Using Chinese microdata from 2000 to 2013,we document how demand shocks in export markets lead multi-product exporters to adjust markups across products.We find that,in response to positive demand shocks,quality-based...Using Chinese microdata from 2000 to 2013,we document how demand shocks in export markets lead multi-product exporters to adjust markups across products.We find that,in response to positive demand shocks,quality-based competitive multi-product firms increase product markups significantly,particularly for core products,whereas cost-based competitive multi-product firms respond by reducing product markups.The reason for this is that positive foreign demand affects markups through two opposite channels:pro-innovative effects and pro-competitive ejfects.Pro-innovative effects are predominant among quality-based competitive multi-product firms,and these firms respond to positive foreign demand shocks by increasing product quality,prices,and markups.Pro-competitive ejfects are predominant among cost-based competitive multi-product firms,and these firms respond to positive foreign demand shocks by lowering product cost,prices,and markups.We demonstrate the presence of these mechanisms empirically.The results imply that firms with different competition strategies should adopt different measures in response to foreign demand shocks.展开更多
Starting from China's macro-economic policy level and combining with the status of foreign trade in China, major problems in the development of foreign trade are analyzed under the background of expanding domestic...Starting from China's macro-economic policy level and combining with the status of foreign trade in China, major problems in the development of foreign trade are analyzed under the background of expanding domestic demand, which is guided by the macro-economy, international finance, international trade and other related disciplines. Problems are mainly the inflation, the reduction of import, the trade protection, the increase in export costs, the reduction of export, the scale shrinkage of foreign trade, the speculation of short-term hot money, and the increase in risk of economic fluctuation. Finally, corresponding countermeasures are put forward, such as actively coping with the appreciation of the RMB, effectively increasing the anti-risk ability of RMB, firmly maintaining the currency stability of RMB, reducing the international trade friction, transforming the growth model of foreign trade, promoting the industrial and products upgrading of foreign trade, enhancing the benefits of foreign trade, forming an effective price competition mechanism, increasing the support in trade, improving the environment for trade development, correctly dealing with the relationship between government and foreign trade enterprise, controlling inflation, and restricting hot money speculation.展开更多
基金Tenglong Zhong is grateful for the support by the Youth Project from the National Natural Science Foundation of China(No.71903003)the Program for Innovation Research in Central University of Finance and Economics+1 种基金Ming Xu is grateflil for support from the Beijing-Tianjin-Hebei Coordinated Development Think Tank Basic Research Project from the Chinese Academy of Social Sciences(No.2020P05)the Major Project of Research and Interpretation of the Spirit of the 5th Plenary Session of the 19th Central Committee of the Communist Party of China from the National Office for Philosophy and Social Sciences(No.21ZDA021).
文摘Using Chinese microdata from 2000 to 2013,we document how demand shocks in export markets lead multi-product exporters to adjust markups across products.We find that,in response to positive demand shocks,quality-based competitive multi-product firms increase product markups significantly,particularly for core products,whereas cost-based competitive multi-product firms respond by reducing product markups.The reason for this is that positive foreign demand affects markups through two opposite channels:pro-innovative effects and pro-competitive ejfects.Pro-innovative effects are predominant among quality-based competitive multi-product firms,and these firms respond to positive foreign demand shocks by increasing product quality,prices,and markups.Pro-competitive ejfects are predominant among cost-based competitive multi-product firms,and these firms respond to positive foreign demand shocks by lowering product cost,prices,and markups.We demonstrate the presence of these mechanisms empirically.The results imply that firms with different competition strategies should adopt different measures in response to foreign demand shocks.
文摘Starting from China's macro-economic policy level and combining with the status of foreign trade in China, major problems in the development of foreign trade are analyzed under the background of expanding domestic demand, which is guided by the macro-economy, international finance, international trade and other related disciplines. Problems are mainly the inflation, the reduction of import, the trade protection, the increase in export costs, the reduction of export, the scale shrinkage of foreign trade, the speculation of short-term hot money, and the increase in risk of economic fluctuation. Finally, corresponding countermeasures are put forward, such as actively coping with the appreciation of the RMB, effectively increasing the anti-risk ability of RMB, firmly maintaining the currency stability of RMB, reducing the international trade friction, transforming the growth model of foreign trade, promoting the industrial and products upgrading of foreign trade, enhancing the benefits of foreign trade, forming an effective price competition mechanism, increasing the support in trade, improving the environment for trade development, correctly dealing with the relationship between government and foreign trade enterprise, controlling inflation, and restricting hot money speculation.
