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This paper investigates the presence and asymmetry of cross-correlations between agricultural futures markets in China and the US as well as the impact of price support policies and public emergencies (Sino–US trade conflict and COVID-19 pandemic) on the cross-correlations by the multifractal methods. The results show that the fluctuation characteristics and conduction directions of cross-correlations are asymmetric. The price fluctuations of soybean and corn futures in China are easier to be affected by the US soybean and corn futures. We find that the cross-correlations are multifractal under different price support policies and pubic emergencies. The price support policies with greater interventions on soybean and corn prices have aggravated the complexity of cross-correlations between the two futures markets in China and the US. The soybean and corn futures in China are hardly correlated to the US futures under the dual effect of the Sino–US trade conflict and the COVID-19 pandemic. The Sino–US trade conflict strengthens the complexity of cross-correlation for soybean futures and weakens it for corn futures, while the COVID-19 pandemic enhances the complexity of cross-correlations for soybean and corn futures. In addition, the fat-tailed probability distributions in different price support policy and public emergency periods have a dominant influence on the multifractality of cross-correlations. [ABSTRACT FROM AUTHOR]

This paper investigates the fluctuation characteristics and asymmetry of cross-correlations between economic policy uncertainty (EPU) and agricultural futures prices in China and the US by using the multifractal detrended cross-correlation analysis (MF-X-DFA) and multifractal asymmetric detrended cross-correlation analysis (MF-ADCCA). We find that the multifractal cross-correlations exist between EPU and agricultural futures prices, and the cross-correlations are anti-persistent and asymmetric. The anti-persistent cross-correlations in China are all stronger than those in the US. The multifractal degree of cross-correlation between EPU and soybean futures price is lower in China than in the US, while the multifractal degree of cross-correlation between EPU and soybean meal, soybean oil or corn futures price is higher in China than in the US. Moreover, China's soybean futures price is more susceptible to the upward and downward trends in China's EPU, while the US soybean meal, soybean oil, and corn futures prices are more susceptible to them in the US EPU. [ABSTRACT FROM AUTHOR]

The fluctuation characteristics of the correlations between China and the US agricultural futures markets have attracted extensive attention from academic circles and government departments. As the main factor that affects the agricultural futures price, the impact of international crude oil futures price on the correlations of the Sino-US agricultural futures markets is also worth discussing. Therefore, this paper adopts the multifractal detrended cross-correlation analysis (MF-X-DFA) and multifractal detrended partial cross-correlation analysis (MF-DPXA) to explore the fluctuation characteristics of cross-correlations for China and the US agricultural futures markets before and after removing the West Texas Intermediate (WTI) crude oil futures price as well as the impact on the cross-correlations. The results show that the fluctuation characteristics of the cross-correlations and partial cross-correlations between the corresponding varieties of China and the US agricultural futures markets as well as among the varieties within the markets are multifractal. The cross-correlation behaviors and the cross-market risks are all affected to varying degrees by the West Texas Intermediate (WTI) crude oil futures. The West Texas Intermediate (WTI) crude oil futures weaken the cross-market risk of the Sino-US soybean futures, while strengthening the cross-market risk of the Sino-US corn and wheat futures. In addition, the impact of the West Texas Intermediate (WTI) crude oil futures on the cross-market risks among China agricultural futures is greater than those among the US corresponding agricultural futures. [ABSTRACT FROM AUTHOR]

With the rapid development of economic globalization, the stock markets in China and the US are increasingly linked. The fluctuation features and cross-correlations of the two countries' markets have attracted extensive attention from market investors and researchers. In this paper, the fractal analysis methods including multifractal asymmetric detrended cross-correlation analysis (MF-ADCCA) and coupled detrended cross-correlation analysis (CDCCA) are applied to explore the volatilities of CSI300 and SP500 sector stock indexes as well as the cross-correlations and coupling cross-correlations between the two corresponding sector stock indexes. The results show that the auto-correlations, cross-correlations and coupling cross-correlations have multifractal fluctuation characteristics, and that the cross-correlations are asymmetric. Additionally, the coupling cross-correlation strengths are distinct due to the different influence of long-range correlations and fat-tailed distribution. Further, the co-movement between China and the US sector stock markets is susceptible to external market factors such as major economic events and national policies. [ABSTRACT FROM AUTHOR]

This article investigates the relationship between state pension and intergenerational monetary transfers received by older parents in urban China. We used data from the Follow-up Sampling Survey of the Aged Population in Urban/Rural China (FUSSAPUR), a nationwide study of people age 60 and older from 20 provinces. Results indicate that the amount of pension was negatively correlated to the probability of receiving transfers, which are consistent with both altruism and exchange hypotheses. We apply a semiparametric method to identify the nonparametric responsiveness of transfers to recipients’ pension while still taking into account how the (linear) covariates affect such responsiveness. We found crowding out was not an important feature of transfer behavior, but crowding in was. There was initially a negligible negative relationship between the amount of transfer received and pension for the elderly at low pension income level. The correlation became significantly positive for older parents at median and high pension income level. Our findings suggest a coexistence of transfer motives, where the exchange motive and its implication, crowding-in effect of pension, dominate. [ABSTRACT FROM PUBLISHER]

• A novel microfluidic parallel-laminar flow ATPS with immobilized enzyme was constructed. • C 3 G content in mulberry red pigments was firstly improved by enzymatic hydrolysis of C 3 R. • C 3 G purity in the product was 88.78 % within 8.59 s, which was 68 % higher than the original. • Immobilized enzyme for MATPS could be reused 7 times with a relative activity above 60 %. • A new kind of mulberry red pigments with high purity of C 3 G close to 90 % was produced. Mulberry red pigments are safe, nontoxic and are one of the 48 natural pigments officially approved in China. Cyanidin-3- O -glucoside accounts for about 20 % of the total mulberry red pigments and has high physiological activity. Therefore, a novel microfluidic aqueous two-phase system with immobilized enzyme was constructed to enhance the cyanidin-3- O -glucoside content in red pigments under parallel-laminar flow condition for the first time. The effects of two-phase flow rates, temperature, pH and substrate concentration on cyanidin-3- O -rutinoside conversion and cyanidin-3- O -glucoside purity were investigated. The cyanidin-3- O -rutinoside conversion was 75.66 % within 8.59 s, and the purity of cyanidin-3- O -glucoside in the product was 88.78 % with an increase of 68 %. The immobilized enzyme could be reused seven times, maintaining a relative activity over 60 %. Compared with aqueous two-phase system, the overall reaction efficiency of mulberry red pigments in microfluidic aqueous two-phase system was higher. Cyanidin-3- O -rutinoside and cyanidin-3- O -glucoside were identified by HPLC-PDA-ESI-MS/MS. Overall, a new kind of high-quality red mulberry pigments with a cyanidin-3- O -glucoside purity close to 90 % was prepared using the innovative system quickly and effectively. This is of great significance for resource utilization. [ABSTRACT FROM AUTHOR]