China Finance and Economic Review最新文献_第4页

Countermeasures of China under the Trend of Consumption Internationalization 消费国际化趋势下的中国对策

China Finance and Economic Review Pub Date : 2022-07-01 DOI: 10.1515/cfer-2022-0006

Wei Liang, Lixin Guan

引用次数: 0

Analysis on Regional Income Gap and Spatial Convergence in China’s Rural Collective Economy 中国农村集体经济区域收入差距与空间趋同分析

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0022

X. Chen, Yuqing Zhou, Lei Wang, Mengjie Sun

{"title":"Analysis on Regional Income Gap and Spatial Convergence in China’s Rural Collective Economy","authors":"X. Chen, Yuqing Zhou, Lei Wang, Mengjie Sun","doi":"10.1515/cfer-2021-0022","DOIUrl":"https://doi.org/10.1515/cfer-2021-0022","url":null,"abstract":"Abstract This paper empirically demonstrates a significant correlation between rural collective economic development, farmers’ income and urban-rural relative income gap. With 2009–2018 descriptive statistics on growth characteristics and regional development of rural collective economy in China, the regional disparity, source structure and development profile of collective economic income are measured, and an analysis on the spatial convergence of rural collective economy is conducted from multiple dimensions. It finds that: Firstly, while China witnesses rural collective economic income rapidly grows, regional disparities have been failing to be moderated. Secondly, rural collective economic income gap in China has not significantly narrowed over a decade. It is mainly due to the inter-group differences in geographical locations. The income gap is further widening in the eastern region and shrinking in the central and western regions. Thirdly, capital accumulation prominently contributes to the convergence of collective economy in the eastern region, while technical indicators such as information computerization play significant role to the convergence of other regions. From rate and period of convergence, it takes about 22—30 years for backward provinces to catch up with leading provinces. After variables, such as capital accumulation and information computerization, are controlled, the period of convergence shortens to 20—24 years. Fourthly, rural collective economic income in China has already showed a spatial club convergence of low-level equilibrium trap.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"51 - 76"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47618858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does Internet Use Improve the Income of Residents? —Empirical Evidence from CGSS2017 使用互联网能提高居民收入吗--CGSS2017的经验证据

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0024

Xiaoxiao Peng, J. Zhang, Gang Peng

引用次数: 0

Nonlinear Shock Effect of China’s Fiscal Policy on Total Factor Productivity—Based on the Dual Perspective of Aggregate and Structure 中国财政政策对全要素生产率的非线性冲击效应——基于总量与结构的双重视角

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0023

Hong-fei Yin, Longwen Zhang, Xiangsong Ye

{"title":"Nonlinear Shock Effect of China’s Fiscal Policy on Total Factor Productivity—Based on the Dual Perspective of Aggregate and Structure","authors":"Hong-fei Yin, Longwen Zhang, Xiangsong Ye","doi":"10.1515/cfer-2021-0023","DOIUrl":"https://doi.org/10.1515/cfer-2021-0023","url":null,"abstract":"Abstract In different economic periods, if the government blindly adopts expansionary fiscal policy, it may not be able to effectively increase total factor productivity (TFP). Based on this, this paper constructs a factor augmented vector autoregressive model with time-varying parameters and stochastic volatility (SV-TVP-FAVAR), and explores the nonlinear shock effect of China’s fiscal policy on TFP from the dual perspective of aggregate and structure. The study finds that: (1) At the aggregate level, the increase in fiscal expenditure in each period has a significant inhibitory effect on TFP, while the increase in fiscal revenue has a significant promotion effect on TFP; (2) At the structural level of expenditure, in the period of economic depression and high economic growth, the increase in investment expenditure, education expenditure, technology expenditure, and public service expenditure all have a strong incentive effect on TFP, but the increase in science and technology and education expenditure in the period of economic stability has not effectively improved TFP; (3) At the structural level of tax, the increase in commodity tax, including consumption tax, value-added tax, and tariff, and individual income tax will significantly inhibit the increase in TFP, but the increase in corporate income tax can significantly increase TFP. Therefore, under the new economic normal, policy makers should build a two-wheel driven fiscal policy of “aggregate regulation and structural optimization” to optimize the structure of fiscal expenditure and taxation, and promote high-quality economic development.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"77 - 95"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47167366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Sub-Provincial Fiscal Expenditure Decentralization Structure: A Case in China 省级以下财政支出分散结构：以中国为例

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0021

Youchu Tong, Yong-Yi Li

{"title":"Sub-Provincial Fiscal Expenditure Decentralization Structure: A Case in China","authors":"Youchu Tong, Yong-Yi Li","doi":"10.1515/cfer-2021-0021","DOIUrl":"https://doi.org/10.1515/cfer-2021-0021","url":null,"abstract":"Abstract This paper uses the data from the post-1994 tax reform in China to investigate the vertical and spatial structures of sub-provincial fiscal expenditure decentralization (SPFED) in China. The study shows that, on the whole, SPFED tends to be gradually biased toward the county level, but inter-provincial differences are obvious, and the provincial centralization is more obvious in less economically developed regions. In terms of expenditure items, the province level enjoys a relatively higher level of economic expenditure decentralization (EED), and the county level enjoys a higher level of social expenditure decentralization (SED). In terms of internal structure, the difference in the level of EED shared by the province, prefecture and county levels is relatively smaller and the difference in the level of SED is relatively larger. In terms of spatial structure, in less developed regions, the province level enjoys a higher EED but a lower SED; in developed regions, the prefecture and county levels enjoy a higher EED but the prefecture level enjoys a relatively lower SED. These findings can provide empirical evidence for the reform of the division of power and expenditure responsibility, as well as the governance of sub-provincial governments.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"28 - 50"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49218879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Promoting the Integration of China’s Tourism Industry into the New Development Pattern with Dual Circulation 推动中国旅游业融入双循环新发展格局

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0025

Ziyan Xu

引用次数: 0

The Impacts of the Growth of the Three Industries and Industrial Price Structural Changes on China’s Economic Growth between 1952 and 2019 1952年至2019年三次产业增长和工业价格结构变化对中国经济增长的影响

China Finance and Economic Review Pub Date : 2021-12-01 DOI: 10.1515/cfer-2021-0020

Dihai Wang

{"title":"The Impacts of the Growth of the Three Industries and Industrial Price Structural Changes on China’s Economic Growth between 1952 and 2019","authors":"Dihai Wang","doi":"10.1515/cfer-2021-0020","DOIUrl":"https://doi.org/10.1515/cfer-2021-0020","url":null,"abstract":"Abstract This paper focuses on the impacts and effects of China’s growth of the three industries and price structural change on the real GDP growth rate. First of all, it presents a new accounting method for decomposing growth rates on the basis of existing accounting method for decomposing growth rates. By using this method, we can identify the impacts and effects of structural changes on the growth rate. The paper uses a new decomposition method to recalculate China’s industry-based real GDP growth rates between 1952 and 2019, focuses on the driving effect of growth of the three industries on the real GDP growth, and the impacts of price structural change on GDP growth rate and the contributin of the growth of the three industries on GDP growth rate. By analysis, this paper shows that between 1952 and 2019 China’s economic growth was mainly driven by the secondary industry, which had contributed to the economic growth by over 50%, the role of the tertiary industry in driving economic growth rose, but that of the secondary industry declined over the time; in the short run, the overall effect of the price structural changes of the three industries has a little impact on the economic growth, but the price change of each industry has strong effects, and the price structural change has significantly changed the effect of the growth of the three industries on the real economic growth; in the long term, the price structural change plays a relatively big hindering effect on economic growth due to the Baumol’s cost disease.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"3 - 27"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43857060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Vertical Fiscal Imbalance, Transfer Payment and Local Government Governance 纵向财政失衡、转移支付与地方政府治理

China Finance and Economic Review Pub Date : 2021-07-01 DOI: 10.1515/cfer-2021-0010

Deyin Chu, Mao Fei

{"title":"Vertical Fiscal Imbalance, Transfer Payment and Local Government Governance","authors":"Deyin Chu, Mao Fei","doi":"10.1515/cfer-2021-0010","DOIUrl":"https://doi.org/10.1515/cfer-2021-0010","url":null,"abstract":"Abstract Accelerating the construction of modern fiscal and tax system helps not only free local governments from the shackle of the “competition for growth” development model, but also improve the governance capacity of local governments and realize the good governance of the country in the long term. Firstly, based on the typical fact of Chinese-style fiscal decentralization, this paper theoretically interprets the multiple channels and influencing mechanisms among vertical fiscal imbalance, transfer payment and local government governance. Secondly, it constructs a comprehensive index system to measure the governance capacity of local governments. The result shows that local government governance is relatively low in capacity and slow in improvement, and displays obvious regional heterogeneity. Then, the paper chooses structure and scale of transfer payment as mediator to construct the panel simultaneous equation model, and uses the three-stage least squares estimation (3SLS) for empirical investigation. The study finds that first, both the scale and structure of transfer payment may significantly affect local government governance, but the direction of the effects is opposite; second, the intensified vertical fiscal imbalance and the increase of transfer payment in scale can significantly inhibit local government governance, but the optimization of transfer payment in structure can significantly improve the governance; third, vertical fiscal imbalance not only directly inhibits the improvement of local government governance, but indirectly impedes it through the scale and structure of transfer payment.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"44 - 65"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45389762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Does Rising House Price Push Chinese Households to “Leverage Up” More? 房价上涨会推动中国家庭更多地“杠杆化”吗?

China Finance and Economic Review Pub Date : 2021-07-01 DOI: 10.1515/cfer-2021-0011

Xia Sheng, Qing Wang, Hui Wang

{"title":"Does Rising House Price Push Chinese Households to “Leverage Up” More?","authors":"Xia Sheng, Qing Wang, Hui Wang","doi":"10.1515/cfer-2021-0011","DOIUrl":"https://doi.org/10.1515/cfer-2021-0011","url":null,"abstract":"Abstract The rapid rise of leverage in Chinese household sector in recent years has attracted considerable attention, and high housing prices might be the main reason for the phenomenon. Do different house-buying motivations of households give an impetus to it? Researching this problem is of great importance to understand mechanisms for the formation of household leverage and taking targeted housing policies. Theoretical analysis in this paper finds that if house-buying motivation that was speculative was quite obvious, rising housing prices would result in the leverage of non-first-house (NFH) households outpacing that of first-house (FH) households. On this basis, we conducted empirical analysis with a state-owned bank’s all housing mortgage loan data on 70 large and medium-sized cities for 2016 and the IV (instrumental variables) and DID (differences-in-differences) methods, and compared the two types of households from the inter-city and intra-city dimensions. The result showed that rising housing prices indeed drive up the debt balance and leverage of NFH households significantly more than those of FH households. Furthermore, our research found that a rise in housing prices has prompted NFH households to be more inclined to make the most use of mortgage policies with no substantial housing difference. To curb excessive leverage increase in the household sector, therefore, apart from regulating high expectations of housing prices, there should be stepped-up credit constraints on NFH households, thus restricting their behavior of excessive speculation.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"66 - 87"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43716496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Tax Sharing and Fiscal Imbalances: Reconstruction of the VAT Sharing System in China 分税制与财政失衡:中国增值税分税制的重构

China Finance and Economic Review Pub Date : 2021-07-01 DOI: 10.1515/cfer-2021-0009

Kezhong Zhang, Wentao Zhang, Xin Wan

{"title":"Tax Sharing and Fiscal Imbalances: Reconstruction of the VAT Sharing System in China","authors":"Kezhong Zhang, Wentao Zhang, Xin Wan","doi":"10.1515/cfer-2021-0009","DOIUrl":"https://doi.org/10.1515/cfer-2021-0009","url":null,"abstract":"Abstract Unreasonable distribution of regional fiscal revenue may lead to fiscal imbalance, while narrowing the fiscal gap will help to establish a modern fiscal relationship between the central government and local governments with financial coordination and regional balance. This paper examines the 2016 VAT sharing reform to study the impact of tax sharing on fiscal imbalances, and puts forward a new plan to reconstruct the VAT sharing ratio. It has been found out in the study that the VAT sharing reform has alleviated the vertical fiscal imbalances caused by the reform of “replacing business tax with VAT” to some extent, but has aggravated the horizontal fiscal imbalances and widened the regional fiscal gaps. The deepening of horizontal fiscal imbalances is due to the aggravated differentiation of regional fiscal capacity after the VAT sharing reform. The adjustment of the principle on which the VAT is levied and the way by which it is shared is conducive to reducing interregional fiscal imbalances. This research is of reference to rationalizing the intergovernmental fiscal relationship, which is helpful to further clarify the implications of modern intergovernmental fiscal relationship and promote the construction of a modern fiscal system.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"10 1","pages":"22 - 43"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43407666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0