China Economic Journal最新文献

{"title":"Tests of goods market integration between China and European countries: a nonlinear nonparametric approach","authors":"Shu-Kam Lee, Lubanski Lam, Kai-Yin Woo","doi":"10.1080/17538963.2023.2277976","DOIUrl":"https://doi.org/10.1080/17538963.2023.2277976","url":null,"abstract":"ABSTRACTThe validity of purchasing power parity (PPP) between two economies implies goods markets of the two are well integrated. This is a pre-condition for further economic convergence. This study examines validity of the PPP between China and European countries. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the nonparametric rank tests for analysis, without prior specification of the functional form. We also address the rank problems that occur in multivariate rank tests. The results indicate strong support for nonlinear PPP relationships between China and European countries, especially during the second subsample period. This indicates China’s rising economic power, particularly in the most recent decade. Although there have been disputes between China and Europe, these results suggest favorable prospects for closer economic cooperation between the two sides and the need for formulation of common policies to pursue an integrated market in the future.KEYWORDS: PPPrank testChinaEuropeJEL CLASSIFICATION: C10F41 AcknowledgmentsWe gratefully acknowledge advice from editors and anonymous referees. The responsibility lies with the authors.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. 18 out of 27 EU countries have signed the BRI MOU (Memorandum of Understanding) up to March 2022. 6 of them (Austria, Cyprus, Italy, Greece, Luxembourg and Portugal) are in Western Europe. The others are from East and Central Europe. There are also non-EU BRI members in Europe such as Albania, Serbia and Turkey.2. PPP testing with the mixture of structural breaks and smooth transition adjustments is found in, for example, Bahmani-Oskooee, et al. (Citation2013) and He et al. (Citation2014).3. The UK officially left the EU on 31 January 2020, but the UK and EU agreed to keep many things the same until 31 December 2020, to allow enough time to agree to the terms of a new trade deal (https://www.bbc.com/news/uk-politics-32810887). In this paper, the UK is still considered an EU member in the sample period.4. Refer to the official website of the European Union available at: https://ec.europa.eu/info/euro-0_en for more details on adoption of the Euro.5. The results for Model A (unreported) indicate weak evidence of cointegration, and this may be due to the rank problem.6. The functional form for Model B becomes f1(pt) =get+ f2pt∗+ ut.7. Other divisions of subsamples applied to the data can be found in Table 4.8. For Ireland, PPP is rejected during the full and the first subsample but is accepted in the second subsample.9. The BRI countries in our sample that have PPP with China include Austria, Italy, Latvia, Lithuania, Luxembourg, Portugal, Hungary, Albania, Serbia and Turkey only.Additional informationFundingThis work was supported by the Research Grants Council, University Grants Committee of the Hong Kong Special Administrative Region (UGC/FDS15/B06/20). The responsibility lie","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136282599","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 valuation effect of going International: evidence from QDII in China","authors":"Zirun Wu, Jingwen Yu","doi":"10.1080/17538963.2023.2277977","DOIUrl":"https://doi.org/10.1080/17538963.2023.2277977","url":null,"abstract":"ABSTRACTThis paper attempts to evaluate the valuation effect of deregulation policy on capital outflows by an event study approach. Using the policy announcement of Qualified Domestic Institutional Investor (QDII) and Bond Connect in China, we find a short-term valuation effect that the stock market responds negatively to the deregulation on capital outflows and firm’s size could act as a shield to defend this shock. Moreover, the financially constrained firms are more negatively affected by this policy shock, suggesting that financial vulnerability is an important force driving down the stock valuation. Finally, both the quality of corporate governance and bureaucratic quality of local government could help firms to avoid valuation loss from this policy shock especially those with tight financial constraints.KEYWORDS: Capital controlscapital outflowsChinese economyvaluation effectJEL CLASSIFICATION: F32F42G32 Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://xueqiu.com/7552001880/163183133.2. We use the minor deregulation events for the robustness check in the following analysis.3. CSI 300 Index aiming to reflect the overall performance of China A-share market consists of the 300 largest and most liquid A-share stocks.4. SSE 50 Index selects 50 largest stocks of good liquidity and representativeness from Shanghai security market. The objective is to reflect the complete picture of those good quality large enterprises, which are most influential in Shanghai security market.Additional informationFundingNational Natural Science Foundation of China (72373112, 72073102). Major Program of the National Social Science Foundation of China(23ZDA037).","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135818311","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":"Digital transformation and corporate performance: evidence from China","authors":"Shiguang Li, Zheng Yang, Yixiang Tian","doi":"10.1080/17538963.2023.2254138","DOIUrl":"https://doi.org/10.1080/17538963.2023.2254138","url":null,"abstract":"ABSTRACT This study measures the enterprise digitalization index and investigates the relationship between digital transformation and corporate performance. The rapid development of digital technologies has transformed enterprise in significant ways. The main challenge in examining the impact of digital transformation is the lack of firm-level data. We use the method of text analysis to construct an enterprise digitalization index based on annual reports of listed companies in China during 2012–2018. We find that Enterprise digital transformation improves corporate performance. This holds in particular for non-state-owned firms and companies from service industries. Moreover, digital transformation enhances corporate performance by improving employee efficiency. The findings offer important policy implications for promoting digital economy in China.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43894289","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":"Impacts of population aging on the quantity and quality of pharmaceutical innovation: evidence from OECD countries","authors":"Ke Shen, Zhenyi Huang","doi":"10.1080/17538963.2023.2254144","DOIUrl":"https://doi.org/10.1080/17538963.2023.2254144","url":null,"abstract":"Against the backdrop of rapid population aging, we examine the impacts of population aging on pharmaceutical innovation based on the panel data of OECD countries between 1997 and 2018. We show that population aging effectively boosts the quantity and quality of pharmaceutical innovation before the share of older adults approaches 14%, the threshold for the aged society. Once the country enters the aged society, however, population aging is no longer associated with the quantity of pharmaceutical patents, and even significantly depresses the quality of patenting. Moreover, the type of welfare state regimes plays a notable moderating role. High welfare states could effectively amplify the positive effects of aging or attenuate the negative impacts of aging on pharmaceutical innovation. Our results suggest that the dividend of aging in pharmaceutical industry does exist in the early stage of aging, and the government needs to plan ahead to ameliorate the deterioration of innovation in aged and super-aged societies.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134969606","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":"Digital economy and carbon emission reduction: evidence from China","authors":"Dong Feng, Yan Shen, Xuanli Xie, Yiping Huang","doi":"10.1080/17538963.2023.2244276","DOIUrl":"https://doi.org/10.1080/17538963.2023.2244276","url":null,"abstract":"ABSTRACT China confronts a challenging dilemma between environmental protection and economic development as it endeavors to achieve dual carbon goals. To discern a feasible developmental path, this paper designs a comprehensive index of the digital economy encompassing four dimensions: input, production, output, and consumption, conducts an empirical analysis to explore the relationship between the digital economy and carbon emissions by using a two-way fixed effect model with China’s provincial data from 2013 to 2019, and suggests that the digital economy can significantly reduce carbon emissions and carbon intensity. Public low carbon awareness and green innovation are mechanisms that mediate the association between the digital economy and carbon emissions. The carbon reduction effect varies across dimensions of the digital economy, regions, and sources of carbon emissions. These empirical findings provide valuable insights and policy implications to effectively achieve China’s dual carbon goals.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41387807","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":"Coordinated economic, energy and environment development across China from 2001 to 2020","authors":"Wen-Wen Zhang, B. Sharp, Bin Zhao, Yu Gu, Nan-Xi Fang, Yuetong Hu, Yang Ma, Xin-Chen Shi, Li-jun Liu, Sheng-Yue Li, Shu-xiao Wang, Ya-Zhou Liu","doi":"10.1080/17538963.2023.2250638","DOIUrl":"https://doi.org/10.1080/17538963.2023.2250638","url":null,"abstract":"ABSTRACT With the development of China’s economy, the contradiction between energy, economy and ecological environment is becoming more and more prominent. However, the spatial and temporal evolution of the contradiction system of energy, economy and environment all over China is rarely focused on. This study assesses the provincial coordinated degree of the economy-energy-environment system over the period of 2001–2020 and analyzes their spatial and temporal evolution using principal component analysis (PCA), a coordination degree model, non-parametric Kernel Density Estimation (KDE), and spatial correlation analysis approaches. Results show that provincial coordination degrees from 2001 to 2020 vary between ‘barely balanced’ and ‘superiorly balanced’ with an overall improvement. However, the gap between high and low regional coordination has widen, while middle-level provinces gradually increase and are distributed more evenly. Limited spatial correlation of provincial coordination exists and the clustering level slightly increases over 2001–2020. Additionally, some less-developed regions, which are still staying at the ‘intermediately balanced’ state in 2020, call for attention.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42790003","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":"Macroeconomic implications of China’s dual carbon goals","authors":"Xiaobei He","doi":"10.1080/17538963.2023.2244280","DOIUrl":"https://doi.org/10.1080/17538963.2023.2244280","url":null,"abstract":"ABSTRACT The ‘dual carbon’ goals are set to reshape China’s industrial landscape and impact the economy as a whole. This paper briefly discusses the channels through which climate polices may affect the economic growth, and then provides a quantitative analysis of the economic impacts of China’s climate polices using a global dynamic CGE model. The simulation results of different policy scenarios suggest that climate policies will have negative impacts on China’s investment and export by raising the costs of prodcution, but the aggregate impact on China’s output will generally be mild. Nonetheless, other countries’ climate policies may have meaningful spillover effects on China’s economy through the trade channels and China should lead or participate in the international coordination on climate policies to be better placed to achieve the ‘dual carbon’ goals.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47587041","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 heterogeneous effect of administrative level of cities on energy efficiency: a panel study of China","authors":"Daqian Shi, Kai-Chien Hu","doi":"10.1080/17538963.2023.2230403","DOIUrl":"https://doi.org/10.1080/17538963.2023.2230403","url":null,"abstract":"ABSTRACT Although the nexus between urbanization and energy efficiency has been evidenced at the macro level, we have less knowledge about the effects of administrative level of cities on energy efficiency. Understanding this impact mechanism is necessary to achieve goals of energy conservation and sustainable development. We estimate the relationship between the administrative level of cities and energy efficiency in China by adopting the province-level fixed-effect models from a panel dataset. The empirical findings present that energy efficiency of capital cities is 0.46 (95% Confidence Interval: −0.713, −0.206) lower than that of general cities. Moreover, these effects of administrative level are more substantial in underdeveloped cities. These findings suggest that more political sources and autonomy in the higher-level cities might lead to low energy efficiency.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47584519","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":"Introduction by the guest editor","authors":"Jintao Xu","doi":"10.1080/17538963.2023.2253630","DOIUrl":"https://doi.org/10.1080/17538963.2023.2253630","url":null,"abstract":"Papers in this special issue are works resulted from a research project organized at the National School of Development, Peking University, and sponsored by the Energy Foundation (China). The motivation of these works is simple: Climate change in China has been evolving over time as a diplomatic issue, a scientific issue and a political issue. As China adopts a ‘Dual Carbon’ goal for the future four to five decades, it has become a major economic issue as it is at the core of China’s economic growth pattern change and will be the deciding factor in allocating economic resources for the society in near to mid-term future. The tremendous importance of the ‘Dual Carbon’ goals on China’s economic development path calls for greater analytical efforts from mainstream economists. What will be true cost of climate change on Chinese society? What is the size of economic resource needed to achieve the ‘Dual Carbon’ goal as conforming to the international community’s common pursuits toward 1.5 degree control target? Will climate action be synergic to China’s other socio-economic goals, such as poverty alleviation, healthy aging society, etc.? What kind of structural changes are needed to reduce carbon emissions in the most efficient and effective way? What are the implications of energy transition? On energy security? On employment? On cost of the transition and burden sharing? What kind of carbon removal technology is viable to provide low-cost offset to the remaining carbon emitted around 2060? What kind of policy mix should be in place to ensure long-term and steady change in the economy toward the accomplishment of the ‘Dual Carbon’ goals? These questions must be answered by the best economists that China has. The National School of Development (NSD) of Peking University is the top think tank in China basing its work on modern economic theory and methodology. It has built an international reputation in the studies of labor, health, digital, political and development, as well as environmental and energy economics. This project features contributions from NSD’s leading economists who used to focus on labor and health issues, digital economy, political economy and all important aspects of energy and climate economics. They use diversified tools to address their respective questions and have produced diversified and insightful outcomes for this project. In total 13 very interesting papers have been produced. This special issue selects six papers, only half of the works out of the project, due to the size limitation of one issue of the journal. In this selection, we try to first limit the general scope to more basic side of climate change economics, namely the understanding of","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135011229","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":"Development of the electric vehicle industry in China","authors":"Jianwei Xing, Xiyuan Liu, Yushuai Zhang","doi":"10.1080/17538963.2023.2244279","DOIUrl":"https://doi.org/10.1080/17538963.2023.2244279","url":null,"abstract":"ABSTRACT The electrification of the transportation sector is a pivotal strategy to curb carbon emissions from traditional fossil fuel-powered vehicles. China, the world’s largest electric vehicle (EV) market, leads this transformative shift. This paper aims to unravel the past decade’s development story of the EV industry in China. We first provide a comprehensive overview of the EV development trend in China, including analysis of market structures, regional development variations, technology advancements, and the development of the essential infrastructure. We then summarize the different forms of subsidy programs, both monetary and non-monetary, designed to promote EV at both central and local levels, and evaluate the effectiveness of these programs and their contribution to reducing carbon emissions. We conclude by highlighting key aspects that could enhance the efficiency of subsidy programs and further propel the development of the EV industry.","PeriodicalId":45279,"journal":{"name":"China Economic Journal","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48036934","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}