Economic Reform In China Research Articles

Learning A-Share Stock Recommendation from Stock Graph and Historical Price Simultaneously

The Chinese stock market, marked by rapid growth and significant volatility, presents unique challenges for investors and analysts. A-share stocks, traded on the Shanghai and Shenzhen exchanges, are crucial to China’s financial system and offer opportunities for both domestic and international investors. Accurate stock recommendation tools are vital for informed decision making, especially given the ongoing regulatory changes and economic reforms in China. Current stock recommendation methods often fall short, as they typically fail to capture the complex inter-company relationships and rely heavily on financial reports, neglecting the potential of unlabeled data and historical price trends. In response, we propose a novel approach that combines graph-based structures with historical price data to develop self-learned stock embeddings for A-share recommendations. Our method leverages self-supervised learning, bypassing the need for human-generated labels and autonomously uncovering latent relationships and patterns within the data. This dual-input strategy enhances the understanding of market dynamics, leading to more accurate stock predictions. Our contributions include a novel framework for label-free stock recommendations with modeling stock connections and pricing information, and empirical evidence demonstrating the robustness and adaptability of our approach in the volatile Chinese stock market.

State Coercive Power and the War on Cults in China

As a high-capacity authoritarian regime, China has made immense efforts to exterminate the Falun Gong and other “evil cults.” However, cult activities persist throughout the country. This article seeks to explain why the extensive government repression in China failed to achieve its goal of eliminating “evil cults.” By examining how economic reforms in China have created a relatively safe space for illegal activities, the article highlights the importance of going beyond a focus on the conventional coercive apparatus, and adopting a broad concept of coercive capacity for understanding authoritarian durability. State penetration facilitated by grassroots institutions provides a particularly important foundation for the regime’s coercive power. This study draws on a combination of quantitative and qualitative data. The quantitative study analysis uses a dataset compiled from 5,852 judicial cases in which 8,785 cult activities were prosecuted. The qualitative analysis is conducted as a case study based on fieldwork in a medium-size city in Hunan province.

Cross-Border E-Commerce as a Way of Alleviating and Reducing Poverty: The Case of China

This study aims to examine the impact of cross-border e-commerce on rural income in China. Economic reforms in China since 1978 have led to the emancipation of approximately 700 million individuals from poverty. Recent rural economic growth in China has been significantly influenced by the widespread adoption of e-commerce, which is being hailed as a potent tool for reducing poverty in rural regions. Through enhanced access to government services, banking facilities, healthcare, and other vital amenities, as well as the provision of global market opportunities for goods and services, e-commerce exhibits the potential to have a profound impact on poverty alleviation. The study leverages data from village-level surveys conducted in rural areas. The analysis is conducted using the Structural Equation Modeling (SEM) model. The findings indicate that cross-border e-commerce plays a pivotal role in boosting rural income levels, enabling local communities to participate in international trade, and expanding their market presence. The conclusions underscore the significance of e-commerce as a driving force in poverty alleviation initiatives in rural China.

Unleashing the nexus among export sophistication, digital development, and ecological efficiency: evidence from China

As the critical work of future economic reform in China, the “dual carbon goal” would significantly impact China’s participation in international trade and commodity structure in the future and it will bring considerable challenges to the import and export industries and foreign trade enterprises. This study applies the generalized method of moments (GMM) to empirically assess the effects of export sophistication and digital development on ecological efficiency using 2006–2016 panel data from 30 provinces in China. The empirical findings reveal that there has been a yearly increase in the provincial green total factor productivity (GTFP), which is mainly driven by the promotion of technological level and has a significant regional heterogeneity. Both export sophistication and digital development have a positive impact on promoting ecological efficiency. In general, one unit increase of export sophistication would lead to an increase in GTFP by approximately 0.02–0.03. However, digital development has a negative moderating effect on the influence of sophistication on green total factor productivity, which indicates that the positive impact of export sophistication demonstrates a tendency for the marginal effect to diminish when digital development is sufficient. The reason is that digital development strongly impacts the regional economic pattern in China, and economically developed coastal areas often have a higher level of digital construction and export structure. After clustering, it indicates that while digital development has a stronger favorable influence on increasing GTFP in the western area, export sophistication has a substantial positive impact on GTFP in the eastern region.

Gabriele Crespi Reghizzi and his time: A comparative lawyer against the background of the epoch

The article is devoted to an Italian lawyer, a prominent specialist in comparative law Gabriele Crespi Reghizzi (1941–2022), who in the last period of his life worked at the Department of Law of St. Petersburg State University. It talks about main milestones of his academic career: emergence of interest in Soviet and Chinese law, acquaintance with leading scientists in these fields, creation of innovative works. In addition to the law of the USSR and China, he was interested in the law of states of Eastern Europe, India and Africa, focusing on not only genesis of legal systems, but also their development and interaction in the context of international relations. The knowledge and experience of G.Crespi Reghizzi, as it seemed, should have remained within the framework of a narrow academic interest, but economic reforms in China in the 1970s and 1980s and political changes in Europe in the 1980s and early 1990s gave them a fresh start. Professor G.Crespi Reghizzi was widely known by his professional activity as a business lawyer, international commercial judge, consultant on legal aid projects for post-Soviet states. His contribution to the codification of civil law in Russia is noted. Among G.Crespi Reghizzi’s distinctive features as a scientist, the author notes his extremely attentive attitude to legal terminology, and in the case of the Chinese language — to legal ideography, extensive use of primary sources and non-traditional sources, knowledge of several foreign languages. He attracted people, students and colleagues, by virtue of his personal qualities as attentiveness, spiritual generosity, originality of views, willingness to share his exotic experiences. To compile a complete bibliography of G.Crespi Reghizzi’s works seems to be quite difficult, since, besides professional legal publications and publishing houses, he willingly published in a variety of places and forms, wrote a lot of practical and popular scientific works, not to mention the linguistic diversity of his publications. Nevertheless, the article presents his main works, which made a great contribution to understanding the legal system of socialist and post-socialist countries and comparative law.

Can the marketization of urban land transfer improve energy efficiency?

Local government intervention in land resource allocation can lead to the misallocation of land resources and serious pollutant emissions. As an important market-oriented economic reform in China, the marketization of urban land transfer (MULT) might have the potential to contribute to improving resource allocation efficiency by curbing local government intervention. Therefore, this study aims to provide empirical evidence on the impact of MULT on energy efficiency. We improve the MULT evaluation method to test the mechanism through which MULT affects energy efficiency. The results show that, first, the proportion of land sold by allocation and listing methods, which is characterized by a low degree of marketization, has rapidly increased in recent years, lowering the overall level of MULT. Second, MULT has a direct and significant positive impact on improving energy efficiency. Third, the mechanism analysis indicates that MULT helps enhance energy efficiency by advancing industrial structure optimization and technological progress. Moreover, the heterogeneity analysis demonstrates that the impact of MULT on improving energy efficiency differs significantly in different reform stages and between central and peripheral cities. This study sheds light on the importance of land resource allocation in improving energy efficiency and thus has practical policy implications for promoting low-carbon energy transition in emerging countries.

Government policy and land price dynamics: A quantitative assessment of China’s factor market reforms

This paper examines the role played by government policy regarding factors of production in shaping the dynamics of a growing economy. Using land as an example of an important productive factor, we develop a quantitative model with endogenous land price policy regimes to incorporate the regime switch observed in China from dual-track land pricing to land price discrimination by use. Our model also captures the following three economic reforms in China: introduction of non-SOEs (state-owned enterprises); reform of SOEs characterized by their retreat from the competitive manufacturing sector and the establishment of state monopolies in factor markets around 2000. We calibrate our model to match key economic indicators for China and quantify the effects of these reforms. Our calibrated model is consistent with several stylized facts for China after 2000 such as widening disparity in land prices by use, rapid growth in housing price, land revenue, and government expenditures on public goods, and the steep decline in labor share for income.

China's textbook approach to regulatory reform of the natural gas market

Natural gas, as a transition fuel, is considered essential for China's decarbonization and local air protection policy, yet the regulatory structure China relies on to promote gas use remains under-researched. China's central government recognizes the need for market-based reforms of the gas sector, but what regulatory and policy adjustments are necessary to reorganize gas supply on a market basis? The textbook approach to energy market reform, and its implementation in the European Union, provides important guidance on how to create a regulatory basis to support competition in gas supply, provided national institutional characteristics are taken into account. This article engages in a comparative analysis of China's gas market reform policies and their implementation at the provincial level, focusing on Guangdong, a laboratory of economic reforms in China. The analysis demonstrates that reforms in 2019–2021 integrated key aspects of the textbook model in China's gas regulations, including third-party access, price deregulation and ownership unbundling. However, the textbook is of limited use to address remaining institutional barriers to reform, including resistance of distribution monopolies to competition from state-owned enterprises. Guangdong's experience shows that reform is possible, but only if accompanied by institutional and pricing adjustments reconciling vested interests with competition.

What shapes the impact of environmental regulation on energy intensity? New evidence from enterprise investment behavior in China.

With the deepening of economic reforms in China, the low-energy transition is increasingly relying on government policy and enterprise participation. This research thus investigates the mechanism through which environmental regulation impacts industrial energy intensity. Based on provincial data during 2005-2019, we construct a dynamic panel model to capture the linkage between environmental regulation and the energy intensity with the consideration of the mediation effect of enterprise investment behavior, i.e., technology or financial investment. Our findings suggest a significant U-shaped relationship between regulation and energy intensity, and that enterprise investment behavior serves as a bridge to mediate the role of environmental regulation in alleviating energy intensity. Such effects are more pronounced for state-owned and large-sized enterprises. These findings can guide enterprises to invest in response to these regulations to further ensure energy efficiency.

مراحل تطور العلاقة الاقتصادية بين السعودية والصين / Stages of Development of the Economic Relationship Between the Saudi Arabia and China

Abstract The economic relations between Saudi Arabia and modern China witnessed four stages: 1. the phase of almost no relationship, which lasted from 1949 AD until the mid-seventies of the last century; 2. the stage of initiating developing relations between the two countries after the start of economic reforms in China; 3. relations of highly advanced levels after the acceleration of the growth rates of the Chinese economy at the beginning of the new millennium; 4. the phase of transforming the Chinese economy into a locomotive that drags the rest of the train cars of the world economy, following the financial-economic crisis that hit the industrial hubs in 2008, whose epicenter was the United States after the mortgage crisis. During the fourth stage, two visions concurred: the Kingdom’s Vision 2030, and the China’s Belt and Road Initiative, which strengthened relations between the two countries. strengthened relations between the two countries.

Chen Daisun and the Search for Theoretical Foundations of Economic Reforms in China

Chen Daisun and the Search for Theoretical Foundations of Economic Reforms in China

A Tale of Two Countries and Two Stages: South Africa, China and the Lewis Model

AbstractThe paper compares the economic progress of two countries, South Africa and China, in relation to the Lewis model. These economies are chosen because they have interesting similarities and also interesting differences. At the start of economic reform in China and with the advent of democracy in South Africa, both countries had surplus labour: they were at the first, labour‐surplus, stage of the Lewis model. It is shown that, since then, South Africa has continued to experience surplus labour: the unemployment rate has risen. By contrast, China’s labour market is shown to have tightened, and there is evidence that China has entered the second, labour‐scarce, stage of the Lewis model. The difference lies in their growth rates. There are sections explaining why the South African economy has grown slowly and why the Chinese economy has grown rapidly, in relation to the growth of their labour forces. The Lewis model provides an enlightening framework for explaining how widely the fruits of economic development can be shared.

Changes in Environmental Profiles of Cancer Villages: A Case Study of Aizheng Cun in China

Cancer villages, or popularly called Aizheng Cun (癌症村) in Chinese, are a new phenomenon after the economic reform in China. This study aims to investigate the degree to which the changes in land use and land cover (LULC) degraded the water quality in cancer villages with a focus on Shenqiu County in Henan Province, one of the most notorious cancer villages in China. Changes in LULC and vegetative content on water surfaces and their spatial relationships were profiled using land surface remotely sensed data. The study finds that along with the considerable expansion of built environment and farmland over thirty years (1987–2017), the mean of the Normalized Difference Vegetation Index (NDVI) on water surfaces, a proxy for surface water biomass, increased dramatically (from −0.11 to 0.34). Moreover, around 80 percent of the newly fabricated built environment and 74 percent of the new farmland occurred in close proximity (within 1 km) to the water bodies with increased NDVI. Because vegetative content on water surfaces was used as a possible indicator for water quality degradation in water quality, the findings could support the assumption that wastewater discharges from anthropogenic activities contribute to the degrading water quality in cancer villages.

The State Strikes Back: The End of Economic Reform in China?, by Nicholas R. Lardy. Washington, DC: Peterson Institute for International Economics, 2019. ix+172 pp. $US23.95 (paper).

Previous articleNext article No AccessReviewsThe State Strikes Back: The End of Economic Reform in China?, by Nicholas R. Lardy. Washington, DC: Peterson Institute for International Economics, 2019. ix+172 pp. $US23.95 (paper).Dwight H. PerkinsDwight H. PerkinsHarvard University Search for more articles by this author PDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by The China Journal Volume 85January 2021 Published on behalf of the Australian Centre on China in the World at the Australian National University Article DOIhttps://doi.org/10.1086/711548 Views: 186Total views on this site For permission to reuse, please contact [email protected]PDF download Crossref reports no articles citing this article.

Civilising offensive in China's rural areas: An examination of the establishment of moral review councils

Abstract In this paper, I show that the emergence of moral review councils (MRCs) in China's rural areas is a civilising offensive initiative. Counsellors of MRCs defend the local order and morality in the context of economic reform in China through the promotion of filial piety, prevention of disease, the upholding of proper marriage and funeral ceremonies, and the promotion of personal integrity, which is essential to the market. All of these ethical issues are addressed through fostering appropriate women as role models in families. By unpacking the complex rationale of MRCs, I argue that the civilising offensive in China's rural areas is an initiative based on the authority of male seniority aimed at eradicating and assimilating certain less qualified actors and values within the community, both of which are (un)intentionally in service of the development of a market economy. The paper expands the notion of a civilising offensive in non-European rural areas.

Regime-Centered and Court-Centered Understandings: The Reception of American Constitutional Law in Contemporary China†

Abstract American constitutional law haunts the contemporary Chinese constitutional imagination. China’s reception of American constitutional law occurred in two major stages. In the first stage, which spanned from the 1980s to the early 1990s, Chinese intellectuals understood American constitutionalism as a particular political regime to be politically criticized or objectively appraised, with the tripartite separation of powers overwhelmingly highlighted as a core feature of the American constitutional-political system. In the second stage, which began in the late 1990s, a paradigmatic shift from a political, regime-centered perspective to a legalized, court-centered approach occurred in China’s introductions to and studies of American constitutionalism. The U.S. Supreme Court and the concept of judicial review now primarily preoccupy most Chinese constitutional minds; these features of the American system have formed the focal points of reference for Chinese constitutional reform. This shift from the first stage to the second reflects both ideological and social changes since the economic reform in China, as well as international impacts.

Chinese state-owned commercial banks in reform: inefficient and yet credible and functional?

After the initial public offerings of state-owned commercial banks (SOCBs) in 2005–2010, the transformation of the property structure blurred the conventional boundaries between public and private property in China while the state continued to play an important role in the regulation and operation of this ‘hybrid property’: the mixed public-private ownership structure adopted for previously wholly SOCBs. It is could be that the perceived lending bias against private enterprises was a rational decision made by SOCBs in China, partly due to the high transaction costs of risk evaluation and the lack of any formal channels to mitigate the credit risks of such loans. The hybrid nature of SOCBs property rights makes them a credible and convenient channel for the state to provide counter-cyclical lending to contain any exogenous (economic) shocks that might occur as well as long-term financial support for development purposes in the transitional economy and thus contribute to socio-economic and political stability in China. Instead of a stumbling block for economic reforms in China, as posited by the conventional institutional analysts, the ambiguous property rights of SOCBs and their practice of offering favourable loan conditions to state-owned enterprises could actually contribute to their profitability and thus the continuity of hybrid property banking systems and their credibility in China.

Along the Academe‐Policy Frontier: A Tribute to Aileen S.P. Baviera

Along the Academe‐Policy Frontier: A Tribute to Aileen S.P. Baviera

How land transfer marketization influence on green total factor productivity from the approach of industrial structure? Evidence from China

Market-oriented allocation of land resources is one of the main economic reforms in China. However, the influence of land transfer marketization (LTM) on green total factor productivity (green TFP) and its mechanisms remain unknown. Based on panel data of 30 provincial administrative regions in China from 2004 to 2016, this study attempts to establish mechanism among LTM, industrial structure and green TFP, which is measured by the Slack Based Measure DEA (SBM-DEA) model containing undesirable output, and empirically estimates the impact of LTM, the rationalization and optimization of industrial structure and their interactions on green TFP further. The results show that: 1) LTM has a significant promoting effect on the improvement of green TFP in China, and the effect is also significant in the eastern, central and western regions as well, indicating that the application of land transfer policy to regulate regional economic development is widespread in China. 2) The rationalization of industrial structure has significantly promoted the development of green TFP in China, as well as at the regional levels, and the effect decreases from the western region to the central and eastern regions. The optimization of industrial structure also has a promoting effect on green TFP in China and all the regions, but the regional differences of the effect are contrary to that of the rationalization of industrial structure, with a decreasing trend from the eastern region to the central and western regions. 3) The interaction between LTM and the rationalization of industrial structure has significantly inhibited the improvement of green TFP in China, and the regional variations of the restraining effect are higher in the western region, followed by the central and eastern regions. The interaction between LTM and the optimization of industrial structure also has a negative effect on green TFP in China, and the regional variations of the effect showing the decreasing trend from the eastern region to the western and central regions. Therefore, China should continue to adhere to the market-oriented urban land transfer system reform, actively play the role of the government in the industrial upgrading and industrial transfer, and formulate a differentiated land transfer system and industrial development policies based on the economic development and industrial characteristics of various regions, so as to achieve the sustainable development of China’s economy and society.

Book review: The State Strikes Back: The End of Economic Reform in China?

Book review: The State Strikes Back: The End of Economic Reform in China?