Global Spillovers of China's Monetary Policy

Spillovers from China's monetary policy have become increasingly obvious with China's growing importance in the global economy and its close economic and trade ties with the world.This study establishes a proxy structure vector autoregression model to investigate the magnitude and transmission channel of spillovers from China to global and regional economies,taking advantage of high-frequency changes in asset prices in the financial markets to identify monetary policy shocks.The analysis reveals that China's monetary policy can affect the global economy by influencing international trade and commodity prices but there is no evidence of China's monetary policy affecting global financial variables.Tightness in China's monetary policy can cause a decline in world output whereas expansion in monetary policy can support global trade and output.This study also finds that the response of emerging Asian economies to China's monetary policy shock was nearly twice that of developed economies,while the transmission path did not change.The results of this study are consistent with the stylized fact that China's monetary policy plays an important role in the global trade and commodity cycle,although it does not drive the global financial cycle.

Analysis of economic operation of China's apparel industry

2018 marked the 40th anniversary of China’s adoption of the reform and opening-up policy. To China’s apparel industry, 2018 was a year full of challenges, changes and tests. Faced with the volatile international situ-ations and the tremendous pressure of the domestic structural adjustment, China’s apparel industry had maintained an overall steady development momentum characterized by steady performance on the domestic and foreign sales market, steady improvement of the operation quality and efficiency, improvement of transformation and upgrade effects, regardless of gathering crises and uncertainties.

Effects of scenario-based carbon pricing policies on China's dual climate change mitigation goals: Does policy design matter?

Although the carbon pricing policy is a critical driving factor that will help China achieve economic growth,energy transition,and dual climate change mitigation goals,the kind of carbon pricing policy that will complement the country's current development situation remains controversial.We apply the World Induced Technical Change Hybrid(WITCH)model to explore the heterogeneity and synergy of different carbon pricing policies,and the results indicate that it will be challenging to achieve carbon neutrality before 2060.The study find that the combined policy-a mix of carbon tax and carbon market policies--has the optimal emission reduction effect but comes with the highest economic cost,proving to be unsuitable in the long run.The carbon tax policy is an important transitional means to assist in emission reduction,which can serve as an important supplement to carbon market policy and be phased out after the market mechanism matures.

A Comparative Study of the Value Orientations of Foreign Language Education Policies in China and the United States in the 21st Century

Since the 21 st century, both Chinese Mainland and the United States have formulated foreign language education policiesbased on their national needs. This paper makes a comparative study of the value orientations of foreign language education poli-cies in Chinese Mainland and the United States in the 21 st century and finds that both China and the United States have regardedtheir national interests as the essential value orientation of their foreign language education policies. To be specific,the core valueorientation of foreign language education policies in China is to enhance its cultural soft power.In contrast,the core value orienta-tion of foreign language education policies in the United States is to safeguard its national security. Through the comparison of thedifferent value orientations of foreign language education policies of the two countries, the paper provides some reference for the for-eign language education policy-making in Chinese Mainland.

Cultivated-land change in Mu Us Sandy Land of China before and after the first-stage grain-for-green policy

Mu Us Sandy Land(MUSL) of China, as a typical eco-fragile and farming-pastoral transitional region, shows great vulnerability to disturbances from cultivation activity. In this region, the conflict between cultivation activity and environmental protection has not attracted great importance until the implementation of China's Grain-for-Green Policy(CGGP) since2000. Here, using Landsat5 TM/Landsat7 ETM+ images from 1990, 2000, and 2010, we monitor the cultivation activity and land-use/cover changes(LUCC) resulting from cultivation activity in the MUSL region. Based on the data from images, we developed a series of databases of cultivated activity-induced LUCC and use them to discuss comparatively the spatio-temporal evolution trends of cultivation activity before and after CGGP implementation. These results provide evidence for managers to evaluate the implementation effectiveness of governmental policy and the influence of cultivation activity on the ecological environment of the MUSL region.

China’s Successful Reform and Opening-up Policy and Its Political Implications for Africa

Over the past four decades,the Chinese people have always pursued development with an open door,and have accomplished a great transition from seclusion and semi-seclusion to all-round openness.China,s economic progress,understood in a global historical context,is unique.Facing the rise of foreign companies in China,Beijing balances market competition due to the diversification of economic actors and local protection of SOEs and strategically important industries.The CPC has developed powerful,effective top-down mobilization capacities.The quality of the ruling party is also vital to developing countries,and most developing countries usually still lack well-developed governments,markets and civil societies.Reforms are necessary for growth and for the ruling party as well.While African developing countries face the challenge of finding a suitable development path,they could find the answer after getting a better understanding of Chinese reform and opening up.

Reflections on the Return of the China-Japan Relationship to the Normal Track

The China-Japan relationship has swung between deterioration and improvement in the 21st century while Japanese leaders'cognition and Japanese public opinion remain operative at a deep level.The return of the bilateral relationship in 2018 to the normal development track was aided by Japan's shift toward coordination,China's re-shaped policy,and a boost by the Trump administration.Though the China-Japan relationship will continue improving in the short run,it is unlikely“deterioratiomimprovcment”cycles will end since too many glaring structural contradictions exist.While memories of their intense history and today's territorial issues linger,the fluctuation of Japan*s diplomatic options and weak Japanese public opinion for improved relations with China will continue the same cyclical,but not forward,momentum.

Effectiveness of Monetary Policy in China: Evidence from Factor-Augmented Vector Autoregression Model

Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specifically,this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level.Overall,we find that monetary policy has positive effects on China's economy and price level.Second,this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002.Third,the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis.Fourth,the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.

From Villages to Urban Neighborhoods:Urbanization and Health

With rapid urbanization,millions of rural villagers have become urban citizens in China.This paper estimates the effect of the in situ urbanization policy on an individual's health by employing the difference-in-differences framework and using panel survey data from the China Family Panel Studies.Our findings show that this program,unlike other kinds of urbanization,which have had negative impacts on mental health or made people smoke or drink more,increased people's self-reported health status significantly.Further mechanism analysis reveals that the in situ urbanization policy afected health by increasing people's confidence in the future,their satisfaction with their current lives,and their medical insurance enrollment.This study highlights the importance of"the city comes to villagers"urbanization in China,and it can play an essential role in advancing the urbanization rate and avoiding the negative impacts of urbanization on health.

Will auctioning promote the renewable energy generation in China?

Renewable energy generation,as part of the global effort to mitigate climate change,will play a central role in reducing greenhouse gas emissions and achieving China's goal of carbon emissions peak before 2030 and carbon neutral before 2060.However,the impact of carbon quota auctions on renewable energy generation has not been sufficiently discussed.The main purpose of this study is to investigate whether China can rely on quota auctions to increase renewable energy generation in the short term,and to demonstrate which is more effective in promoting renewable energy development,policy enforcement or auction constraints?The improved neo-trans-log production model,the multiobjective linear programming model and the dispatch heuristic were used to predict additional emission reduction cost,optimized power mix with different auctioning rates,with economic development,technological progress and the unique characteristics of China's power generation industry being taken into consideration.The results show that the auctioning rate will have little influence on the optimized energy production structure,especially on the share of renewable energy resources;when the total on-grid electricity generation ranges from 7625 to 7926 billion kW h and the auctioning rate ranges from 0% to 5%,policy enforcement will influence the generation of renewable energy to a greater extent than auctioning in the near future.