Distinguishing China's processing trade in the world input-output table and quantifying its effects

ABSTRACT

Distinguishing processing trade is crucial to national input-output table-based research on China's international trade. This paper further investigates the importance of distinguishing China's processing trade in multicountry input-output table-based studies. We focus on the bias in China's bilateral trade in value added caused by China's undistinguished processing trade. We construct a product-by-product world input-output table capturing China's processing trade based on the World Input-Output Database. Empirical studies show that, if China's processing trade is undistinguished, the profile of China's bilateral trade in value added would be seriously distorted; China's bilateral net trade in value added with some economies, such as Japan, Korea and Taiwan, would be significantly underestimated, while it would be significantly overestimated for some other economies, such as the United States. Distinguishing processing trade in multicountry input-output tables is also crucial when China's bilateral trade in value added is considered.     

Analysis of the impact of Sino-US trade friction on China’s stock market based on complex networks

This paper analyzes the impact of the Sino-US trade friction incident in 2018 on China's stock market by using the complex network methods. Firstly, we divide the Sino-US trade friction incident in 2018 into four research periods. Based on the GARCH-BEKK model and the Planar Maximum Filter Graph (PMFG) algorithm, the volatility spillover network between China's stock market sectors and the stock price correlation network of China's stock market corresponding to the above four research periods are constructed. Next, from the perspective of sectors in stock market, we use various network centrality indicators to build a systematic importance comprehensive evaluation index of industry sectors in the stock market through the principal component analysis method, to explore the impact of the Sino-US trade friction incident on the risk spillover effects of sectors in China's stock market. From the perspective of the overall stock market, we analyze the impact of Sino-US trade friction incident on the overall stability of the stock market through calculating the network topology indicators and conducting simulation experiments. Finally, the main factors affecting the stability mechanism of China's stock market are studied through the probit model. The results show that: (1) The risk spillover effect of various sectors in China's stock market changes significantly in different periods of Sino-US trade friction, and there are obvious cyclical rotation effects among various sectors (2) When some weighted stocks in the stock market abnormally fluctuate or suffer targeted shocks, the China's stock market's ability to maintain stability is weak, and the Sino-US trade friction will reduce the stability of China's stock market, and the higher the intensity of trade friction incident is, the more obvious the impact of the incident is. (3) The important factors that affect the abnormal fluctuations in China's stock market include four types of indicators: the stock market network structure, the fluctuation of important international stock indexes, the fluctuation of commodity prices in the international market, and the domestic macroeconomic indicators. This study provides a reference for China's financial regulatory authorities to conduct macro-prudential management, control systemic risks, and maintain the stability of financial market.     

产业结构变迁与中国OFDI：2003~2014年

本文采用2003~2014年187个中国对外直接投资国（地区）的跨境数据,实证分析了产业结构变迁及其引起的OFDI行业构成的变化对我国OFDI的影响效应。结果表明,产业结构合理化和高级化对OFDI均具有显著的正向影响,且两者之间对OFDI具有交互效应。在OFDI行业构成方面,信息传输、计算机服务和软件业与房地产业以及科学研究、技术服务和地质勘查业等三个行业占比的增加对OFDI具有显著的正向影响,农、林、牧、渔业与电力、燃气及水的生产和供应业等两个行业占比的增加对OFDI具有显著的负向影响,其他行业占比的增加对OFDI具有不同程度的影响。     

中国农村金融成熟度的测量与实证研究

借鉴CMM模型,以1978—2013年的中国农村金融运行数据为研究对象,构建农村金融成熟度模型,用于测量和分析改革开放以来中国农村金融发展轨迹,研究结果表明：我国农村金融成熟度总体保持上升趋势,且在2007年以后出现加速上升趋势,但也存在波动;规模、结构以及效率指标对我国农村金融成熟度的贡献差异较大,其中规模维度占据主导作用,凸显了我国农村金融在发展过程中忽视了各层面协调发展的特征。     

From Frontier to Bridgehead: Cross‐border Regions and the Experience of Yunnan,China

Drawing on recent theoretical tenets regarding cross‐border regions, this article analyzes China's state spatial policies that aim to transform Yunnan from a peripheral frontier into an economic bridgehead. The purposes of the present study are threefold: to contextualize the formation of Yunnan as China's frontier; to examine why Yunnan has been strategically selected as a bridgehead to promote China's transnational economies; and to explore the central–provincial alliance as an innovative institutional arrangement and look at how this alliance can convert Yunnan into a space of exception or new state space of development. This study finds that in order to convert regional assets into real competitiveness, the Chinese state (national, provincial and local) emphasizes transnational cooperation, endeavors to maximize Yunnan's place‐specific locational advantages and promotes the differentiation of regional developmental trajectories across China's national territory. The article contributes to studies of institutional arrangements for cross‐border cooperation in a non‐Western context and sheds light on China's regional development policies in its hinterland.     

“一带一路”沿线国家与中国的贸易发展状况研究

研究目标：探索构建灯光数据对贸易研究的可行性。研究方法：运用1995~2012年“一带一路”沿线国家的面板数据,采用普通最小二乘法、泊松伪最大似然估计方法及工具变量法,以灯光数据作为GDP的替代量,通过传统引力模型搭建桥梁。研究发现：地理距离、边界及区域协定对中国与“一带一路”沿线国家之间贸易的显著影响表明灯光数据对贸易研究的有效性;同时,对1996~2012年贸易趋势的预测与实际贸易的对比结果显示,以灯光数据预测的“一带一路”贸易趋势与实际贸易基本吻合。研究创新：首次将夜间灯光数据应用于引力模型研究,对中国与“一带一路”沿线国家的贸易发展状况进行分析。研究价值：开拓夜间灯光数据研究贸易的先河,并结合引力模型的最新发展及微观基础思考拓展性的相关研究。     

Measuring China’s domestic production networks through Trade in Value-added perspectives

Evaluating the role and performance of China's participation in Global value chains (GVCs) has been a hot policy and research issue in recent years. However, most GVCs-related literature about China focuses on country-to-country relations; less attention has been paid to China's domestic value chains (DVCs). GVCs should have their domestic foundations since strong linkages across domestic firms and regions can improve productivity through gains from specialization, which make domestic industries more competitive in GVCs in turn. This paper applies the so-called Trade in Value-added (TiVA) concept and the decomposition of domestic-regional trade in TiVA terms to re-measure the inter-industrial and interregional linkages in China's DVCs. We show that TiVA-based measures can significantly enrich our understanding on both the structure change of China's regional economy and the position and participation degree of Chinese regions in DVCs.     

The linkage of HRM and knowledge-related performance in China's technology-intensive industries

This study examines the commitment-based and knowledge-based HR types to fully understand the role of HRM in China's technology-intensive industries. The relationships between the knowledge-based HR and commitment-based HR on firm performance were examined by using 156 firms in China's high technology industry in the Pearl River Delta area. The effects of innovation capability and workforce retention between HR and performance were also explored. The firm's innovation capability has been found to be an important determinant of firm performance. Retention has no significant impact on performance outcomes. HR plays a more important role in the growth stage of organizational life cycle. Implications for research and managerial practices are provided.     

Thirty-two years of development of human resource management in China: Review and prospects

Focusing on the theoretical developments and practical applications of human resource management, this paper reviews the transition of human resource management in China from planned labor and personnel management to modern human resource management in three distinct time periods since China's reform and opening-up. Next the paper discusses the challenges of human resource management research and its practices from the perspectives of internationalization, corporate culture, and organizational innovation during China's economic transition. Finally, it presents the prospects and trends in the future development of human resource management in China.     

改革开放以来中国出口增长推动力的阶段性演进及地区分布差异

研究目标：研究中国出口增长推动力的阶段性演进及地区分布差异。研究方法：基于中国1978~2014年的省级面板数据,采用超越对数形式的随机前沿模型进行分析。研究发现：在经济转型期,市场化改革与对外开放的发展是中国出口增长的首要推动力;在“入世”准备期,中国出口增长由制度因素、物质要素投入协同推动;在“入世”增长期,物质要素投入成为中国出口增长的首要来源;在全球引擎期,物质要素投入协同贸易潜力主导中国出口贸易的发展;地区间出口贸易差距主要源于贸易潜力、资本与制度因素的三重差异。研究创新：对改革开放以来至2008年金融危机以后中国出口增长推动力的阶段性演进进行系统研究。研究价值：针对中国贸易可持续发展面临的主要挑战,提供政策建议。     

中国装备制造业全要素生产率增长的波动与异质性

研究目标：中国装备制造业及其细分行业TFP增长率的测定与分解。研究方法：构建超越对数形式的随机前沿生产函数模型,测算中国装备制造业及其细分行业TFP增长率,并对其进行分解。研究发现：中国装备制造业TFP增长率不但在区域和省份之间存在差异,而且存在明显的内部行业异质性;技术进步和配置效率变化分别是提高和阻碍装备制造业TFP增长率的主要原因和障碍;除技术进步均为正值外,技术效率变化、规模效率变化和配置效率变化在装备制造业各行业中异质性相当明显;装备制造业及其细分行业仍未从真正意义上实现由粗放型向集约型增长方式的转变。研究创新：中国装备制造业细分行业TFP增长率及其异质性。研究价值：为装备制造业转型与升级提供经验证据。     

THE ECONOMIC PERFORMANCE AND REGIONAL SYSTEMS OF CHINA'S CITIES*

Employing cluster analysis of selected economic indicators, this paper classifies Chinese cities into various levels according to their total urban economic strength and per capita economic performance. Regional characteristics of China's urban system are identified and policy-related measures for improving the economic efficiency of Chinese cities are suggested. In general, China''s urban economy appears to be undergoing a transition from a centrally planned economy into a market-oriented one, particularly in cities along the coast and the lower reaches of the Yangzi valley.     

How to optimize the allocation of research resources? An empirical study based on output and substitution elasticities of universities in Chinese provincial level

Although significant progress has been made in China's basic research in recent years, there remains a wide gap between research in China and that from developed countries. How to optimize the allocative efficiency of research resources is of great importance for increasing research output. In this paper, using the fixed effect stochastic frontier model based on the translog production function, we estimate output and substitution elasticities of research and development (R&D) inputs at universities in China's provincial level during 2009–2016. We find that the R&D technical efficiency of China's universities, after a rapid growth, has tended to become relatively stable. Improvements of internationalization degree and exogenous R&D capabilities are conducive to promoting R&D technical efficiency, whereas expenditures from government grants inhibit the promotion of R&D technical efficiency; the effects of R&D capital deepening and internet penetration are not evident. The output elasticity of R&D capital is much higher than that of R&D personnel, suggesting that R&D capital is the main driving force of research output. The substitution elasticity between R&D capital and personnel has experienced a change from substitution to complementary since 2014. To realize sustained growth of research output, we should increase R&D input with positive output elasticity or reduce R&D input with negative output elasticity, making the necessary trade-offs according to the substitution relationship between the two R&D inputs.     

Efficiency evaluation of China's high-tech industry with a multi-activity network data envelopment analysis approach

This paper employs a Russell multi-activity network DEA model and divides the overall innovation process into the upstream Research and Development (R&D) process and the downstream commercialization process to appraise the innovation performance of China's high-tech industries from 2009 to 2013. This model can deal with the problems of intermediates, shared inputs and slack-based measure in a unified framework, and the result can provide policy makers with process-specific information on how to improve the innovation performance of China's high-tech industries. The main findings are presented as follows. First, the overall efficiency of China's high-tech industries still remains at a low level, which has its roots mainly in commercialization inefficiencies other than R&D inefficiencies. Second, for most provinces, their R&D efficiencies do not match up with their commercialization efficiencies. Finally, the innovative activities of China's high-tech industries should be driven by the market demand -oriented for the improvement of innovation efficiency.     

Investment Frictions and the Aggregate Output Loss in China

Investment frictions reduce, delay or protract investment expenditure that is necessary for firms to capture growth opportunities. Using a capital adjustment costs framework, this article estimates the gap between China's actual and frictionless aggregate output. It applies the method of simulated moments to a fully structural investment model on a panel of Chinese firms and takes into account potential unobserved heterogeneities and measurement error in the data. The estimated capital adjustment costs imply that if Chinese firms had faced a lower level of adjustment costs such as in the US, China's aggregate output would be 25% higher.     

An analysis of job dissatisfaction and turnover to reduce global supply chain risk: Evidence from China

Suppliers’ labor problems in developing countries have emerged as a key risk in global supply chains. In China's coastal industrial zones, where most Fortune 500 companies have established their manufacturing bases, local suppliers are facing serious labor turnover problems. High labor turnover rates have caused poor quality, low productivity, and unfilled orders in supply chains. Applying a combination of quantitative techniques to determine the reasons why workers leave China's export factories, this research tries to identify the root causes of job dissatisfaction leading to turnover and provides managerial implications that may assist managers in dealing with labor-related supply chain risks.     

How do environmental regulations influence resource misallocation in China? The role of investment flows

In recent years, the Chinese government has implemented numerous regulations to address environmental deterioration. Several studies have examined the effect of environmental regulation policies on China's economic performance. However, whether environmental regulations can alleviate China's resource misallocation problem—a critical issue in transitional economies—remains unclear. This study fills this gap in the literature by employing the difference-in-differences method to examine how environmental regulations affect resource misallocation. We found that stringent environmental regulations have reduced the extent of resource misallocation in China, with resource reallocation being the driving force behind this improvement. The emission reduction mandate reduces investment inflows and hinders firms' entry into regions with low total factor productivity, while directing the flow of resources to highly productive areas.     

How does FinTech affect the development of the digital economy? Evidence from China

Financial Technology (FinTech) is key to the global ascendency of China's finance, and the digital economy is a new driving force in the sustainable development and high-quality growth of China's economy. So, what is the nature of the relationship between FinTech and the digital economy. Based on the CRITIC method, this study calculates the China's 31 provinces’ (excluding Hong Kong, Macao and Taiwan) FinTech indices from 2008 to 2018 and the digital economy development indices from 2012 to 2018, and analyzes the impact of FinTech on the digital economy and its underlying mechanism. The results show that FinTech stimulates the development of the digital economy in China by promoting technological innovation and weakening the financial decentralization of local governments. Further research indicates that local financial regulatory resources have a positive moderating effect on the impact of FinTech in promoting the development of the digital economy. Increased local financial regulatory resources will enable FinTech to promote the development of the digital economy, but this regulatory role is only significant in financially developed areas. The approach of the study is relatively novel.     

从考课到经济责任审计：历史进程与演化逻辑

考课制度是我国古代对政府官员实施经济监督的基本制度,其发展横跨了我国漫长的封建社会。古代考课制度与我国国家审计中的经济责任审计制度在思想上是一脉相承的,都是对官员实施经济监督的重要手段。从古代考课制度到我国经济责任审计制度的演化过程,既体现了不同历史时期对官员监督手段的相似性,也反映了其根本政治诉求的强烈反差。考课制度是我国经济责任审计制度的先行形态和历史基因。     

Unraveling the dynamic changes of high-speed rail network with urban development: Evidence from China

Previous studies have used complex network theory to examine the characteristics of China's High-Speed Rail (HSR). Nevertheless, little attention is paid to China's HSR network's dynamic evolution and the coevolution of node attributes and embedded structural characteristics. Our study builds China's HSR network using a complex network approach and spatial analysis technique to address this issue. Additionally, we employ a stochastic actor-oriented model (SAOM) to properly decompose the three types of effects on the generation of China's HSR network (i.e., network structure, attribute-based similarity, and exogenous control variables). This study discusses the underlying hypotheses and indicates that 3-cycles is a critical structural factor for the formation of China's HSR network. In terms of the effects of attribute-based similarity, cities with similar Gross Domestic Product (GDP) and geographical proximity are essential nodal drivers for the evolution of the HSR network. Notably, the administrative rank of cities exhibits a significantly negative driving force and a alter effect. These findings shed light on the interactive process of urban regional development and the dynamic evolution of the HSR network, assisting the central and local governments in enacting and implementing appropriate HSR planning policies, ultimately achieving effective urban planning and management.