New Exhibition Center Consolidates Industry Hardware

The New China International Exhibition Center (NCIEC) is co-designed by Beijing Institute of Agricultural Design (BIAD) and the TBS Design Group of the United States.     

美日物流法律制度比较及对我国的启示

美国和日本拥有世界上最发达的物流业,他们的物流法律制度各有特点。通过两国物流法律制度的比较可以为刚刚起步的我国物流法律制度提供经验和发展方向。本文总结美日两国物流法律制度的特点并从中得到一些启示。     

China's outward foreign direct investment

China's outward foreign direct investment (FDI) is steadily increasing. The United States is now a key target for China's outward FDI, and the response by the American public tends to fall at opposite ends of the spectrum: fever or fear. Chinese FDI in the United States faces challenges posed by its liability of foreignness in political, cultural, marketing, and technological aspects. Utilizing mini case studies, we herein examine the polarized responses to Chinese outward direct investment, its history, and the challenges faced by Chinese multinational corporations operating in or attempting to enter the U.S. market. Finally, strategy suggestions are proposed.     

The Third U.S.-China Strategic Economic Dialogue December 12-13, 2007, Beijing Joint Fact Sheet

At Grand Epoch City near Beijing on December 12 and 13, the .United States and China held the third Strategic Economic Dialogue （SED）. As special representatives of President George W. Bush and President Hu Jintao, Treasury Secretary Henry M. Pauslon, Jr. and Vice Premier Wu Yi served as cochairs of the SED.     

Trade liberalization and industrial restructuring through mergers and acquisitions

This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada-United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also provide evidence that domestic M&As transferred resources from less to more productive firms and that the magnitude of the overall transfer was quantitatively important.     

A Note on the Proprietary and Entity Perspectives in Financial Statements: The Implications for two Current Controversial Issues

Financial statements can portray the financial position and performance of an entity from different perspectives. Two dominant perspectives are the proprietary and entity perspectives. These perspectives also feature in recent discussions by the IASB and the FASB in relation to their conceptual framework project. The adopted perspective will yield different presentations for a number of issues. This paper illustrates the implications for two controversial issues currently under discussion by the IASB and the FASB: accounting for changes in a reporting entity’s own credit risk when liabilities are measured at fair value, and the classification of certain obligations as either equity or liabilities. The paper explains why the adoption and consistent application of one perspective are important for standard setting and financial reporting to ensure the consistent presentation of an entity’s performance and financial position that can be correctly interpreted by users of financial statements against the background of the chosen perspective.     

Industry level analysis of tourism-economic growth in the United States

We investigate the relationship between economic growth and six tourism-related sub-industries (accommodation, air transportation, shopping, food and beverage, other transportation, and recreation and entertainment) in the United States in 1998–2017. Except for the lodging and the food and beverage sectors, no long-run relationship exists between other tourism sub-industries and economic growth. We uncover a unidirectional Granger causality from economic growth to each of the sub-industries. Causality is also found between the tourism industries but predominantly from industries providing local offerings (food, entertainment, shopping) to those delivering cross-destination goods and services. Our results suggest that tourism investment could be successful in the long-run even during periods of economic stagnation. In the short-run, however, tourism sectors could benefit from economic growth and tourism-related investment should take a cue from the general economy. Additionally, tourism-related investment and marketing efforts in the U.S. may wish to focus on the food, shopping, and leisure sectors.     

Can Empathy Explain Gender Differences in Economic Policy Views in the United States?

This paper shows that different levels of empathy of men and women explain the well-documented gender differences in interventionist government economic policy views in the United States. Using the Davis Interpersonal Reactivity Index (IRI) to measure empathy, the study finds that more empathic people support more interventionist policies. While greater empathy leads both men and women to support more government action, there is no gender difference in the effects of empathy on policy views. When policy views are separated by area, gender differences on policies concerning poverty, inequality, and social welfare disappear once empathy is accounted for, though they persist in views on free markets.     

American society through the prism of the Walker Tariff of 1846

This article analyses the reduction in duties under US President James Polk, enshrined in the Walker Tariff of 1846, as a proxy for understanding the interrelationship between the executive, the legislature, and broader societal developments. It concludes that congressional debates on the subject were constrained by three parameters: the perceived threat of sectionalism, fears of international belligerence, and the legacy of colonialism. First, memories of the earlier Nullification Crisis of 1833 determined that the political discourse was characterised by a striking emphasis on national unity. Second, contrary to the usual association of free trade with peace, the Walker Tariff was necessarily debated in terms of compatibility with ongoing warfare. Lastly, Britain's shadow coloured congressional language, with both sides exploiting simultaneous reductions of tariffs in the former colonising power to advance their rhetorical ends.     

Role of international politics on agri‐food trade: Evidence from US–Canada bilateral relations

A well‐functioning trade relationship between Canada and the United States is crucial to the economic vitality of the Canadian agri‐food industry. However, agri‐food trade is more susceptible than other sectors to political interventions. The Trump presidency has strained Canada–US relations and his trade policy actions have significantly increased trade restrictions and trade policy uncertainty and undermined the rules‐based global trading system. We examine the pattern of agri‐food trade between the two countries and find that the upward trajectory of bilateral agri‐food trade ended in 2013. Although this flatlining predates the Trump administration, we show that Trump increased trade policy uncertainty starting in 2017 and likely impacted further expansion of trade. We examine what might change under the Biden presidency and argue that the new administration is likely to restore strong relationships with allies and work to rebuild important international institutions such as the World Trade Organization (WTO). Although protectionist forces will continue to impact bilateral agri‐food trade, we expect closer political ties between a Biden administration and the Canadian Prime Minister. This should have a positive effect on the Canadian agri‐food industry by reducing trade uncertainties, thereby increasing agri‐food trade between Canada and the United States.