The Chinese Economy最新文献

{"title":"The Effect of Investment in Education on China’s Economic Growth: The Role of Financial Development","authors":"Xinyao Li, Chung-Khain Wye","doi":"10.1080/10971475.2022.2058182","DOIUrl":"https://doi.org/10.1080/10971475.2022.2058182","url":null,"abstract":"Abstract Earlier studies have focused on how education investment affects economic growth in different countries, namely developed and developing countries. The conclusions have been ambiguous and one of the dominant factors leading to such variation is the omission of financial development indicators. The present paper makes use of panel date from 2005 to 2019 on 31 provinces of China to examine how financial development can influence the relationship between education investment and economic growth. The findings show that financial development does not facilitate the impact of education investment on economic growth in wealthier regions. However, for poorer provinces with GDP per capita below the average, financial development as proxied by the ratio of total loans and total deposits in the financial system to GDP, respectively, can indeed enhance the effect of education investment on economic growth. Such enhancement is valid even when the proxies for education investment and financial development respectively pose negative effect on economic growth. Credit expansion and savings increase may facilitate government expenditure in education, which in turn promotes economic growth in relatively poor provinces to a greater degree than does the relatively wealthy provinces. Financial development strategy should be targeted to poorer provinces with below-average economic growth to facilitate growth-promoting educational financing.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"21 1","pages":"69 - 87"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80826560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nonparametric Cointegration Tests for Price Convergence within the Greater Bay Area of China","authors":"KAI-YIN Woo, Shu-kam Lee, Paul K. Shum","doi":"10.1080/10971475.2021.2022838","DOIUrl":"https://doi.org/10.1080/10971475.2021.2022838","url":null,"abstract":"Abstract The Chinese Government plans to create a world-class city cluster in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). The GBA is a very attractive destination for both national and international businesses to profit in trading and investment activities. To realize the anticipated profit potential, existence of purchasing power parity (PPP) is a necessary condition for a favorable prospect of closer economic cooperation and integration in the GBA city cluster. Research study that investigates the PPP relationships among the GBA cities is scarce. To fill this research gap, our study aims to examine validity of the PPP and the extent of goods market integration in the GBA. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the rank tests for analysis without prior knowledge and specification of the functional form. We also address the rank problems that occur in multivariate rank tests. Results of the rank tests confirm validity of the PPP relationships among the GBA cities with some empirical evidence of nonlinearity that clear the doubt concerning the potential barriers to goods market integration in the GBA. There are policy implications for the local and central authorities in justifying further integrated development programs.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"1 1","pages":"410 - 424"},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90108464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of China’s OFDI to the Greater Mekong Subregion (GMS)","authors":"Nisit Panthamit, C. Chaiboonsri, Chira Bureecam","doi":"10.1080/10971475.2021.2022839","DOIUrl":"https://doi.org/10.1080/10971475.2021.2022839","url":null,"abstract":"Abstract The study aims to investigate the impact of China's outward foreign investment (OFDI) in Cambodia, Laos, Myanmar, Vietnam, and Thailand (CLMVT). The motivation behind this paper is to examine a pivotal role in determining the macroeconomic factors in these five hosting countries as the “neighboring model” of China. Using panel data for China's outward to her five neighboring countries in the Greater Mekong Subregion (GMS) for the period 2007–2019. This paper uses two different panel specifications models named correlation from classical statistics and Bayesian statistics where empirical results of this research qualify that China's OFDI is the main factor to have a positive influence on the macroeconomic factors in CLMVT. Highlights The GMS region is currently challenging the general FDI theory from the “neighboring model” of China’s going global” strategy using OFDI as a pioneer for success for the small developing country namely, CLMVT. Many studies showed that the implementation of the “Belt and Road” strategy will help China increase investment in countries along the route, which will further promote the implementation of the “on going” strategy since 2013. We use panel data for China's outward to her five neighboring countries in the Greater Mekong Subregion (GMS) for the period 2007–2019, measures the potential of China’s outward foreign direct investment by using two different panel specifications models named correlation from classical statistics and Bayesian statistics. This research implements the core concept of Bayes’ theorem. This theorem allows us to use a priori beliefs of probability to combine with evidence that it can be found (update every economic situation in CLMVT countries) then this method will have a new prediction of the posterior probability distribution. The posterior probability distribution will be received from the simulation algorithm once again. It would be calculated from the scope of every scenario that can be happening based on our belief in the future. The Bayesian correlation testing still confirms that the FDI inflow from China per GDP of CLMVT countries has the most play important role to drive the macroeconomic of these five countries’ economy.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"34 1","pages":"460 - 476"},"PeriodicalIF":0.0,"publicationDate":"2022-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84875431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Impact of Policy Uncertainty on the Demand for Money in China: An Asymmetric Analysis","authors":"Mohsen Bahmani‐Oskooee, Muhammad Aftab","doi":"10.1080/10971475.2021.2022837","DOIUrl":"https://doi.org/10.1080/10971475.2021.2022837","url":null,"abstract":"Abstract One previous study that estimated the demand for money in China, included output volatility and money supply volatility as two measures of uncertainty. The study found their effects to be transitory in the short-run but not in the long-run. We suspect that the lack of long-run effects could be due to both uncertainty measures being less comprehensive. When we replaced the two measures with a relatively more comprehensive measure known as policy uncertainty, we too found only short-run effects. However, when we separated increased uncertainty from declines and engaged in asymmetric analysis by estimating a nonlinear money demand function, we found that in the long run while increased uncertainty has a significant effect on the demand for money, decreased uncertainty does not. Our findings indicated that in China, as uncertainty increases people prefer to hold more cash.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"12 1","pages":"399 - 409"},"PeriodicalIF":0.0,"publicationDate":"2022-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75365263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Chinese Technical NTMs Increase the Exports of Less Sophisticated Products to China?","authors":"Aadil Nakhoda, Zhaohui Niu","doi":"10.1080/10971475.2021.2022840","DOIUrl":"https://doi.org/10.1080/10971475.2021.2022840","url":null,"abstract":"Abstract Much evidence suggests that NTMs (non-tariff measures) have become a major instrument of trade policy. Compliance with NTMs entails significant costs on exporters who may be required to meet pre-determined standards set by the importing countries to prevent the import of substandard and dangerous products. We consider NTMs imposed by China on its imports as China not only dominates world trade but its trade policies influence global trading patterns. Our results suggest that NTMs do help increase imports of less sophisticated products into China, particularly if they are originating from low-income countries. Although, our OLS and IV estimations report similar results for products facing NTMs and not facing NTMs, the magnitude of the influence is higher for the products facing NTMs when we consider fixed effect estimations. We introduce an interaction variable defined by the income level of the trading partner. The interaction variable magnifies the influence of the level of export sophistication for products facing NTMs on imports into China, while that for products not facing NTMs become insignificant.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"1 1","pages":"425 - 445"},"PeriodicalIF":0.0,"publicationDate":"2022-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81907823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Growth Shocks under Alternative Macro Regimes in a Developing Economy","authors":"Yuwen Dai","doi":"10.1080/10971475.2021.2022841","DOIUrl":"https://doi.org/10.1080/10971475.2021.2022841","url":null,"abstract":"Abstract A key challenge facing most developing economies today is how to simultaneously maintain monetary independence, exchange rate stability, and financial integration, subject to the constraints imposed by the impossible trinity. In this paper, we contribute to the literature by examining and comparing alternative macroeconomic policy choices for a developing economy with growth shocks. To that end, we introduce a three-sector “almost small” open economy macroeconomic model, and calibrate this model to proxy the China in 2005 when it made the transition from being an economy that was bounded by the impossible trinity. We design two alternative macroeconomic policy regimes and apply the calibrated model to analyze both the short-run and the long-run responses to several domestic and external growth shocks, which appeared important for a developing economy like China during its economic reform period in the 2000s. The model simulation shows that most growth shocks cause an expansion in the real GDP level. Moreover, greater flexibility in the exchange rate allows the central bank to conduct independent monetary policy, the benefit from which increases as financial capital becomes more internationally mobile. Our findings draw policy implication for those developing countries considering alternative macroeconomic policy regimes to achieve sustainable economic growth.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"33 1","pages":"446 - 459"},"PeriodicalIF":0.0,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86246653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Health Services Use and Expenditures among Middle-Aged and Elderly Residents with Hypertension Comorbidity: A Longitudinal Study in Jiangsu Province, China","authors":"Xiaolin Xu, Shenglan Tang, Weixi Jiang, Yaoguang Zhang, Ling Xu, Mark Jones, Lijing L. Yan","doi":"10.1080/10971475.2021.1996553","DOIUrl":"https://doi.org/10.1080/10971475.2021.1996553","url":null,"abstract":"Abstract Hypertension is the most prevalent chronic condition in China and is associated with an increased risk of comorbidity. This study aims to investigate health services use and expenditures among community-dwelling residents with hypertension comorbidity. Data is from a 7-month follow-up study of 503 community-dwelling residents aged ≥45 years in Jiangsu Province, China. These participants were stratified into three categories based on their disease status at baseline (no chronic condition, hypertension, hypertension with one or more comorbidities), and followed up monthly to gather information on their health services use and expenditures (including self-medication, outpatient and inpatient services). We used generalized estimating equations to estimate the association between disease status and health services use. 58.1% of individuals with hypertension had a comorbidity. Compared with individuals without any condition, the fully adjusted odds ratio (OR) for those with hypertension comorbidity was 2.18 (95% confidence interval [95% CI] 1.57–3.03) in overall health services use. Rural residents with hypertension comorbidity had a greater odds of health services use compared with their urban counterparts (age and sex-adjusted OR 4.21, 95% CI 2.56–6.93). The median monthly expenditure for individuals with hypertension comorbidity was 172 Chinese Yuan (CNY), which was much higher than those with no condition and those with hypertension only (90 and 91 CNY, respectively). Comorbidity in individuals with hypertension is highly prevalent and associated with elevated health services use and expenditures. These findings emphasize the importance of secondary prevention and integrated care for comorbidity in the population with hypertension.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"25 1","pages":"369 - 379"},"PeriodicalIF":0.0,"publicationDate":"2021-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73974264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stock Payment, State Ownership and Innovation Performance in China’s Pharmaceutical M&As","authors":"Yu Poshan, Ying Hu","doi":"10.1080/10971475.2021.1996554","DOIUrl":"https://doi.org/10.1080/10971475.2021.1996554","url":null,"abstract":"Abstract The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China’s pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms’ innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms’ innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms’ innovation output. (3) Firms’ innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms’ innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"21 1","pages":"380 - 396"},"PeriodicalIF":0.0,"publicationDate":"2021-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78754125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impacts of Depression and Chronic Diseases on the Health of Older Adults in China: Evidence in a System Equations Framework","authors":"Lefan Liu","doi":"10.1080/10971475.2021.1996551","DOIUrl":"https://doi.org/10.1080/10971475.2021.1996551","url":null,"abstract":"Abstract Depression comorbid with chronic diseases is common, especially among the older adults. We examine the health of the older adults in China and its relationship with depression, alone or as a comorbidity with chronic diseases. The sample we study includes 10,307 individuals aged 45 or above from the 2011 national wave of the China Health and Retirement Longitudinal Study (CHARLS). Using factor analysis, we obtain three factors out of eight health measurements that capture multiple dimensions of health of an older adult, with which we construct health scores and use as outcome variables. The three factors obtained from the factor analysis can, respectively, be interpreted as ‘physical health’, ‘subjective health’ and ‘cognitive health’. We then apply a system equations approach to compare the disease effects. We find different chronic conditions are significantly associated with ‘physical health’ and ‘subjective health’ but not with ‘cognitive health’. While the key chronic diseases have similar adverse effects on the first two health factors (except for the respiratory diseases), depression impairs subjective and physical health scores to a greater degree than do any chronic diseases. Comorbid depression is significantly associated with a reduction in the physical health score of the older adults, particularly for those with depression and cardiovascular diseases. In light of the increasing burden of chronic diseases and the underfunding-undertreatment situation of depression, health insurance coverage for depression should be improved to provide a more integrated mental health system.","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"19 1","pages":"343 - 368"},"PeriodicalIF":0.0,"publicationDate":"2021-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72976743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Health and Healthcare in China: An Editorial Introduction","authors":"Zhuo Chen, Qiulin Chen, Min Hu","doi":"10.1080/10971475.2021.1996549","DOIUrl":"https://doi.org/10.1080/10971475.2021.1996549","url":null,"abstract":"Health and healthcare sector is a growing part of the national economies worldwide. China is no exception, with a total health expenditure estimated to reach 3 trillion Renminbi (RMB, 1 RMB1⁄4$0.16 as of October 16, 2021) in 2015 (Li & Fu, 2017) and projected to continue growing. The Chinese government announced in August 2016 an ambitious “Healthy China 2030” blueprint to ensure health security for all its 1.4 billion citizens, further highlighting the importance of the healthcare sector in China. Health and healthcare is an intricate system itself, with a multitude of stakeholders that can be summarized into 5Ps, that is, payers, patients (current or prospective), providers, producers (of medical devices and drugs), and policymakers. Since China’s policymakers rolled out the new round of healthcare reform in 2009, payers have played an enlarged role in the healthcare system, with the establishment of three health insurance schemes and, more recently, the creation of the National Healthcare Security Administration. Health insurance coverage has reached about 95% of the population, providing patients basic health security (Yip et al., 2019). An example is the improved coverage of healthcare services among rural residents brought by the New Cooperative Medical Scheme, now merged with the Urban Resident Basic Medical Insurance Scheme (Li et al., 2019). China’s healthcare reform has also strived to address the issues related to providers and the misaligned incentives between providers, producers, and payers. For instance, China’s hospital reform has attempted to reduce bypassing (Li et al., 2021), improve efficiency, and lower the overuse of prescription drugs and devices with improved payment design. The four articles in this special issue of the Chinese Economy have addressed the 5Ps with novel insights and innovative methods. They have examined health services use and expenditures among middle-aged and elderly residents with hypertension, the demand for an integrated healthcare provider system as a result of the comorbidities associated with mental health, health insurance coverage of migrant workers in China, and governance and innovation in China’s pharmaceutical sector. The noncommunicable disease has become the major underlying cause of mortality, accounting for 89.5% of all deaths in China in 2017 (Liu et al., 2020). Among the noncommunicable diseases, hypertension is a chronic condition that can be prevented and prevented from further progression by lifestyle interventions. Xu et al. examine the cost and healthcare service utilization associated with the comorbidities of hypertension (Xu et al., 2022). They use data from the National Health Services Survey to estimate the association between disease status and health services use by using a generalized estimating equations method. They find that rural residents with hypertension comorbidities are more likely to use healthcare services than their urban counterparts after controlling age, sex","PeriodicalId":22382,"journal":{"name":"The Chinese Economy","volume":"89 1","pages":"329 - 331"},"PeriodicalIF":0.0,"publicationDate":"2021-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78325730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}