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Table of Contents Vol. 33, No. 1-6, 2025 目录2025年第33卷第1-6期
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-01-18 DOI: 10.1111/cwe.70013
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引用次数: 0
The Impact of Temperature Changes on International Trade 温度变化对国际贸易的影响
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-01-18 DOI: 10.1111/cwe.70010
Yanyan Ouyang, Dabin Weng, Mengmeng Guo, Liqiang Chen
{"title":"The Impact of Temperature Changes on International Trade","authors":"Yanyan Ouyang,&nbsp;Dabin Weng,&nbsp;Mengmeng Guo,&nbsp;Liqiang Chen","doi":"10.1111/cwe.70010","DOIUrl":"https://doi.org/10.1111/cwe.70010","url":null,"abstract":"<p>The irreversible trend of rising temperatures is accelerating the reshaping of the international trade landscape. This study empirically examined the impact of temperature variation on the scale of international trade using data on Chinese listed firms' import and export and annual temperature changes in Chinese cities and trade partners from 2000 to 2016. The results indicated that temperature changes in firms' headquarter cities and in trade partners were significantly and negatively associated with the scale of imports and exports. Firms' operational capabilities in home country and meteorological disasters in trade partners were key channels through which temperature variation affected trade outcomes. The negative effects of temperature fluctuations in both locations were stronger for heat-sensitive firms, non-state-owned firms, firms with high research and development investment, and firms trading with low-income partners. These findings contribute to a deeper understanding of the relationship between climate volatility and international trade.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 1","pages":"224-255"},"PeriodicalIF":3.6,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007770","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
Domestic Environmental Demand and Global Value Chains 国内环境需求与全球价值链
IF 3.6 2区 经济学
China & World Economy Pub Date : 2026-01-18 DOI: 10.1111/cwe.70006
Qi Zhang, Xuefeng Wang, Deyong Song
{"title":"Domestic Environmental Demand and Global Value Chains","authors":"Qi Zhang,&nbsp;Xuefeng Wang,&nbsp;Deyong Song","doi":"10.1111/cwe.70006","DOIUrl":"https://doi.org/10.1111/cwe.70006","url":null,"abstract":"<p>This study examined how domestic environmental demand can influence countries' participation in global value chains (GVCs) in the environmental sector, including waste management, pollution control, and environmental protection services. Using a crosscountry dataset, a measure of environmental demand was constructed based on population exposure to PM<sub>2.5</sub> concentrations exceeding 10 μg/m<sup>3</sup>. The results show that a 1 percent increase in relative domestic environmental demand increased GVC participation, raising relative production length by 0.125 percent in forward-linked GVCs and by 0.175 percent in backward-linked GVCs. Two mechanisms were identified: an intermediate climbing effect, through which higher domestic demand promoted upstream integration, and an induced innovation effect, through which larger market scale stimulated technological advancement. These findings indicate that countries with substantial environmental pressures and large domestic markets can leverage domestic environmental demand to enhance their positions in global environmental value chains and support green development.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"34 1","pages":"75-107"},"PeriodicalIF":3.6,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146016395","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
Digital Transformation, Anti-monopoly Policy, and Corporate Income Disparity 数字化转型、反垄断政策与企业收入差距
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.70004
Yunpeng Fan, Zhengnan Liu, Liansheng Zheng
{"title":"Digital Transformation, Anti-monopoly Policy, and Corporate Income Disparity","authors":"Yunpeng Fan,&nbsp;Zhengnan Liu,&nbsp;Liansheng Zheng","doi":"10.1111/cwe.70004","DOIUrl":"https://doi.org/10.1111/cwe.70004","url":null,"abstract":"<p>Digital transformation has far-reaching implications for income distribution within and across firms. This study explored the influence of digital transformation and anti-monopoly policy on firm income disparity. A digital transformation index was constructed by improving dictionary-based methods with natural language processing algorithms, and data from Chinese A-share listed companies between 2009 and 2023 were analyzed. The results showed that: (i) digital transformation reduced intrafirm income disparity through digital influence and digital human capital, with stronger effects in firms facing fewer financing constraints or paying lower cash dividends; (ii) this disparity-reducing effect was weaker among leading firms, although the Anti-monopoly Guidelines strengthened it; (iii) digital transformation increased interfirm income disparity within industries by fostering monopolies in technology and talent acquisition; and (iv) the Anti-monopoly Guidelines promoted market competition and enhanced the spillover effects of technological innovation, thereby mitigating the disparity-increasing effect.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"33 6","pages":"132-172"},"PeriodicalIF":3.6,"publicationDate":"2025-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145652586","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 Low Interest Rate Environment and Corporate Default Risk 中国低利率环境与企业违约风险
IF 3.6 2区 经济学
China & World Economy Pub Date : 2025-12-02 DOI: 10.1111/cwe.12618
Wenli Lu, Shengrong Lu
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引用次数: 0
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
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