中国经济评论Pub Date : 2026-05-01Epub Date: 2026-05-03DOI: 10.1016/j.chieco.2026.102721
Xufei Zhang , Hongsheng Fang
{"title":"Digital tax administration and conglomerates capital structure adjustment driven by tax planning","authors":"Xufei Zhang , Hongsheng Fang","doi":"10.1016/j.chieco.2026.102721","DOIUrl":"10.1016/j.chieco.2026.102721","url":null,"abstract":"<div><div>China has introduced the GTP III system, an advanced digital technology aimed at enhancing tax collection efficiency. However, the system's rollout has varied across provinces, leading to disparities in tax collection capabilities nationwide. This variation has provided conglomerates with opportunities to engage in tax planning by adjusting their capital structure. This paper examines the strategies employed by conglomerates in response to stricter tax enforcement, focusing on how they reallocate interregional debt and expenses. Our findings indicate that conglomerates allocate deductible debts and expenses to provinces where the GTP III system is operational, resulting in significant tax savings. This behavior is more pronounced when conglomerates have strong motivations for tax planning or engage in more aggressive tax strategies. Additionally, conglomerates adjust their debt management strategies, increasing short-term debt to reduce tax liabilities while limiting long-term debt to maintain a well-balanced capital structure.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"98 ","pages":"Article 102721"},"PeriodicalIF":5.5,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147859632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-05-01Epub Date: 2026-05-03DOI: 10.1016/j.chieco.2026.102719
Yao Lu , Xiaoguang Li
{"title":"Employment challenges of Chinese college graduates: trends, heterogeneity, and employer responses","authors":"Yao Lu , Xiaoguang Li","doi":"10.1016/j.chieco.2026.102719","DOIUrl":"10.1016/j.chieco.2026.102719","url":null,"abstract":"<div><div>This paper provides a comprehensive analysis of the labor market challenges faced by college graduates in China. Analyzing five decades of census and survey data, we document that rising unemployment, declining labor force participation, and persistently high and increasing levels of underemployment (where graduates hold jobs that do not require a college degree) have emerged as the three key features of the labor market for college graduates following the expansion of higher education in the late 1990s. Collectively, these adverse employment outcomes affect more than half of Chinese college graduates. They also persist over the life course and have intensified across successive cohorts. Moreover, graduate employment outcomes are stratified by individual and family background characteristics, particularly gender and parental socioeconomic status, reflecting enduring structural inequalities that shape employment opportunities. Finally, to examine the mechanisms underlying these patterns, we conduct field experiments in 2022 and 2024 that assess how employers evaluate college graduates with different employment histories. We randomized key applicant attributes and submitted fictitious resumes to real job postings. The results indicate that employers capitalize on the oversupply of graduates by favoring applicants with credentials exceeding job requirements (overqualification preference) while penalizing those with prior adverse employment experiences. Together, these dynamics constrain graduates' upward mobility and help explain the prevalence and persistence of adverse employment outcomes.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"98 ","pages":"Article 102719"},"PeriodicalIF":5.5,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147859633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-04-01Epub Date: 2026-02-16DOI: 10.1016/j.chieco.2026.102675
Tariq H. Malik , Xiangjun Ma , Jack Hou
{"title":"China and the world economy: Pathways of resilience, innovation, and transformation","authors":"Tariq H. Malik , Xiangjun Ma , Jack Hou","doi":"10.1016/j.chieco.2026.102675","DOIUrl":"10.1016/j.chieco.2026.102675","url":null,"abstract":"","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102675"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147709399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-04-01Epub Date: 2026-04-02DOI: 10.1016/j.chieco.2026.102698
Xiaohua Bao , Wen Ruan , Yaning Wei , Wentao Wu
{"title":"Corrigendum to ‘Innovation at crossroads: The effect of merger and acquisition on inventors’ creativity’ [China Economic Review 97 (2026) 102692]","authors":"Xiaohua Bao , Wen Ruan , Yaning Wei , Wentao Wu","doi":"10.1016/j.chieco.2026.102698","DOIUrl":"10.1016/j.chieco.2026.102698","url":null,"abstract":"","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102698"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147710032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-04-01Epub Date: 2026-03-11DOI: 10.1016/j.chieco.2026.102689
Wanting Xu, Shuai Shi, Ruiyang Wang
{"title":"Diverse roots and thriving ventures: Unveil the impact of cultural diversity on China’s entrepreneurship development","authors":"Wanting Xu, Shuai Shi, Ruiyang Wang","doi":"10.1016/j.chieco.2026.102689","DOIUrl":"10.1016/j.chieco.2026.102689","url":null,"abstract":"<div><div>While a robust relationship between cultural diversity and entrepreneurship is established in Western economies, this relationship remains underexplored in China. This article challenges the prevailing view of China as a “singular culture economy” by quantifying China’s cultural diversity introduced by its varied regional cultures and massive internal migration. Leveraging migrants’ ancestral dialects and foodways to construct dynamic diversity measures, we identify the causal impact of cultural diversity on urban entrepreneurship through an instrumental variable approach. We find that migrants’ dialect and food diversity significantly drive firm formation, venture capital investments, and self-employment. Further, mechanism tests reveal that cultural diversity promotes entrepreneurship by catalyzing technological innovation, accumulating human capital and expanding social networks. This article advances Knowledge Spillover Theory of Entrepreneurship by demonstrating that informal cultural institutions serve as critical recombinant assets in the entrepreneurial ecosystem, suggesting that policy frameworks must evolve from purely credential-based attraction to cultural capital leverage.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102689"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147612221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The child penalty in the rental housing market: Do landlords discriminate couples with children?","authors":"Ziming Liu , Xinrui Wu , Zihan Yu , Zhaoyingzi Dong , Jens Rommel","doi":"10.1016/j.chieco.2026.102701","DOIUrl":"10.1016/j.chieco.2026.102701","url":null,"abstract":"<div><div>We conduct a correspondence study to investigate whether couples with child are discriminated by landlords in rental housing markets. Based on 2390 messages sent to landlords across four megacities in China, we find that couples with children are 8.0 percentage points (pp) less likely to receive responses from landlords, and 5.9 pp. less likely to be invited to an open house by landlords. The responses received by couples with children are shorter and take longer on average. Discrimination is more pronounced in urban areas and during periods of heightened housing demand, such as after the Chinese New Year. We document empirical evidence of discrimination of couples with children in rental housing markets and the spatial and temporal heterogeneity of this discrimination, which pose a challenge for fertility policies.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102701"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147656500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-04-01Epub Date: 2026-03-31DOI: 10.1016/j.chieco.2026.102699
Guodong Li , Yong Tan , Ying Zhu
{"title":"Vertical integration and social welfare: Evidence from China's electric vehicle industry","authors":"Guodong Li , Yong Tan , Ying Zhu","doi":"10.1016/j.chieco.2026.102699","DOIUrl":"10.1016/j.chieco.2026.102699","url":null,"abstract":"<div><div>This paper examines the effect of vertical integration between EV manufacturers and EV battery suppliers on social welfare in China. Leveraging a comprehensive dataset covering province–model–quarter level information on EV prices, sales, attributes, and EV manufacturers’ vertical integration status, we document that vertically integrated EV manufacturers tend to price their products more competitively and have larger market shares than non-integrated counterparts. We develop a market equilibrium model in which EV manufacturers endogenously make their integration and pricing decisions. By estimating this structural model, we find that vertical integration enables firms to internalize upstream margins and thereby reduce their exposure to input cost volatility. Counterfactual experiments illustrate that vertical integration increases both consumer surplus and aggregate social welfare. These welfare gains are particularly pronounced in the scenarios with high upstream cost volatility, highlighting the buffer effect of integration in the supply chain.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102699"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147612223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-04-01Epub Date: 2026-03-12DOI: 10.1016/j.chieco.2026.102693
Ling Ma , Jun Wang , Shanyong Wang
{"title":"From farm to firewall: E-commerce and the growth of new occupational opportunities","authors":"Ling Ma , Jun Wang , Shanyong Wang","doi":"10.1016/j.chieco.2026.102693","DOIUrl":"10.1016/j.chieco.2026.102693","url":null,"abstract":"<div><div>China has emerged as the world's largest e-commerce market, reshaping the structure of labor markets and potentially expanding employment opportunities. This study examines whether the rapid expansion of rural e-commerce, via the <em>E</em>-commerce into the Countryside (ECC) policy, has facilitated intergenerational occupational mobility. Leveraging nationally representative household survey data comprising 8329 household-level observations spanning from 2012 to 2022 and a staggered difference-in-differences (DID) design, we identify a significant positive effect of the ECC initiative, with an estimated 10.6% point increase in intergenerational occupational mobility. These findings are robust to a series of endogeneity corrections and sensitivity tests. To unpack the underlying mechanisms, we show that the ECC policy promotes intergenerational occupational mobility by narrowing the digital divide, enhancing access to social capital, and disrupting entrenched traditional occupational trajectories. Our heterogeneity analysis further reveals that the magnitude of the effect of ECC policy depends on the local capacity to implement digital infrastructure and institutional support—particularly in regions that have developed multi-level rural e-commerce service platforms, modern logistics networks, diversified digital talent pools, and advanced rural e-commerce industrial clusters. Beyond occupational shifts, we also assess the influence of ECC policy on intergenerational income mobility. While the overall effect is statistically insignificant, we find that the complementary institutional mechanisms, such as agricultural cooperatives, can amplify the income mobility potential of e-commerce initiatives. The study concludes with policy recommendations aimed at deepening digital infrastructure, strengthening rural institutions, and promoting inclusive economic development.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"97 ","pages":"Article 102693"},"PeriodicalIF":5.5,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147612222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-02-01Epub Date: 2026-01-29DOI: 10.1016/j.chieco.2026.102661
Yongjing Zhang , Zhiqiang Dong , Xiahai Wei
{"title":"How do very small businesses survive in a rent-seeking society? Evidence from China","authors":"Yongjing Zhang , Zhiqiang Dong , Xiahai Wei","doi":"10.1016/j.chieco.2026.102661","DOIUrl":"10.1016/j.chieco.2026.102661","url":null,"abstract":"<div><div>This study identifies very small businesses (VSBs) as survival-oriented entrepreneurs. Using a unique survey of 1450 VSB owners (with fewer than 50 employees) across China, combined with regional fiscal and institutional data, we provide the first micro-level evidence on how VSBs allocate entrepreneurial efforts to enhance survival in a rent-seeking society.</div><div>We classify VSBs along three dimensions: whether they are subject to governmental apportion, operate in new technological industries, or possess political connections. Our findings reveal that VSBs generally relinquish attempts to win rent-seeking contests or resist rent extraction. With the exception of those in new technological sectors, VSBs increase productive—but not unproductive—activities, benefiting from spillover effects generated by rent-seeking among larger firms. VSBs not subject to government apportion reduce rent- seeking efforts when rent-seeking opportunities expand. Finally, politically connected VSBs do not adjust their entrepreneurial efforts in response to institutional improvements but increase innovation after property rights are secured through government ties. In summary, a rent-seeking society presents both opportunities and obstacles for VSBs, including those without political connections.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102661"},"PeriodicalIF":5.5,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
中国经济评论Pub Date : 2026-02-01Epub Date: 2026-02-02DOI: 10.1016/j.chieco.2026.102670
Jianglong Li , Shiqiang Sun , Guanfei Meng , Hongxun Liu
{"title":"Political gestures or tightening mandates? New evidence for campaign-style environmental intervention in China","authors":"Jianglong Li , Shiqiang Sun , Guanfei Meng , Hongxun Liu","doi":"10.1016/j.chieco.2026.102670","DOIUrl":"10.1016/j.chieco.2026.102670","url":null,"abstract":"<div><div>This study investigates China's campaign-style environmental interventions during politically sensitive periods, addressing whether pollution abatement reflects transient political signaling or durable regulatory tightening. Leveraging daily data from 110 Chinese cities (2014–2020) surrounding President Xi's inspection tours, we employ regression discontinuity in time and difference-in-differences designs to disentangle short-term versus sustained effects. Results reveal significant pollution rebound post-inspections, predominantly driven by lifted traffic restrictions rather than industrial controls. However, medium-term analysis demonstrates that inspections catalyze lasting improvements when accompanied by strong environmental rhetoric, with effects sustained through intensified routine enforcement. Regional heterogeneity shows northern cities achieve larger SO₂ reductions despite greater structural challenges. The findings reveal that campaign-style interventions generate both short-term political gestures and medium-term institutional tightening, with the transition to routine governance producing environmental benefits when political signals are sufficiently strong.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"96 ","pages":"Article 102670"},"PeriodicalIF":5.5,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}