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"Yao, Shujie"
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China's outward foreign direct investments and impact on the world economy
\"With its GDP rivalling that of the US, China is fast becoming the world's largest economy. China's foreign exchange reserves have increased rapidly alongside it's economic development, and it has become one of the largest recipients of foreign direct investment. This study makes useful contributions to existing literature on China's outward investment's by examining the causes and consequences of China's outward foreign direct investment (OFDI) explosion. It is the first of its kind to introduce a partial stock adjustment model to examine the dynamic adjustment of China's OFDI.The authors provide a comprehensive view of the development of China's OFDI by comparing the early period of 1991-2000 and the more recent period of 2003-2009. Through the use of case studies and modeling approaches the authors examine the effects of China's outward investment on individual companies or industrial sectors. They study the underlying motivations and locational determinants of China's OFDI, the impact on other source countries' OFDI in the host countries, and the dynamic adjustment of China's OFDI and its relationship with China's inward foreign direct investment (IFDI). The two case studies on Chinalco's investment in Rio Tinto and Geely's acquisition of Volvo reveal two important motivations of Chinese firms: resource-seeking and technological seeking. The modelling results show that China's outward investments have had significant displacement effect on OECD countries' investments. In contrast to many media commentaries, the authors suggest that such effects are not resources-oriented. Finally, the study examines the motivation behind China's outward investments, and suggests that China has implemented a national policy to promote overseas investment for two reasons: national security and national status as a business power.This study focuses on the development of China's OFDI and the examines the impact it has on the world economy. It will be an indispensable tool for scholars and researchers interested in FDI, China, and the developing economics\"-- Provided by publisher.
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Energy mix, financial development, and carbon emissions in China: a directed technical change perspective
Based on a two-sector (clean energy and dirty energy) model of directed technical change, we examine the relationship between carbon emissions, clean energy consumption, and financial development in China using the ARDL method. The results show that clean energy consumption reduces carbon emissions effectively but the effect of financial development is opposite, suggesting that financial development increases carbon emissions, contradicting the findings of many existing studies. Then, we decompose financial development on carbon emissions into two different effects: substitution and income effects. The substitution effect reflects more dirty energy consumption as a result of directed technological change promoted by financial development, leading to more carbon emissions. The income effect results in a decline in carbon emissions because financial development enables firms to use more clean energy. The empirical results indicate that the net effect of financial development has caused more carbon emissions and a 1% increase in financial development results in a 0.45–0.79% increase in carbon emissions. The policy implication is also discussed.
Journal Article
High-speed rail and tourism expansion in China: a spatial spillover effect perspective
Tourism exerts a great effect on the modern economy and relies largely on the flow of people facilitated by high-quality transportation infrastructure. Applying a spatial econometric method, this paper investigates the effect of high-speed rail (HSR) on tourism expansion in China from the view of the spatial spillover effect. Based on a 276 Chinese cities’ panel dataset over 2005–2019, a positive role of HSR in tourism expansion is observed. Compared with cities unconnected to the HSR network, cities accessible by HSR experienced a 22% increase in tourism revenue and a 38% rise in tourist arrivals. In addition, the connection of a city to the HSR network also exerts a great spatial spillover role in the increase of tourism revenue and arrivals in peripheral cities which are not directly connected by HSR. The research findings offer important insights on the relationship between transportation infrastructure and tourism with significant policy implications regarding tourism development.
First published online 6 November 2023
Journal Article
On economic agglomeration and carbon productivity in Chinese cities: a spatial econometric analysis
Economic agglomeration has played a key function in China’s economic transformation. Meanwhile, structural adjustment and external pressure to reduce carbon emission necessitate a deeper investigation into its relationship with carbon productivity. This paper measures economic agglomeration and carbon productivity of 281 cities in China in 2003–2017. With the purpose of exploring the spatial effect of economic agglomeration on carbon productivity, a spatial Durbin model is constructed. In addition, the mediation effect model is also adopted for examining the transmission mechanism of economic scale and technological progress on economic agglomeration as well as carbon productivity. A heterogeneity test is also carried out to uncover the varying effects of economic agglomeration on carbon productivity. The empirical results suggest that economic agglomeration raises carbon productivity not only in the local cities but also in the neighbouring ones. The impact of economic agglomeration on carbon productivity becomes more potent as the level of economic agglomeration increases. For cities with low level of economic agglomeration, the effect is mainly achieved through the expansion of economic scale, but for cities with high level of economic agglomeration, the effect is mainly achieved through technological progress. Therefore, we suggest encouraging carbon productivity improvement through technology effect in cities with high economic agglomeration level, while enhancing carbon productivity through scale effect in cities with low economic agglomeration level.
Journal Article
On green credits and carbon productivity in China
Based on panel data from 30 provinces over the period of 2003–2016, this study uses the spatial econometric model to examine the effect of green credits on carbon productivity. The research findings show that there is a significant positive correlation between green credits and carbon productivity among provinces during this period. Provinces with high levels of carbon productivity (green credits) are also geographically adjacent or economically close to provinces with high levels and vice versa. Regression results of the whole sample show that green credits not only promote carbon productivity, but also have a positive spatial spillover effect. Similar regression results using regional sub-samples indicate that the direct promotion effect and spatial spillover effect of green credits on carbon productivity are more obvious in the central and western regions than in the eastern parts of the country. The research findings have important and relevant policy implications as far as the relationship between green credits and carbon productivity is concerned.
Journal Article
The role of high-speed rail on green total factor productivity: evidence from Chinese cities
Compared with other transportation facilities, high-speed rail (HSR) may be more beneficial to “green development.” Based on a sample of 276 cities in China over 2005–2019, this study calculates the actual and change values of green total factor productivity (GTFP) with the stochastic frontier approach (SFA) and investigates the effect of HSR on GTFP using the time-varying difference-in-difference model and propensity score matching analysis. Our research results show a significantly positive effect of HSR on GTFP through reducing energy consumption and environmental pollution, as well as improving technological innovation. HSR-connected cities are found to have outperformed non-HSR-connected cities by 12.8% regarding GTFP in the sample period, and the effect is stronger for the eastern region and/or the central cities compared with the rest of the country. The research findings of this paper have important policy implications regarding China’s HSR development and its impact on economic growth as well as the natural environment.
Journal Article
On transportation, economic agglomeration, and CO2 emissions in China, 2003–2017
This study analyzes the effects of transportation infrastructure on carbon emissions (CE) based on the level of urban economic agglomeration. For this purpose, 281 Chinese cities are considered during the period 2003–2017. A Moran’s
I
index is used to assess the spatial distribution characteristics of transportation infrastructure and CE. In addition, a spatial Durbin model is employed to explore the spatial spillover effect of transportation infrastructure on CE. Furthermore, economic agglomeration is considered as a crucial transmission mechanism. The empirical results show that (1) a significant spatial autocorrelation exists between transportation infrastructure and CE. (2) Transportation infrastructure significantly aggravates CE, with the “neighboring effect” being surprisingly more potent than the “local effect.” (3) Economic agglomeration is a valid transmission channel through which transportation infrastructure affects CE, the intensity of which varies with the level of economic agglomeration. Our recommendation is that policy-makers should pay attention to the development of local transportation, as well as their neighboring cities, and should accelerate the advancement of green transportation.
Journal Article
Aspiration and poverty in an asymmetric information game: a case study of Southern Xinjiang
PurposeThe purpose of this paper is to reveal the internal mechanism of the deviation of targeted poverty alleviation under the condition of asymmetric information.Design/methodology/approachIntroducing a traditional signaling game theory model with dynamic asymmetric information, this study uses a dataset covering 813 poor households from Southern Xinjiang, China, to theoretically and empirically study the effect of aspiration of the poor households on poverty alleviation.FindingsFirst, there exists asymmetric information between the poor households and village leaders. Second, the “short, arbitrary and fast” poverty alleviation approach may quickly pull people out of poverty, but it may also nurture a dependency culture where poor households lose their aspiration and ability to escape poverty through their own efforts. Third, due to long lasting universal state support, poor households in the national designated poor counties are less able and ambitious to escape poverty by themselves than their counterparts living in the national nondesignated areas.Originality/valueThe research results show that pro-poor development policies should be upheld to improve the residual utility that can benefit all households as a result of the poverty alleviation campaign. Relevant policy recommendations are made for China's continuous effort to fight relative poverty beyond 2020.
Journal Article
Economic Growth, Income Distribution and Poverty Reduction in Contemporary China
China has experienced over a quarter century of rapid economic growth, which has had a phenomenal impact on the global economy. Entering into the twenty-first century implies that China has begun a new phase of economic and social development. Yao reviews the economic development history of contemporary China from 1949 to the present, paying special attention to growth, inequality and poverty reduction. A real Chinese economic miracle should have two important features: high income growth and a fair distribution system so that poverty can be eradicated.
1. Introduction 2. Economic Performance in Contemporary China: An Overall Assessment 3. Agricultural and Rural Development 4. Openness and Economic Performance 5. Decomposition of Gini Coefficients by Population Class and Income Source: A Spreadsheet Approach and Application 6. Rural-Urban and Regional Inequality in Output, Income and Consumption under Reforms 7. Regional Inequality and Diverging Club 8. Understanding Income Inequality in China: A Multi-Angle Perspective 9. Further Study on Inequality and Poverty Reduction 10. Unemployment and Uurban Poverty 11. Is Migration a Way of Escaping Poverty in China?
'This book offers serious academic research drawn from the author's own papers published in many academic journals. It's even accessible to readers with limited technical background and is a must for anyone even slightly interested in modern China.' - The China Journal
'Yao provides a wide-ranging analysis.' - The China Journal
Shujie Yao is chair of economics at the Middlesex University Business School. He was previously professor of economics at the University of Portsmouth and research fellow at the University of Oxford. He is author and co-author of five books and has published extensively in a great number of economics journals. He has worked in many less developed countries as international economic advisor to the World Bank, UNDP, European Union, Asian Development Bank and the Department for International Development (UK). He is an editorial member of Food Policy and co-editor of Journal of Chinese Economic and Business Studies . His current research is on economic growth, agricultural and rural development, income inequality and poverty.
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