A Bridge on Economic Issues between China and the World
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The Anatomy of Chinese Innovation: Insights on Patent Quality and Ownership
Philipp Boeing, Loren Brandt, Ruochen Dai, Kevin Lim, Bettina Peters, May 07, 2025Chinese patenting has become narrower and less innovative over time. The role of overseas knowledge has also declined sharply. These findings are salient in the context of a marked slowdown in economic growth in China and rising concerns of technological decoupling with the US.
How Do Public Pensions Affect Eldercare Mode and Son Preference? An Empirical Study on the New Rural Pension Scheme in China
Naijia Guo, Wei Huang, Ruixin Wang, Dec 11, 2024How do public pension schemes reshape eldercare and social norms with son preference? Using variations in the timing of the New Rural Pension Scheme (NRPS) across rural Chinese counties..
Industrial Policy: Lessons from Shipbuilding
Panle Jia Barwick, Myrto Kalouptsidi, Nahim Bin Zahur, Dec 18, 2024The article discusses that although China's industrial policy (IP) in the shipbuilding industry significantly increased domestic shipbuilding production and global market share, it had limited effects on improving domestic welfare and led to inefficient allocation of resources.
How Do Firms Withstand Global Economic Shocks: Evidence from Within-Firm Responses
Xiao Cen, Vyacheslav Fos, Wei Jiang, Oct 16, 2024The article discusses that the adaptation strategies of American firms against the backdrop of China's industrial policies are as follows: Firstly, they carry out strategic shifts within the American market, avoiding direct competition and turning to upstream and downstream areas of the supply chain; secondly, they redistribute production across national borders by directly establishing production bases in China to fully leverage China's policy advantages. These strategies demonstrate the strategic flexibility and strong adaptability of American firms in the face of global economic shocks.
Pricing the Priceless: The Financing Cost of Biodiversity Conservation
Fukang Chen, Minhao Chen, Lin William Cong, Haoyu Gao, Jacopo Ponticelli, Feb 26, 2025This study investigates the pricing of financial risks associated with biodiversity conservation, with a particular focus on the Green Shield Action, a major regulatory initiative launched in China in 2017 to enforce biodiversity preservation rules in national nature reserves. While the initiative improved biodiversity, it also significantly increased bond yields for municipalities that are home to these reserves, effectively raising the general cost of public capital. These effects were primarily driven by heightened default risks plausibly caused by transition costs from shutting down illegal economic activities within the reserves and additional public spending on biodiversity conservation, even when local governments raise the same amount of money. Furthermore, the study reveals that the biological benefits of these conservation policies were not adequately recognized or impounded into the prices by the capital markets.
