China-US trade dispute investigations and corporate earnings management strategy

This paper studies Chinese firms’earnings management strategy in response to the trade dispute investigations initiated by the U.S.from 2001 to 2018.This topic is important given the increasingly severe international trade environment and the significant influence of macro economy on financial reporting.We find that firms affected by the U.S.-initiated trade dispute investigations engage in more upward earnings management.Additionally,the result is more pronounced in firms with a more negative market reaction around the announcement of the investigations.Cross-sectional tests provide evidence that the positive relation is stronger among firms whose U.S.operating revenue and management ownership is high,firms in provinces with weak investor protection,and firms that performed well one year after initiation of the investigations.Moreover,investors react positively to the earnings management by the affected firms.Our results are robust to a variety of sensitivity checks.Overall,our findings suggest that companies will manage their earnings upward to mitigate the negative impacts of the U.S.-initiated trade dispute investigations.

China-US Trade Disputes in 2018： An Overview

The paper provides an overview of changes in the US policy stance toward China that have resulted in the currently unstable economic and trade relationship between the two countries. It reviews the trade and economic relationship between China and the US during the first year of the Trump Administration, summarizes the systematic changes in trade and external economic policies adopted by the Trump Administration in general, and particularly toward China, and observes the implementation of a hawkish trade policy that ignited dispute between the US and China. The main factors shaping the current situation are examined, including structural difficulties in the US economy, the characteristics of the Chinese institutional setting and policies that have become increasingly unacceptable to the US, the specific personal beliefs and positions of President Trump and his main aides in the economic and trade team, and short-term factors in the US internal political arena.

China’s alfalfa market and imports: Development, trends, and potential impacts of the U.S.-China trade dispute and retaliations

This study examines the development and trends of China’s alfalfa market and imports, identifies key factors for the rapid increase in China’s alfalfa imports, and discusses potential impacts of the U.S.-China trade dispute and retaliations on the alfalfa markets and trade in both nations. China’s rapid transition toward larger-scale commercial dairy production, with enhanced feed and cost management as well as quality and safety control, and its limited resources for high-quality alfalfa production are key factors for the dramatic increase in its alfalfa imports, from 19 601 metric tons in 2008 to 1.38 million metric tons(mmt) in 2018. While the United States dominated China’s alfalfa imports with an average share of 97.01% from 2007 to 2017, the share dropped to 83.76% in 2018 and 63.28% in January 2019 due to the trade dispute and retaliations started in 2018. China will likely remain a large importer of alfalfa because of both its growing demand and the comparative advantages of imported alfalfa in quality and price, but the imports from the United States will be highly affected by the ongoing trade dispute and negotiations. China is also expected to make more efforts to reduce its dependence on U.S. alfalfa through increased investment in domestic alfalfa production and identification of alternative sources of alfalfa and other hay imports.

China-US Trade Relations:Win-Win Picture Distorted

At present China-U.S.trade relations are in a state of confusion.Although both countries have gained tremendous benefits from the bilateral trade relationship,some Americans have intentionally distorted some basic facts regarding China-U.S.trade relations. Based on an analysis of some official and nonofficial research reports published in the United States,this article holds that the China-U.S.trade imbalance is the symptom of a bigger issue stemming from the contradiction between the United States as the world's sole superpower and China as an emerging power.Economic globalisation came about due to the needs of western developed countries represented by the United States to boost economic development.Only by seizing the opportunities of economic globalisation, has China gained strong economic growth. Such a development is changing the world political,economic,military and cultural landscape that have been shaped since the post-cold-war era,and has to some extent raised doubt or suspicion on the part of the United States and its western allies.This is a manifestation of how unprepared some people in the United States and other western countries are in the face of China's rapid development and rising status.So,their immediate reaction has been to seek protection for themselves,and try their utmost to prevent China's rapid growth from impacting on the international framework and their vested interests.

Trumponomics and China-US Economic and Trade Relations

Since he took office, the new US president, Donald Trump, has unveiled his broad economic policy--now called Trumponomics. It emphasizes neoliberalism at home, less government regulations, more growth and weakening the welfare state. Intemationally, Trumponomics embraces protectionism and nativism with a focus on US economic interests. Trumponomics caters to the lower-middle classes, a reflection of the country＇s current economic and diplomatic challenges. Trumponomics will bring uncertainty to China-US economic and trade relations. China should carefully study the policies of the Trump administration and prepare contingency plans.

A Review of China-US Economic and Trade Relations (2007-2015)

In order to find indications for future bilateral relations, it is worth reviewing the development of China-US economic and trade relations in recent history. Generally speaking, the nine years between 2007 and 2015 saw non-stop progress in China and US trade and economic ties. The China-US interdependent and complementary economic and trade connections ensure that bilateral relations are constantly developing and merging following their interdependent paths;the global challenges, such as the financial crisis and recent extreme weather events, have allowed China and the US to be in the same boat,weathering these different forms of turbulence. Decisions on important domestic policies and disputes can now be discussed earlier and effectively following on from the construction of multi-dimensional crisis management mechanisms. But undeniably there are unsettled and conflicting points in their relations, such as the fact that the US strategically excludes China from its free trade agenda, not willing to accept many everyday items manufactured by China. This is a major obstacle preventing their relationships deepening. History tells us, in future, if both sides could have a bigger vision, relations would better develop, for the new type of major power relations and the subsequent road would be less rocky and bring more benefits for the peoples of both countries.

Trade Dispute Going on in May

While the world eagerly awaits a resolution to the ongoing trade dispute between China and the United States, the increased tariffs in May were a result of a breakdown in negotiations that further mitigated the chance that an agreement can be reached soon. While further meetings are taking place between top officials from both nations, it is expected that the dispute will affect the global economy for the remainder of 2019.

CO_2 Emissions Embodied in China-U.S.Trade

After the Kyoto Protocol was implemented,carbon leakage exerts great influences on international trade and economy.Trade creates a mechanism for consumers to shift environmental pollution associated with their consumption to other countries.China has overtaken the U.S.as the world's biggest CO2 emitter since 2006.As China's second largest trade partner,the U.S.has the biggest trade deficit with China which has aroused a lot of disputes between the two parties.But so far the assessments of the trade imbalance of China-U.S.have paid little attention to environmental impacts associated with the trade imbalance.Applied an input-output approach,the article estimates the amount of CO2 embodied in China-U.S.trade during 1997-2007.It was found that through trade with China,the U.S.reduced its CO2 emissions compared with a non-trade scenario.Due to the greater carbon-intensity and relatively less efficient production processes of Chinese industry,China-U.S.trade resulted in more CO2 emissions in China and the world.In the end,the article gives some suggestions:it is equal and sustainable that the international accounting methodologies should be improved,for CO2 emissions responsibility must be designed to account for the dynamic nature of international trade.

China-U.S. Trade Balance from the National Income Perspective

This paper calculates the China-U.S. trade balance from the national income perspective based on an input-output model that differentiates domestic and foreign-invested companies. The result shows that due to different degrees of dependence of both countries on foreign production factors such as foreign capital for the manufacturing of export goods,only 87.7% of the domestic value-added created by China's exports to the U.S. in 2012 was China's national income, whereas 96.2% of value-added in U.S. exports to China was U.S.national income. In the comparison of total export volume and export value-added, the home country's national income created by exports can more realistically reflect a country's gains from trade. In 2012, China's trade surplus with the U.S. stood at 102.8 billion US dollars in national income terms, which is 61% and 22% smaller than the results in gross and value-added terms, respectively. The implication is that the traditional trade balance accounting method seriously exaggerates the China-U.S. trade imbalance.

Arbitration in Maritime Disputes

Prevailing maritime relations in the present era resort to arbitration to resolve arising disputes where parties of these relations should agree on the solution to the current or future conflicts arising from them to a specialist arbitrators of their choice known for their competence and experience in the maritime field to adjudicate the provisions of the arbitration binding. Maritime arbitration grew since the time of the Romans, and spread to the Middle Ages as a simple, flexible and specialized system to resolve maritime disputes, but it gained popularity in the present era as a result of booming international trade and commerce between different countries where this trade found that shipping is the best way among different means of transportation for its low costs and the large volume of cargo transported by it. Marine disputes submitted for arbitration are many and varied, some of which comes from the contract between the stakeholders and others arising from maritime accidents, and examples of the first group is the shipbuilding, repair, sold, leased and insured contracts, the transport of goods or people contracts, marine sales contracts as well as the diameter of maritime contracts. The second group is maritime collision, Assistance and Rescue and the settlement of joint naval losses. London and New York are considered of the most cities in the world that embrace this type of arbitration followed by Paris and Tokyo. In London alone there are more than four hundred nautical arbitration rulings in each year.

Embodied Pollution in China-U.S.Trade——An Empirical Study Based on Estimation of Input-Output Technology Matrix

Using input-output tables of China and the U.S., this paper has calculated the pollution embodied in trade and structure of pollution, the balance of emissions embodied in trade （BEET） and the pollution terms of trade （PTT） for 18 manufacturing sectors of China and the US. between 2001 and 2010. The calculation aims to verify whether China has become a ＂pollution haven＂ in bilateral trade with developed countries represented by the U.S., and whether Chinese exports are ＂dirtier＂ compared with imports from the U.S., and further conducting an industry structure analysis and effect decomposition study on pollution embodied in trade in industrial goods between China and U.S.. Result of our research indicates that according to our calculation of the BEET, China remains a country with environmental deficits in bilateral trade with the U.S. while the gaps between pollution embodied in China＇s export and import are narrowing. Pollution embodied in China＇s export has the tendency of increase before decline while pollution embodied in import demonstrates no significant tendency of decline. Through effect decomposition, we further found that the effect of technology arising from the substantial decline of pollution intensity effectively lowered pollution embodied in export and narrowed the environmental deficits of China in its bilateral trade. The effect of scale arising from growing export volumes significantly increased China＇s environmental deficits while the structural effect arising from changes in the structure of import and export is insignificant in reducing environmental deficits. Our calculation of the PTT led to the finding that China＇s export goods are more pollution intensive compared with import goods and that the structure of US exports to China is cleaner than the structure of Chinese exports to the US., which requires further improvements of China＇s import and export structure.

PROSPECTS OF CHINA-U.S. AGRICULTURAL TRADE

The China—U.S.Agricultural CooperationAgreement is a prelude to China’s accessionto the World Trade Organization(WTO).The basic framework is built,though someDarts are still to be discussed.From a macro prospective,the exportVolume of U.S.agricultural products to Chinawill increase,and vise versa.But the sharein the total trade Volume is dropping.Firstly,no matter how flexible

Progress Made on China-U.S.Trade Relationship at the 22nd JCCT Session

China and the United States concluded the 22nd session of the U.S.-China Joint Commission on Commerce and Trade (JCCT) on November 21 in Chengdu, China. Chinese Vice Premier Wang Qishan cochaired the two-day meeting with U.S. Secretary of Commerce John Bryson and U.

Escaping Dependency and Trade War:China and the US

Marxist political economy provides a perspective for grasping the root cause of the China-US trade war.The international relations of production,which stem from the international division of labor,shape the distribution of international economic interests and the political status of countries.Traditionally,developing countries have been subjected to the“periphery”in the international division of labor.In the new global value chain,developing countries have remained in a subordinate position characterized by“technological-market”dependence.To achieve the goal of building a strong modern nation,China must escape the“technological-market”dependence.Yet China’s efforts and achievements in escaping dependent development are deemed as a threat to US vested interests in the international markets.To preserve the economic foundation of its hegemony,the US has resorted to a trade war to contain China’s development.

China-U.S. Relations and International Trade

Dr.Elliot Feldman on April 15,2010 presented the following speech at AmCham-China's Conference of the Asia-Pacific Council of American Chambers of Commerce(APCAC).With his kind approval,China Textile publishes his study and views focused on the title as captioned above.The article expresses the author's own stance.

Marketization the Key to Solving China-U.S. Trade Imbalance

China-U.S.trade has expanded rapidly over the past three decades,during which China’s trade deficit has turned into atrade surplus.China’s exports to the United States account for 20 percent of China’s total export trade,but the United States’exports to China make up less than 10 percent of its export trade.The trade dependence ratio of the two countries has adifference of up to 27 percentage points.While China’s economy and foreign trade become increasingly market-oriented,the U.S.implements long-term export restriction policies against it.Raising the degree of marketization of trade betweenChina and the U.S.is the key to redressing the China-U.S.trade imbalance.

莫迪政府第二任期以来印度的中国研究述评

2019年印度人民党再次赢得全国大选胜利,莫迪连任印度总理。莫迪政府进入第二任期后,印度更加重视中印关系研究,其国内的中国问题研究机构地位抬升,中国问题研究涉及的领域进一步拓宽,涵盖政治、经济、外交、军事、文化等多个方面。因为边界纠纷、贸易失衡等问题直接影响到中印关系发展,目前印度的中国问题研究十分关注边境安全、中印巴关系、印度对华巨额贸易逆差、中国外交战略取向等议题。同时,为更深层次了解中国对外政策背后的内在逻辑,有汉语学习背景的新生代印度学者围绕中国外交战略取向、中国共产党的组织架构、中国政治文化等产出了一系列高质量成果。近年来在印度政府和主流报刊媒体重点关注中国事务的背景下,印度中国问题研究的特点更加鲜明,呈现出研究议题务实、重要研究机构高度聚焦中国议题项目、印裔美国人塑造印度中国问题研究方向上作用显著等特点。从当前印度中国问题研究发展趋势来看,研究机构在区位分布上正由德里、孟买等中心城市向周边地区辐射,研究队伍也不断扩大、老中青三代学者结构更趋平衡,研究方法上从跨学科、新兴学科角度研究中国问题成为主流。

中美贸易争端对中国玉米生产和消费的影响

【目的】分析贸易争端对中国玉米生产和消费的影响,从而找到提升玉米竞争力的主要途径。【方法】采取定量分析与定性分析相结合和比较分析等方法,对中国玉米的贸易现状进行了分析,在此基础上,以生产玉米量较大的美国作为分析对象,通过对中美两国玉米的生产量、生产成本、生产价格及消费量进行了比较分析。【结果】中美贸易争端对中国玉米生产和消费的影响较大,具体表现为中美贸易争端直接导致中国进口美国玉米量大幅下跌;面对巨大的国内市场需求,玉米的市场供给量减少,供需矛盾逐年加剧,玉米的价格不断攀升;农民加大投入导致生产成本不断上涨,生产量也逐渐提高。【结论】中美贸易争端对中国玉米市场的影响较为明显,说明中国玉米进口依赖性较大,参与国际竞争力明显不足。国家应该采取拓展进口市场和渠道,实施进口市场多元化。加大科技投入,实现玉米生产方式的转变。降低玉米生产成本,调整玉米种植结构。加大玉米补贴力度,实现补贴形式多样化等系列措施,切实提高玉米的竞争力,减少对国际玉米市场的依赖性。

公共道德例外的泛化及其规制——以“美国关税案”为视角

DS543案使得公共道德例外条款的泛化问题再次成为焦点。本案中,专家组片面解读公共道德与经济目标的联系,对关税措施是否被设计为保护公共道德采取回避态度,并拒绝对关税措施是否应局限于违反公共道德的产品发表意见,模糊了公共道德与经济政策的概念,强化了公共道德例外的泛化倾向。公共道德例外泛化不仅导致WTO在类案中适用条约解释产生差异,还成为贸易保护主义和道德帝国主义主张行为豁免的依据。WTO应在价值平衡的基础上重新审视公共道德与经济关切的差异,并对公共道德目标、有关措施结构与设计的证明和审查标准作明确规定。中国应善用国际法规则抵制泛化公共道德的单边主义行径,同时吸取美国教训,利用合法手段维护中国道德权益。