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Large Bank Expansion into Rural Markets: Implications for Agricultural Lending and Risk Taking by Rural Financial Institutions 大型银行向农村市场扩张：对农村金融机构农业贷款和风险承担的影响
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70020
Jinhua Liu, Zhongqi Liang, Xiuhua Wang
{"title":"Large Bank Expansion into Rural Markets: Implications for Agricultural Lending and Risk Taking by Rural Financial Institutions","authors":"Jinhua Liu,&nbsp;Zhongqi Liang,&nbsp;Xiuhua Wang","doi":"10.1111/cwe.70020","DOIUrl":"https://doi.org/10.1111/cwe.70020","url":null,"abstract":"<p>This paper examines the impact of large bank business expansion into rural markets on agricultural lending and risk taking by rural financial institutions. The results indicate that competitive pressure from the entry of large banks increased the volume of agricultural loans extended by rural financial institutions, reflecting a classic “catfish effect.” The expansion of large bank business compressed the lending space available to rural financial institutions, raising their risk exposure and producing a “risk effect.” The study also finds that, to mitigate their own risk-bearing pressure, rural financial institutions tended to lower loan interest rates. This led to a narrower net interest margin and contributed to the exit of inefficient and high-risk rural financial institutions from the market. The study suggests that the expansion of large banks into rural areas can contribute to a more competitive and higher quality rural financial market.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"182-219"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566307","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
Parental Retirement and Offspring Tourism Consumption: An Intergenerational Transfer Perspective 父母退休与子女旅游消费：代际转移视角
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70019
Huiyue Liu, Qi Li, Tao Xu
{"title":"Parental Retirement and Offspring Tourism Consumption: An Intergenerational Transfer Perspective","authors":"Huiyue Liu,&nbsp;Qi Li,&nbsp;Tao Xu","doi":"10.1111/cwe.70019","DOIUrl":"https://doi.org/10.1111/cwe.70019","url":null,"abstract":"<p>This study investigated the impact of parental retirement on offspring households' tourism consumption using data from the China Family Panel Studies (2018–2022) and a fuzzy regression discontinuity design. The results showed that the retirement of paternal-generation males significantly increased offspring tourism consumption, whereas female retirement exhibited no measurable effect. Mechanism analyses indicated that this effect operated primarily through intergenerational time reallocation rather than direct financial transfers. Specifically, retired paternal-generation men provided time endowments to offspring households, substantially reducing household production burdens. This labor substitution effectively relaxed the time constraints that typically limit tourism demand. Heterogeneity analysis revealed stronger effects when the paternal generation enjoyed good health or when offspring households contained more young children. These findings suggest that intergenerational time transfers substituted effectively for monetary costs to facilitate consumption upgrades, a conclusion robust across a comprehensive series of specification checks.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"220-248"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566308","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
Valuation Effects of US Semiconductor Restrictions on US Executives in Chinese Listed Companies 美国半导体限制对中国上市公司美籍高管的估值影响
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70021
Jiaxin Liu, Tong Qi, Kai Wang
{"title":"Valuation Effects of US Semiconductor Restrictions on US Executives in Chinese Listed Companies","authors":"Jiaxin Liu,&nbsp;Tong Qi,&nbsp;Kai Wang","doi":"10.1111/cwe.70021","DOIUrl":"https://doi.org/10.1111/cwe.70021","url":null,"abstract":"<p>Utilizing an event study methodology, this research examined the impact of the US semiconductor restrictions on corporate valuation. The findings reveal that publicly traded Chinese semiconductor firms suffered significantly diminished stock returns following the onset of the restrictions. The market's anticipation of disrupted business ties and the potential withdrawal of these key executives drove the decline in firm value. This negative impact was most acute in companies lacking prior US supply chains or cross-border mergers and acquisitions experience. Further analysis show that the presence of US CEOs exacerbated these losses while high levels of foreign shareholding served as a mitigating factor. Long-term data indicates that exposed firms aggressively scaled up R&amp;D personnel to compensate for the loss of external expertise. This research highlights the importance of diversifying executive team, supply chain, and capital structure to mitigate geopolitical risks.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"110-141"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566303","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
Tax Incentives and Firm Skill Composition: Evidence from China's Employee Training Deduction Reform 税收激励与企业技能构成：来自中国员工培训扣除改革的证据
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70016
Ce Huang, Xiaoshu Jin, Rong Liu, Ruiting Wang
{"title":"Tax Incentives and Firm Skill Composition: Evidence from China's Employee Training Deduction Reform","authors":"Ce Huang,&nbsp;Xiaoshu Jin,&nbsp;Rong Liu,&nbsp;Ruiting Wang","doi":"10.1111/cwe.70016","DOIUrl":"https://doi.org/10.1111/cwe.70016","url":null,"abstract":"<p>This study investigated how changes in China's tax policy regarding firms' employee training expenses affected the proportion of high-skilled employees. Focusing on a 2018 tax reform that raised the pretax deduction limit for employee training expenses, it analyzed data from listed companies using a difference-in-differences approach. The reform increased the share of high-skilled employees in affected firms. The proportion of technical personnel rose by 1.22 percentage points, with stronger effects in firms that had higher pre-reform training expenses, lower financial constraints, and greater capital intensity. Internal training and employee upward mobility were the main drivers, with a 24 percent rise in average training expenses per employee, primarily for front-line staff. There was a modest increase in research and development intensity and no reduction in average wages. Targeted tax incentives can thus encourage human capital investment and enhance workforce skill composition without adverse wage effects.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"32-66"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566305","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
Green Financial Innovation and Firms' Green Total Factor Productivity 绿色金融创新与企业绿色全要素生产率
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.12621
Fenfen Wang, Qingfeng Luo, Can Wang
{"title":"Green Financial Innovation and Firms' Green Total Factor Productivity","authors":"Fenfen Wang,&nbsp;Qingfeng Luo,&nbsp;Can Wang","doi":"10.1111/cwe.12621","DOIUrl":"https://doi.org/10.1111/cwe.12621","url":null,"abstract":"<p>Green financial innovation policies play an important role in improving firms' green total factor productivity (GTFP) and balancing environmental protection with economic growth. Using firm-level data from China, this study examined the effect of green financial innovation policy on GTFP and explored the underlying mechanisms. A difference-in-differences approach was applied to evaluate policy effectiveness. The results indicate that this policy significantly increased firms' GTFP, with findings robust across multiple checks. Mechanism analysis indicated that internal governance channels improved GTFP by strengthening executives' environmental decision-making, encouraging green technological innovation, and enhancing environmental governance. External governance channels exerted their effects through alleviating financing constraints and improving market competitiveness. Substantial heterogeneity in policy effects was also identified across firms. These findings provide valuable insights into the optimization and targeted implementation of green financial innovation policies and highlight their role in supporting firms' green transformation and broader sustainable development objectives.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"3-31"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566312","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
Spillover Effects of Labor Protection: Minimum Wage and Digital Innovation 劳动保护的溢出效应：最低工资与数字创新
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70023
Yuanchao Bian, Kaiwen Wu, Junhong Bai
{"title":"Spillover Effects of Labor Protection: Minimum Wage and Digital Innovation","authors":"Yuanchao Bian,&nbsp;Kaiwen Wu,&nbsp;Junhong Bai","doi":"10.1111/cwe.70023","DOIUrl":"https://doi.org/10.1111/cwe.70023","url":null,"abstract":"<p>Minimum wages standards for low-income groups may encourage firms to adopt low-skilled labor-saving measures, generating spillover effects on digital innovation. This paper examines how minimum wages can influence firms' digital innovation through the substitution of high-skilled labor for low-skilled labor and the substitution of labor by intelligent capital. Following an increase in minimum wages, the number of patents related to enterprises' digital innovation increased. Minimum wage standards encouraged the upgrading of labor skills within enterprises, and accelerated the construction of automated and intelligent systems, leading to the substitution of low-skilled labor by high-skilled labor and intelligent capital. The effects of minimum wages on enterprises' digital innovation were mainly observed in labor-intensive enterprises, non-state-owned enterprises, enterprises located in the eastern region, and those with relaxed financing constraints. This study provides insights into the factors influencing enterprises' digital innovation and can inform policies to encourage enterprises to achieve digital transformation.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"142-181"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566306","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 Entrepreneurial Effects of a Place-based E-commerce Policy 基于地的电子商务政策的创业效应
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70018
Lihao Yao, Yucheng Sun, Famin Yi
{"title":"The Entrepreneurial Effects of a Place-based E-commerce Policy","authors":"Lihao Yao,&nbsp;Yucheng Sun,&nbsp;Famin Yi","doi":"10.1111/cwe.70018","DOIUrl":"https://doi.org/10.1111/cwe.70018","url":null,"abstract":"<p>China introduced the National Rural E-commerce Comprehensive Demonstration (NREC) policy against the backdrop of regional disparities in digital development and entrepreneurial activity. This place-based policy promoted e-commerce development through a county–township–village logistics and service system, with the aim of stimulating local entrepreneurship. Exploiting the NREC as a quasi-natural experiment, this study examined its effects on the quantity and quality of entrepreneurship at both the county and household levels. The results show that the NREC significantly increased the number of startups at the county level and raised households' business income and household employment. Suggestive evidence indicated that improved market access, enhanced digital skills, and eased credit constraints contributed to these effects. However, limited evidence was found for improvements in long-term firm survival or enterprise upgrading. Overall, the findings provide new evidence on the entrepreneurial impacts of place-based e-commerce policies, with implications for developing economies.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"249-280"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566310","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
Industry Concentration and Mutual Fund Performance: The Roles of Managerial Effort and Investor Behavior 行业集中度与共同基金绩效：管理层努力和投资者行为的作用
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-03-16 DOI: 10.1111/cwe.70017
Ye Zhou, Danchen Li, Yamei Wang, Wentao Tian
{"title":"Industry Concentration and Mutual Fund Performance: The Roles of Managerial Effort and Investor Behavior","authors":"Ye Zhou,&nbsp;Danchen Li,&nbsp;Yamei Wang,&nbsp;Wentao Tian","doi":"10.1111/cwe.70017","DOIUrl":"https://doi.org/10.1111/cwe.70017","url":null,"abstract":"<p>This study examined how industry concentration structure can affect mutual fund performance under the dual channels of fund manager effort and investor erosion. Using quarterly data from Chinese equity and equity-oriented hybrid funds from 2015 to 2022, the study investigated this relationship and its underlying mechanisms. The results show that greater industry concentration significantly improved fund performance. The positive effect stemmed from the interplay between managers' strategic efforts and the erosive impact of investor behavior. Mechanism analysis indicates that fund managers enhanced performance primarily through professional skill-driven industry allocation strategies rather than informational advantages. Industry concentration also produced time-lagged effects on performance. The effort-driven component of concentration contributed positively to performance, whereas investor subscriptions and redemptions generated significant erosion effects. The results identify industry concentration structure as a critical determinant of fund performance, providing theoretical and empirical foundations for re-evaluating fund performance sources.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 2","pages":"67-109"},"PeriodicalIF":3.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566313","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
Greener Trade Agreements and Green Transformation 绿色贸易协定与绿色转型
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-01-18 DOI: 10.1111/cwe.70005
Yajun Zhu, Churen Sun
{"title":"Greener Trade Agreements and Green Transformation","authors":"Yajun Zhu,&nbsp;Churen Sun","doi":"10.1111/cwe.70005","DOIUrl":"https://doi.org/10.1111/cwe.70005","url":null,"abstract":"<p>This study investigated the impact of environmental provisions in preferential trade agreements on the greening of Chinese firms' exports using data from the Trade and Environment Database, the Chinese Customs Database, and the Annual Survey of Industrial Firms for 2000–2014. These provisions significantly boosted firms' shares of clean exports and reduced shares of dirty exports. Pollution intensity weakened this effect but productivity strengthened it. Heterogeneity tests indicated stronger effects for technology-related provisions than trade-related ones, and more pronounced impacts on domestic firms and those located in regions with advanced green innovation capacity and environmental governance. The study extended the trade effects of environmental provisions in preferential trade agreements to the micro level and offered novel evidence for the Porter hypothesis in the context of international environmental regulation. It also provided empirical support for China's efforts to promote the greening of trade.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 1","pages":"41-74"},"PeriodicalIF":3.6,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007769","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
Environmental Regulation, Respiratory Diseases, and Medical Costs 环境法规、呼吸系统疾病和医疗费用
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-01-18 DOI: 10.1111/cwe.70011
Xiao Lei, Lin Zhou, Wentao Hu
{"title":"Environmental Regulation, Respiratory Diseases, and Medical Costs","authors":"Xiao Lei,&nbsp;Lin Zhou,&nbsp;Wentao Hu","doi":"10.1111/cwe.70011","DOIUrl":"https://doi.org/10.1111/cwe.70011","url":null,"abstract":"<p>China implemented its Action Plan of Air Pollution Prevention and Control (APAPPC) in 2013 as a major step in national air-quality management. This study treated the APAPPC as a quasi-experiment, drawing on the Grossman and Cropper models, to examine how air pollution affected individual health capital and medical service demand. Using panel data from the China Health and Retirement Longitudinal Study for 2011, 2013, 2015, and 2018, the analysis applied a Heckman two-stage model and difference-in-differences estimation to identify the policy's effects on medical expenditure. The results showed that the APAPPC significantly reduced annual health spending, with stronger effects among women, older adults, and rural residents. The mechanism analysis indicated that the reduction in respiratory diseases played a key role. This study provides evidence that supports further air-pollution control in China and offers useful insights for other developing countries.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 1","pages":"198-223"},"PeriodicalIF":3.6,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007771","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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