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Tax–Debt Substitution? Local Government Debt Management and Corporate Tax Burden
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12576
Yixuan Tan, Jianjun Li, Fanghui Li
{"title":"Tax–Debt Substitution? Local Government Debt Management and Corporate Tax Burden","authors":"Yixuan Tan,&nbsp;Jianjun Li,&nbsp;Fanghui Li","doi":"10.1111/cwe.12576","DOIUrl":"https://doi.org/10.1111/cwe.12576","url":null,"abstract":"<p>The Local Debt Management System Reform, introduced in 2014 and implemented in subsequent years, was a key initiative by the Chinese government to mitigate local government debt risks. Using its implementation as a natural experiment, this study examined its impact on corporate tax burdens. The results indicated that tighter debt constraints significantly increased corporate tax burdens, as local governments intensified tax collection to offset reduced debt-related revenue. This effect was stronger in areas that were reliant on land financing and less economically developed. Further analysis revealed that, rather than reducing expenditure, local governments sought alternative revenue sources, including urban investment bonds, land transfer income, and public–private partnership projects. These findings illuminate local fiscal behavior under debt constraint and provide insights for the design of institutional frameworks aiming to manage local debt risks.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"252-282"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Industrial Robot Adoption, Human Capital, and Global Value Chain Upgrading: Insights from China
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12575
Tianding Zhang, Sumei Gan
{"title":"Industrial Robot Adoption, Human Capital, and Global Value Chain Upgrading: Insights from China","authors":"Tianding Zhang,&nbsp;Sumei Gan","doi":"10.1111/cwe.12575","DOIUrl":"https://doi.org/10.1111/cwe.12575","url":null,"abstract":"<p>Concerns have been raised that the adoption of industrial robots in developed economies may hinder industrialization and displace jobs in emerging economies. However, the growing use of robots in emerging economies may help mitigate these negative effects. This study, drawing on a theoretical model and empirical analysis, reveals that the adoption of robots in China, a developing country, significantly enhanced firms' positions in global value chains (GVCs). A detailed analysis reveals that markups and the structure of intermediate inputs were key mechanisms. The study also found that improvements in human capital enhanced the efficiency of robots, enabling firms to use them more effectively, which further strengthened the firms' position in GVCs. The positive impact of the adoption of robots on GVC upgrading was more pronounced in non-resource-based cities and cities with high labor costs. Furthermore, the study highlights that robot adoption in medium- and high-tech industries had a greater impact on GVC upgrading. In conclusion, this study suggests that robot adoption in emerging economies can enhance their position in GVCs, with human capital playing a crucial role.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"209-251"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade Theories in the Digital Age
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12581
Yongjin Wang, Wenbin Wang
{"title":"Trade Theories in the Digital Age","authors":"Yongjin Wang,&nbsp;Wenbin Wang","doi":"10.1111/cwe.12581","DOIUrl":"https://doi.org/10.1111/cwe.12581","url":null,"abstract":"<p>The digital economy is overtaking the industrial economy and reshaping every subfield of economics. As a result, widely accepted conclusions and policy implications of international trade theories are becoming outdated. This paper endeavors to delineate some of the potential directions in which digital technologies may disrupt and overturn traditional trade theories. It also provides frameworks that enable the conceptualization and analysis of international trade in the digital age. The advance of digital technology has given rise to novel industries and numerous supporting infrastructures and has instigated a fundamental transformation of traditional industries. This transformation is evident across multiple dimensions, including factors of production, product attributes, production technology, market structures, business models, and consumer search behaviors.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"1-40"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can Quality and Safety Demonstration Zone Policy Lower Nontariff Barriers? Evidence from Sino–US Food and Agricultural Trade
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12579
Rui Xiao, Genyuan Zhong, Xifang Ma
{"title":"Can Quality and Safety Demonstration Zone Policy Lower Nontariff Barriers? Evidence from Sino–US Food and Agricultural Trade","authors":"Rui Xiao,&nbsp;Genyuan Zhong,&nbsp;Xifang Ma","doi":"10.1111/cwe.12579","DOIUrl":"https://doi.org/10.1111/cwe.12579","url":null,"abstract":"<p>Technical regulations and product standards are increasingly hindering international food and agricultural trade, particularly for developing countries. This paper examines the impact of China's place-based agricultural policy – specifically, the establishment of quality and safety demonstration zones for exported food and agricultural products – on reducing the disparity in product standards between China and the US. Using panel data for Chinese cities between 2009 and 2017, this study employed a difference-indifferences approach and found that the policy significantly reduced the incidences of US import refusals related to China's exported products. Mechanism analysis suggests that adoption of new production technology was the primary driver of this improvement, narrowing the technical gap between the two countries. The findings offer actionable insights for developing countries seeking to address nontariff barriers and improve food and agricultural exports to developed markets.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"65-97"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
It's not Overcapacity, but a Matter of Global Imbalances
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12582
Kai Guo, He Zhu, Fei Yu, Jiajia Zhang
{"title":"It's not Overcapacity, but a Matter of Global Imbalances","authors":"Kai Guo,&nbsp;He Zhu,&nbsp;Fei Yu,&nbsp;Jiajia Zhang","doi":"10.1111/cwe.12582","DOIUrl":"https://doi.org/10.1111/cwe.12582","url":null,"abstract":"<p>Against the backdrop of geopolitical conflicts and major power competition, the US and several Western nations have claimed that China has significant “overcapacity” in manufacturing and have imposed various tariff and nontariff trade measures to shield domestic industries. Using data from publicly listed companies, this study conducted an industry-level analysis of investment and capacity expansion in China's manufacturing sector. We find that the growth in manufacturing investment is currently driven mainly by the “new trio” (electric vehicles, solar cells, and lithium batteries), and most enterprises have begun market-oriented clearing. However, the new trio involved in investment and capacity expansion accounts for only a small portion of China's manufacturing sector. The US narrative regarding China's overcapacity is therefore fundamentally misleading. From the perspective of major power dynamics, the essence of the overcapacity narrative lies in China–US trade imbalances, which are, in turn, a consequence of macroeconomic imbalances between the two nations. Insufficient demand in China and excess demand in the US form the underlying impetus behind the trade imbalances.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"138-170"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Post-Bretton Woods System and US External Unsustainability
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12580
Yongding Yu, Bohan Yang
{"title":"The Post-Bretton Woods System and US External Unsustainability","authors":"Yongding Yu,&nbsp;Bohan Yang","doi":"10.1111/cwe.12580","DOIUrl":"https://doi.org/10.1111/cwe.12580","url":null,"abstract":"<p>The persistent US current account deficit, supported by the post-Bretton Woods system, will continue to worsen the country's net foreign debt position. The net foreign debt-to-GDP ratio, shaped by factors such as the US budget deficit, the gap between private investment and savings, investment income, and GDP growth, will steadily increase as it approaches a critical threshold. Shifts in these factors will push the trajectory of the ratio upward, and foreign investors' willingness to hold US assets will play a pivotal role as the ratio nears its limit. Exceeding this threshold could trigger a balance of payments crisis. Furthermore, the weaponization of the US dollar has significantly eroded its credibility as the cornerstone of the post-Bretton Woods system, raising concerns about the US's ability to sustain its external debt and finance its deficits without precipitating a financial crisis.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"41-64"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can Digital Transformation Reduce the Zombification of Enterprises?
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12577
Xiujuan Lan, Zheneng Hu, Chuanhao Wen
{"title":"Can Digital Transformation Reduce the Zombification of Enterprises?","authors":"Xiujuan Lan,&nbsp;Zheneng Hu,&nbsp;Chuanhao Wen","doi":"10.1111/cwe.12577","DOIUrl":"https://doi.org/10.1111/cwe.12577","url":null,"abstract":"<p>Digital transformation stimulates enterprise development but its effects on zombification are uncertain. This study analyzed the effects of digital transformation on de-zombification among A-share listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2021 and the mechanisms underlying those effects. The findings indicated that digital transformation facilitated enterprise de-zombification, with a stronger effect observed in state-owned enterprises, high-tech enterprises, firms in industries with low levels of competition, those with advanced digital transformation, and cities with high levels of government intervention. Further analysis identified improved production efficiency and capital allocation as important factors enabling this process. Enterprises at risk of zombification should prioritize digital transformation as a fundamental strategy for recovery. Governance strategies should be tailored to the specific characteristics of various types of zombie enterprises. The government may consider offering financial or tax incentives to assist these firms in their digital transformation efforts, enabling them to overcome the challenges associated with zombification while enhancing both production efficiency and the efficacy of capital allocation.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"171-208"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
International Transport Corridors and the Growth of China's Environmental Goods Exports: Evidence from the China–Europe Railway Express
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-03-27 DOI: 10.1111/cwe.12578
Chang Song, Yibing Ding, Yingjie Fu, Jingyi Liu
{"title":"International Transport Corridors and the Growth of China's Environmental Goods Exports: Evidence from the China–Europe Railway Express","authors":"Chang Song,&nbsp;Yibing Ding,&nbsp;Yingjie Fu,&nbsp;Jingyi Liu","doi":"10.1111/cwe.12578","DOIUrl":"https://doi.org/10.1111/cwe.12578","url":null,"abstract":"<p>This paper investigates the mechanisms and effects of international transport corridors on the growth of China's environmental goods exports. Using bilateral data between Chinese provinces and their trading partners, this study treats the opening of the China–Europe Railway Express (CRE) as a quasi-experiment and employs a staggered difference-in-differences method for empirical testing. The results show that the opening of the CRE has promoted the growth of China's environmental goods exports. This growth was driven by mechanisms that increased demand in the international market, diversified the export of environmental goods, stimulated environmental innovation, and enhanced China's capacity to supply environmental goods globally. Significant heterogeneity was observed in the trade of environmental goods due to differences in product types, exporting provinces, and importing countries. The findings suggest that the international transport corridors can generate mutual benefits in the trade of environmental goods.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 2","pages":"98-137"},"PeriodicalIF":2.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143707429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why is China Promoting Economic Globalization? A Leadership Theory of Globalization
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-01-25 DOI: 10.1111/cwe.12565
Meixin Guo, David Daokui Li, Kun Lang
{"title":"Why is China Promoting Economic Globalization? A Leadership Theory of Globalization","authors":"Meixin Guo,&nbsp;David Daokui Li,&nbsp;Kun Lang","doi":"10.1111/cwe.12565","DOIUrl":"https://doi.org/10.1111/cwe.12565","url":null,"abstract":"<p>This article proposes a leadership theory of globalization to explain how economic globalization occurs and evolves, and why China wants to take a leading role in globalization. The theory posits that an economy equipped with advanced industrial technology, a substantial domestic market, and robust institutional capacity is more likely to take the lead in driving economic globalization. Technological advantages in high-tech industries position an economy favorably within the global value chains, maximizing its benefits from economic globalization. A large domestic market can entice other countries to agree to open their markets reciprocally. Institutional capacity enables governments to deter opposition to globalization from those disadvantaged by economic opening. This paper presents studies of historical cases of economic globalization and provides a three-stage model of globalization. It argues that China has been gaining on three fronts in recent decades and is therefore willing to promote economic globalization.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 1","pages":"1-35"},"PeriodicalIF":2.9,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Supply Chain Disruption and Import Strategy: Evidence from the Great East Japan Earthquake
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-01-25 DOI: 10.1111/cwe.12569
Fan Lu, Zhicong Li, Xinrong Cai
{"title":"Supply Chain Disruption and Import Strategy: Evidence from the Great East Japan Earthquake","authors":"Fan Lu,&nbsp;Zhicong Li,&nbsp;Xinrong Cai","doi":"10.1111/cwe.12569","DOIUrl":"https://doi.org/10.1111/cwe.12569","url":null,"abstract":"<p>Global supply chain networks foster collaboration but accelerate cross-border risk transmission. This study investigates the effect of the 2011 East Japan earthquake on Chinese firms' import strategies. The findings reveal that the disruption led to a shift toward supply chain concentration, with firms reducing the diversification of import sources. There was a slight increase in the number of countries from which firms sourced imports but import shares became more concentrated, reflecting a reliance on fewer, centralized suppliers. Firms affected by the earthquake prioritized long-term partnerships and sought suppliers in regions with lower natural disaster risks, aiming to mitigate supply chain vulnerabilities and reduce switching costs. The findings also show that state-owned enterprises, private firms, and research and development-intensive firms were more inclined to centralize their import sources. This suggests that these firms, leveraging their larger scale, substantial resources, and robust risk management strategies, favored a more concentrated sourcing approach in order to better control their supply chains and ensure stability in the face of global disruptions.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 1","pages":"132-161"},"PeriodicalIF":2.9,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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