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\"This book provides a...legal examination of water rights arrangements and water rights trading in China. Although recent water reform in China has made substantial progress in policy development and practice, how its legal and institutional framework facilitates or hinders the application of tradable water rights remains less addressed in the existing scholarship. Against the backdrop of China's water reform and the wider international debate in water governance, this book aims to provide an innovative approach to the complex issue of water governance by critically analysing the recent legal and policy developments in China towards tradable water rights. It examines the deficiencies of the current systems for water rights arrangements and trading, explores how China may learn from and build on the international trends in water rights trading practice (mainly Australia and the US), and proposes legal and policy frameworks for defining and administering tradable water rights in China that underpin sustainable water use in the face of exacerbated water scarcity, variability, and uncertainty. All in all, the book proposes pragmatic strategies for China's water law and policy reform to move towards tradable water rights, which encompasses a comprehensive prescription from initialising and defining tradable water rights to administering water rights and trading. By reflecting on the deepening water reforms in both China and other jurisdictions, the book aims to contribute to the international water governance debate by exploring from a legal and policy perspective, how China, comparative to other cases around the world, can find a balanced combination of water allocation mechanisms to address its water challenges. It is hoped that the observations and proposed implications for China's water reform will contribute to developing a better understanding of the way in which experiences in water markets can be shared from jurisdiction to jurisdiction.\"-- Back cover.

Inefficient agricultural water use is a significant factor exacerbating global water scarcity. Water rights trading (WRT) offers a new governance paradigm to address this issue. Initiated by China in 2014, the WRT policy provides a case for researching formal water markets in developing countries. This paper uses a sample of 30 Chinese provinces from 2007 to 2022 and employs the difference-in-differences method to evaluate the impact of WRT on agricultural water use efficiency (AWUE). The findings suggest that AWUE in pilot areas increased by an average of 48.1% compared to non-pilot areas. Heterogeneity analysis reveals a stronger WRT impact on AWUE in regions with developed markets, abundant water, and high agricultural dependence. Subsequent analysis identifies that WRT enhances AWUE mainly by incentivizing water-saving innovation, promoting cross-industry factor mobility, and optimizing crop structures. This study thus offers empirical evidence supporting China’s water marketization reform and explores WRT policy as a pathway to enhance AWUE.

This report reviews China's water scarcity situation, assesses the policy and institutional requirements for addressing it, and recommends key areas for strengthening and reform. It is a synthesis of the main findings and recommendations from analytical work and case studies prepared under the World Bank Analytical and Advisory Assistance (AAA) program entitled 'Addressing China's Water Scarcity: from Analysis to Action.' These studies focus on several strategically important thematic areas for China where additional research was needed, as identified by the research team and advisory group based on a review of pressing issues. These areas are governance, water rights, pricing, ecological compensation, pollution control, and emergency response. The approach has been to evaluate Chinese and international experience to identify policy and institutional factors that have proven effective in promoting the adoption of water conservation and pollution reduction technologies. The research was based on literature reviews, qualitative and quantitative policy analyses, household surveys, field trips, and case studies to develop feasible recommendations for a plan of action based on realities on the ground.

Freshwater is unquestionably the most crucial resource essential for the sustenance and advancement of humankind. This invaluable entity surpasses all societal, economic, and environmental domains, consequently rendering it a ubiquitous good. Globally, it has been estimated that the industrial sector employs approximately 20% of the available freshwater. The principal aim within the industrial domain is to maximize production efficiency, rather than prioritizing the enhancement of water conservation and efficiency. Research suggests that a favorable association exists between the monetary investments made in technological improvements for industrial water treatment and reuse and a profitable return on investment that is sustained over a prolonged duration. This could plausibly explain the dearth of willingness exhibited by some corporations in dedicating resources to this vital issue. The objective of this study is to explicate the notion of sustainability concerning water management that can be operationalized in the context of Pakistan, while delving into the latest advancements in the sphere of sustainable management practices. This research endeavor shall serve as an instructive source for executives, entrepreneurs, and vested parties in various industrial domains to propel their endeavors toward sustainable practices while simultaneously achieving optimization and surpassing the benchmarks set by national regulations and international establishments. This investigation has illuminated the imperative of executing an all-encompassing water management strategy that incorporates the ecological, financial, and societal dimensions as the essential constituents of viability in industrial water utilization. This work ought to possess a worldwide scope, bearing in mind the ubiquitous character of industrial practices in the epoch of globalization.

Government intervention has become an important measure to restrain groundwater overexploitation. This paper analyzes the effect of three types of government intervention measures, namely, guidance, incentive and constraint, on farmers’ groundwater utilization behavior, from the perspective of scale-heterogeneity, using general quantile regression model, by survey data of 1122 households in well irrigation area of north China. The results showed that: (1) the incentive and guiding measures have negative effects on farmers’ groundwater usage, while the effect of restrictive measures is not obvious. The guided policy is superior to the incentive measure as to governance effect. (2) With the increase of farmers’ land scale, the influence of incentive measures shows a trend of weakening, and the effect of guided measures on groundwater demand reduction of farmers is stronger. When it comes to the different point of water consumption, when at the point level of 0.25, the incentive measures have the most obvious inhibitory effect. With the increase of water consumption of farmers, the guided measures begin to play a core role. The effect of restrictive measures is not obvious with the increase of water consumption. (3) In addition, farmers’ irrigation water consumption also is affected by gender, cognition of water resources shortage, ecological cognitive level, acquisition ability of disaster information, village rain conditions, the degree of water rights market development, feelings of water fee increase, irrigated disputes in the village, collective economic level of village. The selection of policy tools is flexible according to the farmers’ land scale for groundwater over-extraction control.

Tradable water volumes is one of the basic elements of water-rights trading. In China, water-rights transactions mostly occur in water-deficient areas. However, the water-rich areas are also facing serious water-shortage problems. It is necessary to stimulate the water-rights trading power in abundant water areas to improve water-resource predicament. This paper studied the concept and calculation method of tradable water volumes of industry. First, based on the property rights theory, we analyzed the concept of tradable water volumes, and put forward the preliminary determination of water-rights trading subjects. Then, we defined the tradable water volumes of industry as the difference between the initial water-rights allocation and the water demand of industry. We used the proportion method to calculate the initial water-rights allocation of industry under different runoff frequencies, and grey model (1,1) to predict the water demand of industry. Finally, we applied the calculation method to Changsha city which is in a water-rich area of China. The calculation results contribute to water-resource management in Changsha city. This paper will provide a theoretical basis for researching the tradable water volumes, and promote the development of water-rights trading in China’s water-rich areas.

Volumetric-based pricing for irrigation water was introduced as part of a comprehensive reform of agricultural water prices in China. However, operational deficiencies and farmers’ lack of willingness to adopt the volumetric pricing policy (VPP) hinder the coordinated implementation of the reform. To address these practical challenges, we employed a binary logistic regression model to analyse farmers’ acceptance of the VPP for agricultural irrigation water usage in Suqian City, Jiangsu Province. A variable set was formed by selecting potential variables from four types of influencing factors: the subject (water users), the object (water supply departments), natural condition factors, and social condition factors. Our results revealed seven factors that determine whether farmers accept the VPP: irrigation water measurement at the water inlet of a lateral canal, the irrigation water-saving rewards scale, enforcement efforts of charging by volume, the irrigation water source type, the use of agricultural water-saving for trade, financial investment in water-saving technology, and the level of irrigation water pricing. We determined the degree of influence of the seven determining factors, among which the irrigation water-saving rewards scale and enforcement efforts of charging by volume most influence farmers’ decisions on the VPP for irrigation water. The results of this study can be used as a reference for innovation of the agricultural water-saving system in Suqian City, optimisation of an accurate fiscal subsidy scale, quantification of irrigation water rights, optimisation of the measurement facility layout, and effective implementation of agricultural water rights trading. More broadly, this study provides a valuable reference for solving the difficulties faced in the comprehensive reform of agricultural water pricing in China, which includes irrigation water pricing mechanisms, management systems, subsidy mechanisms, and water-saving incentive measures.

Implementing natural resource protection systems and improving regional water resource utilization efficiency are effective ways to resolve the contradiction between economic development and water resource poverty. To this end, this paper establishes a Difference-in-Difference (DID) model to analyze the impact of water rights trading pilot policies (WET) in 271 prefecture-level cities in China from 2006 to 2023 on water resource utilization efficiency (WEE). The research results indicate that (1) WET significantly improved WEE, while confirming the robustness of this effect; (2) WET exhibit significant heterogeneity in their policy effects on WEE, reflecting pronounced differences between northern and southern cities in terms of geographical location and water resource endowment. In cities with abundant water resources, this promotional effect is even more pronounced; (3) market vitality and water conservation benefits can positively promote the impact of WET through regulatory mechanisms. Based on this, expanding the pilot cities for water rights trading policies and enhancing market vitality can effectively improve WEE and alleviate the current situation of water resource poverty in the region.

As an important surface water source, the rational water rights allocation of reservoirs plays a crucial role in alleviating the contradiction between water supply and demand in surrounding areas. However, the theoretical framework for water rights allocation mostly focuses on the watershed scale, which is different from water rights allocation of reservoirs. Research on the water rights allocation of reservoirs is relatively scarce and still at a preliminary stage. Therefore, this study developed a two-dimensional method for sectoral and regional allocation of initial water rights of a reservoir, which was applied to Nishan Reservoir in northern China. The reservoir’s utilizable storage capacity, total initial water rights, and water rights of various sectors were determined using the water balance principle and chronological method. Subsequently, based on the constructed system of indices and assessment criteria for the regional allocation of initial water rights, an allocation model for the reservoirs’ initial water rights was established using the matter-element extension theory to subdivide the sectoral water rights allocations into regional initial water rights allocations. The results show that the total initial water rights of Nishan Reservoir are 20.64 million m3, with the water rights allocations for agricultural irrigation, industry/domestic use, and ecological needs at 4.24, 10.4, and 6.00 million m3, respectively. The 6.00 million m3 allocation for ecological water use is solely managed by the prefecture-level administration of Jining City. The remaining allocations of the reservoir’s initial water rights are 9.67 million m3 for Qufu City, 1.63 million m3 for Sishui County, and 3.34 million m3 for Zoucheng City. This allocation scheme has been accepted by all stakeholders of the Nishan Reservoir’s water rights. The method proposed in this study can provide support for the construction of a reservoir water rights allocation system. However, it has a limitation in that it fails to consider the robustness of the allocation scheme and the dynamic adjustment mechanism under future variable conditions, such as extreme hydrological scenarios and changes in water demand. This serves as a direction for future research.

Green bonds, a new green financial instrument, encourage enterprises to achieve high-quality development through green technology innovation. However, a lack of research is currently being conducted into the effect of green bond issuance in China. Can green bonds effectively empower enterprises to green innovation? What is the underlying mechanism? In the context of carbon-neutral strategies, it is significant to answer these questions scientifically. This paper uses a quasi-natural experiment of the launch of the green bond market in China in 2016 to conduct empirical studies based on the panel data of 1 558 non-financial Chinese-listed enterprises from 2015 to 2020 with the multi-period difference-in-difference model. The results show that ① issuing green bonds can significantly empower enterprises’ green technology innovation. The empowering effect is mainly for green utility patents rather than green invention patents. This result remains after dynamic heterogeneity analysis, placebo test, and other tests. In addition, the effect has a lag. ② Heterogeneity tests show that this empowerment effect varies across enterprises with different property rights, industries, and regions. ③ In terms of the mechanism of action, green bonds can enhance enterprises’ ability to innovate green technology by increasing the proportion of long-term loans and improving their debt structure. This paper broadens the relevant literature on the economic consequences of green bonds and the influencing factors of enterprises’ green technology innovation and provides policy suggestions for further improving the analysis of green bonds.