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Human Capital and Conspicuous Consumption 人力资本与炫耀性消费
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12609
Xiaonan Guo, Xiaomeng Ren, Jinchuan Shi
{"title":"Human Capital and Conspicuous Consumption","authors":"Xiaonan Guo,&nbsp;Xiaomeng Ren,&nbsp;Jinchuan Shi","doi":"10.1111/cwe.12609","DOIUrl":"https://doi.org/10.1111/cwe.12609","url":null,"abstract":"<p>Strengthening purchasing power, stimulating consumer confidence, and improving the structure and standards of consumption are essential for China's successful economic development. Human capital is linked to income, wealth, social status, and cognitive preferences, and plays a long-term role in consumption growth. This study explored the impact of human capital on conspicuous consumption in China, using a novel individual-level measure – the visibility index – to capture conspicuous consumption. Drawing on data from the China Family Panel Studies (2012–2020), a comprehensive human capital index was constructed by combining cognitive and noncognitive abilities through the entropy weight method. To address potential endogeneity, the historical distribution of Confucian temples and ancient academies was used as an instrumental variable for human capital. The empirical results show that improvements in human capital can significantly increase conspicuous consumption, particularly among middle-income groups, rural residents, and nonagricultural workers. A key contribution of the study is the clear identification of social status signaling as the primary mechanism linking human capital to conspicuous consumption. These findings offer new insights into consumption behavior and human capital development in China's increasingly complex and rapidly evolving socioeconomic landscape.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"113-138"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037774","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
Dynamic Efficiency Redux: Evidence from China 动态效率重构：来自中国的证据
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12611
Feng Dong, Jinpu Li, Haoning Sun, Siqing Wang
{"title":"Dynamic Efficiency Redux: Evidence from China","authors":"Feng Dong,&nbsp;Jinpu Li,&nbsp;Haoning Sun,&nbsp;Siqing Wang","doi":"10.1111/cwe.12611","DOIUrl":"https://doi.org/10.1111/cwe.12611","url":null,"abstract":"<p>Dynamic efficiency is an important concept in the analysis of consumption, asset pricing, and fiscal policies. Using an illustrative overlapping generations model, this study shows that when the interest rate is lower than the growth rate, active fiscal policy can increase both consumption and efficiency. It provides an integrated analysis using different interest rate metrics, comparing the risk-free rate r<sub>f</sub>, returns on assets r<sub>e</sub>, and returns on capital r<sub>k</sub> with the growth rate g. The findings indicate that, in general, r<sub>f</sub> &lt; g, g &lt; r<sub>e</sub>, and g &lt; r<sub>k</sub>. This condition suggests that fiscal policy can play a positive role in stimulating consumption. As the economy decelerates, the gap between r<sub>f</sub> and g continues to narrow. A state-space model is also used to estimate China's natural interest rate r* and potential growth rate g*, showing that r* &lt; g* and the gap between them has narrowed gradually over the past two decades.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"196-222"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037772","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
Broadband Infrastructure Construction and Consumption Inequality 宽带基础设施建设与消费不平等
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12604
Mingcong Chen, Qiqi Sun, Lizhi Tang
{"title":"Broadband Infrastructure Construction and Consumption Inequality","authors":"Mingcong Chen,&nbsp;Qiqi Sun,&nbsp;Lizhi Tang","doi":"10.1111/cwe.12604","DOIUrl":"https://doi.org/10.1111/cwe.12604","url":null,"abstract":"<p>This study examined the impact of broadband infrastructure on household consumption inequality in China. Using panel data from 2012 to 2018 and employing a staggered difference-in-differences design, it found that the Broadband China program reduced relative consumption deprivation. The effect was driven primarily by increases in household income and social connections. Reductions in inequality were more pronounced in rural and inland areas, among younger households, and in regions with higher market segmentation. By contrast, an earlier policy that improved Internet speed without expanding access was associated with increased inequality. The findings suggest that digital infrastructure can shape the distributional effects of growth by improving access for disadvantaged groups.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"49-77"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037777","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 Digital Economy and Rural Household Consumption: A Quasi-natural Experiment Based on the National Rural E-commerce Comprehensive Demonstration Project 数字经济与农村家庭消费：基于国家农村电子商务综合示范工程的准自然实验
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12608
Zishuo Wu, Zhichao Yin, Yu Yan
{"title":"The Digital Economy and Rural Household Consumption: A Quasi-natural Experiment Based on the National Rural E-commerce Comprehensive Demonstration Project","authors":"Zishuo Wu,&nbsp;Zhichao Yin,&nbsp;Yu Yan","doi":"10.1111/cwe.12608","DOIUrl":"https://doi.org/10.1111/cwe.12608","url":null,"abstract":"<p>E-commerce has become a driver of economic development in China. Drawing on China Household Finance Survey data from 2013 to 2023, this study examined the impact of the National Rural E-commerce Comprehensive Demonstration Project (NRECDP) on rural household consumption using a staggered difference-in-differences model. The results indicated that the NRECDP increased per capita consumption of rural households by RMB 321. Mechanism analysis revealed two main channels: First, the NRECDP promoted rural household participation in online sales, encouraged changes in planting structures, and raised income from agricultural sales, thereby easing liquidity constraints and stimulating consumption. Second, the project boosted online shopping, particularly in regions with limited market access and small market size, suggesting that it reduced transaction costs and geographic barriers, thereby unlocking latent consumption potential. Heterogeneity analysis showed that the digital economy had a stronger positive effect on households with lower education levels, those without formal loans, and the elderly. Further analysis demonstrated a synergistic effect between digital finance and the project in promoting rural consumption.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"78-112"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037780","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
Balancing China's Demand and Supply for Sustainable Growth: The Roles of Household Consumption 平衡中国可持续增长的需求和供给：家庭消费的作用
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12606
Guanghua Wan, Zhi Luo
{"title":"Balancing China's Demand and Supply for Sustainable Growth: The Roles of Household Consumption","authors":"Guanghua Wan,&nbsp;Zhi Luo","doi":"10.1111/cwe.12606","DOIUrl":"https://doi.org/10.1111/cwe.12606","url":null,"abstract":"<p>De-globalization and geopolitical turmoil are presenting significant challenges to China's export-driven growth model, highlighting the urgent need to boost domestic consumption to maintain the supply–demand balance. This paper begins by identifying several stylized facts from multiple datasets: a persistently low final consumption share of GDP (falling to 48.91 percent in 2010), a declining household share of final consumption (offset by a high and stable government share), and widening consumption disparities across urban–rural, generational, and regional dimensions. It then reviews literature on key determinants of the household consumption rate: constrained household income (due to a low labor share, high inequality, and limited access to credit), weak consumption (driven by inadequate social security, limited public services, and cultural factors such as Confucian frugality and intergenerational obligations), and barriers to market accessibility (stemming from infrastructure gaps and uneven development of the digital economy). Finally, the paper makes targeted policy recommendations to address these constraints and unlock China's domestic consumption potential for sustainable growth.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"1-22"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037779","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
Critical Illness Insurance and Consumption Inequality: Evidence from Rural China 大病保险与消费不平等：来自中国农村的证据
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12610
Yuhu Liang, Jiehong Zhou
{"title":"Critical Illness Insurance and Consumption Inequality: Evidence from Rural China","authors":"Yuhu Liang,&nbsp;Jiehong Zhou","doi":"10.1111/cwe.12610","DOIUrl":"https://doi.org/10.1111/cwe.12610","url":null,"abstract":"<p>Consumption is a key driver of economic growth. However, the impact of critical illness insurance (CII) on consumption inequality remains underexplored. Using data from the China Health and Retirement Longitudinal Study from 2011 to 2018, this study employed a staggered difference-in-differences method to investigate this effect. It found that CII increased consumption inequality significantly among rural households. This effect arose primarily from disparities in future expectations rather than direct increases in income inequality. In terms of consumption structure, CII widened consumption inequality in housing, daily necessities, transportation, communication, and health care, but had no significant effect on food, clothing, education, recreation, or other services. The effect also varied across different regions, income levels, and quantiles. These findings offer important insights for policymakers in developing countries who aim to reduce rural consumption inequality through health-care insurance optimization.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"167-195"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037781","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
Government Digital Product Procurement and Enterprise Digital Transformation 政府数字化产品采购与企业数字化转型
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12605
Siyu Chen, Xiaojing Chao, Can Wang, Zhixin Xue
{"title":"Government Digital Product Procurement and Enterprise Digital Transformation","authors":"Siyu Chen,&nbsp;Xiaojing Chao,&nbsp;Can Wang,&nbsp;Zhixin Xue","doi":"10.1111/cwe.12605","DOIUrl":"https://doi.org/10.1111/cwe.12605","url":null,"abstract":"<p>This study investigated whether and how government procurement of digital products influenced corporate digital transformation. Using data on Chinese listed firms from 2015 to 2022 and applying web-scraping techniques to identify government procurement of digital products, it found that firms securing more government digital procurement contracts were more likely to undertake digital transformations. The effect was more pronounced for large-scale, mature, state-owned firms, and those located in regions with a lower level of digital infrastructure or non-technology-based enterprises. Mechanism analysis suggested that government procurement supported digital transformation by strengthening expectations of future market demand, reducing cash flow risk, and alleviating transformation-related uncertainty. These findings provide empirical evidence that, in the digital intelligence era, government procurement of digital products can boost the digital transformation of enterprises.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"139-166"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037775","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
Inequality and Household Consumption: The Role of Intergenerational Support 不平等与家庭消费：代际支持的作用
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-09-11 DOI: 10.1111/cwe.12607
Xiaoshan Hu, Jishi Wei, Chengcheng Xu, Lei Zhang
{"title":"Inequality and Household Consumption: The Role of Intergenerational Support","authors":"Xiaoshan Hu,&nbsp;Jishi Wei,&nbsp;Chengcheng Xu,&nbsp;Lei Zhang","doi":"10.1111/cwe.12607","DOIUrl":"https://doi.org/10.1111/cwe.12607","url":null,"abstract":"<p>The reduction of economic development inequality is widely recognized as a means of promoting household consumption. Using nighttime light data combined with household survey datasets from 2010 to 2020, this paper investigated the impact of inequality on household consumption in China. The results revealed a significant negative relationship, which remained robust after instrumental variable regressions and multiple robustness checks. The effect was strongest among married households with children and insignificant for those unmarried or without children. Further analysis showed that the inequality–consumption relationship varied with the gender composition, marital status, and the age of household heads, as well as the number and educational level of children, emphasizing the role of intergenerational support in shaping up the inequality–consumption nexus. The study found that increased government spending on education effectively alleviated the adverse impact of inequality on household consumption.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 5","pages":"23-48"},"PeriodicalIF":3.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037778","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
Peer Effects of Interlocking Boards on Outward Foreign Direct Investment Decisions 联锁板对对外直接投资决策的同伴效应
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-07-11 DOI: 10.1111/cwe.12598
Haiyue Liu, Xin Xia, Yuhan Wang
{"title":"Peer Effects of Interlocking Boards on Outward Foreign Direct Investment Decisions","authors":"Haiyue Liu,&nbsp;Xin Xia,&nbsp;Yuhan Wang","doi":"10.1111/cwe.12598","DOIUrl":"https://doi.org/10.1111/cwe.12598","url":null,"abstract":"<p>Interlocking directors, those serving simultaneously on two or more corporate boards, facilitate exchanges of expertise and knowledge between companies, helping to reduce information gaps related to internationalization. This study analyzed investment data of 4,403 listed Chinese companies across 80 countries from 2000 to 2021, and identified a significant peer effect: the outward foreign direct investment (OFDI) experience of interlocking board directors strongly influenced companies' decisions to engage in OFDI in the same country. Key mechanisms affecting OFDI decisions include the focal company's cost of debt and the scope of available information. Heterogeneity analysis shows that peer effects were more pronounced in non-state-owned enterprises, companies with lower financing constraints, and those in more competitive industries. These effects were amplified in host countries with higher levels of government integrity and more favorable business environments. This research identifies the key drivers of OFDI and highlights the influential role of interlocking directors in shaping investment strategies, offering theoretical insights for emerging market companies seeking to leverage such networks.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 4","pages":"126-154"},"PeriodicalIF":2.9,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144606738","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
Does Parental Migration Alleviate Multidimensional Poverty among Left-behind Children in Rural Areas? 父母迁移是否缓解了农村留守儿童的多维贫困？
IF 2.9 2区 经济学
China & World Economy Pub Date : 2025-07-11 DOI: 10.1111/cwe.12601
Yexin Zhou, Ru Chen, Yangyang Shen, Xinyu Li
{"title":"Does Parental Migration Alleviate Multidimensional Poverty among Left-behind Children in Rural Areas?","authors":"Yexin Zhou,&nbsp;Ru Chen,&nbsp;Yangyang Shen,&nbsp;Xinyu Li","doi":"10.1111/cwe.12601","DOIUrl":"https://doi.org/10.1111/cwe.12601","url":null,"abstract":"<p>A multidimensional poverty index was constructed based on a specialized survey of rural children in China, with four dimensions reflecting the deprivation of children's rights. Multidimensional poverty was compared between left-behind children (LBC) and non-LBC to assess whether parental migration mitigated such deprivation, and the effects of different types of parental migration on LBC were further analyzed. First, parental migration was found to have alleviated poverty in terms of nutrition and health for LBC but exacerbated deprivation in education, care and protection, and access to information. Second, LBC were more likely to experience multidimensional poverty than non-LBC, particularly when both parents had migrated. Third, the absence of positive parent–child interactions increased the likelihood of LBC experiencing multidimensional poverty, which in turn negatively affected the development of both cognitive and noncognitive abilities. These findings underscore the potential effectiveness of early interventions in education, care and protection, and access to information.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 4","pages":"179-210"},"PeriodicalIF":2.9,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144606740","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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