Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing; the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.
After taking stock of China's four-decade reforms, this paper identifies the cyclical patterns of China 's reforms, which consist of an intermediate cycle and three short cycles. The purpose of reform is to adjust the changing relations of production to changing productivity. China has adopted a gradualist approach of reform, and reform cycles have coincided with economic cycles. The cyclical changes of reform are of great significance to comprehensively deepening reforms in the new era: Downward pressures of the economy present the best window period for reform; a new cycle ofreform will unveil a new economic cycle as well; the people 's support is essential to pushing forward the cyclical movements of reform; and top-down design is essential to deepen reforms on all fronts.
With deepening digital technology applications in international trade, e-commerce platforms have become a major avenue for firm export. Based on a multicountry, multi-product heterogeneous firms trade theory model, this paper investigates the firm export effects of e-commerce platforms, and empirically tests the inferences from the model using data from Alibaba China Station, China industrial enterprises data, and China customs data from 2000 to 2009. Our estimation result shows that overall, e-commerce platforms significantly increase firm export probability and volume; e-commerce platforms enable firms to export products of different types to more countries by reducing the cost of information and export markets threshold while raising trade efficiency. Further analysis of enterprise heterogeneity reveals that SMEs, firms in China's eastern region, and general exporters benefit more from e-commerce platforms than other types of firms do.
During its rise as a world power, the United States (U.S.) adopted a traditional form of mercantilism, and most US politicians followed a protectionist approach. From the end of the Civil War to the eve of World War I, the United States blazed a new trail of industrial development and implemented protective policies such as high tariffs. This historical tradition has had a profound influence on some current US politicians. After the collapse of the Bretton Woods system, the United States developed a new form of mercantilism, as manifested in the emergence of nontariff barriers instead of tariff barriers to restrict imports and protect domestic industries and employment. Although export regulations have avoided affecting the technology industry, they have led to hefty trade deficits for the United States. National interests have prevailed in U.S. decision-making and have influenced its choices to accede to or walk away from international organizations or treaties. The dollar's hegemony has played a pivotal role in U.S. economic policy-making. These factors have led to the twin deficits in the U.S. economy, i.e. a trade deficit and a fiscal deficit. The real intention of the United States in waging a trade war against China is to maintain and even strengthen the dollar's hegemony and the U.S. ' international predominance.
This study investigates the impact of parental labor migration on the academic achievements and non-academic growth of left-behind children in fourth and seventh grades. Employing survey data collected from rural China in 2014, 2015, and 2016, we examine the effect of parental absence on children's academic achievement using Propensity Score Matching (PSM) and Difference in Difference (DID) methods. The results demonstrate that left-behind children whose parents have migrated for one year have statistically significantly lower academic scores. Academic scores drop lower for fourthgrade students and students from higher-income families. There are also adverse effects on left-behind children's confidence, teacher-student relationships, subjective well-being, and educational expectations if parents migrate for one year. Surprisingly, if parental migration lasts longer (totaling two years), these adverse effects disappear, and student's educational expectations even improve. These results may be because, over time, the adverse effects that occur immediately after parental migration are offset by the positive effects of migration (i.e. higher income). These conclusions can inform migrant parents on ways to utilize their resources to improve the academic performance of their left-behind children.
"Samuelson's Concern" and "Kindleberger Trap" are cited as justifications for trade protectionism under the Trump administration. After reviewing Samuelson 's and Kindleberger 's trade theories, this paper finds that both Samuelson and Kindleberger are actually proponents of free trade, and that their common concern is falling US competitiveness due to its economic model, domestic institutional rules, and unilateralism. Both the "Samuelson 's Concern" and "Kindleberger Trap" are distortions of Samuelson 's and Kindleberger 's original theories and the arguments ' defense of protectionism cannot overcome the challenges confronting the U.S. and will destabilize international economic order.
Since 1978, China's rural reform has gone through four stages, including the re-establishment of the economic status of farmer households, the transition from planned to market-based resource allocation, the initial development of the new-type urban-rural relationship, and the deepening of reforms in all respects. Underpinned by the household contract responsibility system, China's rural reform follows a gradualist and market-oriented approach that has progressed from encompassing a single domain to encompassing all fronts and from pilot programs to nationwide rollout with the core mandate ofprotecting farmers' rights and interests and promoting their initiative in agricultural production. Such a gradualist reform is consistent with China 's national conditions and has incentivized farmers and integrated rural development, laying a solid institutional foundation for China's rapid development. China 's four-decade experience suggests that reform and innovation are the primary drivers of rural development. During this period, China's rural reform has developed extensive experience with significant achievements. In the future, China should take integrated measures to deepen rural reform in all respects, promote farmers' and grassroots initiative, and unlock agricultural development potentials.
This paper employs industrial robot installations that represent the level of smart manufacturing as the proxy variable of artificial intelligence (AI). Based on crosscountry panel data and China 's provincial panel data, we create a two-stage least square (2SLS) regression model to examine the effect of an aging population on AI applications and Al's effect on economic growth. In this manner, we aim to test whether AI has a substitutive effect on labor against the backdrop of an aging society and the kind of such a substitutive effect. Our findings suggest that the labor shortage arising from an aging society will prompt an economy to adopt smart manufacturing more broadly, i.e. an aging society is a driver of AI development. Smart manufacturing has a positive effect on local GDP and helps shore up the slowing economy resulting from an aging society. AI is an important tool for coping with the challenges of an aging society. Current AI development is an "induced innovation," and its substitutive relationship with labor is a "supplemental substitution" rather than "crowding-out substitution." If these characteristics are properly maintained, AI will contribute more to China 's economy against the backdrop of an aging society.
Under the Paris Agreement framework, many developing countries call for low-carbon technology transfers from developed countries as a critical element in the global partnership for carbon emissions abatement. Such a partnership may be disrupted as the U.S. walks away from the agreement. Based on CIECIA-TD model, this paper examines effects of the U.S. exit on global low-carbon technology transfers under various scenarios and simulates the effects on low-carbon technology transfer, climate change, countries ' emissions abatement results, and economic development. Our findings suggest that low-carbon technology has significant emissions abatement and temperature rise mitigation effects. Low-carbon technology transfer among developed countries offers huge emissions abatement potentials, but patent protection system presents a significant barrier to further carbon emissions abatement. In this sense, the U.S. exit from the Paris Agreement will significantly impede developed countries ' carbon emissions abatement through technology transfer. With limited knowhow, R&D and learning capacity, developing countries will suffer more to cut carbon emissions under the chain effects of a more challenging technology sharing environment that may result from the U.S. exit from the Paris Agreement. As a gradualist emissions abatement approach, low-carbon technology transfer cannot reduce emissions substantially within a short time, but its climate welfare is conducive to global economic growth and of great significance to carbon governance.
This paper focuses on the bridge council and free ferry services as the private organizers of public infrastructure construction in the Qing Dynasty, uncovers the legal entity ownership system and governance model with China's native origin, and reveals the attributes and characteristics of ownership by legal entities in China's traditional era. Bridge councils and free ferry services are non-profit and non-government public-interest institutions, whose members were elected by local communities. These councils were responsible for the fundraising, construction, and long-term maintenance and operation of public facilities and infrastructure at the grassroots level. They adopted open and transparent management procedures and could coordinate cross-jurisdictional affairs and mediate disputes. They possessed independent assets such as lands and fund reserves, and such exclusive legal-entity ownership received protection from the government and under the laws. Such form of legal-entity ownership provided the institutional foundation for the development of clans, temples, charitable groups, academies of classical learning, and various associations and societies. These self-organizing groups demonstrate remarkable mobilization and organizational capabilities and institutional creativity of civil society in traditional China. They served as a link between the government and communities and played a unique and active role in maintaining social order at the grassroots level.
By analyzing the development and industrialization of China’s manufacturing industry since reform and opening-up, this paper proposes China has played three roles in economic globalization- as an in-depth participant in specialization of the global manufacturing value chain, as an active facilitator of global inclusive and sustainable industrialization, and as a cooperative innovator in the new industrial revolution. It issignificant for comprehensively understanding the role of China in economic globalization.
Since the founding of the People’s Republic of China in 1949, China’s regional development strategy has experienced three stages - the balanced development strategy before reform and opening up in 1978, imbalanced development strategy since 1978, and the present coordinated development stage. Each stage has its own priorities and characteristics of historical context and offers valuable experience for China’s regional economic development. Reviewing the journey and historic characteristics of China’s regional economic development is of great theoretical and relevant significance to its balanced regional economic development in the new era. Experience shows that in the strategic choice of regional development, importance should be given to the proper handling of relationships between efficiency and fairness, government and market, equilibrium and disequilibrium, and central and local governments. In general, China’s regional economic development has achieved tremendous progress since 1949, particularly since 1978 as manifested in favorable regional development momentum and balanced regional development. Nevertheless, imbalanced and inadequate regional development remain prominent contradictions. In the new era, we must follow Xi Jinping thought on socialism with Chinese characteristics as guidance, implement the strategy of balanced regional development, and bring about a new development pattern characterized by equal access to basic public services, relatively balanced infrastructure accessibility and generally equal living standards.
In 70 years since the founding of the People’s Republic of China, China has successfully transitioned from a closed economy to an open economy with the watershed year of reform and opening up in 1978 and modernized its social security system accordingly. This paper divides the transition of China’s social security system into seven stages before and after 1978. The traditional social security system was predicated on the dominant public ownership, a highly centralized economy, and “full employment.” It was congruous with the ownership structure, income distribution, and labor systems under the closed economy. The modern social security system is developed to meet the needs of an open economy and promotes economic development by giving play to consumption and investment, facilitating labor flow, and boosting productivity. The modern social security system requires further supply-side structural reforms to promote the high-quality development of the open economy.
Over the past seven decades since the founding of the People’s Republic of China in 1949, China has continuously increased its import and export volumes along with improving its trade structure, becoming a major trading nation and making progress toward a trading power. In the 13th Five-Year Plan period (2016-2020), China has experienced acceleration in its foreign trade structural adjustment under its opening-up strategy, and the function of foreign trade has shifted from being a driver for growth to being a way to balance development. China is expected to continue its trade growth momentum and structural improvement and strengthen its trade competitiveness. In achieving this vision, China should make efforts to increase structural equilibrium, create a favorable external trade environment, and pave the way for trade growth and sustainable development.
Over the past seven decades since the founding of the People's Republic of China in 1949, China's industrial structure has experienced transformations in various stages, which is consistent with the general pattern of industrialization and China's domestic and international situations. These changes also have to do with China's reforms in building the socialist market economic system. China's seven-decade industrial structural transformation offers valuable experiences: In promoting its industrial development, China has persistently carried out economic reforms, kept pace with changing factor and demand structures, invested in technology importation and innovation, leveraged global resources and markets, and formulated development policies in line with specific industrial development stages. Despite industrial structural problems, China has set the stage for innovation-driven development, further opening up, and balanced regional development. China's industrial structure will keep evolving amid its transition toward a competitive industrial nation.
This paper calculates the China-U.S. trade balance from the national income perspective based on an input-output model that differentiates domestic and foreign-invested companies. The result shows that due to different degrees of dependence of both countries on foreign production factors such as foreign capital for the manufacturing of export goods, only 87.7% of the domestic value-added created by China's exports to the U.S. in 2012 was China's national income, whereas 96.2% of value-added in U.S. exports to China was U.S. national income. In the comparison of total export volume and export value-added, the home country S national income created by exports can more realistically reflect a country S gains from trade. In 2012, China's trade surplus with the U.S. stood at 102.8 billion US dollars in national income terms, which is 61% and 22% smaller than the results in gross and value-added terms, respectively. The implication is that the traditional trade balance accounting method seriously exaggerates the China-U.S. trade imbalance.
Foreign and domestic technologies play different roles in a country's innovation. In recent years, Chinese firms have spent less on importing foreign technology and more on acquiring domestic technology. Based on the panel data model, state space model (SSM) and the Bayesian vector autoregressive model, this paper finds that the purchase of domestic technology plays a critical role in the innovation of high-tech firms with an elasticity coefficient higher than that of technology importation before 2010. China 's high-tech firms can effectively absorb purchased domestic technology, which also brings about an increase in their independent R&D input and contributes more to innovation output than imported technology. Performance of technology importation is lackluster but shows an improving trend. Technology importation is not correlated with innovation output and has a substitutive effect with independent R&D input. China is yet to enhance its absorption of imported technology. Elasticity coefficient of technology importation turned positive in 2007 and increased year by year. China should promote synergy between technology importation and domestic technology acquisition.
Reform of the corn stockpiling policy is a key initiative for advancing China's market-based grain stockpiling reform. It is a critical component of China 's exploration of a price formation mechanism for agricultural products. Evaluating the effectiveness of such reform is therefore of great relevance. Based on nationwide farm monitoring data of 2014, 2015 and 2016, this paper examines the effects of the corn stockpiling reform on the decision offamily farms to join cooperatives. Our finding suggests that after other factors that influence the decision of family farms to join cooperatives are controlled for, the probability of corn farms to join cooperatives in the Northeast and Inner Mongolia, where the corn stockpiling reform was carried out in 2016, is significantly higher compared with the probability of corn farms in non-reform areas that did so. The reason is that after the reform, corn producers must sell their corn to the market instead of to the State, bringing them sales problems, which could be mitigated to some extent by joining cooperatives. Thus, the corn stockpiling reform incentivized the market-based behavior of agricultural producers, giving play to the role of market mechanisms in regulating production and demand.
Over the past four decades of reform and opening up since 1978, China's GDP has been growing at 9.5% on an annual average basis. While some scholars believe that China 's economic growth is systematically overestimated, this paper carries out an estimation of China 's underground economy and finds that due to the existence of the underground economy, China S real GDP is systematically underestimated. China S official GDP statistics generally reflect a real picture of its economic growth. The size of China's underground economy is significantly influenced by total electricity consumption, the selfemployed ratio, labor participation rate and money supply. These findings are of great significance for policy-making.
Based on China Family Panel Studies (CFPS) data and global MPI standard, this paper measures and analyzes multi-dimensional poverty in China. The study finds that the level of multi-dimensional poverty in China is not high and tends to decrease over time. Uneven regional development significantly affects multi-dimensional poverty. The poor are deprived in health, education and other aspects, but indicator contributions vary among specific groups of people. Overlap between economic poverty and multi-dimensional poverty has a trend of inter-temporal reduction. China 's development-centered poverty reduction policy has achieved great results and significantly improved the development capabilities of the poor. Development-oriented approach is China's important experience in poverty reduction, and forebodes China's bright prospect of achieving its goal to complete building a moderately prosperous society by 2020.