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This article reviews the education reform and development footprints in China by analyzing four key education policy documents in the past three decades. The conclusion is that the reform and development of China's educational establishment have provided excellent support for the operations of China's political and economic systems. The reality is that all the great achievements are manifested in quantitative changes as exemplified by nine-year compulsory education and the popularization of higher education. However nowhere, from the concept of education to the administration of education, has there been any fundamental change of substance. The reform of education, like economic reform, will probably be heading to deeper waters. (Contains 3 tables and 2 notes.)

• Dentification of the water intensive industry—pulp and paper industry (PPI) at the firm level. • The partial static equilibrium model was applied to explore the economic effects. • Environmental regulation shows positive impacts on multiple indicators. Whether environmental regulation has negative impact on the economic performances of manufacturers in the real world cannot be concluded without reliable policy evaluations. The regional policy experimentation on raising the wastewater discharge standard in the pulp and paper industry in Shandong Province, China in the early 2000′s has been considered a success and has provided lessons for the crafting and strengthening of water pollution regulation for the whole country at a later stage. There has been, however, long lack of rigorous study that comprehensively evaluates the environmental and economic consequences of the policy experiment. The question about whether cleaner water came at a substantial economic cost remained unanswered. This may hinder cumulative policy learning and development. In this article, we adopt plant-level economic and environmental statistics and a difference-in-differences design to examine the economic effect of the Shandong wastewater policy in the 2000′s. Our results revealed that on average the environmental regulation enhanced the economic performances of pulp and paper plants. The regulation had positive effects on total output, total assets, and total profit, and it did not cause a statistically significant decline in employment. [ABSTRACT FROM AUTHOR]

As the COVID-19 pandemic unfolds, every aspect of daily life is being altered in response to the virus. The pandemic has altered secondary education. Classes online, teachers struggling to learn Zoom and make lessons meaningful and relevant to students. Students struggling to make sense of this moment, struggling with mental health issues due to the loss of routine and in many cases contact with adult role models. Unfortunately, in times of crisis such as these some of the most disenfranchized people in society are completely overlooked and forgotten, such as refugees. However, if more teachers were to leverage the social studies potential of current events such as the Coronavirus, greater empathy would be felt for marginalized people more starkly impacted by the pandemic, leading ultimately to a heightened sense of civic engagement among the next generation. The purpose of this paper is to assist teachers in guiding their students through analyzing current events, such as COVID-19's impact on refugees, toward developing civic mindedness. In addition to this, the paper will discuss some of the broader societal impacts the virus is having within the United States, as well as ways in which this event may be viewed as a historical subject in the future. The paper will begin by building the content knowledge of high school social studies teachers through addressing the following question: "What is the difference between a refugee entering the United States now versus one year ago before the COVID-19 pandemic?" Following this, the authors will present an inquiry-based learning segment designed to teach the History correlated to the COVID-19 pandemic to a classroom of secondary education students. The inquiry template follows the standard C3 format utilized by the State of Connecticut.

South Asian economies has witnessed very slow growth over the years and the gap has widened manifold between other nations of Asia particularly East Asian nations and South Asian nations. This paper examines co-integration between the economic growth and reach of higher education in South Asian nations explaining this disparity. The research employed an econometric panel co-integration investigation to analyse the long run relationship of higher education and economic growth among these nations. The research confirmed positive long run causality between the economic growth of the South Asian nations and gross enrolment ratio of higher education. So, if the South Asian nations continue with their existing pattern of paying less attention to higher education by allocating low share of investment on it, poor human capital formation would result in growing further economic disparity between developed and South Asian nations where rich nations would remain richer and poor nations would remain poor with the gap remaining unabridged. This research will serve as an aid to policy makers, educators and financers of South Asian nations to bridge the gap between high- and low-income nations. The focus on the quantum of spending on higher education by the government will help improve the reach of tertiary education and build economic prosperity in these nations.

Green bonds are relatively new in the financial market compared to other financial securities but are useful in financing environmentally friendly projects. Just like other financial securities, green bonds are affected by various factors, such as economic policy uncertainty. Our aim of this paper was to conduct a systematic literature review of the impact of economic policy uncertainty on green bonds. We sought to do a thorough analysis of the existing literature on the assessment of the impact of economic policy uncertainty on green bonds and the techniques used in assessing the impact. Our findings showed that economic policy uncertainty had a strong impact on the green bond, with its intensity varying by location. This impact tended to be more pronounced in periods of heightened uncertainty. Also, our findings highlighted that the assessment of the impact of economic policy uncertainty on green bonds gained popularity in 2019, with China emerging as a prominent contributor. However, other countries, such as Finland, even though they had few published papers, their citations signified the production of quality papers in this field. Additionally, we found that the application of the quantile analysis method was utilized by many recent studies, which signified its importance in this field. Our findings highlighted the importance of considering appropriate techniques in assessing the impact of economic policy uncertainty on green bonds while taking into account the paper quality. [ABSTRACT FROM AUTHOR]

In this review paper efforts are made to present the Impact of COVID-19 on various economic activities like production, consumption and distribution. This is known to everyone that COVID-19 (Corona Virus Disease) spreadout in December 2019 from Wuhan in China and effected a lot of countries resulting in death of many. Therefore, to minimise the risk, many countries opted lockdown as a precaution to control its spread which effected the lives of ordinary people as well as the economy as a whole, GDP, Functions of Economy and a lot of activities were effected very badly. It had a huge impact on the consumption pattern of population as well as supply chains and production of various goods and services were also impacted as transportation was at halt and movement of people, products, services etc. was not possible from one place to another. There was a heavy down in employment, production, distribution and other activities as well. Hence, this paper will help the readers know the collective impact along with the sector wise effect of COVID-19 on various economic activities. For better understanding we have taken three major economic activities that is Production, Consumption and distribution. Along with these the basic introduction of COVID-19, lockdown and its impact on economy is stated. [ABSTRACT FROM AUTHOR]

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]

Purpose: This paper aims to explore the impact of corporate financialization (CF) on green innovation (GI) and further disclose the moderating role of CEO's individual characteristics in such relationship from the perspective of corporate governance. Design/methodology/approach: This paper uses empirical research methods to study the impact of CF on GI based on the evidence from China capital market. Findings: The findings indicate that: CF has a significant inhibiting effect on GI; female CEOs weaken the inhibiting effect of CF on GI compared to male CEOs; and CEO's financial background positively moderates the inhibiting effect of CF on GI. Originality/value: This paper, first, supplements the research literature on the economic consequences of CF and influencing factors of GI in non-financial firms. Then, it opens up the internal impact mechanism of CF on GI, which is moderated by the individual characteristics of corporate CEOs. Finally, it provides important reference for how to suppress CF of non-financial firms, cultivate CEOs that meet the needs of corporate development and promote GI development of enterprises through empirical evidence from China. [ABSTRACT FROM AUTHOR]

As the most direct way to guide and support the transformation and upgrading of grain enterprises, government subsidies have an important orientation for the transformation and development of Chinese grain enterprises and the improvement of new quality productivity. Based on the data of 136 grain listed companies and NEEQ listed companies from 2015 to 2022, this paper empirically tests the impact of government subsidies on the new productivity of grain enterprises and its transmission mechanism. The research results show that government subsidies have significantly improved the new productivity of grain enterprises. The analysis of the mechanism of action finds that government subsidies have promoted the improvement of new productivity of enterprises by optimizing the structure of human capital and improving the absorptive capacity of enterprises. Further research shows that the higher the degree of product market competition, the lower the tax burden of enterprises, and the government subsidy exceeds the threshold value of 8.9685, the greater the effect of government subsidy on the improvement of new quality productivity of enterprises. The economic consequence test shows that government subsidies can promote the new productivity of grain enterprises and effectively improve the total factor productivity of enterprises. The research in this paper provides relevant enlightenment for the Chinese government to strengthen project planning, strengthen resource coordination, and implement scientific and accurate policies in the new round of fiscal and taxation system reform. [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]

Projections for the global economy frequently center on the BRIC countries: Brazil, Russia, India, and China. As futurists and economists alike define and re-define both formal and informal coalitions (for example, by broadening the R in BRIC to include all Eastern European economies or instead re-directing the discussion to G-8 countries or to World Trade Organization members), the education profiles of the individual nations sometimes resemble economic indicators: what is imported, what is exported, and what is the potential for expansion. Higher education, and specifically distance learning (the Clicks element of this paper), can already be charted in these terms for some nations. This paper describes the current role of distance learning in countries described as growing economies and proposes a typology for describing change as additional data become available. The paper informs readers of global developments in distance education, using the BRIC nations as examples.(Contains 3 figures, 4 tables, and 13 resources.)

Purpose: Common institutional ownership is a phenomenon that has extended throughout the capital markets in recent years and has a significant impact on business strategy decisions. The study intends to investigate the effect of common institutional ownership on corporate over-financialization and potential functioning mechanisms. Design/methodology/approach: Using panel data from Chinese-listed companies over the period of 2003–2021, the authors conduct regression models which controlled year-, industry- and regional fixed effects to explore the impact of common institutional ownership on corporate over-financialization. Findings: This study concludes that corporate over-financialization may be prevented via common institutional ownership. The mechanism test suggests that common institutional ownership inhibits corporate over-financialization by improving internal control quality and enhancing financial flexibility. Besides, heterogeneity analysis shows that the inhibiting effect of common institutional ownership on corporate over-financialization is more pronounced in stability-oriented institutional investors and high financing constraints firms. Originality/value: This paper makes a valuable contribution to the current studies on effective strategies to prevent enterprises from becoming overly financialized by recognizing common institutional ownership. Furthermore, this paper adds to the research on common institutional ownership's economic consequences. Finally, this study provides management implications for how to optimize corporate governance structures, curb the financialization of entities in practice and promote the development of the real economy. [ABSTRACT FROM AUTHOR]

Marine economy is a valuable pillar for the development of coastal areas. It is of profound significance to explore the influence of marine economy development on economic resilience of coastal areas. This paper constructs an economic resilience assessment framework based on resistance, adaptability, and evolutionary power, adopts the entropy method to calculate the economic resilience development level in China's coastal areas from 2006 to 2019, and examines in detail the driving factors affecting the economic resilience from the indicator level. Furthermore, panel regression models are used to explore the influence of marine economic development on the economic resilience of China's coastal areas and its mechanism of action. The results show that: (1) China's coastal areas have an overall trend of rising economic resilience. The spatiotemporal differentiation characteristics of different economic resilience factors are significant. (2) Factors such as regional economic scale, innovation input, industrial transformation, resident income, consumption scale, degree of marketization, and financial scale are key factors to enhance the economic system resilience of coastal areas. (3) There is a significant positive impact of the marine economy on the economic resilience of coastal areas, and this promotion effect is regulated and constrained by the level of diversification of marine industries and the level of concentration of marine industries. (4) Heterogeneity analysis shows that there are significant individual differences in the impact of Marine economy on economic resilience, and its marginal effect first increases and then decreases. The corresponding policy implications are further analyzed based on the research results. [ABSTRACT FROM AUTHOR]

The virtual water flow behind product trade provides researchers with ideas to alleviate water problems in China's coastal areas, with accompanying resource and economic implications. This paper adopts a multi-region input–output model to calculate virtual water flows in coastal areas and analyses resource benefits and economic benefits, by combining the water stress index and shadow price, to measure gains and losses of virtual water flow. This study shows that (1) China's coastal areas depends on external water supplies; (2) virtual water flows between coastal and inland areas generated 38.26 billion m3 of net scarce water savings and CNY 31,751 billion of net economic benefits, indicating that coastal areas benefited from virtual water flows from both resource and economic perspectives; (3) virtual water flows among coastal provinces and cities caused 11.10 billion m3 of net scarce water losses, but generated CNY 9784 billion of net economic gains, indicating that a further intensification of water stress in coastal areas, but such a virtual water flow pattern was beneficial from an economic perspective. This paper reveals the resource and economic impacts of virtual water flow at the national scale and among coastal provinces and cities and further proposes suggestions for promoting the beneficial flow of virtual water in coastal areas. [ABSTRACT FROM AUTHOR]

Given the ubiquity of family businesses and the growing importance of ecological sustainability, it is crucial to promote family businesses to carry out green innovation activities and enhance their green innovation capability. In recent years, the prevalence of common institutional ownership in capital markets has attracted the attention of the academic community. Drawing on socioemotional wealth theory and strategic reference point theory, this paper tries to explore the impact of common institutional ownership on green innovation in family businesses. Using data from Chinese‐listed family businesses from 2009 to 2021, this paper finds that common institutional ownership can facilitate green innovation in family businesses. The higher the degree of their linkage and the greater the shareholding, the more pronounced the synergistic effect. The findings remained valid after considering the endogeneity issue and conducting robustness tests. The mechanism test suggests that common institutional ownership enhances green innovation in family businesses by improving the internal control quality and reducing financing constraints. This paper contributes to the study of how to effectively facilitate green innovation in family businesses by identifying the common institutional ownership from the perspective of external governance mechanisms. In addition, this paper enriches the research on the economic consequences of common institutional ownership. Finally, various practical implications for family businesses and policymakers may be realized, which may help family businesses to enhance their green innovation capabilities and contribute to the green transformation of society. [ABSTRACT FROM AUTHOR]

The process of carbon neutrality does have economic costs; however, few studies have measured the cost and the economic neutral opportunities. This paper uses a dynamic computable general equilibrium (CGE) model to simulate China's carbon neutrality path from 2020 to 2060 and analyzes its economic impact. This paper innovatively adjusts the CGE modeling technology and simulates the boundary of the Porter hypothesis on the premise of economic neutrality. The results show that the carbon neutrality target may reduce the annual GDP growth rate by about 0.8% in 2020–2060. To make the carbon pricing method under the carbon neutrality framework meet the strong version of the Porter hypothesis (or economic neutrality), China must increase its annual total factor productivity by 0.56–0.57% in 2020–2060; this is hard to achieve. In addition, the study finds that China's 2030 carbon target has little impact on the economy, but the achievement of the 2060 carbon neutrality target will have a significant effect. Therefore, the paper believes that the key to carbon neutrality lies in the coexistence of technological innovation and carbon pricing to ensure that we can cope with global warming with the lowest cost and resistance. [ABSTRACT FROM AUTHOR]

An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run. [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]

China's social safety net is still underdeveloped, hence family support in the form of intergenerational transfers often serves as a substitute for the public transfer system. Using data from the China Health and Retirement Longitudinal Study, this paper finds that both upstream inter‐vivos transfers (from children to parents) and downstream inter‐vivos transfers (from parents to children) are prevalent in urban China. Moreover, the relative income status of the parent and children has an impact on inter‐vivos transfers. To investigate what economic factors generate the observed patterns of inter‐vivos transfers, this paper adopts a general equilibrium life‐cycle model in which overlapping generations are altruistically linked and calibrates the model to match data from urban China. Counterfactual experiments of removing one source of economic risk or modifying the social security replacement rate from the baseline model at a time reveal that intergenerational transfers mainly serve as informal insurance against the income risk of the children. [ABSTRACT FROM AUTHOR]

Purpose: This research endeavors to assess the influence of financial shared service centers (FSSCs) on the quality of accounting information within China's A-share listed companies. Using a multi-period difference-in-differences (DID) model, the study aims to empirically examine the correlation between the adoption of FSSCs and the quality of accounting information. Design/methodology/approach: The study uses a robust methodology to evaluate the relationship between FSSCs and accounting information quality (AIQ). Leveraging the established FSSCs within China's A-share listed companies as the treatment group, this research adopts a multi-period DID model. This approach enables a rigorous empirical examination of the influence exerted by FSSCs on the overall quality of accounting information. Findings: The present study delves into the impact of FSSCs on AIQ and conducts empirical analysis using data from Chinese A-share listed companies between 2004 and 2021. The findings substantiate that: FSSCs significantly bolster the quality of accounting information, a conclusion retained even after robustness tests. Specifically, FSSCs exhibit a positive correlation with the comparability, timeliness and disclosure quality of accounting information while demonstrating no significant influence on relevance, robustness and reliability factors. Research limitations/implications: First, the analysis primarily rests upon data from Chinese A-share listed companies between 2004 and 2021, potentially constraining the generalizability of findings across diverse contexts. Second, despite controlling for various factors, unobserved variables or external factors not encompassed in the model might influence the relationship between FSSCs and AIQ. Additionally, the study's reliance solely on quantitative data confines exploration into qualitative aspects that might offer a more comprehensive understanding of FSSCs' impact on AIQ. Practical implications: This paper establishes a nuanced connection between FSSC operations and AIQ, furnishing direct empirical evidence for their economic implications and propounding a novel avenue for augmenting AIQ. And, it furnishes guidance for forthcoming FSSC development, accentuating the necessity of harnessing information technology to enhance the relevance, reliability and robustness of accounting information. Originality/value: Majority of prior empirical studies assessing AIQ have focused on singular indicators, lacking a comprehensive depiction of its overall level. To address this gap, this paper pioneers the construction of a comprehensive index for AIQ, providing a holistic representation of its level. Furthermore, this study stands as the inaugural investigation into the relationship between China's A-share listed firms' FSSCs and the quality of accounting information. [ABSTRACT FROM AUTHOR]

This paper explores the concept of islands in international law and its implications for the South China Sea dispute. Islands are important for various reasons, such as territorial sovereignty, maritime rights, and natural resources. However, the legal binding definition of artificial islands has not been enacted by any international document until now. This paper traces the historical development of the concept of islands, from the Hague Conference in 1930 to the United Nations Convention of the Law of the Sea (UNCLOS) in 1982. It also analyses the challenges and opportunities of artificial islands, which are man-made structures that can serve different purposes but can also create various legal and environmental problems. Artificial islands are especially relevant for the South China sea dispute, which involves multiple costal states, while China has significant geopolitical and economic implications. This paper argues that the South China Sea dispute can be resolved through cooperation and dialogue, based on international law framework. Taking into account the provisions of UNCLOS, South China Sea dispute, state practise, and legal scholarship, this article aims to unpack the complexities surrounding artificial island and implications of artificial islands on the international relations. [ABSTRACT FROM AUTHOR]

This paper focused on issues of retention and the individual needs of international students at a southern university through videotaped group interviews with six students from Africa, China, India, Japan, Jordan, and Nepal. Students were asked questions concerning their first experiences at the university, experiences out in the community, academic issues and concerns, and other needs. Asking for and paying attention to the details that support international students in their quest to receive an American education will support the students where they need it and also provide an atmosphere that will encourage more international students to follow. (Contains 1 table.)

This paper summarizes the phenomenon of offshore outsourcing and relates it to the history and current state of engineering education and the engineering profession in Europe and the USA. In order to assess the climate affecting employment decisions by and about engineers we have used as sources mostly the serious press, with an emphasis on material dating from 2004 forward. The authors conclude that despite anxiety about the out-migration of engineering and technical jobs to places such as India and China, there is reason to see offshoring as the result of Western investment in capacity building in developing countries and to believe that the creation of new jobs will outpace the rate of job loss in Europe and the USA. The paper should serve as a prod to policy-makers and educators to set about creating an environment in which highly educated engineers and technical employees can continue a pattern of economic revitalization.

Based on the data of the Chinese A-share listed firms in China Shanghai and Shenzhen Stock Exchange from 2014 to 2021, this article explores the relationship between common institutional investors and the quality of management earnings forecasts. The study used the multiple linear regression model and empirically found that common institutional investors positively impact the precision of earnings forecasts. This article also uses graph neural networks to predict the precision of earnings forecasts. Our findings have shown that common institutional investors form external supervision over restricting management to release a wide width of earnings forecasts, which helps to improve the risk warning function of earnings forecasts and promote the sustainable development of information disclosure from management in the Chinese capital market. One of the marginal contributions of this paper is that it enriches the literature related to the economic consequences of common institutional shareholding. Then, the neural network method used to predict the quality of management forecasts enhances the research method of institutional investors and the behavior of management earnings forecasts. Thirdly, this paper calls for strengthening information sharing and circulation among institutional investors to reduce information asymmetry between investors and management. [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]

Based on panel data of 285 cities in China, we carry out an empirical test for the impact of digital finance development on urban environmental governance with a fixed-effects model. The results show that digital finance can significantly reduce urban pollutant emissions, suggesting a positive environmental governance effect. After using an instrumental variable and a lagged response variable to test the robustness of the results, the conclusion still holds. Through further analysis, we find that for cities in the central and western regions and cities with a higher degree of green finance development, the environmental governance effect of digital finance is more significant. This paper enriches research on the economic consequences of digital finance and provides empirical evidence for the positive environmental effect of digital finance. [ABSTRACT FROM AUTHOR]

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Purpose: As the cost of completing a transaction, the green merger and acquisition (M&A) premium paid on mergers can influence whether the acquisition creates value or not. However, studies linking M&A premiums to firm value have had mixed results, even fewer studies have examined the effect of green M&A premiums on bidders' firm value. The purpose of this paper is to investigate whether and how green M&A premiums affect firm value in the context of China's heavy polluters. Design/methodology/approach: Using 323 deals between 2008 and 2019 among China's heavy polluters, this paper estimates with correlation analysis and multiple regression analysis. Findings: Green M&A premiums are negatively associated with firm value. The results are more significant when firms adopt symbolic rather than substantive corporate social responsibility (CSR) strategies. Robustness and endogeneity tests corroborate the findings. The negative relation is stronger when acquiring firms have low governmental subsidy and environmental regulation, when firms have overconfident management, when firms are state-owned and when green M&A occurs locally or among provinces in the same region. This study also analyzes agency cost as an intermediary in the relationship between green M&A premium and firm value, which lends support to the agency-view hypothesis. Originality/value: This study provides systemic evidence that green M&A premiums damage firm value through agency cost channel and the choice of CSR strategies from the perspective of acquirers. These findings enrich the literature on both the economic consequences of green M&A premiums and the determinants of firm value and provide a plausible explanation for mixed findings on the relationship between green M&A premiums and firm value. [ABSTRACT FROM AUTHOR]

As a product of combining digital technology and traditional finance, digital inclusive finance plays a vital role in economic growth. This paper deeply analyzes the impact of digital inclusive finance on economic growth and the specific transmission path. This research selects the municipal panel data of Beijing-Tianjin-Hebei from 2011 to 2020 and empirically studies the impact of digital inclusive finance on economic growth. From the perspectives of industrial structure transformation speed, industrial structure upgrading, and industrial structure rationalization, this study analyzes the role of industrial structure in the impact of digital inclusive finance on economic growth and tests the heterogeneity of the impact of digital inclusive finance on economic growth. The results show that digital inclusive finance has a significant role in promoting economic growth. The depth of use of digital inclusive finance has the most significant impact, followed by the breadth of coverage, and the degree of digitization is the smallest. The industrial structure transformation speed and the industrial structure rationalization play a significant intermediary role in the economic growth effect of digital inclusive finance, and the industrial structure upgrading has no significant impact on the economic growth effect of digital inclusive finance; the promotion effect of digital inclusive finance on economic growth is bigger in the economically developed group, the higher digital inclusive finance group and the technologically developed group, and the promotion effect is smaller in the economically underdeveloped group, the lower digital inclusive finance group and the technologically underdeveloped group. The results provide a strong reference for policy formulation to promote the development of digital inclusive finance and economic growth. [ABSTRACT FROM AUTHOR]

Policy uncertainties have always played a critical role in shaping economic outcomes, as evidenced by the recent sluggish economic growth in many countries. Green economic efficiency (GEE) is a comprehensive index to measure economic, social, and environmental development. This paper uses the slack-based measurement (SBM) directional distance function and Luenberger productivity indicator to measure the static GEE and dynamic green total factor productivity (GTFP) of China's urban agglomerations from 2003 to 2020 under constraints of resources and environment. In order to clarify the driving mechanisms of GEE and GTFP, this paper adds the factor of economic policy uncertainty (EPU). The results show that there is a positive correlation between EPU with GEE and GTFP. The possible reason is that the market mechanism plays a decisive role in improved GEE and GTFP. Therefore, policymakers should give better play to the government's macro-control role, and play the decisive role of the market mechanism in the environmental governance system to improve GEE and GTFP in a targeted manner. [ABSTRACT FROM AUTHOR]

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China. [ABSTRACT FROM AUTHOR]

Internal control is the key to achieve high-quality development of enterprises, but internal control failure cases frequently occur at home and abroad. Therefore, it is particularly important to explore ways to improve the quality of internal control and promote high-quality development of enterprises. Taking non-financial listed enterprises in China from 2015 to 2020 as research samples, this paper adopts empirical research methods to research the impact and mechanism of employee welfare on the quality of internal control of enterprises from the perspective of all-employee governance, aiming to explore ways for enterprises to improve the quality of internal control.The results showed that employee welfare can improve the quality of internal controls significantly. Furthermore, the effect is more significant in non-employee-intensive industries and high-marketization areas. Based on the analysis of internal control elements, the research found that employee welfare affects the quality of internal control mainly through two elements, risk assessment and control activities. However, the effects of employee welfare on the three other elements are insignificant. This paper enriched the relevant research on the economic consequences of employee welfare and the factors affecting the quality of internal control, and has certain enlightenment significance for the popularization of employee welfare, especially supplementary pension, and also provides a reference path for the improvement of the quality of internal control. [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]

Chinese mammoth investment projects abroad, and especially those under the Belt and Road Initiative (BRI) umbrella, are receiving heavy scrutiny in academic and policy circles. However, there is insufficient empirical evidence to evaluate their impact. This paper employs a difference- in-differences approach and a pair of new datasets on government spending and economic activity compiled by the World Bank to examine the local impacts of the Chinese-Pakistan Economic Corridor in Pakistan. It finds that the 2013 announcement of CPEC was accompanied by a disproportionate increase in government spending in CPEC districts. However, in the six years after it was first announced, CPEC has not directly contributed a significant increase in economic activity in the districts along its path. [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]

The current approaches to study the coupling mechanism between economy and environment seem to fall into self-circulation, failed to reveal "economy–environment interdependence". In this context, an exogenous variable is introduced into these models for better understanding the relationship. Benzo[a]pyrene (Bap) environment inventories in different cities in China were estimated by fugacity model based on Bap concentration data collected from previous studies. An extended model, stochastic impacts by regression on population, affluence and technology (STIRPAT), generated from original IPAT (a model that expresses the idea that environmental impact (I) is the product of three factors: population (P), affluence (A) and technology (T)) was used to study the relationship between Bap environment inventory and anthropogenic factors including population, vehicle amount, affluence and energy consumption. A ridge regression has been applied to optimize the model parameters. Overall, there exist good relationships between Bap inventories and economic factors. Specifically, population and affluence are the most significant factors that influence Bap inventory. Rise of the scale of population and vehicle amount increases the Bap inventory, as growth of GDP per capita and the efficiency of energy utilization have inhibitory effect on Bap inventory. Apparently, the influences of anthropogenic factors on Bap inventory are different between north and south China. Bap inventory in north China is more sensitive to the change of population and energy consumption, while is highly correlated to GDP per capita in south China. Further, according to social-economic development prediction, with assist of the result from STIRPAT model, we find out that Bap inventory drop 31% from 2001 to 2020 in China. Our estimates are comparable with the published data and confirmed that Bap can be regarded as a chemical indicator of social-economic development in China. Image 1 • An extended STIRPAT model derived from original IPAT was developed. • Population and affluence are the key factors that influence Bap inventory. • Advance of affluence and technology level curbs Bap environmental exposure. • We predict Bap environmental inventory drop 31% from 2001 to 2020 in China. • Bap can be used as an indicator of social-economic development in China. [ABSTRACT FROM AUTHOR]

In recent years, the world's free trade system has been severely damaged by a series of protectionist measures in the United States and anti-globalization practices such as Brexit. Against this background, RCEP, the world's largest trade agreement, was officially signed on November 15, 2021. The RCEP provided a good working basis for the establishment of a Korea, China, and Japan free trade zone. First, this paper describes the current status of Korea-China-Japan trade cooperation and the current status of the trilateral telecommunication industry. Second, this paper simulates the changes in the overall economy of China, Japan, and Korea when tariffs are reduced to 0%, 5%, and 10%, respectively, after the establishment of a free trade zone using the 8th edition GTAP database. Then, using the simulated data changes and using the 2019 data as a benchmark, we calculated the changes in the RCA index for the three countries' telecommunications industries for the three tax rates. In the end, it is concluded that the economies of the three countries will grow to different levels in many ways when the Korea, China, and Japan free trade zone is established. Japan's telecommunications industry will not be significantly affected, Korea will grow significantly with higher tax rates and China will grow significantly with lower tax rates. [ABSTRACT FROM AUTHOR]

Customer geographical proximity is a factor influencing supplier firms' trade-offs when granting customers trade credits. However, the extant literature offers scant empirical evidence on the effect of customer location on supplier firm's trade credit. This paper investigates the impact of major customers' geographical proximity on a supplier firm's trade credit. Using a sample of 5,587 observations of publicly listed Chinese firms between 2007 and 2017, we document a positive relationship between major customers' geographical distance and the supplier firm's trade credit. Moreover, the main results remain robust when changing samples and considering endogeneity problems. This paper also tests two potential channels and identifies the exploring market channel that exists in our sample. Furthermore, the main relation is more pronounced in supplier firms with low financial risk, operating in areas of high marketization, high product development, strong legal environments, and low economic policy uncertainty. This paper extends the existing literature on the economic consequences of customer characteristics on supplier firms to include customer geographic proximity. In addition, this paper sheds light on supply chain risk management. [ABSTRACT FROM AUTHOR]

Carbon emission intensity is an important index reflecting an entity's low-carbon competitiveness. This paper presents an extended logarithmic mean divisia index (LMDI) model to dissect carbon intensity within China's civil aviation from 1998 to 2019, revealing a significant reduction in CO2 emissions per air transport revenue. It attributes this decrease to technological advancements, optimized fleet structures, and improved operational efficiencies, highlighting the impact of larger, more efficient aircraft and enhanced load factors. The study also explores economic factors influencing carbon efficiency, suggesting a comprehensive approach encompassing technological innovation and strategic operational improvements for sustainable aviation development. [ABSTRACT FROM AUTHOR]

Economic policy uncertainty has prominent effects on investment and output. Using unique transaction-level data in China, this paper explores the impact of economic policy uncertainty on land transaction premiums in China. On average, a 1% increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points. The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios. The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China, especially in provinces scrutinised by the central inspection teams, implying that improvements in the political environment alleviates the impact of policy uncertainty. [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]

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Whether digital finance should be included in the quantitative framework of monetary policy in emerging market countries has been widely discussed by scholars. However, the current research just focused on a single format of digital finance, lacking comprehensive analysis at the overall level and the refinement of general rules. Therefore, this paper constructed a spatial econometric model to empirically analyze the impact of digital finance on the effectiveness of monetary policy and its heterogeneity, taking China as the representative of emerging market countries. The empirical test showed that (1) Although the total index of digital finance had a negative impact on economic growth, the interaction between digital finance and monetary policy was significantly positive. This indicated that the "moderating effect" of monetary policy was beneficial to digital finance in promoting economic growth, which was confirmed from the subindexes level as well. (2) The development of digital finance had obvious characteristics of the "polarization effect" and the "spatial spillover effect". Meanwhile, there was a significant regional difference in the "moderating effect" of monetary policy. (3) In terms of control variables, consumption level, fixed capital formation level, and fiscal policy all had a significant positive impact on economic growth, with a positive "spatial spillover effect". Whereas, the impacts of COVID-19 and export level on economic growth were both negative. Hence, coping with the challenges of COVID-19 and revitalizing exports were important breakthroughs for emerging market countries to recover the domestic economy. Finally, based on the empirical conclusions, this paper proposed three suggestions. First, monetary policy should be strengthened to intervene in the development of digital finance. Second, digital financial development should be integrated into the quantitative framework of monetary policy. Third, it is essential to build a "double pillar" policy framework to compensate for the shortage of monetary policy. [ABSTRACT FROM AUTHOR]

In recent years, digital finance has become a crucial part of the financial system and reshaped the mode of green finance in China. Digital finance has brought certain impact on economic growth, industrial structure, and resident income, which may affect pollution. The nexus of digital finance and environment in China is thus worth exploring. By revising the traditional Environmental Kuznets Curve model with income inequality variable, this paper decomposes the environmental effects of economic activities into income growth effect, industrial structure effect and income inequality effect, and use panel data of China's provinces to conduct an empirical analysis. The results reveal the following: (1) the Environmental Kuznets Curve is still valid in sample, and digital finance can reduce air and water pollution (as measured through SO2 and COD emission) directly; (2) in the influence mechanism, digital finance can alleviate income inequality and promote green industrial structure, thus reducing pollution indirectly, but the scale effect of income growth outweighs the technological effect, which increases pollution indirectly; and (3) digital finance has a threshold effect on improving the environment, then an acceleration effect appears after a certain threshold value. From the regional perspective, digital finance development in eastern regions is generally ahead of central and western regions, and the effects of environmental improvement in the eastern regions are greater. According to the study, this paper suggest that digital finance can be an effective way to promote social sustainability by alleviating income inequality and environmental sustainability by reducing pollution. [ABSTRACT FROM AUTHOR]

Cash holding is an important strategic decision of enterprises. As a macro-level factor, economic policy uncertainty causes risks, affecting enterprises' cash holdings. Taking the quarterly financial data of China's A-share non-financial listed firms for 2010–2020 as a sample, this study adopts the OLS and fixed effect models to investigate how corporate cash holdings are affected by economic policy uncertainty. The findings indicate that economic policy uncertainty is directly proportional to the level of cash that listed corporations hold. The higher the uncertainty, the more cash the company holds. Among them, state-owned enterprises and the manufacturing industry are more significantly affected by economic policy uncertainty. Finally, considering the regional marketization level and the differences in financing constraints enterprises face, it is concluded through grouping empirical studies that enterprises located in regions with lower marketization levels are more susceptible to policy uncertainty, while financially constrained enterprises are more susceptible to economic policy uncertainty. The study of economic policy uncertainty is helpful to guide enterprises to realize the importance of coping strategies in advance under the background of intensifying economic policy uncertainty. Therefore, this paper proposes to introduce policies on the premise of fully considering the smoothness of the economy and the differences in the conditions of firms of different natures, as well as some proposals to alleviate financing constraints, reduce the adverse effects of uncertainty on firms, and bolster the marketization process. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of economic policy uncertainty on firm performance. Utilizing a news-based index of economic policy uncertainty and firm-level data in China, firm investment, employment, and revenue are found to be negatively associated with policy-related economic uncertainty. This negative relationship is weakened in state-owned enterprises (a fall in investment of 5.61%, employment growth of 0.09%, and sales growth of 0.31%) compared to that of non-state-owned enterprises (a fall in investment of 7.79%, employment growth of 0.14%, and sales growth of 0.34%). We explore several potential explanations and find evidence supporting that economic policy uncertainty reduces the incentives of firms to expand their operation through the mechanism of risk-taking, cash holdings and tax burden. Given this microscopic study on mechanisms, our analysis provides a reference for policy-makers to effectively reduce economic fluctuations. [ABSTRACT FROM AUTHOR]