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Compared with financial information, whether corporate social responsibility disclosure has impacts on debt financing cost has obviously become a heated topic in the academic. This paper selects A-share listed companies in Shanghai and Shenzhen stock markets of China from 2013 to 2017 as sample to study the impact of corporate social responsibility disclosure on debt financing cost, including bond financing cost and bank loan cost. In addition, this paper divides the sample into voluntary corporate social responsibility disclosure group and mandatory corporate social responsibility disclosure group and studies whether the effects of voluntary corporate social responsibility disclosure and mandatory corporate social responsibility disclosure on bond financing cost and bank loan cost are different. The empirical results are presented as follows: Firstly, enterprise disclosing high-quality corporate social responsibility report is more conducive to reducing the debt financing cost. Specifically, corporate social responsibility disclosure significantly lowers both the bond financing cost and bank loan cost. Moreover, the reduction impact of corporate social responsibility disclosure on bond financing cost is greater than that of bank loan cost. Secondly, enterprises voluntarily disclosing corporate social responsibility reports are more conducive to reducing the debt financing cost than that of enterprises mandatorily disclosing corporate social responsibility reports. Thirdly, non-state-owned enterprises are more conducive to reducing debt financing cost than that of state-owned enterprise. The enterprises with more market competition are more conducive to reducing the debt financing cost than the oligopolistic enterprises. Finally, this paper concludes and gives policy implications. This paper amplifies the literature regarding the economic consequences of corporate social responsibility disclosure and improves the understanding of the impact of corporate social responsibility disclosure on debt financing cost. [ABSTRACT FROM AUTHOR]

Green bonds, a new green financial instrument, encourage enterprises to achieve high-quality development through green technology innovation. However, a lack of research is currently being conducted into the effect of green bond issuance in China. Can green bonds effectively empower enterprises to green innovation? What is the underlying mechanism? In the context of carbon-neutral strategies, it is significant to answer these questions scientifically. This paper uses a quasi-natural experiment of the launch of the green bond market in China in 2016 to conduct empirical studies based on the panel data of 1 558 non-financial Chinese-listed enterprises from 2015 to 2020 with the multi-period difference-in-difference model. The results show that ① issuing green bonds can significantly empower enterprises' green technology innovation. The empowering effect is mainly for green utility patents rather than green invention patents. This result remains after dynamic heterogeneity analysis, placebo test, and other tests. In addition, the effect has a lag. ② Heterogeneity tests show that this empowerment effect varies across enterprises with different property rights, industries, and regions. ③ In terms of the mechanism of action, green bonds can enhance enterprises' ability to innovate green technology by increasing the proportion of long-term loans and improving their debt structure. This paper broadens the relevant literature on the economic consequences of green bonds and the influencing factors of enterprises' green technology innovation and provides policy suggestions for further improving the analysis of green bonds. [ABSTRACT FROM AUTHOR]

This paper empirically examines the efficacy of corporate digital transformation on a firm's environmental, social, and governance (ESG) decoupling. Adopting the text analysis method and using a sample of Chinese A-share listed firms from 2010 to 2019, this paper finds that digital transformation can significantly alleviate ESG decoupling, and this relationship persists after robustness tests. Mechanism analysis reveals that digital transformation reduces ESG decoupling by improving information processing ability and relieving information asymmetry. The relationship between corporate digital transformation and ESG decoupling is stronger among companies in eastern China and firms that do not follow GRI guidance. The economic consequence analysis suggests that corporate digital transformation promotes firms' high-quality development by reducing ESG decoupling. This study helps reveal corporate digital transformation's empowering role and governance role in ESG decoupling and contributes to the growing literature on ESG decoupling and corporate digital transformation. [ABSTRACT FROM AUTHOR]

This paper departs from the Trump administration's main trade policy objective, i.e. to reduce the US trade deficit, which it considered to be harmful to the US economy. The main means for doing so has been to increase in import tariffs, despite most economists' view that a country's trade balance is driven by macroeconomic factors such as savings and investment rather than by trade policy. The paper reviews the various steps taken in the US trade dispute(s), primarily with China, including steps towards de-escalation in the final year of the Trump presidency. It then assesses the economic impact of the US trade dispute with China and the Phase One Deal, using computable general equilibrium (CGE) techniques. Importantly, it does so by updating the database to reflect the consequences of the shale gas revolution on US energy production and trade. Results are presented not only for the USA and China, but also on their trade with third countries by broad product category. [ABSTRACT FROM AUTHOR]

New energy strategies are crucial to address energy and environmental issues, but the energy consumption transition may also affect firm behavior with unintended economic consequences. Using data from A-share listed companies from 2010 to 2019, this paper investigates the impact of energy consumption structure transformation on firms' total factor productivity (TFP) using China's new energy demonstration city (NEDC) policy as a shock. It is found that the NEDC reduces firms' TFP by about 6.4%. This conclusion still holds after a series of robustness and endogeneity tests. According to the channel analysis, NEDC reduces the efficiency of firms' resource allocation and innovation, resulting in efficiency losses. Furthermore, differences in firms' ownership and geographical location make the impact of NEDC on TFP heterogeneous. For example, the hindering effect of NEDC on TFP is more pronounced in private firms and firms in regions with lower marketization. This paper shows that the promotion and application of new energy may have certain economic costs. To better balance the benefits and costs of new energy strategies, the government and other relevant departments should increase policy flexibility and perfection. [ABSTRACT FROM AUTHOR]

Natural disasters and climate change impose a severe threat to the sustainable development of economy and human society. This paper studies the economic consequences of meteorological disasters specifically to the wages income and unemployment. Using panel data from 31 provinces in China from 2010 to 2018 as a sample, it examines the relationship between meteorological disasters and labor market, and then verifies the moderating effect of government emergency response policy which is obtained through big data crawler technology. The results show that meteorological disasters will increase the level of unemployment, and at the same time increase the wage income of urban and rural people; while government emergency response policy only plays a moderating role between meteorological disasters and urban wage income. Although this paper focuses on China geographically, the overall conclusions presented in this article have strong policy implications for other regions in developing countries facing the challenge of meteorological disasters. [ABSTRACT FROM AUTHOR]

To cope with climate change, China commits that it will strive to achieve carbon peaking by 2030. Using the Cointegration model and the Markov Chain model, this paper forecasts China's carbon emissions during 2019–2030 in six scenarios, and assesses the contribution of optimizing the energy mix to China's carbon peaking. The research obtains three main conclusions. Firstly, optimizing the energy mix will contribute to achieving China's carbon peaking. In the economic slow-growth scenario, taking China's planned target of energy mix (PTEM) into account, the carbon peaking year will be brought forward from 2028 to 2023. In the economic medium-speed-growth scenario, optimizing the energy mix will make China achieve carbon peaking in 2028. Without considering the PTEM, however, the carbon emissions will not peak before 2030. In the economic fast-growth scenario, the peaking year will not occur whether considering the PTEM or not, but the growth rate of carbon emissions with the PTEM will be far lower than that without considering the PTEM. Secondly, in all three economic growth scenarios, optimizing the energy mix will largely reduce the growth rate of carbon emissions, and thus significantly reduce the peak value of carbon emissions. Thirdly, optimizing the energy mix has a negative adjusting effect on the impact of economic growth on the growth rate of carbon emissions, and the negative effect rise as the economic growth rate increases. [ABSTRACT FROM AUTHOR]

The examination of housing shortages in China presents a fascinating subject that is rarely directly addressed. This topic not only captures our interest due to the irony in a communist country but also in light of the profound transformation of Chinese society, evolving from an agrarian civilization to a modern industrialized state. The objective of this essay is to establish a comprehensive framework that encompasses economic, social, and architectural narratives as an integrated whole. This essay delves into the historical trajectory of housing shortages in modern China, tracing the evolution of this issue within Chinese society since the founding of the communist regime in 1949. Given China's unique industrial and residential policy framework, housing provision is intrinsically linked to state-owned factories and residential certification, commonly referred to as hukou. As the political and economic foundations have shifted over time, so too has the root cause of housing shortages. In addition to general historical and theoretical research, we have undertaken an in-depth examination of Lanxi City, one of the industrial clusters established in China. The case study of Lanxi City involves a series of visits and interviews conducted within local factories and communities. Our analysis identifies two distinct phases in this evolution: the "fundamentalist communist era" and the transitional period toward a market economy. Each of these eras can be further subdivided into four distinct phases, providing a more nuanced perspective. Our findings reveal that various housing distribution mechanisms have contributed to the issue of housing shortages. During the first era, housing shortages were primarily a result of hukou restrictions, industrial disparities, sluggish construction processes, and corporate profit considerations. In the latter phase, spanning the 1980s and 1990s, housing shortages were exacerbated by escalating costs and a slow rate of housing unit replenishment. As the new millennium unfolded, real estate bubbles compounded the housing crisis, with older neighborhoods ill-suited for modern living. Our interviews and visits complemented our literature research, offering valuable insights into the systemic exploitation of specific groups in pursuit of broader goals, hence the title. This paper underscores the housing shortage in China as a consequence of economic disparities between urban and rural regions, as well as between the prosperous East coast and the underdeveloped West hinterland. [ABSTRACT FROM AUTHOR]

With the gradual increase of international willingness to reach the carbon peak and carbon neutrality, this paper decomposes the influencing factors of China's carbon emission changes from 2008 to 2019 using the Logarithmic Mean Divisia Index model (LMDI), and analyzes the contribution amount and rate of each influencing factor. The results found that: for the whole country, the cumulative growth of carbon emissions during the study period is about 416,484.47 (104 tons), among which the economic growth effect plays a major role in promoting, with a cumulative contribution rate of 284.16%; The increase in regulation intensity and the optimization of industrial structure, however, suppress carbon emissions well, with a cumulative contribution rate of about – 199.21% and − 64.75%, respectively, during the study period. For economic regions, the cumulative influence direction of each driver is the same as that of the whole country, while the population size effect in the northeast economic region and the regulation input effect in the eastern coastal economic region act in the opposite direction from other economic regions, and the carbon emission reduction direction of the energy intensity effect varies from one economic region to another. Accordingly, this paper proposes policy recommendations to enhance regulatory intensity, optimize industrial and energy consumption structure, implement localized emission reduction strategies, and promote synergistic emission reduction in economic zones. [ABSTRACT FROM AUTHOR]

Climate change has been a widely concerned issue for decades. As the key policy target, the economic impact caused by climate change has received general attention from scholars and governments around the world. For the number of literatures is huge and the relationships among the literatures are not clear, we aim to clarify the research hotpots and the research trends of current literatures and provide inspiration for the development directions of future research in this paper. Using the bibliometric method, this paper characterizes the literatures on the economic impact of climate change based on the Web of Science (WoS) Core Collection. The results reveal that the USA occupies the leading position of the studies, which publishes most documents, and contains the most productive institutes and well-known scholars. From 2009, the number of documents published by a Chinese scholar started to increase rapidly, which makes China the second most productive country in recent years. The journals both belong to the WoS Categories of economics and environmental sciences and tend to publish more literatures than others. Adaptation, vulnerability, uncertainty, economic growth, climate policy, ecosystem service, energy consumption, renewable energy, food security, and land use are the representative keywords that have both high frequency and high centrality. Potential benefits, fat-tailed risk, social cost, international migration, and sustainable intensification are the top five main research hotspots. Based on the citation network of the top 50 documents with the highest local citation score, four research trends are sorted out: (i) the methodological innovation to monetized estimate the economic impact of climate change, (ii) the effect of current and future adaptive measures on agriculture, (iii) the interactional relationship between induced technological change and carbon tax, and (iv) the effect on labor market caused by climate change. [ABSTRACT FROM AUTHOR]

Energy is one of the critical factors for economic growth, and carbon emissions are by-products of energy use that degrade environmental quality. This research thus establishes an index of eco-output elasticity of energy consumption to find an eco-friendly production stage in which not only output increases, but also energy consumption degrades. Our observation subject is China, which employs its own energy intensity index to monitor the nexus of economy, energy, and environment. While its energy intensity index is unable to point out the eco-friendly production stage, the index of eco-output elasticity of energy consumption herein does. This paper offers three main empirical findings on China: (i) it presents an eco-friendly production stage from 2012 to 2013; (ii) it has better improvement on energy savings than CO2 reduction; and (iii) in general, its status quo is still high energy consumption, but this phenomenon is improving. [ABSTRACT FROM AUTHOR]

Environmental protection is receiving more and more attention in China. Chinese government and society have implemented well-designed environmental regulations (ERs). While ERs have economic and environmental implications, whether they favor or stifle technological innovation is uncertain and shows paradoxical tension between different viewpoints. To reconcile it, this paper distinguishes three types of environmental regulations: Command-and-control environmental regulation (CER), market-based environmental regulation (MER), and Public-participation environmental regulation (PER). With data from Chinese A-share listed companies from 2008 to 2017, this study finds that CER and PER favor enterprise innovation, while MER does the opposite. Further analysis suggests that government subsidies positively moderate the influence of MER and PER on enterprise innovation. However, executive political experience negatively moderates the impact of three types of ERs on enterprise innovation. The heterogeneity analysis suggests that ERs' influence varies among enterprises with different life cycles and ownership, and in different regions and industries. [ABSTRACT FROM AUTHOR]

This paper attempts to evaluate the impact of massive infectious and contagious diseases and its final impact on the economic performance anywhere and anytime. We are considering to evaluate the case of Wuhan, China. We are taking in consideration the case of COVID-19 to be evaluated under a domestic, national, and international level impact. In this paper, we also propose a new simulator to evaluate the impact of massive infections and contagious diseases on the economic performance subsequently. This simulator is entitled "The Impact of Pandemics on the Economic Performance Simulator (IPEP-Simulator)" Hence, this simulator tries to show a macro and micro analysis with different possible scenarios simultaneously. Finally, the IPEP-Simulator was applied to the case of Wuhan-China respectively. [ABSTRACT FROM AUTHOR]

The realisation of global carbon neutrality is crucial for combating climate change. As the largest emitter, China declared to achieve carbon neutrality by 2060. However, substantial changes in the energy structure are far from being achieved. Using time series data from 2001 to 2019 and the ARDL-ECM method, this paper explored the effectiveness of climate policies in controlling China's carbon emissions. The results show that economic and technical factors such as economic growth and energy structure are the determinants of carbon emissions. A green paradox is shown since increasing climate policy density does not significantly reduce carbon emissions. The main regulatory gaps in China's climate governance include weaknesses in the rule of law, lack of accountability, and insufficient arrangements for equitable energy transitions. A binding legal system is necessary to realise absolute reduction and secure carbon neutrality, especially one including specific climate change legislation, binding reduction targets, and combining energy justice with regulatory efficiency. [ABSTRACT FROM AUTHOR]

Temperature-economic growth relationships are computed to quantify the impact of climate change on the economy. However, model performance and differences of predictions among research complicate the use of climate econometric estimation. Machine learning methods provide an alternative that might improve the predictive effects. However, time series and extrapolation issues constrain methods such as random forests. We apply a simple thought experiment with national marginal GDP growth by aggregating subnational climate impact to alleviate the shortcomings in random forests. This paper uses random forests, multivariate cubic regression, and linear spline regression to examine the direct impacts of temperature on economic development and conducts a performance comparison of the methods. The model results indicate an optimal temperature of 15°C, 15°C or 21°C for each model. Furthermore, a thought experiment indicates that the marginal predictions of national GDP changes by approximately 1%, −3%, or −6% for models with 1°C warming. The performance comparison suggests that random forests have stable model performance and better prediction performance in bootstrapping. However, the extrapolation problem in random forests causes underestimation of climate impact in 5% of cells under 6°C warming. Overall, our results suggest that temperature should be considered in economic projections under climate change scenarios. We also suggest the use of more machine learning methods in climate impact assessment. [ABSTRACT FROM AUTHOR]

The nexus between transport infrastructure and economic output has been subject to heated debates. Existing studies investigating their nexus between transportation and economic growth tend to focus on macroscales and utilize panel data but assume homogeneity across individual units. This paper aims to handle the problem of geographic heterogeneity and panel heterogeneity embedded in Granger causality between transportation and economic growth in China. According to a panel data of 216 cities from 1999 to 2014, heterogeneous Granger non-causality model at the nation level and region-specific heterogeneous Granger non-causality models are established. Results show that the heterogeneity of their mutual causality across cities cannot be neglected. In the direction from transport infrastructure to economic output, this paper finds homogeneous causality in all geographic regions except central China and it proves that the pulling effect of transportation on economic growth is positive in China but relatively marginal in eastern and western regions. In the reverse direction, heterogeneous causality can be found in all geographic regions. However, western region finds negative impact of economic growth on transportation. Overall, bidirectional causality is observed in 53.24% of the cities (115 out of 216) in the panel. Unidirectional causality is observed in about 39.35% (85 out of 216) and no causality in 7.41% (16 out of 216). This paper concludes with some main findings and region-specific policy implications. [ABSTRACT FROM AUTHOR]

In the late stages of its industrialization, China's economy still largely relies on energy. With increasing pressures to protect the environment and reduce carbon emissions, in 2013, the Chinese government officially issued four policies in succession to control total energy consumption. In this paper, we use the single difference model to estimate the average and dynamic economic impacts of such policies. We also introduce the energy dependence degree and divide all industrial sectors into two categories to estimate heterogeneous and dynamic policy effects based on the difference-in-differences (DID) model. Our empirical study shows that the implementation of energy consumption control policies results in a decrease in economic growth rates. Meanwhile, the negative dynamic economic effects of such policies decrease levels of volatility. Furthermore, such policies have heterogeneous economic effects on levels of energy dependence across sectors and have more significantly negative economic impacts on heavily energy-dependent industries but with hysteresis. Heterogeneous and dynamic economic effects on heavily energy-dependent industries are decreasing. We conclude with recommendations on ways to mitigate the negative effects observed. [ABSTRACT FROM AUTHOR]

Green finance has the obvious impetus function to economic ecologization development. Through the test of the spatial agglomeration degree of China's green finance and ecological economic development index from 2001 to 2017 (30 provinces except for Hong Kong, Tibet, Taiwan, and Macao), this paper analyzes the spatial correlation of the green finance index and the ecological economic development index. It uses the spatial panel econometric regression analysis model to reveal the impact of Green Finance on China's economic ecology. Results show that (1) the development level of green finance and economic ecologization in China has improved to varying degrees in different periods. However, there are still noticeable regional differences between the eastern, central, western, and northeast regions; (2) green finance plays a positive role in promoting economic ecologization. Developing green finance in one province can promote its economic ecologization and positively impact on economic ecologization of surrounding provinces. (3) Economic ecologization also has a positive spillover effect. The improvement of the ecological economic level of a province can drive the improvement of the ecological economic level of other provinces. Therefore, improving green finance across the country has become a meaningful way to promote economic ecology and promote China's high-quality development. [ABSTRACT FROM AUTHOR]

The economic implications of high-speed rail (HSR) cannot be overlooked in China. This paper studies the impact of HSR on the advancement and rationalization of industrial structure and the tertiary industry aggregation through theoretical derivation and multi-period difference-in-differences (DID) by improving the theoretical framework and empirical methods according to the characteristics of China's HSR and economic development. From analyses on urban heterogeneity and inter-industry spillover effects, the transmission mechanism and expressions of the industrial structure are also discussed. The findings show that HSR promotes tertiary industry aggregation and contributes to the transformation of the industrial structure from the primary to secondary and tertiary industry sectors, as well as realizing industrial structure advancement but irrationalization. Furthermore, HSR has a more significant influence on tertiary industry aggregation in large cities and high-density cities. Additionally, the aggregation of the transportation, warehousing, and postal sectors has been reduced, with a significant spillover effect on neighboring cities, proving the siphon effect and conduction mechanism, resulting in a structural shift in the tertiary industry, from basic to advanced sectors. The movement of human resources is a key mediator in the economic impact of HSR. [ABSTRACT FROM AUTHOR]

The rapid urbanization of Ya'an has brought about a series of environmental issues. By referring to the physical coupling model and using the data from 2010 to 2019, this paper establishes a coupling coordination model of the urbanization and eco-environment in Ya'an. First, the entropy method was used to calculate the weight of each index of urbanization and eco-environment systems. Then, the comprehensive urbanization level of Ya'an was calculated using four indexes: economic, population, spatial and social urbanization. The eco-environment evaluation index system included three main indexes: eco-environment level, pressure and response. Finally, coupling coordination model was used to determine the degree of coupling and coordination between urbanization and the eco-environment, and the spatial correlation of the coordination degree between districts and counties in Ya'an was analyzed. The results show that: (1) economic urbanization (37.76%) and eco-environment pressure (40.50%) made the most significant contributions to the urbanization and eco-environment subsystems, respectively. This shows that economic factors are the most significant contributors in promoting the development of urbanization. As it is very important for Ya'an to reduce environmental pollution and the pressure on the eco-environment, these findings suggest that more attention should be paid to economic development and environmental protection when formulating and implementing policies. (2) The degree of coupling coordination between urbanization and the eco-environment has increased every year, from moderate imbalance to high coordination. The overall development of spatial autocorrelation from positive to negative suggests that Ya'an should strengthen the interregional cooperation. [ABSTRACT FROM AUTHOR]

This paper estimates the direct and indirect drag effects of land and energy on urban economic growth in the Yangtze River Delta in China over the period of 2003–2012. Using the spatial Durbin panel data model (SDPDM), we found that such urban economic growth is spatially autocorrelated and that resource input has a positive impact on economic growth. The SDPDM results show that the direct drag effect of land and energy is, respectively, 0.75 and 2.38%, indicating that the constraints of land and energy will reduce the economic growth rate by 0.75 and 2.38%. Besides, the indirect drag effect is 0.40 and 4.86%, suggesting that the focal unit's economic growth would also be influenced by the behavior of its neighbors. Based on these results, this paper proposes some policy recommendations. [ABSTRACT FROM AUTHOR]

A few studies that have assessed the impact of economic policy uncertainty on trade flows, have used aggregate trade flows in a panel model. In this paper, we reduce aggregation bias by considering the response of each of the 87 industries in the trade between the U.S. and China to economic policy uncertainty in both countries. While we find significant short-run effects of both uncertainty measures in almost 55% of the U.S. exporting to and importing industries from China, short-run effects lasted into significant long-run effects in a limited number of large and small industries. More precisely, we found U.S. policy uncertainty to have negative long-run effects in 36 exporting industries with an export share of 43% and 25 importing industries with an import share of 11%. By contrast, we found China's economic policy uncertainty to have positive long-run effects on the U.S. exports of 19 industries with an export share of 18% and on the U.S. imports of 24 industries with an import share of 13.5%. Clearly, increased tension between these two countries that contribute to increased uncertainty will hurt the trade balance of both countries. [ABSTRACT FROM AUTHOR]

Geothermal energy is a clean energy source that can potentially mitigate greenhouse gas emissions, as its use can lead to a lower mitigation cost. However, research on the economic impacts of the geothermal industry is scarce. This paper describes the effect of the geothermal industry, its economic input and output, using Beijing as a case study. This paper adopts the input–output model. The results show that the demand for and input use of the geothermal sector vary greatly across industrial sectors: electricity, heat production, the supply industry and general equipment manufacturing have the greatest direct consumption coefficient for the geothermal industry. When considering direct and indirect demand, it is clear that the geothermal industry has a great effect on different industrial sectors in diverse ways. Its influence coefficient and sensitivity coefficient are 1.2167 (ranked 11th) and 1.2293 (ranked 8th), respectively, revealing that it exerts obvious demand-pulling and supply-pushing effects on the regional economy. [ABSTRACT FROM AUTHOR]

Based on the theory of trade added value, this paper discusses the potential actual trade scale and benefit damage degree of the two countries under the background of big country game by measuring the real trade scale of China and the USA, simulating the economic impact of tariffs imposed by China and the USA and utilizing Wang–Wei–Zhu (WWZ) method to decompose the potential changes in Sino-US trade. The results show that: firstly, the size of China-US trade in terms of total value is significantly overestimated and China's overall trade with the USA in 2001–2014 was overestimated by an average of 3.06 percent, of which goods trade was overestimated by 8.06 percent. Secondly, although tariff increases can reduce the degree of trade imbalance between China and the USA to some extent, the adverse effects are mutual and global, and the European Union, the Association of Southeast Asian Nations (ASEAN), Japan and Canada become the main transfer countries of Sino-US trade. Thirdly, the pattern of China's final exports and the US' intermediate exports determines that China's trade interests are more damaged than those of the USA. It is proved that there is a big gap between China and the USA in the depth and breadth of China's participation in the value chain division of labor and the trade scale measured by Gross Domestic Product is more instructive than the total value. [ABSTRACT FROM AUTHOR]

Coping with the outbreak of Coronavirus disease 2019 (COVID-19), many countries have implemented public-health measures and movement restrictions to prevent the spread of the virus. However, the strict mobility control also brought about production stagnation and market disruption, resulting in a severe worldwide economic crisis. Quantifying the economic stagnation and predicting post-pandemic recovery are imperative issues. Besides, it is significant to examine how the impact of COVID-19 on economic activities varied with industries. As a reflection of enterprises' production output, high-frequency electricity-consumption data is an intuitive and effective tool for evaluating the economic impact of COVID-19 on different industries. In this paper, we quantify and compare economic impacts on the electricity consumption of different industries in eastern China. In order to address this problem, we conduct causal analysis using a difference-in-difference (DID) estimation model to analyze the effects of multi-phase public-health measures. Our model employs the electricity-consumption data ranging from 2019 to 2020 of 96 counties in the Eastern China region, which covers three main economic sectors and their 53 sub-sectors. The results indicate that electricity demand of all industries (other than information transfer industry) rebounded after the initial shock, and is back to pre-pandemic trends after easing the control measures at the end of May 2020. Emergency response, the combination of all countermeasures to COVID-19 in a certain period, affected all industries, and the higher level of emergency response with stricter movement control resulted in a greater decrease in electricity consumption and production. The pandemic outbreak has a negative-lag effect on industries, and there is greater resilience in industries that are less dependent on human mobility for economic production and activities. [ABSTRACT FROM AUTHOR]

Based on emergy theory, this paper calculates the agricultural green GDP of China and its provincial units from 2003 to 2018. Following this, the spatial distribution characteristics and influencing factors of the economic growth of green agriculture in China are studied using the spatial analysis method. The results show that: (1) Compared with the traditional GDP derived from agriculture, the per capita green agriculture GDP growth in China is relatively slow, and the proportion of green agriculture GDP to the traditional GDP from agriculture is between 85 and 91%, which shows a downward trend. (2) The economic growth of China's green agriculture manifests significant spatial agglomeration, with gradually growing effects. (3) The per capita GDP of green agriculture has not broken the overall pattern of high economic growth in China's eastern regions and low growth in the western. According to the results, the major cause of this spatial pattern lay in the higher efficiency of agricultural production in the eastern, economically more developed areas, and the relatively less efficient mode of production in the western areas. (4) A region's level of economic development, technological innovation, infrastructure investment and openness were found to have a positive impact on the growth of green agriculture within it. In previous research, emergy methods have not been applied to study the economic sectors in China, the largest developing country in the world, especially in the agricultural sector. Only few studies report on the analysis of spatial characteristics and factors influencing the growth of green agriculture. The agricultural green GDP was calculated based on the emergy analysis method. The temporal and spatial characteristics, as well as the driving factors of green agriculture GDP, were analyzed under the full consideration of the spatial correlation, which contributes to the theoretical explanation of spatial agglomeration of economic factors in spatial economic theory. The conclusions provide a theoretical and practical basis for accurate evaluation of the green growth of China's agricultural economy, optimization of the spatial structure of the country's green agricultural economy and coordination of the development of green agriculture in different regions. [ABSTRACT FROM AUTHOR]

In order to address the serious water shortage problem in northern China, China has launched the South-to-North Water Diversion Scheme, which is a large-scale inter-basin water diversion project. With Beijing as an example and using input-output analysis, this paper analyzes the macroeconomic impact of the increased water supply on the affected areas in the industrial sector. Our empirical results show that the increased water supply has brought about direct economic benefits to Beijing, which had increased from RMB 4.39 billion in 2008 to RMB 55.99 billion in 2013. The estimated full value of economic benefits had increased from RMB 14.07 billion in 2008 to RMB 231.86 billion in 2013. In addition, management of water conservancy, environment and public facilities, and public management, social security and social organization are the two main industrial sectors which drive the most direct economical benefits. This paper also forecasts the impact of the South-to-North Water Division Project on Beijing's various industrial sectors by 2020. Based on our analysis, this paper puts forward policy recommendations to further improve the efficiency of water usage in Beijing. [ABSTRACT FROM AUTHOR]

This paper studies mandatory bids in China against an institutional backdrop of restrictive IPO requisites. We find that virtually no shares held by external shareholders are tendered in mandatory bids for all the remaining shares. Mandatory bidders' tactics to avoid tendering by public investors include pressing down their bid prices, and the potential manipulation of target stock prices. In relation to the economic impacts of mandatory bids, we document that the market responds favourably to their announcements, and that targets' operational performance improves in their wake, consistent with the theoretical prediction that mandatory bids induce efficient transfers of corporate control. Our research is among the earliest empirical works on the mandatory bid rule in a particular jurisdiction. It not only yields interesting results pertaining to the unique Chinese regulatory environment, but also generates useful insights into mandatory bids beyond China. [ABSTRACT FROM AUTHOR]

Despite the rapid development of risk analysis, there is a relative absence of risk criteria for dams in developing countries recently, which restrained the practical application of the research results. This paper proposes guidelines for establishing risk criteria of dams in developing countries in considering the coordination of social, economic and engineering factors, then establishes a method of targeted analysis and demonstrates relevant parameters selected according to the ALARP principle and F-N curves, using China as an example. Different individual life risk criteria are established based on different safety levels for existing dams and newly built dams. Social life risk criteria and economic risk criteria are established on the basis of the different safety levels of all size reservoirs, the seriousness of the consequences of accidents, and the acceptability of social risks. The process of establishing risk criteria of dams and the analysis of the parameters demonstrated in this paper are meaningful to provide a reference and promote the required level of management for developing countries. [ABSTRACT FROM AUTHOR]

In recent years, China's air pollution has caused significant concern in the academia. China is the hub of business and financial activities, with the most populous cities. It is important to determine the convergence and asymmetric persistence of air quality index (AQI hereafter) in China to achieve sustainable development goals, especially the ones related to the environment. This paper uses the Fourier quantile unit root test to check for inter-regional convergence of monthly AQI for 74 cities across China from January 2013 to July 2019. For a comparative baseline analysis, five conventional univariate and quantile unit root tests are also conducted. The empirical outcomes show that the Fourier quantile unit test exhibits a significant advantage in detecting smooth breaks and evaluating the asymmetric behavior and mean-reverting properties of AQI. Moreover, the monthly AQI in 70 out of 74 C0hinese cities are stationary processes. These findings not only focus on the appropriate use of relevant modeling techniques of smooth breaks and asymmetries in the AQI series of the 74 Chinese cities but also provide crucial environmental sustainability and economic implications for AQI regulation policies. [ABSTRACT FROM AUTHOR]

This paper studies the link between the diffusion of the sharing economy and traditional mature industries by empirically examining the economic impacts of sharing economy entrants. This study adds to the ongoing debate over whether and how ride-hailing platforms influence new car sales in USA and China. Our results suggest that the short-term impact of Didi Chuxing's entry on new car sales is positive. Unlike the effect of Didi Chuxing on new car sales in China, Uber's entry negatively influences new car sales in USA. The entry of Didi Chuxing is related to a 9.24% increase in new car sales in China and the entry of Uber is related to an 8.1% decrease in new car sales in USA. We further empirically confirm that the impact of ride-hailing companies is trivial in small cities. [ABSTRACT FROM AUTHOR]

This paper investigates whether the economic growth of China and India matters for the long-term economic prosperity of African nations. Annual World Bank data were used to determine the growth of African countries for the period from 2002 to 2016. The analytical framework includes the standard Barro growth regression model. The Arellano and Bond generalised method of moments estimation procedure was used to analyse the data, overcoming the issues of autocorrelation, heteroscedasticity and endogeneity. The findings based on the generalised method of moments estimation indicate that the economic growth of China, but not of India, had a statistically significant (p = 0.10) positive correlation with the economic growth of Africa. It is concluded that the economic growth of China assumed a significant decisive role in supporting African economic prosperity. Hence, Africa is likely to realise long-term beneficial growth and development effects by actively integrating with large economies, such as China. [ABSTRACT FROM AUTHOR]

Flash floods are one of the most disastrous natural hazards and cause serious loss of life and economic damage every year. Flooding frequently affects many regions in China, including periodically catastrophic events. An extensive compilation of the available data has been conducted across various hydroclimatological regions to analyze the spatiotemporal characteristics of flash floods in China. This inventory includes over 782 documented events and is the first step toward establishing an atlas of extreme flash flood occurrences in China. This paper first presents the data compilation strategy, details of the database contents, and the typical examples of first-hand analysis results. The subsequent analysis indicates that the most extreme flash floods originate mainly from small catchments over complex terrains and results in dominantly small- and medium-sized flooding events in terms of scales; however, these events, abrupt and seasonally recurrent in nature, account for a large proportion of the overall flooding-related disasters, especially disproportionately affecting elderly and youth populations. Finally, this study also recommends several immediate measures could be implemented to mitigate high impacts of deadly flash floods, although it still requires long-term significant efforts to protect human life and property in a country like China. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of stochastic volatility on the Dickey-Fuller unit root test. Monte Carlo simulations show that the test size is seriously distorted if nonstationary stochastic volatility is ignored. To improve the performance of the test, we propose a Bayesian test for unit root that is robust in the presence of stationary and nonstationary stochastic volatility. The finite sample property of the proposed test statistic is evaluated using Monte Carlo studies. Applying the developed method, we test the policy effect of the Split Share Structure Reform, which is an important milestone for the development of the emerging stock market in China. [ABSTRACT FROM AUTHOR]

With the rapid growth in the Chinese and Indian economies, the opportunities for publishers have dramatically expanded. The paper discusses the regulatory, political, economic and cultural factors to be considered in entering these markets. Finally, the paper discusses three key tradeoffs to be considered in these markets: standardization/localization, volume/margin and the relative importance of digital/paper publications. [ABSTRACT FROM AUTHOR]

The great Wenchuan Earthquake occurred on May 12, 2008 in the Sichuan Province of China, and had a magnitude of 8.0. It is the most serious earthquake disaster in China since the great Tangshan Earthquake (Ms=7.8, July 28, 1976). According to official reports, there were 69,225 deaths, 379,640 injuries and 17,939 missing as of Aug. 11, 2008. The China Earthquake Administration quickly sent hundreds of experts to the field immediately after the event, to investigate the damage and assess the economic losses. This paper emphasizes the impact of seismic intensity and presents a preliminary loss assessment. A brief description of the geological features of the affected region is provided, followed by a summary of the earthquake damage. An isoseismal map is developed that shows that the high intensity region is distributed like a belt around the seimogenic fault, and that the epicentral intensity reached XI (Chinese Intensity Scale, similar to the Modified Mercalli Scale). The direct economic loss resulting from the earthquake is 692 billions RMB (about 100 billions US$). [ABSTRACT FROM AUTHOR]

There are limitations in conventional earthquake loss procedures if attempts are made to apply these to assess the social and economic impacts of recent disastrous earthquakes. This paper addresses the need to develop an applicable model for estimating the significant increases of earthquake loss in mainland China. The casualties of earthquakes were studied first. The casualties of earthquakes are strongly related to earthquake strength, occurrence time (day or night) and the distribution of population in the affected area. Using data on earthquake casualties in mainland China from 1980 to 2000, we suggest a relationship between average losses of life and the magnitude of earthquakes. Combined with information on population density and earthquake occurrence times, we use these data to give a further relationship between the loss of life and factors like population density, intensity and occurrence time of the earthquake. Earthquakes that occurred from 2001 to 2003 were tested for the given relationships. This paper also explores the possibility of using a macroeconomic indicator, here GDP (Gross Domestic Product), to roughly estimate earthquake exposure in situations where no detailed insurance or similar inventories exist, thus bypassing some problems of the conventional method. [ABSTRACT FROM AUTHOR]

With the financial liberalization and globalization, China's financial system has been deepening, the scale of the stock market has been expanding, and the stock market bubble problem has gradually emerged. The overinflated stock market bubble will undoubtedly increase the risk of the stock market, seriously threaten the stability of the financial system, and even bring disastrous consequences to the economic system. Therefore, the stock market bubble warning evaluation is very important. In the case of considering stock market bubble warning evaluation, the fundamental issues involve strong fuzziness. Picture fuzzy set, depicted by three memberships (positive membership, neutral membership and negative membership), is a more resultful means for capturing fuzziness. In this paper, the novel picture fuzzy score function is given for dealing the comparison problem. Then, the objective weights are calculated by Renyi entropy method. Meanwhile, we develop combined weights, which can reflect both subjective preference and objective preference. Moreover, the picture fuzzy decision making algorithm based on Combined Compromise Solution is presented. Finally, the feasibility of algorithm is stated by the stock market bubble warning evaluation issue. The salient features of the proposed algorithm are that they have no counter-intuitive cases and antilogarithm or division by zero issues. [ABSTRACT FROM AUTHOR]

Regional population mortality correlates with regional socioeconomic development. This study aimed to identify the key socioeconomic factors influencing mortality patterns in Chinese provinces. Using data from the Seventh Population Census, we analyzed mortality patterns by gender and urban‒rural division in 31 provinces. Using a functional regression model, we assessed the influence of fourteen indicators on mortality patterns. Main findings: (1) China shows notable gender and urban‒rural mortality variations across age groups. Males generally have higher mortality than females, and rural areas experience elevated mortality rates compared to urban areas. Mortality in individuals younger than 40 years is influenced mainly by urban‒rural factors, with gender becoming more noticeable in the 40–84 age group. (2) The substantial marginal impact of socioeconomic factors on mortality patterns generally becomes evident after the age of 45, with less pronounced differences in their impact on early-life mortality patterns. (3) Various factors have age-specific impacts on mortality. Education has a negative effect on mortality in individuals aged 0–29, extending to those aged 30–59 and diminishing in older age groups. Urbanization positively influences the probability of death in individuals aged 45–54 years, while the impact of traffic accidents increases with age. Among elderly people, the effect of socioeconomic variables is smaller, highlighting the intricate and heterogeneous nature of these influences and acknowledging certain limitations. [ABSTRACT FROM AUTHOR]

Copyright of Voluntas: International Journal of Voluntary & Nonprofit Organizations is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Voluntas: International Journal of Voluntary & Nonprofit Organizations is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Existing studies generally recognize the critical role played by macro monetary policy, of which the uncertainty will increase corporate bond issuance premiums at a micro level. However, relatively little is known about these relationships from the perspective of non-financial information in the corporation. So this study sets out to do further exploration. We use the database to obtain information, including the bond issuance of A-share listed corporations in China from 2015 to 2020. The findings suggest that high environmental, social, and governance (ESG) ratings from listed corporations significantly weaken the positive correlation between monetary policy uncertainty and bond issuance premiums. Specifically, it has a positive information pricing effect on China's primary debt issuance market, as well as a mitigating impact on macro-financial policy risk. We also find, through further mechanistic studies, that ESG ratings are more helpful in undermining the impact of monetary policy uncertainty on bond issuance premiums in the context of higher financial information quality. Our findings are conducive to enriching the research framework of the economic consequences of ESG ratings, meaningfully influencing the growing literature that exposed the mechanism of bond issuance premiums, and further, verifying the interaction of information at different levels (macro vs micro) in asset pricing. [ABSTRACT FROM AUTHOR]

Exploring the relationship between economic development and carbon emissions is a hot issue of concern to academia. Taking Chinese cities as the research object, this study constructed an allometric growth model of economic scale and carbon emissions to analyze the spatial–temporal evolution of their allometric growth from 2000 to 2017. Additionally, the geographical detector model was used to reveal the driving mechanism of allometric growth. The findings were as follows. (1) The spatial–temporal patterns of economic scale and carbon emissions were dominated by hot spots. Additionally, their size distribution was in an equilibrium stage. (2) The gap between the economic growth rate of Chinese cities and the growth rate of carbon emissions grew, reflecting the remarkable achievements in carbon emission reduction in Chinese cities as a whole. The scaling exponent declined from east to the west during 2000–2008, but showed the opposite trend during 2009–2017. The proportion of cities with negative allometric growth in the sample cities increased from 76.49 to 97.86%. (3) The influence of city investment intensity, energy utilization efficiency, technological development level, social consumption level, fiscal investment level and economic development level on allometric growth gradually decreases. These factors were also the main factors affecting the spatial–temporal heterogeneity of allometric growth. (4) The impact of various factors had a synergetic enhancement effect. These factors can be classified as economic factors, environmental factors and a combination of them. Under the nonlinear coupling of multiple factors, a spatially differentiated pattern of allometric growth was formed. [ABSTRACT FROM AUTHOR]

We examine whether and how collusive and coercive forms of corporate corruption influence firm value. Our identification strategy exploits (i) the exogenous criminal prosecutions of regional government officials as part of China's anti-corruption campaign as demand-side shocks and (ii) the unique reporting of entertainment and travel costs by Chinese firms as supply-side disclosure of corruption-related spending. Among firms for which corruption is likely to be perceived as collusive (coercive) by investors, we find that exposure to corruption-related political risk measured by abnormal entertainment and travel costs has a significantly negative (positive) relation with market reactions to the anti-corruption prosecutions. These findings are consistent with investors' anticipation of a future decline in potential benefits (costs) arising from rent-sharing collusion (rent-extracting coercion). We also find that the collusion (coercion) effect is more pronounced for firms in regions with greater government economic intervention (in industries with stronger business competition). Furthermore, we provide evidence that the ex ante market reactions corroborate with the direction of changes in ex post operating performance of firms. Overall, our results suggest that investors can recognize differences in the economic consequences between collusive and coercive corruption and that the disclosure of corruption-related spending could help investors assess a firm's exposure to corruption-related risk. [ABSTRACT FROM AUTHOR]

We investigate the impact of economic policy uncertainty (EPU) on corporate investment. Employing the EPU index at the province level in China and firm level data from the Annual Census of Industrial Enterprises, our analysis reveals that the heightened EPU significantly reduces corporate investment. Specifically, empirical estimates show that 1% increase in the EPU index is associated with 0.051% decrease in corporate investment. Furthermore, the adverse repercussions of EPU on corporate investment are significantly more pronounced for the smaller, younger and less efficient firms as well as those with higher financial vulnerability and less credit loans. [ABSTRACT FROM AUTHOR]

This paper empirically examines the impact of earnings management and investor sentiment on IPO anomalies using a sample of 506 Chinese IPOs issued over the 1998-2003 period. We develop a parsimonious pricing model in which both the offer price and the short-term aftermarket price are influenced by the use of earnings management, and show that the offer price can be below the fair price while the short-term equilibrium price in the aftermarket can be overvalued due to investor sentiment. Consistent with the overreaction hypothesis, the empirical results reveal a positive relation between the initial return and managed accruals and a negative relation between the long-term stock performance and the initial return. Earnings management appears to generate a pattern where the initial price following an IPO tends to be inflated by overreaction in the secondary market but adjusts to its fundamental level in the long run. These findings are robust across a variety of test specifications. [ABSTRACT FROM AUTHOR]

What do we know about technological innovation of firms in China? What are the directions for future research on this topic? This paper summarizes and discusses some of the newest literature on technological innovation of firms in China in the following three ways: (1) the influence of firms' external factors, (2) the influence of firms' internal factors, and (3) interfirm cooperation factors. Based on the analysis of these articles, we propose a framework which highlights these influencing factors, decision-making and implementation of technological innovation and innovation performance, in the context of China's emerging economy. This framework sheds lights on future innovation research. [ABSTRACT FROM AUTHOR]

Impact of exchange rate uncertainty on trade flows still continues to dominate the literature. Most previous research has used aggregate trade data between one country and the rest of the world or between two countries at a bilateral level. A recent study, however, considered the trade between the U.S. and China at the commodity level, but excluded the 'third-country' effect in its analysis. In this paper, we consider the commodity trade between the U.S. and China one more time and investigate whether volatility of the real U.S. dollar-Canadian dollar has any implication on the trade flows between the U.S. and China. The answer happens to be in the affirmative, though a more significant third-country effect is found in the short run as compared to the long run. [ABSTRACT FROM AUTHOR]

This paper aims to investigate how the recent overheating economy and other economic factors influence the manufacturing industry in China. It makes use of Chinese historical data from 1950 to 2007 provided in the China Statistical Databases authorized by the National Bureau of Statistics of China for the development of econometric models. Regression analysis is used to investigate and verify the importance of and relationships among the variables, while exponential smoothing and autoregressive integrated moving average methods are applied for forecasting the important variables. This study provides empirical evidence to identify the main impact factors on the growth of the manufacturing industry, thereby enabling firms to take them into account when planning their manufacturing strategy. It also enables firms to get an insight into the development of China’s manufacturing industry in this dynamic, competitive economy. [ABSTRACT FROM AUTHOR]

The coordinated development of industrial agglomeration and economic resilience can drive regional economic advantages; this type of development has become a catalyst for sustainable growth and high-quality development of the economy in China. This study applied models, including the coupling coordination degree, spatial autocorrelation, and Tobit, to explore the heterogeneous characteristics of the coupling of China's industrial agglomeration and regional economic resilience from 2005 to 2019. Additionally, by applying the perspectives of economic and geographic location, indicators were selected to analyze the associated influencing factors, including industrial externalities, new economic geographies, economic policy factors, and other aspects. We found that the overall coupling between industrial agglomeration and economic resilience increased over the study period, but with only a moderate level of coordination. Provinces with high, moderate, and low levels of coordination eventually emerged along a strip-like alternating pattern in space. The dependence increased with an increase in space, but was not significant, and there was a lack of benign interaction between the regions. With respect to interactivity between locations, the interaction of the east and the coast was the most active. There were lower levels of interaction between the west and inland regions. This further confirmed the significant temporal and spatial heterogeneity of the coupling. Environmental pollution, market consumption, the quality of space, and technological support significantly promoted the coupling; opening to the outside world did not. Specifically, with respect to economic location, market consumption and spatial quality had a significant positive effect on the eastern coupling. The center and west regions were significantly affected by economic density and market consumption, and the northeast region was affected by spatial quality and capital intensity. Concerning geographical location, market and technological forces strongly promoted interactions in both the coast and inland regions. The study found that both the government and the market need better guidance to effectively engage with and shape industrial agglomeration and economic resilience in a scientific, reasonable, localized, and distinctive manner. [ABSTRACT FROM AUTHOR]