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How Do Chinese Exporting Firms Respond to Environment-related Notifications? A Green Innovation Perspective 中国出口企业如何应对环境相关通知？绿色创新视角
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12546
Wen Chen, Yinzi Fan
{"title":"How Do Chinese Exporting Firms Respond to Environment-related Notifications? A Green Innovation Perspective","authors":"Wen Chen,&nbsp;Yinzi Fan","doi":"10.1111/cwe.12546","DOIUrl":"https://doi.org/10.1111/cwe.12546","url":null,"abstract":"<p>Environment-related notifications play an important role in the coordinated development of trade and environment protection. In this paper, we examine how Chinese exporting enterprises responded to environment-related notifications implemented by the US through green innovation practices. These notifications significantly encouraged exporting firms to increase green innovation, as evidenced particularly by the number of green utility model patents granted. This effect was most pronounced in non-foreign-invested enterprises, high-total-factor-productivity firms, technology-intensive industries, and nongreen industries. These notifications also increased the probability of enterprises exiting the market while reducing the probability of new enterprises entering it. The innovation motivation of surviving firms was higher than that of the new entrants. Our analysis also suggests that environment-related notifications had a crowding-out effect on other innovation rather than a leverage effect. This study offers important empirical evidence that helps enterprises to respond to green non-tariff measures effectively, enrich the existing literature, and provide practical guidance for both policymaking and corporate development.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"1-27"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276624","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
Global Value Chain Participation and Firms' Responses to Exchange Rate Fluctuations 全球价值链参与和企业对汇率波动的反应
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-09-21 DOI: 10.1111/cwe.12548
Chun Jiang, Fuwei Sun, Zhida Zhang
{"title":"Global Value Chain Participation and Firms' Responses to Exchange Rate Fluctuations","authors":"Chun Jiang,&nbsp;Fuwei Sun,&nbsp;Zhida Zhang","doi":"10.1111/cwe.12548","DOIUrl":"https://doi.org/10.1111/cwe.12548","url":null,"abstract":"<p>Greater participation in global value chains (GVCs) has highlighted the impact of exchange rate shocks on international trade. This paper examines how such participation influences firms' responses to exchange rate movements, focusing on the relationship between firms' pricing and value-added in exports. This study, using detailed Chinese firm-level data, demonstrates that firms with a high degree of GVC participation reacted to currency appreciation by lowering their export prices more substantially and reducing their export volumes less. This is mainly attributable to the “cost-hedging effect” within the marginal cost channel and the “pricing inhibition effect” within the markup channel. By categorizing export firms by trade models and product types, this study further demonstrates that processing trade firms at the low end of the value chain and those with low product differentiation were more inclined to absorb exchange rate shocks. This study adds to the existing theoretical framework and provides strong evidence for China in deepening GVC integration and supporting the development of high-quality export firms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 5","pages":"53-86"},"PeriodicalIF":2.9,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142276525","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 Information Exchange Affect Cross-border Tax Avoidance? Evidence from the Common Reporting Standard 信息交流会影响跨境避税吗？来自共同报告标准的证据
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12544
Muhan Wang, Kezhong Zhang, Sihan Gao
{"title":"Does Information Exchange Affect Cross-border Tax Avoidance? Evidence from the Common Reporting Standard","authors":"Muhan Wang,&nbsp;Kezhong Zhang,&nbsp;Sihan Gao","doi":"10.1111/cwe.12544","DOIUrl":"https://doi.org/10.1111/cwe.12544","url":null,"abstract":"<p>Using panel data from 2012 to 2020 for publicly traded Chinese companies, we explored the efficacy in mitigation of tax information asymmetry to combat profit shifting and transnational tax avoidance. Our empirical analysis revealed that, after the implementation of the inaugural multilateral automatic information exchange system known as the Common Reporting Standard, there was a statistically significantly increase in the effective tax rate by 1.4 percentage points, accompanied by an increase in instances of tax compliance. These trends were discernibly associated with a reduction in profit shifting and notable changes in reported profit margins, particularly influenced by actions related to debt shifting and strategic management of intellectual property assets. These findings underscore the strong connection between these effects and various factors such as investment destinations, asset portfolios, and industry classifications. The results imply a prospective decline in the incidence of cross-border tax avoidance by Chinese multinational entities and demonstrate the potential of emerging international tax cooperation frameworks for curbing the global tax avoidance practices of multinational corporations.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"179-228"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730119","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 New Tri-channel Decomposition of External Adjustment: Model and Application 外部调整的新三通道分解：模型与应用
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12541
Wangyin Hu, Guangtao Xia, Yingting Li
{"title":"A New Tri-channel Decomposition of External Adjustment: Model and Application","authors":"Wangyin Hu,&nbsp;Guangtao Xia,&nbsp;Yingting Li","doi":"10.1111/cwe.12541","DOIUrl":"https://doi.org/10.1111/cwe.12541","url":null,"abstract":"<p>In this study, we expanded upon the current benchmark model of external adjustment and dissected the concept of international financial adjustment into two distinct components: valuation effect and investment income. Our enhanced model, which we refer to as “tri-channel model,” incorporates three key elements: trade balance, valuation effect, and investment income. Using a consolidated quarterly dataset that encompassed China's balance of payments and international investment positions from 1998 to 2020, we estimated the relative importance of the three newly introduced adjustment channels to China's cyclical external imbalance. We found that the trade balance channel played a major role, accounting for approximately 76 percent of cyclical external adjustment. The contribution of the investment income channel to cyclical external adjustment (21 percent) was much greater than that of the valuation effect channel (3 percent). These findings imply that policy responses to the cyclical external imbalance in China should focus more on the trade balance and investment incomes channels rather than exploiting the valuation effects.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"68-84"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730123","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 a Teacher Salary Increase Promote Students' Educational Performance? 教师加薪能否提高学生的教育成绩？
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12543
Tianyang Liu, Baozhong Su, Jingjing Wang, Scott Rozelle
{"title":"Can a Teacher Salary Increase Promote Students' Educational Performance?","authors":"Tianyang Liu,&nbsp;Baozhong Su,&nbsp;Jingjing Wang,&nbsp;Scott Rozelle","doi":"10.1111/cwe.12543","DOIUrl":"https://doi.org/10.1111/cwe.12543","url":null,"abstract":"<p>Policymakers in China have attempted to improve the quality of rural education by investing in teacher salaries through initiatives like the Rural Teachers Support Plan (RTSP). This study estimates the effects of teacher salary increase on students' educational outcomes in rural China by utilizing the exogenous variations of rural teacher salaries induced by the RTSP. It employs an intensity-based difference-in-differences strategy and panel data from 2010 to 2018 with 3,351 rural children. The findings reveal that an increase in teacher salaries had a significant positive impact on students' examination results. Moreover, the results of mechanism analysis indicate that salary increases could have both quality and quantity effects on students' outcomes by increasing the proportion of highly educated teachers and reducing the student–teacher ratio. Our findings contribute to the discussion on the importance of teacher salary incentives in education production functions and provide insights for other countries undertaking rural education reforms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"114-145"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730263","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
Learning from Neighbors and Differentiating Export Quality 向邻国学习，实现出口质量差异化
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12539
Qiming Liu, Bin Qiu, Huw Edwards, Bo Gao
{"title":"Learning from Neighbors and Differentiating Export Quality","authors":"Qiming Liu,&nbsp;Bin Qiu,&nbsp;Huw Edwards,&nbsp;Bo Gao","doi":"10.1111/cwe.12539","DOIUrl":"https://doi.org/10.1111/cwe.12539","url":null,"abstract":"<p>This paper explores how learning from neighboring firms affects new exporters' product quality. It builds a Bayesian learning model to study how new exporters revise their prior beliefs about foreign customers' preferences for product quality from neighboring pioneering exporters. The model shows that a new exporter improves its product quality when it receives a positive quality-preference signal from its neighbors. The learning process of a firm depends on the number of neighbors, the level and heterogeneity of their export quality, and its own prior knowledge of the market. Highly disaggregated firm–product–country level transaction data provide robust evidence for this. The results also suggest that the impact of neighboring signals on a new exporter's quality can be channeled through the importation of high-quality intermediate inputs and more fixed investment. Learning effects are heterogeneous across firms and learning can influence other aspects of export performance.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"1-32"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730121","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 Impact of High-standard Free Trade Areas on the Diversifi cation of China's Export Products: Expanding Market or Intensifying Competition? 高标准自由贸易区对中国出口产品多样化的影响：市场扩大还是竞争加剧？
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12540
Zhaobin Fan, Ruimin Bian, Hui Li
{"title":"The Impact of High-standard Free Trade Areas on the Diversifi cation of China's Export Products: Expanding Market or Intensifying Competition?","authors":"Zhaobin Fan,&nbsp;Ruimin Bian,&nbsp;Hui Li","doi":"10.1111/cwe.12540","DOIUrl":"https://doi.org/10.1111/cwe.12540","url":null,"abstract":"<p>In the context of China's efforts to establish a global network of free trade areas and diversify its export products, this study explores the impact of trade agreement depth on China's export diversification. Building upon a trade model with multiproduct firms, we discover that the effect of trade agreement depth on export diversification is multifaceted, depending on the relative magnitude of the “market expansion effect” and the “competition intensification effect.” Through empirical analysis of China's exports to 132 countries (or regions) from 2000 to 2015, we find that the deepening of trade agreements affected China's export diversification negatively. This negative correlation was predominantly due to the similarity in comparative advantages between China and its trade partners, leading to the “competition intensification effect” overshadowing the “market expansion effect.” We also note that “natural” agreements, when deepened, were more likely to affect China's export diversification adversely than their “non-natural” counterparts. Moreover, as export diversification increased, the marginal impact of deepening trade agreements exhibited an inverted U-shaped trajectory.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"33-67"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730122","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
Decentralization, Supervision, and Chinese Local Government Debt 权力下放、监督与中国地方政府债务
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12545
Chunfei Yang, Yongyou Li, Yu Qi, Yanzhe Xu
{"title":"Decentralization, Supervision, and Chinese Local Government Debt","authors":"Chunfei Yang,&nbsp;Yongyou Li,&nbsp;Yu Qi,&nbsp;Yanzhe Xu","doi":"10.1111/cwe.12545","DOIUrl":"https://doi.org/10.1111/cwe.12545","url":null,"abstract":"<p>Decentralization can alter the incentive structure of local governments and one outcome of this is debt accumulation. Based on the “Province-Managing-County” pilot policy, a fiscal decentralization reform devolving fiscal power from the prefecture-level city to the county level, we assess the impact of fiscal decentralization on local government debt using a difference-in-differences model with a unique county-level dataset from 2011 to 2019. According to the study findings, the “Province-Managing-County” reform resulted in an average increase of 5.758 percent in the local government debt ratio across the pilot counties. Mechanism analyses suggest that this may have arisen from changes in the incentive structure, including external pressures from government assessments and internal developmental needs for promotion, leading to a rise in expenditure pressures on local governments. The role of supervision in mitigating the impact of fiscal decentralization on debt growth was also demonstrated, indicating that an appropriate supervision mechanism must be in place in conjunction with a decentralization policy.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"229-262"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730120","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 Effective are Decentralized Anti-poverty Programs? 权力下放的扶贫计划效果如何？
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-07-19 DOI: 10.1111/cwe.12542
Shuai Chen, Mingda Cheng, Jie-Sheng Tan-Soo
{"title":"How Effective are Decentralized Anti-poverty Programs?","authors":"Shuai Chen,&nbsp;Mingda Cheng,&nbsp;Jie-Sheng Tan-Soo","doi":"10.1111/cwe.12542","DOIUrl":"https://doi.org/10.1111/cwe.12542","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the effectiveness of China's National Poor Counties (NPC) program, a decentralized anti-poverty initiative, by analyzing five rounds of individual-level panel data from 1988 to 2008. The impact of two waves of the NPC program (1994 and 2001) is evaluated utilizing a panel fixed-effects regression model. The results indicate substantial positive effects, with residents in NPC counties experiencing a 47 percent income increase, 3.1 percent higher employment rates, and a 5.7 percent rise in household expenditure from 1988 to 2008, in comparison with non-NPC counties. Notably, the program benefited vulnerable populations, dispelling concerns about “elite capture.” The study also reveals that evolving policy focus has played a pivotal role in sustaining the effects of the program over time. The 1994 round prioritized low-skilled employment, and the 2001 wave emphasized productivity enhancement through skills development. These findings highlight the continued efficacy of decentralized anti-poverty efforts.</p>\u0000 </div>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"85-113"},"PeriodicalIF":2.9,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/cwe.12542","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730124","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
Digital Revolution and Job Quality of Lower Class Workers: Quasi-experimental Evidence from the Broadband China Program 数字革命与底层工人的工作质量：宽带中国计划的准实验证据
IF 2.9 2区 经济学
China & World Economy Pub Date : 2024-05-24 DOI: 10.1111/cwe.12538
Xiumei Wang, Ye Jiang, Famin Yi
{"title":"Digital Revolution and Job Quality of Lower Class Workers: Quasi-experimental Evidence from the Broadband China Program","authors":"Xiumei Wang,&nbsp;Ye Jiang,&nbsp;Famin Yi","doi":"10.1111/cwe.12538","DOIUrl":"https://doi.org/10.1111/cwe.12538","url":null,"abstract":"<p>This study examines the impact of the digital revolution on the job quality of workers with a specific focus on those at the lowest end of the spectrum in China's domestic labor market. Leveraging exogenous timing variations that result from the implementation of the Broadband China Program across different cities, it provides quasi-experimental evidence concerning the effects of the digital revolution on the job quality of lower class workers, particularly rural–urban migrant workers. Using data from China Migrants Dynamic Survey, this study reveals that migrants' comprehensive job quality index increased by 0.0138 (5.33 percent), and its component indices experienced positive effects after the Broadband China Program was implemented. This study also investigates heterogeneous policy treatment effects among workers with diverse demographic and occupational characteristics. Underlying mechanisms are considered, including positive macroeconomic shocks, increased social interactions, and Internet use. In particular, migrants' attitudes toward local settlement became more positive, suggesting that the positive effects of the digital revolution on livelihood lasted for some time. Taking China as an example, this study contributes valuable empirical evidence of how the digital revolution can affect lower class workers' employment or living conditions in a developing country. Related policy implications are also considered.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 4","pages":"146-178"},"PeriodicalIF":2.9,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141730358","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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