【目录】 《中国与世界经济》（英文刊）2018年第3期目录
China & World Economy / 1–21, Vol. 26, No. 3, 2018
Impact of China’s Outward Foreign Direct Investment on Its Regional Economic Growth
Chunlai Chen
Abstract
This paper investigates the impact of China’s outward foreign direct investment (OFDI) on its economic growth. By using a provincial-level panel dataset and applying fixed-effects and instrumental variable regression techniques, the study finds that both OFDI from provincial firms and OFDI from state-owned enterprises have a positive impact on China’s provincial economic growth. The positive impact of OFDI on provincial economic growth may be the result of reverse knowledge spillovers from OFDI to the home provincial economy through demonstration and imitation, labor movement, and backward and forward industrial linkages, thus increasing the productivity and the efficiency of home firms and promoting the growth of the home economy.
China & World Economy / 22–42, Vol. 26, No. 3, 2018
Determinants of Factor Misallocation in Agricultural Production and Implications for Agricultural Supply-side Reform in China
Hongyun Han, Hanning Li, Liange Zhao
Abstract
Allocative inefficiency in agriculture is an issue puzzling researchers and policy-makers in China. Based on household data from the China Family Panel Studies of 2012, the present paper quantifies the potential distortions in China’s agricultural production and examines their underlying determinants across regions. The results reveal that there are different levels of distortions across regions. The Middle region is facing the greatest distortion. Increases in machinery input, the proportion of non-farm income and effective labor input will reduce distortions. Household saving, farmland rent and farmland size are significantly positively related to distortions. There is a complementary effect between labor and farmland in alleviating production inefficiency, but substitution effects exist between capital and farmland and also capital and labor. The increase in farmland size will aggravate the impact of capital on distortions. Given the constraint of super small-scale farmland, facilitating land transfer is a necessary precondition for improving allocative efficiency.
China & World Economy / 43–62, Vol. 26, No. 3, 2018
Reinvestigating the Oil Price–Stock Market Nexus: Evidence from Chinese Industry Stock Returns
Sheng Fang, Xinsheng Lu, Paul G. Egan
Abstract
The present study investigates the influence of international oil prices on China’s stock market returns across 29 different industries. The paper attempts to account for any structural breaks and nonlinearity in this relationship. The results reveal that the effect of changes in the international price of oil on stock returns differs substantially across industries. The stock returns of the coal, chemical, mining and oil industries are found to be positively affected by crude oil price movements. Conversely, electronics, food manufacturing, general equipment, pharmaceuticals, retail, rubber and vehicle industries are found to be negatively affected by movements in the price of crude oil. The results of the estimations also suggest that the majority of Chinese industries have been significantly affected by oil prices since 2004. The influence of international oil prices on Chinese stocks also has a stronger effect in the presence of high volatility but the effect varies across industries.
China & World Economy / 63–87, Vol. 26, No. 3, 2018
Rise of Cross-border E-commerce Exports in China
Shuzhong Ma, Yuxi Chai, Hongsheng Zhang
Abstract
China’s cross-border e-commerce industry has demonstrated stable and rapid development thanks to the implementation of appropriate policy support and the progressive establishment of e-commerce platforms. The industry’s prosperity suggests unique advantages of cross-border e-commerce, which are a result of promoting industrial transformation and accelerating economic restructuring. Due to asymmetric information and insufficient data, little research has been conducted on the current status and the trends of the industry as well as the magnitude of risk in cross-border e-commerce. Using the cross-border e-commerce hosting service database of BizArk, the present study has constructed an index for China’s export e-commerce prosperity and magnitude of risk which reveals that the industry: (i) generally presents a tendency of solid growth; (ii) has had a relatively stable situation for logistics facilitation but a drastic fluctuation in customs facilitation; (iii) has gradually shifted to competing for cheaper and more efficient marketing techniques as well as channels; and (iv) has experienced a remarkable amelioration of risk magnitude.
China & World Economy / 88–108, Vol. 26, No. 3, 2018
Public Policy Environment and Entrepreneurial Activities: Evidence from China
Sai Lan, Xiang Gao, Qing Wang, Yilin Zhang
Abstract
What determines the effectiveness of government entrepreneurship policies on the regional development of entrepreneurial activities in China? Using panel data analysis, this study develops a comprehensive framework that examines the effects of various factors, including government efficiency and government support for business, finance and technology, on facilitating the creation of new ventures. Based on provincial data collected between 2009 and 2014, we find that the level of infrastructure development, government incubators and venture capital-guided funds have positive and significant effects on entrepreneurial activities. The findings of our study suggest that local government efficiency is a fundamental precondition for entrepreneurship policies to effectively boost the regional economy.
China & World Economy / 88–108, Vol. 26, No. 3, 2018
Can Cultural Affinity Promote Trade?——HSK Test Data from the Belt and Road Countries
Mengjun Xie
Abstract
As Chinese culture is “going out,” more and more non-native Chinese speakers are beginning to study Mandarin and are taking the Hanyu Shuiping Kaoshi (HSK) test. Mandarin has become a very important trade language for the Belt and Road countries. This paper uses the difference-in-difference model and the Mahalanobis distance and the nearest neighbor distance matching methods to study the internal relationship between culture “going out” and foreign trade. We find that cultural affinity is an important factor in promoting trade, and that the HSK project has expanded China’s exports to the Belt and Road countries. Culture’s promotion effect in Asia is stronger than that in Europe. Culture’s promotion effect shows the characteristics of regional differences, a time-lag and a fluctuating upward trend. Therefore, further enhancing the international influence of its culture would help China to find a new source of export growth.
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