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Intellectual Property Policy and County Economic Growth: A Quasi-natural Experiment from the Intellectual Property Powering County Project 知识产权政策与县域经济增长:知识产权强县项目的准自然实验
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-11-20 DOI: 10.1111/cwe.12557
Changlin Yu, Bing Shen
{"title":"Intellectual Property Policy and County Economic Growth: A Quasi-natural Experiment from the Intellectual Property Powering County Project","authors":"Changlin Yu,&nbsp;Bing Shen","doi":"10.1111/cwe.12557","DOIUrl":"https://doi.org/10.1111/cwe.12557","url":null,"abstract":"<p>As fundamental economic units, county economies play a crucial role in China's national economic system. However, it remains unclear whether intellectual property rights policies at the county level can promote economic growth. We used a quasi-natural experiment from the Intellectual Property Powering County Project (“the Project”) to measure their impact on county economic growth from 2009 to 2020, applying a multi-period difference-in-differences method. County economic growth indicators were measured using Enhanced Vegetation Index-calibrated nighttime light data from the Defense Meteorological Satellite Program and Visible Infrared Imaging Radiometer Suite. The findings demonstrated that the Project promoted economic growth significantly by incentivizing innovation, attracting high-tech and new-tech enterprises, and fostering brand creation. The Project also exhibited significant heterogeneity across districts and counties, along with spillover effects on economic growth in surrounding counties within approximately 80 kilometers.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 6","pages":"35-67"},"PeriodicalIF":2.9,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707919","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 Belt and Road Initiative and Its Unjustified Discontents 一带一路 "倡议及其不合理之处
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-11-20 DOI: 10.1111/cwe.12561
Pompeo Della Posta, Qian Liu
{"title":"The Belt and Road Initiative and Its Unjustified Discontents","authors":"Pompeo Della Posta,&nbsp;Qian Liu","doi":"10.1111/cwe.12561","DOIUrl":"https://doi.org/10.1111/cwe.12561","url":null,"abstract":"<p>We argue that Western media advance two main interpretations of the Belt and Road Initiative (BRI). The first suggests that the BRI is primarily motivated by China's geopolitical ambitions. The second contends that the initiative creates “debt traps” for developing countries, hiding the true size of the debt while aiming at the seizure of the infrastructure it builds. We challenge both claims by reviewing critically the existing literature on the BRI. We posit that rather than geopolitical, China's primary motivation has been to promote the development of its western provinces, transforming landlocked areas into land linked ones. Moreover, most of the existing literature neglects the fact that the need for infrastructure development across various continents is well documented by respective regional banks. The dominant “debt trap” narrative is also refuted by several scholars, together with the hypothesis of “asset seizure” and other related critiques. The article concludes that, if anything, geopolitical motivations (particularly tensions between the US and China) are at the root of the negative narrative surrounding the BRI, rather than at the origin of the BRI itself.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 6","pages":"160-186"},"PeriodicalIF":2.9,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707860","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 Multifaceted Impact of Education on Fertility: Unpacking the “BASIC” Effects in China 教育对生育率的多方面影响:解读中国的 "基础 "效应
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-11-20 DOI: 10.1111/cwe.12558
Yufei Liu, Chuanmin Zhao
{"title":"The Multifaceted Impact of Education on Fertility: Unpacking the “BASIC” Effects in China","authors":"Yufei Liu,&nbsp;Chuanmin Zhao","doi":"10.1111/cwe.12558","DOIUrl":"https://doi.org/10.1111/cwe.12558","url":null,"abstract":"<p>Research is increasingly showing that the impact of education on fertility can result in various and sometimes conflicting outcomes. Using data from the China General Social Survey, this study investigates this issue by exploring five channels (the five “BASIC” effects – base, ambition, spouse, income, and concept effects) through which education might influence different fertility behaviors. Using the number of Confucian temples in a region as an instrumental variable for education and employing the two-stage least squares estimation, the results indicate that after taking into account the BASIC effects, the impact of education on actual fertility behavior – both the number of children and the decision to have children – becomes insignificant. However, the negative influence of education on fertility intentions persists. This suggests that, although an increase in the level of education may reduce people's desire to have children, the actual fertility behavior can be influenced more by factors such as individual work status (the base effect) and personal expectations (the ambition effect). These findings provide new insights to assist China to optimize its population policy further, helping policymakers to understand better how education affects fertility choices and to formulate more precise population development strategies.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 6","pages":"68-97"},"PeriodicalIF":2.9,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707920","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 Frontiers in Manufacturing Technologies Initiative and University Innovation 制造技术前沿倡议与大学创新
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12553
Xuan Leng, Yichuan Zhang
{"title":"The Frontiers in Manufacturing Technologies Initiative and University Innovation","authors":"Xuan Leng,&nbsp;Yichuan Zhang","doi":"10.1111/cwe.12553","DOIUrl":"https://doi.org/10.1111/cwe.12553","url":null,"abstract":"<p>Basic innovation, with universities as a key driver, is essential for advancing core technologies in the manufacturing industry. This study used a manufacturing technologies initiative as a natural experiment, combining funding and its outcomes data from the National Natural Science Foundation of China to construct a difference-in-differences model. It found that the Frontiers in Manufacturing Technologies Initiative had a positive effect on university innovation, particularly by increasing the number of university patents. Mechanism analysis showed that the policy mainly encouraged university innovation through university-industry collaboration. The effect was more salient in universities with stronger basic research capabilities and those whose research fields matched strategic emerging industries covered by the initiative. This study underscores the crucial role of the Frontiers in Manufacturing Technologies Initiative in enhancing university-led innovation. It highlights the effectiveness of industry-academia partnerships in advancing technology, particularly in emerging strategic industries.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"197-225"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276574","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
Collateral Monetary Policy, Regional Financial Development, and Nonfi nancial Firms' Shadow Banking Activities 抵押品货币政策、地区金融发展和非金融企业的影子银行活动
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12552
Chao Yuan, Hai Jiang, Jiawen Ren, Nikos Kapitsinis
{"title":"Collateral Monetary Policy, Regional Financial Development, and Nonfi nancial Firms' Shadow Banking Activities","authors":"Chao Yuan,&nbsp;Hai Jiang,&nbsp;Jiawen Ren,&nbsp;Nikos Kapitsinis","doi":"10.1111/cwe.12552","DOIUrl":"https://doi.org/10.1111/cwe.12552","url":null,"abstract":"<p>The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities, where large, nonfinancial firms with high credit ratings have become new financial intermediaries. These activities vary geographically and are affected significantly by collateral monetary policy. This paper examines the effect of collateral monetary policy, its reform, and regional financial development characteristics on large firms' shadow banking activities, with a focus on the medium-term lending facility (MLF), the primary collateral monetary policy instrument in China. The results indicate that the MLF encouraged large firms' shadow banking activity. However, the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral. Regional financial development, such as a higher number of bank branches around firms, facilitated large firms' shadow banking activities and amplified the MLF's stimulating effect. In contrast, regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"166-196"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276573","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
E-commerce, Pandemic Shock, and the Survival of Small and Medium Enterprises 电子商务、大流行冲击与中小企业的生存之道
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12550
Zengdong Cao, Qin Tu, Nichola Latoya Williams
{"title":"E-commerce, Pandemic Shock, and the Survival of Small and Medium Enterprises","authors":"Zengdong Cao,&nbsp;Qin Tu,&nbsp;Nichola Latoya Williams","doi":"10.1111/cwe.12550","DOIUrl":"https://doi.org/10.1111/cwe.12550","url":null,"abstract":"<p>This study examines the impact of e-commerce on the survival rate of small and medium enterprises (SMEs) during the COVID-19 pandemic using a combined dataset from the Enterprise Survey for Innovation and Entrepreneurship in China for the period from 2018 to 2020. We conducted a difference-in-differences analysis by exploiting the variation in the adoption of e-commerce across SMEs before and after the outbreak of COVID-19. The results show that e-commerce had a significantly positive effect on the survival rate of SMEs during the crisis. Specifically, it improved the survival rate of SMEs by 3.0 to 3.4 percentage points by expanding the scale of the enterprises' markets, mitigating declines in orders, shortening the repayment periods of accounts receivable, and improving cash flow during a pandemic. Heterogeneity analysis reveals that the impact of e-commerce was more pronounced for SMEs with a larger share of online sales and for labor-intensive SMEs, and third-party e-commerce platforms or Web sites played a bigger role than self-built Web sites and social media. This study offers novel evidence highlighting the value of digitalization for firms during the crisis.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"113-139"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276522","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
Diplomatic Relations and Investment Location of Chinese Multinationals: An International Political Economy Perspective 外交关系与中国跨国公司的投资地点:国际政治经济学视角
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12549
Diego Quer
{"title":"Diplomatic Relations and Investment Location of Chinese Multinationals: An International Political Economy Perspective","authors":"Diego Quer","doi":"10.1111/cwe.12549","DOIUrl":"https://doi.org/10.1111/cwe.12549","url":null,"abstract":"<div>\u0000 \u0000 <p>Past research has suggested that diplomacy can play a significant role as a mechanism to pave the way for multinational enterprises (MNEs) in foreign countries. Drawing on the international political economy perspective, this article analyzes the influence of the diplomatic activities of the Chinese government on the location of Chinese MNEs. It develops several hypotheses regarding the influence of three essential tools in the Chinese government's current diplomatic agenda: high-level visits by the Chinese President, the establishment of Confucius Institutes, and the Belt and Road Initiative (BRI). The empirical analysis is based on a sample of 972 country–year observations from 2013 to 2021. The results show that high-level government visits and Confucius Institutes positively impacted the location of China's outward foreign direct investments, with the effect being lower in BRI countries. The impact of Confucius Institutes was higher for state-owned enterprises.</p>\u0000 </div>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"87-112"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/cwe.12549","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Quantifying Inter-regional Trade Inequality of China's Cities Based on Environmental-economic Benefits in Virtual Built-up Land Flow 基于虚拟建设用地流量的环境经济效益量化中国城市的区域间贸易不平等
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12554
Pengfei Wang, Hongbo Li, Zhenbin Huang
{"title":"Quantifying Inter-regional Trade Inequality of China's Cities Based on Environmental-economic Benefits in Virtual Built-up Land Flow","authors":"Pengfei Wang,&nbsp;Hongbo Li,&nbsp;Zhenbin Huang","doi":"10.1111/cwe.12554","DOIUrl":"https://doi.org/10.1111/cwe.12554","url":null,"abstract":"<p>The development of spatial interactions of land resources enhances virtual built-up land flow, which contributes to China's inter-regional trade inequality. Little is known about the degree of inequality among regions. This work seeks to estimate the degree of interregional trade inequality through environmental-economic benefits. We combined a multiregional input–output model at the city level with a new classification to calculate the virtual built-up land flow among cities and analyzed its implications for the regional economy and carbon balance. The results indicate that developed regions were the main beneficiaries of inter-regional trade, as reflected in land-use efficiency. China's economic hub has been progressively shifting southward, and the inter-regional trade inequality has continuously increased. The flow of virtual service industry land among developed regions rose, while underdeveloped regions remained suppliers of raw materials, further increasing inter-regional trade inequality.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"226-246"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276575","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 Structural Matching between Finance and Law Promote Economic Development? 金融与法律之间的结构性匹配能否促进经济发展?
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12551
Baifang Wang
{"title":"Does Structural Matching between Finance and Law Promote Economic Development?","authors":"Baifang Wang","doi":"10.1111/cwe.12551","DOIUrl":"https://doi.org/10.1111/cwe.12551","url":null,"abstract":"<p>Financial systems generally operate under two different models: one where capital markets play a primary role in financial transactions and resource allocation (market-oriented model), and another where banks are the central institutions for these activities (bank-oriented model). The degree of investor protection afforded by the legal system varies across these systems. What is the most efficient alignment between financial structure and investor protection? This paper attempts to quantify the structural matching relationship between the financial structure and investor protection in various countries, and examines empirically the impact of this relationship on economic development. Using a sample of cross-country panel data, it finds that the degree of structural matching was positively related to economic development. Both the combination of a securities market and strong investor protection and the combination of a banking system and weak investor protection can contribute to promoting economic development. It extends the law and finance theory framework, enhances the analysis of scenarios with weak alignment between financial structure and investor protection, explains the growth path of developing countries, and highlights the diversity and the dynamic nature of the optimal financial structure.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"140-165"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276523","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
How Does Economic Policy Uncertainty Impact a Country's Position in Global Value Chains? 经济政策的不确定性如何影响一国在全球价值链中的地位?
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12547
Jiaxuan Zhang, Hongsheng Zhang, Xuhang Shen, Bo Meng
{"title":"How Does Economic Policy Uncertainty Impact a Country's Position in Global Value Chains?","authors":"Jiaxuan Zhang,&nbsp;Hongsheng Zhang,&nbsp;Xuhang Shen,&nbsp;Bo Meng","doi":"10.1111/cwe.12547","DOIUrl":"https://doi.org/10.1111/cwe.12547","url":null,"abstract":"<p>Economic globalization in the 21st century has been characterized by the rise and spread of global value chains (GVCs). It faces significant challenges due to increasing domestic and international policy uncertainty in the context of emerging mega risks like geopolitical tensions and climate change. This paper begins by constructing a theoretical model for an open economy to study how risk-averse firms make decisions regarding the sourcing of intermediate inputs in an uncertain environment. Our model solution proposes that firms will source fewer intermediate inputs from countries with more economic uncertainty. An increase in domestic and foreign uncertainty will have opposite impacts on a country's position in GVCs. In this sense, we argue that a country tends to move downstream along GVCs if its own economic policies become more uncertain, and it tends to move upstream with an increase in the uncertainty of its trading partner countries. Our regression analyses, based on data including the World Input–Output Database, World Development Indicators, the UN Comtrade database, and the Economic Policy Uncertainty Index, provide empirical support for this model-based conclusion. Our findings highlight that a nation must consider foreign economic policy uncertainty and maintain domestic policy stability to participate in GVCs.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"28-52"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276524","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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