The Economic Effects of China's Distribution Industry: an Input
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Stimulus Loan Wanes and Shadow Banking Waxes Zhuo Chen, Zhiguo He, Chun Liu AUGUST 2019
WORKING PAPER · NO. 2019-29 The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes Zhuo Chen, Zhiguo He, Chun Liu AUGUST 2019 A Program of 5757 S. University Ave. Chicago, IL 60637 Main: 773.702.5599 bfi.uchicago.edu The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes? forthcoming in Journal of Financial Economics Zhuo Chena, Zhiguo Heb,∗, Chun Liuc aPBC School of Finance, Tsinghua University, No. 43, Chengfu Road, Haidian District, Beijing 100083, P.R. China bBooth School of Business, University of Chicago, and NBER, 5807 S Woodlawn Ave, Chicago, IL 60637 cSchool of Economics and Management, Tsinghua University, Beijing 100084, P.R. China Abstract The upsurge of shadow banking is typically driven by rising financing demand from certain real sectors. In China, the four-trillion-yuan stimulus package in 2009 was behind the rapid growth of shadow banking after 2012, expediting the development of Chinese corporate bond markets in the post-stimulus period. Chinese local governments financed the stimulus through bank loans in 2009, and then resorted to non-bank debt financing after 2012 when faced with rollover pressure from bank debt coming due. Cross-sectionally, using a political-economy-based instrument, we show that provinces with greater bank loan growth in 2009 experienced more municipal corporate bond issuance during 2012–2015, together with more shadow banking activities including Trust loans and wealth management products. China’s post-stimulus experience exhibits -
China at the Gates a New Power Audit of Eu-China Relations
CHINA AT THE GATES A NEW POWER AUDIT OF EU-CHINA RELATIONS François Godement & Abigaël Vasselier ABOUT ECFR The European Council on Foreign Relations (ECFR) is the first pan-European think-tank. Launched in October 2007, its objective is to conduct research and promote informed debate across Europe on the development of coherent, effective and values- based European foreign policy. ECFR has developed a strategy with three distinctive elements that define its activities: • A pan-European Council. ECFR has brought together a distinguished Council of over two hundred Members - politicians, decision makers, thinkers and business people from the EU’s member states and candidate countries - which meets once a year as a full body. Through geographical and thematic task forces, members provide ECFR staff with advice and feedback on policy ideas and help with ECFR’s activities within their own countries. The Council is chaired by Carl Bildt, Emma Bonino and Mabel van Oranje. • A physical presence in the main EU member states. ECFR, uniquely among European think-tanks, has offices in Berlin, London, Madrid, Paris, Rome, Sofia and Warsaw. Our offices are platforms for research, debate, advocacy and communications. • Developing contagious ideas that get people talking. ECFR has brought together a team of distinguished researchers and practitioners from all over Europe to carry out innovative research and policy development projects with a pan-European focus. ECFR produces original research; publishes policy reports; hosts private meetings, public debates, and “friends of ECFR” gatherings in EU capitals; and reaches out to strategic media outlets. ECFR is a registered charity funded by the Open Society Foundations and other generous foundations, individuals and corporate entities. -
Public Finance for Renewable Energy in China: Building on International Experience
Public Finance for Renewable Energy in China: Building on international experience Richard Bridle Lucy Kitson August 2014 REPORT IISD iisd.org © 2014 The International Institute for Sustainable Development Published by the International Institute for Sustainable Development. International Institute for Sustainable Development The International Institute for Sustainable Development (IISD) contributes to sustainable development by advancing policy recommendations on international trade and investment, economic policy, climate change and energy, and management of natural and social capital, as well as the enabling role of communication technologies in these areas. We report on international negotiations and disseminate knowledge gained through collaborative projects, resulting in more rigorous research, capacity building in developing countries, better networks spanning the North and the South, and better global connections among researchers, practitioners, citizens and policy-makers. IISD’s vision is better living for all—sustainably; its mission is to champion innovation, enabling societies to live sustainably. IISD is registered as a charitable organization in Canada and has 501(c)(3) status in the United States. IISD receives core operating support from the Government of Canada, provided through the International Development Research Centre (IDRC), from the Danish Ministry of Foreign Affairs and from the Province of Manitoba. The Institute receives project funding from numerous governments inside and outside Canada, United Nations agencies, -
Peasant Protests Over Land Seizures in Rural China
The Journal of Peasant Studies ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/fjps20 Peasant protests over land seizures in rural China Chih-Jou Jay Chen To cite this article: Chih-Jou Jay Chen (2020): Peasant protests over land seizures in rural China, The Journal of Peasant Studies To link to this article: https://doi.org/10.1080/03066150.2020.1824182 Published online: 26 Oct 2020. Submit your article to this journal View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=fjps20 THE JOURNAL OF PEASANT STUDIES https://doi.org/10.1080/03066150.2020.1824182 Peasant protests over land seizures in rural China Chih-Jou Jay Chen ABSTRACT KEYWORDS This article reports key findings drawing on a database containing Land disputes; land more than 12,000 protest news events in China from 2000 to expropriation; repression; 2018, including over 1500 protests against land expropriation. It news events data; China finds that while social conflicts over land seizures continue to be the leading cause of protests in rural China, there was an upward trend for the number of related protest between 2000 and 2014 and a downward trend between 2014 and 2018. Under Xi Jinping, police were increasingly inclined to arrest and crack down on land seizure protesters. Failing to adequately deal with land disputes may undermine China’s regime legitimacy. Introduction Since the 1990s, land has emerged as a prominent instrument of economic development in India and China. Despite the diverse nature of the two political regimes, both China and India have witnessed an increase in land dispossession; land acquisition by state and private actors has become highly contentious in both countries (Ren 2017; Ong 2020). -
Limits to Autocracy: an Analysis of China's Renationalization
Limits to Autocracy: An Analysis of China’s Renationalization Zhangkai Huang Lixing Li School of Economics and Management National School of Development Tsinghua University Peking University [email protected] [email protected] Guangrong Ma Jun “QJ” Qian School of Finance Shanghai Advanced Institute of Finance Renmin University of China Shanghai Jiaotong University [email protected] [email protected] This version: June 23, 2017 Abstract We document large-scale reversal of privatization in China—local governments taking back shares in a quarter of previously privatized firms. Politicians who are not affiliated with any of the dominant political factions are more likely to waver under pressure and adopt renationalization. The failure to adhere to the privatization scheme reduces productivity and raises labor redundancy and firm leverage. The policy reversal casts doubt on the notion that autocracies have advantages in policy implementation: politicians without factional affiliation are disadvantaged in the promotion process and are more sensitive to unemployment pressure. JEL Classifications: G32, H11, P31, L22 Keywords: Renationalization, privatization, political faction, unemployment, productivity 1. Introduction Are autocracies superior in implementing economic policies than democracies? After all, since autocrats get their power through coercion, not election, it seems they may be good at pushing economically sound policies that might be politically costly under democracy. For example, Gary Becker states that: “Visionary leaders can accomplish more in autocratic than democratic governments because they need not heed legislative, judicial, or media constraints in promoting their agenda…Visionaries in democracies can accomplish much sometimes… However, their accomplishments are usually constrained by due process that includes legislative, judicial, and interest group constraints.” (Becker 2010). -
Pharmaceutical Policy in China
Pharmaceutical policy in China Challenges and opportunities for reform Elias Mossialos, Yanfeng Ge, Jia Hu and Liejun Wang Pharmaceutical policy in China: challenges and opportunities for reform Pharmaceutical policy in China: challenges and opportunities for reform Elias Mossialos, Yanfeng Ge, Jia Hu and Liejun Wang London School of Economics and Political Science and Development Research Center of the State Council of China Keywords DRUG AND NARCOTIC CONTROL PHARMACEUTICAL PREPARATIONS DRUG COSTS DRUG INDUSTRY HEALTH CARE REFORM HEALTH POLICY CHINA © World Health Organization 2016 (acting as the host organization for, and secretariat of, the European Observatory on Health Systems and Policies) All rights reserved. The European Observatory on Health Systems and Policies welcomes requests for permission to reproduce or translate its publications, in part or in full. Address requests about publications to: Publications, WHO Regional Office for Europe, UN City, Marmorvej 51, DK-2100 Copenhagen Ø, Denmark. Alternatively, complete an online request form for documentation, health information, or for permission to quote or translate, on the Regional Office web site (www.euro.who.int/pubrequest). The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the European Observatory on Health Systems and Policies concerning the legal status of any country, territory, city or area or of its authorities, or concern- ing the delimitation of its frontiers or boundaries. Dotted lines on maps represent approximate border lines for which there may not yet be full agreement. The mention of specific companies or of certain manufacturers’ products does not imply that they are endorsed or recommended by the European Observatory on Health Systems and Policies in preference to others of a similar nature that are not mentioned. -
The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes? Forthcoming in Journal of Financial Economics
The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes? forthcoming in Journal of Financial Economics Zhuo Chena, Zhiguo Heb,∗, Chun Liuc aPBC School of Finance, Tsinghua University, No. 43, Chengfu Road, Haidian District, Beijing 100083, P.R. China bBooth School of Business, University of Chicago, and NBER, 5807 S Woodlawn Ave, Chicago, IL 60637 cSchool of Economics and Management, Tsinghua University, Beijing 100084, P.R. China Abstract The upsurge of shadow banking is typically driven by rising financing demand from certain real sectors. In China, the four-trillion-yuan stimulus package in 2009 was behind the rapid growth of shadow banking after 2012, expediting the development of Chinese corporate bond markets in the post-stimulus period. Chinese local governments financed the stimulus through bank loans in 2009, and then resorted to non-bank debt financing after 2012 when faced with rollover pressure from bank debt coming due. Cross-sectionally, using a political-economy-based instrument, we show that provinces with greater bank loan growth in 2009 experienced more municipal corporate bond issuance during 2012–2015, together with more shadow banking activities including Trust loans and wealth management products. China’s post-stimulus experience exhibits similarities to financial market development during the U.S. National Banking Era. JEL: E61, G21, H72, O17 Keywords: Local Government Financing Vehicles, Municipal Corporate Bonds, Political Cycle, Shadow ?We thank Chong-En Bai, Jennifer Carpenter, Will -
The Other Side of the Global Imbalances: the Politics of Economic Reform in China Under the ‘New Normal’
The Other Side of the Global Imbalances: The Politics of Economic Reform in China Under the ‘New Normal’ Chen Xie PhD University of York Politics March 2018 2 Abstract In the 21st century, the ‘rise of China’ in the post-financial crisis period is arguably the most important and widely debated topic in politics and international studies. Since, the 2008 financial crisis, compared with the US, whose power appears to have diminished, it seems more and more likely that China will soon become the engine of the world economy and, perhaps, one day the global hegemon. Although the financial crisis may have not, in itself, fundamentally changed the shape of the global order, it has arguably altered perceptions. This is especially so regarding the ‘global imbalances’ that are said to have provided the macro-economic conditions for the crisis to occur. Equally, the different positions occupied by the US - as the world’s largest debtor - and China - as the world’s largest creditor - both prior to and after the crisis are suggestive of a fundamental power shift in the global order. In this thesis, I aim to add to existing understandings of the rise of China by examining the relationship between its rise and the global imbalances in the contemporary order. In order to address my thesis questions, I utilise concepts and arguments about the relationship between power, institutions and the global order provided by different scholars and theoretical traditions in IPE. Based on these, I review the experiences of Britain and the US in three key historical periods of global imbalance in 19th and 20th centuries that are analogous to the role of China in the contemporary global imbalances. -
Minimum Wage Competition Between Local Governments in China
DISCUSSION PAPER SERIES IZA DP No. 11893 Minimum Wage Competition between Local Governments in China Yanan Li Ravi Kanbur Carl Lin OCTOBER 2018 DISCUSSION PAPER SERIES IZA DP No. 11893 Minimum Wage Competition between Local Governments in China Yanan Li Beijing Normal University Ravi Kanbur Cornell University and IZA Carl Lin Bucknell University, China Institute for Income Distribution and IZA OCTOBER 2018 Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world’s largest network of economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. IZA – Institute of Labor Economics Schaumburg-Lippe-Straße 5–9 Phone: +49-228-3894-0 53113 Bonn, Germany Email: [email protected] www.iza.org IZA DP No. 11893 OCTOBER 2018 ABSTRACT Minimum Wage Competition between Local Governments in China The theory of fiscal and regulatory competition between jurisdictions is more advanced than its empirical testing. -
Comparative Policy Study for Green Buildings in U.S. and China
LBNL-6609E ERNEST ORLANDO LAWRENCE BERKELEY NATIONAL LABORATORY Comparative Policy Study for Green Buildings in U.S. and China Nina Khanna, John Romankiewicz, Wei Feng, and Nan Zhou China Energy Group Environmental Energy Technologies Division Lawrence Berkeley National Laboratory Qing Ye Shenzhen Institute of Building Research April 2014 This work was supported by the Shenzhen Institute of Building Research through the U.S. Department of Energy under Contract No. DE-AC02-05CH11231. Disclaimer This document was prepared as an account of work sponsored by the United States Government. While this document is believed to contain correct information, neither the United States Government nor any agency thereof, nor The Regents of the University of California, nor any of their employees, makes any warranty, express or implied, or assumes any legal responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by its trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or any agency thereof, or The Regents of the University of California. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States Government or any agency thereof, or The Regents of the University of California. Ernest Orlando Lawrence Berkeley National Laboratory is an equal opportunity employer. Comparative Policy Study of Green Buildings in U.S. and China Nina Khanna, John Romankiewicz, Wei Feng, and Nan Zhou China Energy Group Environmental Energy Technologies Division Lawrence Berkeley National Laboratory Qing Ye Shenzhen Institute of Building Research Executive Summary Buildings are the largest energy end-use sector in the U.S. -
China's Water Security: Current Status, Emerging Challenges and Future
Environmental Science & Policy 54 (2015) 106–125 Contents lists available at ScienceDirect Environmental Science & Policy jo urnal homepage: www.elsevier.com/locate/envsci Review China’s water security: Current status, emerging challenges and future prospects a,b, Yong Jiang * a Department of Integrated Water Systems and Governance, UNESCO-IHE Institute for Water Education, Westvest 7, 2611AX Delft, The Netherlands b Institute for Environmental Studies, VU University Amsterdam, De Boelelaan 1085, 1081HV Amsterdam, The Netherlands A R T I C L E I N F O A B S T R A C T Article history: China has been facing increasingly severe water scarcity that seriously threatens the socio-economic Received 17 January 2015 development and its sustainability of this country. This paper is intended to analyze and assess the water Received in revised form 3 June 2015 security of China. It first attempts to characterize the current status of water security within a risk-based, Accepted 4 June 2015 integrated framework that encompasses five key aspects critical to water sustainability, including water Available online 10 July 2015 availability, water use patterns, wastewater generation and pollution control, water institutions and management, and health of aquatic systems and societal vulnerability. Based on the above assessment, Keywords: the paper then analyzes emerging challenges for water security brought by climate change, population Water resources growth and rapid urbanization, and the water-food-energy nexus. In the end, the paper discusses China’s Water security future prospects on water security, including current achievements, government actions and policy Water use Wastewater initiatives, and recommendations for management improvement aimed at increasing water security. -
High-Resolution Ammonia Emissions Inventories in China from 1980 to 2012
Atmos. Chem. Phys., 16, 2043–2058, 2016 www.atmos-chem-phys.net/16/2043/2016/ doi:10.5194/acp-16-2043-2016 © Author(s) 2016. CC Attribution 3.0 License. High-resolution ammonia emissions inventories in China from 1980 to 2012 Yaning Kang1, Mingxu Liu1, Yu Song1, Xin Huang2, Huan Yao1, Xuhui Cai1, Hongsheng Zhang3, Ling Kang1, Xuejun Liu4, Xiaoyuan Yan5, Hong He6, Qiang Zhang7, Min Shao1, and Tong Zhu1 1State Key Joint Laboratory of Environmental Simulation and Pollution Control, Department of Environmental Science, Peking University, Beijing, 100871, China 2Institute for Climate and Global Change Research, School of Atmospheric Sciences, Nanjing University, Nanjing, 210093, China 3Laboratory for Atmosphere-Ocean Studies, Department of Atmospheric and Oceanic Science, School of Physics, Peking University, Beijing 100871, China 4College of Resources and Environmental Sciences, China Agricultural University, Beijing, 100094, China 5State Key Laboratory of Soil and Sustainable Agriculture, Institute of Soil Science, Chinese Academy of Sciences, Nanjing, 210008, China 6Research Center for Eco-Environmental Sciences, Chinese Academy of Sciences, Beijing, 100085, China 7Ministry of Education Key Laboratory for Earth System Modeling, Center for Earth System Science, Tsinghua University, Beijing, 100084, China Correspondence to: Yu Song ([email protected]) Received: 7 August 2015 – Published in Atmos. Chem. Phys. Discuss.: 6 October 2015 Revised: 30 January 2016 – Accepted: 3 February 2016 – Published: 23 February 2016 Abstract. Ammonia (NH3/ can interact in the atmosphere cattle were the largest source followed by laying hens and with other trace chemical species, which can lead to detri- pigs. The remarkable downward trend in livestock emissions mental environmental consequences, such as the formation that occurred in 2007 was attributed to a decrease in the of fine particulates and ultimately global climate change.