发布求助
文献互助 智能选刊 最新文献

China & World Economy最新文献

筛选
英文 中文
Judicial System Reform and Corporate Employment in China: Evidence from the Establishment of Circuit Courts 中国司法体制改革与企业就业：来自巡回法院设立的证据
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.70000
Pengcheng Jiang, Huan Jin
{"title":"Judicial System Reform and Corporate Employment in China: Evidence from the Establishment of Circuit Courts","authors":"Pengcheng Jiang,&nbsp;Huan Jin","doi":"10.1111/cwe.70000","DOIUrl":"https://doi.org/10.1111/cwe.70000","url":null,"abstract":"<p>This study employed a difference-in-differences model to examine whether judicial reform could affect corporate employment, using the establishment of China's circuit courts in 2015 as a quasi-natural experiment. It found that the reform of the judicial system enhanced corporate employment significantly. The effects were stronger in enterprises with limited external financing and those situated in provinces with high levels of administrative intervention. Mechanism analysis suggested that the reform encouraged firms to pursue litigation more actively, reducing local judicial protectionism. It also promoted employment by easing financing constraints, expanding firm output, and improving productivity. A cost–benefit analysis showed that the circuit courts were highly efficient in promoting employment. Further analysis found that local state-owned enterprises tended to increase labor input by cutting wages and capital investment whereas private firms raised capital investment to facilitate capital deepening.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"29-57"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652590","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
China's Value-added Tax Reform and Firms' Corporate Social Responsibility 中国增值税改革与企业社会责任
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.12619
Lexin Zhao, Qianbin Feng
{"title":"China's Value-added Tax Reform and Firms' Corporate Social Responsibility","authors":"Lexin Zhao,&nbsp;Qianbin Feng","doi":"10.1111/cwe.12619","DOIUrl":"https://doi.org/10.1111/cwe.12619","url":null,"abstract":"<p>Corporate social responsibility (CSR) plays a vital role in advancing sustainable development. This study used China's 2018 value-added tax (VAT) rate reduction reform as a quasi-natural experiment to examine how indirect tax adjustments influence CSR performance. The results indicated that decreased VAT rates enhanced CSR performance by improving corporate cash flow, increasing corporate profits, and alleviating managerial myopia (short-term decision making). The first two channels relaxed internal resource constraints, while the latter enhanced management's willingness to engage in long-term, socially responsible investments. Further analysis showed that these positive effects were mainly evident in enterprises with weaker market power, higher levels of corporate governance, and those subject to stringent environmental regulations. This study enriches the literature on taxation and CSR, demonstrating that fiscal policy tools, such as VAT rate reduction, can act as effective levers to encourage sustainable corporate practices and align business growth with social objectives.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"91-131"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652580","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
A Quantitative Analysis of the US–China Trade Tension 中美贸易紧张局势的定量分析
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.12622
Jingxin Ning, Ruobing Qin, Hong Ma
{"title":"A Quantitative Analysis of the US–China Trade Tension","authors":"Jingxin Ning,&nbsp;Ruobing Qin,&nbsp;Hong Ma","doi":"10.1111/cwe.12622","DOIUrl":"https://doi.org/10.1111/cwe.12622","url":null,"abstract":"<p>How would an escalation of trade tensions between the world's two largest economies reshape global trade patterns and welfare? This study quantified the global effects of potential tariff increases under the second Trump administration using a quantitative general equilibrium model that captured input–output trade linkages. A simulation of a 30 percent increase in US tariffs on Chinese imports indicated that China's exports to the US would fall by 59.1 percent for intermediate goods and 52.7 percent for final goods, with significant diversion toward Mexico and Canada. At the same time, US imports would shift toward Association of Southeast Asian Nations countries, South Korea, and a few other economies. Certain third countries would experience modest welfare improvements but broader tariff escalation scenarios would result in welfare losses for all economies. These findings underscore the critical importance of maintaining open trade polices and stable international trade relations for global economic welfare. Dialogue and cooperation between the US and China are essential to navigate trade complexities and foster a more resilient and prosperous global economy.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"173-213"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652584","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
Returning to Work: Older Adults' Labor Force Participation and Health Status 重返工作岗位：老年人的劳动力参与和健康状况
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.70001
Shaoxiang Jiang, Yinhe Liang, Ruoying Mei, Shuang Yu
{"title":"Returning to Work: Older Adults' Labor Force Participation and Health Status","authors":"Shaoxiang Jiang,&nbsp;Yinhe Liang,&nbsp;Ruoying Mei,&nbsp;Shuang Yu","doi":"10.1111/cwe.70001","DOIUrl":"https://doi.org/10.1111/cwe.70001","url":null,"abstract":"<p>This study investigated the effects of labor force participation on the physical and mental health of older adults, using the implementation of the provincial-level Regulations on the Protection of the Rights and Interests of the Olderly as an entry point and applying the control function method to address endogeneity. The results indicate that the labor force participation of older adults improved their physical health significantly but had no significant effect on mental health. The positive effect on physical health was stronger for women, urban residents, those with lower education levels, and those with health insurance. Labor force participation operated through income effects and health behavior channels but no evidence was found for a social support channel. These results suggest that removing institutional barriers and empowering older adults can help to address the challenges of an aging population and promote a healthier China.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"1-28"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652588","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
Do Local Government Disclosures Affect Firm Valuation? Evidence from Government Work Reports 地方政府信息披露是否影响公司估值？政府工作报告证据
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.12620
Manning Gong, Chunfang Cao, Feng Zhao, Cheng Zeng
{"title":"Do Local Government Disclosures Affect Firm Valuation? Evidence from Government Work Reports","authors":"Manning Gong,&nbsp;Chunfang Cao,&nbsp;Feng Zhao,&nbsp;Cheng Zeng","doi":"10.1111/cwe.12620","DOIUrl":"https://doi.org/10.1111/cwe.12620","url":null,"abstract":"<p>This study investigated the impact of forward-looking information in local government work reports on investors' valuations of firms. Using local government work reports from China, it found that a positive tone in the forward-looking content increased the cumulative abnormal returns of local listed firms significantly. The effect was more pronounced in regions with greater economic policy uncertainty, particularly among private enterprises and firms whose executives lacked a government or public-sector background. Investors reacted more positively to forward-looking information in reports that provided additional incremental information. As the positivity of local governments' forward-looking tone increased, local listed firms received more government grants, faced lower tax rates, made greater long-term investments, and exhibited better future performance. Investors responded positively to content regarding economic topics such as the business environment and resource allocation but showed no reaction to content related to social welfare and public well-being. Additional analyses indicated that the tone effect was associated positively with local government procurement activity and was more pronounced in infrastructure industries.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"58-90"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652585","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
Direct Flights and Cross-city Tourism Expenditure 直航及跨城旅游开支
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.70003
Yinlong Wang, Haiqiang Chen, Mengjun Yang
{"title":"Direct Flights and Cross-city Tourism Expenditure","authors":"Yinlong Wang,&nbsp;Haiqiang Chen,&nbsp;Mengjun Yang","doi":"10.1111/cwe.70003","DOIUrl":"https://doi.org/10.1111/cwe.70003","url":null,"abstract":"<p>Cross-regional tourism expenditure can stimulate market activity and meet the increasing demand for high-quality tourism experiences. Using UnionPay offline transaction data matched with flight route information from 2013 to 2018 in China, this study applied a difference-in-differences model to investigate the impact of direct flights on cross-city tourism expenditure. It found that, after the opening of new routes, the cross-city tourism expenditure between city pairs increased by approximately 3.2 percent. Direct flights also increased tourism expenditure on sightseeing, lodging, catering, and shopping, with the larger effects for city pairs separated by more than 400 km. Destinations with high-quality cultural and natural assets, such as national 5A-level tourist attractions, world cultural and natural heritage sites, and national tourist resorts, tended to experience increased tourist expenditure. Direct flights also produced spillover effects on expenditure in surrounding cities, which decreased with distance, and these effects occurred mainly in hub cities and origin nonhub cities. These findings have implications for urban growth policy.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"214-245"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652589","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
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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书