Cash flow statements suggest that China’s rising labor remuneration has had a major impact on its national savings rate since 2008.Accordingly,this paper proposes labor remuneration hypotheses to explain the evolving...Cash flow statements suggest that China’s rising labor remuneration has had a major impact on its national savings rate since 2008.Accordingly,this paper proposes labor remuneration hypotheses to explain the evolving trend of China’s national savings rate.We hypothesize that:(1)The certainty and predictability of household labor remuneration have led to excess sensitivity to consumption,with a corresponding decrease in the household savings rate;(2)rising household labor remuneration means a greater share of labor remuneration is paid by firms,resulting in a smaller corporate savings rate;(3)the increase in the payment of labor remuneration by firms as a share of national disposable income has resulted in the government spending more on social welfare and public services resulting in the government having a declining share of disposable income,less propensity to save,and a falling government savings rate.Using China’s provincial panel data of 2008-2016,we performed an empirical test with the minimum wage standard as the instrumental variable to verify the above hypothesis.To cope with economic growth pressures,China needs to shift from an investment-driven to a consumption-driven growth model and prioritize investment efficiency over quantity.展开更多
Adozen experts of law gathered on April 1, 2003 to share their views on protection of the workers’ right to remuneration for their work in accordance with the Labor Law of the People’s Republic of China. That took p...Adozen experts of law gathered on April 1, 2003 to share their views on protection of the workers’ right to remuneration for their work in accordance with the Labor Law of the People’s Republic of China. That took place at a seminar jointly sponsored by the Human Rights and the Beijing-based Democracy and Law magazines and the Branch of Labor and Social Security Laws of the Beijing Society of Law. Participants were from the All-China Federation of Trade Unions,展开更多
基金sponsored by the Major Project of the Key Research Base of the Ministry of Education(Grant No.13JJD790036).
文摘Cash flow statements suggest that China’s rising labor remuneration has had a major impact on its national savings rate since 2008.Accordingly,this paper proposes labor remuneration hypotheses to explain the evolving trend of China’s national savings rate.We hypothesize that:(1)The certainty and predictability of household labor remuneration have led to excess sensitivity to consumption,with a corresponding decrease in the household savings rate;(2)rising household labor remuneration means a greater share of labor remuneration is paid by firms,resulting in a smaller corporate savings rate;(3)the increase in the payment of labor remuneration by firms as a share of national disposable income has resulted in the government spending more on social welfare and public services resulting in the government having a declining share of disposable income,less propensity to save,and a falling government savings rate.Using China’s provincial panel data of 2008-2016,we performed an empirical test with the minimum wage standard as the instrumental variable to verify the above hypothesis.To cope with economic growth pressures,China needs to shift from an investment-driven to a consumption-driven growth model and prioritize investment efficiency over quantity.
文摘Adozen experts of law gathered on April 1, 2003 to share their views on protection of the workers’ right to remuneration for their work in accordance with the Labor Law of the People’s Republic of China. That took place at a seminar jointly sponsored by the Human Rights and the Beijing-based Democracy and Law magazines and the Branch of Labor and Social Security Laws of the Beijing Society of Law. Participants were from the All-China Federation of Trade Unions,
