Frontiers of Economics in China
Volume 15, Issue 3 (September 2020)
Research Article
Jiadong Tong, Ziliang Yu, Jiayun Xu, Meng Tong
The Belt and Road Initiative and China’s Export: A Soft Power Perspective
Lei Ning, Yuqin Wang
Quantitative Analysis of the COVID-19 Pandemic Shock to Household Consumption in China
Shiyi Chen
What Implications Does COVID-19 Have on Sustainable Economic Development in the Medium and Long Terms?
Yuanyuan Chen, Quanlin Liu, Kun Wu
Tuition Fees for Higher Education and Intergenerational Mobility in China
Tunye Qiu, Yuqi Chu
Age Patterns of China’s Repeat Migration
Book Review
Taiyan Huang
Hong Yinxing, Zheng Jianghuai et al., Innovation Drives Industries Up to the Medium- High End of the Global Value Chain
Leading articles of the issue
The Belt and Road Initiative and China’s Export:
A Soft Power Perspective
Jiadong Tong
School of Economics, Nankai University;
APEC Study Center, Nankai University
Ziliang Yu
School of Finance, Nankai University
Jiayun Xu
APEC Study Center, Nankai University
Meng Tong
Department of Economics, University of Birmingham
Abstract: Using a newly built soft power index, we examine whether and how soft power affects Chinese firm-level export to the Belt and Road (B&R) countries from 2000 to 2016. We find that soft power has significantly positive effects on both export value and export product types for the B&R countries. These effects are more pronounced than those for non-B&R countries and differ not only between the “Belt” and the “Road” countries but also regional groups, firm ownerships, modes of trade, and sectors. Further analysis shows that soft power increases the intensive margin of exports by approximately three times that of the extensive margin. Thus, our findings provide a new perspective for understanding both the Belt and Road Initiative (BRI) and the contemporary economic evolution occurring in China.
Quantitative Analysis of the COVID-19 Pandemic Shock to Household Consumption in China
Lei Ning, Yuqin Wang
Institute for Advanced Research, and Key Laboratory of Mathematical Economics of Ministry of Education, Shanghai University of Finance and Economics
Abstract: We study the impact of the COVID-19 pandemic shock on household consumption in China. Using household survey data, we find that the proportion of liquidity-constrained households increases quickly, but the constraint levels vary across distinct groups. We build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic shock. The quantitative results reveal a slow recovery of consumption due to three reasons: hiking unemployment rate, declining labor productivity, and worsening income stability. The hiking unemployment rate plays the key role in households’ consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving motives. Our paper highlights the importance of maintaining a stable labor market for faster recovery.
What Implications Does COVID-19 Have on
Sustainable Economic Development in the Medium and Long Terms?
Shiyi Chen
School of Economics and Fanhai International School of Finance, Fudan University
Abstract: Given the enormous impact that the COVID-19 pandemic had on China’s economy, helping companies to revitalize post-pandemic economic activities promptly is a priority for the whole society. This necessitates the smooth circulation of production-factors among different economic entities, departments, and regions. The pandemic’s huge impact on the economy is evident in the severely hampered flow of these factors, including labor, materials, and capital. Therefore, using data and digital technology, combined with a contact-free allocation of labor, capital, and materials, to accelerate the flow of production-factors is critical to the post-pandemic economy's restoration. Such a policy can not only provide a short-term stimulus but also a momentum for China’s mid- and long-term sustainable economic development.
Journal Profile
Frontiers of Economics in China (FEC) is a quarterly peer-reviewed journal edited by Institute for Advanced Research, Shanghai University of Finance and Economics, and published by Higher Education Press. Established in 2006, the journal has a strong Editorial Advisory Board (with several Nobel Prize winners as board members), as well as a dedicated Co-Editors’ team and an Editorial Board comprised of leading overseas and domestic Chinese economists.
Issued quarterly and distributed worldwide, the FEC is available both online and in hard-copy. With more than 600 institutional subscribers worldwide and indexed in more than 10 databases including EBSCO-BSU, EconLit, ESCI, Gale, ProQuest, RePEc and SCOPUS, the journal was ranked as one of “The Highest International Impact Academic Journals of China” in 2016 and 2019.
The FEC welcomes submissions of theoretical and empirical papers from all fields of economics, particularly those with an emphasis on the Chinese economy and other emerging, developing or transition economies. While the journal is primarily interested in original research papers, it also welcomes submissions of opinion articles, literature surveys, and book reviews.
Based on data from the WOS website, scholars from about 500 institutions (2/3 of which are outside China), including NBER, WHO, Harvard University, MIT, UC-Berkeley, Oxford University, National University of Singapore, Seoul National University, University of Bonn, University of Tokyo, Peking University and Tsinghua University, have cited articles published in FEC. Among the journals that have cited FEC articles are American Economic Review, Science, International Economic Review, China Economic Review, Journal of Comparative Economics, Journal of Economic History, Journal of Economics & Management Strategy, and Journal of Population Economics.
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