Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instru...Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.展开更多
In just a few years,decoupling has become a hotly debated topic around the world.Most common scenarios relate to trade and investment,especially during the COVID-19 pandemic.The decoupling of science and technology,du...In just a few years,decoupling has become a hotly debated topic around the world.Most common scenarios relate to trade and investment,especially during the COVID-19 pandemic.The decoupling of science and technology,due to its close linkage to trade,has become the central part of the whole decoupling discussion.展开更多
This paper investigates the forces that determine the industrial distribution of foreign manufacturing investment. It highlights the importance of industrial agglomeration and industrial linkage in attracting foreign ...This paper investigates the forces that determine the industrial distribution of foreign manufacturing investment. It highlights the importance of industrial agglomeration and industrial linkage in attracting foreign investment to manufacturing industries. Using panel data for two-digit manufacturing industries in Beijing during the period of 1999-2004, this study finds that geographically agglomerated industries with strong intra-industrial linkages are indeed attractive to foreign investment. Previous foreign investment has led to the current industrial concentration or foreign investment. Investors also favor capital-intensive and technology-intensive industries, and they tend to be attracted to the most profitable and exporting industries, but avoid industries with high real labor costs and high entry barriers. Competitive local industries that possess comparative advantages are critical for attracting foreign investment. The existence of industrial clusters certainly enhances a city＇s attractiveness to foreign investment.展开更多
基金the sponsorship of the Ministry of Education Program“Navigating the New Normal”Scientific Research Foundation of the Renmin University of China“A Study on Limited Catch Up and Transition of China's Trade Pattern:A New Theory Based on Global Trade Scale and Interest Disequilibrium(Grant No.12XNI010)”
文摘Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.
文摘In just a few years,decoupling has become a hotly debated topic around the world.Most common scenarios relate to trade and investment,especially during the COVID-19 pandemic.The decoupling of science and technology,due to its close linkage to trade,has become the central part of the whole decoupling discussion.
基金a grant from the Natural Science Foundation of China (No.40401015)
文摘This paper investigates the forces that determine the industrial distribution of foreign manufacturing investment. It highlights the importance of industrial agglomeration and industrial linkage in attracting foreign investment to manufacturing industries. Using panel data for two-digit manufacturing industries in Beijing during the period of 1999-2004, this study finds that geographically agglomerated industries with strong intra-industrial linkages are indeed attractive to foreign investment. Previous foreign investment has led to the current industrial concentration or foreign investment. Investors also favor capital-intensive and technology-intensive industries, and they tend to be attracted to the most profitable and exporting industries, but avoid industries with high real labor costs and high entry barriers. Competitive local industries that possess comparative advantages are critical for attracting foreign investment. The existence of industrial clusters certainly enhances a city＇s attractiveness to foreign investment.
