【目录】 《中国与世界经济》（英文刊）2017年第6期目录

China & World Economy  / 1–27, Vol. 25, No. 6, 2017

Location Determinants of China’s Outward Foreign Direct Investment

Shujie Yao, Fan Zhang, Pan Wang, Dan Luo

Abstract

Compared to inward foreign direct investment, outward foreign direct investment (OFDI) from China is a relatively new phenomenon. However, the volume of China’s OFDI increased rapidly from 2004. There has been an increasing amount of literature on the motivations of China’s OFDI, but few studies have focused on its location determinants. The present paper aims to fill this gap in the literature by focusing on two important location factors, natural resources and technology, which are the most important determinants of China’s OFDI. We use a large panel dataset comprising 132 countries over the period 1991–2009 and the Tobit as well as the Heckman models to establish the relationship between the two location factors and China’s OFDI. The empirical results suggest that although China’s OFDI has been driven by the country’s desire for a secure supply of natural resources and to attain advanced technology from the developed world, China’s technology is also a critical attraction for the host developing economies.

Key words: China, location factors, OFDI, resource seeking, technology seeking

JEL codes: F21, O53

China & World Economy  / 28–44, Vol. 25, No. 6, 2017

China’s Path to Overcoming the Double Middle-income Traps

Peilin Li

Abstract

China is at a crucial stage of overcoming the middle-income trap, with the factors that drive economic growth having undergone significant changes, and domestic consumption playing a more important role in economic growth. It is necessary, at this point, to promote mass consumption by expanding the middle-income group. The present paper puts forward the concept of the “double middle-income traps.” This refers to the situation in which an economy’s per capita output stagnates and the size of the middle-income group is unable to expand for an extended period of time. These two factors are closely related. Based on data from the Chinese Social Survey conducted by the Institute of Sociology at the Chinese Academy of Social Sciences, the present paper analyzes the scale and development of middle-income groups, and the relationship among middle-income groups, the middle-class and middle-class identity. The marginal consumption propensities of middle-income groups are also considered. The findings of the paper indicate that the expansion of the middle-income group plays an important role in promoting mass consumption, maintaining continuous and stable economic growth, and overcoming the double middle-income traps. 

Key words: double middle-income traps, mass consumption, middle-income group

JEL codes: O12, O43, O53

China & World Economy  / 45–64, Vol. 25, No. 6, 2017

Rural Labor Migration and Poverty Reduction in China

Peng Jia, Yang Du, Meiyan Wang

Abstract

Using various sources of data, this paper examines the contributions of rural labor migration to economic growth and poverty reduction in China. The results show that there is still a significant number of people living in poverty in rural areas, while the effectiveness of migration on poverty reduction has declined, implying an urgent need for new approaches to poverty reduction. China’s experiences could also be valuable for the formulation of development strategies in other developing countries.

Key words: poverty reduction, rural labor migration, social protection

JEL codes: I32, R23

China & World Economy  / 65–83, Vol. 25, No. 6, 2017

China’s Trade Slowdown: Cyclical or Structural?

Xuefeng Qian, Zhao Liu, Ying Pan

Abstract

This paper analyzes whether the slowdown of China’s trade in 2012–2015 was cyclical or structural, and further discusses the effects of structural factors, including trade structure, trade protectionism and global value chain participation. Using the national panel data from 2000 to 2015, based on the error correction model and import-intensity-adjusted demand model, our results show that the slowdown of China’s trade growth in 2012–2015 was mainly a result of cyclical factors. Using 2000–2015 industry-level data, we also find that the structure of trade goods had an inhibitory effect on the import slowdown but a positive effect on the export slowdown. Trade protectionism had an adverse effect on the trade growth slowdown. The global value chain participation marginally contributed to the slowdown in trade growth. Therefore, the impacts of structural factors on trade growth slowdown cannot be ignored, and related policies should receive greater attention from policy-makers. 

Key words: cyclical factor, structural factor, trade slowdown

JEL codes: E32, F13, F14

China & World Economy  / 84–99, Vol. 25,  No. 6, 2017

China’s Belt and Road Initiative: Can Europe Expect Trade Gains?

Alicia Garcia Herrero, Jianwei Xu

Abstract

The Belt and Road Initiative (BRI) aims to improve cross-border infrastructure to reduce transportation costs across a massive geographical area between China and Europe. We estimate how much trade might be created among Belt and Road (B&R) countries as a consequence of the reduction in transportation costs (both railway and maritime) and find that European Union countries, especially landlocked countries, will benefit considerably. This is also true for Eastern Europe and Central Asia and, to a lesser extent, South-East Asia. In contrast, if China were to seek to establish a free trade area within the B&R region, EU member states would benefit less, while Asia would benefit more. Xi Jinping’s current vision for the B&R, centered on improving transport infrastructure, is advantageous for Europe as far as trade creation is concerned.

Key words: China, Belt and Road Initiative, infrastructure, international economic system 

JEL codes: F02, O19, O53

China & World Economy  / 100–119, Vol. 25, No. 6, 2017

Powerful Chief Executive Officers and Firm Performance: Integrating

Agency and Stewardship Theory

Penghua Qiao, Anna Fung, Jianchun Miao, Hung-Gay Fung

Abstract

Do agency and stewardship behaviors coexist at firms, or does one dominate the other? We use data from listed companies in China over the period 2007–2016 to show that powerful chief executive officers (CEOs) simultaneously incur self-interested agency costs while acting as stewards to benefit the firm. In balancing the push-and-pull forces of stewardship and agency behaviors, powerful CEOs in Chinese firms ultimately improve short-term and long-term firm performance. Our results have important implications for understanding how CEOs affect firms and how cultural factors can motivate CEOs to work in the interest of the firm.

Key words: agency cost, performance, powerful chief executive officer, stewardship

JEL codes: C12, D21, G34

China & World Economy  / 120–138, Vol. 25, No. 6, 2017

Responsible Research and Innovation and Its Implications for China

Panpan Yang, Bing Han

Abstract

Responsible research and innovation (RRI) represents a new evolving approach to governing research and innovation that takes into account potential impacts on the environment and society. Most published studies on RRI focus on the social benefits of research and innovation through examining RRI’s definitions and approaches for its implementation. In contrast, the present study addresses the influence of RRI on economic growth, and discusses the situations in which RRI will benefit economies. Our study finds that for its implementation to be successful, RRI needs to meet certain conditions, and that its implementation is not always beneficial to economic growth. To achieve a better result from RRI as part of an innovation policy, each country should balance the push and pull power of RRI to make sure that it becomes a building block rather than a stumbling block for innovation, economic growth and social welfare. To assure that RRI can be successfully implemented, China needs to strengthen and improve the participation mechanisms for stakeholders in major scientific and technological innovative activities. 

Key words: China’s innovation policy, economic growth, responsible research and innovation

JEL codes: C5, O4, O32, O38 

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