Chinese Policy Research Articles

Mitigating Missingness in Analysing Chinese Policy and Implications for the Fragility of Our Knowledge Base

Mitigating Missingness in Analysing Chinese Policy and Implications for the Fragility of Our Knowledge Base

Expanding lake and the landless pastoralists in pastoral Tibet, China

ABSTRACT This paper argues that everyday politics are instrumental in negotiating development outcomes despite the pervasive influence of centralised state power. The paper highlights the fluidity and adaptability of Chinese policy formulation, emphasizing local learning and improvisation. This is especially important for pastoral communities in remote rangelands, where land appropriation and environmental exploitation are increasingly evident. The paper sheds light on the influential role of everyday political practices in shaping outcomes within the Chinese context, while simultaneously contesting simplistic portrayals of top-down state planning in China. By emphasizing the existence of manoeuvrability and opportunities for negotiation within this framework, the paper advocates for a nuanced understanding of governance dynamics and power relations in the Chinese context.

Research on the effect of multiple credit ratings from the perspective of financial regulatory systems in Chinese bond market.

This paper, starting from the effects of financial regulatory policies, considers the interaction between Chengxin_Moody and Lianhe_Fitch with the dual rating system and the multi-rating system, constructs a new ordered Logit model, and attempts to explore the impact of the Notice, the dual rating system and the multiple rating system on the probability of Chinese corporate bond defaults, rating upgrades, rating downgrades, and the magnitude of credit rating migrations. This study compares the effectiveness of different rating regulatory systems. Using nine thousand two hundred and sixty-two data of Chinese corporate bonds as the research samples. Empirical analysis and robustness test reveal the following findings: (1) The issuance of the Notice has a significant positive effect on the implementation of both the dual rating system and the multiple rating system, with a greater impact on the implementation of the multiple rating system; (2) The issuance of the Notice, along with the dual rating system and the multiple rating system, can all reduce the probability of corporate bond defaults, with the multiple rating system showing the best preventive effect against corporate bond defaults; (3) The dual rating system is more effective in promoting rating agencies to adjust rating behaviors, accurately correcting corporate bond ratings and effectively alleviating the issue of rating inflation. Competition among rating agencies intensifies rating shopping; (4) Under the dual rating system, rating agencies are more likely to expand the magnitude of credit rating upgrades and downgrades, enhancing the differentiation between high-quality corporate bonds and junk corporate bonds; (5) The selection of rating information from Chengxin_Moody and Lianhe_Fitch can appropriately adjust the degree of flexibility or tightening in response to rating regulatory systems. Chengxin_Moody demonstrates a more sensitive reaction compared to Lianhe_Fitch regarding the rating regulatory systems. This study provides valuable references for the formulation and evaluation of the effectiveness of Chinese corporate bond rating regulatory policies.

The Political Economy of Variations in Energy Debt Financing by Two Chinese Policy Banks in Africa

ABSTRACTThis article examines the puzzle of why China's two policy banks, China Development Bank (CDB) and the Export‐Import Bank of China (Eximbank), have lending portfolios for power‐generation projects in Africa that have drastically different levels of carbon dioxide emissions. From the supplier side, Eximbank balances two imperatives: Beijing's ideational ambition as a new development provider to African recipients with sustainability commitments, and China's industrial goal to offshore non‐renewable capacity. In contrast, the CDB prioritizes its commercial interests, which results in the bank lending solely for coal projects. On the demand side, Eximbank's concessional capital has emerged as a second‐best option among international financial sources for renewable and hydropower generation projects. Conversely, CDB's market‐rate lending makes it the fiscal last resort for host countries seeking financial support for thermal‐power projects which are shunned by other financiers. This divergence can be understood through the polycentric development finance model, which captures the parallel decision‐making institutions governing Chinese energy financing in Africa. Specifically, the lending decisions of Eximbank are linked with institutionalized policy processes, translating priorities of Chinese and African state actors. Meanwhile, the loan origination processes of CDB are more independent of state actors, allowing greater autonomy for the financier to pursue commercial interests.

Analyzing the Influence of Dividend Policy on Corporate Value: A Financial Perspective with Haier as a Case Study

The dividend policy plays a pivotal role in stabilizing stock prices and sustaining investor enthusiasm for listed companies. It not only significantly impacts the interests of management, investors, and creditors but also has long-term implications for the company's development. However, most studies on Chinese enterprises' dividend policies primarily rely on empirical research methods, with limited literature available on individual companies. The utilization of a case analysis methodology in this study has significantly enhanced the research cases related to China's dividend policies, thereby providing valuable insights for the advancement of analogous industries and the formulation of future dividend policies. In this study, Haier Smart Home Co., Ltd. (referred to as "Haier"), a publicly traded company on the Shanghai Stock Exchange, is selected as the case study subject in order to examine the impact of dividend policy on corporate value from a financial perspective. Through an analysis of Haier's dividend allocation data from 2008 to 2022 and an evaluation of various financial indicators during this period, we find that a stable dividend payment level can effectively sustain the enterprise value of the company. Therefore, it is recommended for listed companies to optimize their ownership structure and enhance corporate governance while strategically formulating dividend policies aligned with their financial performance and corporate strategy.

Research on Quality Evaluation of Climate Information Disclosure in Cement Industry

This paper discusses the current situation and framework of climate information disclosure through the review of domestic and foreign literature. Based on relevant international guidelines and Chinese policies and regulations, the evaluation system is constructed from four dimensions of governance, strategy, risk management, index and target report by using analytic hierarchy process (AHP) and content analysis method. Taking the content of climate-related information disclosure of Tianshan Stock in 2023 as an example, this paper studies the gap between domestic cement enterprises in their climate information disclosure and the global benchmark, and puts forward relevant countermeasures and suggestions to promote the improvement of the quality of climate information disclosure of listed companies in the cement industry.

Perceived protective behavioral changes in Chinese residents post-dynamic zero-COVID policy lifting: a cross-sectional study.

To investigate how Chinese residents perceived changes in their protective behaviors in the early stage after the lifting of the dynamic zero-COVID policy, and to explore the associations between the overall perceived change and factors such as demographic and health-related information, COVID-19 related perceptions, negative emotions, and coping styles. This cross-sectional study involved 798 Chinese residents who completed an online questionnaire between 16 and 25 December 2022. The questionnaire covered demographic and health-related information, COVID-19 related perceptions, negative emotions, coping styles, and perceived changes in protective behaviors. Multiple linear stepwise regression analysis was used to determine the factors associated with the overall perceived change in protective behaviors. The mean score for perceived protective behavioral change among participants was 61.38 (SD = 10.20), which was significantly higher than the hypothesized no-change value of 49 (p < 0.001). The mean scores for each of the 15 behaviors (excluding the two vaccination-related items) were significantly greater than the hypothesized no-change value of 3 (p < 0.001). The mean scores for the two vaccination-related items were significantly greater than the hypothesized no-change value of 2 (p < 0.001). Among all behaviors, avoiding dining out or gathering with friends had the highest mean score (Mean = 4.16), while engaging in regular physical activity had the lowest (Mean = 3.32). Avoiding dining out or gathering with friends had the highest percentage of individuals reporting an increase (71.3%), whereas maintaining a social distance of more than 1 m had the highest percentage of individuals reporting a decrease (17.5%). Regression analysis indicated that age, worry, positive coping, female sex, negative coping, and perceived severity were associated with the overall perceived change in protective behaviors, with worry being the most predictive variable. This study suggested that Chinese residents perceived an increase in their protective behaviors in the early stage after the policy change, with varying magnitudes across behaviors. We identified some potentially modifiable factors associated with perceived protective behavioral change, with worry emerging as the strongest predictor, followed by positive coping, negative coping, and perceived severity. These insights offer valuable information for developing effective communication strategies, psychological support, and comprehensive models in health behavior research.

The Analysis of Strategic Development of Tesla in Chinese Electric Vehicles Market

Since 2012, Tesla has established many factories and research and innovation centers in China. This paper examines the strategic development of Tesla in the Chinese electric vehicles (EV) market and reveals several key findings. As one of the world’s leading EV manufacturers, Tesla’s expansion into China has been a significant milestone in its global growth strategy. The analysis focuses on Tesla’s market entry strategy, competitive positioning, localization efforts, and the impact of Chinese policies and market dynamics on its operations. By studying Tesla’s strategic decisions and outcomes in the Chinese EV market, this paper provides insights into the opportunities and challenges faced by multinational companies in the rapidly evolving Chinese EV industry.

Mapping the Evolving Landscape of Library-Related Policies in China: A Topic Modeling Approach

This study aims to investigate the thematic characteristics and evolutionary patterns of library policies in China from 1949 to 2023. Employing the Latent Dirichlet Allocation (LDA) model, the research analyzed 2,703 Chinese government-issued policies related to libraries during this period, identifying key topics and tracing their developmental trajectories. The study recognized four distinct developmental phases, five major topics, and the underlying connections among feature terms within different topics. It discussed the corresponding topic strengths and evolving trends in each phase. Library policies in China are predominantly centered on five key domains: 1) spatial planning and architectural integration, 2) information management and transparency, 3) legal regulations and supervisory enforcement, 4) heritage preservation and sustainable development, and 5) community inclusion and accessibility. Notably, spatial planning and architectural integration consistently garner substantial attention, highlighting their enduring prominence, while there is relatively less emphasis on community inclusion and accessibility, as well as heritage preservation and sustainable development. The contribution of this study lies in conducting a semantic exploration of the overall transformation in library-related policies in China, validating the effectiveness of the LDA model in identifying topics within policy texts, and expanding the research perspective on library policy evolution.

Integrated energy services in parks: Analyzing stakeholder dynamics and innovation under the REITs model through 23 policy documents

Industrial parks are significant consumers of energy, contributing to global carbon emissions and intensifying the need for strategic interventions to meet carbon reduction and energy efficiency goals. In China, the Real Estate Investment Trusts (REITs) model has been adopted to advance the development of Integrated Energy Services (IESs) within these parks. This paper analyzes 23 Chinese government policy documents to explore the key stakeholders in park-based IESs, particularly the central role of energy companies in shaping collective decision-making processes. The study highlights how business models, including financial investment, offline and digital services, and innovative practices, have evolved under the REITs framework to drive the development of IESs and foster collaboration among stakeholders.

Road through a broken place: the BRI in post-coup Myanmar

In the wake of the 2021 coup, Myanmar experienced a renewed civil war that has fragmented the country along a myriad of old and new conflict lines. Despite the high-intensity violence across many regions of the country, China is still pursuing an ambitious connectivity project under its Belt and Road Initiative (BRI): The China-Myanmar Economic Corridor (CMEC) is meant to connect Myanmar to the Chinese market and boost Myanmar’s industrial development. However, the challenging post-coup environment has required significant changes in China’s approach to local infrastructure development and empowered a new set of subnational actors on both sides of the border. This article analyzes how CMEC has fared since the coup, and how the fragmentation of Myanmar has gone hand in hand with that of Chinese agency in the country. Contrary to prevailing descriptions of the BRI as a coherent, strategic, and top-down project, we argue that the case of Myanmar exposes the degree to which it is shaped by local interests and circumstances, and the limits of centralized BRI implementation. Finally, it is likely that adjustments in Chinese policy triggered by the situation in Myanmar will have more long-term consequences for the future of the BRI, specifically a more direct involvement in local security efforts and greater engagement with local authorities beyond the central government.

What influences the development of wine-producing regions? New economic opportunities in the eastern foothills of the Helan Mountains in China

The formation and development of wine regions require unique natural conditions and hundreds of years of technical and cultural accumulation. The development of the wine industry at the eastern foot of Helan Mountain in China, in addition to the appropriate geographical environment, the technical migration, and talent flow supported by consistent policies, have improved the allocation ability of resource factors and conversion efficiency, making it a world-renowned new wine-producing region in just 40 years. This particular mechanism deserves attention as new industries develop in other parts of the world. Using the methods of spatial autocorrelation, hot spot analysis, and geographic detector, this paper comprehensively analyzes the growth and spatial evolution characteristics of wineries in the eastern foot of Helan Mountain in China and deeply discusses the mechanism of the interaction between the localization of global floating capital and China's unique regional economic policies. It is found that the local selection of global floating capital has a spatial locking effect on the formation of CHMWR, and the rolling support policies of China's central and local governments promote the rapid expansion and regional spread of the number and scale of wineries, with significant spatial agglomeration and spatial diffusion. The profound mechanism of such changes lies in the dual interaction of the local selection of global liquid capital and the Chinese government's wine-producing policies adapted to the geographical environment. In this process, a series of internal and external factors such as the innovation of grape planting and wine-making technology, consumer market, and government behavior have accelerated the continuous growth of the wine-producing region at the eastern foot of Helan Mountain in Ningxia. This paper adds a new understanding and deep understanding of the interaction between the local implantation of economic globalization and the macro-control policies of the Chinese government.

Differential Economic Impacts of Chinese and American Trade Policies on Developed Versus Developing Nations

The trade conflict between the United States and China, the two largest economies in the world, has considerable implications for global economic stability and growth. This topic has been selected due to the necessity of understanding how these trade disputes impact other countries, particularly those heavily dependent on exporting goods to these major economies. The analysis aims to investigate the varied effects of the trade war on both industrialized and developing nations. An analysis is conducted to examine the differential effects of the trade war on industrialized and developing nations by studying the changes in GDP growth rates, unemployment rates, and balance of trade trends. This study examines the distinct economic effects of the China-US trade war on Germany, Canada, and Mexico, which serve as representative examples of developed and developing nations. The results emphasize the significance of customized policy measures to tackle the distinct difficulties and prospects encountered by various economies. Developed countries should prioritize efforts to reduce sluggish economic development and address unemployment in specific sectors. On the other hand, developing nations should take advantage of trade diversion benefits and strengthen their economic resilience. This study enhances the awareness of global trade dynamics and offers vital perspectives for policymakers seeking to negotiate the intricacies of international trade wars.

The Path Driving China’s Energy Structure Transformation from the Perspective of Policy Tools

Combing through Chinese energy-related policy texts and exploring the development path of energy restructuring are significant steps towards a better understanding of the history of energy restructuring in the process of building a moderately prosperous society in all aspects. To explore the various paths driving the transformation of China’s energy structure, the energy policies promulgated at the national level from 2001 to 2020 in China were systematically compiled. Based on the policy tool perspective, a theoretical framework for influencing China’s energy structure transition was proposed in three dimensions: objectives, tools, and intensity. A total of 39 national energy policy texts were analyzed using a fuzzy set qualitative comparative analysis method. The results show that (1) the consistency levels of individual preconditions were all below 0.9, which does not constitute a necessary condition for the transformation of China’s energy structure; (2) the sufficiency analysis identified three paths of China’s energy structure transformation, which can be described as models driven by “multiple objectives + information”, “single objective + information”, and “single objective”; (3) energy restructuring is a goal-oriented process; the clarity and certainty of the efficient and green objectives of energy policies have a facilitating effect on energy restructuring, and the support of information technology provides an important guarantee for energy restructuring; (4) compared with European and American countries, it was found that China’s energy policy tools were characterized by an emphasis on macro-planning, insufficient connectivity, and marked tendencies in practice.

Economic Effects Assessment of Forest City Construction: Empirical Evidence from the County-Level Areas in China

Forests are both an irreplaceable natural resource and a vital economic asset for all humankind. Based on the data of counties in mainland China from 2007 to 2020, the article explores the direct impact and spatial spillover effects of the policy implementation on the economic growth of counties with the help of the forest city pilot policy and the policy evaluation model. The results reveal that policy implementation can have a positive economic growth effect on the pilot counties, which, in turn, can significantly increase the size of the county′s GDP, the level of GDP per capita, and the total amount of nighttime lighting brightness. The implementation of forest city construction can bring about 2.74% of total GDP size, about 2.63% of per capita GDP development level, and about 7.25% of nighttime light brightness to the county on average. Cost–benefit analysis also indicates that forest city construction can bring about a comprehensive economic benefit of approximately CNY 686.453 million (approximately USD 96.82 million) to the counties. The rapid improvement in labor productivity, significant influx of high-end factors, and continuous expansion of market potential are important mechanisms through which policy implementation promotes economic growth in pilot counties. While promoting economic growth in the pilot counties, forest city construction can also have positive spatial spillover effects on neighboring areas in the pilot counties. Furthermore, when the deficits in atmospheric vapor pressure and annual evapotranspiration are used as instrumental variables for forest city construction, the empirical estimates are not significantly altered. In the process of building forest cities, county governments should be wary of issues such as the high cost of forest maintenance. This study provides a Chinese model and policy reference for other countries and regions in the world to deal with the relationship between forest city construction and county economic growth.

Online Compulsive Buying and Psychological Distress : A Person-Centered Approach and Reflections on Chinese Social Policy

Online Compulsive Buying and Psychological Distress : A Person-Centered Approach and Reflections on Chinese Social Policy

Economic policy uncertainty and the predictability of stock returns: impact of China in Asia

PurposeMotivated by the significant role of uncertainty in affecting investment decisions and China's economic leadership in Asia, this paper investigates the predictive role of exposure to Chinese economic policy uncertainty at the individual stock level in large Asian markets.Design/methodology/approachWe estimate the monthly uncertainty exposure (beta) for each stock and then employ the portfolio-level sorting analysis to investigate the relationship between the China’s uncertainty exposure and the future returns of major Asian markets over multiple trading horizons. The raw returns of the high-minus-low portfolios are then adjusted using conventional asset pricing models to investigate whether the relationship is explained by common risk factors. Finally, we check the robustness of the portfolio-level results through firm-level Fama and MacBeth (1973) regressions.FindingsApplying portfolio-level sorting analysis, we reveal that exposure to Chinese uncertainty is negatively related to the future returns of large stocks over multiple trading horizons in Japan, Hong Kong and India. We discover this is unexplained by common risk factors, including market, size, value, profitability, investment and momentum, and is robust to the specification of stock-level Fama and MacBeth (1973) regressions.Research limitations/implicationsOur analysis demonstrates the spillover effects of Chinese economic policy uncertainty across the region, provides evidence of China's emerging economic leadership, and offers trading strategies for managing uncertainty risks.Originality/valueThe findings of the study significantly improve our understanding of stock return predictability in Asian markets. Unlike previous studies, our results challenge the leading role of the US by providing a new intra-regional return predictor, namely, China’s uncertainty exposure. These results also evidence the continuing integration of the Asian economy and financial markets. However, contrary findings for some Asian markets point toward certain market-specific features. Compared with market-level research, our analysis provides deeper insights into the performance of individual stocks and is of particular importance to investors and other market participants.

Spatial pattern and compositional distribution of organochlorine pesticides in the black soil region of Shenyang

Organochlorine pesticides (OCPs) are persistent organic pollutants (POPs) prevalent in soils with carcinogenic, teratogenic and mutagenic hazards that are commonly found in soils and remain in the environment even though they have been banned. In order to fill the gap of fewer studies after the ban, soil samples were collected from 308 agricultural fields of cash crops and grain crops in the black soil area of Shenyang City (Liaozhong District, Faku County, Xinmin City and Kangping County) in this study. The aim was to determine, the use and distribution characteristics of OCPs in agricultural soils in the black soil region of Shenyang City. Compositional analysis showed that the detection rate of banned OCPs in agricultural soils was 71.75%, including contaminants such as technical dichloro-diphenyl-trichloroethane (DDT), chlordane and hexachlorobenzene (HCB), which were widely distributed in Liaozhong District, Faku County, Xinmin City and Kangping County, with 45.25% of the fields having compounded contamination of OCPs, and several areas were involved in the fresh inputs of contaminants such as technical DDT. Among them, Kangping County and Faku County are more seriously polluted, with 66.29% and 60.71% of OCPs exceeding the standard. Soil OCPs is more serious in cabbage and rice farmland among cash and food crop farmland. Based on Chinese policy on control, prevention and other pesticide management measures, it was concluded that the framework should be strengthened to prevent further illegal use of banned OCPs.

Personal income tax reform and household savings rates: Evidence from a quasi-natural experiment in China

This study examines the effects of the 2018 personal income tax reform on household savings rates using data from the China Household Finance Survey (CHFS). Employing a quasi-natural experiment approach, our findings demonstrate that the reform has led to an increase in savings rates among Chinese households. Mechanism tests indicate that income uncertainty serves as the underlying mechanism linking the personal income tax reform to household savings rates. Heterogeneity analyses reveal that the impact of the personal income tax reform on household savings rates is particularly pronounced for households with lower income and those whose heads have lower levels of education. Additionally, the personal income tax reform has elevated the proportion of household development and enjoyment consumption in total consumption. This study provides a novel micro-perspective on the influence of Chinese fiscal policies on residents' saving behavior and offers valuable insights for promoting high-quality consumption and fostering high-quality economic development.

Climate policy uncertainty influences carbon emissions in the semiconductor industry

Industry carbon emissions have been increasing, yet there remains a dearth of research on the impacts of climate policy uncertainty. This study first explored the effects of climate policy uncertainty on the carbon emissions of semiconductor enterprises. We employed the Bidirectional Encoder Representations from Transformers (BERT) model. We constructed a Chinese climate policy uncertainty index based on electronic news entries to match the enterprise panel data structure from 2011 to 2022. The results showed an increase in climate policy uncertainty, which helped to reduce semiconductor enterprises’ carbon emissions. This effect was primarily achieved via two pathways. First, climate policy uncertainty leads to companies facing stricter environmental requirements, and these companies will proactively increase their investment in environmental, social, and governance standards to cope with the potential risks. Second, climate policy uncertainty is often accompanied by shifts in government climate policy. Governments will provide green subsidies to enterprises to achieve their policy goals. Furthermore, the policy uncertainty for the semiconductor industry could amplify the reducing effect of climate policy uncertainty on the carbon emissions from semiconductor enterprises. Climate policy uncertainty has a greater impact on non-state-owned and smaller semiconductor enterprises. Our study provides a new way to measure climate policy uncertainty, finds a new perspective based on climate policy uncertainty for exploring the potential impacts of corporate carbon emission reductions, bridges the gap between previous studies on enterprise carbon reductions and climate policy uncertainty, and offers a new path for governments to manage industrial carbon emissions.