteristics that make it
very difficult to apply Western theories to them. The emergence of MNEs
from developing countries calls for the development of new theories.
Journal: Journal of Chinese Economic and Business Studies
Pages: 303-319
Issue: 3
Volume: 6
Year: 2008
Keywords: country of origin (COO), international branding, OEM, internationalisation, piano industry, China,
X-DOI: 10.1080/14765280802283618
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802283618
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:303-319
Template-Type: ReDIF-Article 1.0
Author-Name: Geon-Cheol Shin
Author-X-Name-First: Geon-Cheol
Author-X-Name-Last: Shin
Author-Name: Yaokun Ma
Author-X-Name-First: Yaokun
Author-X-Name-Last: Ma
Title: Factors affecting trust between Korean IT firms and their Chinese counterparts
Abstract:
Trust is important in that it facilitates relational exchanges by
permitting partners to transcend short-run inequities or risks to
concentrate on long-term profits or gains. This study investigates what
factors affect the trust between distribution-channel members, principally
those between Korean IT firms and their exporting partners in China. We
suggest that factors affecting trust include reputation, size, expertise,
length of the relationship, communication, and satisfaction with previous
outcomes of conflict episodes. Data were collected through a survey of 128
Korean IT firms, which have export-transaction relationships with Chinese
buyers. The data strongly support the research hypotheses. As
hypothesized, the results of data analysis show that reputation,
communication, and satisfaction with previous outcomes tend to enhance
trust. Additionally, we noticed that trust seems to decrease as the
experience of conflict episodes increases.
Journal: Journal of Chinese Economic and Business Studies
Pages: 321-334
Issue: 3
Volume: 6
Year: 2008
Keywords: trust, IT firms, Chinese market,
X-DOI: 10.1080/14765280802287791
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802287791
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:3:p:321-334
Template-Type: ReDIF-Article 1.0
Author-Name: Laixiang Sun
Author-X-Name-First: Laixiang
Author-X-Name-Last: Sun
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: Special issue on China's adaptation to global best business practices: introduction
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 335-340
Issue: 4
Volume: 6
Year: 2008
X-DOI: 10.1080/14765280802431597
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802431597
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:4:p:335-340
Template-Type: ReDIF-Article 1.0
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Author-Name: Shikha Singh
Author-X-Name-First: Shikha
Author-X-Name-Last: Singh
Title: International best practices, domestic constraints and international listing: evidence from China's state banking sector
Abstract:
The objective of this paper is to gauge the extent to which Chinese
state-owned commercial banks are converging with international best
banking and corporate governance practices, with a particular focus on the
policy of international listing given its recent popularity. Drawing on
the international listings of China's state-owned banks on the Hong Kong
stock market, the paper finds that formal convergence is possible to
achieve. More difficult to achieve is substantive convergence. In general,
the findings suggest that the domestic institutional framework still
matters, but what may matter more is that banks have the autonomy to
integrate best-practices in a manner consistent with domestic conditions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 341-361
Issue: 4
Volume: 6
Year: 2008
Keywords: corporate governance, banks, China, Hong Kong, international listing,
X-DOI: 10.1080/14765280802431746
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802431746
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:4:p:341-361
Template-Type: ReDIF-Article 1.0
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: From Maoist self-reliance to international oil consumer: a resource-based appraisal of the challenges facing China's petrochemical sector
Abstract:
Resource-based theories of the firm argue that the success of one firm
over another is largely due to its resource endowments. Large enterprises
have long been recognised as leading sources of learning innovation and
growth. This is not just restricted to large firms in developed economies,
but also applies to firms in developing economies such as China, where
large firms have long and complex histories in the state bureaucracy.
Focusing on the case of China's petrochemical sector, this paper argues
that even if a sector has a long history in central planning, the critical
resources of a firm matter. It shows how existing organisational resources
inherited from the pre-reform era, when provided with the correct
incentive structures, can survive economic transition and be successfully
applied under market conditions. In the petrochemical sector a key
inducement was the commitment of the state to expose the sector to
international developments where possible. The paper describes how this
commitment has resulted in a mostly positive adjustment, but has also
created ambiguities over how resources should be developed in future in a
rapidly changing global industry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 363-383
Issue: 4
Volume: 6
Year: 2008
Keywords: critical resources, firm theory, petrochemicals, oil, China,
X-DOI: 10.1080/14765280802431761
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802431761
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:4:p:363-383
Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Bruck
Author-X-Name-First: Sebastian
Author-X-Name-Last: Bruck
Author-Name: Laixiang Sun
Author-X-Name-First: Laixiang
Author-X-Name-Last: Sun
Title: Dream of the red financial supermarket: the gradual emergence of integrated financial services provision in China in the 21st century
Abstract:
While the current regulatory trend in the area of banking scope
regulation favours integrated financial services provision, China
continues to restrict commercial banks' permissible range of business
activities via its 1995 Commercial Bank Law. In this article, we propose
an analytical framework that explicitly incorporates the
sophistication-level constraint of a country's financial system into the
regulatory trade-off calculation between banks' need for new growth
opportunities and an increased risk of financial instability. Applying
this framework to China, we first discuss the episode of financial
instability that led policy-makers to re-segment the financial industry in
1995 and then analyse the rationale behind China's recent, gradual
movement back towards integrated financial services provision. While
improved risk management capabilities mean that China may now be ready for
a more liberal banking scope regulatory regime, we find that a financial
crisis could still derail this important element of China's financial
sector reform strategy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 385-405
Issue: 4
Volume: 6
Year: 2008
Keywords: financial regulation, integrated financial services, banking, China,
X-DOI: 10.1080/14765280802431696
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802431696
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:4:p:385-405
Template-Type: ReDIF-Article 1.0
Author-Name: Chao Xi
Author-X-Name-First: Chao
Author-X-Name-Last: Xi
Title: Foreign solutions for local problems? The use of US-style fiduciary duties to regulate agreed takeovers in China
Abstract:
The private sale of corporate control, or agreed takeover, of listed
companies has been the primary form of control transactions in China.
However, such takeovers have, in many cases, presented an opportunity for
the control buyer and seller to extract value from the company at the
expense of the target company's non-insider minority shareholders. One key
legal development that attempts to address this issue is the imposition of
US-style fiduciary duties on both incumbent and new controllers. This
article argues that placing controllers under fiduciary duties has largely
failed to protect the minority shareholders of Chinese listed companies
from the exploitation of both the seller and buyer of corporate control.
The failure is partly due to the weakness of the requisite complementary
legal institutions, and partly due to the absence of a supporting social
context.
Journal: Journal of Chinese Economic and Business Studies
Pages: 407-420
Issue: 4
Volume: 6
Year: 2008
Keywords: fiduciary duty, corporate control transactions, company law, China,
X-DOI: 10.1080/14765280802431779
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802431779
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:6:y:2008:i:4:p:407-420
Template-Type: ReDIF-Article 1.0
Author-Name: Matthieu Llorca
Author-X-Name-First: Matthieu
Author-X-Name-Last: Llorca
Author-Name: Andre Meunie
Author-X-Name-First: Andre
Author-X-Name-Last: Meunie
Title: SO2 emissions and the environmental Kuznets curve: the case of Chinese provinces
Abstract:
This paper aims at estimating the Environmental Kuznets Curve (EKC) for
the sulphur dioxide (SO2) emissions in a panel of 28 Chinese provinces.
First, using a fixed effects model, econometric findings reveal an N shape
EKC with a turning point of 4500 yuans (index 1990). However, a Chow test
reveals a break in 1995, so that the estimation of the model indicates an
increasing linear relationship between GDP per capita and SO2 emissions.
The previous results imply that the decrease of the Chinese sulphur
dioxide emissions during 1996-1999 did not result from the ECK but from an
exogenous public action.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-16
Issue: 1
Volume: 7
Year: 2009
Keywords: sulphur dioxide emissions, environmental Kuznets curve, Chinese provinces, fixed effect models,
X-DOI: 10.1080/14765280802604656
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604656
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:1-16
Template-Type: ReDIF-Article 1.0
Author-Name: Yu Chen
Author-X-Name-First: Yu
Author-X-Name-Last: Chen
Title: What do we need besides trade?
Abstract:
Trade has been shown by many authors to have strong positive impact on
productivity. However, we also see some others being more reserved about
such an impact. This study intends to investigate whether trade is enough
for better economic performance, or rather, whether the impact of trade
depends on the quality of local institutions. Using a panel of China's
provincial data, empirical estimation results show that the better the
quality of local institutions, the stronger the positive impact of trade
on total factor productivity. If local institutions did not reach a
certain quality level, trade expansion could have a negative marginal
effect on total factor productivity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 17-30
Issue: 1
Volume: 7
Year: 2009
Keywords: trade, institutions, total factor productivity, China (Asia),
X-DOI: 10.1080/14765280802604680
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604680
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:17-30
Template-Type: ReDIF-Article 1.0
Author-Name: Mario Biggeri
Author-X-Name-First: Mario
Author-X-Name-Last: Biggeri
Author-Name: Marco Sanfilippo
Author-X-Name-First: Marco
Author-X-Name-Last: Sanfilippo
Title: Understanding China's move into Africa: an empirical analysis
Abstract:
An important new issue on the international scene is the upsurge in
market and non-market South-South relations. The aim of this paper is to
understand the dynamics that lie behind the recent Chinese move into
Africa by empirically exploring the determinants of Sino-African
relationships. In order to have a comprehensive picture, the analysis
takes into consideration the main channels of commercial and political
interactions: outward foreign direct investment (OFDI), trade and aid
(international economic cooperation). The empirical analysis utilises a
panel data set, from 1998 to 2005, for 43 African countries. The
econometric estimates for three simultaneous equations are based on an
instrumental variables method. Results show that the Chinese move into
Africa is driven by strategic interaction among the three channels (FDI,
trade and economic cooperation) as well as by pull factors, i.e. the
characteristics of the receiving countries in terms of natural resource
endowments and their market potential.
Journal: Journal of Chinese Economic and Business Studies
Pages: 31-54
Issue: 1
Volume: 7
Year: 2009
Keywords: China, Africa, FDI, trade, aid,
X-DOI: 10.1080/14765280802604714
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604714
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:31-54
Template-Type: ReDIF-Article 1.0
Author-Name: Rui Hao
Author-X-Name-First: Rui
Author-X-Name-Last: Hao
Author-Name: Zheng Wei
Author-X-Name-First: Zheng
Author-X-Name-Last: Wei
Title: Measuring inter-provincial income inequality in China: a sensitivity analysis
Abstract:
China's regional inequality is a hotly debated topic in the literature,
but the fundamental issue of measurement has somehow escaped from the
deliberations. In this paper, we select several commonly used income
indicators, inequality indices and concepts to measure China's
inter-provincial inequality and compare the results. We find China's
inter-provincial inequality is very sensitive to different measurements.
These sensitivity analyses help us to understand the ongoing debates on
China's regional income inequality. We also conduct a cross-country
comparison to illustrate the broad ranking of China's regional inequality
in the world. We find that China's regional inequality appears not to be
as high as usually perceived, despite approaching an alarming level.
Journal: Journal of Chinese Economic and Business Studies
Pages: 55-76
Issue: 1
Volume: 7
Year: 2009
Keywords: inter-provincial inequality, measurement, sensitivity, China,
X-DOI: 10.1080/14765280802604722
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604722
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:55-76
Template-Type: ReDIF-Article 1.0
Author-Name: Benu Bidani
Author-X-Name-First: Benu
Author-X-Name-Last: Bidani
Author-Name: Niels-Hugo Blunch
Author-X-Name-First: Niels-Hugo
Author-X-Name-Last: Blunch
Author-Name: Chor-Ching Goh
Author-X-Name-First: Chor-Ching
Author-X-Name-Last: Goh
Author-Name: Christopher O'Leary
Author-X-Name-First: Christopher
Author-X-Name-Last: O'Leary
Title: Evaluating job training in two Chinese cities
Abstract:
Recent years have seen a surge in work on the impacts of active labor
market programs for numerous countries. However, little evidence has been
presented on the effectiveness of such programs in China. Recent economic
reforms, associated with massive lay-offs, and the accompanying public
retraining programs make China fertile ground for rigorous impact
evaluations. This study uses survey data from the two large industrial
cities Shenyang and Wuhan, covering the period 1998 to 2000, to evaluate
retraining programs for over 2000 workers two years after they had been
observed as displaced and unemployed. Using a comparison group design,
this study is, to our knowledge, the first evaluation of its kind in
China. The evidence suggests that retraining helped workers find jobs in
Wuhan, but had little effect in Shenyang. The study raises questions about
the overall effectiveness of retraining expenditures, and it offers some
directions for policy-makers about future interventions to help laid-off
workers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 77-94
Issue: 1
Volume: 7
Year: 2009
Keywords: active labor market programs, job training, impact evaluation, propensity score matching, China,
X-DOI: 10.1080/14765280802604763
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604763
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:77-94
Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Sun
Author-X-Name-First: Xiao
Author-X-Name-Last: Sun
Author-Name: Catharine Ross
Author-X-Name-First: Catharine
Author-X-Name-Last: Ross
Title: The training of Chinese managers: a critical analysis of using overseas training for management development
Abstract:
Chinese policy makers are aware that developing China's managers is
crucial to creating competitive advantage in the post-WTO period.
Consequently, large numbers of Chinese managers have been sent abroad,
particularly to Western and developed countries, on management training
courses in order to bring new ideas and approaches to their organisations.
This paper questions whether these training programmes have successfully
achieved their objectives. An empirical study is adopted to invite the
opinions of different stakeholder groups involved in the training process
(526 participants). Specific characteristics of China's overseas
management training are discussed and problem areas are also explored.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-113
Issue: 1
Volume: 7
Year: 2009
Keywords: overseas training, management development, China,
X-DOI: 10.1080/14765280802604771
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604771
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:95-113
Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen
Author-X-Name-First: Shyh-Wei
Author-X-Name-Last: Chen
Title: Investigating causality among unemployment, income and crime in Taiwan: evidence from the bounds test approach
Abstract:
This paper examines the long-run and causal relationships among
unemployment, income and crime in Taiwan. The results clearly indicate
that there is a long-run level equilibrium relationship among
unemployment, income and total crime. There are also long-run
relationships among unemployment, income and theft and among unemployment,
income and economic fraud. The causality test results from the ECM-VAR and
level VAR models indicate that there is a neutral relationship among
unemployment, income and total crime, and a neutral relationship among
unemployment, income and all three categories of crime. It is concluded
that there is no strong evidence in favor of the unemployment-led crime
(ULC) or the crime-led unemployment (CLU) hypotheses in Taiwan.
Journal: Journal of Chinese Economic and Business Studies
Pages: 115-125
Issue: 1
Volume: 7
Year: 2009
Keywords: crime, unemployment, bounds test, Granger causality,
X-DOI: 10.1080/14765280802604797
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280802604797
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:1:p:115-125
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Zhang
Author-X-Name-First: Wei
Author-X-Name-Last: Zhang
Author-Name: Xiaohui Liu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Liu
Title: Introduction: Success and challenges: an overview of China's economic growth and reform since 1978
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 127-138
Issue: 2
Volume: 7
Year: 2009
Keywords: China's economic reforms, economic growth, economic transition,
X-DOI: 10.1080/14765280902847551
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847551
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:127-138
Template-Type: ReDIF-Article 1.0
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: Updating China's international economic policy after 30 years of reform and opening: what position on regional and global economic architecture?
Abstract:
The 30 years of reform and opening have brought great material progress
to China. By becoming a big country, China's actions created huge
spillovers on other countries. The result has been a rise in trade tension
between China and its trade partners. Recently, some have claimed that
China's prolonged large trade surpluses have undermined global financial
stability and tilted the world into a deep recession, if not a 1930s-style
depression. Others have claimed that the greenhouse gases from China's
industrialization would soon cause cataclysmic global climate change. One
blunt but effective way to eliminate these negative spillovers is to
restrict imports from China. Labor in the rich countries is under
considerable stress because of the deep global structural adjustments
brought by: (1) the integration of the labor force of China, India and the
Soviet bloc into the world economy; and (2) the acceleration of
technological innovations (as exemplified by the revolution in information
technology). The new global equilibrium could be a win-win outcome for the
world but the process of moving to it is a painful one. Protectionism to
avoid the transitional pains is, however, likely to end up in a lose-lose
outcome for the world. China must therefore, in its own interests, help to
reduce international tension by updating its strategy of international
economic engagement. China has to go beyond being a passive beneficiary of
the WTO system to being an active promoter of WTO objectives. China should
work with the US to bring Doha Rounds negotiations to a successful
conclusion. China must also play a stronger and more constructive role in
the forthcoming international talks on global climate change. China and
India are simply too big to be exempted for a long time from national
ceilings on the emission of greenhouse gases. China will have to face down
its internal political opposition to replace the backward state-controlled
financial system with a dynamic, but well-regulated, diversified private
financial system in order to eliminate the odd phenomenon of a poor
country lending to a rich country. For its neighborhood, China should push
for an Asian Economic Union that takes the form of a WTO-plus free trade
and open investment area that has regional pooling of foreign exchange
reserves. Since there is no prospect of free labor mobility within East
Asia, monetary integration would produce an economically inefficient
outcome. East Asia should therefore be focusing its energy on creating as
large a free trade area as possible, and forgo the unrealistic goal of a
common Asian currency.
Journal: Journal of Chinese Economic and Business Studies
Pages: 139-166
Issue: 2
Volume: 7
Year: 2009
Keywords: US-China relations, protectionism, technological innovation, globalization, currency manipulation, Asian Economic Union, free trade area, monetary integration,
X-DOI: 10.1080/14765280902847601
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847601
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:139-166
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Liu
Author-Name: Trevor Buck
Author-X-Name-First: Trevor
Author-X-Name-Last: Buck
Title: The internationalisation strategies of Chinese firms: Lenovo and BOE
Abstract:
Theories of overseas investment and forms of internationalisation are
reconsidered in the face of two exploratory, 'critical instance' case
studies collected in China from Lenovo and BOE. The two cases tentatively
suggest refinements to conventional OFDI theories that see
internationalisation in two important MNEs from China as being driven by
factors such as ownership advantages and low labour costs at overseas
locations. In terms of entry modes, it would appear that latecomer
multinationals from emerging economies may aim to build global strategic
linkages, seek new markets and obtain advanced technology, through foreign
ventures that are accelerated quickly through entry modes towards
acquisitions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 167-181
Issue: 2
Volume: 7
Year: 2009
Keywords: internationalisation, Chinese MNEs, strategic linkages,
X-DOI: 10.1080/14765280902847627
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847627
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:167-181
Template-Type: ReDIF-Article 1.0
Author-Name: Adam Blake
Author-X-Name-First: Adam
Author-X-Name-Last: Blake
Author-Name: Ziliang Deng
Author-X-Name-First: Ziliang
Author-X-Name-Last: Deng
Author-Name: Rod Falvey
Author-X-Name-First: Rod
Author-X-Name-Last: Falvey
Title: How does the productivity of foreign direct investment spill over to local firms in Chinese manufacturing?
Abstract:
We use a firm-level dataset for Chinese manufacturing, to estimate
productivity spillovers from foreign direct investment (FDI) to local
firms. The spillover channels considered include inter-firm labour
turnover/mobility; vertical input-output linkages; exporting
externalities; and horizontal effects. The roles of these channels are
dependent on various factors including export propensity, R&D expenditure
per capita, employee training, and ownership structure. We find that
export of multinational enterprises (MNEs) is the most prominent spillover
channel. Labour turnover and horizontal demonstration and competition
bring positive spillovers to SOEs but not to local private firms. Vertical
linkages are not found to be significant.
Journal: Journal of Chinese Economic and Business Studies
Pages: 183-197
Issue: 2
Volume: 7
Year: 2009
Keywords: productivity spillover, foreign direct investment (FDI), labour mobility/turnover, linkages, export,
X-DOI: 10.1080/14765280902847676
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847676
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:183-197
Template-Type: ReDIF-Article 1.0
Author-Name: Zhi Shen
Author-X-Name-First: Zhi
Author-X-Name-Last: Shen
Author-Name: Hailin Liao
Author-X-Name-First: Hailin
Author-X-Name-Last: Liao
Author-Name: Thomas Weyman-Jones
Author-X-Name-First: Thomas
Author-X-Name-Last: Weyman-Jones
Title: Cost efficiency analysis in banking industries of ten Asian countries and regions
Abstract:
Despite the great achievement of three decades of economic reform, the
Chinese banking sector takes the blame for its dysfunctional system,
especially the large amount of non-performing loans. The ease of foreign
banks' entry set by the WTO from December 2007 raises our concern of the
capability of domestic banks to compete against foreign Asian banks. This
study attempts to address this issue by measuring the cost efficiency of
ten major Asian banking industries from 1998 to 2005 using panel data
stochastic frontier approaches. Based on our preferred consistent panel
data estimating models, the higher cost efficiency score from including
cross-country environmental variables suggests that differences between
countries can explain part of the inefficiency. We also find that the
overall cost efficiency level of Chinese commercial banks ranks in the
fifth place, suggesting that Chinese banks still need to strengthen their
ability in competition. Some policy implications are also suggested.
Journal: Journal of Chinese Economic and Business Studies
Pages: 199-218
Issue: 2
Volume: 7
Year: 2009
Keywords: stochastic frontier approach, panel data, banking efficiency,
X-DOI: 10.1080/14765280902847734
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:199-218
Template-Type: ReDIF-Article 1.0
Author-Name: Tuuli Koivu
Author-X-Name-First: Tuuli
Author-X-Name-Last: Koivu
Author-Name: Aaron Mehrotra
Author-X-Name-First: Aaron
Author-X-Name-Last: Mehrotra
Author-Name: Riikka Nuutilainen
Author-X-Name-First: Riikka
Author-X-Name-Last: Nuutilainen
Title: An analysis of Chinese money and prices using a McCallum-type rule
Abstract:
This paper evaluates the usefulness of a McCallum-type monetary policy
rule based on money supply for maintaining price stability in mainland
China. We examine whether excess money relative to rule-based values
provides information that improves the forecasting of price developments.
The results suggest that our monetary variable helps in predicting both
consumer and corporate goods price inflation, but the results for consumer
prices depend on the forecasting period. Moreover, results using a
structural vector autoregression suggest that our measure of excess money
supply could be used to identify monetary policy shocks in the Chinese
economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 219-235
Issue: 2
Volume: 7
Year: 2009
Keywords: McCallum rule, monetary policy, China,
X-DOI: 10.1080/14765280902847742
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847742
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:219-235
Template-Type: ReDIF-Article 1.0
Author-Name: Heiner Flassbeck
Author-X-Name-First: Heiner
Author-X-Name-Last: Flassbeck
Author-Name: Massimiliano La Marca
Author-X-Name-First: Massimiliano
Author-X-Name-Last: La Marca
Title: Currency speculation, domestic and international monetary systems: reforming China's and the global financial architecture
Abstract:
China has undergone a deep, although gradual, process of reform of its
financial system and exchange rate regime while avoiding large speculative
inflows and uncontrolled real appreciation through non-monetary
anti-inflationary policies, low interest rates and capital account
controls. These policies remain of crucial importance while the country is
strengthening its domestic financial system and its exchange rate market,
but they should be supported by internationally coordinated policies and
cooperative monetary schemes to reduce global imbalances and destabilizing
cross-currency speculation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 237-258
Issue: 2
Volume: 7
Year: 2009
Keywords: foreign exchange, interest rate parity, global imbalances, currency carry trade,
X-DOI: 10.1080/14765280902847775
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847775
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:237-258
Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Gries
Author-X-Name-First: Thomas
Author-X-Name-Last: Gries
Author-Name: Margarethe Redlin
Author-X-Name-First: Margarethe
Author-X-Name-Last: Redlin
Title: China's provincial disparities and the determinants of provincial inequality
Abstract:
The paper explains the growth-inequality nexus for China's provinces. The
theoretical model of provincial development consists of two regions and
studies the interactions of a mutually dependent development process.
Owing to positive externalities, incoming trade and FDI induce imitation
and hence productivity growth. The regional government can influence the
economy by changing international transaction costs and providing a public
infrastructure. Mobile domestic capital reinforces disparity effects. The
implications of the theoretical model are tested. As the central intention
of the paper is to explain provincial disparity, we directly relate income
disparity (indicated by the contribution to the per capita income Theil
index) to the disparity of selected income determining factors (indicated
by the contribution to every other Theil index of the determinants). We
examine the determinants of inequality for 28 Chinese provinces over the
period 1991-2004 and apply a fixed effects panel estimation. The results
confirm the theoretical framework and suggest a direct link between the
factors that determine regional income and regional disparity. More
specifically, it is apparent that disparities in trade, foreign and
domestic capital and infrastructure have an impact on the provincial
income Theil disparity, whereas provincial disparities in government
expenditure and human capital do not seem to drive the income Theil
disparity. Therefore, three decades of government reforms led to an
extraordinary success of some provinces and increasing inequality.
However, government expenditures and public human capital investments
seemed to have a stabilizing effect on provincial disparity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 259-281
Issue: 2
Volume: 7
Year: 2009
Keywords: regional development, FDI, international integration, China,
X-DOI: 10.1080/14765280902847783
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280902847783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:2:p:259-281
Template-Type: ReDIF-Article 1.0
Author-Name: Yuning Gao
Author-X-Name-First: Yuning
Author-X-Name-Last: Gao
Author-Name: Angang Hu
Author-X-Name-First: Angang
Author-X-Name-Last: Hu
Title: A comparative study of the development mode of China's iron and steel industry
Abstract:
The development of China's iron and steel industry (ISI) is an important
indication of China's industrialization. This paper analyses the industry
from the perspectives of historical retrospect, international comparison
and sustainable development. We find that China's ISI has made huge
progress at the technical level. During the same period of time its
over-consumption of resources and impact on the environment has dropped.
However, compared with other main developed steel producers, there is
still a big gap. Besides, its openness is still much lower than those of
other countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 283-297
Issue: 3
Volume: 7
Year: 2009
Keywords: China's iron and steel industry, development mode, comparative study,
X-DOI: 10.1080/14765280903073090
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073090
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:283-297
Template-Type: ReDIF-Article 1.0
Author-Name: Anders Johansson
Author-X-Name-First: Anders
Author-X-Name-Last: Johansson
Title: An analysis of dynamic risk in the Greater China equity markets
Abstract:
This study looks at the time-varying nature of systematic risk in the
Greater China equity markets. The Shanghai and Shenzhen markets both have
a low average systematic risk when measured against the world market. The
short outbursts in systematic risk for these two markets seem to be
directly related to policy shifts. The Hong Kong and Taiwan markets are
more integrated with world markets and they show signs of large variations
in systematic risk over time. Furthermore, conditional betas in the
Shanghai and Shenzhen markets are stationary, while the Hong Kong and
Taiwan betas are integrated of order one. In addition, long memory tests
show that all four markets exhibit a long-run dependence in their
conditional betas. While the two mainland China market betas are
covariance stationary, the Hong Kong and Taiwan betas are not.
Journal: Journal of Chinese Economic and Business Studies
Pages: 299-320
Issue: 3
Volume: 7
Year: 2009
Keywords: Greater China, time-varying beta, multivariate GARCH, unit roots, long memory,
X-DOI: 10.1080/14765280903073165
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073165
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:299-320
Template-Type: ReDIF-Article 1.0
Author-Name: Jian Zhang
Author-X-Name-First: Jian
Author-X-Name-Last: Zhang
Author-Name: Sandeep Mohapatra
Author-X-Name-First: Sandeep
Author-X-Name-Last: Mohapatra
Author-Name: Steve Boucher
Author-X-Name-First: Steve
Author-X-Name-Last: Boucher
Author-Name: Scott Rozelle
Author-X-Name-First: Scott
Author-X-Name-Last: Rozelle
Title: Regulation of local governments and enterprise formation in rural China
Abstract:
With the rise of the private sector in rural China, power has been
shifting from the hands of local government officials to the hands of
entrepreneurs. In this situation, economic theory offers two opposing
predictions regarding how local governments will react to the attrition of
power: the economic losers hypothesis (local governments will resist
change because it threatens their economic rents) and the helping hand
hypothesis (incentives of local government are aligned with the change,
limiting resistance). We econometrically test the two hypotheses using a
nationally representative sample of data on almost 2500 villages in rural
China. Our findings provide strong support for the economic losers
hypothesis - local governments resist competition that emerges with the
rise of private firms using discriminatory regulation. Our findings
suggest that entrepreneurial policies that encourage an impartial
regulatory environment for different types of enterprises in rural China
may have long run efficiency implication for China's economy. However,
left on their own, local governments may not have an incentive to promote
such reforms.
Journal: Journal of Chinese Economic and Business Studies
Pages: 321-339
Issue: 3
Volume: 7
Year: 2009
Keywords: firm, governance, entrepreneurial policy, China,
X-DOI: 10.1080/14765280903073199
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:321-339
Template-Type: ReDIF-Article 1.0
Author-Name: Fung Kwan
Author-X-Name-First: Fung
Author-X-Name-Last: Kwan
Title: Agricultural labour and the incidence of surplus labour: experience from China during reform
Abstract:
This paper contributes to the pool of studies of rural underemployment
and revisits a number of estimates of surplus agricultural labour in
China. The study is devoted to the conceptualization, identification and
measurement of surplus at regional, provincial and national levels by a
stochastic frontier functional specification. The analysis indicates that
the existing size of agricultural surplus labour is still significantly
large with the continued practice of the household registration system and
China's WTO membership.
Journal: Journal of Chinese Economic and Business Studies
Pages: 341-361
Issue: 3
Volume: 7
Year: 2009
Keywords: surplus labour, Chinese agricultural labour, stochastic frontier,
X-DOI: 10.1080/14765280903073215
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073215
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:341-361
Template-Type: ReDIF-Article 1.0
Author-Name: Russell Smyth
Author-X-Name-First: Russell
Author-X-Name-Last: Smyth
Author-Name: Qingguo Zhai
Author-X-Name-First: Qingguo
Author-X-Name-Last: Zhai
Author-Name: Xiaoxu Li
Author-X-Name-First: Xiaoxu
Author-X-Name-Last: Li
Title: The impact of gender differences on determinants of job satisfaction among Chinese off-farm migrants in Jiangsu
Abstract:
This study examines the effect of own income versus reference group
income and the subjective factors considered important in a job for a
sample of off-farm migrants in China. We find that own income has a
positive effect on job satisfaction while the effect of reference group
income is gender specific. We find evidence that males experience a
tunnelling effect (higher income co-workers increase their job
satisfaction) while females experience a jealousy effect (higher income
co-workers lower their job satisfaction). We explain this result in terms
of men reacting more positively in competitive environments and that, in
China, males have better prospects for promotion. We find that compared
with employees in western countries, off-farm migrants in China place much
more emphasis on income and less importance on collegiality and job
stability.
Journal: Journal of Chinese Economic and Business Studies
Pages: 363-380
Issue: 3
Volume: 7
Year: 2009
Keywords: China, migrants, job satisfaction,
X-DOI: 10.1080/14765280903073256
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073256
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:363-380
Template-Type: ReDIF-Article 1.0
Author-Name: Gang Liu
Author-X-Name-First: Gang
Author-X-Name-Last: Liu
Title: The paths of relative steady states of several economies
Abstract:
In this paper, an economy means a national economy; an economy's relative
steady state means an economy's steady state of per-capita output relative
to the mean of those of a broad set of economies. This paper provides a
method used not only to get the path of an economy's relative steady
state, but also to assess whether an economy's relative steady state
changed between two given periods and whether an economy's relative steady
state in a given period differed from another economy's in the same or a
different given period. This paper also shows the paths of relative steady
states of six economies (China, India, South Korea, Taiwan, Japan and USA)
using the estimates of their relative steady states in four successive
periods (1960s, 1970s, 1980s and 1990s). A comparison of the paths gives
valuable information.
Journal: Journal of Chinese Economic and Business Studies
Pages: 381-400
Issue: 3
Volume: 7
Year: 2009
Keywords: steady state, relative steady state, test of the hypothesis of conditional convergence, Wald test, social infrastructure,
X-DOI: 10.1080/14765280903073272
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903073272
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:3:p:381-400
Template-Type: ReDIF-Article 1.0
Author-Name: Yingqi Wei
Author-X-Name-First: Yingqi
Author-X-Name-Last: Wei
Author-Name: Chengang Wang
Author-X-Name-First: Chengang
Author-X-Name-Last: Wang
Title: Understanding China's international economic integration
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 401-408
Issue: 4
Volume: 7
Year: 2009
Keywords: Chinese economy, trade, foreign direct investment, diaspora, economic integration,
X-DOI: 10.1080/14765280903332272
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332272
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:401-408
Template-Type: ReDIF-Article 1.0
Author-Name: Hua Wang
Author-X-Name-First: Hua
Author-X-Name-Last: Wang
Author-Name: Jingjing Yang
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yang
Author-Name: Mingyong Lai
Author-X-Name-First: Mingyong
Author-X-Name-Last: Lai
Title: Export behaviour and firm productivity in China
Abstract:
This study examines whether exporters become more productive through
estimating a production function using Chinese firm-level data from 1997
to 2000. The results indicate that exporters are more productive and, more
importantly, that export strategies promote the productivity of these
firms. The test for the relative timing of export behaviour and gains in
productivity provides strong evidence for the existence of
learning-by-exporting effects rather than self-selection effects. These
results are robust when controlling simultaneous bias and selection bias
by using a fixed-effects model, SYS-GMM estimation and semi-parametric
estimation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 409-428
Issue: 4
Volume: 7
Year: 2009
Keywords: export, self-selection, learning-by-exporting, estimation bias,
X-DOI: 10.1080/14765280903332223
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332223
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:409-428
Template-Type: ReDIF-Article 1.0
Author-Name: Jingjing Yang
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yang
Author-Name: Helian Xu
Author-X-Name-First: Helian
Author-X-Name-Last: Xu
Author-Name: Chengang Wang
Author-X-Name-First: Chengang
Author-X-Name-Last: Wang
Author-Name: Mingyong Lai
Author-X-Name-First: Mingyong
Author-X-Name-Last: Lai
Author-Name: Yingqi Wei
Author-X-Name-First: Yingqi
Author-X-Name-Last: Wei
Title: Productivity spillovers from foreign direct investment in Chinese industries
Abstract:
This paper investigates productivity spillover effects of FDI and relates
it to the capital- or labour-intensive nature of the industry. Using a
panel data set of 35 industries in China, it shows that the presence and
magnitude of FDI spillover effects vary by different channels and the
nature of the industry. On average, FDI has no horizontal spillover
effects but has positive backward linkage effects. However, there are
substantial differences in FDI spillover effects via demonstration,
competition and labour mobility between capital- and labour-intensive
industries. The findings have important policy implications.
Journal: Journal of Chinese Economic and Business Studies
Pages: 429-446
Issue: 4
Volume: 7
Year: 2009
Keywords: FDI, horizontal and vertical linkages, capital- and labour-intensive industries,
X-DOI: 10.1080/14765280903332314
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332314
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:429-446
Template-Type: ReDIF-Article 1.0
Author-Name: Yabin Zhang
Author-X-Name-First: Yabin
Author-X-Name-Last: Zhang
Author-Name: Jiang Wu
Author-X-Name-First: Jiang
Author-X-Name-Last: Wu
Author-Name: Hongshan Ai
Author-X-Name-First: Hongshan
Author-X-Name-Last: Ai
Title: The technology gap and the limit of imitation: An inspection of the strategy of 'exchanging market for technology'
Abstract:
Has China's strategy of 'exchanging market for technology' been
successful? This paper analyses the effectiveness of this strategy based
on the duopoly model of vertical product differentiation by Choi and Shin
(1992). It is shown that the outcome is influenced by technology gap and
absorptive capacity. The profit of a developing country firm shows an
inverted U-shaped relationship with its technology level when holding the
foreign firm's technology level constant. In the process of technology
improvement by imitation, the developing country firm faces a limit on
imitation. A developing country may benefit from the strategy of
'exchanging market for technology' at the early stage and needs to bring
in FDI with advanced technology so that it can overcome restraints from
the limit of imitation. For one with a smaller technology gap with the
home country of FDI, the country in the long run has to achieve
technological progress through innovation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 447-455
Issue: 4
Volume: 7
Year: 2009
Keywords: 'exchanging market for technology' strategy, technology gap, limit of imitation, innovation,
X-DOI: 10.1080/14765280903332330
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332330
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:447-455
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Song
Author-X-Name-First: Wei
Author-X-Name-Last: Song
Author-Name: Weiyue Wang
Author-X-Name-First: Weiyue
Author-X-Name-Last: Wang
Title: Asian currency union? An investigation into China's membership with other Asian countries
Abstract:
This paper applies Optimum Currency Area (OCA) theory to investigate the
suitability of Asian currency union and its membership, in which China is
taken as the central country. Cluster analysis is applied for this study.
Both hierarchical clustering and fuzzy clustering approaches are used. The
study finds that Japan, Korea, Hong Kong, Malaysia, Philippines,
Singapore, Thailand, Cambodia and Vietnam are most converged with China,
and these countries are more likely to be the member countries of the
Asian Currency Union.
Journal: Journal of Chinese Economic and Business Studies
Pages: 457-476
Issue: 4
Volume: 7
Year: 2009
Keywords: Asian currency union, China, OCA theory, cluster analysis,
X-DOI: 10.1080/14765280903332298
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332298
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:457-476
Template-Type: ReDIF-Article 1.0
Author-Name: Hao Xiao
Author-X-Name-First: Hao
Author-X-Name-Last: Xiao
Author-Name: Shujin Zhu
Author-X-Name-First: Shujin
Author-X-Name-Last: Zhu
Author-Name: Lafang Wang
Author-X-Name-First: Lafang
Author-X-Name-Last: Wang
Title: Will the financial crisis become the turning point for China's auto industry? A dynamic computable general equilibrium analysis with imperfect competition
Abstract:
Following the substantial damage from the financial crisis in 2008, can
China's auto industry successfully take up new challenges and grasp the
opportunities ahead? First and foremost, this paper summarises the ways
that the financial crisis has impacted upon China's economy. By analysing
the impacts based on the MCHUGE model, the paper concludes that reductions
in export demand and consumption expectations have limited impact on
China's auto industry, while the comparative reduction in investment
expectations has a great impact on China's auto industry. The paper builds
the MCHUGE model with imperfect competition in order to assess whether
China's auto industry, characterised as an oligopoly, could successfully
accept such a challenge. The conclusion of this paper indicates that the
damage to China's auto industry caused by the financial crisis would
appear even more serious if the static effect of an oligopoly was the only
consideration. Finally, by simulating the implementation of the
Revitalisation Plans of the Automobile Industry, it is concluded that the
revitalisation policy aims to boost auto consumption and will thus bring
new opportunities for China's auto industry; on the other hand, the
mergers and acquisitions between and among auto industries, as well as the
relevant potential technology progress and the popularisation of new
energy automobiles, will further promote the development of China's auto
industry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 477-497
Issue: 4
Volume: 7
Year: 2009
Keywords: financial crisis, China's auto industry, imperfect competition, CGE,
X-DOI: 10.1080/14765280903332249
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903332249
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:477-497
Template-Type: ReDIF-Article 1.0
Author-Name: Gang Liu
Author-X-Name-First: Gang
Author-X-Name-Last: Liu
Title: The paths of relative steady states of several economies
Abstract:
Journal: Journal of Chinese Economic and Business Studies
Pages: 499-499
Issue: 4
Volume: 7
Year: 2009
X-DOI: 10.1080/14765280903467235
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903467235
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:7:y:2009:i:4:p:499-499
Template-Type: ReDIF-Article 1.0
Author-Name: Yiping Zhu
Author-X-Name-First: Yiping
Author-X-Name-Last: Zhu
Title: Trade, capital flows and external balance: is China unique in two hundred years of globalisation?
Abstract:
This study examines China's growth patterns through its exports, foreign
capital inflows, balance of payments and terms of trade, and projects them
into a comparative framework. It brings together, for the first time,
various sources of historical data from the first globalisation era,
relating to four of the most industrialised economies - the UK, the US,
Germany and Japan. By comparison, it finds that China's trade expansion
has no doubt exceeded that of any of the industrialised economies in the
first globalisation era; however, this trade boom is a characteristic of
post-war globalisation. Large capital inflows, surplus in both current and
capital accounts, and the negative correlation between terms of trade and
exports are not unique Chinese phenomena in the history of globalisation.
However, China's trade liberalisation, industrialisation policy, FDI
strategy and cautious foreign exchange policy have all contributed to the
exploitation of the positive effects of globalisation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-22
Issue: 1
Volume: 8
Year: 2010
Keywords: globalisation, exports, foreign direct investment, dual surplus, terms of trade,
X-DOI: 10.1080/14765280903488322
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903488322
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:1-22
Template-Type: ReDIF-Article 1.0
Author-Name: Jens Kaalhauge Nielsen
Author-X-Name-First: Jens Kaalhauge
Author-X-Name-Last: Nielsen
Title: The flower that didn't bloom: why did the industrial revolution happen in Europe and not in China?
Abstract:
This paper throws light on the question: why did the industrial
revolution happen in the West and not in China? The key to an
understanding of the development of China's civilization lies in the way
China historically has been characterized by a peculiar 'freeze' of the
cultural-political axis of societal differentiation. It's most direct
manifestation was that of a monolith state. This had implications for the
cognitive matrix of society, where a modern scientific system never
developed, while at the same time China's rich sources of inventions were
often poorly institutionalized. These flaws were also manifest in the
weakness of Chinese civil society. Historically, this development can be
traced back to the Shang dynasty yet these processes reached a
crystallizing moment in the Qin dynasty. In the case of Europe, two
seed-bed societies, the Greek and the Germanic tribes, played the key
roles in safeguarding Europe's trajectory. One essential prerequisite in
this process is the lack of cultural and political hegemony characterizing
Europe's history. By this token, the fall of the Roman Empire and the rise
of a system of fragmented Germanic kingdoms in the initial years of the
Middle Ages were fundamental prerequisites for Europe's road toward an
industrial revolution.
Journal: Journal of Chinese Economic and Business Studies
Pages: 23-44
Issue: 1
Volume: 8
Year: 2010
Keywords: China, Europe, the industrial revolution, socio-cultural evolution, cultural lag, civil society,
X-DOI: 10.1080/14765280903488330
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903488330
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:23-44
Template-Type: ReDIF-Article 1.0
Author-Name: Ya Ping Yin
Author-X-Name-First: Ya Ping
Author-X-Name-Last: Yin
Author-Name: Jianlu Shang
Author-X-Name-First: Jianlu
Author-X-Name-Last: Shang
Author-Name: Mick Broadbent
Author-X-Name-First: Mick
Author-X-Name-Last: Broadbent
Title: Efficiency measurement and decomposition for the Chinese state-owned commercial banks at the provincial level
Abstract:
This study adopts a bank production function approach to the measurement
of efficiency of the Chinese state-owned commercial banking groups at the
provincial level from 1998 to 2003. Applying Data Envelopment Analysis and
efficiency decomposition analysis, this paper for the first time presents
detailed empirical evidence on the technical efficiencies of the Chinese
state-owned commercial banks across both the provinces and banking groups.
The empirical evidence has revealed limited effects of the banking reform
programmes and highlighted the need to encourage spatial competition and
corporate governance reform across Chinese provinces and to take
differential strategies to further improve operational efficiency at the
provincial branch level.
Journal: Journal of Chinese Economic and Business Studies
Pages: 45-65
Issue: 1
Volume: 8
Year: 2010
Keywords: banking efficiency measurement, DEA, efficiency decomposition, Chinese SOCBs,
X-DOI: 10.1080/14765280903488348
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903488348
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:45-65
Template-Type: ReDIF-Article 1.0
Author-Name: Li Qi
Author-X-Name-First: Li
Author-X-Name-Last: Qi
Title: Capital flows and domestic market integration in China
Abstract:
This paper examines whether reforms have created a substantial commercial
sector with market characteristics in China's financial system. Many
studies conclude that the operation of China's capital markets lacks
market features, resulting in fragmentation. Yet, this lack of integration
coincides with rapid and continuous economic growth. We study the dynamic
pattern of domestic capital mobility with a unique data set on provincial
savings and investment, which allows us to examine components as well as
aggregates. After stripping out foreign and officially influenced funds,
we find that the behavior of capital flows in what we define as China's
commercial sector looks increasingly like that of interstate flows in the
US and other advanced nations. Tracking the direction and size of capital
flows also highlights the different behavior of commercial and
non-commercial funds transfers in China. This result undercuts the
widespread view of China's economy as lacking domestic integration.
Journal: Journal of Chinese Economic and Business Studies
Pages: 67-94
Issue: 1
Volume: 8
Year: 2010
Keywords: China's economy, capital market, financial integration,
X-DOI: 10.1080/14765280903488355
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903488355
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:67-94
Template-Type: ReDIF-Article 1.0
Author-Name: T. Thanh-Binh Nguyen
Author-X-Name-First: T. Thanh-Binh
Author-X-Name-Last: Nguyen
Author-Name: Kuan-Min Wang
Author-X-Name-First: Kuan-Min
Author-X-Name-Last: Wang
Title: Causality between housing returns, inflation and economic growth with endogenous breaks
Abstract:
This paper investigates the housing-macroeconomic nexus in Taiwan with
endogenous structural breaks during 1991-2006. GDP and CPI are taken into
consideration for examining the inflation hedging ability of Taiwan's
housing returns and the contribution of the housing market to economic
growth. The empirical results show that the growth of GDP actually affects
inflation, but it does not cause the growth in housing returns. In
particular, when taking the time trend into account, it is found that the
effect of inflation on housing returns is negative and the effect of
housing returns on inflation is positive. This evidence demonstrates the
ineffectiveness of inflation hedging of Taiwan's housing during the period
of study and the opportunistic characteristic of investors. In addition,
the growth of the housing market is not beneficial for economic growth in
the long-run, yet it leads to higher inflation in the short-run.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-115
Issue: 1
Volume: 8
Year: 2010
Keywords: housing returns, inflation hedge, economic growth, structural breaks, Taiwan,
X-DOI: 10.1080/14765280903488397
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765280903488397
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:1:p:95-115
Template-Type: ReDIF-Article 1.0
Author-Name: Linda Yueh
Author-X-Name-First: Linda
Author-X-Name-Last: Yueh
Title: Thirty years of legal and economic reform in China: growth, institutions, and laws
Abstract:
China's impressive economic growth over three decades has seemingly
occurred in the absence of a strong legal system. This paper views China's
reform process over the past three decades as one that has entailed a
gradual introduction of market forces into areas of the economy, which
requires both dismantling the structure of the centrally planned economy
and developing market-oriented institutions. This paper argues that
China's transition is premised on a set of informal, and increasingly
formal, institutions that provided incentives during the process of
gradual liberalization. Therefore, institutional developments were not
absent. The exploration of the interplay between growth and institutions
leads to the conclusion that continued economic growth in China will
depend on implementing legal reforms better suited to the nature of the
decentralized economy, hastened by the introduction of international
economic laws and rules with greater global integration.
Journal: Journal of Chinese Economic and Business Studies
Pages: 117-132
Issue: 2
Volume: 8
Year: 2010
Keywords: China, economic growth, institutions,
X-DOI: 10.1080/14765281003750157
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765281003750157
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:2:p:117-132
Template-Type: ReDIF-Article 1.0
Author-Name: Lingwen Huang
Author-X-Name-First: Lingwen
Author-X-Name-Last: Huang
Author-Name: Yang Yao
Author-X-Name-First: Yang
Author-X-Name-Last: Yao
Title: Impacts of privatization on employment: evidence from China
Abstract:
This paper evaluates the impact of privatization on firm employment using
a panel dataset of 386 firms in China in the period 1995-2001. Our panel
regressions find that employment drops more slowly in privatized firms
than in pure state-owned firms by a margin of 17.7 percentage points over
the base year of 1995. We also study the dynamic impacts of privatization
on employment growth and find that the performance of privatized firms
improves over time. Using the difference-in-difference propensity score
matching method, we arrive at similar results. To test the robustness of
our conclusions, we use alternative definitions of privatization and find
that the impacts of privatization on employment are independent of the
definition of privatization. These findings are robust even after we
control other performance and financial variables as well as the
pre-privatization employment history of privatized firms.
Journal: Journal of Chinese Economic and Business Studies
Pages: 133-156
Issue: 2
Volume: 8
Year: 2010
Keywords: privatization, employment, propensity score matching,
X-DOI: 10.1080/14765281003750199
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765281003750199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:2:p:133-156
Template-Type: ReDIF-Article 1.0
Author-Name: Karsten von Kleist
Author-X-Name-First: Karsten
Author-X-Name-Last: von Kleist
Title: Migrant happiness in China
Abstract:
In China, surveys find that migrant households' average happiness
(compared with rural households) is lower despite higher income. These
findings appear to contradict the standard microeconomic utility function,
which predicts that higher income will always result in higher utility. We
show that an intuitively plausible modification of the utility function,
relating income to status and security utility, preserves standard
microeconomic maximization results, and also provides a consistent
explanation for the empirical findings on happiness. These results lead to
some novel but intuitively plausible implications for economic development
in China and elsewhere.
Journal: Journal of Chinese Economic and Business Studies
Pages: 157-166
Issue: 2
Volume: 8
Year: 2010
Keywords: China, migrant utility, status, security, Easterlin paradox,
X-DOI: 10.1080/14765281003750207
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765281003750207
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:2:p:157-166
Template-Type: ReDIF-Article 1.0
Author-Name: Chaohong Zhou
Author-X-Name-First: Chaohong
Author-X-Name-Last: Zhou
Title: Toward an institutional ecology of establishment of foreign firms in the Chinese construction industry
Abstract:
In the current study, an integration of insights from institutional
theory and organization ecology is used to explain the relationship
between industry-level ownership structure and the establishment of
foreign invested firms in the Chinese construction industry. It is argued
that in a stated-owned enterprises dominated environment, where the market
forces are weak, legitimation is the major driving force harming the
proliferation of foreign firms, whereas in a private-enterprise dominated
environment, where the market forces are strong, competition is the major
driving force inhibiting the viability of foreign firms. Thus,
concentration of either state ownership, implying lower legitimation of
the foreign firm form, or concentration of private ownership, triggering
tough competition from domestic private firms, is hypothesized to have a
negative impact on the number of foreign firms. Using a regional data set
from 1994 to 2007, estimation of a cross-section-time series model largely
confirms our theoretical claims.
Journal: Journal of Chinese Economic and Business Studies
Pages: 167-184
Issue: 2
Volume: 8
Year: 2010
Keywords: institution theory, organization ecology, legitimation, competition, China,
X-DOI: 10.1080/14765281003750223
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765281003750223
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:2:p:167-184
Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Chein Chiang
Author-X-Name-First: Yi-Chein
Author-X-Name-Last: Chiang
Author-Name: Jing-Syue Lin
Author-X-Name-First: Jing-Syue
Author-X-Name-Last: Lin
Title: A study of the capital structure of Taiwanese firms investing in China
Abstract:
We use the panel threshold regression model to examine the capital
structure decision of Taiwanese firms investing in China for the period
2000 to 2006. Results of the entire sample reveal that a firm's debt ratio
decreases as foreign direct investments (FDIs) in China increase when
firms have low FDIs but becomes insignificant when firms have high FDIs in
China. When we examine Taiwanese firms having FDIs in China and in other
developed countries, their debt ratios increase as FDIs in China increase.
In contrast, their debt ratios decline when Taiwanese firms with FDIs in
China and in other developing countries are considered. Our results imply
that the capital structure of Taiwanese firms depends on the overall
portfolio risk of their investments.
Journal: Journal of Chinese Economic and Business Studies
Pages: 185-201
Issue: 2
Volume: 8
Year: 2010
Keywords: FDIs in China, capital structure, panel threshold regression model, bootstrap method, upstream-downstream hypothesis,
X-DOI: 10.1080/14765281003750231
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765281003750231
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:2:p:185-201
Template-Type: ReDIF-Article 1.0
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: China and the changing landscape of the world economy
Abstract:
The rapid development of emerging markets is changing the landscape of
the world economy and may have profound implications for international
relations. China is often regarded as the most influential emerging market
economy because, during the last three decades, it has become increasingly
integrated into the world economic system and its success and failure now
affect the well-being of other nations in the world. As the financial
crisis in the US and EU intensifies, the economic prosperity of the world
depends to a large extent on the sustained development of the Chinese
economy and other emerging markets, and vice versa.
Journal: Journal of Chinese Economic and Business Studies
Pages: 203-214
Issue: 3
Volume: 8
Year: 2010
Keywords: Chinese economy, China's model, economic integration,
X-DOI: 10.1080/14765284.2010.493637
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493637
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:203-214
Template-Type: ReDIF-Article 1.0
Author-Name: Baocheng Ji
Author-X-Name-First: Baocheng
Author-X-Name-Last: Ji
Title: China's economic recovery and the China model
Abstract:
Starting with the US subprime crisis, the world has fallen into the most
severe economic crisis since the Great Depression. Unlike other major
nations, China was the first to recover from the economic downturn.
Researchers and policymakers have begun to wonder if China could actually
bring the world out of the financial crisis. This paper intends to
contribute to the discussion relating China's outstanding economic
performance with reference to the 'China model'. China has recently
managed to escape from the world economic recession and demonstrated a
strong tendency for full recovery. The core reason lies in the fact that
the Chinese system is characterized with a unique mechanism of resource
allocation, and a macroeconomic decision-making process functions as a
powerful and effective instrument with regard to crisis management.
Moreover, the existence of state enterprises that are compatible with a
market-oriented economy has played an important role in stimulating
economic activity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 215-226
Issue: 3
Volume: 8
Year: 2010
Keywords: China model, China's economic recovery, financial crisis,
X-DOI: 10.1080/14765284.2010.493638
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493638
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:215-226
Template-Type: ReDIF-Article 1.0
Author-Name: Arne Melchior
Author-X-Name-First: Arne
Author-X-Name-Last: Melchior
Title: Globalisation and the provinces of China: the role of domestic versus international trade integration
Abstract:
Regional disparities are particularly high in some larger emerging
economies, such as Russia and China, and inter-provincial inequality in
China has increased rapidly after 1990. In the literature, a statistical
link between globalisation and increased regional disparities in China has
been established, but not the precise mechanisms and causal relationships.
In the paper, we therefore simulate a world trade model with 166 countries
and regions in order to shed light on these mechanisms and the future
development of regional disparities in China. Our results suggest that the
faster growth in coastal regions may be caused by the role of these
regions as transport hubs for international trade. However, uneven growth
could also be caused by domestic trade disintegration, as suggested by
some other research. In the paper, we demonstrate these mechanisms, but we
are not able to draw firm conclusions about the relative role each of them
play empirically. The weaker development for some peripheral regions can
be reversed by stronger domestic trade integration or better cross-border
infrastructure.
Journal: Journal of Chinese Economic and Business Studies
Pages: 227-252
Issue: 3
Volume: 8
Year: 2010
Keywords: trade, globalisation, regional development, economic integration,
X-DOI: 10.1080/14765284.2010.493639
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493639
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:227-252
Template-Type: ReDIF-Article 1.0
Author-Name: Ziyin Zhuang
Author-X-Name-First: Ziyin
Author-X-Name-Last: Zhuang
Author-Name: Wei Zou
Author-X-Name-First: Wei
Author-X-Name-Last: Zou
Title: Market structure, FDI, imitation and innovation: a model of North-South intellectual property rights conflict
Abstract:
We develop an extended North-South model to analyse the US-China IPRs
conflict and possible policies. In our model, innovation in the North
(US), imitation in the South (China), and Foreign Direct Investment (FDI)
are all endogenous. We predict that whether tighter IPRs benefit the US or
China depends crucially on market structure. In an oligopoly market
induced by vertical innovation, tighter IPRs hurt both economies; while,
in a monopolistic competition market induced by horizontal innovation,
tighter IPRs benefit both economies as long as the degree of IPRs is
appropriately chosen. We prove the existence of an optimal degree of IPRs
protection in China, which may differentiate it from that in the US.
Journal: Journal of Chinese Economic and Business Studies
Pages: 253-267
Issue: 3
Volume: 8
Year: 2010
Keywords: Intellectual Property Rights, market structure, FDI, imitation, innovation,
X-DOI: 10.1080/14765284.2010.493640
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493640
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:253-267
Template-Type: ReDIF-Article 1.0
Author-Name: Zhigang Huang
Author-X-Name-First: Zhigang
Author-X-Name-Last: Huang
Title: Monetary policy and trade imbalance adjustment
Abstract:
The paper sets up a small open economy general equilibrium model to study
the dynamics of the adjustment of trade imbalances under different
policies based on the Chinese economy. The policies that adjust domestic
prices require a long period to achieve trade balance and induce
fluctuations of output and inflation, regardless of whether capital
markets are open or closed, while policies that adjust the exchange rate
quickly result in diminished trade surpluses, and do not cause
fluctuations of output and inflation. However, policies that adjust the
exchange rate slowly also lead to fluctuations under a capital flow
setting. Nominal frictions are important factors to these differences,
because they slow down the price adjustment, but do not bother the
exchange rate changes. From the perspective of welfare, fast exchange rate
adjustment policies are better than price policies, and adjustment under
capital flow is better than adjustment under capital control. The
implications for China's trade surplus are analyzed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 269-292
Issue: 3
Volume: 8
Year: 2010
Keywords: trade imbalance, monetary policy, capital flow, welfare,
X-DOI: 10.1080/14765284.2010.493641
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493641
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:269-292
Template-Type: ReDIF-Article 1.0
Author-Name: Anders Johansson
Author-X-Name-First: Anders
Author-X-Name-Last: Johansson
Title: China's financial market integration with the world
Abstract:
It is commonly argued that China's financial markets are effectively
insulated from the rest of the world. To see if this is true, and to
better understand China's financial development, we analyse China's
integration with major financial markets. Using conditional copulas, we
show that China has experienced an increasing level of integration with
several major financial markets during the last decade, albeit at a slow
pace and from very low levels. Furthermore, the level of integration has
increased with several major markets during the global financial crisis.
The results and possible reasons for the increasing integration are
analysed and the implications for policymakers and market participants are
discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 293-314
Issue: 3
Volume: 8
Year: 2010
Keywords: China, financial market integration, co-dependence, Copula,
X-DOI: 10.1080/14765284.2010.493642
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:293-314
Template-Type: ReDIF-Article 1.0
Author-Name: Jian Ke
Author-X-Name-First: Jian
Author-X-Name-Last: Ke
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Louis Murray
Author-X-Name-First: Louis
Author-X-Name-Last: Murray
Title: An empirical analysis of the volatility spillover effect between primary stock markets abroad and China
Abstract:
This paper tests the volatility spillovers between the Shanghai market
and the main developed stock markets abroad, namely New York, Tokyo,
London, and Frankfurt, as well as between the Shanghai market and the
emerging stock markets, namely Hong Kong, and Korea. The tests cover the
period of 11 July 2005-12 July 2007 and 1 August 2007-10 July 2009, since
the financial crisis started from July 2007. To account for asymmetries in
the volatility transmission mechanism, we have used the GARCH and EGARCH
model. The main findings are as follows. First, the degree of the Leverage
Effect of the Shanghai market changes in the opposite direction from most
of the other sample markets after the financial crisis began in July 2007.
This change implies that investors in the Shanghai markets began to pay
close attention to bad news. Secondly, reciprocal spillovers exist for
some market pairs before the crisis, as the Shanghai A-share market has
unidirectional influence on the emerging markets. After the onset of the
financial crisis, the stock markets in developed countries have
bidirectional influences on each other. The financial crisis brings the
developed markets closer together than before, but they do not receive
volatility spillover from the Shanghai A-share market. The financial
crisis also influences the Asian emerging markets so as to decrease the
volatility transmission that comes from the Shanghai A-share market. The
Chinese mainland market is still not a vital security market in the world,
although it has become the third largest one. Thirdly, the
risk-precautionary role of the Shanghai B-share market is not as
significant as expected.
Journal: Journal of Chinese Economic and Business Studies
Pages: 315-333
Issue: 3
Volume: 8
Year: 2010
Keywords: volatility spillover, financial crisis, GARCH, leverage effect,
X-DOI: 10.1080/14765284.2010.493645
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.493645
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:3:p:315-333
Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: An empirical study of structural factors and regional growth in China
Abstract:
Based on data of 31 Chinese provinces over the period 1980-2004, the
study in this paper presents new evidence on the effects of structural
shocks and structural transformation on growth and convergence among the
Chinese regions. The division of overall regional growth in labour
productivity into three components - growth due to structural shocks,
growth due to structural transformation and a 'residual' indicating growth
due to region-specific changes - provides us with a better framework than
the traditional one-sector Solow growth model for attributing growth and
convergence to various different sources. Among other findings, the study
has shown that during 1990-1999, structural shocks worked to widen the gap
between rich regions and poor regions in China, while structural
transformation worked to narrow the gap.
Journal: Journal of Chinese Economic and Business Studies
Pages: 335-352
Issue: 4
Volume: 8
Year: 2010
Keywords: economic growth, convergence, total factor productivity, structural shocks, structural transformation,
X-DOI: 10.1080/14765284.2010.513173
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.513173
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:4:p:335-352
Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall
Author-X-Name-First: Christer
Author-X-Name-Last: Ljungwall
Author-Name: Patrik Gustavsson Tingvall
Author-X-Name-First: Patrik Gustavsson
Author-X-Name-Last: Tingvall
Title: Is China different? A meta-analysis of the effects of foreign direct investment on domestic firms
Abstract:
Empirical evidence suggests that China has benefited from foreign direct
investment (FDI). An important question that remains unanswered is whether
China has benefited more from FDI than other countries in general, and
other transition and developing countries in particular. This paper
investigates this issue by performing a meta-analysis on a sample of 67
country-specific studies yielding 137 observations that have gauged the
link between FDI and measures of economic growth. The results suggest that
the impact of FDI is, on average, more positively significant for China
than for the full sample of countries, but that the difference between
China and other transition economies is less clear.
Journal: Journal of Chinese Economic and Business Studies
Pages: 353-371
Issue: 4
Volume: 8
Year: 2010
Keywords: meta-analysis, foreign direct investment, economic growth, China,
X-DOI: 10.1080/14765284.2010.513175
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.513175
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:4:p:353-371
Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Shafaeddin
Author-X-Name-First: Mehdi
Author-X-Name-Last: Shafaeddin
Author-Name: Juan Pizarro
Author-X-Name-First: Juan
Author-X-Name-Last: Pizarro
Title: The evolution of value added in assembly operations: the case of China and Mexico
Abstract:
China and Mexico embarked, around the early 1980s, on the process of
liberalization of trade and FDI and established some export oriented
industries through assembly operations with the help of FDI. Both
countries had the same objective of increasing value added in export
processing industries. The authors examine the comparative achievements of
their common objectives in the light of the export oriented strategy
hypothesis. Applying the indicators of Revealed Comparative Advantage to
exports and imports, the authors show that while there are some
similarities in the performance of the two countries, there are also
striking differences. Both have managed to increase manufactured exports,
particularly in IT products, significantly during 1990s. Both, but
particularly China, have developed comparative advantage in export and
production of many industries, which had been initiated through import
substitution. However, Mexico has achieved little, compared with China, in
increasing value added in exports and in developing comparative advantage
in production in assembly operations. Further, unlike China, since the
early years of the 2010 decade it has not been able to sustain its rapid
export growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 373-397
Issue: 4
Volume: 8
Year: 2010
Keywords: international trade, industrialization, Mexico, China, value added,
X-DOI: 10.1080/14765284.2010.513176
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.513176
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:4:p:373-397
Template-Type: ReDIF-Article 1.0
Author-Name: Katsushi Imai
Author-X-Name-First: Katsushi
Author-X-Name-Last: Imai
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Author-Name: Woojin Kang
Author-X-Name-First: Woojin
Author-X-Name-Last: Kang
Title: Poverty and vulnerability in rural China: effects of taxation
Abstract:
This paper studies the impact of taxation on poverty and ex ante
vulnerability of households in rural China based on national household
survey data in 1988, 1995 and 2002. It has been confirmed that (i) poverty
and vulnerability have reduced significantly with a great deal of
geographical disparity; (ii) education, land, and access to infrastructure
and irrigation facilities are the key factors to reduce vulnerability; and
(iii) the highly regressive tax system increased farmers' poverty and
vulnerability. The abolishment of rural tax since 2006 would thus have a
significant negative impact on both poverty and vulnerability of rural
households.
Journal: Journal of Chinese Economic and Business Studies
Pages: 399-425
Issue: 4
Volume: 8
Year: 2010
Keywords: poverty, vulnerability, taxation, rural China,
X-DOI: 10.1080/14765284.2010.513177
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.513177
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:4:p:399-425
Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Chuan Chang
Author-X-Name-First: Hsiao-Chuan
Author-X-Name-Last: Chang
Title: The impact of casinos on employment across sectors in Macau
Abstract:
This paper investigates a contemporary issue of Macau concerning the
impact of casinos on other sectors' employment. The long-run and short-run
effects are investigated using data-oriented econometric models. In the
long-run, the casino boom leads to an employment expansion in other
sectors. However, the effect is insignificant in the short-run.
Simulations from a theoretical model disclose the pure crowding-out effect
of the increased casino employment on other sectors with other things the
same as the situation of 2003. During the period 2004-2008, the
crowding-out effect is more serious on the non-casino service sector than
on the industrial sector. Results from both types of models shed light on
policy options.
Journal: Journal of Chinese Economic and Business Studies
Pages: 427-444
Issue: 4
Volume: 8
Year: 2010
Keywords: casino industry, unit root, cointegration, error correction model, intertemporal general equilibrium model,
X-DOI: 10.1080/14765284.2010.513178
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2010.513178
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:8:y:2010:i:4:p:427-444
Template-Type: ReDIF-Article 1.0
Author-Name: Taotao Chen
Author-X-Name-First: Taotao
Author-X-Name-Last: Chen
Author-Name: Ari Kokko
Author-X-Name-First: Ari
Author-X-Name-Last: Kokko
Author-Name: Patrik Gustavsson Tingvall
Author-X-Name-First: Patrik Gustavsson
Author-X-Name-Last: Tingvall
Title: FDI and spillovers in China: non-linearity and absorptive capacity
Abstract:
Using a fixed effect variance decomposition model we estimate SUR models
to analyse FDI spillovers from contagion and spillovers from competition
on local firms in China. While the former type of spillover mainly depends
on the degree of foreign presence, the latter kind is related to how
foreign and local firms interact. The main conclusion is that FDI has been
beneficial for the Chinese economy but that spillovers are not evenly
distributed across firms and industries. Spillovers from contagion tend to
exhibit an inverse U-shaped pattern with respect to the degree of foreign
presence at the industry level, whereas spillovers from competition are
more linear. Industries with high absorptive capacity and/or high
efficiency are the ones best equipped to take advantage of spillovers from
foreign-owned firms.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-22
Issue: 1
Volume: 9
Year: 2011
Keywords: spillovers, China, FDI, fixed effect variance decomposition,
X-DOI: 10.1080/14765284.2011.542882
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.542882
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:1:p:1-22
Template-Type: ReDIF-Article 1.0
Author-Name: Martijn Boermans
Author-X-Name-First: Martijn
Author-X-Name-Last: Boermans
Author-Name: Hein Roelfsema
Author-X-Name-First: Hein
Author-X-Name-Last: Roelfsema
Author-Name: Yi Zhang
Author-X-Name-First: Yi
Author-X-Name-Last: Zhang
Title: Regional determinants of FDI in China: a factor-based approach
Abstract:
We empirically investigate the factors that drive the uneven regional
distribution of foreign direct investment (FDI) across Chinese provinces
from 1995 to 2006. We first perform a factor analysis to summarize
information embodied in around 40 variables and derive four FDI
determinants: 'institutional quality', 'labour costs', 'market size', and
'geography'. Applying these estimated factors, we then employ instrumental
variable (IV) estimation to account for endogeneity. In line with
theoretical predictions, we find that foreign firms invest in provinces
with good institutions, low labour costs, and large market size. The
Arellano-Bond dynamic panel generalised method of moments (GMM) results
show strong agglomeration effects that multinationals tend to invest in
provinces which attract other foreign firms, consistent with the economic
geography literature. Several robustness tests indicate that low labour
costs combined with improvements in institutions are the key for
attracting FDI in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 23-42
Issue: 1
Volume: 9
Year: 2011
Keywords: China, FDI, regional distribution, factor analysis,
X-DOI: 10.1080/14765284.2011.542884
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.542884
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:1:p:23-42
Template-Type: ReDIF-Article 1.0
Author-Name: Dylan Sutherland
Author-X-Name-First: Dylan
Author-X-Name-Last: Sutherland
Author-Name: Lutao Ning
Author-X-Name-First: Lutao
Author-X-Name-Last: Ning
Title: Exploring 'onward-journey' ODI strategies in China's private sector businesses
Abstract:
Are the internationalization strategies of China's private businesses
different from those of state-owned businesses? To date, little systematic
empirical research addresses this question, despite the now
well-established arguments that market and institutional imperfections
influence the outward foreign direct investment (ODI) of China's state
sector MNEs. Why is so little known about private sector foreign direct
investment? One important reason is that private companies have gone to
considerable lengths to conceal their activities by using offshore holding
companies in tax havens. This paper, using a sample of offshore listed
companies that are privately controlled, investigates what we dub
'onward-journeying' - foreign direct investment undertaken via tax havens.
In doing so it further explores the ODI strategies of some of China's most
successful private companies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 43-65
Issue: 1
Volume: 9
Year: 2011
Keywords: onward-journeying, Chinese MNEs, outward foreign direct investment, private sector, internationalization strategies,
X-DOI: 10.1080/14765284.2011.542885
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.542885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:1:p:43-65
Template-Type: ReDIF-Article 1.0
Author-Name: Colin Hawes
Author-X-Name-First: Colin
Author-X-Name-Last: Hawes
Author-Name: Eng Chew
Author-X-Name-First: Eng
Author-X-Name-Last: Chew
Title: The cultural transformation of large Chinese enterprises into internationally competitive corporations: case studies of Haier and Huawei
Abstract:
The Chinese government has recently introduced a policy requiring all
large Chinese business corporations to transform their corporate cultures
with the aim of increasing their competitiveness on the international
stage. This paper traces the origins of the policy to the outstanding
performance of a small number of Chinese firms since the late 1980s, a
phenomenon attributed by the CEOs of these firms to effective
implementation of cultural values change among their workforces. We give
detailed accounts of two such firms, Haier Group and Huawei Technologies,
demonstrating how they have utilized cultural management techniques to
improve their employees' performance. We also identify some negative
aspects of their approach to cultural management that may impede these
firms in their efforts to become truly international corporations.
Journal: Journal of Chinese Economic and Business Studies
Pages: 67-83
Issue: 1
Volume: 9
Year: 2011
Keywords: China, corporate culture, Haier, Huawei, management, internationalization,
X-DOI: 10.1080/14765284.2011.542886
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.542886
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:1:p:67-83
Template-Type: ReDIF-Article 1.0
Author-Name: Henk Berkman
Author-X-Name-First: Henk
Author-X-Name-Last: Berkman
Author-Name: Nick Nguyen
Author-X-Name-First: Nick
Author-X-Name-Last: Nguyen
Author-Name: Liping Zou
Author-X-Name-First: Liping
Author-X-Name-Last: Zou
Title: The value impact of name changes evidence from Chinese firms during the technology boom
Abstract:
For a sample of US stocks in the period 1998-1999, Cooper, Dimitrov, and
Rau (2001) report dramatic value increases in the 10 days around the
announcement of dotcom name changes. We find much smaller value changes
for a sample of Chinese listed firms with changes to internet-related
dotcom names for the 1998 to 2002 period. This result is surprising given
the high proportion of retail trading in China and the prohibition to
short sell Chinese stocks. Also in contrast to Cooper, Dimitrov, and Rau
(2001), we find that most of the value increase for our sample firms is
realized gradually prior to the announcement. Further investigation
reveals that our sample firms experience more frequent CEO-turnover,
significant increase in return-on-assets, and involve more restructure
activities around the name change event. These results suggest that the
value increases for firms with name changes are the consequence of
substantial and successful operational changes, and that the name change
is simply part of that process, instead of the cosmetic effects of name
change or investor mania suggested by previous studies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 85-96
Issue: 1
Volume: 9
Year: 2011
Keywords: name change, event study, price reaction, investor mania, internet bubble,
X-DOI: 10.1080/14765284.2011.545590
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.545590
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:1:p:85-96
Template-Type: ReDIF-Article 1.0
Author-Name: Gucheng Li
Author-X-Name-First: Gucheng
Author-X-Name-Last: Li
Author-Name: Liangzhi You
Author-X-Name-First: Liangzhi
Author-X-Name-Last: You
Author-Name: Zhongchao Feng
Author-X-Name-First: Zhongchao
Author-X-Name-Last: Feng
Title: The sources of total factor productivity growth in Chinese agriculture: technological progress or efficiency gain?
Abstract:
Provincial panel data from the agricultural sector and stochastic
frontier production function model were employed to study the total factor
productivity (TFP) growth since the 1980s in China. We decomposed the TFP
growth into technological progress and technical efficiency changes
(efficiency gains) as well as the aggregate agricultural TFP growth into
crop-specific subsector's TFP growths. We found that Chinese agriculture
experienced significant productivity growth in the last few decades,
although the growth rates vary considerably among the subsectors. During
this period, the source of productivity growth comes from either
technological progress or efficiency gains, not from both of them
simultaneously. Particularly since the 1990s, Chinese agriculture
experienced a great technological progress and yet a considerable
efficiency loss. The differences among sources of productivity growth and
among subsectors call for distinct policy responses.
Journal: Journal of Chinese Economic and Business Studies
Pages: 181-203
Issue: 2
Volume: 9
Year: 2011
Keywords: China's agriculture, total factor productivity, technological progress, technical efficiency, stochastic frontier production function,
X-DOI: 10.1080/14765284.2011.568686
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568686
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:181-203
Template-Type: ReDIF-Article 1.0
Author-Name: Finn Førsund
Author-X-Name-First: Finn
Author-X-Name-Last: Førsund
Author-Name: Lennart Hjalmarsson
Author-X-Name-First: Lennart
Author-X-Name-Last: Hjalmarsson
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: A short-run production function for electricity generation in China
Abstract:
Process industries, such as chemicals, aluminium, steel, pulp and paper,
and thermal electricity generation, are important basic industries for
economic growth in an economy such as the Chinese one. In order to promote
improved efficiency and growth-inducing structural change, it is of
paramount importance to model the development of such industries in a
relevant way. It will then be necessary to go outside the smooth textbook
production theory and turn to models incorporating typical features of
process industries, such as embodied technical change, a sharp difference
in substitution possibilities before and after investing, and a dynamic
change at the industry level driven by entry and exit of plants and
embodied technical change. The purpose of the paper is to give an
introduction to the key production function concept of a short-run
industry production function, and to show how this concept is the key to
understanding industry dynamics. An empirical application is made on data
for Chinese coal-fired electricity generation plants for one year.
However, this will only be the first stage in a full-blown dynamic
analysis. Combined cross-section and time-series data for plants are then
required.
Journal: Journal of Chinese Economic and Business Studies
Pages: 205-216
Issue: 2
Volume: 9
Year: 2011
Keywords: short-run production function, embodied technical change, dynamic structural change, Chinese electricity generation,
X-DOI: 10.1080/14765284.2011.568689
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568689
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:205-216
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: Measuring and explaining productivity growth in China
Abstract:
Europe was the past, the US is the present and a China-dominated Asia the
future of the global economy. (Martin Wolf, 2003)
Journal: Journal of Chinese Economic and Business Studies
Pages: 97-109
Issue: 2
Volume: 9
Year: 2011
X-DOI: 10.1080/14765284.2011.568681
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568681
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:97-109
Template-Type: ReDIF-Article 1.0
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Title: Total factor productivity growth in China: a review
Abstract:
The debate on the role of total factor productivity (TFP) in China's
rapid economic growth has led to the emergence of a large pool of papers
on this topic. There is however hardly any consensus in the literature.
This paper surveys 74 studies published from the 1990s onwards and employs
meta-analysis to investigate whether the empirical findings are
systematically affected by the choice of methods, selection of samples,
and objectives of individual studies. Insights gained are used to draw
implications for further studies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 111-126
Issue: 2
Volume: 9
Year: 2011
Keywords: meta-analysis, total factor productivity growth, Chinese economy,
X-DOI: 10.1080/14765284.2011.568682
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568682
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:111-126
Template-Type: ReDIF-Article 1.0
Author-Name: Kyoji Fukao
Author-X-Name-First: Kyoji
Author-X-Name-Last: Fukao
Author-Name: Tomohiko Inui
Author-X-Name-First: Tomohiko
Author-X-Name-Last: Inui
Author-Name: Keiko Ito
Author-X-Name-First: Keiko
Author-X-Name-Last: Ito
Author-Name: Young Gak Kim
Author-X-Name-First: Young Gak
Author-X-Name-Last: Kim
Author-Name: Tangjun Yuan
Author-X-Name-First: Tangjun
Author-X-Name-Last: Yuan
Title: An international comparison of the TFP levels and the productivity convergence of Japanese, Korean, Taiwanese and Chinese listed firms
Abstract:
Focusing on Japanese, Korean, Taiwanese, and Chinese firms in the
manufacturing sector, this paper examines productivity catch-up at the
firm level using the distance from the technology frontier as a direct
measure of the potential for catch-up. We also examine the role of
absorptive capacity for technological catch-up by including variables such
as R&D expenditure and foreign ownership in our empirical estimation. We
find that the national frontier has a stronger pull on domestic firms than
the regional frontier, which is in line with findings by Bartelsman,
Haskel, and Martin (2008). This result indicates that policies to raise
the technology level of national frontier firms are beneficial for all
firms in that country.
Journal: Journal of Chinese Economic and Business Studies
Pages: 127-150
Issue: 2
Volume: 9
Year: 2011
Keywords: productivity, catch-up, absorptive capacity,
X-DOI: 10.1080/14765284.2011.568683
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:127-150
Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: Economic environment, technology diffusion, and growth of regional total factor productivity in China
Abstract:
This paper examines the effects of the regional economic environment and
technology diffusion on China's regional total factor productivity (TFP)
growth. We build a model of TFP growth in which Chinese regions achieve
growth in TFP by making use of technology spillovers from the world
technology frontier. We hypothesize that given the world frontier level of
TFP, China's regional TFP growth is positively related to regional
openness and negatively related to the current level of regional TFP.
Empirical analysis in this paper of 29 province-level regions in China
strongly supports our hypothesis. By using a nonlinear least squares
regression method, we show that regional openness has a significantly
positive effect on regional TFP growth. As a by-product, we also estimate
a value of the output elasticity of capital that conforms to its
traditionally accepted values. The findings of this paper lend strong
support to the claim that the opening up process of China promotes the
country's economic growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 151-161
Issue: 2
Volume: 9
Year: 2011
Keywords: economic environment, technology diffusion, total factor productivity, openness, convergence,
X-DOI: 10.1080/14765284.2011.568684
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568684
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:151-161
Template-Type: ReDIF-Article 1.0
Author-Name: Dylan Sutherland
Author-X-Name-First: Dylan
Author-X-Name-Last: Sutherland
Author-Name: Lutao Ning
Author-X-Name-First: Lutao
Author-X-Name-Last: Ning
Author-Name: Sam Beatson
Author-X-Name-First: Sam
Author-X-Name-Last: Beatson
Title: Productivity performance in Chinese business groups: the positive and negative impacts of business group affiliation
Abstract:
This paper considers evidence on business group productivity performance
in China. It also carries out a detailed investigation into China's 50
largest groups to see if pyramidal groups are forming. As such, we further
explore what can be considered as some of the positive and negative
attributes of Chinese groups. We show that although improvements in
productivity have taken place, some Chinese business groups are also
taking the first steps towards developing pyramidal structures. This could
have important implications for longer-term productivity growth in China's
business groups.
Journal: Journal of Chinese Economic and Business Studies
Pages: 163-180
Issue: 2
Volume: 9
Year: 2011
Keywords: pyramidal groups, ownership structure, firm performance, productivity,
X-DOI: 10.1080/14765284.2011.568685
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.568685
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:2:p:163-180
Template-Type: ReDIF-Article 1.0
Author-Name: Go Yano
Author-X-Name-First: Go
Author-X-Name-Last: Yano
Author-Name: Maho Shiraishi
Author-X-Name-First: Maho
Author-X-Name-Last: Shiraishi
Author-Name: Xohrat Mahmut
Author-X-Name-First: Xohrat
Author-X-Name-Last: Mahmut
Title: What caused the 'marginal-products-of-labour wage gap' in state-owned enterprises in China during the early-reform era? A reconsideration based on a case study in Henan
Abstract:
The marginal-products-of-labour (MPL) wage gap is studied in the
early-reform Chinese economy, using the Olley-Pakes estimation technique
to estimate the production function, based on micro data including
different categories of labour. From this measurement of MPL-wage gaps and
econometric analyses, several conclusions are drawn. First, the MPL-wage
gap was anomalously large for managers in state-owned enterprises (SOEs)
compared with other categories of labour. Second, the large MPL-wage gap
of managers raised the average MPL-wage gap across various categories of
labour, resulting in higher than the average wage MPL throughout the
entire workforce, which is regarded as homogeneous. Third, the large
MPL-wage gap, or, in other words, the under-employment of managers,
occurred not only because the state still centrally employed and allocated
labour to SOEs, but because the economy faced a labour-supply constraint
of managers in early-reform China. This observation supports a modified
version of the state labour-monopsony hypothesis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 217-238
Issue: 3
Volume: 9
Year: 2011
Keywords: marginal products of labour-wage gap, Olley-Pakes estimator, different categories of labour, labour-monopsony hypothesis, supply constraints of managers (educated workers),
X-DOI: 10.1080/14765284.2011.592351
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.592351
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:3:p:217-238
Template-Type: ReDIF-Article 1.0
Author-Name: Xia Li
Author-X-Name-First: Xia
Author-X-Name-Last: Li
Author-Name: Christopher Gan
Author-X-Name-First: Christopher
Author-X-Name-Last: Gan
Author-Name: Baiding Hu
Author-X-Name-First: Baiding
Author-X-Name-Last: Hu
Title: The impact of microcredit on women's empowerment: evidence from China
Abstract:
The impact of microcredit on women's empowerment remains controversial,
as documented in the microfinance literature. While some studies claim
that microcredit helps women increase their income earning abilities,
leading to greater power to overcome cultural asymmetries, others contend
that small loans allocated to women are usually controlled by their
spouses, which results in more severe subordination of women and leaves
them more vulnerable to the patriarchy system within the household and/or
at society level. This paper evaluates the empowerment impact of
microcredit on rural women in China. Logistic regression is employed for
empirical analysis and data are collected through a rural household
survey. The results confirm that microcredit has a significant impact on
five dimensions of women's empowerment, ranging from economic security to
awareness of social/legal issues.
Journal: Journal of Chinese Economic and Business Studies
Pages: 239-261
Issue: 3
Volume: 9
Year: 2011
Keywords: microcredit, women's empowerment, rural China,
X-DOI: 10.1080/14765284.2011.592352
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.592352
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:3:p:239-261
Template-Type: ReDIF-Article 1.0
Author-Name: Florence Bouvet
Author-X-Name-First: Florence
Author-X-Name-Last: Bouvet
Author-Name: Alyson Ma
Author-X-Name-First: Alyson
Author-X-Name-Last: Ma
Title: Wage disparities in China: an analysis by firm types
Abstract:
This paper investigates the evolution of interprovincial wage inequality
and the causes behind its increase over the last two decades. We focus
more specifically on the impact of export-led-market reforms on wages
disparities within and between five firm types in China. When measured
with the GE(1) index, overall wage inequality among Chinese provinces
increased by 50% between 1993 and 2007, most notably during the early
1990s as China accelerated its integration into the world economy. The
inequality analysis by firm type suggests that increased international
competition has had a large impact on wage inequality among domestic firms
but almost none on inequality among foreign firms. The panel analysis
conducted in this paper also suggests that factors enhancing labor
productivity such as larger capital stock endowment per worker and better
infrastructure endowment have a greater impact on wage inequality than an
increase in economic integration, particularly for domestic firms located
in the interior region.
Journal: Journal of Chinese Economic and Business Studies
Pages: 263-282
Issue: 3
Volume: 9
Year: 2011
Keywords: China, wage inequality, inequality decomposition, globalization,
X-DOI: 10.1080/14765284.2011.592355
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.592355
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:3:p:263-282
Template-Type: ReDIF-Article 1.0
Author-Name: Rachel Connelly
Author-X-Name-First: Rachel
Author-X-Name-Last: Connelly
Author-Name: Kenneth Roberts
Author-X-Name-First: Kenneth
Author-X-Name-Last: Roberts
Author-Name: Zhenzhen Zheng
Author-X-Name-First: Zhenzhen
Author-X-Name-Last: Zheng
Title: The settlement of rural migrants in urban China - some of China's migrants are not 'floating' anymore
Abstract:
This paper considers economic models of migration in the context of
current Chinese migration. We argue that using formally changing one's
household registration (hukou) location is too narrow a definition of
settlement for policy purposes. Instead we show that time in the city and
co-residence with spouses and separately with children reveals systematic
settlement behavior on the part of a subset of migrants. The empirical
evidence offered is largely descriptive but shows that those migrants who
were younger at the age of migration, who are currently married and
self-employed spend more years in the city. Men who have been in the city
longer and are self-employed are much more likely to be co-residing with
their wife. Self-employment is also a predictor of co-residence with
children for both mothers and fathers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 283-300
Issue: 3
Volume: 9
Year: 2011
Keywords: permanent migration, circular migration, settlement, urbanization,
X-DOI: 10.1080/14765284.2011.592356
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.592356
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:3:p:283-300
Template-Type: ReDIF-Article 1.0
Author-Name: Chia-Liang Lin
Author-X-Name-First: Chia-Liang
Author-X-Name-Last: Lin
Author-Name: Kuan-Min Wang
Author-X-Name-First: Kuan-Min
Author-X-Name-Last: Wang
Title: Predicting the bankruptcy risk of Taiwanese OTC corporations
Abstract:
Using non-probability purposive sampling, this study matched 23 Taiwanese
OTC (Over-the-Counter) bankrupt corporations with 23 non-bankrupt
corporations during the period 1999-2005. On the basis of the sample, a
predictive and secondary research design was conducted to construct a
rolling-prediction model and validate its prediction in Taiwan on OTC
corporation bankruptcy risks. The empirical results indicated that the
rolling-logit model, compared with the benchmark model, exhibited higher
overall accuracy. The successful predictive performances were attributed
to a recall mechanism in the rolling-logit model, measuring a
corporation's risks on the basis of consistent information across time.
However, this study had limitations due to the selection of the sample and
variables. These limitations suggest that future research could validate
its applicability in other markets or select other explanatory variables
in order to improve the predictive ability.
Journal: Journal of Chinese Economic and Business Studies
Pages: 301-316
Issue: 3
Volume: 9
Year: 2011
Keywords: bankruptcy, rolling-logit model, Taiwan OTC market, financial ratios, matched-pair method, recall mechanism,
X-DOI: 10.1080/14765284.2011.592359
File-URL: http://www.tandfonline.com/doi/abs/10.1080/14765284.2011.592359
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:3:p:301-316
Template-Type: ReDIF-Article 1.0
Author-Name: Rongping Mu
Author-X-Name-First: Rongping
Author-X-Name-Last: Mu
Author-Name: Yonggang Fan
Author-X-Name-First: Yonggang
Author-X-Name-Last: Fan
Title: Framework for building national innovation capacity in China
Abstract:
With the view of becoming an innovation-driven nation by 2020, national
innovation capacity (NIC) building has become a key issue for China to
transform its development pattern. A series of fundamental questions, such
as how to build NIC and what roles should the government play, are faced
by both the government and academia. The current literature concerning NIC
mainly focuses on measurement and determinant analysis, which cannot give
direct and sufficient support to policy making. This paper tries to fill
the gap between theoretical analysis of NIC and policies for building NIC
by proposing a conceptual framework, in which the inherent connections
between innovation capacity indicators and policy options for building NIC
are investigated. Policy measures for building NIC in China are discussed
in the end of this paper.
Journal: Journal of Chinese Economic and Business Studies
Pages: 317-327
Issue: 4
Volume: 9
Year: 2011
Month: 8
X-DOI: 10.1080/14765284.2011.618588
File-URL: http://hdl.handle.net/10.1080/14765284.2011.618588
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:4:p:317-327
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Author-Name: Jing Zhang
Author-X-Name-First: Jing
Author-X-Name-Last: Zhang
Title: Technology transfer, indigenous innovation and leapfrogging in green technology: the solar-PV industry in China and India
Abstract:
In recent years China and India have achieved tremendous technological
progress and development in the solar photovoltaic (PV) industry. Using
case studies, this paper analyses and compares the technology progress in
the solar PV industry in China and India, and discusses the role national
innovation systems played in sustaining technology acquisition, adaptation
and development. It illustrates that both countries adopted a strategy of
mixing and sequencing different technology transfer and indigenous
innovation mechanisms. The experience of both countries also suggests that
a functional national environmental innovation system is important in
sustaining and advancing technology acquisition, adaptation and
development. This paper provides an alternative pathway for developing
countries to follow in catching up with developed countries in the
emergent green industries and in leapfrogging towards an internationally
competitive green economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 329-347
Issue: 4
Volume: 9
Year: 2011
Month: 8
X-DOI: 10.1080/14765284.2011.618590
File-URL: http://hdl.handle.net/10.1080/14765284.2011.618590
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:4:p:329-347
Template-Type: ReDIF-Article 1.0
Author-Name: Xielin Liu
Author-X-Name-First: Xielin
Author-X-Name-Last: Liu
Author-Name: Peng Cheng
Author-X-Name-First: Peng
Author-X-Name-Last: Cheng
Author-Name: Ao Chen
Author-X-Name-First: Ao
Author-X-Name-Last: Chen
Title: Basic research and catch-up in China's high-speed rail industry
Abstract:
The existing literature has not studied the role of basic research in
industrial catch-up in developing countries in any depth. This article
takes high-speed rail as a case study in order to show how basic research
has helped the industry to master imported technology and produce
secondary innovations. The role of government is important in terms of
coordinating the process of technology importation, digesting imported
technology and innovation. The role of the home market is also very
important in an era of globalisation to promote innovation in this
emerging industry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 349-367
Issue: 4
Volume: 9
Year: 2011
Month: 8
X-DOI: 10.1080/14765284.2011.618593
File-URL: http://hdl.handle.net/10.1080/14765284.2011.618593
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:4:p:349-367
Template-Type: ReDIF-Article 1.0
Author-Name: Enjun Xia
Author-X-Name-First: Enjun
Author-X-Name-Last: Xia
Author-Name: Xiaohui Liu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Liu
Title: Technology spillover effects in the context of the evolution of inter-regional industrial structure in China
Abstract:
This paper focuses on the relationship between technology spillovers in
the context of the evolution of China's regional industrial structure.
Based on a theoretical model, we have formally shown the impact of the
evolution of the regional industrial structure and have also empirically
tested technology spillovers for the period 1991--2007 in the context of
the evolution of the regional industrial structure in China. The findings
provide an important theoretical and practical basis for the government to
formulate regional economic policies and industrial development
strategies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 369-381
Issue: 4
Volume: 9
Year: 2011
Month: 8
X-DOI: 10.1080/14765284.2011.618595
File-URL: http://hdl.handle.net/10.1080/14765284.2011.618595
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:4:p:369-381
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Author-Name: Jizhen Li
Author-X-Name-First: Jizhen
Author-X-Name-Last: Li
Author-Name: Martin Johnson
Author-X-Name-First: Martin
Author-X-Name-Last: Johnson
Title: Internal and external sources of tacit knowledge: evidence from the Chinese optical fibre and cable industry
Abstract:
This paper provides an analysis of the relative significance of various
methods of acquiring tacit knowledge within the Chinese optical fibre and
cable industry. The paper contributes to the definition, understanding and
investigation of tacit knowledge using firm-level data in a developing
country context, helping to complete a gap in the existing broader
literature on technological learning. The research suggests that in
industries where tacit knowledge is a more important component of
technological learning than codified knowledge, internal R&D activities
and domestic peers are important knowledge sources. Additionally,
universities are shown to be an important asset in creating learning
organisations and provide effective knowledge sources of both tacit and
codified knowledge. However, imports of equipment and licensing are a less
effective learning channel in the acquisition of tacit foreign technology.
Journal: Journal of Chinese Economic and Business Studies
Pages: 383-399
Issue: 4
Volume: 9
Year: 2011
Month: 8
X-DOI: 10.1080/14765284.2011.618597
File-URL: http://hdl.handle.net/10.1080/14765284.2011.618597
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:9:y:2011:i:4:p:383-399
Template-Type: ReDIF-Article 1.0
Author-Name: Jenni Pääkkönen
Author-X-Name-First: Jenni
Author-X-Name-Last: Pääkkönen
Title: Are there industrial and agricultural convergence clubs in China?
Abstract:
This paper discusses the growth differentials between Chinese provinces
geared to agricultural activities and those that have focused on
industrial production over three decades of economic reform. Following
Hansen and Prescott's (2002) model, we suggest that the differences
between regions stem from the resource allocation in place at the
beginning of the reform process. We show that provinces with high initial
shares of industrial production (the industrial club) have converged, and
that agricultural provinces that have shifted to industrial production
have been catching up with provinces that were industrialized at the
outset. Provinces that have clung to an agricultural strategy (the
agricultural club) show no evidence of convergence and appear to have been
left behind in terms of economic development.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-13
Issue: 1
Volume: 10
Year: 2012
Month: 6
X-DOI: 10.1080/14765284.2012.638458
File-URL: http://hdl.handle.net/10.1080/14765284.2012.638458
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:1:p:1-13
Template-Type: ReDIF-Article 1.0
Author-Name: Paul De Grauwe
Author-X-Name-First: Paul
Author-X-Name-Last: De Grauwe
Author-Name: Romain Houssa
Author-X-Name-First: Romain
Author-X-Name-Last: Houssa
Author-Name: Giulia Piccillo
Author-X-Name-First: Giulia
Author-X-Name-Last: Piccillo
Title: African trade dynamics: is China a different trading partner?
Abstract:
This paper employs the standard gravity model to identify the quality of
governance of China's African trade partners. As a benchmark, we perform
the same analysis on other major African trade partners: France, Germany,
UK, and USA. Data from 53 African countries in 1996--2009 show that only
China is consistently willing to import more from African countries with a
lower governance standing. By doing so; China fills a gap left open by the
other major world economies, and might even play a key role in the future
development of Africa.
Journal: Journal of Chinese Economic and Business Studies
Pages: 15-45
Issue: 1
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.638460
File-URL: http://hdl.handle.net/10.1080/14765284.2012.638460
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:1:p:15-45
Template-Type: ReDIF-Article 1.0
Author-Name: Valeria Gattai
Author-X-Name-First: Valeria
Author-X-Name-Last: Gattai
Title: Chinese ODI in Italy: an empirical investigation at the firm-level
Abstract:
This paper provides original evidence about Chinese Outward Direct
Investments in Italy. Data have been collected at the micro level, through
a multiple-choice questionnaire, designed by the author and submitted to
the whole population of Dragon multinationals. With a response rate of
86%, we draw a detailed profile of Chinese parent companies and document
their pull, push factors, and entry mode strategies. Empirical findings
are consistent with the theoretical literature.
Journal: Journal of Chinese Economic and Business Studies
Pages: 47-66
Issue: 1
Volume: 10
Year: 2012
Month: 10
X-DOI: 10.1080/14765284.2012.638465
File-URL: http://hdl.handle.net/10.1080/14765284.2012.638465
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:1:p:47-66
Template-Type: ReDIF-Article 1.0
Author-Name: Huanguang Qiu
Author-X-Name-First: Huanguang
Author-X-Name-Last: Qiu
Author-Name: Jikun Huang
Author-X-Name-First: Jikun
Author-X-Name-Last: Huang
Author-Name: Carl Pray
Author-X-Name-First: Carl
Author-X-Name-Last: Pray
Author-Name: Scott Rozelle
Author-X-Name-First: Scott
Author-X-Name-Last: Rozelle
Title: Consumers’ trust in government and their attitudes towards genetically modified food: empirical evidence from China
Abstract:
Understanding the determinants of consumers’ acceptance towards
genetically modified food (GMF) is critically important for the
biotechnology industry. Based on a unique data set collected by the
authors in 2002 and 2003 in 11 cities of China, an econometric model of
consumers’ acceptance of GMF is estimated. The results show that
consumers’ acceptance of GMF is high in urban China and
consumers’ trust in government has a significantly positive effect
on consumers’ acceptance of GMF. Our study also shows that failure
to consider the endogeneity of consumers’ trust in government will
lead to serious underestimation of its impacts on consumers’
acceptance of GMF. This is, to the best of our knowledge, the first study
on the impact of consumers’ trust in government with consideration
of the endogenous problems that often are encountered in consumer
perception studies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 67-87
Issue: 1
Volume: 10
Year: 2012
Month: 7
X-DOI: 10.1080/14765284.2012.638471
File-URL: http://hdl.handle.net/10.1080/14765284.2012.638471
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:1:p:67-87
Template-Type: ReDIF-Article 1.0
Author-Name: Qiwei Chen
Author-X-Name-First: Qiwei
Author-X-Name-Last: Chen
Author-Name: Ying Jiang
Author-X-Name-First: Ying
Author-X-Name-Last: Jiang
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Title: The state of the market and the contrarian strategy: evidence from China's stock market
Abstract:
Using the most comprehensive weekly dataset of ‘A’ shares
listed on the Chinese stock market, this paper examines short-term
contrarian strategies under different market states from 1995--2010. We
find statistically significant profits from contrarian strategies,
especially during the period after 2007, when China (along with other
countries) experienced an economic downturn following the worldwide
financial crisis. Our empirical evidence suggests that: (1) no significant
profit is generated from either momentum or contrarian strategies in the
intermediate horizon; (2) after microstructure effects are adjusted for,
contrarian strategies with only four to eight weeks holding periods based
on the stocks’ previous four to eight week's performance generate
statistically significant profits of around 0.2% per week; (3) the
contrarian strategy following a ‘down’ market generates
higher profit than those following an ‘up’ market,
suggesting that a contrarian strategy could be used as a shelter when the
market is in decline. The profits following a ‘down’ market
are robust after risk adjustment.
Journal: Journal of Chinese Economic and Business Studies
Pages: 89-108
Issue: 1
Volume: 10
Year: 2012
Month: 9
X-DOI: 10.1080/14765284.2012.638473
File-URL: http://hdl.handle.net/10.1080/14765284.2012.638473
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:1:p:89-108
Template-Type: ReDIF-Article 1.0
Author-Name: Jian Chen
Author-X-Name-First: Jian
Author-X-Name-Last: Chen
Title: Introduction to the special issue on corporate finance and corporate governance
Journal: Journal of Chinese Economic and Business Studies
Pages: 109-110
Issue: 2
Volume: 10
Year: 2012
Month: 5
X-DOI: 10.1080/14765284.2012.673289
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673289
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:109-110
Template-Type: ReDIF-Article 1.0
Author-Name: Jian Chen
Author-X-Name-First: Jian
Author-X-Name-Last: Chen
Author-Name: Roger Strange
Author-X-Name-First: Roger
Author-X-Name-Last: Strange
Title: Political economy of IPO underpricing: the evidence from China
Abstract:
This paper looks at the IPO underpricing puzzle in a political economy
perspective, as previous theories have considered only the ‘market
economy factor’ in IPO underpricing, and failed to incorporate the
‘political economy factor’ in determining IPO underpricing.
This is particularly relevant to emerging markets such as China, where the
IPO is not only a process of raising fresh capital, but also one of
privatisation. By examining the Chinese case with the political economy
perspective, we find that the IPO underpricing is negatively related to
the proportion of the shares held by various government organisations. We
also offer explanations using an angle of political economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 111-129
Issue: 2
Volume: 10
Year: 2012
Month: 1
X-DOI: 10.1080/14765284.2012.673778
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:111-129
Template-Type: ReDIF-Article 1.0
Author-Name: Chunxia Jiang
Author-X-Name-First: Chunxia
Author-X-Name-Last: Jiang
Author-Name: Genfu Feng
Author-X-Name-First: Genfu
Author-X-Name-Last: Feng
Author-Name: Jianhua Zhang
Author-X-Name-First: Jianhua
Author-X-Name-Last: Zhang
Title: Corporate governance and bank performance in China
Abstract:
This paper examines the effects of corporate governance on bank
performance in China over the period 1995--2008. Bank performance has
improved significantly and the mean profit efficiency level is estimated
at 61%. The results suggest that differences in corporate governance have
significant impacts on bank performance: banks with majority foreign
ownership are most profitable while banks with majority state ownership
are most unprofitable. We find no evidence that foreign minority ownership
in domestic banks improves performance. Banks with more dispersed
ownership are found to be more profit efficient.
Journal: Journal of Chinese Economic and Business Studies
Pages: 131-146
Issue: 2
Volume: 10
Year: 2012
Month: 1
X-DOI: 10.1080/14765284.2012.673779
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673779
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:131-146
Template-Type: ReDIF-Article 1.0
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: The Anglo-Saxon paradox: corporate governance best-practices and the reform deficit in China's banking sector
Abstract:
Corporate governance is now a key concern in China's banking sector. Its
importance is related to the important policy questions of how to foster
economic growth without increasing inflation in an environment where
monetary guidance does not function in a conventional manner and there
exist few constraints on bank lending. Under such an environment top-down
best practice models offer considerable appeal, but their implementation
in China's banking sector suffers from a reform deficit. In this context,
this study argues that innovative reforms that draw on existing
institutions and expertise such as the reform of the China Postal and
Savings Bank and the relaxation of restrictions on foreign banks in the
rural sector indicate a unique and policy-driven response to this
conundrum. Their advantage is that they provide the state with a
ready-made platform to influence economic activity in the rural economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-168
Issue: 2
Volume: 10
Year: 2012
Month: 2
X-DOI: 10.1080/14765284.2012.673780
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673780
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:147-168
Template-Type: ReDIF-Article 1.0
Author-Name: Renzeng Wang
Author-X-Name-First: Renzeng
Author-X-Name-Last: Wang
Author-Name: Jean J. Chen
Author-X-Name-First: Jean J.
Author-X-Name-Last: Chen
Title: ARCH effects, trading volume and the information flow interpretation: empirical evidence from the Chinese stock markets
Abstract:
This study revisits the relation between ARCH effects and trading volume.
We extend the specification of the VA-GARCH (1, 1) model by using various
volume variants and constructing contrast equity groups. We verify that
the information flow assumed to be contained in the four trading volume
variants has a starkly different explanatory power compared with the ARCH
effects. Successive improvement of the model's empirical fit and the
reduction of the fat-tailedness in the model residuals in the sequence of
volume adjustment imply an increase in the strength of explaining the
static aspects of volatility dynamics by the further adjusted volume
variants.
Journal: Journal of Chinese Economic and Business Studies
Pages: 169-191
Issue: 2
Volume: 10
Year: 2012
Month: 1
X-DOI: 10.1080/14765284.2012.673782
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673782
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:169-191
Template-Type: ReDIF-Article 1.0
Author-Name: Tzu-Yun Tseng
Author-X-Name-First: Tzu-Yun
Author-X-Name-Last: Tseng
Title: Will China's split share structure reform mitigate agency problems?
Abstract:
China's unique split share structure has rendered its capital market more
imperfect and agency problems more severe than those in other emerging
markets. Since 2005, China has invested tremendous efforts to facilitate
its split share structure reform (SSSR), undoubtedly the most influential
institutional change in the development of China's stock market. Hence,
the SSSR provides us with a valuable opportunity to examine whether the
agency problems of listed firms in China have been mitigated via the
implementation of SSSR. The sample is drawn from the firms listed on the
Shenzhen and Shanghai Stock Exchanges that had completed the SSSR
processes prior to the end of 2005. Covering the period from 2002 to 2008,
the study finds that the SSSR does play a positive role in alleviating the
agency problems of listed firms in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-207
Issue: 2
Volume: 10
Year: 2012
Month: 2
X-DOI: 10.1080/14765284.2012.673781
File-URL: http://hdl.handle.net/10.1080/14765284.2012.673781
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:2:p:193-207
Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: A new study of the Chinese regions in a neoclassical framework of models of growth
Abstract:
This study tests economic growth and convergence across the Chinese
provinces during the period 1981--2005 based on augmented neoclassical
growth models where land is included as a production input. A positive
steady-state growth of per capita output cannot be sustained if the
population growth rate or the output elasticity of land is sufficiently
high. The study implements a panel data approach and shows that land may
have an output elasticity as high as 1/3, suggesting that the natural
environment indeed poses an important constraint on China's economic
growth. In this study of the Chinese provinces, the panel data approach
has implied much higher rates of conditional convergence in per capita
output, compared with cross-section estimations.
Journal: Journal of Chinese Economic and Business Studies
Pages: 209-228
Issue: 3
Volume: 10
Year: 2012
Month: 11
X-DOI: 10.1080/14765284.2012.699701
File-URL: http://hdl.handle.net/10.1080/14765284.2012.699701
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:3:p:209-228
Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Deschamps
Author-X-Name-First: Bruno
Author-X-Name-Last: Deschamps
Author-Name: Paolo Bianchi
Author-X-Name-First: Paolo
Author-X-Name-Last: Bianchi
Title: An evaluation of Chinese macroeconomic forecasts
Abstract:
This article evaluates the quality of professional macroeconomic
forecasts in China for the years 1995--2009. Using a large panel of
forecasts on four macroeconomic variables (GDP, inflation, consumption and
investment), we reject the hypothesis of unbiasedness, and find that
forecasters have been, on average, overly pessimistic. The source of the
bias lies primarily in forecasters' slow adjustment to structural shocks
to the level of economic growth. We also reject the hypothesis that
forecasters use information efficiently, and find that a large number of
forecasters overreact to economic news. Finally, we document large
differences of forecast accuracy across both forecasters and variables.
Journal: Journal of Chinese Economic and Business Studies
Pages: 229-246
Issue: 3
Volume: 10
Year: 2012
Month: 12
X-DOI: 10.1080/14765284.2012.699704
File-URL: http://hdl.handle.net/10.1080/14765284.2012.699704
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:3:p:229-246
Template-Type: ReDIF-Article 1.0
Author-Name: Xinhua He
Author-X-Name-First: Xinhua
Author-X-Name-Last: He
Author-Name: Duo Qin
Author-X-Name-First: Duo
Author-X-Name-Last: Qin
Author-Name: Yimeng Liu
Author-X-Name-First: Yimeng
Author-X-Name-Last: Liu
Title: Exchange rate misalignments: a comparison of China today against recent historical experiences of Japan, Germany, Singapore and Taiwan
Abstract:
The familiar claim of Chinese currency manipulation is generally asserted
without reference to empirical evidence. To investigate the legitimacy of
the claim, we ask if the undervalued misalignment found in the real
effective exchange rate (REER) of the Chinese renminbi (RMB) over the past
decade has any recent historical precedents. Four cases are examined: the
Japanese yen, the Deutschmark (DM), the Singapore dollar and the new
Taiwan dollar. Panel-based misalignment estimates of the REER of the four
currencies are obtained using quarterly data from the late 1970s to the
early 2000s. Our estimates suggest that there are precedents to the recent
misalignment of the RMB in terms of magnitude, duration or breadth of
currency coverage, and that a net build-up in foreign assets does not
necessarily result in currency misalignment. In addition to finding little
empirical justification for the claim of Chinese currency manipulation, we
note that REER misalignment runs a risk of propagating inflation in the
home economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 247-266
Issue: 3
Volume: 10
Year: 2012
Month: 5
X-DOI: 10.1080/14765284.2012.699703
File-URL: http://hdl.handle.net/10.1080/14765284.2012.699703
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:3:p:247-266
Template-Type: ReDIF-Article 1.0
Author-Name: Yong Tan
Author-X-Name-First: Yong
Author-X-Name-Last: Tan
Author-Name: Christos Floros
Author-X-Name-First: Christos
Author-X-Name-Last: Floros
Title: Bank profitability and GDP growth in China: a note
Abstract:
This article examines the effect of GDP growth on bank profitability in
China over the period 2003--2009. The one-step system GMM estimator is
used to test the persistence of profitability in the Chinese banking
industry. The empirical findings suggest that cost efficiency is
positively related to bank profitability, while lower profitability can
also be explained by higher taxes paid by banks. In addition, there is a
negative relationship between GDP growth and bank profitability.
Furthermore, the results show that (1) the profitability in the Chinese
banking industry is significantly affected by the level of non-performing
loans, and (2) Chinese banks with higher levels of capital have lower
profitability. Finally, we find that the departure from a perfectly
competitive market structure in the Chinese banking industry is relatively
small.
Journal: Journal of Chinese Economic and Business Studies
Pages: 267-273
Issue: 3
Volume: 10
Year: 2012
Month: 1
X-DOI: 10.1080/14765284.2012.703541
File-URL: http://hdl.handle.net/10.1080/14765284.2012.703541
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:3:p:267-273
Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Cristadoro
Author-X-Name-First: Riccardo
Author-X-Name-Last: Cristadoro
Author-Name: Daniela Marconi
Author-X-Name-First: Daniela
Author-X-Name-Last: Marconi
Title: Household savings in China
Abstract:
The domestic saving rate in China is the highest in the world and it
surpasses the investment share in GDP, which is also very high by
international standards. This excessive saving results in a large current
account surplus. Understanding why the Chinese save so much is a central
issue in the debate on global imbalances. The goal of our paper is to
analyse empirically Chinese household saving behaviour taking into account
the disparities within the country, at the provincial level and between
rural and urban households. We first show that, notwithstanding the rising
contribution of government and firms to national savings the real
peculiarity lies with Chinese families. We move from Modigliani and Cao's
(2004) attempt to explain rising personal saving in China within the life
cycle hypothesis and show how a more careful analysis indicates that
life-cycle determinants do not suffice, especially in the most recent
period. Once we consider regional differences and distinguish urban and
rural households using provincial-level data, it becomes clear that
additional explanations are needed and that precautionary motives and
liquidity constraints are playing an important role. Our results suggest
that in order to reduce the propensity to save of Chinese households it is
necessary to improve social services provision and to facilitate the
access to credit.
Journal: Journal of Chinese Economic and Business Studies
Pages: 275-299
Issue: 3
Volume: 10
Year: 2012
Month: 11
X-DOI: 10.1080/14765284.2012.699702
File-URL: http://hdl.handle.net/10.1080/14765284.2012.699702
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:3:p:275-299
Template-Type: ReDIF-Article 1.0
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Jianghai Zheng
Author-X-Name-First: Jianghai
Author-X-Name-Last: Zheng
Title: China's rise as a new paradigm in the world economy: preliminaries
Abstract:
Drawing on the fast growing literature concerning Chinese development and
transition, we sketch a general framework for understanding the
‘China Miracle’ that the ‘conventional wisdom’
and ‘Washington Consensus’ cannot fully explain. Reflecting
upon the recent financial crisis and the subsequent worldwide economic
downturn, an attempt is made to present a paradigm, inspired by Chinese
practice over the past decades, from a historical perspective. We
conjecture that a desirable China model may maintain the characteristics
of a good economy as proposed in Phelps (2006) with full employment and
rights to personal development. With regard to the functioning of freely
competitive markets and macroeconomic policy, not only should a China
model be able to mimic the rule of law and accountability of liberal
western democracies, but it might also possess a mainstream ideology that
is deeply rooted in Chinese culture with modern social sciences as
theoretical foundations. To divest China of undesirable properties from
the existing system, it is necessary to establish a principle-agent
relationship that can provide stable governance structure for day-to-day
efficient management of the economy and society, and protect the
fundamental interests of its citizens when external challenges threaten to
weaken social cohesion and political stability.
Journal: Journal of Chinese Economic and Business Studies
Pages: 301-312
Issue: 4
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.724979
File-URL: http://hdl.handle.net/10.1080/14765284.2012.724979
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:301-312
Template-Type: ReDIF-Article 1.0
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: China meets the middle-income trap: the large potholes in the road to catching-up
Abstract:
We follow Woo (2011) in using the Catch-Up Index (CUI) to define the
middle-income trap and identify the countries caught in it. The CUI shows
that China became a middle-income country in 2007--2008. We see five major
types of middle-income trap to which China is vulnerable: (a) fiscal
stress from the nonperforming loans generated by the interaction between
the lending practices of the state banks and the innate desire by state
enterprise managers to over-invest and embezzle; (b) the frequent use of
macro-stabilization tools that hurt long-term productivity growth; (c)
flaws in socio-political governance that exacerbate social tensions; (d)
ineffective management of environmental challenges that threaten
sustainable development; and (e) inept handling of international economic
tensions that could unleash trade conflict. We recommend new governance
principles and management methods to prevent China from falling into these
five types of middle-income trap.
Journal: Journal of Chinese Economic and Business Studies
Pages: 313-336
Issue: 4
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.724980
File-URL: http://hdl.handle.net/10.1080/14765284.2012.724980
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:313-336
Template-Type: ReDIF-Article 1.0
Author-Name: Stephan Ortmann
Author-X-Name-First: Stephan
Author-X-Name-Last: Ortmann
Title: The ‘Beijing consensus’ and the ‘Singapore model’: unmasking the myth of an alternative authoritarian state-capitalist model
Abstract:
What is today touted as the ‘Beijing consensus’ or the
‘China model’ is nothing more than a resized version of the
‘Singapore model’ or an attempt to revive the developmental
state. In particular, the ‘Beijing consensus’ assumes a
greater role for the state in the economy under authoritarian rule. Since
Deng Xiaoping's Southern Tour in 1992, Chinese academics, politicians, and
administrators have flocked to the soft-authoritarian city-state and the
result has not only been a sprawling discourse but also a number of
political reforms aimed at increasing the effectiveness of the state and
strengthening one-party rule. An analysis of this discourse shows that
while providing Chinese policy-makers with many important ideas, these
studies reveal serious weaknesses in China's attempt to follow the
‘Singapore model’. Instead of having found an alternative
authoritarian state-capitalist model, the ‘Beijing
consensus’ is only a transitory phase.
Journal: Journal of Chinese Economic and Business Studies
Pages: 337-359
Issue: 4
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.724981
File-URL: http://hdl.handle.net/10.1080/14765284.2012.724981
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:337-359
Template-Type: ReDIF-Article 1.0
Author-Name: Miao Han
Author-X-Name-First: Miao
Author-X-Name-Last: Han
Title: The People's Bank of China during the global financial crisis: policy responses and beyond
Abstract:
During the economic crises of the last decade or so, China
suffered limited losses; this is evident from studies of both the 1997
Asian Financial Crisis (AFC) and the 2008 global financial crisis (GFC).
China has gone on to achieve unparalleled GDP growth since the second half
of 2009, when most of the developed world still struggled to recover.
Throughout this period central banks have widely employed various
instruments to manage the various crises. Although the People's Bank of
China (PBC) has adopted complicated facilities to mitigate contagion from
the global market, China's uncompleted financial reform has initially
limited its exposure to external shocks. This paper therefore explores the
PBC's role and its emerging limitations by comparing its performance in
these two crises. Although the PBC has assisted China to achieve its
immediate target of economic recovery, economic imbalance has been in
effect deteriorated from the longer-term perspective due to internal
susceptibility to external shocks.
Journal: Journal of Chinese Economic and Business Studies
Pages: 361-390
Issue: 4
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.724982
File-URL: http://hdl.handle.net/10.1080/14765284.2012.724982
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:361-390
Template-Type: ReDIF-Article 1.0
Author-Name: Ningyue Liu
Author-X-Name-First: Ningyue
Author-X-Name-Last: Liu
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Min Zhang
Author-X-Name-First: Min
Author-X-Name-Last: Zhang
Author-Name: Wen Zhang
Author-X-Name-First: Wen
Author-X-Name-Last: Zhang
Title: Government intervention and executive compensation contracts of state-owned enterprises: empirical evidence from China
Abstract:
This paper attempts to examine the impact of government intervention on
executive compensation contracts by employing the data of listed companies
in the Chinese equity market. The results show that redundancy burden
caused by government intervention significantly reduces the
compensation-performance sensitivity of executives in state-owned
enterprises (SOEs), increases the level of compensation stickiness and
leads to more executive perks. However, there is no evidence to support
this conclusion in non-SOEs. Our results indicate that government has
great responsibility for redundancy in SOEs and has a significant impact
on the design of executive compensation contracts, but has limited impact
on that of non-SOEs. Therefore, the impact of redundancy burden on
executive compensation contracts is different between SOEs and non-SOEs.
Our findings have important implications for the relationship between
property rights and corporate performance, the formation mechanism of
redundancy, and the impact of redundancy burden on executive compensation
contracts.
Journal: Journal of Chinese Economic and Business Studies
Pages: 391-411
Issue: 4
Volume: 10
Year: 2012
Month: 8
X-DOI: 10.1080/14765284.2012.724983
File-URL: http://hdl.handle.net/10.1080/14765284.2012.724983
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:391-411
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Author-Name: Nick Weaver
Author-X-Name-First: Nick
Author-X-Name-Last: Weaver
Title: Surplus labour and Lewis turning points in China
Abstract:
It has been widely recognised that China has had a large pool
of surplus labour. However, despite its significant implications for wage
levels and the Chinese economy, the current debates yield conflicting
results as to whether a Lewis turning point has been reached. This paper
clarifies a theoretical issue about the mechanisms of surplus labour
absorption, subsequently indentifies two Lewis turning points and examines
the factors that affect the reaching of these two points. It then applies
the framework to China to study the labour absorption process and examines
some of the likely implications of the removal of the Hukou system in
terms of welfare and economic performance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-12
Issue: 1
Volume: 11
Year: 2013
Month: 2
X-DOI: 10.1080/14765284.2012.755303
File-URL: http://hdl.handle.net/10.1080/14765284.2012.755303
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:1:p:1-12
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Jia Xu
Author-X-Name-First: Jia
Author-X-Name-Last: Xu
Title: The J-Curve and Japan--China commodity trade
Abstract:
Previous studies that have tested the J-Curve phenomenon for
Japan or China employed either aggregate trade data between each country
and the rest of the world, or aggregate bilateral data between two trade
partners. These studies have found no support for the J-Curve. Suspecting
that their models could suffer from aggregation bias, in this paper, we
disaggregate bilateral trade flows between the two countries and examine
trade by 73 industries. We find evidence of the J-Curve phenomenon in 24
industries, a unique finding for trade between Japan and China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 13-28
Issue: 1
Volume: 11
Year: 2013
Month: 2
X-DOI: 10.1080/14765284.2012.755300
File-URL: http://hdl.handle.net/10.1080/14765284.2012.755300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:1:p:13-28
Template-Type: ReDIF-Article 1.0
Author-Name: Meixing Dai
Author-X-Name-First: Meixing
Author-X-Name-Last: Dai
Title: In search of an optimal strategy for yuan’s real revaluation
Abstract:
International commentators seem to have a consensus view that
the Chinese yuan is substantially undervalued and the Chinese monetary
authority must take speedy actions to redress the currency misalignment by
rapid nominal revaluation. This paper argues for a gradualist but
comprehensive strategy for adjusting the renminbi’s exchange rate.
Taking into consideration the facts that the yuan’s undervaluation
is caused by an array of domestic and international factors and that the
Chinese central bank cannot effectively invest its growing holdings of
foreign reserves, we develop a framework to provide a theoretical
underpinning for the optimal strategy for the renminbi’s gradual
revaluation. With this strategy, the renminbi undervaluation problem is
gradually redressed through a combination of nominal appreciation and
higher inflation plus some other structural and macroeconomic policies.
This strategy can also allow absorption of external imbalances, hence
strengthening the foundation of China’s long-term growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 29-46
Issue: 1
Volume: 11
Year: 2013
Month: 2
X-DOI: 10.1080/14765284.2012.755301
File-URL: http://hdl.handle.net/10.1080/14765284.2012.755301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:1:p:29-46
Template-Type: ReDIF-Article 1.0
Author-Name: Raul Gouvea
Author-X-Name-First: Raul
Author-X-Name-Last: Gouvea
Author-Name: Raj V. Mahto
Author-X-Name-First: Raj V.
Author-X-Name-Last: Mahto
Author-Name: M.J.R. Montoya
Author-X-Name-First: M.J.R.
Author-X-Name-Last: Montoya
Title: BRIC national export performance: a portfolio approach
Abstract:
The BRIC countries (Brazil, Russia, India, and China) have
expanded their export sector considerably in the last two decades. Their
export portfolios range from commodities to knowledge-intensive products.
In this paper, we use two portfolio approaches (Markowitz and single index
models) to assess export diversification strategies. The results indicate
that China’s export portfolio dominates the portfolios of Brazil,
India, and Russia. China has a highly diversified export profile and also
expresses the highest efficiency amongst the BRIC countries. Thus, we make
several conclusions about the impact of BRIC countries on the global
political economy: (1) export portfolios can be used as a measure of
geo-political influence, (2) BRIC countries’ export performance
approximates the economic behavior of a global ‘middle
class,’ and (3) China’s dominance among the BRIC countries,
particularly its diverse profile, largely represents the global economy.
China’s portfolio beta for export is closest to the global
portfolio beta.
Journal: Journal of Chinese Economic and Business Studies
Pages: 47-58
Issue: 1
Volume: 11
Year: 2013
Month: 2
X-DOI: 10.1080/14765284.2012.755299
File-URL: http://hdl.handle.net/10.1080/14765284.2012.755299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:1:p:47-58
Template-Type: ReDIF-Article 1.0
Author-Name: Kuo-Wei Chou
Author-X-Name-First: Kuo-Wei
Author-X-Name-Last: Chou
Author-Name: Po-Chun Lin
Author-X-Name-First: Po-Chun
Author-X-Name-Last: Lin
Title: Oil price shocks and producer prices in Taiwan: an application of non-linear error-correction models
Abstract:
This study estimated the short-term and long-term
pass-through effects of oil prices on inflation in Taiwan from
1981M1-2011M5, employing the producer price general index and various
basic sub-indices for evaluation. The empirical results show that oil
prices have long-term and short-term pass-through effects on
Taiwan’s producer price indices. Moreover, producer prices have
significant non-linear error-correction relationships with the oil price,
output and wages, suggesting asymmetric and time-variant properties of
error correction. When the deviation of price in the equilibrium is
greater, the error-correction adjustment will be faster. Our findings
could therefore enable the monetary authorities and manufacturers to
formulate a more effective policy from the oil price shocks.
Journal: Journal of Chinese Economic and Business Studies
Pages: 59-72
Issue: 1
Volume: 11
Year: 2013
Month: 2
X-DOI: 10.1080/14765284.2012.755302
File-URL: http://hdl.handle.net/10.1080/14765284.2012.755302
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:1:p:59-72
Template-Type: ReDIF-Article 1.0
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: The renminbi as an international currency: the next instalment of China’s economic reforms
Journal: Journal of Chinese Economic and Business Studies
Pages: 73-79
Issue: 2
Volume: 11
Year: 2013
Month: 5
X-DOI: 10.1080/14765284.2013.789679
File-URL: http://hdl.handle.net/10.1080/14765284.2013.789679
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:2:p:73-79
Template-Type: ReDIF-Article 1.0
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: Renminbi internationalisation: precedents and implications
Abstract:
Although it is commonly assumed that there are no precedents
against which to benchmark Renminbi (RMB), this study argues that the
People’s Republic of China (PRC) own development experience
provides a useful perspective on the internationalisation debate. This
study indicates that lessons can be learnt from both the successes and the
shortcomings of efforts to internationalise the RMB in the 1970s. During
this period, state-owned banks in Hong Kong played a central role in
mobilising finance for foreign trade. Access to Hong Kong’s
financial institutions allowed the PRC to maximise international trade
receipts while minimising the risk of undue swings in capital flows. This
study shows that although China no longer faces foreign exchange scarcity,
economic reforms have not yet resolved vulnerabilities in China’s
financial institutions. As a consequence, Hong Kong has retained its role
in mitigating the risks of internationalisation and as a globalising force
for China’s banking sector more generally.
Journal: Journal of Chinese Economic and Business Studies
Pages: 81-99
Issue: 2
Volume: 11
Year: 2013
Month: 5
X-DOI: 10.1080/14765284.2013.789677
File-URL: http://hdl.handle.net/10.1080/14765284.2013.789677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:2:p:81-99
Template-Type: ReDIF-Article 1.0
Author-Name: Robert N. McCauley
Author-X-Name-First: Robert N.
Author-X-Name-Last: McCauley
Title: Renminbi internationalisation and China’s financial development
Abstract:
There is a widespread view that China’s currency can
be used in international markets only after the liberalisation of
China’s domestic financial markets and the opening of its capital
account. Yet evidently the renminbi’s internationalisation is
preceding these so-called preconditions. This article assesses the
tensions inherent in renminbi internationalisation starting at a
transitional period in China’s financial development. For now,
effective capital controls allow the Chinese authorities to retain
regulated deposit and lending rates, quantitative credit guidance and bond
market rationing. Relaxation of the capital controls would put these
policies at risk. Reserve requirements can be extended to bank inflows
from the offshore market but only at a price.
Journal: Journal of Chinese Economic and Business Studies
Pages: 101-115
Issue: 2
Volume: 11
Year: 2013
Month: 5
X-DOI: 10.1080/14765284.2013.789681
File-URL: http://hdl.handle.net/10.1080/14765284.2013.789681
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:2:p:101-115
Template-Type: ReDIF-Article 1.0
Author-Name: Guonan Ma
Author-X-Name-First: Guonan
Author-X-Name-Last: Ma
Author-Name: Yan Xiandong
Author-X-Name-First: Yan
Author-X-Name-Last: Xiandong
Author-Name: Liu Xi
Author-X-Name-First: Liu
Author-X-Name-Last: Xi
Title: China’s evolving reserve requirements
Abstract:
We examine the role of reserve requirements as a cheaper
substitute for the open market operations of the People’s Bank of
China (PBC) to sterilise foreign exchange interventions in recent years.
China’s reserve requirements have also been used to address a range
of other policy objectives, not least macroeconomic management, financial
stability and credit policy. The preference for reserve requirements
reflects the size of sterilisation and the associated costs, in a
quantity-oriented monetary policy framework faced with policy dilemmas.
The PBC often finds it easier to make reserve requirement adjustments than
interest rate decisions and enjoys greater discretion in applying this
tool. The monetary effects of reserve requirements need to be explored not
in isolation but in conjunction with other policy actions. Depending on
the policy mix, higher reserve requirements tend to signal a tightening
bias, to squeeze excess reserves of banks, to push market interest rates
higher and to help widen net interest spreads, thus tightening domestic
monetary conditions. Reserve requirements, however, impose an implicit tax
burden on Chinese banks, albeit the latter seem to pass through a large
but incomplete portion of these costs to their customers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 117-137
Issue: 2
Volume: 11
Year: 2013
Month: 5
X-DOI: 10.1080/14765284.2013.789682
File-URL: http://hdl.handle.net/10.1080/14765284.2013.789682
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:2:p:117-137
Template-Type: ReDIF-Article 1.0
Author-Name: Yuning Gao
Author-X-Name-First: Yuning
Author-X-Name-Last: Gao
Author-Name: D’Maris Coffman
Author-X-Name-First: D’Maris
Author-X-Name-Last: Coffman
Title: Renminbi internationalization as a response to the global imbalance
Abstract:
The build-up of huge foreign exchange reserve makes China a
net creditor and also brings in significant challenges to the Chinese
economy. Considering the internationalization of the renminbi as
China’s response to the global imbalance, this paper analyzes the
effect of renminbi internationalization on the formation of reserves and
compares its benefits and costs in rebalancing China’s external
position with those of outward direct investment. It assesses the current
progress in the practice of using the renminbi in cross-border trade
settlement and in the development of the offshore renminbi market. It
further examines the possibility of the renminbi serving as a global
reserve currency in the future.
Journal: Journal of Chinese Economic and Business Studies
Pages: 139-151
Issue: 2
Volume: 11
Year: 2013
Month: 5
X-DOI: 10.1080/14765284.2013.789683
File-URL: http://hdl.handle.net/10.1080/14765284.2013.789683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:2:p:139-151
Template-Type: ReDIF-Article 1.0
Author-Name: Ding Lu
Author-X-Name-First: Ding
Author-X-Name-Last: Lu
Title: Challenges to an upper-middle income country
Journal: Journal of Chinese Economic and Business Studies
Pages: 153-159
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814452
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814452
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:p:153-159
Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Karl O'Brien
Author-X-Name-First: Patrick Karl
Author-X-Name-Last: O'Brien
Title: Fiscal, financial and monetary foundations for the formation of nation states in the west compared to imperial states in the east c.1415--c.1839
Abstract:
This speech introduces O'Brien's research approach to the
divergence debate and presents the fiscal capacities of the states as the
key condition for ushering in modern economic growth in the
pre-industrialization West. The concerns of pre-modern European states
(1415--1839) were not with economic development, but with external
security and internal stability of their kingdoms. Mercantilism prepared
European states for capitalist industrialization. Historical evidence
supports the hypothesis that effective command and control over sovereign
revenues were what gave Britain and other European states the advantage
over their oriental counterparts in providing public goods of external
security and internal stability, which made the divergence in economic
development inevitable.
Journal: Journal of Chinese Economic and Business Studies
Pages: 161-168
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814455
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814455
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:3:p:161-168
Template-Type: ReDIF-Article 1.0
Author-Name: Henrique Schneider
Author-X-Name-First: Henrique
Author-X-Name-Last: Schneider
Title: An Austrian view on the middle income trap
Abstract:
This paper intends to give a nuanced interpretation 'the
middle income trap' in the discussion on China's economic future. A
developing nation gets 'trapped' when it reaches a relatively comfortable
level of income but cannot take the step into the next level. In this
paper, the usually made connection between income trap and the structure
of economy is critically examined and the 'trap' is interpreted as a
bearer of information in itself. According to the Austrian school of
economics (Hayek), prices represent the sum of information that is
available to the markets. Stagnating incomes will consequentially be read
as information concerning the lack of growth of the productivity of the
work force and the industry. The 'middle income trap' has to be addressed
at microeconomic level, focusing on the increase of productivity. Usually,
the trap cannot be addressed by government policies, but has to be solved
by increased entrepreneurship.
Journal: Journal of Chinese Economic and Business Studies
Pages: 169-178
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814457
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814457
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:3:p:169-178
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Yuan
Author-X-Name-First: Yan
Author-X-Name-Last: Yuan
Author-Name: Lihe Xu
Author-X-Name-First: Lihe
Author-X-Name-Last: Xu
Title: What determine the interest rates in China's informal market?
Abstract:
The interest rate is one of the most important factors in
farmers' decision-making of borrowing and lending in the informal
financial market in China. This paper explores the determinants of the
interest rate with microfinance data. Results show that the income
disparity, the relationship between borrowers and lenders, the usage of
borrowing, and formal credit constraints are important factors affecting
interest rates. More importantly, to borrow from those in the higher
income hierarchy, farmers have to bear higher interest rates. We attribute
this to different social capitals across income groups and higher default
risks for the poor. This paper contributes to a better understanding of
the informal financial market in rural China and sheds light on the
mechanism of higher informal interest rate formation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 179-196
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814459
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:3:p:179-196
Template-Type: ReDIF-Article 1.0
Author-Name: Shi Li
Author-X-Name-First: Shi
Author-X-Name-Last: Li
Author-Name: John Whalley
Author-X-Name-First: John
Author-X-Name-Last: Whalley
Author-Name: Xiliang Zhao
Author-X-Name-First: Xiliang
Author-X-Name-Last: Zhao
Title: Housing price and household savings rates: evidence from China
Abstract:
This article investigates the effect of house prices on
household savings rates in urban China employing the 2002 and 2007 data of
the Chinese Households Income Project (CHIP). We find that the rapid
appreciation of house prices cannot explain high Chinese households'
savings rates and the rising of Chinese savings rates. On the contrary, we
find a negative relationship between house prices and household savings
rates for home renters and homeowners. We do not find any evidence of
'savings for housing purchase' for young home renters when house prices
increase. Their savings rates declined during housing market booms in
recent 10 years. Savings rates of homeowners possessing multiple
housing have decreased more because of 'the pure housing wealth effects.'
Journal: Journal of Chinese Economic and Business Studies
Pages: 197-217
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814461
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814461
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:3:p:197-217
Template-Type: ReDIF-Article 1.0
Author-Name: Chenyi He
Author-X-Name-First: Chenyi
Author-X-Name-Last: He
Author-Name: Kwamena K. Quagrainie
Author-X-Name-First: Kwamena K.
Author-X-Name-Last: Quagrainie
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Title: Determinants of shrimp importation into the USA: an application of an augmented gravity model
Abstract:
Shrimp farmers in the USA are facing the situation of
increased imports resulting in reduced market share, falling prices, and
reduced profitability for their farm-raised shrimp. The study examined the
determinants of shrimp imports from China, Vietnam, Thailand, and
Indonesia using an augmented gravity model of international trade. The
results reveal that US imports from the four exporting countries are
significantly affected by the GDP of exporting countries, GDP of the USA,
exchange rate, unit import value (proxy for import price) of shrimp, and
tariff. Tariff policy has implications for the US shrimp industry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 219-228
Issue: 3
Volume: 11
Year: 2013
Month: 8
X-DOI: 10.1080/14765284.2013.814466
File-URL: http://hdl.handle.net/10.1080/14765284.2013.814466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:3:p:219-228
Template-Type: ReDIF-Article 1.0
Author-Name: Boyang Miao
Author-X-Name-First: Boyang
Author-X-Name-Last: Miao
Author-Name: Si Zhou
Author-X-Name-First: Si
Author-X-Name-Last: Zhou
Author-Name: Jing Nie
Author-X-Name-First: Jing
Author-X-Name-Last: Nie
Author-Name: Zhichao Zhang
Author-X-Name-First: Zhichao
Author-X-Name-Last: Zhang
Title: Renminbi exchange rate exposure: evidence from Chinese industries
Abstract:
This paper investigates sensitivity of
stock returns of industry-sorted Chinese firms with respect to renminbi
exchange rate movements. Strong evidence of significant exposure is
documented for 7 out of 16 Chinese industries. Evidence is also found of
the size asymmetry effects. In addition, we explore the characteristics of
the exposure, and detect evidence of significant exposure among
non-exporters in some of the industries. Special attention is given to
examining the time-varying exposure under the impact of the new Chinese
exchange rate regime in place since 2005, in which even stronger exchange
rate exposure is reported. The conditional exposure estimated in this
paper also reveals the close relation between stock returns and changes of
the renminbi exchange rate.
Journal: Journal of Chinese Economic and Business Studies
Pages: 229-250
Issue: 4
Volume: 11
Year: 2013
Month: 11
X-DOI: 10.1080/14765284.2013.838386
File-URL: http://hdl.handle.net/10.1080/14765284.2013.838386
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:4:p:229-250
Template-Type: ReDIF-Article 1.0
Author-Name: H.O. Stekler
Author-X-Name-First: H.O.
Author-X-Name-Last: Stekler
Author-Name: Huixia Zhang
Author-X-Name-First: Huixia
Author-X-Name-Last: Zhang
Title: An evaluation of Chinese economic forecasts
Abstract:
This paper analyses the real GDP growth
and inflation forecasts prepared by the International Monetary Fund, the
Organization for Economic Cooperation and Development, and the private
forecasters between 1999 and 2010. The empirical results show that the
long-term growth forecasts were inferior to a naïve model and were biased.
The average of a number of short-term private forecasts dominated those
made by the international organisations.
Journal: Journal of Chinese Economic and Business Studies
Pages: 251-259
Issue: 4
Volume: 11
Year: 2013
Month: 11
X-DOI: 10.1080/14765284.2013.838387
File-URL: http://hdl.handle.net/10.1080/14765284.2013.838387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:4:p:251-259
Template-Type: ReDIF-Article 1.0
Author-Name: Simplice A. Asongu
Author-X-Name-First: Simplice A.
Author-X-Name-Last: Asongu
Author-Name: Gilbert A.A. Aminkeng
Author-X-Name-First: Gilbert A.A.
Author-X-Name-Last: Aminkeng
Title: The economic consequences of China--Africa relations: debunking myths in the debate
Abstract:
This study dissects with great acuteness
some of the big questions on China--Africa relations in order to debunk
burgeoning myths surrounding the nexus. It reviews a wealth of recent
literature and presents the debate in three schools of thought. No
substantial empirical evidence is found to back up sinister prophesies of
coming catastrophe from critics of the direction of China--Africa
relations. In the mean, the relationship from an economic standpoint is
promising and encouraging but more needs to be done regarding multilateral
relations, improvement of institutions, and sustainability of resources
management. A number of positive signs suggest that China is heading
toward the direction which would provide openings for a multipolar dialog.
While benefiting in the short run, African governments have the capacity
to tailor this relationship and address some socio-economic matters
arising that may negatively affect the nexus in the long term. Policy
implications are discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 261-277
Issue: 4
Volume: 11
Year: 2013
Month: 11
X-DOI: 10.1080/14765284.2013.838384
File-URL: http://hdl.handle.net/10.1080/14765284.2013.838384
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:4:p:261-277
Template-Type: ReDIF-Article 1.0
Author-Name: Junfang Sun
Author-X-Name-First: Junfang
Author-X-Name-Last: Sun
Author-Name: Haiqing Hu
Author-X-Name-First: Haiqing
Author-X-Name-Last: Hu
Title: Trade credit and productivity: evidence from China's ethnic areas
Abstract:
Using 2004--2009 firm-level microdata for
enterprises in China's ethnic areas, we investigate whether trade credit
really works as an alternative external financing source. We find
statistical evidence that trade credit is positively correlated with
enterprise productivity; the result continues to hold when taking into
account the intermediate role of the working capital turnover ratio.
Moreover, our results confirm the positive impact of bank financing on
enterprise productivity. All these findings are particularly tenable for
Han enterprises.
Journal: Journal of Chinese Economic and Business Studies
Pages: 279-297
Issue: 4
Volume: 11
Year: 2013
Month: 11
X-DOI: 10.1080/14765284.2013.838388
File-URL: http://hdl.handle.net/10.1080/14765284.2013.838388
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:4:p:279-297
Template-Type: ReDIF-Article 1.0
Author-Name: Qiwei Chen
Author-X-Name-First: Qiwei
Author-X-Name-Last: Chen
Title: Risk and seasonal effects: international evidence
Abstract:
Various explanations have been advanced
for the January effect in the existing literature, but no consensus has
been arrived at to distinguish one particular explanation from any others.
In this paper, a time-series GARCH-M model with conditional variance as a
proxy for market systematic risk is applied to investigate the seasonal
effects in four countries with different tax system and tax year end: the
USA, the UK, China and Australia. Empirical evidence showed a January
effect in the USA, a January and an April effect in the UK, a July effect
in Australia and no significant seasonal effect in China. This pattern
consistently links to tax year end and the tax system in the sample
countries; however, no clear evidence has been found to support the
proposition that market risk is higher or priced highly only in calendar
months with a seasonal effect. However, to reflect the seasonal effect, an
interactive dummy variable is added into the time-series GARCH-M model,
and the seasonal effects are explained away. The results of the sampled
countries support the proposition that market volatility increases when it
is close to the date of financial statement performance due to the
uncertainty of the financial information.
Journal: Journal of Chinese Economic and Business Studies
Pages: 299-311
Issue: 4
Volume: 11
Year: 2013
Month: 11
X-DOI: 10.1080/14765284.2013.838385
File-URL: http://hdl.handle.net/10.1080/14765284.2013.838385
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:11:y:2013:i:4:p:299-311
Template-Type: ReDIF-Article 1.0
Author-Name: Gary H. Jefferson
Author-X-Name-First: Gary H.
Author-X-Name-Last: Jefferson
Author-Name: Miao Ouyang
Author-X-Name-First: Miao
Author-X-Name-Last: Ouyang
Title: FDI spillovers in China: why do the research findings differ so much?
Abstract:
This paper investigates a large body of
research for the purpose of sorting out the variety of data-sets, research
methods, and findings that have emerged over the past decade concerning
FDI productivity spillovers in Chinese industry. The review includes 16
papers, which together represent a striking range of data-sets, models,
econometric strategies, and research results. After reviewing six
dimensions of comparisons of the literature, the paper seeks to identify
the common findings, explain why the differences are so extensive, and
identify a set of guidelines for framing future research in this field.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-27
Issue: 1
Volume: 12
Year: 2014
Month: 2
X-DOI: 10.1080/14765284.2013.875292
File-URL: http://hdl.handle.net/10.1080/14765284.2013.875292
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:1:p:1-27
Template-Type: ReDIF-Article 1.0
Author-Name: Qingjie Xia
Author-X-Name-First: Qingjie
Author-X-Name-Last: Xia
Author-Name: Lina Song
Author-X-Name-First: Lina
Author-X-Name-Last: Song
Author-Name: Shi Li
Author-X-Name-First: Shi
Author-X-Name-Last: Li
Author-Name: Simon Appleton
Author-X-Name-First: Simon
Author-X-Name-Last: Appleton
Title: The effect of the state sector on wage inequality in urban China: 1988--2007
Abstract:
This paper examines the effect of the
public sector and state-owned enterprises (SOEs) on wage inequality in
urban China using China Household Income Project data. It applies quantile
regression analysis, the Machado and Mata decomposition to investigate how
urban wage inequality was affected by the changes in wage structure and
employment shares of the public sector and SOEs. We find that since the
radical state sector reforms designed to reduce overstaffing and improve
efficiency in the late 1990s, urban wage gaps were narrowed due to the
reduction in the employment share of the state sector; the wage premium of
the state sector in comparison with the non-state sector increased
significantly; and changes in the wage structure of the labour market
caused the rise in urban wage inequality.
Journal: Journal of Chinese Economic and Business Studies
Pages: 29-45
Issue: 1
Volume: 12
Year: 2014
Month: 2
X-DOI: 10.1080/14765284.2013.875282
File-URL: http://hdl.handle.net/10.1080/14765284.2013.875282
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:1:p:29-45
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Author-Name: Adam Ozanne
Author-X-Name-First: Adam
Author-X-Name-Last: Ozanne
Author-Name: Xin Hao
Author-X-Name-First: Xin
Author-X-Name-Last: Hao
Title: The West's aid dilemma and the Chinese solution?
Abstract:
There are currently two contrasting
approaches towards aid policy in Africa: that followed by the West is well
known for its conditionality and selectivity and focus on direct financial
support, while the approach adopted by China eschews conditionality and
concentrates on infrastructure building. The Chinese approach has been
criticized for its failure to create direct employment and because, it is
argued, its unconditionality hampers good governance in Africa. However,
this paper argues that the West faces a dilemma in that governance and its
improvements are endogenous to the economic development of a country.
Making aid conditional upon governance therefore unduly penalizes
countries at the bottom. The Chinese approach, in contrast, avoids this
dilemma by directly targeting constraints to development; it may therefore
be more effective in generating long-run growth, which may in turn foster
good governance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 47-61
Issue: 1
Volume: 12
Year: 2014
Month: 2
X-DOI: 10.1080/14765284.2013.875287
File-URL: http://hdl.handle.net/10.1080/14765284.2013.875287
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:1:p:47-61
Template-Type: ReDIF-Article 1.0
Author-Name: Hui Tan
Author-X-Name-First: Hui
Author-X-Name-Last: Tan
Author-Name: Alice Gartland
Author-X-Name-First: Alice
Author-X-Name-Last: Gartland
Title: Language, knowledge transfer and firm's strategic assets: the strategic role of language in knowledge transfer to China
Abstract:
This article is intended to examine the
exact role of language in intra-firm cross-country knowledge transfer from
the perspective of developing firm's strategic assets. We find that
inadequate language ability can lead to communication failures and
cultural misunderstanding, and has the potential to destroy the process of
knowledge transfer. Hence, language is not an operational issue but of
strategic importance to the transfer of knowledge within multinational
enterprises. As language ability is uniquely related to the specific
technical, managerial and cultural aspects of a firm, hard to substitute
and imitate, it should be regarded as one of the firm's strategic assets
and be dealt at strategic level.
Journal: Journal of Chinese Economic and Business Studies
Pages: 63-79
Issue: 1
Volume: 12
Year: 2014
Month: 2
X-DOI: 10.1080/14765284.2013.875288
File-URL: http://hdl.handle.net/10.1080/14765284.2013.875288
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:1:p:63-79
Template-Type: ReDIF-Article 1.0
Author-Name: Hui-Sung Kao
Author-X-Name-First: Hui-Sung
Author-X-Name-Last: Kao
Title: The relationships between IFRS, earnings losses threshold and earnings management
Abstract:
An increasing number of countries have
adopted International Financial Reporting Standards (IFRS). Prior research
indicates that IFRS increase the relevance of financial statements, but
also increase opportunism in earnings management (EM). Despite this, no
evidence is found in this study to demonstrate that the adoption of IFRS
increases the use of EM by companies as a whole. Furthermore, the results
indicate that the use of IFRS can enhance the neutrality of financial
statements. However, these phenomena occur only in the case of firms with
positive earnings. Therefore, if a firm faces earnings losses (ELOSS), the
manager will often exhibit EM behaviour after implementing IFRS. Thus,
when the firm has ELOSS and adopts IFRS, the situation that results will
usually decrease the neutrality of financial statements. As for the
management implications, these findings suggest that the government and
regulator should implement more in-depth supervision to prevent the
increased use of EM by managers following the adoption of IFRS.
Journal: Journal of Chinese Economic and Business Studies
Pages: 81-98
Issue: 1
Volume: 12
Year: 2014
Month: 2
X-DOI: 10.1080/14765284.2013.875289
File-URL: http://hdl.handle.net/10.1080/14765284.2013.875289
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:1:p:81-98
Template-Type: ReDIF-Article 1.0
Author-Name: Jizhen Li
Author-X-Name-First: Jizhen
Author-X-Name-Last: Li
Author-Name: Si Zhang
Author-X-Name-First: Si
Author-X-Name-Last: Zhang
Author-Name: Poh Kam Wong
Author-X-Name-First: Poh Kam
Author-X-Name-Last: Wong
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Title: Harnessing internal and external resources for innovation in emerging economies
Journal: Journal of Chinese Economic and Business Studies
Pages: 99-101
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.901481
File-URL: http://hdl.handle.net/10.1080/14765284.2014.901481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:99-101
Template-Type: ReDIF-Article 1.0
Author-Name: Yuri Simachev
Author-X-Name-First: Yuri
Author-X-Name-Last: Simachev
Author-Name: Mikhail Kuzyk
Author-X-Name-First: Mikhail
Author-X-Name-Last: Kuzyk
Author-Name: Vera Feygina
Author-X-Name-First: Vera
Author-X-Name-Last: Feygina
Title: The nature of innovation channels at the micro level: evidence from Russian manufacturing firms
Abstract:
The main purpose of the paper is to analyze different channels for
innovations. We analyze the influence of such channels on Russian
companies taking into account industrial organization - vertical or
horizontal orientation, peculiarities of corporate demography, roles and
motives of different owners (including government and foreign investors),
demand trends, customers' profile, nature, and intensity of competition in
relevant markets. Our study's empirical base is provided by a survey of
652 Russian industrial companies conducted in 2012. We find that
innovations in Russian industry are spread in accordance with two main
models: vertical through corporate connections, and horizontal, based on
the example of foreign companies in the atmosphere of developed
competition.
Journal: Journal of Chinese Economic and Business Studies
Pages: 103-123
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.900942
File-URL: http://hdl.handle.net/10.1080/14765284.2014.900942
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:103-123
Template-Type: ReDIF-Article 1.0
Author-Name: Y.Y. Zhao
Author-X-Name-First: Y.Y.
Author-X-Name-Last: Zhao
Author-Name: P.K. Wong
Author-X-Name-First: P.K.
Author-X-Name-Last: Wong
Author-Name: A.M. Subramanian
Author-X-Name-First: A.M.
Author-X-Name-Last: Subramanian
Author-Name: C.C. Hang
Author-X-Name-First: C.C.
Author-X-Name-Last: Hang
Title: Technology licensing and innovation performance: evidence from Chinese latecomers in high-tech industries
Abstract:
As a catalyst for endogenous technological change, inward technology
licensing (ITL) can improve a firm's innovation performance. This paper
investigates the effect of learning by licensing and choice of licensed-in
technologies on innovation performance. We extend the ITL strategy to the
latecomer context, addressing two critical factors: (1) number of licenses
and (2) age of licensed-in technology. We hypothesize about the
relationship of the licensee's innovation performance with the number of
licenses and age of licensed-in technology, as well as the moderating
effect of the licensee's absorptive capacity. Based on a sample of 154
Chinese high-tech firms, empirical evidence is found in support of our
arguments. This study is the first to consider the significance of the age
of licensed-in technology to innovation performance and found that the
number of licenses has a curvilinear (an inverted U) relationship with
innovation performance. We also confirmed the significant moderating
effect of absorptive capacity on the above two relationships.
Journal: Journal of Chinese Economic and Business Studies
Pages: 125-147
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.900946
File-URL: http://hdl.handle.net/10.1080/14765284.2014.900946
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:125-147
Template-Type: ReDIF-Article 1.0
Author-Name: Zhongjuan Sun
Author-X-Name-First: Zhongjuan
Author-X-Name-Last: Sun
Title: Domestic technological acquisitions and the innovation performance of acquiring firms
Abstract:
This study explores how the external technology base affects innovation
performance of domestic technological acquisition based on multiple cases
of 108 Chinese firms undertaking technological acquisition from 2001 to
2008. This study reveals interesting results. First, technological
acquisitions improve innovation performance of the acquiring firm. Second,
based on a Poisson regression with 108 observations, the result shows that
the absolute size positively affects post-acquisition innovation
performance while the relative size of the acquired external technology
negatively affects post-acquisition innovation performance. In addition,
the absorptive capacity does not have the positive impact on the
relationship between acquired technology and innovation performance. This
result, however, is not similar to the conclusion that is drawn in
developed countries. This paper is a helpful answer to the question as to
how firms obtain resources and competitive advantages in developing
countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 149-170
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.900944
File-URL: http://hdl.handle.net/10.1080/14765284.2014.900944
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:149-170
Template-Type: ReDIF-Article 1.0
Author-Name: Fourry Handoko
Author-X-Name-First: Fourry
Author-X-Name-Last: Handoko
Author-Name: Alan Smith
Author-X-Name-First: Alan
Author-X-Name-Last: Smith
Author-Name: Colin Burvill
Author-X-Name-First: Colin
Author-X-Name-Last: Burvill
Title: The role of government, universities, and businesses in advancing technology for SMEs' innovativeness
Abstract:
Knowledge and technologies play an essential part in this rapid-response
capability, by maintaining opportunities for continuous improvement and
innovation needed in the development of sustainable competitive advantage.
However, the low capability of SMEs to provide the required resources is a
barrier to the in-house technology development. Consequently, external
resources such as government, businesses, and universities, to support
their performance in developing technological capabilities utilize
so-called 'knowledge and technology transfer' programs, which are needed
as a shortcut to improve technological process innovation. This study
provides theoretical and empirical support for the role of government,
businesses, and universities in transferring knowledge and technology for
SMEs' innovativeness in emerging economies and the impact of process
innovation on SMEs' competitiveness. The results suggest policy directions
for governments to support SMEs in emerging economies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 171-180
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.900968
File-URL: http://hdl.handle.net/10.1080/14765284.2014.900968
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:171-180
Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Kumar Ambrammal
Author-X-Name-First: Sunil Kumar
Author-X-Name-Last: Ambrammal
Author-Name: Ruchi Sharma
Author-X-Name-First: Ruchi
Author-X-Name-Last: Sharma
Title: R&D and patenting by firms in India in high- and medium-high-technology industries
Abstract:
Innovation by a firm is vital in attaining a competitive edge over other
firms in an industry, particularly in high- and medium-high-technology
industries. The present study captures the innovative activity of Indian
firms investing in research and development (R&D) and further on the
output in the form of patenting simultaneously. The data cover firms of
high-tech and medium-high-tech sectors during 1995-2010. We employ
Heckman's two-step procedure to study the determinant of R&D equation and
Hurdle count data model for patenting. The study finds that patent policy
changes significantly influence R&D and patenting intensity. After the
introduction of patent policy changes in India, foreign firms are
relocating their R&D units into India and taking patent from Indian patent
offices. However, the study does not find any direct evidence of
R&D-oriented patenting activity in India.
Journal: Journal of Chinese Economic and Business Studies
Pages: 181-207
Issue: 2
Volume: 12
Year: 2014
Month: 5
X-DOI: 10.1080/14765284.2014.900957
File-URL: http://hdl.handle.net/10.1080/14765284.2014.900957
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:2:p:181-207
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Author-Name: Robin Sickles
Author-X-Name-First: Robin
Author-X-Name-Last: Sickles
Title: Towards comprehensive frameworks for Chinese productivity studies
Journal: Journal of Chinese Economic and Business Studies
Pages: 209-210
Issue: 3
Volume: 12
Year: 2014
Month: 8
X-DOI: 10.1080/14765284.2014.931425
File-URL: http://hdl.handle.net/10.1080/14765284.2014.931425
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:3:p:209-210
Template-Type: ReDIF-Article 1.0
Author-Name: Robin C. Sickles
Author-X-Name-First: Robin C.
Author-X-Name-Last: Sickles
Author-Name: Jiaqi Hao
Author-X-Name-First: Jiaqi
Author-X-Name-Last: Hao
Author-Name: Chenjun Shang
Author-X-Name-First: Chenjun
Author-X-Name-Last: Shang
Title: Panel data and productivity measurement: an analysis of Asian productivity trends
Abstract:
The paper studies consensus estimates of Asian productivity growth from
1980 to 2000. We outline methods that have been proposed to measure
productivity growth and its two main factors, innovation and catch-up. We
show how such methods have particular canonical representations that
seamlessly transfer to the panel data literature and discuss a number of
competing specifications introduced into the productivity literature. We
then point out how such models can be combined to provide consensus model
average estimates of innovation and catch-up, utilizing results from
recent work by Hao on world productivity growth. We utilize data from the
United Nations Industrial Development Organization to examine productivity
trends and its decomposition for a number of different groupings of Asian
countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 211-231
Issue: 3
Volume: 12
Year: 2014
Month: 8
X-DOI: 10.1080/14765284.2014.931428
File-URL: http://hdl.handle.net/10.1080/14765284.2014.931428
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:3:p:211-231
Template-Type: ReDIF-Article 1.0
Author-Name: Rolf F�re
Author-X-Name-First: Rolf
Author-X-Name-Last: F�re
Author-Name: Shawna Grosskopf
Author-X-Name-First: Shawna
Author-X-Name-Last: Grosskopf
Author-Name: Tommy Lundgren
Author-X-Name-First: Tommy
Author-X-Name-Last: Lundgren
Author-Name: Per-Olov Marklund
Author-X-Name-First: Per-Olov
Author-X-Name-Last: Marklund
Author-Name: Wenchao Zhou
Author-X-Name-First: Wenchao
Author-X-Name-Last: Zhou
Title: Pollution-generating technologies and environmental efficiency
Abstract:
In this paper, we study environmental efficiency (EE) within a
pollution-generating technology. Good output and bad output (pollution)
are explicitly modeled by imposing technology properties of disposability
and null-jointness. With data on firms from Swedish manufacturing, we
investigate the potential to reduce emissions, and we take a closer look
at the pulp and paper sector. Dividing the firms into 'brown' and 'green'
firms, we find that there is significant potential, in both categories, to
improve EE, and hence lower emissions, of three air pollutants
(CO2, SO2, NOx). Generally, the methods
and results encourage similar and comparative studies on the manufacturing
sector in other countries. If there is a comparable potential elsewhere,
such as in major polluting countries like China, there is potential to
promote a sustainable society by conducting effective energy and climate
policies. We also suggest that treating biofuels as completely carbon
neutral, as is common practice when constructing emission data in Sweden
(Statistics Sweden), may lead to incorrect EE scores and consequently
misleading policy implications.
Journal: Journal of Chinese Economic and Business Studies
Pages: 233-251
Issue: 3
Volume: 12
Year: 2014
Month: 8
X-DOI: 10.1080/14765284.2014.931429
File-URL: http://hdl.handle.net/10.1080/14765284.2014.931429
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:3:p:233-251
Template-Type: ReDIF-Article 1.0
Author-Name: Song Han
Author-X-Name-First: Song
Author-X-Name-Last: Han
Author-Name: Peng Jiang
Author-X-Name-First: Peng
Author-X-Name-Last: Jiang
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: The performance of Chinese commercial banks after accession to the WTO: from an efficiency perspective
Abstract:
This paper investigates the competitiveness of domestic commercial banking
in China by evaluating the performance of Chinese commercial banks after
China's accession to the World Trade Organization. Based on a panel of 14
banks over the period 2002-2009, we measure the efficiency of Chinese
commercial banking by using data envelopment analysis (DEA). Different
from other studies, this work applies for four efficiency indicators,
namely, social productive efficiency, service efficiency, profit
efficiency, and growth efficiency, to investigate the competitive
advantages of different banks. Our empirical results show that, compared
with joint-stock banks, the levels of social productive efficiency, profit
efficiency, and growth efficiency of four state-owned banks are very low
while these banks exhibit higher levels of service efficiency. However,
when we change our measure of labor input from the number of employees to
employee salary, the efficiency of state-owned banks becomes higher than
that of the joint-stock banks. In addition, our results also show, among
other findings, that corporation structure affects efficiency. However,
the specific relationship of state-owned stock and efficiency is not
always negative, and a positive relationship between foreign shares and
efficiency only holds for product efficiency.
Journal: Journal of Chinese Economic and Business Studies
Pages: 253-271
Issue: 3
Volume: 12
Year: 2014
Month: 8
X-DOI: 10.1080/14765284.2014.931424
File-URL: http://hdl.handle.net/10.1080/14765284.2014.931424
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:3:p:253-271
Template-Type: ReDIF-Article 1.0
Author-Name: Kent WickstrF8;m Jensen
Author-X-Name-First: Kent WickstrF8;m
Author-X-Name-Last: Jensen
Author-Name: Thomas SchF8;tt
Author-X-Name-First: Thomas
Author-X-Name-Last: SchF8;tt
Title: Firms' innovation embedded in their networks of collaboration: China compared to the world
Abstract:
Purpose: Innovation in a firm is performed in social
contexts. Innovation is embedded in a network of relations around the
firm, at micro-level, and in society, at macro-level. Innovation benefits
from networking, but innovation, networking, and benefit of networking are
hypothesized to differ between China and the rest of the world.
Method: A fairly representative sample of 24,937 firms
around the world, including 706 in China, reported on networking and
innovation in Global Entrepreneurship Monitor 2012. These data on firms in
many countries are analyzed by hierarchical mixed-linear models.
Findings: Networking and innovation are as extensive in
China as abroad, and networking benefits innovation considerably, but the
benefit in China is significantly less than in the rest of the world.
Value: This study seems the first to ascertain benefit of
networking for innovation in China compared to elsewhere, using
representative sampling so findings generalize to China and the World.
Journal: Journal of Chinese Economic and Business Studies
Pages: 273-292
Issue: 3
Volume: 12
Year: 2014
Month: 8
X-DOI: 10.1080/14765284.2014.931427
File-URL: http://hdl.handle.net/10.1080/14765284.2014.931427
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:3:p:273-292
Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Urdinez
Author-X-Name-First: Francisco
Author-X-Name-Last: Urdinez
Author-Name: Gilmar Masiero
Author-X-Name-First: Gilmar
Author-X-Name-Last: Masiero
Author-Name: Mario Ogasavara
Author-X-Name-First: Mario
Author-X-Name-Last: Ogasavara
Title: China's quest for energy through FDI: new empirical evidence
Abstract:
China's current economic development depends heavily on its access to
energy resources, and it is increasingly shaping Chinese Outward Foreign
Direct Investment (OFDI) in a quest for resources located abroad. The aim
of this paper is to answer the two following questions: How much did the
Chinese global quest for energy drive its OFDI between 2005 and 2012? And
has the quest for energy been sensitive to the geographical location of
the resources? We used data on Chinese OFDI from the China Global
Investment Tracker, as well as diverse host countries determinants of
previously tested OFDI. We measured the impact of host country energy
production in the allocation of investments. Using several multivariate
regression models, we demonstrate that energy resources were the main
driver of Chinese OFDI in 92 host countries during the studied period, and
that there was no sensitivity to the geographical location of the
resources.
Journal: Journal of Chinese Economic and Business Studies
Pages: 293-314
Issue: 4
Volume: 12
Year: 2014
Month: 11
X-DOI: 10.1080/14765284.2014.952516
File-URL: http://hdl.handle.net/10.1080/14765284.2014.952516
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:4:p:293-314
Template-Type: ReDIF-Article 1.0
Author-Name: Nicola Angelillo
Author-X-Name-First: Nicola
Author-X-Name-Last: Angelillo
Title: Vulnerability to poverty in China: a subjective poverty line approach
Abstract:
Wide arrays of econometric techniques have been proposed to assess
vulnerability to poverty. All such measures attempt to determine the
probability to fall (or remain) into poverty given households'
characteristics. We have used cross-section data from the Chinese
Household Income Project Series and subjective poverty lines to shed light
on the sources of uncertainty in China. The lack of a comprehensive
pension system and distance from the markets raise vulnerability in rural
areas, whereas the hukou registration system has generated a growing mass
of exploited and unprotected migrants in urban areas.
Journal: Journal of Chinese Economic and Business Studies
Pages: 315-331
Issue: 4
Volume: 12
Year: 2014
Month: 11
X-DOI: 10.1080/14765284.2014.952512
File-URL: http://hdl.handle.net/10.1080/14765284.2014.952512
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:4:p:315-331
Template-Type: ReDIF-Article 1.0
Author-Name: Eric Girardin
Author-X-Name-First: Eric
Author-X-Name-Last: Girardin
Author-Name: Guy Liu
Author-X-Name-First: Guy
Author-X-Name-Last: Liu
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: An introduction: the challenges of the Chinese electricity industry and its reform
Abstract:
This introduction is to highlight comprehensively the Chinese electricity
industry for issues related to the institutional reform, capacity growth,
pricing regime, technology development, supply structure and new
investment in upgrading electric power grids. Through reviews of
statistics and documentaries, we provide a generally updated understanding
of the current development and reform of China's electric power industry,
which is one strategic focus of the Chinese Government for its further
reform in the energy sector.
Journal: Journal of Chinese Economic and Business Studies
Pages: 333-352
Issue: 4
Volume: 12
Year: 2014
Month: 11
X-DOI: 10.1080/14765284.2014.952513
File-URL: http://hdl.handle.net/10.1080/14765284.2014.952513
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:4:p:333-352
Template-Type: ReDIF-Article 1.0
Author-Name: Guy Liu
Author-X-Name-First: Guy
Author-X-Name-Last: Liu
Author-Name: Liang Zhang
Author-X-Name-First: Liang
Author-X-Name-Last: Zhang
Author-Name: Eric Girardin
Author-X-Name-First: Eric
Author-X-Name-Last: Girardin
Title: The Chinese electricity industry: supply capacity and its determinants with reference to OECD countries
Abstract:
This paper takes a two-stage estimation approach to investigate the direct
and indirect determinants of the capacity of power supply in China, with
reference to the Organization for Economic Cooperation and Development
countries. In the first stage we investigate the determinants of demand
for electric consumption and in the second stage we test the impact of
demand for consumption on capacity. Our study shows that the direct impact
on capacity growth is mainly of GDP growth, which is a China-specific
effect, and load factor, which is a non-China specific effect. Capacity
investment is driven by the demand for power relative to the utilization
of existing capacity. Furthermore, power prices and the industrial
structure of an economy are the indirect determinants of capacity through
their impacts on demand. The industrial structure has a strong influence
on the power demand in China, since the country has accelerated its
industrialization with more investment in heavy industry that further
fuels the demand for power and therefore supply capacity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 353-382
Issue: 4
Volume: 12
Year: 2014
Month: 11
X-DOI: 10.1080/14765284.2014.952515
File-URL: http://hdl.handle.net/10.1080/14765284.2014.952515
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:4:p:353-382
Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Baptiste Lesourd
Author-X-Name-First: Jean-Baptiste
Author-X-Name-Last: Lesourd
Author-Name: Guy Liu
Author-X-Name-First: Guy
Author-X-Name-Last: Liu
Author-Name: St�phane Genoud
Author-X-Name-First: St�phane
Author-X-Name-Last: Genoud
Title: The efficiencies of Chinese coal-fired power plants: a stochastic-frontier approach
Abstract:
We apply the stochastic frontier of translog production function to
estimate the efficiencies of Chinese coal-fired power plants, using a
survey sample of 300 power plants over 5 years from 2004 to 2008 for
estimation. By taking into account, the ages of generators and a
technological factor reflected by a dummy for supercritical generators, we
identified the improvement of efficiencies in the Chinese power industry
over the period, and the coal-fired power plants that still run
inefficiently by approximate 9% on average when compared with the best
practice of cost efficiency in the power industry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 383-393
Issue: 4
Volume: 12
Year: 2014
Month: 11
X-DOI: 10.1080/14765284.2014.952514
File-URL: http://hdl.handle.net/10.1080/14765284.2014.952514
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:12:y:2014:i:4:p:383-393
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nolan
Author-X-Name-First: Peter
Author-X-Name-Last: Nolan
Title: The west and China: globalisation and competition in financial services
Abstract:
This paper examines the evolution of the industrial structure of global
financial firms since the 1970s, during which time, free market policies
dominated theoretical and practical policy discussion. It examines the
logic behind and evidence on consolidation in the international financial
services industry. It analyses the impact of Washington Consensus policies
upon the expansion of global banks in developing and transition economies.
It contrasts the evolution of the international banking structure during
the era of modern globalisation with that in China, which has followed a
fundamentally different path. Although Chinese banks have large profits
and market capitalisation, their international competitiveness is still
limited. Global banks have only a small role in the Chinese economy and
Chinese banks have a small role in the international economy. The contrast
between the two systems is of central importance for the way in which
competition and regulation develops in the global financial sector.
Journal: Journal of Chinese Economic and Business Studies
Pages: 87-104
Issue: 2
Volume: 13
Year: 2015
Month: 5
X-DOI: 10.1080/14765284.2015.1022978
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1022978
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:87-104
Template-Type: ReDIF-Article 1.0
Author-Name: Lan Gao
Author-X-Name-First: Lan
Author-X-Name-Last: Gao
Author-Name: Xiaohui Liu
Author-X-Name-First: Xiaohui
Author-X-Name-Last: Liu
Author-Name: Eleni Lioliou
Author-X-Name-First: Eleni
Author-X-Name-Last: Lioliou
Title: A double-edged sword: the impact of institutions and political relations on the international market expansion of Chinese state-owned enterprises
Abstract:
This study examines the interaction of three factors, the involvement of
the home country government, of host country institutions and of bilateral
political relations, as they affect the post-entry market expansion of
Chinese state-owned enterprises (SOEs) in emerging, developing and
developed countries. This study employs the case study method. The
findings show that home country government involvement can either support
or constrain SOEs’ subsequent market expansion. In emerging and
developing countries, underdeveloped institutions create difficulties
which can deter the market expansion of Chinese SOEs. In developed host
countries, the challenges associated with unfamiliar institutions can be
overcome through experiential learning. The political relations between
the host country and China may influence the impact of institutions in the
host country on the market expansion of Chinese SOEs.
Journal: Journal of Chinese Economic and Business Studies
Pages: 105-125
Issue: 2
Volume: 13
Year: 2015
Month: 5
X-DOI: 10.1080/14765284.2015.1021131
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1021131
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:105-125
Template-Type: ReDIF-Article 1.0
Author-Name: Vincent K.K. Leung
Author-X-Name-First: Vincent K.K.
Author-X-Name-Last: Leung
Author-Name: Marco Chi Keung Lau
Author-X-Name-First: Marco Chi
Author-X-Name-Last: Keung Lau
Author-Name: Zhe Zhang
Author-X-Name-First: Zhe
Author-X-Name-Last: Zhang
Author-Name: Flora F. Gu
Author-X-Name-First: Flora F.
Author-X-Name-Last: Gu
Title: Explorative versus exploitative alliances: evidence from the glass industry in China
Abstract:
How do firms learn from their alliance partners? Do alliance learning
outcomes vary among different types of alliances? Are the learning
differentials contingent upon contextual factors in an emerging economy?
To address these important questions, this study empirically delineates
the nature of explorative and exploitative alliances, examines how they
affect product and process innovations, and investigates how such effects
vary in different contexts. Using a sample of 220 Chinese firms in the
glass industry, we use the structural equation modeling procedure to
analyze the data. We find that explorative alliances have a stronger
impact on both product and process innovations than do exploitative
alliances, product, and process innovations are positively related to both
market and efficiency performance, and environmental turbulence enhances
the impact of product and process innovations. Our findings provide
implications for choosing between explorative and exploitative alliances
in line with alliance objectives and firms’ resources, and
environmental contexts.
Journal: Journal of Chinese Economic and Business Studies
Pages: 127-146
Issue: 2
Volume: 13
Year: 2015
Month: 5
X-DOI: 10.1080/14765284.2015.1021115
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1021115
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:127-146
Template-Type: ReDIF-Article 1.0
Author-Name: Maria Csanádi
Author-X-Name-First: Maria
Author-X-Name-Last: Csanádi
Title: Systemic background of local indebtedness and investment overheating during the global crisis in China
Abstract:
This paper focuses on the immediate economic and systemic reasons of
steadily increasing local government indebtedness and investment
overheating in China despite central efforts to contain them. These two
phenomena emerged between 2008 and 2011 as a direct consequence of an
external shock caused by the global crisis and the subsequent internal
reaction in the form of intensified stimulating state intervention. New
opportunities for resource distribution and investments through state
intervention mobilized distribution priorities and politically rational
economic behavior of actors, which are characteristic of party-state
systems. Locations of mobilization were defined by the decentralized
Chinese system specifics along the intertwined party-state structure.
Systemic characteristics and the Chinese specifics together resulted in
investment overheating on a national and local level, causing a steady
growth of local indebtedness through large and state-owned enterprises and
local governments. This process was further amplified by the
characteristics of the transforming economy in China, as actors in the
private sphere were mobilized by the increased input demands of those
privileged by the systemic priorities of state intervention.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-174
Issue: 2
Volume: 13
Year: 2015
Month: 5
X-DOI: 10.1080/14765284.2015.1021114
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1021114
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:147-174
Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Gao
Author-X-Name-First: Qiang
Author-X-Name-Last: Gao
Author-Name: Sujit Banerji
Author-X-Name-First: Sujit
Author-X-Name-Last: Banerji
Title: The growth appraisal system for Chinese SMEs
Abstract:
In China, research into SME growth has become more important and has drawn
considerable attention from both government and scholars, but there is no
universally accepted way to define and measure an SME’s growth
prospects. Based on a comprehensive and systematic literature review on
different aspects of SME growth, and the consensus achieved through using
the Delphi technique among 11 experts including policy-makers, scholars
and entrepreneurs, this exploratory study has developed an effective
growth appraisal system for Chinese SMEs. In building this system, the
analytic hierarchy process was selected as the appropriate method for data
analysis. Then, an in-depth case study of two Chinese SMEs was undertaken
to illustrate the calculation and utilization of the growth appraisal
system.
Journal: Journal of Chinese Economic and Business Studies
Pages: 175-193
Issue: 2
Volume: 13
Year: 2015
Month: 5
X-DOI: 10.1080/14765284.2015.1026046
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1026046
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:175-193
Template-Type: ReDIF-Article 1.0
Author-Name: Guy S. Liu
Author-X-Name-First: Guy S.
Author-X-Name-Last: Liu
Author-Name: John Beirne
Author-X-Name-First: John
Author-X-Name-Last: Beirne
Author-Name: Pei Sun
Author-X-Name-First: Pei
Author-X-Name-Last: Sun
Title: The performance impact of firm ownership transformation in China: mixed ownership vs. fully privatised ownership
Abstract:
Does ownership transformation affect firm performance? On the basis of an
analysis of over 1100 Chinese companies during the period of ownership
reform (1997--2003), this paper identifies that, for China that has the
world’s largest state sector under transition, the mix of state and
private ownership -- partial privatisation -- emerges as the best
performing type of ownership model for Chinese firms. The finding supports
the argument that firms can gain the best synergy of both state support
and private business strength, which provides a good explanation to the
current campaign of mixed ownership for further reform of state
enterprises after 2013.
Journal: Journal of Chinese Economic and Business Studies
Pages: 197-216
Issue: 3
Volume: 13
Year: 2015
Month: 8
X-DOI: 10.1080/14765284.2015.1056476
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1056476
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:3:p:197-216
Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Zeidan
Author-X-Name-First: Rodrigo
Author-X-Name-Last: Zeidan
Title: The displacement effects of Chinese exports on the US clothing market
Abstract:
This paper focuses on the displacement of other countries’ exports
by Chinese exports in the US clothing market during the 2002--2010 period
(sector 62 of the Harmonized System). The main contribution is to consider
individual product data and its dynamic for finding evidence of
displacement. Data are for 13 countries, with balanced panels of 12
variables, 104 months, and 277 goods (08 digits). I find evidence of
trade displacement for more than half of the sample, composed of
developing and developed countries alike. There is evidence that Chinese
exports displace other countries’ exports in all three income
groups, but clearly the most affected group is the middle-income group.
For Mexico and Thailand, displacement is significant and the effect is
large. Some low-income countries are also affected, particularly Sri
Lanka. Data on Taiwan show a particularly interesting result, with a
conjecture regarding disappearance of tariff arbitrage and re-exports of
Chinese apparel to the USA through Taiwan. There is no evidence of
displacement patterns changing due to quotas imposed by MFA and previous
trade agreements.
Journal: Journal of Chinese Economic and Business Studies
Pages: 217-231
Issue: 3
Volume: 13
Year: 2015
Month: 8
X-DOI: 10.1080/14765284.2015.1063890
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1063890
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:3:p:217-231
Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: Education expenditure in China: potential strategic behavior among regional governments
Abstract:
In this study, we examine whether significant strategic interaction exists
among Chinese provincial governments in determining the levels of their
expenditures on education. The presence of such spatial interaction may be
either due to spatial spillovers or due to spatial resource flows between
provinces. We derive our basic regression specification based on the
theoretical models in the literature. By applying a panel data generalized
method of moments (GMM) method, we show that under a
‘smooth-distance-decay’ assumption in constructing the
weighting scheme for the relevance of interaction between two provinces,
our regression results provide evidence that supports the claim that there
exists significant inter-provincial strategic interaction in public
expenditure for education among the Chinese provinces.
Journal: Journal of Chinese Economic and Business Studies
Pages: 233-246
Issue: 3
Volume: 13
Year: 2015
Month: 8
X-DOI: 10.1080/14765284.2015.1021113
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1021113
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:3:p:233-246
Template-Type: ReDIF-Article 1.0
Author-Name: K. Ali Akkemik
Author-X-Name-First: K. Ali
Author-X-Name-Last: Akkemik
Author-Name: Jia Li
Author-X-Name-First: Jia
Author-X-Name-Last: Li
Title: General equilibrium evaluation of deregulation in energy sectors in China
Abstract:
The central government in China has implemented ambitious energy policy
reforms since 1978. An important pillar of these reforms is the
deregulation in the energy markets which manifests itself in the formation
of energy prices. This study examines the macroeconomic impacts of
deregulation in China using an applied CGE model and counterfactual policy
simulations. The results point to substantial welfare improvement.
Sectoral results point to a reallocation of resources and diversion of
economic activities more toward domestic services.
Journal: Journal of Chinese Economic and Business Studies
Pages: 247-268
Issue: 3
Volume: 13
Year: 2015
Month: 8
X-DOI: 10.1080/14765284.2015.1056475
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1056475
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:3:p:247-268
Template-Type: ReDIF-Article 1.0
Author-Name: Yuanchun Liu
Author-X-Name-First: Yuanchun
Author-X-Name-Last: Liu
Author-Name: Yanbin Chen
Author-X-Name-First: Yanbin
Author-X-Name-Last: Chen
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: China’s macroeconomic trends in downward pressures: the ‘micro stimulus’ effects and steady growth
Abstract:
This study reports China’s macroeconomic trends in downward
pressures and discusses the effects of the ‘micro stimulus’
on the growth performance of Chinese economy. It appears that economic
growth rebounds significantly in the short term every time ‘micro
stimulus’ is applied, but the economy slows down again once the
stimulus dwindles. China’s economic growth thus exhibits a pattern
of significant ‘stimulus-dependence’. When facing economic
downturn, China has only resorted to stimulus policy to sustain growth.
Not surprisingly, our findings indicate that ‘micro
stimulus’ cannot realize the strategic intent of growth
stabilization and structural adjustment, and may even lead to more
structural chaos. One problem that can be attributed to the near-sighted
strategy is the worsening productivity performance since the financial
crisis of 2008. Therefore both improvement in social security systems and
social programs designed for maintaining long run growth are needed in
order to improve productivity performance on the one hand and to
facilitate structural adjustments on the other.
Journal: Journal of Chinese Economic and Business Studies
Pages: 269-284
Issue: 3
Volume: 13
Year: 2015
Month: 8
X-DOI: 10.1080/14765284.2015.1059592
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1059592
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:3:p:269-284
Template-Type: ReDIF-Article 1.0
Author-Name: Cyrielle Auffray
Author-X-Name-First: Cyrielle
Author-X-Name-Last: Auffray
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Title: Chinese MNEs and managerial knowledge transfer in Africa: the case of the construction sector in Ghana
Abstract:
This paper considers the case of managerial knowledge spillovers from
Chinese FDI in Africa, in the context of the Ghanaian construction sector.
Using empirical data from in-depth qualitative interviews, the paper first
identifies key channels and determinants of managerial knowledge
spillovers. Limited local employment at the managerial level in Chinese
construction firms is the main impediment to managerial knowledge
spillovers from these firms. Cultural and linguistic barriers can explain
this situation. Localisation strategies, defined as the progressive
replacement of Chinese managers by local ones, can help overcome these
barriers and foster managerial knowledge spillovers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 285-310
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1092415
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1092415
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:285-310
Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Shapiro
Author-X-Name-First: Daniel
Author-X-Name-Last: Shapiro
Author-Name: Yao Tang
Author-X-Name-First: Yao
Author-X-Name-Last: Tang
Author-Name: Miaojun Wang
Author-X-Name-First: Miaojun
Author-X-Name-Last: Wang
Author-Name: Weiying Zhang
Author-X-Name-First: Weiying
Author-X-Name-Last: Zhang
Title: The effects of corporate governance and ownership on the innovation performance of Chinese SMEs
Abstract:
We investigate the degree to which corporate governance and ownership
affect the innovation performance of firms in China with a particular
focus on privately owned small and medium enterprises. Using the
appropriate theoretical frameworks, we derive hypotheses regarding the
impact of ownership concentration, board size and composition, and the
background of the CEO on innovative activity. These hypotheses are tested
using a unique sample of 370 mostly private and relatively small Chinese
firms in Zhejiang province, for the period 2004--2006. Using two measures
of innovation, invention patents and new product sales, and a variety of
estimation methods appropriate to each measure, we find limited evidence
that corporate governance affects innovation performance, but the results
do depend on the measure of innovation. In general, the results suggest
that for this sample, corporate governance and ownership affect innovation
activity more strongly when innovation is measured by patenting activity,
rather than new product sales. We conclude with a discussion about why
this might be.
Journal: Journal of Chinese Economic and Business Studies
Pages: 311-335
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1090267
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1090267
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:311-335
Template-Type: ReDIF-Article 1.0
Author-Name: Jaime Ortiz
Author-X-Name-First: Jaime
Author-X-Name-Last: Ortiz
Author-Name: Haibo Wang
Author-X-Name-First: Haibo
Author-X-Name-Last: Wang
Author-Name: Da Huo
Author-X-Name-First: Da
Author-X-Name-Last: Huo
Title: The delicate balance for jointly pursuing economic growth in Latin America and China
Abstract:
This paper examines the sources of economic growth for a group of Latin
American countries in relation to their export performance in China. The
analytical framework is based on an extended normalized quadratic profit
function. The ensuing econometric results confirm that a favorable export
record with China represents a positive source of growth for Latin
America. However, it also creates long-run dependability conditions in
terms of reduced prices and thinner profits that weaken its growth
capacity. Latin American countries must seek product diversification away
from their current commodity base and aggressively climb up the value
chain to remain competitive worldwide.Managerial Relevance: identify the
sources of economic growth for a group of Latin American countries in
relation to their export performance in China; the weakness of this
economic growth model; how to seek product diversification away from their
current commodity base with emphasis on value chain.
Journal: Journal of Chinese Economic and Business Studies
Pages: 337-351
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1090269
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1090269
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:337-351
Template-Type: ReDIF-Article 1.0
Author-Name: Zhou Hui
Author-X-Name-First: Zhou
Author-X-Name-Last: Hui
Author-Name: Liu Canhui
Author-X-Name-First: Liu
Author-X-Name-Last: Canhui
Author-Name: Long Liang
Author-X-Name-First: Long
Author-X-Name-Last: Liang
Title: Early warning of Chinese financial risks: an empirical study based on an MSVAR model
Abstract:
This paper consolidates all the existing indexes in the published
literature into three categories: currency crisis index, bank crisis
index, and asset bubble crisis index, in order to reflect the crisis in
the field of currency, banking, and asset. Taking these indexes for
variables with the three assumptions of low risk, middle risk, and high
risk, an MS (3)-VAR (1) model is used to test all the data from January
1998 to June 2011. It shows that the MS (3)-VAR (1) model may accurately
and effectively provide early warnings for each crisis during the period.
The implication of our findings is clear: policy-makers can be warned in
advance about the risk of an economic crisis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 353-367
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1097055
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1097055
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:353-367
Template-Type: ReDIF-Article 1.0
Author-Name: Horace Yeung
Author-X-Name-First: Horace
Author-X-Name-Last: Yeung
Title: A tale of two cities -- the development and reform experiences of Shenzhen and Shanghai
Abstract:
Following gaige kaifang, the twin strategy of reform and
opening up, Shenzhen has been designated as a Special Economic Zone. The
city appeared to have bright future and would serve as the growth engine
in China. Despite having an impressive record of economic development
since 1979, the prestige of Shenzhen as a commercial centre has always
been overshadowed by Shanghai and Hong Kong. A breakthrough finally came
when the State Council of China decided to develop Qianhai, a town near
Shenzhen, into an international commercial centre. However, shortly after,
the China (Shanghai) Pilot Free Trade Zone representing an unprecedented
degree of openness in relation to foreign investment and international
trade was launched. No one seems to remember the once-hopeful Qianhai
area. The aim of this paper is to examine the path of development of the
two leading commercial centres in China amidst the wider context of
Chinese economic reform. A common issue facing both cities is, although
the state generally has no problem in outlining a vision of reform, a
translation of this vision into actual credible measures that could be
implemented is often problematic.
Journal: Journal of Chinese Economic and Business Studies
Pages: 369-396
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1090268
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1090268
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:369-396
Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Tsuchiya
Author-X-Name-First: Yoichi
Author-X-Name-Last: Tsuchiya
Author-Name: Satoshi Suehara
Author-X-Name-First: Satoshi
Author-X-Name-Last: Suehara
Title: Directional accuracy tests of Chinese renminbi forecasts
Abstract:
This study investigates the directional accuracy of Chinese renminbi
exchange rate forecasts by professional forecasters. The forecast with a
horizon of one year is useful, whereas the forecasts with forecast
horizons of one and three months are not useful in predicting the
direction of the exchange rate change. The results for the long-term
forecasts suggest that forecasters believe that the government maintains
its foreign exchange rate policy of renminbi appreciation. In contrast,
short-term forecasts show consistent evidence of exchange rate
unpredictability.
Journal: Journal of Chinese Economic and Business Studies
Pages: 397-406
Issue: 4
Volume: 13
Year: 2015
Month: 11
X-DOI: 10.1080/14765284.2015.1106755
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1106755
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:4:p:397-406
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Ke Tang
Author-X-Name-First: Ke
Author-X-Name-Last: Tang
Title: China’s road to modernization
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-8
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1133988
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1133988
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:1-8
Template-Type: ReDIF-Article 1.0
Author-Name: Jane Golley
Author-X-Name-First: Jane
Author-X-Name-Last: Golley
Title: A ‘socialist’ economy in a capitalist world
Abstract:
Contending views about the ‘threats’ and
‘opportunities’ relating to China’s economic rise
reflect the complex and, for many, confusing role of the state in
China’s reform and development process. This in turn relates to a
marked difference between China’s official perception of
‘Socialism with Chinese characteristics’ and alternative
views regarding the nature of its emerging capitalist system. This glaring
gap in perceptions is problematic in an increasingly globalised world,
complicating debates about what China should and will do to rebalance its
domestic economy how other nations should and will react to the recent
surge in Chinese investment overseas. This paper reflects on these debates
in the context of China’s multifaceted and ever-evolving economic
system.
Journal: Journal of Chinese Economic and Business Studies
Pages: 9-24
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1132925
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1132925
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:9-24
Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Lundgren
Author-X-Name-First: Kurt
Author-X-Name-Last: Lundgren
Title: Culture, institutions and long-term development: the Swedish case and implications for China
Abstract:
Most social scientists agree that institutional analyses seem to be a
promising tool to analyse long-term development. International comparisons
are also necessary to understand what constitutes ‘good’
institutions and to which extent they can be created by conscious
decisions. The most important aspect of studies of other countries and
their institutional development is not what we learn about them but that
we by comparison can develop a better understanding of the history of our
own country. This article describes the peculiarities of the Swedish
institutional framework in a historical perspective. Special attention has
been given to aspects that are often discussed in analyses of the Chinese
development. In many aspects, China and Sweden can be seen as
representatives of two opposite paths of development for instance in the
sequence of institutional building, in the development of checks and
balances and in whether the orientation of the culture is family or
society oriented. In spite of these differences, it is not difficult to
find islands of cultural concordance which can facilitate mutual learning
and understanding.
Journal: Journal of Chinese Economic and Business Studies
Pages: 25-49
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1132926
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1132926
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:25-49
Template-Type: ReDIF-Article 1.0
Author-Name: John Ross
Author-X-Name-First: John
Author-X-Name-Last: Ross
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Author-Name: Karla Simone Prime
Author-X-Name-First: Karla Simone
Author-X-Name-Last: Prime
Title: What can be learned from China’s success?
Abstract:
Since 1978, China has experienced the most rapid economic growth of any
country in world history, and the most rapid growth in living standards of
any major economy. Following the latest international financial crisis,
China outperformed any other major economy -- from the second quarter of
2007 to the second quarter of 2014, China’s economy grew by 78% and
the USA by 8%. In a single generation, China has gone from a ‘low
income economy’ to the verge of achieving ‘high
income’ status by World Bank criteria. Achieving this would double
the population living in ‘high income’ economies globally.
This extremely rapid development is sometimes explained in terms of unique
‘Chinese characteristics’, but research over the last
30 years suggests it is rooted in universal economic processes. While
the combination of global forces producing economic growth is unique in
China and produces unique ‘Chinese characteristics’, they
can operate throughout the world economy. If other developing economies
could achieve the scale of China’s economic success, global
problems of poverty and its consequences would be solved. China’s
policy response to the international financial crisis was far more
effective than that of other major economies. This paper examines the
chief strategic lessons to be drawn from China’s success.
Journal: Journal of Chinese Economic and Business Studies
Pages: 51-68
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1132932
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1132932
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:51-68
Template-Type: ReDIF-Article 1.0
Author-Name: Christian Ploberger
Author-X-Name-First: Christian
Author-X-Name-Last: Ploberger
Title: China’s reform and opening process: a new model of political economy?
Abstract:
The reform and opening process has led to an impressive economic
development which saw China becoming the second-largest economy in the
world. This development resulted in an ongoing discussion about the nature
of the Chinese state and reinvigorated the discussion of the role the
state plays in national development. Addressing the challenges of how to
interpret the contemporary Chinese state, it will be argued that a
particular institutional setting has a strong impact on future
developments, and China’s reform process provides an insightful
example in this regard. Indeed, we should remember that in the aftermath
of the Cultural Revolution the Communist Party of China faced both a
fundamental political crisis and an economic crisis of underperformance.
In order to develop a deeper insight into the political-economic changes,
we can observe during the reform process, a comprehensive analysis is
required, one which focuses on the changes in China’s
political-economic regime.
Journal: Journal of Chinese Economic and Business Studies
Pages: 69-87
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1132933
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1132933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:69-87
Template-Type: ReDIF-Article 1.0
Author-Name: Guangzhen Guo
Author-X-Name-First: Guangzhen
Author-X-Name-Last: Guo
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Author-Name: Jun Zhang
Author-X-Name-First: Jun
Author-X-Name-Last: Zhang
Title: The power structure of revolutionary organizations and political transition
Abstract:
Does the internal power structure of revolutionary organizations influence
the process of political transition? We extend Acemoglu and
Robinson’s democratization model by considering the collective
action problem and the heterogeneity of the revolutionaries. The
collective action problem of the revolutionaries is modeled using a global
game. We find that overconcentration of power in revolutionary
organizations makes the transition to democracy more difficult. Because
under overconcentration of power, even democratization is not enough to
prevent revolutions, and a revolution is more likely to lead to a new
authoritarian system. We offer a comparative case study by comparing China
and Europe. The more centralized revolutionary process in China explains
why democratization has not happened in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 89-106
Issue: 1
Volume: 14
Year: 2016
Month: 2
X-DOI: 10.1080/14765284.2015.1132913
File-URL: http://hdl.handle.net/10.1080/14765284.2015.1132913
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:1:p:89-106
Template-Type: ReDIF-Article 1.0
Author-Name: Jörg Mayer
Author-X-Name-First: Jörg
Author-X-Name-Last: Mayer
Title: Towards a ‘new normal’ growth strategy: China in comparative perspective
Abstract:
China’s move towards a new normal has been motivated by domestic
factors and accelerated by the decline in export opportunities to
developed countries. This decline, combined with the knock-on effects of
China’s growth adjustments, is disrupting the favourable external
environment that made developing countries’ export-led development
strategies viable. This paper concentrates on a rebalancing of developing
countries’ growth strategies towards a greater weight of household
consumption as a potential alternative and discusses three challenges --
market size, domestic purchasing power and balance-of-payments
constraints. Concentrating on the latter, it analyses changes in sectoral
compositions of consumer demand and patterns of international trade.
Results point to the risk that a shift in growth strategy causes an import
surge. The paper’s findings indicate the scope and speed of
required product innovation that would prevent a rebalancing of growth
strategies towards a greater role of consumption from running into
balance-of-payments constraints.
Journal: Journal of Chinese Economic and Business Studies
Pages: 107-128
Issue: 2
Volume: 14
Year: 2016
Month: 5
X-DOI: 10.1080/14765284.2016.1183109
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1183109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:2:p:107-128
Template-Type: ReDIF-Article 1.0
Author-Name: Hezron Makundi
Author-X-Name-First: Hezron
Author-X-Name-Last: Makundi
Author-Name: Huib Huyse
Author-X-Name-First: Huib
Author-X-Name-Last: Huyse
Author-Name: Patrick Develtere
Author-X-Name-First: Patrick
Author-X-Name-Last: Develtere
Title: Cooperation between China and Tanzania on ICT: fish, fishing tackle or fishing skills?
Abstract:
Tanzania has ambitions of moving from a mere consumer of information and
communication technologies to a designing and manufacturing base. This
paper aims to assess the role of public--private partnerships with Chinese
institutions in the achievement of this goal. Through an in-depth case
study, this paper examines the contributions of three Chinese
multinationals in terms of technology transfer and technological capacity
building in local firms in Tanzania. The analysis contrasts the
organisation of improvements on the manner of technology transfer and
capacity building in these partnerships with prior Sino-Tanzanian
partnership efforts in technology and industry. The Chinese multinationals
had a labour localisation rate of 60% on average, with some training
services provided to Tanzanian nationals and supply of services and
equipment to Tanzanian firms. However, the overall level of technology
transfer continues to be weak. Observed barriers to technology transfer
include weak incentives for collaboration between Chinese and Tanzanian
firms and low-level technology embedded in activities offshored by the
Chinese multinationals to Tanzania.
Journal: Journal of Chinese Economic and Business Studies
Pages: 129-149
Issue: 2
Volume: 14
Year: 2016
Month: 5
X-DOI: 10.1080/14765284.2016.1174459
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1174459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:2:p:129-149
Template-Type: ReDIF-Article 1.0
Author-Name: Liming Zhou
Author-X-Name-First: Liming
Author-X-Name-Last: Zhou
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Author-Name: Jinmin Wang
Author-X-Name-First: Jinmin
Author-X-Name-Last: Wang
Author-Name: Jinghua Ou
Author-X-Name-First: Jinghua
Author-X-Name-Last: Ou
Title: Global financial crisis and China’s pawnbroking industry
Abstract:
In most countries, pawnbroking is an intermediate financial instrument to
help private households or individuals meet their short-term and urgent
consumption needs. In China, due to market imperfection and institutional
discrimination against the small- and medium-sized enterprises (SMEs) by
commercial banks and other formal financial institutions, pawnbroking has
been used as a supplementary financing source for SMEs and private
entrepreneurs when they cannot get access to bank credits or other
financial sources such as usury (underground money shops). This paper uses
first-hand survey data in 2009 in Zhejiang Province, China’s
pioneering region for pawn business, and secondary data for the whole
country during 2004--12, to understand the special characteristics of the
pawnbroking industry and explain why it has become a viable and useful
financing instrument in China. It also explains the puzzle of a serious
setback and widespread losses in the industry during the world financial
crisis. A corporate financing model of SMEs is developed to explain the
substitution relationship between formal bank credits and pawnbroking. It
suggests that the stimulus plan implemented by the central government of
China during the global financial crisis reduced the borrowing cost and
lowered the access barrier of bank credits to SMEs, leading to a temporary
setback of an otherwise rapidly growing pawnbroking business in 2008 and
2009. However, as quantitative easing is gradually phased out after the
global financial crisis, pawnbroking activities recover rapidly, implying
that the industry will continue to play an important role in
China’s economic development given its current financial system
which is still unfriendly to the SME sector.
Journal: Journal of Chinese Economic and Business Studies
Pages: 151-164
Issue: 2
Volume: 14
Year: 2016
Month: 5
X-DOI: 10.1080/14765284.2016.1173465
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1173465
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:2:p:151-164
Template-Type: ReDIF-Article 1.0
Author-Name: Paul G. Egan
Author-X-Name-First: Paul G.
Author-X-Name-Last: Egan
Author-Name: Anthony J. Leddin
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Leddin
Title: Examining monetary policy reaction in the People’s Republic of China -- a Markov switching policy index approach
Abstract:
This paper estimates a monetary policy rule for the People’s
Republic of China (PRC) using a standard OLS estimation and a Markov
switching model. As the People’s Bank of China (PBOC) generally
uses a battery of instruments in the conduct of its monetary policy, these
models are estimated using a constructed monetary policy index (MPI) in
place of the traditional interest rate. This allows for a better
understanding of the role the PBOC has played in the PRC’s
unprecedented economic growth and its relatively low inflation over the
last twenty years. This paper will not only examine the unique
characteristics of Chinese monetary policy but may also give a more
general insight into the dynamics of monetary policy reactions in other
emerging markets and economies in transition.
Journal: Journal of Chinese Economic and Business Studies
Pages: 165-191
Issue: 2
Volume: 14
Year: 2016
Month: 5
X-DOI: 10.1080/14765284.2016.1173464
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1173464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:2:p:165-191
Template-Type: ReDIF-Article 1.0
Author-Name: Siming Liu
Author-X-Name-First: Siming
Author-X-Name-Last: Liu
Author-Name: Len Skerratt
Author-X-Name-First: Len
Author-X-Name-Last: Skerratt
Author-Name: Shaomeng Li
Author-X-Name-First: Shaomeng
Author-X-Name-Last: Li
Title: The impact of the 2007 reforms in China on the quality of earnings
Abstract:
Prior to 2007, in order to encourage international investment, China
operated two parallel financial reporting systems, one based on Chinese
GAAP for domestic investors and the other based on IFRS for international
investors. In 2007, after a series of reforms to harmonise Chinese GAAP
with IFRS, this system was replaced by a single set of standards for both
classes of investor. We evaluate the impact of this significant change on
earnings quality for stocks quoted on the Shanghai and Shenzhen stock
exchanges for the period 2003--2013. Using tests of earnings smoothing and
early loss recognition, we identify three key features. Firstly, earnings
quality improved consistently over the period. Secondly, prior to the
reforms of 2007, IFRS earnings were of superior quality to Chinese GAAP
earnings. A third and important finding is that earnings quality under
Chinese GAAP after the 2007 reforms is comparable to that under pre-2007
IFRS.
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-209
Issue: 2
Volume: 14
Year: 2016
Month: 5
X-DOI: 10.1080/14765284.2016.1163003
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1163003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:2:p:193-209
Template-Type: ReDIF-Article 1.0
Author-Name: Christian Ploberger
Author-X-Name-First: Christian
Author-X-Name-Last: Ploberger
Title: One Belt, One Road – China’s new grand strategy
Abstract:
Does the ‘One Belt, One Road (OBOR) initiative’ represent a mere nostalgic rhetoric, summing up a wider range of policy initiatives, based on two different regional levels, or is it a bold statement of China’s new geopolitical grand strategy? In its geographic focus the ‘OBOR initiative’ comprises locations which are already within the Chinese government’s focus of interest – Central Asia and Southeast Asia with an extension to Europe, as a primary destination for its exports. Consequently, the ‘OBOR initiative’ can be viewed as a framework of existing political-economic interests of the Chinese government that are aligned to a wide range of different policy proposals. Following such a line of argument one may understand OBOR as the emergence of various processes of regional and sub-regional integration dynamics in which the Chinese leadership will take a more active role. Conversely, one may emphasise the qualitative and explicit adaptions within the ‘OBOR initiative’ that constitutes China’s contemporary geopolitical grand strategy. A final salient point that is demonstrated here, is that this initiative shows that geography continues to shape geopolitics even though we are living in a supposed globalised world.
Journal: Journal of Chinese Economic and Business Studies
Pages: 289-305
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1346922
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346922
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:289-305
Template-Type: ReDIF-Article 1.0
Author-Name: Phouphet Kyophilavong
Author-X-Name-First: Phouphet
Author-X-Name-Last: Kyophilavong
Author-Name: Michael C. S. Wong
Author-X-Name-First: Michael C. S.
Author-X-Name-Last: Wong
Author-Name: Somchith Souksavath
Author-X-Name-First: Somchith
Author-X-Name-Last: Souksavath
Author-Name: Bin Xiong
Author-X-Name-First: Bin
Author-X-Name-Last: Xiong
Title: Impacts of trade liberalization with China and Chinese FDI on Laos: evidence from the CGE model
Abstract:
The Lao-Chinese railway will be completed by 2020. It is a strategic route of China’s One-Belt-One-Road policy to reach out to South-East Asia, linking Kunming and Vientiane. Surrounded by Thailand, Myanmar, Cambodia, Vietnam, and China; Laos is small economy with a population of 6.90 million in 2014. It has been one of least developed economies in the world for several decades. With increased trade liberalization and FDI, Laos has robust GDP growth in the past two decades. In particular, the amount of FDI in Laos quickly jumps by more than 100% in 2014, because of massive increases in Chinese FDI. This paper summarizes major policies in Laos on trade liberalization and FDI and applies Computable General Equilibrium model to estimate how trade liberalization with China and Chinese FDI would affect Laos in terms of economic performance, outputs on various sectors, and poverty reduction. Our results show the following interesting findings: (a) both have positive impacts on overall economic performance; (b) some sectors in Laos have their outputs declined by trade liberalization with China; (c) both have positive impacts on reducing poverty in Laos but Chinese FDI is more able to narrow income gap in the country.
Journal: Journal of Chinese Economic and Business Studies
Pages: 215-228
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1346923
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346923
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:215-228
Template-Type: ReDIF-Article 1.0
Author-Name: Mariia L. Gorbunova
Author-X-Name-First: Mariia L.
Author-X-Name-Last: Gorbunova
Author-Name: Igor D. Komarov
Author-X-Name-First: Igor D.
Author-X-Name-Last: Komarov
Title: Emerging integration projects in Eurasia: a search for new cooperation formats?
Abstract:
The paper focuses on a series of integration projects and initiatives emerging across the Eurasian continent. China’s One Belt, One Road (OBOR) or New Silk Road initiative, the ASEAN’s Regional Comprehensive Economic Partnership (RCEP), the Trans-Pacific Partnership (TTP) previously led by the U.S., and the Eurasian Economic Union (EEU) promoted by Russia seem to be unsettling the existing balance of economic and political power between the members and the other indirectly involved countries. The emerging regional initiatives challenge the model established by B. Balassa. The TTP tries to promote new principles of international trade policy by debating with the WTO’s rules and focusing additionally on the protection of foreign direct investment, labour and environmental standards. The OBOR has a clear developmental purpose of industrialization in the countries with a lack of infrastructure. The EEU and the RCEP seemingly follow the traditional European model of integration. The authors compare the potential and sustainability of these initiatives through an analysis of economic indicators. The research realized shows that the RCEP has the best potential among the integration initiatives considered. The associations with the Russian Federation’s participation need to be enlarged by other countries’ neighbouring trading partners to increase their economic consolidation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 229-247
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1346924
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346924
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:229-247
Template-Type: ReDIF-Article 1.0
Author-Name: Michael Murach
Author-X-Name-First: Michael
Author-X-Name-Last: Murach
Author-Name: Helmut Wagner
Author-X-Name-First: Helmut
Author-X-Name-Last: Wagner
Title: How severe will the growth slowdown in China caused by the structural change be? An evaluation based on experiences from Japan and South Korea
Abstract:
China’s economy has been growing at a high rate for the past three decades. However, the current process of rebalancing from an investment- and manufacturing-led growth model toward a consumption- and service-led model is associated with decreasing growth rates. We show that China’s current state of structural change in terms of sectoral employment share is similar to the historical developments in Japan and South Korea. We derive plausible scenarios for future growth rates in China and (by isolating the allocation effect, i.e. the pure effect of structural change) look at the effects of tertiarization on economic growth in China for the period 2014−2030 by applying a simple simulation study.
Journal: Journal of Chinese Economic and Business Studies
Pages: 269-287
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1346930
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346930
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:269-287
Template-Type: ReDIF-Article 1.0
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Author-Name: Hans-Jörg Schmerer
Author-X-Name-First: Hans-Jörg
Author-X-Name-Last: Schmerer
Title: Trade and the New Silk Road: opportunities, challenges, and solutions
Abstract:
More than 2000 years ago, the ancient Silk Road was a major trade link between the East and West. However, technological change and dramatic declines in transportation costs have since made it obsolete as container shipping and the advent of cargo flights have shifted trade from the surface to the sea or air. Nevertheless, China recently announced a new initiative that aims at establishing new connections between Europe and Asia, which are bypassing more modern transport routes in favor of railway connections. This special issue is dedicated to research related to this new initiative.
Journal: Journal of Chinese Economic and Business Studies
Pages: 205-213
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1347473
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1347473
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:205-213
Template-Type: ReDIF-Article 1.0
Author-Name: Antonia Reinecke
Author-X-Name-First: Antonia
Author-X-Name-Last: Reinecke
Author-Name: Hans-Jörg Schmerer
Author-X-Name-First: Hans-Jörg
Author-X-Name-Last: Schmerer
Title: Government efficiency and exports in China
Abstract:
This paper investigates the role of local governments’ efficiency on exports in China. We argue that firms located in provinces characterized by high governmental efficiency export more due to a positive productivity effect that lowers transaction costs. The analysis builds on NBS firm-level data that covers a representative sample of Chinese establishments. We find a positive correlation between provincial governments’ efficiency and Chinese firm’s exports. Moreover, we are able to show that the positive link between firm size and exports is magnified by governmental efficiency. Larger firms export more and this relationship is much stronger in provinces with more efficient provincial governments.
Journal: Journal of Chinese Economic and Business Studies
Pages: 249-268
Issue: 3
Volume: 15
Year: 2017
Month: 7
X-DOI: 10.1080/14765284.2017.1356593
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1356593
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:3:p:249-268
Template-Type: ReDIF-Article 1.0
Author-Name: Shaofei Jiang
Author-X-Name-First: Shaofei
Author-X-Name-Last: Jiang
Author-Name: Xuezheng Qin
Author-X-Name-First: Xuezheng
Author-X-Name-Last: Qin
Title: The inequality of nutrition intake among adults in China
Abstract:
This paper constructs a multidimensional Theil Index to estimate and decompose the inequality of nutrition intake among the adult population in China. Using 1991–2009 China Health and Nutrition Surveys (CHNS), this paper features two major findings. First, we show that the nutrition inequality has remained small in contrast to the large and increasing inequality in population income. Second, using Theil decompositions and Oaxaca–Blinder (O-B) decompositions, we find that, unlike income inequality, nature factors (such as age and gender) and regional factors play a more important role than socioeconomic factors in nutrition inequality. This finding provides a plausible explanation to the different time trends of nutrition inequality and income inequality. Moreover, it suggests that policies that aim to reduce the socioeconomic disparities may not automatically transfer to closing the gap in nutrition intake, which in turn is a potentially important determinant of population health and the long-term economic development.
Journal: Journal of Chinese Economic and Business Studies
Pages: 65-89
Issue: 1
Volume: 17
Year: 2019
Month: 1
X-DOI: 10.1080/14765284.2018.1512818
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1512818
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:1:p:65-89
Template-Type: ReDIF-Article 1.0
Author-Name: Tian Tian
Author-X-Name-First: Tian
Author-X-Name-Last: Tian
Author-Name: Stijn Speelman
Author-X-Name-First: Stijn
Author-X-Name-Last: Speelman
Author-Name: Ting Zuo
Author-X-Name-First: Ting
Author-X-Name-Last: Zuo
Title: From elite capture to marginalization of the poorest: a new social exclusion in anti-poverty programmes in China
Abstract:
Based on a case study of state-directed aid resources in anti-poverty programmes, we detected a new phenomenon of social exclusion in China. In a period of several years, a shift is observed from elite capture to marginalization of the poorest. This phenomenon occurs under the administrative pressure from the authoritarian state and the morbid democratic mechanism. Contemporary structural changes in economic and social culture also make it difficult for marginal people to escape from this predicament. From a social structural transformation point of view, we suggest that the marginalization of the poorest should be seriously taken into consideration in rural development programmes and policies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 91-102
Issue: 1
Volume: 17
Year: 2019
Month: 1
X-DOI: 10.1080/14765284.2018.1521594
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1521594
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:1:p:91-102
Template-Type: ReDIF-Article 1.0
Author-Name: Yi Wen
Author-X-Name-First: Yi
Author-X-Name-Last: Wen
Author-Name: George E. Fortier
Author-X-Name-First: George E.
Author-X-Name-Last: Fortier
Title: The visible hand: the role of government in China’s long-awaited industrial revolution
Abstract:
China is undergoing its long-awaited industrial revolution. There is no shortage of commentary and opinion on this dramatic period, but few have attempted to provide a coherent, in-depth, political-economic framework that explains the fundamental mechanisms behind China’s rapid industrialization. This article reviews the Embryonic Economic Development theory put forth by Wen (2016a). This article reviews the Embryonic Economic Development theory put forth by Wen . It illuminates the critical sequence of developmental stages since the reforms enacted by Deng Xiaoping in 1978: namely, small-scale commercialized agricultural production, proto-industrialization in the countryside, a formal industrial revolution based on mass production of labor-intensive light consumer goods, a sustainable ‘industrial trinity’ boom in energy/motive power/infrastructure, and a second industrial revolution involving the mass production of heavy industrial goods. This developmental sequence follows essentially the same pattern as Great Britain’s Industrial Revolution, despite sharp differences in political and institutional conditions. One of the key conclusions exemplified by China’s economic rise is that the extent of industrialization is limited by the extent of the market. One of the key strategies behind the creation and nurturing of a continually growing market in China is based on this premise: The free market is a public good that is very costly for nations to create and support. Market creation requires a powerful ‘mercantilist’ state and the correct sequence of developmental stages; China has been successfully accomplishing its industrialization through these stages, backed by measured, targeted reforms and direct participation from its central and local governments.
Journal: Journal of Chinese Economic and Business Studies
Pages: 9-45
Issue: 1
Volume: 17
Year: 2019
Month: 1
X-DOI: 10.1080/14765284.2019.1582224
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1582224
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:1:p:9-45
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Author-Name: Nick Weaver
Author-X-Name-First: Nick
Author-X-Name-Last: Weaver
Author-Name: Ning Xue
Author-X-Name-First: Ning
Author-X-Name-Last: Xue
Title: Challenges for the Chinese economy in the new era of development
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-7
Issue: 1
Volume: 17
Year: 2019
Month: 1
X-DOI: 10.1080/14765284.2019.1582225
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1582225
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:1:p:1-7
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Title: Regulation and corruption in transitional China
Abstract:
This paper addresses the relationship between institutional change, regulation, and corruption by examining two possible positive effects of government discretion on growth in transitional economies, such as China. Firstly, economic reform depends on the support of those who have economic power. Allowing government departments and officials to divert resources and to be involved in private businesses make them a driving force for reform by giving up some of their power to the market. Secondly, because there existed large amounts of inefficient or out-of-date regulations in transitional economies, certain types of government discretion can actually circumvent inefficient policies and regulations and thus support growth. They enable people to break the status quo when regulations are lagging behind the reform. Although China had many laws and regulations which did not particularly promote growth, positive effects of government discretionary behaviour may have offset the negative effects of these laws and regulations on growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 47-64
Issue: 1
Volume: 17
Year: 2019
Month: 1
X-DOI: 10.1080/14765284.2019.1588594
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1588594
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:1:p:47-64
Template-Type: ReDIF-Article 1.0
Author-Name: Masayuki Shimizu
Author-X-Name-First: Masayuki
Author-X-Name-Last: Shimizu
Title: Pollution abatement efforts: a regional analysis of the Chinese industrial sector
Abstract:
Although China has had rapid economic growth, it has borne a more significant economic burden or loss because of environmental pollution. However, the country has addressed this problem with various pollution abatement efforts. Some prior studies analysed the relationship between such efforts and pollution emissions, but did not show how these efforts affect pollution reduction. This study investigates the effects of pollution abatement efforts on industrial SOX, NOX and CO2 emissions in the context of pollution reduction in China by panel data for 29 provinces from 1995 to 2010. The empirical results are as follows. First, emissions have increased rapidly in the 2000s. Second, rapid income growth has led to a greater increase in emissions. Third, pollution abatement would assist improvements in environmental quality. Further, this study reveals that abatement efforts affect emissions through the adoption of pollution removal measures.
Journal: Journal of Chinese Economic and Business Studies
Pages: 103-125
Issue: 2
Volume: 15
Year: 2017
Month: 4
X-DOI: 10.1080/14765284.2016.1237698
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1237698
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:2:p:103-125
Template-Type: ReDIF-Article 1.0
Author-Name: Xiuping Hua
Author-X-Name-First: Xiuping
Author-X-Name-Last: Hua
Author-Name: Anders C. Johansson
Author-X-Name-First: Anders C.
Author-X-Name-Last: Johansson
Author-Name: Xun Wang
Author-X-Name-First: Xun
Author-X-Name-Last: Wang
Title: National and regional financial openness in China
Abstract:
While China’s economy has been subject to a wide range of economic reforms since 1978, its capital account is still restricted. The issue of capital account convertibility is widely debated both in China and by foreign observers. This study contributes to the understanding of China’s capital account by constructing new indices for China’s financial openness. First, we construct alternative indices, both of which suggest that China has experienced significant increases in its financial openness, albeit beginning at very low levels in the late 1970s. Then, we construct an index for financial openness at the provincial level from 2000. As expected, the eastern provinces exhibit much higher levels of financial openness than the provinces located in the central and western parts of the country. Taken together, these indices enable a clear overview of national and regional financial openness across time and are well suited for future studies on determinants and effects of financial openness in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 127-140
Issue: 2
Volume: 15
Year: 2017
Month: 4
X-DOI: 10.1080/14765284.2016.1261490
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1261490
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:2:p:127-140
Template-Type: ReDIF-Article 1.0
Author-Name: Fengliang Liu
Author-X-Name-First: Fengliang
Author-X-Name-Last: Liu
Author-Name: Xin Yi
Author-X-Name-First: Xin
Author-X-Name-Last: Yi
Author-Name: Ze Yu
Author-X-Name-First: Ze
Author-X-Name-Last: Yu
Title: Structural change in China: the role of factor market distortions
Abstract:
This paper proposes a systematic accounting framework to decompose the reallocation of labour out of agriculture into factor market distortions and market-driven forces. The findings are twofold. First, the removal of factor market distortions is a dominant driving force of the structural change in China in the last decades, which contributes 50.52%, and market-driven forces account for the rest 49.48%. Second, the contribution of market-driven forces has been increasing with the deepening of market-oriented reforms, while the impact of the removal of factor market distortions has been decreasing especially along with the slowdown of labour market reforms after China joined the WTO in 2001. The results imply that further reforms that aim at correcting factor market distortions could still be an important impetus of structural change in the future.
Journal: Journal of Chinese Economic and Business Studies
Pages: 185-204
Issue: 2
Volume: 15
Year: 2017
Month: 4
X-DOI: 10.1080/14765284.2016.1266848
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1266848
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:2:p:185-204
Template-Type: ReDIF-Article 1.0
Author-Name: Henry Chun Kwok Lei
Author-X-Name-First: Henry Chun Kwok
Author-X-Name-Last: Lei
Title: The Closer Economic Partnership Arrangement (CEPA) and its impacts on the export efficiency of Hong Kong and Macao
Abstract:
The Closer Economic Partnership Arrangement (CEPA) is a bilateral preferential agreement signed among China, Hong Kong, and Macao which opens up the China market by providing zero tariff after accession. This paper sheds light to the impacts of the CEPA on merchandise trade with an in-depth analysis on export efficiency. Despite that merchandise trade has already been fully liberalized, the estimation results indicate that the efficiency of exports to China has been on the decline since 2000. This implies that the actual value of exports to China has departed from its full potential, and confirms our suspicions on the incapability of the CEPA to boost the exports of Hong Kong and Macao to China. There is also no evidence to support that the CEPA has successfully attracted foreign investment to Hong Kong and Macao for tariff free exports to China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 141-163
Issue: 2
Volume: 15
Year: 2017
Month: 4
X-DOI: 10.1080/14765284.2017.1281082
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1281082
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:2:p:141-163
Template-Type: ReDIF-Article 1.0
Author-Name: Paul G. Egan
Author-X-Name-First: Paul G.
Author-X-Name-Last: Egan
Author-Name: Anthony J. Leddin
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Leddin
Title: The Chinese Phillips curve – inflation dynamics in the presence of structural change
Abstract:
This paper models inflation dynamics in China from 1987 to 2014 using a Phillips curve framework. The Phillips curve is generally estimated under the assumption of linearity and parameter constancy. The existence of structural breaks in China’s inflation dynamics make standard linear models inappropriate tools for analysis however. Our results find that the Chinese Phillips curve is characterised by a non-linear relationship. The inflation/output relationship takes the form of a concave curve. This suggests that changes in the level of output effect inflation in China more strongly in periods when output is operating below its potential but the relationship is weaker when output is operating at or above potential. Based on these findings, the People’s Bank of China (PBC) could consider output cost and policy response on a case-by-case basis depending on the level of output in relation to potential.
Journal: Journal of Chinese Economic and Business Studies
Pages: 165-184
Issue: 2
Volume: 15
Year: 2017
Month: 4
X-DOI: 10.1080/14765284.2017.1325597
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1325597
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:2:p:165-184
Template-Type: ReDIF-Article 1.0
Author-Name: Yi Qu
Author-X-Name-First: Yi
Author-X-Name-Last: Qu
Author-Name: Yingqi Wei
Author-X-Name-First: Yingqi
Author-X-Name-Last: Wei
Author-Name: Tao Jiang
Author-X-Name-First: Tao
Author-X-Name-Last: Jiang
Author-Name: Nan Zheng
Author-X-Name-First: Nan
Author-X-Name-Last: Zheng
Title: Linking R&D strategy, national innovation system and FDI to firm performance
Abstract:
This paper investigates the role of R&D strategy, national innovation system (NIS) and foreign direct investment (FDI) in firm performance. Drawing on an institution-based view and the FDI spillover literature, we argue that firm performance is directly affected by R&D strategy, NIS and FDI spillovers. NIS also moderates FDI spillover effects on firm performance. Data analysis based on the World Bank Enterprise Survey of manufacturing firms in China in 2003 shows that the findings reinforce the hypotheses.
Journal: Journal of Chinese Economic and Business Studies
Pages: 41-58
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2016.1242310
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1242310
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:41-58
Template-Type: ReDIF-Article 1.0
Author-Name: Wenjin Long
Author-X-Name-First: Wenjin
Author-X-Name-Last: Long
Author-Name: Simon Appleton
Author-X-Name-First: Simon
Author-X-Name-Last: Appleton
Author-Name: Lina Song
Author-X-Name-First: Lina
Author-X-Name-Last: Song
Title: The impact of job contact networks on wages of rural–urban migrants in China: a switching regression approach
Abstract:
In nationally representative household data from the 2008 Chinese Rural to Urban Migration Survey, nearly two thirds of rural–urban migrants found their employment through family members, relatives, friends or acquaintances. This paper investigates why the use of social network to find jobs is so prevalent among rural–urban migrants in China, and whether migrants face a wage penalty as a result of adopting this job search method. Using a switch regression approach, we find evidence of positive selection effects of the use of networks on wages. Users of networks tend to be older, to have migrated longer ago and to be less educated. In addition, married workers and those from villages with more out-migrant are more likely to use networks, while those without local residential registration status are less likely. Controlling for selectivity, we find a large negative impact of network use on wages. Using job contacts brings access to urban employment, but at the cost of markedly lower wages.
Journal: Journal of Chinese Economic and Business Studies
Pages: 81-101
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2017.1287538
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1287538
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:81-101
Template-Type: ReDIF-Article 1.0
Author-Name: Justin Yifu Lin
Author-X-Name-First: Justin Yifu
Author-X-Name-Last: Lin
Title: Industrial policies for avoiding the middle-income trap: a new structural economics perspective
Abstract:
Economic development is a process of structural transformation with continuous technological innovation and industrial upgrading, which increases labor productivity, and accompanied improvements in infrastructure and institution, which reduces transaction costs. The middle-income trap is a result of a middle-income country’s failure to have a faster labor productivity growth through technological innovation and industrial upgrading than high-income countries. Industrial policy is essential for the government of a middle-income country to prioritize the use of its limited resources to facilitate technological innovation and industrial upgrading by overcoming inherent externality and coordination issues in structural transformation. The industries in a middle-income country may be classified into five different types, depending on their distance to the global technology frontier: catching-up industries, leading-edge industries, comparative advantage-losing industries, short innovation cycle industries, and comparative advantage-defying strategic industries. Industrial policy should be designed accordingly.
Journal: Journal of Chinese Economic and Business Studies
Pages: 5-18
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2017.1287539
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1287539
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:5-18
Template-Type: ReDIF-Article 1.0
Author-Name: Weiying Zhang
Author-X-Name-First: Weiying
Author-X-Name-Last: Zhang
Title: China’s future growth depends on innovation entrepreneurs
Abstract:
The last 30 years of high growth rates were primarily China’s latecomer advantage unleashed by reform and opening. This latecomer advantage provided entrepreneurs with tremendous opportunities for arbitrage. It is the arbitrage activities of entrepreneurs (both Chinese and foreign) that caused a gradual increase in the efficiency of resource allocation, and thus drove high rates of economic growth. However, as the gap between China and developed countries has decreased, the room for arbitrage is shrinking. Solely relying on arbitrage entrepreneurs will no longer sustain high rates of economic growth. Future growth primarily relies on entrepreneurial innovation. Innovation is more institutionally demanding and sensitive. China must deepen reforms of the economic system, political system, legal system, and other aspects to eliminate the systems and policies that obstruct innovation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 19-40
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2017.1287540
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1287540
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:19-40
Template-Type: ReDIF-Article 1.0
Author-Name: Duan Liu
Author-X-Name-First: Duan
Author-X-Name-Last: Liu
Author-Name: Shengyong Li
Author-X-Name-First: Shengyong
Author-X-Name-Last: Li
Author-Name: Hongbo He
Author-X-Name-First: Hongbo
Author-X-Name-Last: He
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Title: Financial constraints and product market competition across business cycles: evidence from China’s manufacturing industry
Abstract:
This paper examines the impact of financial constraints across business cycles on production market competition using firm-level data from China’s manufacturing industry during 1998–2012. This study constructs a theoretical model with respect to financial constraints and product market competition and conducts a hierarchically multivariate regression analysis to examine the effects of financial constraints in economic recessions and expansions. Financial constraints are generally found to hamper the firm’s competitive performance in its product market, especially in economic recession. Meanwhile, the mediating effect of product pricing is identified in this study as a channel through which a firm’s financial constraints negatively affect its competitive performance. The mediating effect is remarkably salient in economic recessions but not significant in economic expansions. A financially constrained firm is more likely to raise its product price in economic recession, which in turn curbs its competitive capacity in product market.
Journal: Journal of Chinese Economic and Business Studies
Pages: 59-80
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2017.1287541
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1287541
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:59-80
Template-Type: ReDIF-Article 1.0
Author-Name: Jing Zhang
Author-X-Name-First: Jing
Author-X-Name-Last: Zhang
Author-Name: Jian Chen
Author-X-Name-First: Jian
Author-X-Name-Last: Chen
Title: Introduction to China’s new normal economy
Abstract:
China’s economic reform has been successful, making it become a major economic power. Largely relied on low-cost investment, cheap and abundant labour and use of natural resources to support growth, China has faced a number of challenges including high debt to GDP, demographic changes and environmental degradation, along with income inequality, corruption and rent-seeking activities. In recent years, China’s economic growth rate has fallen from the historic double-digit rate to 6–7%. Chinese Government has attempted to rebalance its economy to achieve a “new normal” of slower but more sustainable economic development. This special issue aims to raise discussions concerning the ways in which further reform of the Chinese economy can be conducted in the context of challenges and opportunities of the new normal. The issue comprises five papers that exhibit special insights of interest, including the discussions on drivers of economic growth, the role of government policy played in economic growth in the coming decades, the importance of innovation and government institutions in firm performance, the impact of capital structural on firm competitiveness, as well as the relationship between the use of social networks and wages of rural–urban migrant workers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-4
Issue: 1
Volume: 15
Year: 2017
Month: 1
X-DOI: 10.1080/14765284.2017.1289454
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1289454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:1-4
Template-Type: ReDIF-Article 1.0
Author-Name: Su Dinh Thanh
Author-X-Name-First: Su
Author-X-Name-Last: Dinh Thanh
Author-Name: Nguyen Phuc Canh
Author-X-Name-First: Nguyen Phuc
Author-X-Name-Last: Canh
Title: Dynamics between government spending and economic growth in China: an analysis of productivity growth
Abstract:
This study investigates the dynamics between government spending and economic growth in China through influencing the productivity growth of human capital byapplying Markov switching estimates for the annual time series data of China over the period 1952–2014. Firstly, we found that the Chinese economy exists in two states including state one with low growth and state two with high growth. Secondly, the consumption spending has significantly positive effect both states, while the military spending has only positive effect in state two. Interestingly, the growth effect level of consumption spending in state two is smaller than that in state one, implying a reducing effect of total factor productivity in state two. Thirdly, the combined effects of consumption spending and military spending with human capital are state dependent. This combined effect is reduced in both states, suggesting that government spending does not improve the productivity growth effect of human capital.
Journal: Journal of Chinese Economic and Business Studies
Pages: 189-212
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1567069
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1567069
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:189-212
Template-Type: ReDIF-Article 1.0
Author-Name: Agya Atabani Adi
Author-X-Name-First: Agya
Author-X-Name-Last: Atabani Adi
Title: Modeling exchange rate return volatility of RMB/USD using GARCH family models
Abstract:
The paper examines volatility of RMB exchange rate return of onshore and offshore markets. The onshore rate covered 4/01/2008–5/09/2016 while offshore spanned 31/12/2008-22/09/2016, the returns were not normally distributed and were integrated of order zero I(0). The Ljung-Box Q statistics depicts the presence of autocorrelation in return series and Ljung-Box Q2 statistics of power transformed for conditional heteroscedasticity for lags of 6, 12 and 20 all indicated the presence of conditional heteroscedascity. The exchange rates volatility was persistent in both markets. However, offshore return was more persistent while leverage effects exist in both markets. Asymmetry power Autoregressive conditional Heteroscedastic (APARCH) model was the best model for forecasting purposes in both markets while Glosten, Jogannathan and Rankle, Generalized Autoregressive conditional Heteroscedastic (GJR-GARCH) model and Integrated Generalized Autoregressive conditional Heteroscedastic (I-GARCH) were the worst models in onshore and offshore return markets respectively. APARCH model should be adopted for future studies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 169-187
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1600933
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1600933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:169-187
Template-Type: ReDIF-Article 1.0
Author-Name: Sihong Wu
Author-X-Name-First: Sihong
Author-X-Name-Last: Wu
Title: Debt financing structure, ownership concentration and firm performance: a comparison of the listed state-owned and non-state-owned CMNEs
Abstract:
This paper examines the impact of debt financing and ownership concentration on internationalization performance by using a sample of 217 Chinese multinational enterprises (CMNEs) from 2009 to 2016. Through fixed-effect regression and dynamic threshold analysis, this paper finds that increasing short-term debts is positively associated with the internationalization performance of non-state-owned CMNEs, while increasing short-term debts by state-owned CMNEs will harm their performance. Ownership concentration affects CMNEs’ risk preference and thus affecting their internationalization performance in different degrees. This paper finds that the threshold for the impact of CMNEs’ largest shareholder’s ownership concentration on its internationalization performance is 0.18, the thresholds for the impact of CMNEs’ top 10 shareholders’ ownership concentration on its internationalization performance are 0.346 and 0.433. When state-owned CMNEs’ top 10 shareholders’ ownership concentration exceeds 0.337 and 0.347, their internationalization performance will have significant positive changes. Overall, this study is expected to contribute to the literature of internationalization of emerging market companies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-168
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1615243
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1615243
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:147-168
Template-Type: ReDIF-Article 1.0
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: The fallacy of Washington consensus and the role of the Government: interpreting some Chinese contributions to development policy from aspects of Chang’e 4
Abstract:
Students of economics may have heard of that economics, especially the kind of mainstream neoclassical economics taught in most universities on earth today, is an imitation of physical science in some fundamental fashion. However, few economists would imagine that economics can be as effective as physical science, not even in the remote future. China’s Chang’e 4 mission to the far side of the Moon provides a golden opportunity for economists to explore this fascinating possibility from the aspect of astrodynamics.This article, inspired by thoughts of Justin Yifu Lin and Angang Hu among others regarding China’s economic reform, demonstrates that physics explaining the Three-Body Problem of classical mechanics may as well be understood as guiding principles when dealing with issues in development economics. Several aspects of ‘Washington consensus’ are examined in relation to the concerns raised by Chinese scholars. The study concludes that neoliberal interpretations of modern economics are basically inconsistent with the neoclassical framework outlined in standard economics textbooks.
Journal: Journal of Chinese Economic and Business Studies
Pages: 103-122
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1623470
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1623470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:103-122
Template-Type: ReDIF-Article 1.0
Author-Name: Jiaofeng Pan
Author-X-Name-First: Jiaofeng
Author-X-Name-Last: Pan
Author-Name: Yidong Liu
Author-X-Name-First: Yidong
Author-X-Name-Last: Liu
Author-Name: Guanghua Chen
Author-X-Name-First: Guanghua
Author-X-Name-Last: Chen
Author-Name: Qiuju Zhang
Author-X-Name-First: Qiuju
Author-X-Name-Last: Zhang
Title: Diamond model for the transfer of world science and technology centres
Abstract:
Since the end of the Middle Ages, Italy, the United Kingdom, France, Germany and the United States, has successively become the world’s science and technology centre. The combination of societal factors, such as economic prosperity, ideological emancipation, education development, and government’s strong support, and timely appearance of scientific achievements, jointly lead to the formation, evolution and transfer of the centre whilst a diamond model composed of these five elements can be utilized to analyse of this process. The innovation of global science and technology has entered an unprecedented period featured by its intensity, providing a perfect "window of opportunity" for China to become a world science and technology centre. It is vital for china to emancipate the mind, improve the personnel system, create an innovation-friendly environment, speed up the establishment of a world education centre, enhance government’s support, solve problems occurring during development, preemptive frontier research and subversive technological innovation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 129-145
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1623486
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1623486
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:129-145
Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Lundgren
Author-X-Name-First: Kurt
Author-X-Name-Last: Lundgren
Title: Comments on “interpreting Chinese contributions to development policy from aspects of Chang'e 4”
Abstract:
This article is a comment on The Fallacy of Washington Consensus and the Role of the Government: Interpreting Some Chinese Contributions to Development Policy from Aspects of Chang'e 4 by Jinghai Zheng.The comparison between how equilibrium concepts are used in economics and natural sciences is extended to areas such as biology, chemistry and convex optimization in mathematics and is discussed on the basis of the state's role in economics and general equilibrium theory.
Journal: Journal of Chinese Economic and Business Studies
Pages: 123-128
Issue: 2
Volume: 17
Year: 2019
Month: 4
X-DOI: 10.1080/14765284.2019.1624010
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1624010
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:2:p:123-128
Template-Type: ReDIF-Article 1.0
Author-Name: Xinxin Ma
Author-X-Name-First: Xinxin
Author-X-Name-Last: Ma
Title: Economic transition and the determinants of self-employment in urban China: 2007–2013
Abstract:
Why was there a large growth in self-employment in urban China during the economic transition period? There are two hypotheses proposed to answer this: the disguised unemployment hypothesis that there is no opportunity to access the formal sector to gain better work, and the business creation hypothesis that successful business owners create new jobs for others, new business opportunities, and many innovative new products for society, as pointed out in previous studies. Using CHIP2007 and CHIP2013, this paper tests the two hypotheses. The main conclusions are as follows: First, generally, utilizing the imputed wage premiums, which were used in previous studies, the business creation hypothesis is rejected; the disguised unemployment hypothesis is supported for both the local urban resident and the migrant groups in 2007 and 2013. Second, the results that utilized the new wage premiums based on the imputed employee wages in the private sector show that the business creation hypothesis is supported when a worker chose to become an employer for both the migrant group and the local urban resident group in 2013. Third, the business creation hypothesis is relevant for the older generation group of local urban residents in 2013.
Journal: Journal of Chinese Economic and Business Studies
Pages: 279-307
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1219297
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1219297
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:279-307
Template-Type: ReDIF-Article 1.0
Author-Name: Kai Kajitani
Author-X-Name-First: Kai
Author-X-Name-Last: Kajitani
Author-Name: Daisuke Fujii
Author-X-Name-First: Daisuke
Author-X-Name-Last: Fujii
Title: Spatial analysis of competition among local governments and the price of land: the case of Zhejiang Province
Abstract:
This empirical study focuses on competition between local governments as they strive to attract companies through the auction of land use rights. In the literature on competition between local governments, the focus has tended to be toward growth rates based on performance evaluation or tax rate-based competition for attracting companies. In China, the property tax system is still underdeveloped and local governments cannot independently set tax rates. Therefore, this study focuses on a type of ‘dumping’ activity by which local governments auction land use rights to attract industrial companies and empirically test this hypothesis using the spatial lag model.
Journal: Journal of Chinese Economic and Business Studies
Pages: 229-242
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1221268
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1221268
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:229-242
Template-Type: ReDIF-Article 1.0
Author-Name: Fang Liu
Author-X-Name-First: Fang
Author-X-Name-Last: Liu
Author-Name: Jun Zhang
Author-X-Name-First: Jun
Author-X-Name-Last: Zhang
Author-Name: Tian Zhu
Author-X-Name-First: Tian
Author-X-Name-Last: Zhu
Title: How much can we trust China’s investment statistics?
Abstract:
Building upon recent research into the underestimation of China’s official final consumption expenditure, this paper investigates the quality of China’s investment data. We strictly follow the official method to estimate the annual gross fixed capital formation (GFCF) expenditure from 2004 to 2012, and the resulting figures are significantly different from the official statistics. This implies that the ‘total investment in fixed assets’ data, which are the primary source for the estimation of GFCF, grossly exaggerate actual investments, and that the official GFCF figures are not, strictly speaking, independently estimated, as they are purported to be. We deduce that the official gross capital formation figure is more or less a residual item obtained by subtracting final consumption and net exports from the official GDP figure that is calculated based on the production-cum-income approach. As a result, the underestimation of China’s consumption expenditure automatically translates into overestimation of investment expenditure. We conclude that China’s official consumption and investment statistics cannot be trusted as the basis for policy discussions and academic research.
Journal: Journal of Chinese Economic and Business Studies
Pages: 215-228
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1221606
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1221606
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:215-228
Template-Type: ReDIF-Article 1.0
Author-Name: Wen Xiao
Author-X-Name-First: Wen
Author-X-Name-Last: Xiao
Author-Name: Jiadong Pan
Author-X-Name-First: Jiadong
Author-X-Name-Last: Pan
Author-Name: Jiangang Jiang
Author-X-Name-First: Jiangang
Author-X-Name-Last: Jiang
Title: Subnational institutional environment, scale competition and MNEs’ ownership levels in transition economy: evidence from China
Abstract:
This paper shows that the effect of market scale competition on the ownership levels of foreign-funded enterprises is conditioned on sub-national institutional environment in China. Analysis is based on the idea that multinational enterprises subject to the dual pressures of institutional isomorphism and competition in the host country. The provincial panel data from 2001 to 2012 is used for empirical tests. This study indicates that the weaker the legal property rights protection and legal enforcement of contracts, and the higher the opening up, the more the large foreign-funded enterprises decrease their ownership levels, whereas the negative moderating effect incurred by the reduction to government intervention in business is limited significant.
Journal: Journal of Chinese Economic and Business Studies
Pages: 243-261
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1228300
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1228300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:243-261
Template-Type: ReDIF-Article 1.0
Author-Name: Erbiao Dai
Author-X-Name-First: Erbiao
Author-X-Name-Last: Dai
Title: China’s inclusive development strategy and its effect on regional disparity
Abstract:
In 2004, the Chinese Government declared an inclusive development strategy, ‘building a harmonious society’. This paper focuses on regional disparity issues and discusses three questions: (1) What are the background, goals and main tasks of China’s inclusive development strategy? (2) What changes have taken place in China’s regional development strategy under this inclusive development strategy? and (3) What is the recent impact of the regional development strategy on regional disparity in China? Our analysis’ results show that after the late 1970s, China’s regional disparity experienced three sub-periods: a period of decline from 1978 to the early 1990s, a period of increase from the early 1990s to the early 2000s and a period of significant decline after the early 2000s. If we divide China’s overall regional disparity into four components: disparity within the east, disparity within the centre, disparity within the west and disparity between the three regions, the first and the fourth dominated the changes of China’s regional disparity in the past three decades. After the early 2000s, both the reduction of disparity between the three regions and the reduction of disparity within the east have contributed to the significant reduction of China’s overall regional disparity. This result implies that under the China-style inclusive development strategy, the recent adjustment in regional development strategy has considerably reduced the regional disparity in this huge country. However, the recent high economic growth in the inland provinces is heavily dependent on a huge input of capital, which is driven by public investment and seems not to be sustainable. To achieve a more inclusive and sustainable development, the Chinese Government and policy-makers should pay more attention to the issues of the low growth of TFP (total factor productivity) and the low growth of labour input in less-developed provinces.
Journal: Journal of Chinese Economic and Business Studies
Pages: 263-278
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1230696
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1230696
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:263-278
Template-Type: ReDIF-Article 1.0
Author-Name: Jun Zhang
Author-X-Name-First: Jun
Author-X-Name-Last: Zhang
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Author-Name: Shanping Yan
Author-X-Name-First: Shanping
Author-X-Name-Last: Yan
Title: Structural change, industrial upgrading and China’s economic transformation
Abstract:
After more than three decades of opening up and reforms, China has moved from a low to an emerging middle-income country. The main challenge facing the country is how to sustain this momentum and develop into a high-income country and avoid the middle-income trap. In order to achieve this, industrial upgrading and structural change is crucial. This is not an easy process given that very few countries in the world achieved this in the past 50 years. What are the challenges for this transformation? How can the innovation and technological capabilities be developed to upgrade Chinese industries into one of the world’s innovation leaders? These are important questions to address for policy-makers and academics, and are the main theme of an International Conference on Transition and Economic Development (TED), held at Fudan University in 2015.
Journal: Journal of Chinese Economic and Business Studies
Pages: 211-213
Issue: 3
Volume: 14
Year: 2016
Month: 7
X-DOI: 10.1080/14765284.2016.1237803
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1237803
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:3:p:211-213
Template-Type: ReDIF-Article 1.0
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Title: China’s path to the new era
Journal: Journal of Chinese Economic and Business Studies
Pages: 213-214
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1672416
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1672416
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:213-214
Template-Type: ReDIF-Article 1.0
Author-Name: Huiyao Wang
Author-X-Name-First: Huiyao
Author-X-Name-Last: Wang
Title: China and globalization: 40 years of Reform and Opening-up and globalization 4.0
Abstract:
The story of China’s development over the four decades since Reform and Opening-Up was launched is deeply entwined with the process of globalization. China has benefited from and contributed to globalization through increasing cross-border flows of capital, goods and people. Following its development and rise on the international stage, China is now well-placed to play a constructive role in tackling new challenges associated with globalization 4.0. This includes by helping to update global governance mechanisms, acting as a catalyst for regional integration, and continuing to serve as an engine for the global economy. The Belt and Road Initiative will also be an important vector for globalization 4.0 as it helps to bring its enabling infrastructure and technologies to all corners of the globe.
Journal: Journal of Chinese Economic and Business Studies
Pages: 215-220
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1667099
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1667099
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:215-220
Template-Type: ReDIF-Article 1.0
Author-Name: Fan Zhang
Author-X-Name-First: Fan
Author-X-Name-Last: Zhang
Author-Name: Feng Wang
Author-X-Name-First: Feng
Author-X-Name-Last: Wang
Author-Name: Jinghua Ou
Author-X-Name-First: Jinghua
Author-X-Name-Last: Ou
Author-Name: Shujie Yao
Author-X-Name-First: Shujie
Author-X-Name-Last: Yao
Title: Role of high-speed rail on social fixed assets investments in China
Abstract:
Rapid development of high-speed rail (HSR) in the past decade has a tremendous boosting effect on China’s economy and society. Under the ‘New normal’, HSR provides an important physical space for the steady expansion of the national economy. This paper uses a panel dataset comprising 285 prefecture-level cities in 2010–2016 to establish an investment measurement model and estimate the impact of HSR on social fixed assets investment. It also uses the difference-in-difference and propensity score matching tests to verify the results. Two important findings arise from the empirical analyses: (1) HSR development significantly stimulates China’s social fixed assets investment, foreign direct investment and real estate investment; and (2) HSR investment does not substitute for investments in other industries, instead, it supplements them. These findings provide strong theoretical and empirical support for China’s long-term HSR development strategy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 221-244
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1663697
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1663697
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:221-244
Template-Type: ReDIF-Article 1.0
Author-Name: Juwei Zhang
Author-X-Name-First: Juwei
Author-X-Name-Last: Zhang
Author-Name: Wen Zhao
Author-X-Name-First: Wen
Author-X-Name-Last: Zhao
Title: The unreported income and its impact on Gini coefficient in China
Abstract:
Unreported income is an important factor that distorts China’s household income accounting and Gini coefficient calculation. On the basis of comparing NBS household survey data and data from China’s Cash Flow Statement, this paper estimates the size and structure of unreported income in China over recent years. Our study found that about 20% of household disposable income has not been covered by existing household surveys in recent years. In 2015, the omission rate was 19.5%. Operating income and property income have the highest omission rates. Considering that unreported income is primarily owned by high-income people, China’s falling Gini coefficient since 2009 may have resulted from the statistical omission of partial incomes of high-income group. If unreported income is re-included, China’s Gini coefficient would increase by 10 percentage points rather than decrease.
Journal: Journal of Chinese Economic and Business Studies
Pages: 245-259
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1668656
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1668656
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:245-259
Template-Type: ReDIF-Article 1.0
Author-Name: Jiandong Chen
Author-X-Name-First: Jiandong
Author-X-Name-Last: Chen
Author-Name: Ming Pu
Author-X-Name-First: Ming
Author-X-Name-Last: Pu
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Title: The trend of the Gini coefficient of China (1978–2010)
Abstract:
This study proposes a new approach to analyse the effects of an overlap term on the calculation of the overall Gini coefficient and estimates China’s Gini ratios since the adoption of the economic reform and open-door policies. A decomposition of the Chinese Gini coefficient for 1978–2010 reveals that the key factor contributing to income inequalities is the income disparity between rural and urban inhabitants. We further investigate the features of this income inequality between rural and urban areas and employ statistical approaches to evaluate the effects of urbanisation and rural-to-urban average income on nationwide income inequality. The results show that accelerating the pace of urbanisation is mainly responsible for decreasing China’s income disparity. Drawing on these results, we conclude with suggestions for related policies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 261-285
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1663695
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1663695
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:261-285
Template-Type: ReDIF-Article 1.0
Author-Name: Weiying Zhang
Author-X-Name-First: Weiying
Author-X-Name-Last: Zhang
Title: The China model view is factually false
Abstract:
Using a cross-regional analysis of China, this article shows that the China model view is factually false and the universal model view is factually true. It is the marketization and development of non-state sectors, rather than the strong power of government and the state sector, that have driven the Chinese economy to grow fast and to be increasingly innovative. If China wants to sustain its economic performance, it must stay on the way to continuing marketization. Otherwise, China will fall into stagnation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 287-311
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1663696
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1663696
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:287-311
Template-Type: ReDIF-Article 1.0
Author-Name: Jiafu An
Author-X-Name-First: Jiafu
Author-X-Name-Last: An
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Author-Name: Yun Zhang
Author-X-Name-First: Yun
Author-X-Name-Last: Zhang
Title: China’s rule of law in New Era: the rise of regulation and formalism
Abstract:
China’s financial development and economic growth is achieved under weak legal institutions. The literature attributes this counterexample of law–finance–growth nexus to (a) alternative mechanisms in China such as incentives, reputation and relationships and (b) a well-functioning xinfang system with common law features. In recent years, China has made increasing efforts to strengthen its rule of law. The Communist Party of China (CPC) has taken the lead by launching a far-reaching campaign against corruption, establishing a system of inspection tours, and promulgating a large number of regulations. We argue that using regulations to complement laws is effective: CPC has enough bureaucratic prowess to crack down on corruption whereas the courts are subject to subversion by powerful interests. We also discuss the drawbacks of this approach: regulations aiming at ex ante control of corruption substantially increase procedural formalism and limit the discretion of local governments and state-owned enterprises.
Journal: Journal of Chinese Economic and Business Studies
Pages: 313-318
Issue: 3
Volume: 17
Year: 2019
Month: 7
X-DOI: 10.1080/14765284.2019.1672418
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1672418
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:313-318
Template-Type: ReDIF-Article 1.0
Author-Name: Yue Lin
Author-X-Name-First: Yue
Author-X-Name-Last: Lin
Title: Post-crisis China impact on trade integration and manufacturing competitiveness between Argentina and Brazil
Abstract:
Considering the short-term and long-term global financial crisis effects on industrial and trade policies implemented in China, Argentina, and Brazil, this article empirically analyzes China’s impact on trade integration and manufacturing competitiveness between Argentina and Brazil during the post-crisis period. Under a trilateral trade framework, this paper conducts both standard and modified Constant Market Share analyses, using trade data disaggregated at HS 6-digit level between the 2009–2014 period provided by BACI database. The quantitative estimation of relative gains and losses of Argentina and Brazil facing China’s evolving import demand and export supply provides evidence for three main findings. First, it shows the persistence of China’s asymmetric trade pattern with Argentina and Brazil, but a decline in China’s weight in explaining the decreasing bilateral trade intensity between Argentina and Brazil; second, the divergent export performance between Argentina and Brazil to China, mainly attributed to the competitiveness shift in the soybean sector; and finally the enlargement of a competitiveness gap between Mercosur countries and China in the upstream of manufacturing supply chain.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-170
Issue: 2
Volume: 16
Year: 2018
Month: 4
X-DOI: 10.1080/14765284.2017.1423201
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1423201
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:2:p:147-170
Template-Type: ReDIF-Article 1.0
Author-Name: Saiful Alim Rosyadi
Author-X-Name-First: Saiful Alim
Author-X-Name-Last: Rosyadi
Author-Name: Tri Widodo
Author-X-Name-First: Tri
Author-X-Name-Last: Widodo
Title: Impact of Donald Trump’s tariff increase against Chinese imports on global economy: Global Trade Analysis Project (GTAP) model
Abstract:
Donald Trump’s presidential campaign contains several trade protectionism plans. This paper aims to analyze possible global impact of United States’ plan to impose import tariff increase against China. The GTAP model is implemented. The simulations present possible short-run effects of full-protection and manufacturing-only protection with appropriate retaliation response from China. The policy might lead to GDP, terms-of-trade, and welfare decline in United States and China; and an increase in trade balance for United States. Trade diversion pattern is observed in the simulation results, predicting shrinking bilateral trade between the two countries and increasing export toward their third trading partners.
Journal: Journal of Chinese Economic and Business Studies
Pages: 125-145
Issue: 2
Volume: 16
Year: 2018
Month: 4
X-DOI: 10.1080/14765284.2018.1427930
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1427930
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:2:p:125-145
Template-Type: ReDIF-Article 1.0
Author-Name: Peter J. Williamson
Author-X-Name-First: Peter J.
Author-X-Name-Last: Williamson
Author-Name: Simon Hoenderop
Author-X-Name-First: Simon
Author-X-Name-Last: Hoenderop
Author-Name: Jochem Hoenderop
Author-X-Name-First: Jochem
Author-X-Name-Last: Hoenderop
Title: An alternative benchmark for the validity of China’s GDP growth statistics
Abstract:
The veracity of China’s official statistics on GDP growth rates is a matter of debate in both the popular media and academic literature. Given the level of institutional development, its size, complexity and fast pace of change as an emerging economy, there are good reasons to expect that producing reliable and consistent estimates for GDP is difficult. An alternative benchmark would therefore be useful. We propose a benchmark index for the nominal GDP growth constructed bottom-up from publically available and audited total Revenue numbers of 150 major Chinese listed companies covering 19 industry sectors. This benchmark index closely tracks the official statistics, but with some interesting deviations. Validation by using Gross Margin numbers for our Chinese sample and US data produced similar results. The methodology also allowed us to produce estimates of growth at the industry level, which highlights some important changes underway in the structure growth patterns of the Chinese economy.
Journal: Journal of Chinese Economic and Business Studies
Pages: 171-191
Issue: 2
Volume: 16
Year: 2018
Month: 4
X-DOI: 10.1080/14765284.2018.1438867
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1438867
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:2:p:171-191
Template-Type: ReDIF-Article 1.0
Author-Name: Xinjun Lyu
Author-X-Name-First: Xinjun
Author-X-Name-Last: Lyu
Author-Name: Christopher Decker
Author-X-Name-First: Christopher
Author-X-Name-Last: Decker
Author-Name: Jinlan Ni
Author-X-Name-First: Jinlan
Author-X-Name-Last: Ni
Title: Compensation negotiation and corporate governance: the evidence from China
Abstract:
This paper examines CEO pay dispersion for the listed companies in China. We apply a two-tier stochastic frontier model to the CEO compensation framework where asymmetric information generates a surplus between the minimum wage that CEOs accept and the maximum payment that firms offer. This surplus leads to CEO pay dispersion coming from the negotiation power between the CEO and the firm. We generate the surplus extracted by each CEO-firm pair and analyze how corporate governance affects them. An empirical analysis finds that: (1) On average, CEOs are paid 23.26% more than the benchmark; (2) additionally, we examine the bargaining power in state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). We find that CEOs in SOEs have less bargaining power due to compensation regulations. We then examine compensation for new CEOs hired externally and find that CEOs hired externally have less bargaining power on average; and (3) corporate governance has a significant effect on the salary bargaining power of each agent. More specifically, the CEO-Chairman dummy has a significant positive effect on the bargaining power of firms and CEOs, but the latter is larger. Board size has a negative effect on both. Independent directors help improve the bargaining power of the firms and board meeting times help enhance the bargaining power of the CEOs. Equity concentration has a significant negative effect on both sides.
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-213
Issue: 2
Volume: 16
Year: 2018
Month: 4
X-DOI: 10.1080/14765284.2018.1445081
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1445081
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:2:p:193-213
Template-Type: ReDIF-Article 1.0
Author-Name: Junhua Jiang
Author-X-Name-First: Junhua
Author-X-Name-Last: Jiang
Author-Name: Janne Äijö
Author-X-Name-First: Janne
Author-X-Name-Last: Äijö
Title: Equity volatility connectedness across China’s real estate firms and financial institutions
Abstract:
The study investigates the dynamic equity volatility connectedness across the major real estate firms, banks, and other financial institutions in China. Based on the relative level of equity volatility connectedness, the study also examines the systemic importance of real estate firms and banks. The study shows that despite widespread worries about potential real estate bubbles in China, total directional connectedness from real estate firms to banks has decreased over the sample period. In contrast, total directional connectedness from banks to the real estate firms and to the financial institutions has become stronger over the sample period, which implies stronger risk originating from the banking sector. The study also shows that size plays an important role in determining the systemic importance of a real estate firm to the banking sector. The largest real estate firm displays the highest average systemic importance ranking. However, size does not appear to be the determinant factor of the systemic importance of a bank to the financial system. The largest bank shows the lowest average systemic importance ranking and 70% probability of being the least or second least systemically important bank in the long run.
Journal: Journal of Chinese Economic and Business Studies
Pages: 215-231
Issue: 2
Volume: 16
Year: 2018
Month: 4
X-DOI: 10.1080/14765284.2018.1446237
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1446237
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:2:p:215-231
Template-Type: ReDIF-Article 1.0
Author-Name: V.N. Balasubramanyam
Author-X-Name-First: V.N.
Author-X-Name-Last: Balasubramanyam
Title: China and India’s economic relations with African Countries – neo-colonialism eastern style?
Abstract:
A significant feature of globalisation is the advent of Chinese and Indian firms as overseas investors. Investments by these two countries though not large in volume have grown apace and given a new lease of life to writings on foreign direct investment. Most of these studies including the statistical studies on the determinants of these investments replicate the conclusions of studies on foreign investment in general. Although not large in volume investments of Chinese and Indian firms in natural resource extraction industries, including oil in African countries, have reignited the controversies on the contribution of foreign investment to development. This paper reviews the contribution of these studies and argues that a fresh perspective is required to analyse both the determinants and impact of foreign investment by China and India on the host economies. Their contribution to the development of the African countries may be much more substantial than that of investments by the developed countries mostly because of their experience and awareness of development issues.
Journal: Journal of Chinese Economic and Business Studies
Pages: 17-31
Issue: 1
Volume: 13
Year: 2015
Month: 1
X-DOI: 10.1080/14765284.2014.994844
File-URL: http://hdl.handle.net/10.1080/14765284.2014.994844
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:1:p:17-31
Template-Type: ReDIF-Article 1.0
Author-Name: Nan Zheng
Author-X-Name-First: Nan
Author-X-Name-Last: Zheng
Author-Name: Yi Qu
Author-X-Name-First: Yi
Author-X-Name-Last: Qu
Title: What explains the performance of Chinese exporting firms?
Abstract:
Drawing on the entry mode (EM) literature and the strategic tripod framework, we examine whether firm performance is influenced by its outward foreign direct investment (OFDI) mode, controlling other firm-, industry- and institution-specific factors. It is found that employing OFDI does not improve an exporting firm’s performance. This is not surprising as anecdotal evidence shows that many Chinese firms with OFDI have been making loss in the host country. This may indicate exporting firms employ OFDI to seek complementary and strategic resources/assets, not to improve immediate firm performance. Furthermore, firm performance is influenced by strategic assets, including technology-based capabilities and brands, at the firm level, industry entry barriers at the industry level and the home and host country institutional support at the country level.
Journal: Journal of Chinese Economic and Business Studies
Pages: 51-70
Issue: 1
Volume: 13
Year: 2015
Month: 1
X-DOI: 10.1080/14765284.2014.994845
File-URL: http://hdl.handle.net/10.1080/14765284.2014.994845
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:1:p:51-70
Template-Type: ReDIF-Article 1.0
Author-Name: Frank McDonald
Author-X-Name-First: Frank
Author-X-Name-Last: McDonald
Title: Institutional systems and catch-up in China
Abstract:
This study examines the effects of institutional systems on the ability of firms to innovate and thereby contribute to the catch-up process in China. The most commonly used model of the effects of institutional systems on economic developed is summarised and employed to reveal that it does not sufficiently focus on the role of the interaction between firms and institutional systems and subsequent implications for the innovations necessary for emerging economies to catch up. A model centred on firms is constructed to enable an analysis of how institutional factors may affect important drivers of catch-up such as access to resource pools, support to help to use resources to develop competencies capable of sustaining innovation and the ability to engage in institutional entrepreneurship to help the evolution of effective institutional systems. The model highlights that innovation compatible with catch-up requires a large number of firms to be able to access appropriate resources. This requires institutional systems that permit and encourage the evolution of complex and extensive network links that can entrench many indigenous firms into foreign direct investment and trade flows and the means to access, at low cost and risk, from suitably developed national resources pools. Most importantly, institutional systems need to enable and support many indigenous and foreign firms (that have good potential to use resources effectively to create the competencies necessary to innovate) and thereby empower such firms so they can deliver innovation compatible with catch-up. Potential institutional impediments to these requirements are explored, especially problems arising from insiders and outsiders that emerge from the nature of informal institutional systems. The study concludes with some suggested research questions that may help to increase understanding of the effects of institutional systems on the ability of firms to innovate to contribute to the catch-up process.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-15
Issue: 1
Volume: 13
Year: 2015
Month: 1
X-DOI: 10.1080/14765284.2014.994846
File-URL: http://hdl.handle.net/10.1080/14765284.2014.994846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:1:p:1-15
Template-Type: ReDIF-Article 1.0
Author-Name: Jingjing Yang
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yang
Author-Name: Sana Khalil
Author-X-Name-First: Sana
Author-X-Name-Last: Khalil
Title: Do innovation dimensions matter in China’s cross-regional income differences?
Abstract:
This paper studies the interlinks between innovation inputs and outputs and between innovation outputs and economic development. Using a panel data-set from 31 regions of China, we show that the difference in regional innovation output can be significantly explained by R&D manpower and expenditure, highly educated students, and public education spending, while GDP is linked to patent, high-tech export share, and new product sales. Our findings provide support for the use of government R&D subsidies and education rebate.
Journal: Journal of Chinese Economic and Business Studies
Pages: 71-85
Issue: 1
Volume: 13
Year: 2015
Month: 1
X-DOI: 10.1080/14765284.2014.994847
File-URL: http://hdl.handle.net/10.1080/14765284.2014.994847
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:1:p:71-85
Template-Type: ReDIF-Article 1.0
Author-Name: Helian Xu
Author-X-Name-First: Helian
Author-X-Name-Last: Xu
Author-Name: Jing Qin
Author-X-Name-First: Jing
Author-X-Name-Last: Qin
Title: The structure and nodes’ role of the world coal trade network
Abstract:
This paper employs the network approach to study the structure and nodes’ role of the world coal trade network. Based on the bilateral coal trade data of 212 countries (or regions) over the period from 2001 to 2010, this study analyses the world coal trade network, the network’s directionality and heterogeneity, and the roles of network nodes. It is found that the size of the world coal trade network is relatively stable, while the trade links and volume have been growing overtime. Because of the buyer–seller dual structure between exporters and importers, the network shows strong directionality. It also exhibits heterogeneity because of the uneven distribution of trade among different countries. In general, most countries can be classified as the in-nodes, followed by the middleman-nodes, then the cycle-nodes and out-nodes. Finally, the web shows a remarkably significant core–periphery structure and core–half-an-edge–edge structure and the core layers of each model are quite stable.
Journal: Journal of Chinese Economic and Business Studies
Pages: 33-49
Issue: 1
Volume: 13
Year: 2015
Month: 1
X-DOI: 10.1080/14765284.2014.994848
File-URL: http://hdl.handle.net/10.1080/14765284.2014.994848
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:13:y:2015:i:1:p:33-49
Template-Type: ReDIF-Article 1.0
Author-Name: Shulin Wang
Author-X-Name-First: Shulin
Author-X-Name-Last: Wang
Author-Name: Mahfuzul Haque
Author-X-Name-First: Mahfuzul
Author-X-Name-Last: Haque
Author-Name: Steven Lamb
Author-X-Name-First: Steven
Author-X-Name-Last: Lamb
Title: Does transfer of control rights and private benefits of control increase efficiency? Evidence from China’s privatization of the SOE’s
Abstract:
This study assesses China’s overall privatization efficiency from the perspective of private benefits of control. Results suggest that there is no statistically significant change in the firm’s performance after the transfer. However, ROE is negatively correlated with the magnitude of block premiums at the point of purchase. The research also finds that the average private benefit of a private controlling shareholder is significantly higher than that of a state-controlling shareholder. Obtaining private benefits of control is often the private buyers’ main acquisition motive. However, private benefit undermines the future corporate performance; therefore, lowering the private benefits may help improve the efficiency of privatization. As of now, privatization by means of controlling right transfer among listed companies is inefficient in China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 329-346
Issue: 4
Volume: 14
Year: 2016
Month: 10
X-DOI: 10.1080/14765284.2016.1175766
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1175766
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:4:p:329-346
Template-Type: ReDIF-Article 1.0
Author-Name: Ryuhei Wakasugi
Author-X-Name-First: Ryuhei
Author-X-Name-Last: Wakasugi
Author-Name: Hongyong Zhang
Author-X-Name-First: Hongyong
Author-X-Name-Last: Zhang
Title: Impacts of the WTO accession on Chinese exports
Abstract:
Using firm-level panel data of the Chinese electrical machinery and communication equipment manufacturers, this paper reveals that, after the entry into the World Trade Organization (WTO, henceforth), the export of Chinese firms was accelerated by a rise of productivity, but was not uniform among ownership structures. Classifying the firms into private domestic firms, state-owned enterprises, and foreign-invested enterprises, our empirical estimation concludes that the entry into the WTO had a ‘productivity effect’ on Chinese exports, and an asymmetric ‘ownership effect,’ which was less favorable to the exports for state-owned enterprises.
Journal: Journal of Chinese Economic and Business Studies
Pages: 347-364
Issue: 4
Volume: 14
Year: 2016
Month: 10
X-DOI: 10.1080/14765284.2016.1178520
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1178520
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:4:p:347-364
Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang
Author-X-Name-First: Yanqing
Author-X-Name-Last: Jiang
Title: Trade integration and regional inequality: a theoretical framework with empirical implications for China
Abstract:
In this paper we present a theoretical framework for studying integration and inequality in China, followed by some empirical discussions of the Chinese regions. Employing the inframarginal methodology, we set up a theoretical framework based on transaction efficiency and comparative advantage in order to explain integration and inequality in developing economies. Our analyses imply that, among other findings, increases in domestic transaction efficiencies tend to reduce welfare inequalities in a developing economy while increases in international transaction efficiencies tend to raise the overall welfare level of a developing economy. These and other related results of this paper may have important implications for developing countries (China) in their policy-making.
Journal: Journal of Chinese Economic and Business Studies
Pages: 365-384
Issue: 4
Volume: 14
Year: 2016
Month: 10
X-DOI: 10.1080/14765284.2016.1208398
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1208398
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:4:p:365-384
Template-Type: ReDIF-Article 1.0
Author-Name: Maria Csanádi
Author-X-Name-First: Maria
Author-X-Name-Last: Csanádi
Title: Varieties of communist system transformation and their common systemic grounds: a comparative study of China and East European countries
Abstract:
This paper analyzes the similarities and differences in the structure and dynamics of party–state systems and their different metamorphosis from a comparative perspective. This approach allows interpretation of the Chinese system specifics and its transformation within this framework. Theoretical findings are based on empirical research carried out in Hungary, Romania, and China by the author between 1975 and 2014. Empirical research revealed a politically monopolized interactive and intertwined network of dependency and interest promotion among actors in the party, the state, and the economy during decision-making. This network possesses similar elements and connecting and operating principles whatever the time, the space, and the level of its aggregation. It renders the structural background of power distribution and that of the politically rational behavior of economic actors in the selective distribution of resources and in the overall drive for growth, resulting in frequent investment overheating and overcapacity. The comparative framework also defines the structural varieties of power distribution in the network that are responsible for the differences in the operation and the sequence, speed, and conditions of system transformation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 385-412
Issue: 4
Volume: 14
Year: 2016
Month: 10
X-DOI: 10.1080/14765284.2016.1210893
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1210893
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:4:p:385-412
Template-Type: ReDIF-Article 1.0
Author-Name: Gary H. Jefferson
Author-X-Name-First: Gary H.
Author-X-Name-Last: Jefferson
Title: China’s new lost generation: the casualty of China’s economic transformation
Abstract:
China’s surge into global middle-income status over the space of three decades has been spectacular. However, a potentially large and burdensome cost has been imposed on a generation of adolescents and young adults who abandoned the countryside, and with it access to basic education, in order to seek the anticipated advantages of jobs in the country’s burgeoning urban-industrial sector. This large swath of off-farm migrants transformed China. It propelled China to the status of the ‘world’s factory’ and created the scale and accumulated learning-by-doing enabling China’s transition to a ‘knowledge economy’ that no longer depends on the labor of China’s new ‘Lost Generation.’ As the Lost Generation and its left-behind children, who suffer from a chronic lack of schooling, thicken the lower tail of China’s income distribution, it may be the rising, prosperous urban middle class that ultimately incurs the social, economic, and political challenges associated with China’s generation of off-farm migrant households once essential for launching China’s economic ascent.
Journal: Journal of Chinese Economic and Business Studies
Pages: 309-328
Issue: 4
Volume: 14
Year: 2016
Month: 10
X-DOI: 10.1080/14765284.2016.1221725
File-URL: http://hdl.handle.net/10.1080/14765284.2016.1221725
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:14:y:2016:i:4:p:309-328
Template-Type: ReDIF-Article 1.0
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Author-Name: Kierstin Bolton
Author-X-Name-First: Kierstin
Author-X-Name-Last: Bolton
Author-Name: Theo Westphal
Author-X-Name-First: Theo
Author-X-Name-Last: Westphal
Title: The effect of the New Silk Road railways on aggregate trade volumes between China and Europe
Abstract:
‘One Belt One Road’ is an extensive and complex initiative whose potential effect and influence are still currently pending for answers. This paper addresses the following research question: What is the effect of the New Silk Road intercontinental railways on the trade between China and its trading partners in Central Asia and Europe? We focus on nine railway lines connecting Europe and China, which started operations between 2011 and 2015. The countries’ trade patterns with railway connections to China are then compared to the countries without railway connections to China. We find the intercontinental railways have a positive effect on China’s exports to its trading partners in Central Asia and Europe, especially concerning exports of manufactured goods, machinery and transport equipment and miscellaneous manufactured articles. Moreover, the intercontinental railways have a positive effect on China’s imports of food and live animals from its trading partners.
Journal: Journal of Chinese Economic and Business Studies
Pages: 275-292
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1453720
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1453720
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:275-292
Template-Type: ReDIF-Article 1.0
Author-Name: Paul Cammack
Author-X-Name-First: Paul
Author-X-Name-Last: Cammack
Title: Situating the Asian Infrastructure Investment Bank in the context of global economic governance
Abstract:
The creation of the Asian Infrastructure Investment Bank (AIIB)was welcomed by the World Bank but opposed by the Obamaadministration. The paper explains China’s positive relationshipwith the Bank and the Organization for Economic Cooperation andDevelopment (OECD) in terms of the mission of the Bank, sharedby the OECD, to develop and deepen the global economy. The AIIBand the related Belt and Road initiative promise to do this throughinvestment in infrastructure and connectivity in and around thepoorly integrated Eurasian landmass. But while the current Chineseleadership has supported an inclusive global economy based uponfree trade and supported by multilateral institutions, China’s controlof resources outside the multilateral framework and adherence topractices that challenge liberal principles prompt suspicions thatthese commitments are either disingenuous or anyway subjectto reversal. In itself, therefore, the AIIB provides no conclusiveevidence either way on China’s future course.
Journal: Journal of Chinese Economic and Business Studies
Pages: 241-258
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1476082
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1476082
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:241-258
Template-Type: ReDIF-Article 1.0
Author-Name: Ling Fang
Author-X-Name-First: Ling
Author-X-Name-Last: Fang
Author-Name: Shamim Shakur
Author-X-Name-First: Shamim
Author-X-Name-Last: Shakur
Title: Impact of trade cost on China-EU agri-food trade
Abstract:
In this research, we investigate trade costs in relation to China-EU trade in agri-food products during 2001–2015. Major components of trade cost include transportation costs, border-related policy barriers such as tariffs, and local distribution costs. Our results indicate that trade costs between China and EU involving agri-food products, although falling, remain abnormally high. Consequently, we find that trade cost reductions contribute to over half of the overall China-EU trade growth. Our decomposition technique demonstrates that economic growth and trade cost reductions are the key drivers of China-EU trade expansion. Implementation of the Belt and Road Initiative (BRI) would reduce high trade costs to increase EU-China bilateral agricultural trade significantly. This is not fully captured in the gravity models where a static distance is usually used as a proxy to trade cost. The BRI will not reduce the distance, but it will cut transportation and other components of trade cost for China-EU trade.
Journal: Journal of Chinese Economic and Business Studies
Pages: 259-274
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1482089
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1482089
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:259-274
Template-Type: ReDIF-Article 1.0
Author-Name: Maria Danilovich
Author-X-Name-First: Maria
Author-X-Name-Last: Danilovich
Title: The ‘Belt and Road Initiative’ in the discourses of the Central Asian states: political rhetoric of growth and academic prognostication
Abstract:
As official discourses throughout Central Asia reflect, China’s ‘Belt and Road Initiative’ has become very attractive to the local regimes. They perceive it as corresponding to the urgent need to achieve social and economic growth and maintain alternatives for international cooperation. Political elites have incorporated the BRI-agenda into their rhetoric of growth and actively promote the idea of BRI’s ‘conjugation’ with local development plans. The success of the initiative, however, differs from state to state.The BRI-related narratives of local expert communities mainly correspond to the goals set by the officials. At the same time, local experts elucidate important issues, such as BRI’s impact on national security, Chinese migration, and public discontent. These elucidations may adjust the official stand towards the BRI. The possibility of such adjustments, varying in different Central Asian states, depends in each case on the openness of a regime to scholarly prognostications.Abbreviations: BRI - Belt and Road Initiative; CDA - Critical Discourse-Analysis; DHA - Discourse-Historical Approach; SCO - Shanghai Cooperation Organisation; EAEU - Eurasian Economic Union; TAPI -Turkmenistan-Afghanistan-Pakistan-India (pipeline)
Journal: Journal of Chinese Economic and Business Studies
Pages: 293-312
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1482090
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1482090
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:293-312
Template-Type: ReDIF-Article 1.0
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Author-Name: Markus Taube
Author-X-Name-First: Markus
Author-X-Name-Last: Taube
Title: The implications of the ‘Belt and Road Initiative’ on globalization and inclusive growth for the Eurasian continent
Abstract:
The ‘Belt and Road Initiative’ (BRI) and other emergent forms of transnational institution building raise new fundamental issues for economists and social scientists. Can BRI become a template for a new phase in the globalization process – a stage in which China takes a more proactive role? Can BRI help Central Asian economies that until now had been standing on the sidelines become fully integrated into the global division of labor? This article tries to analyze China’s potential of assuming a more central role in international economic governance and globalization process, which would also be in line with the size of its population and GDP. Further, the article analyzes the potential impacts of the BRI on inclusive growth for the poorly integrated Eurasian landmass by inspecting several direct and indirect channels.
Journal: Journal of Chinese Economic and Business Studies
Pages: 233-240
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1491667
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1491667
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:233-240
Template-Type: ReDIF-Article 1.0
Author-Name: K.C. Fung
Author-X-Name-First: K.C.
Author-X-Name-Last: Fung
Author-Name: Nathalie Aminian
Author-X-Name-First: Nathalie
Author-X-Name-Last: Aminian
Author-Name: Xiaoqing (Maggie) Fu
Author-X-Name-First: Xiaoqing (Maggie)
Author-X-Name-Last: Fu
Author-Name: Chris Y. Tung
Author-X-Name-First: Chris Y.
Author-X-Name-Last: Tung
Title: Digital silk road, Silicon Valley and connectivity
Abstract:
In this article, we provide an up-to-date analysis of innovation and the Belt and Road Initiative (BRI). We argue here that the confluence of technology and the Silk Road is not new. During the Ancient Silk Road, China’s indigenous innovations diffused to other economies (the first process of diffusion). What is new this time is that much of the innovations may have originated in Silicon Valley, California. However, China adapted, metamorphosized some such inventions and at the same time independently created many technology business models. Through the New Silk Road, China may carry out a second diffusion process and spread innovations from Silicon Valley to other BRI countries. To enrich the study of the Digital Silk Road, we construct a formal, economic model of a connected region and show how this can affect Internet start-ups and their entrepreneurs.We are very grateful for many constructive comments provided by two anonymous referees and an editor. We have improved and revised our article according to their very useful suggestions. All errors, however, remain ours.
Journal: Journal of Chinese Economic and Business Studies
Pages: 313-336
Issue: 3
Volume: 16
Year: 2018
Month: 7
X-DOI: 10.1080/14765284.2018.1491679
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1491679
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:3:p:313-336
Template-Type: ReDIF-Article 1.0
Author-Name: John Knight
Author-X-Name-First: John
Author-X-Name-Last: Knight
Title: China’s evolving inequality
Abstract:
China’s inequality is evolving. This paper brings the story up to date, drawing on recent research, much of it by the author. It begins with a brief account of rising inequality, and its causes, over the period of economic reform. It then examines the fall in the inequality of income in recent years and the reasons for this reversal of trend. Inequality of wealth, by contrast, has risen over the twenty-first century: its dimensions, components and causes are analysed. The final substantive section considers the evaluation of inequality in more depth and detail than is conventional, and provides pointers as to how value judgements about inequality might be made.
Journal: Journal of Chinese Economic and Business Studies
Pages: 307-323
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1317171
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1317171
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:307-323
Template-Type: ReDIF-Article 1.0
Author-Name: Wenya Cheng
Author-X-Name-First: Wenya
Author-X-Name-Last: Cheng
Title: The impact of parental education on children’s outcomes in China
Abstract:
This paper exploits the exogenous shock to basic education during the Chinese Cultural Revolution to estimate the causal relationship between parental schooling and children’s educational attainment in China. Using deviations of cohort graduation rates from predicted education trends as instruments for parents’ education, the results indicate that an additional year of parental education increases children’s probability of completing junior and senior high schools by 7.94 and 9.76%, respectively. Parental education not only has positive and significant effects on children’s schooling outcomes, its importance also increases with children’s education level. These findings suggest that public investment in education has important long-term effects on individual’s educational achievement.
Journal: Journal of Chinese Economic and Business Studies
Pages: 423-436
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1318251
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1318251
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:423-436
Template-Type: ReDIF-Article 1.0
Author-Name: Qing-Ping Ma
Author-X-Name-First: Qing-Ping
Author-X-Name-Last: Ma
Title: Contribution of interest rate control to China’s economic development
Abstract:
China’s economy has grown at an unprecedented pace since 1978, which has resulted in a sustained improvement in the average living standard in China. A theoretical model is developed in the present study to analyze the role of interest rate control in China’s economic growth, where investment is primarily determined by interest rates available to firms and entrepreneurs. When the central bank regulates the interest rates and makes them below the equilibrium rate, high-level investment activities boost economic growth and introduce new technologies into the economy, which in turn promotes growth in labour productivity. As the current marginal product of capital is much higher than the interest rate, the output growth is much faster than consumption growth and exports become an important part of the economy. To maintain competitiveness of exports over a longer period, it is necessary to keep exchange rates low, which results in large foreign exchange reserves. When the export sector is losing its competitiveness edge due to increased labour costs and exports cannot digest the difference between output growth and consumption plus investment growth, interest rate control may lose its positive impact on economic growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 325-352
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1342057
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1342057
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:325-352
Template-Type: ReDIF-Article 1.0
Author-Name: Mariko Watanabe
Author-X-Name-First: Mariko
Author-X-Name-Last: Watanabe
Author-Name: Kensuke Kubo
Author-X-Name-First: Kensuke
Author-X-Name-Last: Kubo
Author-Name: Michikazu Kojima
Author-X-Name-First: Michikazu
Author-X-Name-Last: Kojima
Title: Refining estimates of air conditioning energy consumption in Asian countries: stock volume and energy efficiency labeling and standard
Abstract:
In order to evaluate how the standard and labeling program for energy efficiency reduces energy demand in an economy, we must know how many appliances work and the total energy consumption capacity developed before and after the introduction of the program. This paper calculates the stock of air conditioners and its total electricity consumption capacity based on GfK market survey and collected data by authors. The results show that Japan has experienced a substantial reduction of electricity demand from air conditioning overall in the economy. However, Thailand and China maintain their average electricity consumption levels, but are unable to reduce total demand. A study of the energy efficiency standard-labeling mechanism development and market outcomes reveals that Thailand and China fail to continuously improve energy efficiency, although the mechanism curbed the increasing inefficiency. This implies that China’s and Thailand’s mechanisms need to raise the upper bound of the distribution of energy efficiency.
Journal: Journal of Chinese Economic and Business Studies
Pages: 407-421
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1342058
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1342058
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:407-421
Template-Type: ReDIF-Article 1.0
Author-Name: Dongyang Zhang
Author-X-Name-First: Dongyang
Author-X-Name-Last: Zhang
Title: Is working capital management value-enhancing through alleviating financial constraints? Evidence from Chinese non-listed firms
Abstract:
Financial factors have been found highly important in influencing firms’ real activities and in promoting aggregate growth. Yet, the linkage between finance and firm-level total factor productivity (TFP) has been overlooked in the literature. I fill this gap using 147,310 non-listed Chinese firms over the period 1999–2007 to estimate a TFP model augmented with working capital. I find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly external financial constrained, highly internal financial constrained, under-developed institutional regions and small size private and foreign firms are more sensitive to working capital.
Journal: Journal of Chinese Economic and Business Studies
Pages: 373-406
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1346929
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346929
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:373-406
Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Shakil Wahed
Author-X-Name-First: Mohammad Shakil
Author-X-Name-Last: Wahed
Title: How successfully China has applied the OECD principles of corporate governance: a critical assessment
Abstract:
This paper attempts to critically analyze how successful China has been in applying the OECD principles of corporate governance. In doing so, assessment has been made in light of the six core issues of the OECD principles. A satisfactory level of progress has been noted in China’s legal and regulatory framework since the 1990s. New laws, regulations, and rules have been enacted, existing ones have been amended, and all the required institutions have been built accordingly in order to ensure good corporate governance practices in the country. However, there are still bottlenecks in terms of the enforcement of these laws, regulations, and rules mainly due to the various structural limitations in the Chinese administration and judiciary. The paper argues that China should now move forward with an accelerated enforcement agenda in the area of corporate governance in order to make China Inc. more competitive and sustainable.
Journal: Journal of Chinese Economic and Business Studies
Pages: 353-372
Issue: 4
Volume: 15
Year: 2017
Month: 10
X-DOI: 10.1080/14765284.2017.1371562
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1371562
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:15:y:2017:i:4:p:353-372
Template-Type: ReDIF-Article 1.0
Author-Name: Samuel A. Beatson
Author-X-Name-First: Samuel A.
Author-X-Name-Last: Beatson
Author-Name: Jian Chen
Author-X-Name-First: Jian
Author-X-Name-Last: Chen
Title: Foreign investment, corporate governance and performance in the Chinese listed A Share companies
Abstract:
We present a novel lens on the presence and impact of qualified foreign institutional investors (QFII) in top shareholdings of the non-financial domestically listed Chinese ‘A’ share firms. The initial results suggest that the presence of a QFII as a top shareholder in these companies is associated with their better performance, using both Tobin’s Q and ROA as the performance measures. Our models include variables representing corporate governance mechanisms, foreign legal person shares, a proxy for international affiliations and a number of time-variant firm characteristics. Economically, the coefficient of impact on the market measure is the more significant, while the effect of having a QFII in top shareholdings on both performance measures is empirically significant. Previously, studies have often ignored the potential for reverse causality beyond using lagged regressors. This is problematic. Therefore, we follow up with a 2SLS instrumental variables and system GMM model to further mitigate this potential and find the empirical relationship holds. Contrary to earlier work on QFIIs and governance post-implementation of the QFII scheme, the findings from our models suggest that the presence of a QFII top shareholder augments market performance holding equal existing corporate governance mechanisms and other controls.
Journal: Journal of Chinese Economic and Business Studies
Pages: 59-93
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1346931
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1346931
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:59-93
Template-Type: ReDIF-Article 1.0
Author-Name: Yunfei Wang
Author-X-Name-First: Yunfei
Author-X-Name-Last: Wang
Author-Name: Xiaozhou Li
Author-X-Name-First: Xiaozhou
Author-X-Name-Last: Li
Author-Name: Zhichao Zhang
Author-X-Name-First: Zhichao
Author-X-Name-Last: Zhang
Author-Name: Zhuang Zhang
Author-X-Name-First: Zhuang
Author-X-Name-Last: Zhang
Title: Rise of the gold market in China: liberalisation and market development
Abstract:
The Chinese gold market is rapidly rising to global prominence in the recent decades. The paper reviews the history of the gold market in China and its liberalisation process amid the country’s opening to the outside world. Details of the current market structure and its main business are presented. Global impacts of the rise of the Chinese gold market are discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 17-38
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1378853
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1378853
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:17-38
Template-Type: ReDIF-Article 1.0
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Author-Name: Nathalie Aminian
Author-X-Name-First: Nathalie
Author-X-Name-Last: Aminian
Author-Name: Xiaoqing (Maggie) Fu
Author-X-Name-First: Xiaoqing (Maggie)
Author-X-Name-Last: Fu
Author-Name: Iikka Kornhohen
Author-X-Name-First: Iikka
Author-X-Name-Last: Kornhohen
Title: Internationalization of the use of Chinese currency: perspectives from the New and the Ancient Silk Roads
Abstract:
In this paper, we provide an up-to-date analysis of issues and perspectives related to the potential international and regional use of the Chinese currency, with a special focus on the New Silk Road (or One Belt, One Road OBOR) initiative as well as an examination of the use of various forms of Chinese money along the Ancient Silk Road. From the perspectives of China, the OBOR project fulfills several national objectives, with the internationalization of the RMB being one potential aim. We adopt and extend an agglomeration-geography model and apply the model to the OBOR initiative and the resulting increased use of the Chinese currency. Our paper also provides a discussion of the experiences of using various forms of Chinese money along the Ancient Silk Road.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-16
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1408255
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1408255
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:1-16
Template-Type: ReDIF-Article 1.0
Author-Name: Wilfred Dolfsma
Author-X-Name-First: Wilfred
Author-X-Name-Last: Dolfsma
Author-Name: Killian McCarthy
Author-X-Name-First: Killian
Author-X-Name-Last: McCarthy
Title: The emergence and performance of the Chinese merger market and the impact of partner location
Abstract:
Chinese acquirers spent $38 million on mergers and acquisitions in 1990, and $666.1 billion on mergers and acquisitions in 2016. As the Chinese merger market has grown, so too has the literature on its performance. Little is known, however, about with whom Chinese firms can best do business. We aim to fill this gap. We suggest that because the liabilities of distance, foreignness, and outsideness complicate acquisition performance, targets in countries and regions which add fewer of these liabilities will outperform those that add more. We plot the overseas expansion of Chinese acquirers, and compare the performance of Chinese acquisitions, within the Greater China region, within the Confucian cultural sphere, and between Asian and the West. In each case, we predict that increasing cultural distance decreases performance. Then, because the Continental European governance system is institutionally more familiar to the Chinese system than it is to the Anglo-Saxon system, we consider the Chinese experience in each of these two systems. Our results largely support our hypotheses built on the partner location performance hierarchy argument, but we also point to the limits of the generalizability of existing literature in understanding the Chinese market.
Journal: Journal of Chinese Economic and Business Studies
Pages: 39-58
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1410377
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1410377
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:39-58
Template-Type: ReDIF-Article 1.0
Author-Name: Xu Tian
Author-X-Name-First: Xu
Author-X-Name-Last: Tian
Author-Name: Xiaohua Yu
Author-X-Name-First: Xiaohua
Author-X-Name-Last: Yu
Author-Name: Stephan Klasen
Author-X-Name-First: Stephan
Author-X-Name-Last: Klasen
Title: Gender discrimination in China revisited: a perspective from family welfare
Abstract:
The strong son preference tradition in China has been weakened by the rapid development in the cultural, economic, political, and social environment, which leads to a rather ambiguous picture regarding the situation of women and girls. This article revisits this issue by comparing two approaches inspired from Engel’s method to identify equivalence scales, and directly measures and tests gender bias using household expenditure and food consumption data. Using both parametric and semiparametric estimates, we find that households need a higher compensation for the arrival of a boy than the arrival of a girl, implying that gender inequality still exists in China, particularly in rural China. We find no evidence that education reduces gender inequality in China, and the results are quite robust to using different methods. Our study indicates that gender inequality does not only extend to sex-selective abortions but still affects living children. To reduce this inequality, more attention and efforts are needed to reduce son preference. More generally, the method developed in this study can also be used to proxy welfare changes in household.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-115
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1410378
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1410378
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:95-115
Template-Type: ReDIF-Article 1.0
Author-Name: Jinglian Wu
Author-X-Name-First: Jinglian
Author-X-Name-Last: Wu
Title: China’s macroeconomy: main challenges and countermeasures
Abstract:
At the turn of the twenty-first century, the Chinese economy has become a leader from a complete follower in some industries. Thus, without innovation, it will be difficult for China to keep improving its technology further in the twenty-first century. Under the situation that ‘cash is of paramount importance’, the expansionary monetary policy leads to an increasing liquidity. People, with more money at hand, are prone to invest in stocks rather than in industries because it could be harder to withdraw their money from long-term investments. This phenomenon leads to bubbles in stocks and real estates in China. Based on the current situations, Professor Wu advocates an inclusive tax cut policy, as one of the biggest problems many Chinese entrepreneurs face is a lack confidence in the future. The main function of the government is to provide public goods, not to manipulate the market, intervene in the micro economy or ‘adjust the structure’ directly.
Journal: Journal of Chinese Economic and Business Studies
Pages: 117-123
Issue: 1
Volume: 16
Year: 2018
Month: 1
X-DOI: 10.1080/14765284.2017.1419022
File-URL: http://hdl.handle.net/10.1080/14765284.2017.1419022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:1:p:117-123
Template-Type: ReDIF-Article 1.0
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Author-Name: Jinghai Zheng
Author-X-Name-First: Jinghai
Author-X-Name-Last: Zheng
Title: Introduction to the special issue on ‘global trading system and protectionism: China, the United States and Europe’
Abstract:
In this Introduction to our Special Issue, we provide detailed and critical comments and summaries of the excellent papers. The papers are important contributions to the China-U.S. and China-Europe economic and trade issues in the context of the global trading environment, as shaped by the current unorthodox policies of the Trump Administration. The wonderful papers dealt with relevant issues related to international trade, investment, national security, trade laws, intellectual property rights laws, political science, business, etc. They constitute a must-read for academics, policy and business researchers, think tank fellows, experts in international organizations, as well as government-related researchers in various national capitals. The three Co-editors are all experienced and accomplished academics with vast experiences in public policies. As academics, they may hold different views but their unique and diverse perspectives provide an important background to the Special Issue. They jointly contributed major efforts to this timely and important Special Issue.
Journal: Journal of Chinese Economic and Business Studies
Pages: 319-325
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2020.1742477
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1742477
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:319-325
Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence J. Lau
Author-X-Name-First: Lawrence J.
Author-X-Name-Last: Lau
Title: Economic relations between China and the U.S
Abstract:
First, we summarise the chronology of the China-U.S. trade war. We then show that the China-U.S. trade surplus, correctly measured, is not as large as it is made out to be, but is nevertheless still a large number. In terms of the total domestic value-added generated by the exports of goods to each other, the China-U.S. bilateral gap is even smaller. Next, we analyse both the immediate and real impacts of the mutual tariffs on the two economies. Third, we discuss economic and technological competition between China and the U.S. and present long-term projections of the two economies to 2050. Fourth, we identify the economic complementarities between China and the U.S. We then discuss the possibility of coordinated expansion of trade. Fifth, we also discuss the thorny bilateral issues in the economic relations between the two countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 327-363
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2020.1712887
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1712887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:327-363
Template-Type: ReDIF-Article 1.0
Author-Name: Leonard K. Cheng
Author-X-Name-First: Leonard K.
Author-X-Name-Last: Cheng
Author-Name: Gregory W. Whitten
Author-X-Name-First: Gregory W.
Author-X-Name-Last: Whitten
Author-Name: Jingbo Hua
Author-X-Name-First: Jingbo
Author-X-Name-Last: Hua
Title: The national security argument for protection of domestic industries
Abstract:
Tracing the origin of the national security argument for protection of domestic industries to Adam Smith, Alexander Hamilton, and Friedrich List, we study its post-GATT applications with reference to Article XXI of the WTO and highlight some recent abuses. We compare the use of tariff, production/input subsidy, and government procurement as alternative instruments of protection from the perspective of economic efficiency and study the disapproval of inward FDI to gain insights into the underlying national security concerns. The case studies of a) the US tariffs on aluminum and steel, b) German disapproval of the acquisition of a technology firm Leifeld Metal Spinning by a Chinese firm, and c) US’ all out global effort to cripple China’s telecom equipment giant Huawei are presented for illustration.
Journal: Journal of Chinese Economic and Business Studies
Pages: 365-388
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2020.1732091
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1732091
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:365-388
Template-Type: ReDIF-Article 1.0
Author-Name: Xinru Li
Author-X-Name-First: Xinru
Author-X-Name-Last: Li
Author-Name: Xikang Chen
Author-X-Name-First: Xikang
Author-X-Name-Last: Chen
Title: Sino-US trade balance from national income perspective and global income chains
Abstract:
Trade volume biases trade benefits under the background of economic globalization. Employing the input-output technique, important progress has been made in research on trade in value-added. It is noteworthy that capital globalization is one of the important manifestations of economic globalization. Owing to the ever-increasing transnational flow of capital, mainly by foreign direct investment (FDI), production of exports shows great dependence on foreign capital. A large part of value-added in exports are obtained by foreign factors owners, since foreign-invested enterprises account for a large proportion in host country’s total exports, which is foreign income. The ultimate goal of trade is to boost national income. We propose to study trade benefits and trade balance from national income perspective, and further introduce the concept of global income chains to reveal economic benefits distribution within international specialization.
Journal: Journal of Chinese Economic and Business Studies
Pages: 389-402
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2020.1712885
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1712885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:389-402
Template-Type: ReDIF-Article 1.0
Author-Name: Alicia Garcia Herrero
Author-X-Name-First: Alicia
Author-X-Name-Last: Garcia Herrero
Title: Europe in the midst of China–US strategic economic competition: what are the European Union’s options?
Abstract:
Despite President Trump’s announcement of a partial deal on October 11, the prolonged economic competition between the two superpowers does not bode well for the future. Within this context, the European Union faces an urgent question: how to position itself in the US–China competition. This paper aims at addressing this question after reviewing the milestones of the trade war and the consequences for China, the US and EU. This paper concludes that European companies are to suffer from the trade war but some sectors could experience gains. Also, a trade deal which pushes China to reform and open up would also be beneficial. Against this background, this paper reviews the EU’s options in dealing with the two hegemons in the light of their growing strategic confrontation. These options are safeguarding multilateralism, relying on the Transatlantic Alliance and remaining neutral which implies relative more engagement with China on economic matters.
Journal: Journal of Chinese Economic and Business Studies
Pages: 403-423
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2019.1706292
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1706292
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:403-423
Template-Type: ReDIF-Article 1.0
Author-Name: Ge Chen
Author-X-Name-First: Ge
Author-X-Name-Last: Chen
Author-Name: Max J. Zenglein
Author-X-Name-First: Max J.
Author-X-Name-Last: Zenglein
Title: The global faces of China’s incomplete reforms: a perspective from China’s new intellectual property regime
Abstract:
The paper probes into an antithetical aspect of China’s economic reforms in the global context by focusing on the recent developments of China’s intellectual property regime. By analyzing this cutting-edge legal system, it highlights China’s political divergence against its economic convergence in its decade-long reforms, in particular, its state-oriented innovation system as against the world’s neo-liberal economic order. The last decade witnessed China’s preeminent transformation from a passive follower to a proactive advocator of IP standards. However, certain entrenched limits characterizing China’s state-oriented economy and cultural systems such as information blockade and coercive technology transfer serve as catalysts that are apt to provoke acrimonious confrontation between China and major economies. In this sense, China’s incomplete reforms have taken on a new form: as China’s influence on the global economy grows, conflicts of diverse national priorities become more palpable than simple-minded economic cooperation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 425-443
Issue: 4
Volume: 17
Year: 2019
Month: 10
X-DOI: 10.1080/14765284.2020.1712886
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1712886
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:17:y:2019:i:4:p:425-443
Template-Type: ReDIF-Article 1.0
Author-Name: Lucía Morales
Author-X-Name-First: Lucía
Author-X-Name-Last: Morales
Author-Name: Bernadette Andreosso-O’Callaghan
Author-X-Name-First: Bernadette
Author-X-Name-Last: Andreosso-O’Callaghan
Title: Lessons from the global financial crisis – the case of Mainland China and Hong Kong
Abstract:
The analysis of the intertwined reactions of Hong Kong and Mainland China to the 2008 Global Financial Crisis is considered in this study through the lenses of their stock markets. The GARCH-based analysis of stock market performance over the period December 2011–December 2014 shows that trade and equity sectors were the sectors most affected by the global recession; volatility was prevalent on the Shanghai stock market, whereas volatility persistence characterised the Hong Kong stock market. The results also show that the two stock markets recovered quite quickly. Tight controls applied by the financial authorities helped ensure some stability during the crisis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 375-392
Issue: 4
Volume: 16
Year: 2018
Month: 10
X-DOI: 10.1080/14765284.2018.1470416
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1470416
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:4:p:375-392
Template-Type: ReDIF-Article 1.0
Author-Name: Yuning Gao
Author-X-Name-First: Yuning
Author-X-Name-Last: Gao
Author-Name: Wenyin Cheng
Author-X-Name-First: Wenyin
Author-X-Name-Last: Cheng
Author-Name: Quanxi Yuan
Author-X-Name-First: Quanxi
Author-X-Name-Last: Yuan
Title: Understanding the global imbalance from the perspective of processing trade value added of China
Abstract:
The paper first exams the overall global imbalance by using the Net International Investment Position and then extracts its change with current account balance and merchandise trade deficit between China and the US. The research goes beyond the traditional interpretation of the phenomenon through the analysis of these outsourcing activities to the network method of redistributing the value added of products through the trade balance among partners. The estimation result of the paper shows that the US–China trade deficit is just about half of the value under the traditional statistics and only contribute to 23.8 per cent, not the 46.2 per cent originally, of the cumulative current account balance growth of the US from 2000. The external imbalance is the result of international division of labour and its elimination relies on the effort of both China and the US to rebalance their domestic economies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 337-356
Issue: 4
Volume: 16
Year: 2018
Month: 10
X-DOI: 10.1080/14765284.2018.1504529
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1504529
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:4:p:337-356
Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Geissmann
Author-X-Name-First: Thomas
Author-X-Name-Last: Geissmann
Author-Name: Lin Zhang
Author-X-Name-First: Lin
Author-X-Name-Last: Zhang
Title: Knowledge economy and industry performance in China: a provincial level analysis
Abstract:
We construct a framework for investigating the effects of knowledge on industry performance. Using Chinese provincial industry data from 2000 to 2012, we decompose total factor productivity (TFP) change into the four components of embodied technical change, disembodied technical change, scale efficiency change, and technical efficiency change. Our results show a considerably stronger positive effect of advanced knowledge on production technology than of basic knowledge. International knowledge spillovers, particularly trade-induced spillovers, are more effective in inducing TFP growth than domestic spillovers. Our analysis further illustrates a discrepancy in TFP growth rates between regions, and we find TFP of the Central and West Region to be catching-up with the East Region. On average, scale efficiency change is the major contributing factor to regional disparities in TFP change. We discuss several policy implications of our results.Abbreviation: Advanced knowledge (ADV); Share of agriculture (AGR); Basic knowledge (BAS); Chinese Industrial Census (CIC); Data envelopment analysis (DEA); Disembodied technical change (DTC); Embodied technical change (ETC); Foreign direct investment (FDI); Gross domestic product (GDP); Population density (POD); Scale efficiency change (SEC); Stochastic frontier analysis (SFA); International spillovers from foreign countries (SPF); Cross-sectoral external knowledge spillovers within China (SPH); Neutral technical change (TC); Technical efficiency (TE); Technical efficiency change (TEC); Total factor productivity (TFP); International trade (TRD); Degree of urbanization (URB)
Journal: Journal of Chinese Economic and Business Studies
Pages: 393-415
Issue: 4
Volume: 16
Year: 2018
Month: 10
X-DOI: 10.1080/14765284.2018.1507980
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1507980
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:4:p:393-415
Template-Type: ReDIF-Article 1.0
Author-Name: Ning Ma
Author-X-Name-First: Ning
Author-X-Name-Last: Ma
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Author-Name: Jianxin Wu
Author-X-Name-First: Jianxin
Author-X-Name-Last: Wu
Title: Environmental efficiency and its distribution dynamics in Chinese cities
Abstract:
This paper investigates environmental efficiency and its distribution dynamics in Chinese cities. The analyses are applied the meta-frontier data envelopment analysis and the continuous dynamic distribution approach together with panel data of 286 Chinese cities at the prefecture and above-prefecture levels. The results show that during the period of 2002–2011, the average environmental efficiency in Chinese cities is well below the production frontier. The coastal cities show better performance than the central and western cities; large and extra-large cities are more efficient than small and medium cities; and the environmental efficiency for the ‘key’ cities is slightly better than that for the ‘non-key’ cities. The spatial dynamic distribution analyses indicate that the environmental efficiency of Chinese cities tends to converge. To improve environmental efficiency in the future, the government should pay more attention to the central cities, medium and large size cities in western China, and the non-key cities.Abbreviations: CPI- Consumer price index; DEA- Date envelopment analysis; DMU- Decision making unit; GDP- Gross domestic product; GMI -Group- frontier managerial inefficiency; IPCC- Intergovernmental Panel on Climate Change; MTR- Meta- technology gap ratio; NTP- Net transition probability; PAA- Prefecture and above-prefecture levels; PIM Perpetual inventory method; SFA Stochastic frontier analysis; TGI Technology gap inefficiency
Journal: Journal of Chinese Economic and Business Studies
Pages: 417-445
Issue: 4
Volume: 16
Year: 2018
Month: 10
X-DOI: 10.1080/14765284.2018.1512817
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1512817
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:4:p:417-445
Template-Type: ReDIF-Article 1.0
Author-Name: Amsalu K. Addis
Author-X-Name-First: Amsalu K.
Author-X-Name-Last: Addis
Author-Name: Zhu Zuping
Author-X-Name-First: Zhu
Author-X-Name-Last: Zuping
Title: Criticism of neo-colonialism: clarification of Sino-African cooperation and its implication to the west
Abstract:
This paper examines whether the claims regarding the nature of the Sino-African relations can be qualified or categorised as a neo-colonialism approach. Additionally, the paper analyses the Western perception and implication towards the Sino-African geopolitical cooperation and clarifies whether China is taking advantage of the weak African states in the name of South–South cooperation or playing the role of a contemporary proxy of the old colonial system and re-partitioning Africa. The relation between China and Africa simultaneously presents both challenges and opportunities for either of them. This study argues that the criticism that China is invading the continent and practicing neo-colonialism is just a speculation or Sino-phobia. In fact, the Chinese have no gene in their blood to invade Africa and it is crystal clear that unlike China, the Western world has had an influential history in the African continent. The African government and their societies have the ability to address the issues of Sino-African relations. This paper additionally provides a theoretical analysis of China’s enthusiastic involvement and contribution to the international aid operations and its presence and contribution in Africa.
Journal: Journal of Chinese Economic and Business Studies
Pages: 357-373
Issue: 4
Volume: 16
Year: 2018
Month: 10
X-DOI: 10.1080/14765284.2018.1521593
File-URL: http://hdl.handle.net/10.1080/14765284.2018.1521593
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:16:y:2018:i:4:p:357-373
Template-Type: ReDIF-Article 1.0
Author-Name: Mammo Muchie
Author-X-Name-First: Mammo
Author-X-Name-Last: Muchie
Author-Name: Swapan Kumar Patra
Author-X-Name-First: Swapan Kumar
Author-X-Name-Last: Patra
Title: China–Africa science and technology collaboration: evidence from collaborative research papers and patents
Abstract:
This research paper explores how the China–Africa Science and Technology (S&T) relationship has evolved over the years based on two specific outputs: research publications and patents. China–Africa S&T collaborations have evolved after China engaged actively with African countries. China has collaborated with a number of African countries in both publications and patents more than the current inter-African collaborations. However, Chinese collaborations are limited with very few African countries (For example, South Africa, Egypt, Morocco) that are comparatively stronger in S&T infrastructure than many other African countries. This research demonstrates that the China–Africa collaboration is increasing and is likely to grow in the coming years as China is emerging as a leading global research hub in the world.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-27
Issue: 1
Volume: 18
Year: 2020
Month: 7
X-DOI: 10.1080/14765284.2019.1647004
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1647004
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:1:p:1-27
Template-Type: ReDIF-Article 1.0
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Author-Name: Nathalie Aminian
Author-X-Name-First: Nathalie
Author-X-Name-Last: Aminian
Author-Name: Xiaoqing (Maggie) Fu
Author-X-Name-First: Xiaoqing (Maggie)
Author-X-Name-Last: Fu
Author-Name: Jung Ho Rhee
Author-X-Name-First: Jung Ho
Author-X-Name-Last: Rhee
Author-Name: Chris Y. Tung
Author-X-Name-First: Chris Y.
Author-X-Name-Last: Tung
Title: “Silicon trade policies” and a comparative analysis of China-U.S. and Japan-U.S. trade conflicts
Abstract:
In this paper, we first compare the U.S.-Japan trade conflicts of the 1980s and 1990s with the current 21st century Trump Administration U.S.-China trade wars. Topics to be compared include complaints of bilateral trade imbalances, ‘unique’ economic or business organizations and exchange rate manipulations. Relevant contemporaneous research and policy lessons are drawn from the management of previous U.S.-Japan trade disputes and their potential applicability to the ongoing U.S.-China trade rivalry. Since one of the major differences between the periods of the two major trade conflicts is the emergence and prevalence of digital companies, we provide here a formal model of digital firm and see how some ‘Silicon trade policies’ such as being put on an ‘Entity List’, being blocked from European technology market and exchange rate depreciation can affect these networked companies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 29-50
Issue: 1
Volume: 18
Year: 2020
Month: 7
X-DOI: 10.1080/14765284.2020.1731785
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1731785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:1:p:29-50
Template-Type: ReDIF-Article 1.0
Author-Name: Xinxin Ma
Author-X-Name-First: Xinxin
Author-X-Name-Last: Ma
Title: The impact of the New Rural Pension Scheme on labor supply of intra-household prime-age adults in rural China
Abstract:
Does the New Rural Pension Scheme (NRPS) affect labor supply of intra-household prime-age adults in China? This study provides evidence using the natural experiment model (DID model) and Chinese Health and Nutrition Survey (CHNS) longitudinal survey data from 2000 to 2011. Four major conclusions emerge. First, the influence of the NRPS on labor supply of intra-household prime-age adults is not statistically significant. Second, the effects of the NRPS on labor supply differ for various groups. For example, the negative effect of NRPS on the probability of entering regular work is greater for women; the effect of NRPS the probability of becoming irregular workers is positive for the group aged 25 to 34, whereas they are negative for other age groups. Third, for the mechanisms, both the household income hypothesis and child care support hypothesis are supported, but the household income effect is small.
Journal: Journal of Chinese Economic and Business Studies
Pages: 51-72
Issue: 1
Volume: 18
Year: 2020
Month: 7
X-DOI: 10.1080/14765284.2019.1663694
File-URL: http://hdl.handle.net/10.1080/14765284.2019.1663694
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:1:p:51-72
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Chen
Author-X-Name-First: Wei
Author-X-Name-Last: Chen
Author-Name: Ying Zhang
Author-X-Name-First: Ying
Author-X-Name-Last: Zhang
Title: Population urbanization competition among prefecture-level cities in china based on two-regime spatial econometrics
Abstract:
This study investigates the intensity of spatial competition for population urbanization among China’s municipal governments and examines the asymmetry of competition intensity under different conditions, with particular attention paid to the unbalanced development of urbanization and the mechanism of urbanization competition in China. Therefore, based on panel data on 283 prefecture-level cities in China from 2006 to 2016, a two-regime spatial econometric model is firstly used to estimate the intensity of urbanization competition. Policy recommendations are proposed to improve population urbanization competitiveness among small and medium-sized cities and to promote healthy competition and coordinated spatial development of population urbanization.
Journal: Journal of Chinese Economic and Business Studies
Pages: 73-89
Issue: 1
Volume: 18
Year: 2020
Month: 7
X-DOI: 10.1080/14765284.2020.1759911
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1759911
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:1:p:73-89
Template-Type: ReDIF-Article 1.0
Author-Name: Yue Lin
Author-X-Name-First: Yue
Author-X-Name-Last: Lin
Title: ‘Made in China 2025’ and China’s cross-border strategic M&As in OECD countries
Abstract:
This article focuses on the highly debated ‘Made in China 2025’ program and its effects on Chinese M&As in OECD countries. Difference-in-differences as well as difference-in-difference-in-differences statistical techniques are employed to calculate to what extent ‘Made in China 2025’ has shaped both sector composition and location choice of Chinese M&As in the OECD, and to estimate effects and limits of national policies on cross-border M&As. Based on statistical results we can argue that ‘Made in China 2025’ has induced a new ‘troika’ model, of which the significance is moderated by firm-specific characteristics, such as ownership structure, and the firm’s home country embeddedness level. However, while we observe location diversification of Chinese M&As in the OECD at the aggregate level, hosting countries’ FDI screening mechanisms have no significant impact on containing China’s M&As that target more sensitive sectors.
Journal: Journal of Chinese Economic and Business Studies
Pages: 91-114
Issue: 2
Volume: 18
Year: 2020
Month: 04
X-DOI: 10.1080/14765284.2020.1759360
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1759360
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:2:p:91-114
Template-Type: ReDIF-Article 1.0
Author-Name: Bryane Michael
Author-X-Name-First: Bryane
Author-X-Name-Last: Michael
Author-Name: Simon Zhao
Author-X-Name-First: Simon
Author-X-Name-Last: Zhao
Author-Name: Dariusz Wojick
Author-X-Name-First: Dariusz
Author-X-Name-Last: Wojick
Title: The geography of M&A financial and legal advisors: international financial centres, legal complexity and the differentiation
Abstract:
Why do companies engaged in cross-border M&A activities choose legal and financial advisors from international financial centres – rather than those in their same city? In this paper, we look at two factors driving the location decision of investment banks and law firms (and their client’s decision about which cities to look for advisors in). We find that these advisors balance two forces – ‘a legal complexity externality’ which comes from their jurisdiction’s law and their own decisions to differentiate from their competitors. We show how competition for M&A mandates has changed over time – particularly around China’s Going Out Policy. The policy has led to very large M&A flows, which provide the variation needed for econometric analysis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 115-133
Issue: 2
Volume: 18
Year: 2020
Month: 04
X-DOI: 10.1080/14765284.2020.1780557
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1780557
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:2:p:115-133
Template-Type: ReDIF-Article 1.0
Author-Name: Qihu Wang
Author-X-Name-First: Qihu
Author-X-Name-Last: Wang
Author-Name: Kang Zhang
Author-X-Name-First: Kang
Author-X-Name-Last: Zhang
Title: Supranational institutions and location choice of outward direct investment: evidence from China’s Yangtze River Delta region
Abstract:
Existing international business researches mainly focus on the influences of unilateral institutional factors of host country or home country, as well as the institutional distance factors on location choice of outward direct investment, but the effects of bilateral relations as supranational institutions are largely neglected. Based on institutional theory, this paper explores the impacts of bilateral economic and political relations on location choice of China firms’ outward direct investment, the interaction effect between the two, and the moderating effect of ownership. Using data of Chinese-listed firms from 2002 to 2012 in the Yangtze River Delta, we find that: firstly, bilateral economic and political relations both have positive impact on location choice; secondly, bilateral economic and political relations have substitution effect on location choice; thirdly, firms’ state ownership has no significant moderating effect on bilateral relations and location choice.
Journal: Journal of Chinese Economic and Business Studies
Pages: 135-159
Issue: 2
Volume: 18
Year: 2020
Month: 04
X-DOI: 10.1080/14765284.2020.1796410
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1796410
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:2:p:135-159
Template-Type: ReDIF-Article 1.0
Author-Name: Guoxiang Song
Author-X-Name-First: Guoxiang
Author-X-Name-Last: Song
Title: The drivers of the great bull stock market of 2015 in China: evidence and policy implications
Abstract:
This paper investigates what drove the great bull stock market of 2015 in China. Multiple regression models based on the Arbitrage Pricing Theory (APT) theory are developed to describe the variation in stock returns using economic fundamentals. The results indicate that during the normal period, the Chinese stock market was sensitive to economic conditions. However, during the bull market, fundamentals could not justify the variation in the stock returns which are significantly different from the conditional predictions based on the multiple regression model which is robust for the normal period. Margin trading was the main driver of the speculative bubble during the bull market from May 2014 to June 2015. As commercial banks are becoming more exposed to the stock market, the volatility of stock prices may have the potential to increase the risk of the financial system and limit the freedom of China to use monetary policy to deal with economic fundamentals.
Journal: Journal of Chinese Economic and Business Studies
Pages: 161-181
Issue: 2
Volume: 18
Year: 2020
Month: 04
X-DOI: 10.1080/14765284.2020.1796409
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1796409
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:2:p:161-181
Template-Type: ReDIF-Article 1.0
Author-Name: Manxi Cheng
Author-X-Name-First: Manxi
Author-X-Name-Last: Cheng
Title: Are people happier with larger green space? A study of greenness and happiness in urban China
Abstract:
Shreds of evidence from some developed countries have shown that green space has a significant positive effect on happiness, while few related studies have been done in developing countries. Based on panel data from Chinese Family Panel Studies (CFPS) and the Chinese National Bureau of Statistics, this paper provides an empirical analysis of the impact of green space on Chinese urban residents’ happiness levels by using the ordered probit model. The results show that per capita greenness has a significant negative effect on urban residents’ happiness in China and the effect weakens and turns into positive as residents’ income levels increase. Meanwhile, the relationships can vary among people of different educational levels and from different areas.
Journal: Journal of Chinese Economic and Business Studies
Pages: 183-201
Issue: 2
Volume: 18
Year: 2020
Month: 04
X-DOI: 10.1080/14765284.2020.1798639
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1798639
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:2:p:183-201
Template-Type: ReDIF-Article 1.0
Author-Name: Ding Lu
Author-X-Name-First: Ding
Author-X-Name-Last: Lu
Title: China’s tough battles to achieve the centenary goals
Abstract:
The so-called Two Centenary Goals underwrite all China’s long-term economic planning programs and contemporary macroeconomic policy agendas. In recent years, the Party-State has made great efforts to achieve the first Centenary Goal, i.e. ‘building a moderately prosperous society in all respects’ by 2021. These efforts include endeavors to win the ‘three tough battles’: to forestall and defuse major (financial) risks, to carry out targeted poverty alleviation, and to prevent and control pollution. In this backdrop, the 2019 Annual Conference of China Economic Association (UK/Europe) was held in China in July 2019 under the theme ‘China’s Tough Battles: Reform, Stability and Development.’ Inspired by that theme, this special issue comprises four papers, covering topics including the role of local government debts in regional growth, relative importance of institutional quality and human capital in economic development, values of environmental amenities to personal happiness, and understanding of what account for China’s sustainable fast growth.
Journal: Journal of Chinese Economic and Business Studies
Pages: 203-207
Issue: 3
Volume: 18
Year: 2020
Month: 07
X-DOI: 10.1080/14765284.2020.1822723
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1822723
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:3:p:203-207
Template-Type: ReDIF-Article 1.0
Author-Name: Linda Glawe
Author-X-Name-First: Linda
Author-X-Name-Last: Glawe
Author-Name: Helmut Wagner
Author-X-Name-First: Helmut
Author-X-Name-Last: Wagner
Title: The role of institutional quality and human capital for economic growth across Chinese provinces – a dynamic panel data approach
Abstract:
There is an ongoing debate within the economic growth and development literature whether institutions or human capital are more important for economic growth. We add further arguments to this discussion by focusing on a particular country, namely China. China is an interesting case study since it is often regarded as an exception by having achieved miraculous growth for more than three decades despite relatively low institutional quality. We employ a dynamic panel data model to analyze the role of improvements in institutional quality and human capital accumulation for the economic success of a province in China over the period 2003 to 2007. Using system GMM estimation, we find that while growth in human capital fosters economic growth all over China, only coastal provinces record a positive effect of institutional improvements on the growth rate of per capita income.
Journal: Journal of Chinese Economic and Business Studies
Pages: 209-227
Issue: 3
Volume: 18
Year: 2020
Month: 07
X-DOI: 10.1080/14765284.2020.1755140
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1755140
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:3:p:209-227
Template-Type: ReDIF-Article 1.0
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Title: LOCAL GOVERNMENT DEBT AND ECONOMIC GROWTH IN CHINA
Abstract:
China’s local government debt (LGD) has recently become the focus of economic policy debates. However, information about LGD and its impact on economic growth in the Chinese economy is scarce. This paper attempts to present an empirical investigation of the impact of China’s LGD on economic growth. It is probably the first of its kind to focus on China and thus contributes to the general literature on the relationship between government debt and economic growth. The paper first provides an assessment of LGD in China’s regional economies, using recently released auditing statistics and other available secondary information. It then applies conventional growth analysis methods to examine the impact of LGD on regional growth in China. Various scenario and sensitivity analyses are also conducted, to accommodate the inadequacy and potentially poor quality of debt statistics.
Journal: Journal of Chinese Economic and Business Studies
Pages: 229-242
Issue: 3
Volume: 18
Year: 2020
Month: 07
X-DOI: 10.1080/14765284.2020.1774733
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1774733
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:3:p:229-242
Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes
Author-X-Name-First: Geraint
Author-X-Name-Last: Johnes
Title: Valuing the impact on wellbeing of urban amenities in Beijing
Abstract:
Survey data for a sample of respondents in Beijing are used to evaluate the determinants of subjective wellbeing. The data are rich and allow the impact on wellbeing of amenities associated with housing to be evaluated alongside the impact of household income, thus enabling us to attach a value to characteristics such as neighbourhood tranquility, air quality, and access to infrastructure. The evidence suggests that the value of such amenities is high, and this has clear implications for urban design.
Journal: Journal of Chinese Economic and Business Studies
Pages: 243-252
Issue: 3
Volume: 18
Year: 2020
Month: 07
X-DOI: 10.1080/14765284.2020.1813003
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1813003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:3:p:243-252
Template-Type: ReDIF-Article 1.0
Author-Name: Qing-Ping Ma
Author-X-Name-First: Qing-Ping
Author-X-Name-Last: Ma
Title: The China Miracle in a technological and socio-political framework—The role of institutions
Abstract:
China’s economy has grown at an average annual rate of around 9.5% in the past four decades, which is often hailed as the China Miracle. This paper proposes a new theoretical model to analyse the causes of China’s phenomenal growth in a technological and socio-political framework. In our new framework, the contemporary technology (T) determines what an economy can achieve; the objective (O) of the society has a fundamental impact on its economic growth; the performance (P) in implementing the social objective largely determines the growth rate of the economy; and the stability (S) of the society determines the sustainability of the economic growth. China’s institutions have played key roles in the TOPS framework to initiate and sustain China’s rapid growth in the past four decades. Socio-political changes caused by economic growth might affect the capacity of these institutions to promote economic growth in future.
Journal: Journal of Chinese Economic and Business Studies
Pages: 253-272
Issue: 3
Volume: 18
Year: 2020
Month: 07
X-DOI: 10.1080/14765284.2020.1823146
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1823146
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:3:p:253-272
Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nolan
Author-X-Name-First: Peter
Author-X-Name-Last: Nolan
Title: China and the West: crossroads of civilisation
Abstract:
Human civilisation stands at crossroads. There are urgent global challenges that need to be confronted, including destruction of the natural environment; climate change; inequality of income, wealth and life chances; industrial concentration and regulation of the financial system. Looming above all of these is the issue of how to avoid a ‘Clash of Civilisations’ and a New Peloponnesian War. Only by looking deep into the past can one better understand the possible direction that the long-term evolution of world civilisation might take. The relationship between China and the West will play a central role in the path that humanity follows in the decades and centuries ahead.
Journal: Journal of Chinese Economic and Business Studies
Pages: 273-287
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1833283
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1833283
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:273-287
Template-Type: ReDIF-Article 1.0
Author-Name: Marco Mele
Author-X-Name-First: Marco
Author-X-Name-Last: Mele
Author-Name: Luana Randazzo
Author-X-Name-First: Luana
Author-X-Name-Last: Randazzo
Title: On the Chinese’ health expenditure: from Toda-Yamamoto to machine learning approach
Abstract:
This study aims to demonstrate, through an econometric and Machine Learning approach, the health expenditure-economic growth nexus in China over the period 1980–2017. Describing the situation of the Chinese health system through the economic literature, we apply different econometric tests. The Toda and Yamamoto approach is crucial in our analysis: It highlights the existence of a bidirectional causal flow, running from health expenditure renew to GDP per capita and vice versa. This scenario respects the economic growth theory and hypothesis. Finally, in order to validate our results, as required by scientific models, we chose to test the econometric results obtained through a D2C algorithm in Machine Learning. At present, there is no evidence of other studies using this kind of approach in order to explain the health expenditure-economic growth nexus in China over this period.
Journal: Journal of Chinese Economic and Business Studies
Pages: 289-309
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1827482
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1827482
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:289-309
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolan Fu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Fu
Author-Name: Jing Zhang
Author-X-Name-First: Jing
Author-X-Name-Last: Zhang
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Title: Introduction to the special section: the impact of Covid-19 and post-pandemic recovery: China and the world economy
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 311-319
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855939
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855939
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:311-319
Template-Type: ReDIF-Article 1.0
Author-Name: Beata Javorcik
Author-X-Name-First: Beata
Author-X-Name-Last: Javorcik
Title: Reshaping of global supply chains will take place, but it will not happen fast
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 321-325
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855051
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855051
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:321-325
Template-Type: ReDIF-Article 1.0
Author-Name: Justin Yifu Lin
Author-X-Name-First: Justin Yifu
Author-X-Name-Last: Lin
Title: China’s economic outlook against the backdrop of the COVID-19 pandemic and US-China tensions
Abstract:
China is being tested by the COVID-19 pandemic and US-China tensions in 2020. China’s swift and effective response to the pandemic has brought a ‘V-shaped’ rebound but the US-China tensions and the accompanying adverse effects will linger. China will inevitably confront other natural and geopolitical challenges in the coming years amid the profound changes unseen in a century. However, as long as China stays calm, pursues smart, forward-looking policies with continuous reform and opening up, taps into its potential, and maintains stability, China will continue to grow dynamically. A growing China will be beneficial not only to itself but to the rest of the world.
Journal: Journal of Chinese Economic and Business Studies
Pages: 327-331
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1854024
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1854024
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:327-331
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaojuan Jiang
Author-X-Name-First: Xiaojuan
Author-X-Name-Last: Jiang
Title: Digital economy in the post-pandemic era
Abstract:
This article reviews the role of digital technology in the fight against COVID-19 from the outbreak to the resumption of a ‘normal’ way of life, and the development of the digital economy heading toward long-term growth in China. It finds that digital technology empowered the pandemic response strategy in the short term. In the long term, digital technology will serve as a technological foundation for the Industrial Internet of Things and Consumer Internet, and the integrated development of the manufacturing industry and the service sector. New technologies can also offer opportunities for further demand growth and technological innovation. With the support of the government’s ‘digital economy policy’, the long-term development of the digital economy has shown a positive trend.
Journal: Journal of Chinese Economic and Business Studies
Pages: 333-339
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855066
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855066
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:333-339
Template-Type: ReDIF-Article 1.0
Author-Name: Shusong Ba
Author-X-Name-First: Shusong
Author-X-Name-Last: Ba
Author-Name: Haifeng Bai
Author-X-Name-First: Haifeng
Author-X-Name-Last: Bai
Title: Covid-19 pandemic as an accelerator of economic transition and financial innovation in China
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 341-348
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855394
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855394
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:341-348
Template-Type: ReDIF-Article 1.0
Author-Name: Fuquan Sun
Author-X-Name-First: Fuquan
Author-X-Name-Last: Sun
Title: Sino–UK science and technology collaboration in field of people’s livelihood
Abstract:
Science, technology and innovation collaboration is very important for global responses to the pandemic. This paper discusses the importance of science and technology collaboration in people’s livelihood and examines the areas for collaboration between the UK and China. Finally, it proposes policy recommendations for future collaboration in people’s livelihood between the UK and China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 349-354
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855857
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855857
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:349-354
Template-Type: ReDIF-Article 1.0
Author-Name: Wenjing Duan
Author-X-Name-First: Wenjing
Author-X-Name-Last: Duan
Author-Name: Shujin Zhu
Author-X-Name-First: Shujin
Author-X-Name-Last: Zhu
Author-Name: Mingyong Lai
Author-X-Name-First: Mingyong
Author-X-Name-Last: Lai
Title: The impact of COVID-19 on China’s trade and outward FDI and related countermeasures
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 355-364
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855395
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855395
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:355-364
Template-Type: ReDIF-Article 1.0
Author-Name: Liming Wang
Author-X-Name-First: Liming
Author-X-Name-Last: Wang
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Title: The negotiation of EU–China comprehensive agreement on investment and its potential impact in the post-pandemic era
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 365-372
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855846
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:365-372
Template-Type: ReDIF-Article 1.0
Author-Name: Jianhua Zhang
Author-X-Name-First: Jianhua
Author-X-Name-Last: Zhang
Author-Name: Fengyi Zheng
Author-X-Name-First: Fengyi
Author-X-Name-Last: Zheng
Title: Economic recovery in the early epicentre: the case of Hubei Province in China
Abstract:
Taking Hubei as a typical case, this article reviews China’s response approaches and effectiveness during the entire epidemic period. In the short term, the government is able to effectively control the spread of the epidemic by adopting coercive measures, which is inevitably at the expense of production and consumption activities, thereafter bringing serious losses to the economy. However, the negative impact on the macro-economy is short-lived. In the long term, the economy can achieve rapid recovery, with precise policies on resuming work and production as the prerequisite.
Journal: Journal of Chinese Economic and Business Studies
Pages: 373-378
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1854601
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1854601
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:373-378
Template-Type: ReDIF-Article 1.0
Author-Name: Derek Qi Ren Kok
Author-X-Name-First: Derek Qi Ren
Author-X-Name-Last: Kok
Author-Name: Wing Thye Woo
Author-X-Name-First: Wing Thye
Author-X-Name-Last: Woo
Title: The wide range of national reactions to the common COVID-19 shock: observations on causes and effects
Abstract:
Most countries adjusted their methods of management of the disease in light of experiences at home and abroad. When the COVID-19 pandemic broke out in Wuhan in January 2020, China locked down the entire city. But when it broke out again in June 2020, China switched to localized lockdowns, complemented by comprehensive testing and tracking. Sweden had started with the herd immunity solution to COVID-19, but the enormously higher death rate than in other Nordic countries and the absence of a superior economic performance brought about a reversal in its public health policy in mid-November. The continued American exceptionalism of Trump reflects the drivers of his political movement: the tribalist backlash against the multiculturalism in US society; and national security anxieties about the multipolar word order. The irony is that Trump’s nostalgic policies caused a disastrous economic free fall that shifted the political middle ground in the 2020 elections toward Joseph Biden.
Journal: Journal of Chinese Economic and Business Studies
Pages: 379-383
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855928
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855928
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:379-383
Template-Type: ReDIF-Article 1.0
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Author-Name: Brian Main
Author-X-Name-First: Brian
Author-X-Name-Last: Main
Author-Name: Xianda Liu
Author-X-Name-First: Xianda
Author-X-Name-Last: Liu
Title: Covid-19 and development: lessons from historical pandemics
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 385-397
Issue: 4
Volume: 18
Year: 2020
Month: 10
X-DOI: 10.1080/14765284.2020.1855937
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1855937
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:18:y:2020:i:4:p:385-397
Template-Type: ReDIF-Article 1.0
Author-Name: Maho Shiraishi
Author-X-Name-First: Maho
Author-X-Name-Last: Shiraishi
Author-Name: Go Yano
Author-X-Name-First: Go
Author-X-Name-Last: Yano
Title: Do ‘zombie firms’ emerge among private firms in China? A survival analysis approach that pays attention to the reception of trade credit
Abstract:
We investigated whether ‘zombie firms’ emerged among private firms in China, by using the survival analysis of private firms. We found that receiving trade credit allowed poor-performing private firms to survive in markets in China. This type of survival of private firms was more pronounced for large-sized private firms. There was evidence of the existence of zombie firms among private firms in China, which were generated from unsound trade credit finance, an informal type of finance. Poor-performing private firms in China avoided exiting the market with access to an informal debt finance in non-negligible cases.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-34
Issue: 1
Volume: 19
Year: 2021
Month: 01
X-DOI: 10.1080/14765284.2021.1884796
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1884796
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:1:p:1-34
Template-Type: ReDIF-Article 1.0
Author-Name: Junhua Jiang
Author-X-Name-First: Junhua
Author-X-Name-Last: Jiang
Title: Can real estate regulatory policies constrain real estate risks to banks? Evidence from China
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 35-53
Issue: 1
Volume: 19
Year: 2021
Month: 01
X-DOI: 10.1080/14765284.2020.1868932
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1868932
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:1:p:35-53
Template-Type: ReDIF-Article 1.0
Author-Name: Xinxin Ma
Author-X-Name-First: Xinxin
Author-X-Name-Last: Ma
Author-Name: Ichiro Iwasaki
Author-X-Name-First: Ichiro
Author-X-Name-Last: Iwasaki
Title: Does communist party membership bring a wage premium in China? a meta-analysis
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 55-94
Issue: 1
Volume: 19
Year: 2021
Month: 01
X-DOI: 10.1080/14765284.2020.1842987
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1842987
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:1:p:55-94
Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Shahin Miah
Author-X-Name-First: Muhammad Shahin
Author-X-Name-Last: Miah
Title: Does IFRS convergence bring improvement in firm performance? An empirical analysis
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-107
Issue: 1
Volume: 19
Year: 2021
Month: 01
X-DOI: 10.1080/14765284.2020.1846010
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1846010
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:1:p:95-107
Template-Type: ReDIF-Article 1.0
Author-Name: Jiandong Chen
Author-X-Name-First: Jiandong
Author-X-Name-Last: Chen
Author-Name: Ming Gao
Author-X-Name-First: Ming
Author-X-Name-Last: Gao
Author-Name: Shasha Huang
Author-X-Name-First: Shasha
Author-X-Name-Last: Huang
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Title: Application of remote sensing satellite data for carbon emissions reduction
Abstract:
There is a global consensus that carbon dioxide and other greenhouse gas emissions must be reduced as a response to global climate change. Remote sensing satellite data have become an important means of monitoring carbon emission due to its unique advantages such as availability, high resolution, and wide coverage, and remote sensing data are playing an increasingly important role in carbon monitoring and fixation. This article summarizes the main applications of remote sensing satellite data in reducing carbon emissions and prospects for future research.
Journal: Journal of Chinese Economic and Business Studies
Pages: 109-117
Issue: 2
Volume: 19
Year: 2021
Month: 04
X-DOI: 10.1080/14765284.2021.1920329
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1920329
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:2:p:109-117
Template-Type: ReDIF-Article 1.0
Author-Name: Siyang Li
Author-X-Name-First: Siyang
Author-X-Name-Last: Li
Author-Name: Christer Ljungwall
Author-X-Name-First: Christer
Author-X-Name-Last: Ljungwall
Title: Access to knowledge and knowledge production: the case of China
Abstract:
This paper estimates knowledge production functions for the Chinese economy using provincial-level data over the years 2008 through 2016. First, the number of R&D personnel, funding, and the accessibility to global knowledge stock all have positive and significant effects on both general patent application, and invention patent application. Second, the knowledge accumulation effect on knowledge production efficiency is substantial. Third, the state-owned sector has an important role in fundamental innovation. Most importantly, accessibility to knowledge is important in realizing the benefit of the non-rivalry of knowledge. Hence, it is pivotal that the Chinese government adopt an open innovation approach and keep moving along its plan of reform and opening up [All sources are published on-line except for NSO, which is available upon request].
Journal: Journal of Chinese Economic and Business Studies
Pages: 163-172
Issue: 2
Volume: 19
Year: 2021
Month: 04
X-DOI: 10.1080/14765284.2021.1905481
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1905481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:2:p:163-172
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Zhang
Author-X-Name-First: Ying
Author-X-Name-Last: Zhang
Author-Name: Marcel Ausloos
Author-X-Name-First: Marcel
Author-X-Name-Last: Ausloos
Title: Financial pre-factors for post-performance of cross-border mergers & acquisitions
Abstract:
We study mergers and acquisitions (M&A) when one company is Chinese and another company is outside China. Previous studies are still much lacking considerations on financial factors affecting subsequent performance of such multinational (or ‘cross-border’) M&A. Here, a few (5) influencing factors are tested through a multiple linear regression model for 100 listed companies over [2016–2018]. We examine the role of (i) the mode of payment, (ii) cultural differences, (iii) industry differences, (iv) company scale and (v) the shareholding ratio. The research denotes that the payment method and the shareholding ratio of the largest shareholder have both a positive correlation with the performance in the year of the M&A and in the following one, – whatever the industries differences and companies sizes.
Journal: Journal of Chinese Economic and Business Studies
Pages: 147-161
Issue: 2
Volume: 19
Year: 2021
Month: 04
X-DOI: 10.1080/14765284.2021.1905480
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1905480
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:2:p:147-161
Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Culver
Author-X-Name-First: Christopher
Author-X-Name-Last: Culver
Title: Chinese investment and corruption in Africa
Abstract:
Chinese investment in Africa has rapidly expanded in recent years and garnered significant attention. There has been considerable concern that this investment will increase corruption in African states. However, there has been little academic scrutiny or examination of these claims. This paper proposes and tests the theory that the effect of FDI on corruption is dependent on the source country, specifically proposing and testing the hypothesis that Chinese FDI has a more detrimental effect on corruption than FDI from developed economies. By analyzing a random effects model with pooled cross-sectional, time-series data on corruption and foreign direct investment from 52 African countries from 2002 to 2012 I show that, contrary to the theoretical prediction, investment from Chinese sources does not have a significantly different effect on corruption than foreign investment from developed countries. Though Chinese investors are less deterred by high levels of corruption, their investment in more corrupt countries does not increase overall corruption levels.
Journal: Journal of Chinese Economic and Business Studies
Pages: 119-145
Issue: 2
Volume: 19
Year: 2021
Month: 04
X-DOI: 10.1080/14765284.2021.1925822
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1925822
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:2:p:119-145
Template-Type: ReDIF-Article 1.0
Author-Name: Henry Gao
Author-X-Name-First: Henry
Author-X-Name-Last: Gao
Author-Name: Gregory Shaffer
Author-X-Name-First: Gregory
Author-X-Name-Last: Shaffer
Title: The role of law in Chinese value chains
Abstract:
Since starting its economic reform four decades ago, China has been highly successful in integrating its economy into regional and global value chains (GVCs). This started with simple assembly and processing, then expanded to low-end labor-intensive manufacturing, and gradually moved up to technology-intensive and capital-intensive industries. This article analyzes the development of Chinese law, legal institutions, and international and transnational legal initiatives to support the development of GVCs, which we divide into five phases. The article does not idealize law in terms of ‘commitment’ or ‘rule of law,’ but rather, in the legal realist tradition, views law as an important, contributing factor in economic change. It presents law as a signalling and coordinative device that serves to channel private conduct for business planning and coordination. The article provides insights for understanding current developments in the trading system and their implications for regional and global value chains.
Journal: Journal of Chinese Economic and Business Studies
Pages: 197-220
Issue: 3
Volume: 19
Year: 2021
Month: 07
X-DOI: 10.1080/14765284.2021.1943183
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943183
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:197-220
Template-Type: ReDIF-Article 1.0
Author-Name: Guanzhong James Wen
Author-X-Name-First: Guanzhong James
Author-X-Name-Last: Wen
Title: Virtuous globalization, the three-zeros policy, and China’s choice
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 221-237
Issue: 3
Volume: 19
Year: 2021
Month: 07
X-DOI: 10.1080/14765284.2020.1862637
File-URL: http://hdl.handle.net/10.1080/14765284.2020.1862637
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:221-237
Template-Type: ReDIF-Article 1.0
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Title: Introduction to special section on global trading system with the New American administration: China, United States and Europe
Abstract:
In this Introduction to the Special IIssue on Global trading system with the New American Administration: China, United States and Europe, three excellent papers are presented. The first paper highlights the central and eastern European countries’ views on their relationships with China in the era of the pandemic. The second paper by Gao and Shaffer (forthcoming) presents a detailed legal discussion on the global value chains, including new development in intellectual property rights laws in China. The third paper by Wen (forthcoming) proposes that China should continue to participate in the global trading system and further reduce unnecessary government interventions in trade, investment and innovation. Finally, the Introduction highlights various important papers published by this Journal that are relevant to the theme. For example, Fung, Aminian, Fu and Tung (2018) and Fung, Amininian, Fu, Rhee and Tung (2020) are the first to introduce a formal, analytical digital firm model in the discussions of U.S.-China relations. Other outstanding papers include Lau (2019a), Cheng, hitten and Hua (2019), Garcia Herrero (2019) and Lin and Wang (forthcoming), all published in this Journal.
Journal: Journal of Chinese Economic and Business Studies
Pages: 173-179
Issue: 3
Volume: 19
Year: 2021
Month: 07
X-DOI: 10.1080/14765284.2021.1960138
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1960138
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:173-179
Template-Type: ReDIF-Article 1.0
Author-Name: Xi Chen
Author-X-Name-First: Xi
Author-X-Name-Last: Chen
Author-Name: Annie Fan
Author-X-Name-First: Annie
Author-X-Name-Last: Fan
Title: The COVID-19 pandemic and the transformation of health policy: a syndemic perspective
Abstract:
The Coronavirus Disease 2019 (COVID-19) pandemic is bringing about once-in-a-century changes to human society. Three key properties escalate the COVID-19 pandemic into a syndemic. To address this triple crisis, we discuss the importance of integrating early, targeted and coordinated public health measures with more equitable social policy and with a health-care policy that realigns incentives of the major players in the health-care market. Drawing on evidence from past and present epidemics as well as comparing variations in response to the current health emergency between China, the US and beyond, we navigate long-awaited health policy transformation in areas that help us better prepare for the next pandemic.
Journal: Journal of Chinese Economic and Business Studies
Pages: 239-255
Issue: 3
Volume: 19
Year: 2021
Month: 07
X-DOI: 10.1080/14765284.2021.1940453
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1940453
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:239-255
Template-Type: ReDIF-Article 1.0
Author-Name: Rudolf Furst
Author-X-Name-First: Rudolf
Author-X-Name-Last: Furst
Title: China and Central Europe: cooperation in difficult times during the Covid-19 outbreak
Abstract:
The four Central and Eastern European (CEE) states, namely Poland, the Czech Republic, Hungary, and Slovakia, known as the Visegrad Group (V4), belong to the multilateral China-led 17 + 1 subregional platform that seeks to upgrade its members’ mutual economic and transportation infrastructure ties. This comparative case study traces the V4 states’ relations with China since the outbreak of the Covid-19 pandemic in Europe and explores how far the existing multilateral format 17 + 1 was able to utilize its potential for strengthening China’s presence through healthcare cooperation to work together in fighting the pandemic. The findings reveal the prevailing bilateral ties being preferred over the institutionalized multilateral platform 17 + 1, a sustained ambiguity in the CEE states’ relations with China, and a poor coherence of the 17 + 1 format.
Journal: Journal of Chinese Economic and Business Studies
Pages: 181-196
Issue: 3
Volume: 19
Year: 2021
Month: 07
X-DOI: 10.1080/14765284.2021.1913549
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1913549
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:3:p:181-196
Template-Type: ReDIF-Article 1.0
Author-Name: Yoon Jung Park
Author-X-Name-First: Yoon Jung
Author-X-Name-Last: Park
Author-Name: Xiaoyang Tang
Author-X-Name-First: Xiaoyang
Author-X-Name-Last: Tang
Title: Chinese FDI and impacts on technology transfer, linkages, and learning in Africa: evidence from the field
Abstract:
Based on a brief review of the existing literature on knowledge transfer between Chinese and Africans, this introductory essay sheds light on the purpose, methodologies, and main findings of this special issue. Aiming to investigate the impacts of Chinese FDI projects on technology learning in Africa, a team of SAIS-CARI researchers conducted field research in six African countries. To our knowledge, this is the first time such a comprehensive analysis on China-Africa knowledge transfer has been carried out. Our research finds that the majority of investments in agricultural and manufacturing comes from private small-to-medium sized companies that are driven by market factors and operate outside the Chinese government. The research suggests that Chinese investments in Africa have contributed to hiring and training local employees, demonstrated advanced technologies, and cooperated with local enterprises; however, the effectiveness and sustainability of the knowledge transfer varies across different sectors and countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 257-268
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1996191
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1996191
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:257-268
Template-Type: ReDIF-Article 1.0
Author-Name: Yunnan Chen
Author-X-Name-First: Yunnan
Author-X-Name-Last: Chen
Title: ‘Africa’s China’: Chinese manufacturing investment in Nigeria and channels for technology transfer
Abstract:
Nigeria has been one of the primary destinations for Chinese foreign direct investment (FDI) in Africa, with emerging clusters in manufacturing sectors. FDI holds potential for technology transfer processes that can foster wider industrialization and structural transformation, but this depends on the development of local linkages that can foster positive spillovers. Through fieldwork and structured survey methods, this paper examines drivers of Chinese outward investment in Nigeria, particularly from 2014 to 2017, highlighting linkages and mechanisms of technology transfer that may catalyze transformation processes and taking a critical view of their potential. I find that, while cases of technology and skills transfer exist, investing firms face challenges of poor infrastructure, lack of skills, and low social trust, which hinder the development of linkages and industrial supply chains. In the wake of the 2014 economic recession, firms cited political and exchange rate instability as challenging; however, greater localization and building local linkages make firms better prepared to weather such challenges.
Journal: Journal of Chinese Economic and Business Studies
Pages: 335-358
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1943184
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943184
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:335-358
Template-Type: ReDIF-Article 1.0
Author-Name: David Landry
Author-X-Name-First: David
Author-X-Name-Last: Landry
Author-Name: Yunnan Chen
Author-X-Name-First: Yunnan
Author-X-Name-Last: Chen
Title: Can Chinese investment lead to knowledge and technology transfers? The case of Madagascar
Abstract:
Madagascar’s geographic location, large long-established Chinese diaspora, low labor costs, and abundant arable land and natural resources have made it an attractive destination for Chinese outward investment over the past two decades, as rising wages in China and domestic competition drove firms to ‘go out.’ Chinese investors have been particularly active in the Malagasy agricultural, manufacturing, and mining sectors. China generated its own economic boom with the help of foreign investment, which raised the question whether Chinese investors could play a similar role – through the fostering of skills and technology upgrading – in other low-income countries. Focusing on agriculture and manufacturing, this paper uncovers some evidence of limited skills and technology transfers occurring through Chinese firms operating in Madagascar. However, Chinese investment in Madagascar remains limited in scope and has been challenged by a problematic policy environment.
Journal: Journal of Chinese Economic and Business Studies
Pages: 315-334
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1940452
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1940452
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:315-334
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Xia
Author-X-Name-First: Ying
Author-X-Name-Last: Xia
Title: Chinese investment in East Africa: History, status, and impacts
Abstract:
This paper investigates the development trajectory of Chinese investments in two East African countries and their implications for technology transfer. It traces the transformation of Chinese economic engagements with Africa since the early independence era. Most Chinese investments were established in the past decade, except for a few aid-driven investments created in the 1970s and those made by the first wave of Chinese expatriate entrepreneurs to East Africa in the 1990s. These recent investments have concentrated in construction-related industries, export-oriented garments industry, plastic recycling and reprocessing, and agro-business. In terms of technology transfer, there are local training efforts and signs for intra-industry spillovers. Large-scale Chinese investments or development projects have established formal training programs with explicit localization targets and are more likely to collaborate with government agencies or vocational training institutes. Moreover, horizontal and vertical spillovers have also taken the form of the development of sub-contracting, local supply, distribution networks, and imitation by local firms. Nevertheless, those industry-level spillovers are less systematic due to the limitations of local investors’ financial and technological capacity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 269-293
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1966733
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1966733
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:269-293
Template-Type: ReDIF-Article 1.0
Author-Name: Henry Tugendhat
Author-X-Name-First: Henry
Author-X-Name-Last: Tugendhat
Title: Connection issues: a study on the limitations of knowledge transfer in Huawei’s African training centres
Abstract:
Huawei has built several training centres across Africa. This study establishes the purpose of these centres in Kenya and Nigeria and presents original data on their success based on their objectives. Fieldwork was conducted in 2018 and follow-up interviews continued by phone until 2021. I find that Huawe’s investments offer no significant opportunities for knowledge transfers that could foster technological or industrial upgrading in Kenya or Nigeria’s telecommunications sectors. In part, this is due to domestic obstacles in the host countries. But, like other international equipment vendors operating in the region, knowledge transfers are also hindered by the limited scope of Huawei’s investments and the boundaries on the knowledge it is willing to share with domestic employees. I conclude that Kenya and Nigeria’s governments may underestimate the leverage they have over international equipment vendors to induce more meaningful opportunities for knowledge transfer.
Journal: Journal of Chinese Economic and Business Studies
Pages: 359-385
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1943194
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943194
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:359-385
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoyang Tang
Author-X-Name-First: Xiaoyang
Author-X-Name-Last: Tang
Title: Adaptation, innovation, and industrialization: the impact of Chinese investments on skill development in the Zambian and Malawian cotton sectors
Abstract:
This paper examines Chinese firms’ operations in the Zambian and Malawian cotton sectors with emphasis on the manner and effects of knowledge transfer. As new players in the arena, Chinese investors have adopted business models and management styles that differ from those of previous foreign investors in the region. Their low-cost and low-risk approaches have helped them grow quickly in these two countries and seize considerable market share from the established Western investors. Through an in-depth case study and comparison with Western companies, the author reveals that the Chinese investors flexibly modify conventional knowledge transfer channels like labor training, demonstration, and forward and backward linkages to fit their business models and local socio-economic contexts. Simultaneously, they take advantage of China’s strength in manufacturing and experiment with synergistic development in the industrial sector to overcome growth constraints.
Journal: Journal of Chinese Economic and Business Studies
Pages: 295-313
Issue: 4
Volume: 19
Year: 2021
Month: 10
X-DOI: 10.1080/14765284.2021.1943734
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:19:y:2021:i:4:p:295-313
Template-Type: ReDIF-Article 1.0
Author-Name: Jiandong Chen
Author-X-Name-First: Jiandong
Author-X-Name-Last: Chen
Author-Name: Ping Wang
Author-X-Name-First: Ping
Author-X-Name-Last: Wang
Author-Name: Ming Gao
Author-X-Name-First: Ming
Author-X-Name-Last: Gao
Author-Name: Wenxuan Hou
Author-X-Name-First: Wenxuan
Author-X-Name-Last: Hou
Author-Name: Haiming Liao
Author-X-Name-First: Haiming
Author-X-Name-Last: Liao
Title: Carbon sequestration capacity of terrestrial vegetation in China based on satellite data
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 109-124
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.2021488
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2021488
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:109-124
Template-Type: ReDIF-Article 1.0
Author-Name: Minghui Li
Author-X-Name-First: Minghui
Author-X-Name-Last: Li
Author-Name: Chong Liu
Author-X-Name-First: Chong
Author-X-Name-Last: Liu
Author-Name: Fang Zhang
Author-X-Name-First: Fang
Author-X-Name-Last: Zhang
Title: The effects of government political visits on sustainability of energy enterprises: evidence from rare earth companies in China
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 39-63
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.2019446
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2019446
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:39-63
Template-Type: ReDIF-Article 1.0
Author-Name: Yaman Omer Erzurumlu
Author-X-Name-First: Yaman Omer
Author-X-Name-Last: Erzurumlu
Author-Name: Giray Gozgor
Author-X-Name-First: Giray
Author-X-Name-Last: Gozgor
Title: Effects of economic policy uncertainty on energy demand: evidence from 72 countries
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 23-38
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.2009999
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2009999
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:23-38
Template-Type: ReDIF-Article 1.0
Author-Name: Abdulrasheed Zakari
Author-X-Name-First: Abdulrasheed
Author-X-Name-Last: Zakari
Author-Name: Irfan Khan
Author-X-Name-First: Irfan
Author-X-Name-Last: Khan
Title: Boosting economic growth through energy in Africa: the role of Chinese investment and institutional quality
Abstract:
In 2019, Chinese investment rose to $110 billion across all sectors in Africa. However, there are many criticisms that the Chinese presence is a curse to the development of Africa. Hence, we direct our attention to unravel the truth about these allegations by examining the underlying effect of institutional quality and Chinese investment in Africa on energy consumption (EC) and its impact on economic growth. We applied a panel corrected standard error (PCSE) econometric procedure for a selected 21 sub-Saharan African countries. Our results show that energy consumption promotes economic growth. Similarly, the study revealed that the institutional quality and Chinese investment in Africa were the underlying factors for the positive effect of energy consumption and economic growth. Therefore, our results expand the economic growth literature and inform policymakers of the need to pay attention to bilateral trade and investment with China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-21
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.1968709
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1968709
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:1-21
Template-Type: ReDIF-Article 1.0
Author-Name: Kang Jia
Author-X-Name-First: Kang
Author-X-Name-Last: Jia
Title: Goals on the road: institutional innovations in carbon peak and carbon neutrality
Abstract:
A low-carbon economy is not only vital to human survival but also to national energy security. The dual goals of carbon emission include those of a carbon peak and carbon neutrality, which are necessary for realizing new development patterns and promoting high-quality development in China. This study is focused on the innovation mechanism as applied to the dual goals of carbon emission, and two issues are considered – the overall carbon peak and carbon neutrality situation from resource tax and power reform perspective and the construction of a long-term mechanism to address environmental threats, such as smog. The continuous use of endogenous mechanisms to regulate the production and consumption behaviors of enterprises and people, as well as the means by which China may fully use its economic power to promote green, low-carbon, sustainable development are emphasized and analyzed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 95-107
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.1985934
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1985934
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:95-107
Template-Type: ReDIF-Article 1.0
Author-Name: Yingqi Wei
Author-X-Name-First: Yingqi
Author-X-Name-Last: Wei
Author-Name: Sasa Ding
Author-X-Name-First: Sasa
Author-X-Name-Last: Ding
Author-Name: Ziko Konwar
Author-X-Name-First: Ziko
Author-X-Name-Last: Konwar
Title: The two faces of FDI in environmental performance: a meta-analysis of empirical evidence in China
Abstract:
The extant literature has raised debates concerning environmental performance of foreign direct investment (FDI) in China. We applied meta-analysis of 121 estimates reported in 40 studies to quantitatively synthesize our knowledge and understanding of the topic. Our findings indicate that FDI leads to better environmental performance through a pollution abatement effect, but not through enhancements in green total factor productivity. The meta-regression analysis reveals that the degree of environmental pollution abatement effects is moderated by environmental regulations, FDI measurement, and the consideration of endogeneity in empirical estimations. The results are discussed with references to scholarly and practical implications.
Journal: Journal of Chinese Economic and Business Studies
Pages: 65-94
Issue: 1
Volume: 20
Year: 2022
Month: 01
X-DOI: 10.1080/14765284.2021.1943735
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943735
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:1:p:65-94
Template-Type: ReDIF-Article 1.0
Author-Name: Moosa Yousuf
Author-X-Name-First: Moosa
Author-X-Name-Last: Yousuf
Author-Name: Jia Zhai
Author-X-Name-First: Jia
Author-X-Name-Last: Zhai
Title: The financial interconnectedness between global equity markets and crude oil: evidence from the GCC
Abstract:
This paper investigates the interconnectedness between the GCC region, crude oil prices, and global equity markets of the US, Europe, and China. We use DCC-GARCH models and the Diebold and Yilmaz (2012) approach to examine the dynamic connectedness and the net directional flow of spillovers. Consistent with previous studies, we find that the US and European markets are net global contributors of return and volatility shocks, whilst the Chinese equity markets are gradually becoming influential. Meanwhile, the GCC equity markets have been anet recipient of shocks from oil prices. Our empirical results provide some important insights. Firstly, the net transmission of shocks from oil prices to the GCC markets has been reducing over time. Secondly, the total connectedness nearly doubled in response to the global pandemic. Thirdly, the Chinese stock markets are gradually transforming into net transmitters of spillovers to other global equity markets.
Journal: Journal of Chinese Economic and Business Studies
Pages: 183-206
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2021.1989884
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1989884
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:183-206
Template-Type: ReDIF-Article 1.0
Author-Name: Yi Cao
Author-X-Name-First: Yi
Author-X-Name-Last: Cao
Author-Name: Jia Zhai
Author-X-Name-First: Jia
Author-X-Name-Last: Zhai
Title: A survey of AI in finance
Abstract:
In recent years, the dramatically fast development of financial technology (fintech) has played an important role in the production, delivery and consumption of financial products and services. In this survey, we sum up the primary research discoveries in fintech area, which include the possible evolution of fintech’s effect on customer protection, prosperity and the discovery of the asset prices and returns, and the design of digital frameworks in the era of the fintech.
Journal: Journal of Chinese Economic and Business Studies
Pages: 125-137
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2022.2077632
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2077632
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:125-137
Template-Type: ReDIF-Article 1.0
Author-Name: Akim M. Rahman
Author-X-Name-First: Akim M.
Author-X-Name-Last: Rahman
Author-Name: Saadi Islam
Author-X-Name-First: Saadi
Author-X-Name-Last: Islam
Title: Can Voluntary Insurance ensure risk-free digital-banking in Chinese-economy: seeking attentions?
Abstract:
In today’s business-world, services are carried out in a competitive manner country-wise such as China. Banking services are no different, which has resulted digital-banking. Bank Laws regulated by Central-Bank of China are characterized by evolving many factors that are often unpredictable. It faces serious pitfalls being it riskiness. Most cases, customers don’t read terms & conditions of services. Customers don’t save contract-copy. These weaknesses cause abuses. Customer faces perceived-risk. Dealing with challenges in Chinese-economy, application of Akim’s model - Voluntary Insurance (VI) can be impetus for policy-design, which can increase number of users. Welfare Analyses are used for guidance on setting insurance-price ensuring customer’s efficiency-cost so that the VI becomes appealing to parties involved. It can lead to higher number-of-users. In scenario, bank itself is an insurance-seller, the existence of adverse-selection is detected. Here estimated welfare-cost associated with inefficient-pricing created by adverse-selection is quantitatively small; however, advantageous-selection results opposite. Welfare assessment under alternative policy intervention in Chinese-economy will be vital for future-study.
Journal: Journal of Chinese Economic and Business Studies
Pages: 139-158
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2021.1929792
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1929792
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:139-158
Template-Type: ReDIF-Article 1.0
Author-Name: Edward P.K. Tsang
Author-X-Name-First: Edward P.K.
Author-X-Name-Last: Tsang
Title: Directional change for handling tick-to-tick data
Abstract:
Time Series (TS) records transactions in a market at fixed intervals. Directional Change (DC) is an alternative way to record transactions: it only records transactions that represent significant price changes in the opposite direction in a trend, where ‘significance’ is observer-defined. In this paper, we argue that DC is particularly suitable for recording and analysing tick-to-tick data. Firstly, significant data points and high activities between sampling points that may not be recorded in a TS will always be recorded in DC. Secondly, as transactions take place at irregular times, but TS records transactions at fixed intervals, adjustments are required in the recording process, which may distort the records; no adjustments are required in DC. Thirdly, as DC is data-driven: every new transaction could potentially provide us with new information on the pulse of the market. For these reasons, DC is more suitable than TS for tracking tick-to-tick data for signals.
Journal: Journal of Chinese Economic and Business Studies
Pages: 171-182
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2021.1989883
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1989883
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:171-182
Template-Type: ReDIF-Article 1.0
Author-Name: Zhiyi Liu
Author-X-Name-First: Zhiyi
Author-X-Name-Last: Liu
Author-Name: Yejie Zheng
Author-X-Name-First: Yejie
Author-X-Name-Last: Zheng
Title: Development paradigm of artificial intelligence in China from the perspective of digital economics
Abstract:
This paper mainly discusses three issues: How Artificial Intelligence (AI) influences China’s economy and shape the production factors. How to realize the network economy effect in China. What is the difference between the value of digital economy and that of traditional economy. On the basis of fully discussing the above problems, the author constructs a new AI economic growth model, and summarizes the research paradigm of digital economy based on value, network, and consensus.
Journal: Journal of Chinese Economic and Business Studies
Pages: 207-217
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2022.2081485
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2081485
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:207-217
Template-Type: ReDIF-Article 1.0
Author-Name: Conghua Wen
Author-X-Name-First: Conghua
Author-X-Name-Last: Wen
Author-Name: Zixi Yang
Author-X-Name-First: Zixi
Author-X-Name-Last: Yang
Author-Name: Rui Jiang
Author-X-Name-First: Rui
Author-X-Name-Last: Jiang
Title: Herding behavior in Hong Kong stock market during the COVID-19 period: a systematic detection approach
Abstract:
The study intends to conduct a systematic mechanism for herding detection in the Hong Kong stock market. We take stocks from three market sectors as samples and investigate the existence of herding in the two periods: before and during the outbreak of COVID-19 in Hong Kong, from August 2019 to July 2020. We adopt CCK model-based OLS and quantile regression to examine herding in each observed period and employ HS model to measure the magnitude of herding during the time. The empirical results indicate the emergence of mild herding from August 2019 to January 2020, and the herding phenomenon is generally weakened between February and July 2020. Our study confirms the implication of the systematic herding detection mechanism that can improve the sensitivity of detection and capture the magnitude and variation of herding.
Journal: Journal of Chinese Economic and Business Studies
Pages: 159-170
Issue: 2
Volume: 20
Year: 2022
Month: 04
X-DOI: 10.1080/14765284.2021.1948320
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1948320
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:2:p:159-170
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1968708_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yinshan Tang
Author-X-Name-First: Yinshan
Author-X-Name-Last: Tang
Title: Gengzi reflections: how did Chinese culture evolve in the last 180 years
Abstract:
In its history, Chinese culture has experienced three big waves of developments. The first one was in the Warring State Period, instigated by a large number of philosophers who laid the foundations of Chinese culture. The second was the introduction of Buddhism and its final integration with Confucianism and Daoism in Southern Song dynasty (1127–1279). The third was represented by the introduction of science and social beliefs from the West (from 1840 onwards). This paper focuses on the cultural changes since 1840, from the Opium war to COVID-19 expands three Gengzi cycles. During the past 180 years, China has experienced one the most turbulent eras of its history, associated with immense culture changes. . In the recent 60 years, China has focused on economic development. The fast economic development and their response to COVID-19 have demonstrated that a system with Chinese characteristics will become the de facto system for China.
Journal: Journal of Chinese Economic and Business Studies
Pages: 245-251
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2021.1968708
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1968708
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:245-251
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2056380_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Lei Zhao
Author-X-Name-First: Lei
Author-X-Name-Last: Zhao
Author-Name: Bing Wang
Author-X-Name-First: Bing
Author-X-Name-Last: Wang
Title: China’s public health diplomacy in the post Covid-19 era
Abstract:
Public health diplomacy is a diplomatic practice that focuses on addressing public health crises, such as infectious diseases. It is mainly implemented by sovereign states and relies on the joint efforts of health and foreign affairs departments, under the leadership and coordination of international organizations such as the WHO. The purpose is to safeguard national interests and promote global health governance through international medical cooperation. Public health diplomacy has presented new characteristics in the 21st century: health and diplomacy are more and more deeply integrated, involving an increasing number of players; Competition, which co-exists with cooperation on public health, is intensifying in this century; Countries endow this diplomacy with their own characteristics by leveraging their advantages. Compared with that of European countries and America, China’s public health diplomacy started late, but has shown its unique characteristics.
Journal: Journal of Chinese Economic and Business Studies
Pages: 235-244
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2022.2056380
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2056380
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:235-244
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2081486_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Thomas Hoerber
Author-X-Name-First: Thomas
Author-X-Name-Last: Hoerber
Title: From fragmented space to the Space University Institute
Abstract:
Starting from the origin of European space policy and its institutions since WW2, this paper discusses the inconsistency of current institutional settings between the European Space Agency (ESA) and EU space policy. It points out the historical cause of this problematic situation and elaborates how it undermines potential synergies that were envisaged initially. Based on its analysis, it is proposed to open ESA up internationally, embodied in re-naming ESA to the Space University Institute (SUI), if one wants to take a parallel development to the European University Institute (EUI), or even entertaining the name International Space Agency. It would build on ESA strength in fostering research, training, and innovation while leaving the utilitarian side of downstream usage of space application to the EU. This opening up of ESA to a wider international constituency could create partnerships as they already exist within ESA with Canadafor example, and with which ESA has substantial experience.
Journal: Journal of Chinese Economic and Business Studies
Pages: 287-293
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2022.2081486
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2081486
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:287-293
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1989885_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Ajit Bhalla
Author-X-Name-First: Ajit
Author-X-Name-Last: Bhalla
Author-Name: Jing Fang
Author-X-Name-First: Jing
Author-X-Name-Last: Fang
Title: Leaders, institutions and people during Covid-19 : Secret of Asian success
Abstract:
The three key actors in the current fight against the Coronavirus pandemic are as follows: (1) Leaders (political, scientific, industry, academic), (2) agents (public health departments, centres for disease control, educational and scientific institutions, multilateral organizations) and (3) followers (citizens, public, local community). All three need to be in sync to attain success, but the condition is fulfilled in only a very few countries mostly in Asia. Many political leaders were in denial about the pandemic and failed to provide any incentives to agents and followers to comply with public health rules and guidelines. A brief country review to test the above institutional framework offers several policy lessons for the future notably, need for global cooperation, greater role for government, strengthening of public health care and safety nets, and global sharing of Covid-19 data and vaccines, besides a change in human behaviour, working habits and lifestyles.
Journal: Journal of Chinese Economic and Business Studies
Pages: 253-273
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2021.1989885
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1989885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:253-273
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2056387_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Zhigao He
Author-X-Name-First: Zhigao
Author-X-Name-Last: He
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Title: A new type of engagement between China and Europe amidst the COVID pandemic
Abstract:
The impact of the pandemic on the international economic and normative order has accelerated power struggles between the East and the West. Especially, the intensification of conflicts between China and Europe in terms of values may even affect the existing cooperation in the fields of economics, trade, and multilateralism. Despite divergences between China and Europe, including queries over the so-called mask diplomacy and cultural discrimination, as well as pressures from the US, some in Europe hope to strengthen engagement with China and keep the door open for cooperation and dialogue, thereby committing to the fundamentals of win-win cooperation. Cooperation is the backbone of a new type of engagement between China and Europe, which should not be affected by some occasional discord. Based on this new type of engagement, China and Europe build mutual trust, strengthen communication and coordination on global issues in a positive and pragmatic manner.
Journal: Journal of Chinese Economic and Business Studies
Pages: 295-301
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2022.2056387
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2056387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:295-301
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2024486_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Amelia Hadfield
Author-X-Name-First: Amelia
Author-X-Name-Last: Hadfield
Title: From pandemic to endemic? Learning lessons from a global contagion
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 225-233
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2021.2024486
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2024486
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:225-233
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2077631_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yuan Li
Author-X-Name-First: Yuan
Author-X-Name-Last: Li
Author-Name: Amelia Hadfield
Author-X-Name-First: Amelia
Author-X-Name-Last: Hadfield
Title: East meets West: challenges and responses in pandemic times
Abstract:
The COVID-19 pandemic has few recent parallels in terms of its scale and scope in contemporary human history. Its after-effects are ongoing, many of which include a devastating impact on economies and societies the world over. Within this Special Issue, we reflect on the major impacts, trends and consequences that have arisen from spread of the Covid-19 pandemic in the past two years. In doing so, we highlight the varying responses of national governments and international institutions, explore the causes behind the choice of different models to suppress the pandemic, and evaluate the way in which those choices have had material impacts on communities, economies and governments. We also focus on some of the specific interactions between China and the outside world, including its relationship and cooperation with Asia and Europe, amidst US-China rivalry.
Journal: Journal of Chinese Economic and Business Studies
Pages: 219-224
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2022.2077631
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2077631
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:219-224
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2046439_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yunling Zhang
Author-X-Name-First: Yunling
Author-X-Name-Last: Zhang
Title: China’s rise and peace building in Asia
Abstract:
China needs a long-time peaceful and cooperative environment, and it has no intention to overthrow the existing basic international system. China supports a multiple world with different cultures, political systems and social structures based on the principle of mutual respect and peaceful coexistence. The relationship between China and the United States seems enter into a sensitive and dangerous time. We need new mind set and wisdom to handle such a complex and important relationship. China’s rise is a significant event in our world. The quick rise of China changes China itself and also changes the region and the world. Due to these changes, the relations between China and the outside world are undergoing significant restructuring. It is crucial to manage the changes smoothly so as to realize a peaceful age.
Journal: Journal of Chinese Economic and Business Studies
Pages: 275-285
Issue: 3
Volume: 20
Year: 2022
Month: 07
X-DOI: 10.1080/14765284.2022.2046439
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2046439
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:3:p:275-285
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1943193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Hazwan Haini
Author-X-Name-First: Hazwan
Author-X-Name-Last: Haini
Title: Examining the nonlinear impact of the banking sector on economic growth: evidence from China’s Provinces
Abstract:
This study examines the nonlinear impact of banking sector development on economic growth in China’s provinces from 1990 to 2017 using dynamic panel estimators. China has experienced rapid economic growth since its reforms; however, China has a repressed financial system as its banking sector reforms have lagged behind other reforms. Meanwhile, the finance-growth literature traditionally posits a positive relationship between the two. Consequently, China presents an interesting case study on the relationship between banking sector development and economic growth. This study investigates whether the relationship is nonlinear, and identifies whether a threshold level exists, where the impact of the banking sector becomes insignificant or negative. The results show that the relationship between banking sector development and growth is nonlinear, suggesting that there is an optimal level. Furthermore, the results show that high levels of banking sector development crowd out the positive impact of private investment. Policy implications are discussed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 397-414
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1943193
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1943193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:397-414
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1985933_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dinggen Zhou
Author-X-Name-First: Dinggen
Author-X-Name-Last: Zhou
Author-Name: Yanguang Liu
Author-X-Name-First: Yanguang
Author-X-Name-Last: Liu
Author-Name: Xiaohang Ren
Author-X-Name-First: Xiaohang
Author-X-Name-Last: Ren
Author-Name: Cheng Yan
Author-X-Name-First: Cheng
Author-X-Name-Last: Yan
Author-Name: Yukun Shi
Author-X-Name-First: Yukun
Author-X-Name-Last: Shi
Title: Economic agglomeration and product quality upgrading: evidence from China
Abstract:
Based on merged custom import and export data and Chinese industrial enterprise data, this paper studies the influence of economic agglomeration incurred by urbanization in China on the products’ quality upgrading. We find that economic agglomeration can improve the product quality of Chinese enterprises. We further show that in the context of deepening trade liberalization, economic agglomeration leads enterprises to import more various intermediate products, thus helping to upgrade the quality of final products. The increase in the proportion of intermediate products imported from high-income countries will strengthen the role of economic agglomeration in upgrading the quality of products.
Journal: Journal of Chinese Economic and Business Studies
Pages: 377-395
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1985933
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1985933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:377-395
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1977081_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Dan Li
Author-X-Name-First: Dan
Author-X-Name-Last: Li
Author-Name: Hong Li
Author-X-Name-First: Hong
Author-X-Name-Last: Li
Title: The impact of governance improvement of institutional shareholders on firm value
Abstract:
In this study, we investigate whether the measures to improve corporate governance of financial institutions promoted by the Chinese authorities in 2013 have contributed to the positive growth of the values of institutional investments in firms. Given the regulatory changes about financial institutions in 2013, we hypothesise that the improvement of corporate governance of financial institutions has a spillover effect and increases the performance of the companies that the institutions invest in. Our results are robust in supporting the hypothesis, even after we address for reverse causality issue. In particular, we verify that the spillover of governance, arising from the improvement of corporate governance in financial institutions, can strengthen the positive association between institutional ownership and firm value.
Journal: Journal of Chinese Economic and Business Studies
Pages: 437-460
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1977081
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1977081
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:437-460
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1929793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Lin Justin Yifu
Author-X-Name-First: Lin Justin
Author-X-Name-Last: Yifu
Author-Name: Xiaobing Wang
Author-X-Name-First: Xiaobing
Author-X-Name-Last: Wang
Title: Dual Circulation: a New Structural Economics view of development
Abstract:
This paper provides a detailed account of China’s Dual Circulation Development Paradigm and examines its theoretical foundation from the perspective of the New Structural Economics approach. The purpose of this Paradigm is to shift the focus from foreign to domestic circulation as the major driving force for China’s sustainable development, and to emphasize the importance of a positive reciprocal relationship between domestic and international economic circulations. This paper argues that aim of the Paradigm is to facilitate a qualitative leap in industrial upgrading to achieve both a higher-quality domestic circulation and a higher-level of international circulation. By explaining the development thinking from the Chinese policy-makers’ perspective, this paper also casts light on growth and development issues facing other countries.
Journal: Journal of Chinese Economic and Business Studies
Pages: 303-322
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1929793
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1929793
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:303-322
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2004350_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Weiying Zhang
Author-X-Name-First: Weiying
Author-X-Name-Last: Zhang
Title: Market economy and China’s “common prosperity” campaign
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 323-337
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.2004350
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2004350
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:323-337
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2036577_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Koichiro Kimura
Author-X-Name-First: Koichiro
Author-X-Name-Last: Kimura
Title: How do firms specialize? The technological positions of Chinese robotics firms
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 339-353
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2022.2036577
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2036577
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:339-353
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2138161_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yizhi Wang
Author-X-Name-First: Yizhi
Author-X-Name-Last: Wang
Author-Name: Florian Horky
Author-X-Name-First: Florian
Author-X-Name-Last: Horky
Author-Name: Lennart J. Baals
Author-X-Name-First: Lennart J.
Author-X-Name-Last: Baals
Author-Name: Brian M. Lucey
Author-X-Name-First: Brian M.
Author-X-Name-Last: Lucey
Author-Name: Samuel A. Vigne
Author-X-Name-First: Samuel A.
Author-X-Name-Last: Vigne
Title: Bubbles all the way down? Detecting and date-stamping bubble behaviours in NFT and DeFi markets
Abstract:
Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence and dates of price bubbles in the NFT and DeFi markets by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, with NFT bubbles being more recurrent and having higher average explosive magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles.
Journal: Journal of Chinese Economic and Business Studies
Pages: 415-436
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2022.2138161
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2138161
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:415-436
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1996190_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Cheng Tang
Author-X-Name-First: Cheng
Author-X-Name-Last: Tang
Author-Name: Cheng Zhang
Author-X-Name-First: Cheng
Author-X-Name-Last: Zhang
Author-Name: Huaxia Yang
Author-X-Name-First: Huaxia
Author-X-Name-Last: Yang
Title: Bequest motives and the Chinese household saving puzzle
Abstract:
This study analyses the phenomenon of the high saving rate of China’s households from the perspective of bequest motives based on the data of China Household Finance Survey (CHFS). The result shows that, like Japan, the bequest motives of China’s households have a significant positive effect on the family saving rate, especially on rural household savings, middle-wealth and low-wealth households, those whose children work outside of the government system and those whose children with low education, indicating that the bequest motives of China’s households are more altruistic. This provides a new understanding of the high savings of households in China and can provide a reference for future policy making.
Journal: Journal of Chinese Economic and Business Studies
Pages: 355-376
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1996190
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1996190
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:355-376
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1953352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: V. N. Balasubramanyam
Author-X-Name-First: V. N.
Author-X-Name-Last: Balasubramanyam
Title: Resurgent Asia; diversity in development
Journal: Journal of Chinese Economic and Business Studies
Pages: 461-468
Issue: 4
Volume: 20
Year: 2022
Month: 10
X-DOI: 10.1080/14765284.2021.1953352
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1953352
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:20:y:2022:i:4:p:461-468
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2073172_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nicholas Stern
Author-X-Name-First: Nicholas
Author-X-Name-Last: Stern
Author-Name: Chunping Xie
Author-X-Name-First: Chunping
Author-X-Name-Last: Xie
Title: China’s new growth story: linking the 14th Five-Year Plan with the 2060 carbon neutrality pledge
Abstract:
China has announced its commitment to achieving carbon neutrality by 2060, and for this challenging goal to be reached within just four decades, there is a real urgency of shaping the low-carbon agenda in its 14th Five-Year Plan and to ratchet up ambition on climate policy in the near term to peak emissions early. This paper argues that China will have to change the way of development by take a sustainable pathway to growth. And this new approach does not mean sacrificing economic growth; quite the opposite, it can boost growth by providing great opportunities in terms of jobs, efficiency, demand, and many other aspects, while reducing carbon emissions and enabling great benefits with regards to pollution, ecological restoration, biodiversity and well-beings. The COVID-19 pandemic has provided a window of opportunity for China and other countries to cooperate to link the post-pandemic economic recovery with the fight against climate change.
Journal: Journal of Chinese Economic and Business Studies
Pages: 5-25
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2073172
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2073172
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:5-25
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2167413_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hui Li
Author-X-Name-First: Hui
Author-X-Name-Last: Li
Author-Name: Ruining Zhang
Author-X-Name-First: Ruining
Author-X-Name-Last: Zhang
Author-Name: Lingyue Zhang
Author-X-Name-First: Lingyue
Author-X-Name-Last: Zhang
Author-Name: Yu Qin
Author-X-Name-First: Yu
Author-X-Name-Last: Qin
Author-Name: Hua Liao
Author-X-Name-First: Hua
Author-X-Name-Last: Liao
Title: Energy production revolution in China during 2015–2019: progress and challenges
Abstract:
Since the release of the Energy Supply and Consumption Revolution Strategy (2016–2030), China has made remarkable advancements. This paper establishes an evaluation system to analyze the progress of the energy production revolution in China during 2016–2019. The results report that more than three-fourths of the indicators fulfill the process schedule by more than 80% in 2019. Specifically, the clean development and efficient utilization of coal is carried out significantly among the five major areas of the energy production revolution. However, China’s energy production revolution still faces challenges, such as insufficient technology innovation of power generation, weak consumption and storage capacity of clean energy, the outdated transaction management system of the energy market, the limited emergency capacity of the energy system, and the backward construction of an energy production intelligent system. Finally, policy implications for accelerating the energy production revolution are proposed.
Journal: Journal of Chinese Economic and Business Studies
Pages: 85-109
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2023.2167413
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2167413
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:85-109
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2116203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jing-Li Fan
Author-X-Name-First: Jing-Li
Author-X-Name-Last: Fan
Author-Name: Zixia Ding
Author-X-Name-First: Zixia
Author-X-Name-Last: Ding
Author-Name: Kai Li
Author-X-Name-First: Kai
Author-X-Name-Last: Li
Author-Name: Qian Wang
Author-X-Name-First: Qian
Author-X-Name-Last: Wang
Author-Name: Xian Zhang
Author-X-Name-First: Xian
Author-X-Name-Last: Zhang
Title: Research on carbon neutrality from the past to the future: a bibliometric analysis
Abstract:
Many countries have made carbon neutrality pledges in response to climate change. In this study, we collected 2,918 publications related to carbon neutrality from the Web of Science and conducted a bibliometric analysis. In this field, we discovered: (1) The number of publications has gone through three phases, with 66.6% of total publications during 2015–2021; research was dominated by the US, with four of the ten most influential institutions coming from it. In 2016, China exceeded the UK in terms of annual publications and ranked second. (2) Academic collaboration among the Top 20 productive countries was extensive, with co-authors from 12 of the 20 countries publishing more than 50% of the total. (3) Co-word analysis indicated that during 2000–2007, researchers focused mainly on ecological carbon sinks; during 2008–2014, carbon markets, bioenergy, and bio-based products attracted attention; during 2015–2021, carbon sequestration technologies, hydrogen, and fuel cells were the focus.
Journal: Journal of Chinese Economic and Business Studies
Pages: 27-48
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2116203
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2116203
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:27-48
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2161171_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xinyi Xie
Author-X-Name-First: Xinyi
Author-X-Name-Last: Xie
Author-Name: Jianan Lu
Author-X-Name-First: Jianan
Author-X-Name-Last: Lu
Author-Name: Mao Li
Author-X-Name-First: Mao
Author-X-Name-Last: Li
Author-Name: Jiang Dai
Author-X-Name-First: Jiang
Author-X-Name-Last: Dai
Title: Does carbon neutrality commitment enhance firm value?
Abstract:
This study discusses the stock market reaction to the firm’s carbon neutrality commitments. By hand-collecting firm-level news and stock data, we conduct event studies as well as regression modelling studies. The results show that firms experience losses in market value from committing to being carbon neutral, and the decline in cumulative abnormal returns ranges from −2.09% to −1.21% across different event windows. However, we find better previous ESG performance and a higher level of carbon disclosure could mitigate adverse market reactions. This study innovatively links the ‘trade-off theory’ and ‘resource-based view’ to the discussion of CSR/ESG on firm value from the lens of carbon neutrality commitments.
Journal: Journal of Chinese Economic and Business Studies
Pages: 49-83
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2161171
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2161171
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:49-83
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2127397_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Chen Lin
Author-X-Name-First: Chen
Author-X-Name-Last: Lin
Author-Name: Sibo Liu
Author-X-Name-First: Sibo
Author-X-Name-Last: Liu
Author-Name: Lai Wei
Author-X-Name-First: Lai
Author-X-Name-Last: Wei
Title: Banking and innovation: a review
Abstract:
We summarize the major findings of empirical studies that examine the effect of banking development on innovation and highlight their relative contributions to our understanding of the various roles the banking sector plays in determining innovation. We reassess the effect of banking development and innovation, extending the scope of analysis to more granular dimensions of innovation and to Asian economies where financial markets are less developed. We find that while theoretical implications are generally indefinite about the effect of banking development on innovation, empirical findings are less ambiguous given their distinct focus of sample firms and the underlying channels investigated. The development conditions of financial markets also matter in drawing implications for the effect of financial institutions on innovation. Specifically, when the stock market is relatively less developed, as in most Asian economies, banks play a significant role in financing and promoting innovation. Therefore, it seems plausible for policy makers in these regions to strengthen the development of the banking sector and to improve the depth of the credit market.In this survey, we will summarize the major findings of the empirical studies that examine the effect of banking development on innovation and highlight their relative contributions to our understanding.
Journal: Journal of Chinese Economic and Business Studies
Pages: 143-176
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2127397
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2127397
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:143-176
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2182013_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhifu Mi
Author-X-Name-First: Zhifu
Author-X-Name-Last: Mi
Author-Name: Yuning Gao
Author-X-Name-First: Yuning
Author-X-Name-Last: Gao
Author-Name: Hua Liao
Author-X-Name-First: Hua
Author-X-Name-Last: Liao
Title: Carbon neutrality and socio-economic development
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-3
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2023.2182013
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2182013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:1-3
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2106539_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kangyin Dong
Author-X-Name-First: Kangyin
Author-X-Name-Last: Dong
Author-Name: Jun Zhao
Author-X-Name-First: Jun
Author-X-Name-Last: Zhao
Author-Name: Xiaohang Ren
Author-X-Name-First: Xiaohang
Author-X-Name-Last: Ren
Author-Name: Yukun Shi
Author-X-Name-First: Yukun
Author-X-Name-Last: Shi
Title: Environmental regulation, human capital, and pollutant emissions: the case of SO2 emissions for China
Abstract:
This study aims to explore whether the impact of environmental regulation on pollution emissions varies across China’s regions under different human capital levels. And whether environmental regulation will affect sulfur emissions through human capital is also examined. The empirical results conclude that: (1) environmental protection investment cannot effectively contribute to sulfur emission reduction for the full sample; (2) environmental regulation can aggravate pollution emissions when human capital is low, while human capital is in a high-level, enhanced regulation can help reduce pollution emissions; and (3) environmental regulation can help strengthen sulfur reduction through human capital accumulation; however, the reduction of sulfur emissions by human capital cannot offset the direct positive effect of environmental regulation on sulfur emissions.
Journal: Journal of Chinese Economic and Business Studies
Pages: 111-135
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2106539
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2106539
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:111-135
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2162246_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: B. Baesens
Author-X-Name-First:
Author-X-Name-Last: B. Baesens
Title: Fraud analytics: a research
Abstract:
Fraud is as old as humankind and appears in many types and forms. Popular examples are credit card fraud, tax evasion, identity theft, insurance fraud, counterfeit, click fraud, anti-money laundering, and payment transaction fraud. In earlier research we defined fraud as an uncommon, well-considered, imperceptibly concealed, time-evolving, and carefully organized crime. Nowadays, fraud is typically tackled using state-of-the-art analytical techniques with many accompanying challenges. It is the purpose of this article to highlight twelve research topics (RTs) that we believe prioritize high on the agenda of contemporary fraud analytics models. We do this by reviewing fraud analytics from a data, model, performance, and deployment perspective.
Journal: Journal of Chinese Economic and Business Studies
Pages: 137-141
Issue: 1
Volume: 21
Year: 2023
Month: 01
X-DOI: 10.1080/14765284.2022.2162246
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2162246
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:1:p:137-141
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2136933_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hong Bo
Author-X-Name-First: Hong
Author-X-Name-Last: Bo
Title: Implications of the Ukraine war for China: can China survive secondary sanctions?
Abstract:
In this short article, I provide a preliminary assessment of the economic consequences of possible secondary sanctions on China. Considering the interdependence of China with the rest of the world, I analyse challenges and opportunities China would face in the scenario of secondary sanctions. My analysis covers China’s real economy, domestic financial system, role in international finance, and Belt and Road Initiative (BRI). Overall, China can survive secondary sanctions, but its ambitions for the advancement of technology would face mounting difficulties.
Journal: Journal of Chinese Economic and Business Studies
Pages: 311-322
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2022.2136933
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2136933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:311-322
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2024485_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Majid Lateef
Author-X-Name-First: Majid
Author-X-Name-Last: Lateef
Author-Name: Muhammad Usman Riaz
Author-X-Name-First: Muhammad Usman
Author-X-Name-Last: Riaz
Title: Influence of CPEC–Flagship of Belt and Road Initiative on the agricultural trade of China
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 263-280
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2021.2024485
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2024485
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:263-280
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2021489_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Syed Zulfiqar Ali Shah
Author-X-Name-First: Syed Zulfiqar Ali
Author-X-Name-Last: Shah
Author-Name: Ch. Mazhar Hussain
Author-X-Name-First: Ch. Mazhar
Author-X-Name-Last: Hussain
Author-Name: Muhammad Anwar
Author-X-Name-First: Muhammad
Author-X-Name-Last: Anwar
Title: Does entrepreneurial orientation encourage Pakistani SMEs to participate in China-Pakistan economic corridor?
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..
Journal: Journal of Chinese Economic and Business Studies
Pages: 281-299
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2021.2021489
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2021489
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:281-299
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2012387_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Alvar Castello Esquerdo
Author-X-Name-First: Alvar
Author-X-Name-Last: Castello Esquerdo
Title: Determinants of technology investment from China into Latin America
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 213-238
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2021.2012387
File-URL: http://hdl.handle.net/10.1080/14765284.2021.2012387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:213-238
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2210482_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Harjit Singh
Author-X-Name-First: Harjit
Author-X-Name-Last: Singh
Author-Name: Avneet Singh
Author-X-Name-First: Avneet
Author-X-Name-Last: Singh
Title: ChatGPT: Systematic Review, Applications, and Agenda for Multidisciplinary Research
Abstract:
With the launch of text-based artificial Intelligence (AI) powered ChatGPT by OpenAI, the natural language processing method of communicating has been captivating the business world. Since its launch in November 2022, ChatGPT has been making waves in diverse areas ranging from customer care to healthcare, education to automobiles, and the financial world to communication technology. This study presents the theoretical background, use of technology, and its applications in various business areas. The study aims to organize much talked about but less understood technological aspects from a modern technological disruption perspective and lays the agenda for multidisciplinary research. Furthermore, we present AI-powered chatbot applications and business use cases vis-à-vis the uncertainties of using technology. Finally, we conclude by stating our thoughts regarding the direction of technology so that ChatGPT could benefit the business world.
Journal: Journal of Chinese Economic and Business Studies
Pages: 193-212
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2023.2210482
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2210482
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:193-212
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2212434_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yi Cao
Author-X-Name-First: Yi
Author-X-Name-Last: Cao
Author-Name: Jia Zhai
Author-X-Name-First: Jia
Author-X-Name-Last: Zhai
Title: Bridging the gap – the impact of ChatGPT on financial research
Abstract:
In March 2023, the release of GPT-4 and its application, Copilot, astounds the world and thrusts AI into the spotlight in industry, and academia. The incredible superiority of GPT-4 is demonstrated by its ability to achieve high scores on almost all mainstream academic and professional standard exams, Copilot’s capability to accomplish nearly all repetitive office work, and the rapid spread of its applications across massive areas of human society within weeks of its launch. These changes lead to the belief on the emergence of GPT-4 having a significant impact on academic research in the finance and accounting fields by establishing a consensus on the psychological acceptance of AI and rapidly eliminating technical barriers of using it. This paper presents practical examples to demonstrate GPT-4’s effectiveness in sentiment analysis, ESG analysis, corporate culture analysis, and Federal Reserve opinion analysis, and provides instructive recommendations for applying it in these subject areas.
Journal: Journal of Chinese Economic and Business Studies
Pages: 177-191
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2023.2212434
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2212434
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:177-191
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1977082_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nicholas Apergis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Apergis
Author-Name: Marco Chi Keung Lau
Author-X-Name-First: Marco Chi Keung
Author-X-Name-Last: Lau
Author-Name: Zezeng Li
Author-X-Name-First: Zezeng
Author-X-Name-Last: Li
Title: Challenges for sustainable productivity in developing economies: shortage of energy and corruption
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.
Journal: Journal of Chinese Economic and Business Studies
Pages: 239-261
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2021.1977082
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1977082
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:239-261
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_1929785_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kang Jia
Author-X-Name-First: Kang
Author-X-Name-Last: Jia
Title: Accelerating the construction of a new development pattern with the domestic circulation as the mainstay and mutual promotion of dual circulation
Abstract:
This study examines China’s new dual circulation development pattern, which requires the pursuit of upgraded development to emphasize domestic circulation as the mainstay, in line with expanding the domestic demand. Furthermore, dual circulation is regarded as the mutual promotion of domestic and international circulation, which aims for high quality in domestic and international circulation. The key to building this new development pattern is an unimpeded economic circulation. Accordingly, this study identifies five essential considerations for China to accelerate the construction of the new development pattern, with domestic circulation as its mainstay. This is because a deep understanding of the Chinese government’s policy objectives is required to guide the efforts toward modernization effectively.
Journal: Journal of Chinese Economic and Business Studies
Pages: 301-309
Issue: 2
Volume: 21
Year: 2023
Month: 04
X-DOI: 10.1080/14765284.2021.1929785
File-URL: http://hdl.handle.net/10.1080/14765284.2021.1929785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:2:p:301-309
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2206897_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Moses Nyangu
Author-X-Name-First: Moses
Author-X-Name-Last: Nyangu
Author-Name: Nyankomo Marwa
Author-X-Name-First: Nyankomo
Author-X-Name-Last: Marwa
Author-Name: Ashenafi Fanta
Author-X-Name-First: Ashenafi
Author-X-Name-Last: Fanta
Title: What drives financial stability? the nexus between market power and bank efficiency within the East African Community
Abstract:
The paper examines the joint effect of market power and different types of bank efficiency on financial stability across 5 countries within the East African Community. Unlike existing studies which have employed efficiency in a broad way, it is decomposed into five different types, that is, technical, pure technical, scale, cost and revenue efficiency. Using a two-step system GMM on 149 banks with 1,805 observations over the period 2001–2018, empirical findings reveal that the joint effect of market power and bank efficiency is critical on financial stability and the effect varies with the specific type of efficiency being explored. Increased market power is observed to have a direct positive effect on bank stability. With respect to bank efficiency, cost and revenue efficiency have a positive significant effect with bank stability while the effect of technical, pure technical and scale efficiency is insignificant. In overall, concentrated banks with higher cost and revenue efficiency are more stable compared to the inefficient banks. The findings highlight that an eclectic policy to ensure a trade-off between bank concentration and competition should be ensured by the bank regulators.
Journal: Journal of Chinese Economic and Business Studies
Pages: 403-428
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2023.2206897
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2206897
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:403-428
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2036571_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiayin Meng
Author-X-Name-First: Jiayin
Author-X-Name-Last: Meng
Author-Name: Yite Zhu
Author-X-Name-First: Yite
Author-X-Name-Last: Zhu
Author-Name: Yang Han
Author-X-Name-First: Yang
Author-X-Name-Last: Han
Title: Can ‘new’ infrastructure become an engine of growth for the Chinese economy?
Abstract:
This paper explores the effect of new infrastructure on economic growth from the aspects of tangible and intangible assets. According to empirical analysis, we conclude that traditional infrastructure directly contributes to the Chinese economic growth via fixed asset formation, while new infrastructure has overall insignificant direct effect on growth, i.e. it is unrealistic for new infrastructure to become an engine of growth for the Chinese economy in the short run. But it is also worth noting that new infrastructure does have the potential to promote the upgrade of industry structure and therefore boost economy in the long run. Based on the modelling results as well as the nature of new infrastructure, it is suggested that new infrastructure investment is not suitable to act as a short-term stimulation especially under Covid-19 pandemic despite its great potential in the long term.
Journal: Journal of Chinese Economic and Business Studies
Pages: 341-362
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2022.2036571
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2036571
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:341-362
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2219439_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Alex Edmans
Author-X-Name-First: Alex
Author-X-Name-Last: Edmans
Title: How great companies deliver both purpose and profit
Abstract:
Critics of capitalism argue that companies need to be heavily regulated, to reduce their profits and redistribute value to society. Defenders of capitalism reply that profits are essential to a well-functioning economy; they fund future investment by companies and provide returns to shareholders, such as households and pension funds. Both views are based on the pie-splitting mentality, that the value created by a company is a fixed pie that shareholders and society fight over. This article describes the pie-growing mentality, that shareholders and society are not in conflict. By having a purpose – being driven by the desire to create value for society – companies grow the pie, increasing shareholders as well as stakeholder value. It discusses how companies can put purpose into practice and how citizens can play their part.
Journal: Journal of Chinese Economic and Business Studies
Pages: 465-469
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2023.2219439
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2219439
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:465-469
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2181619_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wilson X. B. Li
Author-X-Name-First: Wilson X. B.
Author-X-Name-Last: Li
Author-Name: Tina He
Author-X-Name-First: Tina
Author-X-Name-Last: He
Title: Banking structure and government policies regarding SMEs financing
Abstract:
This study adopts the view that at the current stage of economic development in China, the factor endowment structure is characterized as abundant labor and scarce capital, which determines that the viable industrial structure should be dominated by small- and medium-sized enterprises and the optimal banking structure should be dominated by labor-intensive banks. Using bank assets per employee to measure labor intensity of banks and investigating the data from various sources, we find that in China, major commercial banks and rural financial institutions are labor-intensive banks providing two thirds of the total bank loans to small enterprises. Furthermore, the cross-region investigation reveals that on average small-sized enterprises are positively associated with labor-intensive banks, and labor-intensive banks contribute significantly more to the SMEs business incomes than capital-intensive banks. This study also discusses some implications to researchers and policy makers.
Journal: Journal of Chinese Economic and Business Studies
Pages: 387-402
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2023.2181619
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2181619
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:387-402
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2161175_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhongchen Song
Author-X-Name-First: Zhongchen
Author-X-Name-Last: Song
Author-Name: Tom Coupé
Author-X-Name-First: Tom
Author-X-Name-Last: Coupé
Title: Predicting Chinese consumption series with Baidu
Abstract:
There is a substantial literature that suggests that search behavior data from Google Trends can be used for both private and public sector decision-making. In this paper, we use search behavior data from Baidu, the internet search engine most popular in China, to analyze whether these can improve nowcasts and forecasts of the Chinese economy. Using a wide variety of estimation and variable selection procedures, we find that Baidu’s search data can improve nowcast and forecast performance of the sales of automobiles and mobile phones reducing forecast errors by more than 10%, as well as reducing forecast errors of total retail sales of consumptions goods in China by more than 40%. Google Trends data, in contrast, do not improve performance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 429-463
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2022.2161175
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2161175
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:429-463
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2040074_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zhi Liu
Author-X-Name-First: Zhi
Author-X-Name-Last: Liu
Author-Name: Xiuying Liu
Author-X-Name-First: Xiuying
Author-X-Name-Last: Liu
Title: Is China’s infrastructure development experience unique?
Abstract:
The rapid development of infrastructure in China over the last four decades has drawn not only considerable international media coverage, but also research interest from the academic world. Few studies, however, ask the question if China’s infrastructure development experience is extraordinary. By comparing the level and pace of infrastructure development between China and other countries, we find that the case of China is not unique at the country level. What is unique is the heavy use of infrastructure investment as a policy instrument to stimulate the economy, both at the upturns and downturns. The paper further identifies the key weaknesses of China’s infrastructure sector, and highlights the effects of economic, technological, demographic, and climate trends on the future of infrastructure, and discusses the directions of infrastructure development in the next 20–30 years.
Journal: Journal of Chinese Economic and Business Studies
Pages: 323-340
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2022.2040074
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2040074
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:323-340
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2222567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Shuang Pan
Author-X-Name-First: Shuang
Author-X-Name-Last: Pan
Author-Name: Hao-Nan Wang
Author-X-Name-First: Hao-Nan
Author-X-Name-Last: Wang
Author-Name: Yangda Li
Author-X-Name-First: Yangda
Author-X-Name-Last: Li
Author-Name: Li-Bo Chen
Author-X-Name-First: Li-Bo
Author-X-Name-Last: Chen
Title: High-speed rail, economic agglomeration and urban innovation —— Analysis of Chinese evidence
Abstract:
By adjusting the spatial and temporal distance between small and medium-sized cities and provincial capital cities, high-speed rail has reshaped the distribution of innovation resources, and eventually significantly affected China’s economy. Employing data from 284 Chinese prefecture-level cities for the period of 2005 to 2015, this paper uses the propensity score matching model (PSM-DID) to analyze the relationship between the high-speed rail opening and urban innovation in China. Our empirical results show that: 1) the opening of high-speed rail significantly improves the overall level of urban innovation in China, but affected by “the distance from provincial capital” which present a “∽”-type structural feature 2) the mechanism of the effect of high-speed rail on urban innovation is mainly to promote economic agglomeration; and 3) the impact of high-speed rail opening on urban innovation has gradually declined characteristics based on opening time and regional economy heterogeneity.
Journal: Journal of Chinese Economic and Business Studies
Pages: 363-386
Issue: 3
Volume: 21
Year: 2023
Month: 07
X-DOI: 10.1080/14765284.2023.2222567
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2222567
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:3:p:363-386
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2245279_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Boyang Chen
Author-X-Name-First: Boyang
Author-X-Name-Last: Chen
Author-Name: Zongxiao Wu
Author-X-Name-First: Zongxiao
Author-X-Name-Last: Wu
Author-Name: Ruoran Zhao
Author-X-Name-First: Ruoran
Author-X-Name-Last: Zhao
Title: From fiction to fact: the growing role of generative AI in business and finance
Abstract:
Generative Artificial Intelligence (AI), such as ChatGPT by OpenAI, has revolutionized the business world, with benefits including improved accessibility, efficiency, and cost reduction. This article reviews recent developments of generative AI in business and finance, summarizes its practical applications, provides examples of the latest generative AI tools, and demonstrates that generative AI can revolutionize data analysis in industry and academia. To test the ability of generative AI to support decision-making in financial markets, we use the ChatGPT to capture corporate sentiments towards environmental policy by inputting text extracted from corporate financial statements. Our results demonstrate that the sentiment scores generated by ChatGPT can predict firms’ risk-management capabilities and stock return performance. This study also highlights the potential challenges and limitations associated with generative AI. Finally, we propose several questions for future research at the intersection of generative AI with business and finance.
Journal: Journal of Chinese Economic and Business Studies
Pages: 471-496
Issue: 4
Volume: 21
Year: 2023
Month: 10
X-DOI: 10.1080/14765284.2023.2245279
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2245279
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:4:p:471-496
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2103629_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yibo Mao
Author-X-Name-First: Yibo
Author-X-Name-Last: Mao
Author-Name: Xinxin Ma
Author-X-Name-First: Xinxin
Author-X-Name-Last: Ma
Author-Name: Peng Zhan
Author-X-Name-First: Peng
Author-X-Name-Last: Zhan
Title: Health capacity to work of the older adults in China: evidence from CHIPs
Abstract:
This study attempts to estimate how much older adults would work if they were to work as much as middle-aged adults with the same health status in China. Using data from the China Household Income Project survey in 2013 and 2018, and based on the Milligan–Wise and CMR models, three main findings emerge: first, an untapped additional work capacity exists for those in the group aged 60–69, which comprises 29.8–65.8% of urban residents and 4.4–22.4% of rural residents. Second, additional work capacity is higher for urban residents with higher levels of education than for their counterparts, and the educational disparity in work capacity is greater for urban residents than for rural residents. Third, the decomposition results indicate that changes in health status contributed to increased potential work capacity for urban residents while decreasing that of rural residents.
Journal: Journal of Chinese Economic and Business Studies
Pages: 563-590
Issue: 4
Volume: 21
Year: 2023
Month: 10
X-DOI: 10.1080/14765284.2022.2103629
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2103629
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:4:p:563-590
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2161173_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xinhui Zhou
Author-X-Name-First: Xinhui
Author-X-Name-Last: Zhou
Author-Name: Yuzhe Li
Author-X-Name-First: Yuzhe
Author-X-Name-Last: Li
Author-Name: Bing Chen
Author-X-Name-First: Bing
Author-X-Name-Last: Chen
Author-Name: Huadong Jiang
Author-X-Name-First: Huadong
Author-X-Name-Last: Jiang
Title: Research on spillover effect of foreign market risk on Chinese capital market from perspective of full financial opening-up
Abstract:
Starting from document research, this paper analyzes the mechanism of the risk spillover effect from developed capital markets to the Chinese capital market. After that, this paper conducts an empirical study on the risk spillover effect of developed capital markets on the Chinese capital market by using the DCC-GARCH model. Then the impact degree of global major stock market fluctuations on the Chinese stock market is measured. The analysis shows that there exists a significant risk spillover effect of developed capital markets on the Chinese capital market, but the effect began to weaken after the financial crisis and the size of the spillover effect can be affected by macro factors such as geographical locations, foreign trade, and foreign investment.
Journal: Journal of Chinese Economic and Business Studies
Pages: 517-538
Issue: 4
Volume: 21
Year: 2023
Month: 10
X-DOI: 10.1080/14765284.2022.2161173
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2161173
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:4:p:517-538
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2137723_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kai Liu
Author-X-Name-First: Kai
Author-X-Name-Last: Liu
Author-Name: Xin Yue
Author-X-Name-First: Xin
Author-X-Name-Last: Yue
Author-Name: Yan Yu
Author-X-Name-First: Yan
Author-X-Name-Last: Yu
Title: FDI, indirect horizontal spillover and firm productivity in China’s manufacturing industry
Abstract:
The indirect spillover effects of manufacturing foreign direct investment (FDI) through upstream suppliers are often ignored by academia. This paper first explains theoretically the mechanism of indirect horizontal spillovers from foreign-funded firms and matches China Industry Business Performance Data and the China Customs Dataset, then empirically analyzes the indirect horizontal spillover effects of China’s manufacturing FDI through upstream suppliers. The results show that China’s manufacturing FDI generates significant positive technology spillovers to local firms through an indirect horizontal mechanism; the vertical spillover effects of China’s manufacturing FDI are asymmetric; the indirect spillover effects are influenced by firm ownership, whether it trades or not, and firm size; and the indirect spillovers generated by FDI restrain the quality of products for exports by local firms in the intra-industry but significantly improve the quality of products for export of upstream suppliers through backward linkages.
Journal: Journal of Chinese Economic and Business Studies
Pages: 539-562
Issue: 4
Volume: 21
Year: 2023
Month: 10
X-DOI: 10.1080/14765284.2022.2137723
File-URL: http://hdl.handle.net/10.1080/14765284.2022.2137723
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:4:p:539-562
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2245275_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Feyyaz Zeren
Author-X-Name-First: Feyyaz
Author-X-Name-Last: Zeren
Author-Name: Mustafa Kevser
Author-X-Name-First: Mustafa
Author-X-Name-Last: Kevser
Author-Name: Samet Gürsoy
Author-X-Name-First: Samet
Author-X-Name-Last: Gürsoy
Title: The impact of covid-19 vaccination on stock markets: a comparative analysis of the USA and China
Abstract:
This study aimed to reveal the emergence of the vaccine against COVID-19 and its influence on the stock markets. In line with this purpose, this study seeks answers to some questions, whether vaccination supports the recovery of financial markets or not, and in which direction the effect is similar in the context of developed and developing countries, considering the United States and China samples. Fourier-based cointegration and causality tests were used to reveal the effect of COVID-19 vaccination on stock markets in the paper, which used daily data between March-2021 and September-2022. According to the results vaccination rates triggered the stock market prices in the U.S.A.. Moreover obtained findings show that the Chinese stock market and COVID-19 vaccination act together in the long term during the data range examined. Finally, it seems possible to state that it would be beneficial for investors investing in both the U.S.A. and China markets.
Journal: Journal of Chinese Economic and Business Studies
Pages: 497-515
Issue: 4
Volume: 21
Year: 2023
Month: 10
X-DOI: 10.1080/14765284.2023.2245275
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2245275
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:21:y:2023:i:4:p:497-515
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2245277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Rachana Jaiswal
Author-X-Name-First: Rachana
Author-X-Name-Last: Jaiswal
Author-Name: Shashank Gupta
Author-X-Name-First: Shashank
Author-X-Name-Last: Gupta
Title: Money talks, happiness walks: dissecting the secrets of global bliss with machine learning
Abstract:
This study endeavors to construct a model for prognosticating happiness by integrating an encompassing theoretical framework and scrutinizing various happiness constructs. The findings reveal that the Random Forest outperforms its counterparts, exhibiting an astounding accuracy rate of 92.2709. Furthermore, the results uncover a conspicuous and pronounced divergence between joyful and despondent nations concerning their GDP per capita. The former exhibits a remarkable ascendency in this economic indicator relative to their less contented counterparts. The research posits far-reaching policy, managerial, and social implications. It underscores its significance in steering the realization of the United Nations’ Sustainable Development Goals (SDGs), including Goals 3, 4, 8, and 10. The study recommends that SDG-driven efforts should be bolstered to hasten the attainment of happiness in developing countries while promoting the adoption of data-driven decision-making approaches in policy formulation and the development of efficacious policies.
Journal: Journal of Chinese Economic and Business Studies
Pages: 111-158
Issue: 1
Volume: 22
Year: 2024
Month: 01
X-DOI: 10.1080/14765284.2023.2245277
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2245277
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:1:p:111-158
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2210014_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Nengzhi(chris) Yao
Author-X-Name-First: Nengzhi(chris)
Author-X-Name-Last: Yao
Author-Name: Karena Yan
Author-X-Name-First: Karena
Author-X-Name-Last: Yan
Author-Name: Christos Tsinopoulos
Author-X-Name-First: Christos
Author-X-Name-Last: Tsinopoulos
Author-Name: Junhong Bai
Author-X-Name-First: Junhong
Author-X-Name-Last: Bai
Title: The organizational determinants of open innovation: a literature framework and future research directions
Abstract:
This paper aims to explore the organizational determinants of open innovation (OI). A review of 154 publications taken from management and innovation journals makes us identify four dimensions of ‘resource-related’ organizational factors that can determine OI: resource investment (what or how many resources are being invested), organizational structure (where resources are being attributed), human capital (who or what individual-level characteristics are) and the attitudes of individuals (how resources are being treated). We also identify core theoretical lenses and propose moderating and mediating mechanisms that can explain the relationship between the dimensions and OI. Based on this, we generate a literature framework and propose that the effects of organizational factors on the implementation of OI can be achieved by influencing firms’ dynamic abilities, and that these effects vary across costs-related contingencies. We also suggest several directions for addressing relevant unexplored questions within the framework.
Journal: Journal of Chinese Economic and Business Studies
Pages: 1-29
Issue: 1
Volume: 22
Year: 2024
Month: 01
X-DOI: 10.1080/14765284.2023.2210014
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2210014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:1:p:1-29
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2210481_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Hajer KRATOU
Author-X-Name-First: Hajer
Author-X-Name-Last: KRATOU
Author-Name: Rekha Pillai
Author-X-Name-First: Rekha
Author-X-Name-Last: Pillai
Author-Name: Taimur Sharif
Author-X-Name-First: Taimur
Author-X-Name-Last: Sharif
Title: Do low-skilled migrant remittances help achieve SDG 10?
Abstract:
In this paper we explore the role migrant skill composition plays in remittances and income inequality’ relationships, using a panel study of 53 African countries over the period 1990–2020 and referring to two strands of literature that demonstrate that (1) highly skilled migrants widen the income gap in the home country; and (2) they have fewer incentives to remit compared to their less-skilled compatriots. The instrumental variable technique was employed to estimate a dynamic panel data model whilst rectifying endogeneity issues. The findings reveal that a policy that shifts the migrant skill composition toward the less-skilled workers could channel more remittance funds to poor households, resulting in diminishing the income disparity in the home country. Migration policies attempting to mitigate the brain drain and facilitate the migration of low-skilled workers would enable the attenuation of the income inequality gap.
Journal: Journal of Chinese Economic and Business Studies
Pages: 31-60
Issue: 1
Volume: 22
Year: 2024
Month: 01
X-DOI: 10.1080/14765284.2023.2210481
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2210481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:1:p:31-60
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2167415_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jiguang Wang
Author-X-Name-First: Jiguang
Author-X-Name-Last: Wang
Author-Name: Yushang Hu
Author-X-Name-First: Yushang
Author-X-Name-Last: Hu
Title: Corporate governance in Ming & Qing China: evidence from Shanxi (Jin) merchants
Abstract:
Shanxi (Jin) merchants are widely recognized as one of the most successful commercial groups in the Ming & Qing dynasties of China. They gradually built a unified and complete multi-level financial market which promoted the rapid development of early modern China’s finance sector and economy, and they hosted China’s premier financial center. Most accounts suggest their practices were of purely Chinese origin, and represent a remarkable case of parallel economic evolution with the West. This study argues that Shanxi merchants’ success is shown not only in their economic prosperity but also their impressive achievements in management. The success of Shanxi merchants should be attributed to their unique corporate governance model; specifically, their separation of ownership and management, professional manager system, use of personal shares, and joint shareholding system. We argue that their distinguished business ethics still have an extensive influence on China today.
Journal: Journal of Chinese Economic and Business Studies
Pages: 87-110
Issue: 1
Volume: 22
Year: 2024
Month: 01
X-DOI: 10.1080/14765284.2023.2167415
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2167415
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:1:p:87-110
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2270846_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Ngo Thai Hung
Author-X-Name-First: Ngo
Author-X-Name-Last: Thai Hung
Title: Time-frequency nexus between COVID-19, economic policy uncertainty and China’s stock market during the COVID-19 period
Abstract:
It is acknowledged that COVID-19 sentiment influences economic policy uncertainty, which is subsequently reflected in stock market investment decisions, resulting in stock price variations. In this scenario, we attempt to explore the influence of COVID-19 and economic policy uncertainty on China’s stock market using wavelet analysis. The findings of novel wavelet frameworks uncover a bi-directional lead-lag association between COVID-19 sentiment, economic policy uncertainty, and stock market returns in China. In addition, the most pronounced degree of causal associations for the concerned couples occurred in the short and medium-run horizons. Specifically, our results unveil that economic uncertainty and COVID-19 sentiment are the main transmitter of shocks, while the stock market is the recipients of shock spillovers. Our research provides policymakers and market participants with critical insights into the behavior of Chinese stock markets during the COVID-19 crisis.
Journal: Journal of Chinese Economic and Business Studies
Pages: 61-85
Issue: 1
Volume: 22
Year: 2024
Month: 01
X-DOI: 10.1080/14765284.2023.2270846
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2270846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:1:p:61-85
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2220271_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Amelie F. Constant
Author-X-Name-First: Amelie F.
Author-X-Name-Last: Constant
Author-Name: Simone Schüller
Author-X-Name-First: Simone
Author-X-Name-Last: Schüller
Author-Name: Klaus F. Zimmermann
Author-X-Name-First: Klaus F.
Author-X-Name-Last: Zimmermann
Title: Ethnic spatial dispersion and immigrant identity*
Abstract:
The role of ethnic clustering in ethnic identity formation has remained unexplored, mainly due to missing detailed data. This study closes the knowledge gap for Germany by employing a unique combination of datasets, the survey data from the German Socio-Economic Panel and disaggregated information at low geographical levels from the last two but still unexploited full German censuses, 1970 and 1987. Utilizing the exogenous placement of immigrants during the recruitment era in the 1960s and 1970s we find that local co-ethnic concentration affects immigrants’ ethnic identity. While residential ethnic clustering strengthens immigrants’ retention of an affiliation with their origin (minority identity), it weakens identification with the host society (majority identity). The effects are nonlinear and become significant only at relatively high levels of co-ethnic concentration for the minority identity and at very low levels of local concentration for the majority identity. The findings are robust to an instrumental variable approach.
Journal: Journal of Chinese Economic and Business Studies
Pages: 205-230
Issue: 2
Volume: 22
Year: 2024
Month: 04
X-DOI: 10.1080/14765284.2023.2220271
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2220271
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:2:p:205-230
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2270848_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ding Chen
Author-X-Name-First: Ding
Author-X-Name-Last: Chen
Author-Name: Umar Muhammad Gummi
Author-X-Name-First: Umar
Author-X-Name-Last: Muhammad Gummi
Title: The role of Renminbi internationalization in China’s petroleum security: a causal analysis amidst global uncertainties
Abstract:
China’s import of petroleum resources increases in recent years despite structural reforms to the Chinese economy. Primary energy demand increased significantly amidst global uncertainties, and this is a premise for energy security concerns for the country. In this paper, we rely on monthly data spanning from January 2011 to December 2022 and incorporate the role of global economic uncertainty to examine the causal relationship between Renminbi internationalization (RMBI) and petroleum security in China. Based on the recent VAR-based time-varying Granger causality procedure, we found a significant bi-directional causality between RMBI and petroleum security. The findings imply that increasing acceptance of the Renminbi (RMB) in trade settlements and petroleum invoicing will promote China’s drive to achieve a sustainable and reliable supply of petroleum. However, we proffer some policy suggestions based on the empirical findings.
Journal: Journal of Chinese Economic and Business Studies
Pages: 253-273
Issue: 2
Volume: 22
Year: 2024
Month: 04
X-DOI: 10.1080/14765284.2023.2270848
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2270848
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:2:p:253-273
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2206785_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Son T. Nguyen
Author-X-Name-First: Son T.
Author-X-Name-Last: Nguyen
Author-Name: Yanrui Wu
Author-X-Name-First: Yanrui
Author-X-Name-Last: Wu
Title: Vietnam’s bilateral trade intensity: the role of China
Abstract:
This paper aims to study the intensity of trade between Vietnam and its trading partners. Vietnam’s revealed trade preference with a country was found to be negatively correlated with distance, but positively correlated with contiguity, colonial linkages and having a free trade agreement between the pair. At the disaggregate level, contiguity leads to higher revealed export preferences in labour-intensive goods for Vietnam, but this effect on revealed import preferences is less significant. The revealed trade preference indices show that among major trading partners, China’s role is important for Vietnam’s trade, but this role is less dominant than what traditional trade share analysis shows.
Journal: Journal of Chinese Economic and Business Studies
Pages: 183-204
Issue: 2
Volume: 22
Year: 2024
Month: 04
X-DOI: 10.1080/14765284.2023.2206785
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2206785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:2:p:183-204
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2210016_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: John Knight
Author-X-Name-First: John
Author-X-Name-Last: Knight
Author-Name: Haiyuan Wan
Author-X-Name-First: Haiyuan
Author-X-Name-Last: Wan
Title: The receding housing ladder: house price inflation, parental support, and the intergenerational distribution of housing wealth in China
Abstract:
China has experienced very rapid house price inflation in recent years – by some 10% per annum relative to consumer price inflation. Existing house-owners have benefited from capital gain and have been able to climb the housing ladder. Young household heads – wanting to own a house and facing rising house prices relative to their incomes – have found it increasingly difficult to get onto the housing ladder. However, their difficulty is eased by the strength of family support and the developing market for housing loans. The China Household Income Project (CHIP) surveys of 2002 and 2013 are analysed to test the hypothesis that the age distributions of house ownership and of housing wealth have moved against the young. Probits, tobits, and difference-in-difference analyses measure these effects. There is indeed evidence indicating a receding housing ladder, and evidence that waiting longer to own a house is positively associated with house price inflation.
Journal: Journal of Chinese Economic and Business Studies
Pages: 159-181
Issue: 2
Volume: 22
Year: 2024
Month: 04
X-DOI: 10.1080/14765284.2023.2210016
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2210016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:2:p:159-181
Template-Type: ReDIF-Article 1.0
# input file: RCEA_A_2278012_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Tanzeela Yaqoob
Author-X-Name-First: Tanzeela
Author-X-Name-Last: Yaqoob
Author-Name: Arfa Maqsood
Author-X-Name-First: Arfa
Author-X-Name-Last: Maqsood
Title: Do methods of estimation matter in detecting outliers and forecasting macroeconomic variables?
Abstract:
Outliers in time-series data are crucial in model estimation and forecasting. Understanding the importance of false detection of outliers in various autoregressive processes, the present study aims to evaluate test statistics’ performance by utilizing multiple models through robust estimation of errors. In this study, numerous data-generating techniques have been employed via simulation at different values of the estimates, location, and size of an outlier, sample sizes, and classical cutoff to access the power of the test statistics for false detection of outlier type. The findings of the simulation reveal that the location and size of outliers, parameter values, and, to some extent, the size of the series influence the behavior of test statistics in detecting the type of outliers. Overall, the estimation method of residual standard deviation influences the sampling behavior of the test statistics. Outliers also affect the forecasting performance in the model. All results are also validated empirically.
Journal: Journal of Chinese Economic and Business Studies
Pages: 231-252
Issue: 2
Volume: 22
Year: 2024
Month: 04
X-DOI: 10.1080/14765284.2023.2278012
File-URL: http://hdl.handle.net/10.1080/14765284.2023.2278012
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:jocebs:v:22:y:2024:i:2:p:231-252