Policy adjustments needed to encourage Chinese companies' overseas M&A

The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the resource and mining sectors,while private companies' deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies.

Research on Localized English Education for Transnational Left-behind Children in the Context of English Global Localization: A Case Study of Wenzhou Overseas Chinese Hometown

With the increasing development of English globalization,the trend of combining English with local cultures has become more evident.This research focuses on five schools in the Wenzhou overseas Chinese hometown to investigate the current status of English education from the perspectives of teachers,students,and textbooks.The aim was to propose bilingual education strategies for the education of transnational left-behind children(TLC).By examining the situation of English education in this specific context,this study sought to address the unique challenges faced by TLC and provide effective educational approaches.Interviews,observations,and document analysis were employed to gather data by means of questionnaire research methods.The findings of this study settled on the improvement of bilingual education for TLC and insights into enhancing English education in multicultural settings.

The effect of overseas investors on local market efficiency:evidence from the Shanghai/Shenzhen–Hong Kong Stock Connect

Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market.We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange.They are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)market.The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality.The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash risk.We conduct various robustness checks to corroborate our findings.This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.

China's Game Industry Sees Business Opportunities Overseas

According to the recently issued 2022 China Game Industry Report,the actual sales revenue of China’s game market in 2022 reached RMB 265.884billion,down by 10.33% year on year.The number of game users was 664 million,down by 0.33% year on year.After the evident slowdown of market growth in2021,the year 2022 witnessed the first decline in the past eight years,and the game industry has entered the phase of focusing on stock market.As the blue ocean of the market shrinks and the market competition becomes increasingly fierce,the significance of "going overseas" will be more and more important for the game industry.

RMB Exchange Rate,Overseas Education,and High-Quality Economic Growth

China is transitioning its industrial structure from labor-and resource-intensive industries that previously contributed significantly to the country’s GDP growth to technology-intensive industries emphasizing a highly-skilled workforce and sustainability to achieve high-quality economic growth.This paper examines the impact of the RMB exchange rate on high-quality economic growth through theoretical modeling and empirical analysis and discusses the variable of overseas education to explore the mechanism of how the RMB exchange rate and overseas education jointly impact high-quality economic growth.The research sample includes the National Bureau of Statistics data on education from 1995 to 2015,the Bank for International Settlements(BIS)data on the RMB exchange rate,and the added value of China’s high-quality economic growth estimated based on the national economy data.An empirical analysis of theoretical expectations was conducted,finding that RMB appreciation could make a positive contribution to China’s high-quality economic growth;RMB exchange rate fluctuations would impact the relative cost of overseas education and overseas returnees could have a positive impact on domestic resource utilization efficiency and domestic capacity to make sci-tech innovations,thereby injecting vitality to high-quality economic growth.This study focuses on both the RMB exchange rate and the population studying abroad,providing additional observation dimensions to existing research.

‘Nihao China’ Overseas Special Event of the 2023 Yangtze River Tourism Overseas Promotion Season

“Nihao China”overseas special event of the 2023 Yangtze River Tourism Overseas Promotion Season in Paris and Tokyo helped the French and Japanese people better appreciate the magnificent scenery,cultural heritage and green ecology of the Yangtze River basin,understand the profound heritage of the Yangtze River culture,and enjoy the wonderful journey of the Yangtze River.

我国上市公司海外并购绩效提升了吗——基于DEA-Malmquist的实证分析

通过运用DEA-Malmquist法对2015—2020年我国132家上市公司海外并购绩效进行测度。研究发现:海外并购促进了大多数上市公司的资源配置效率,这主要得益于技术效率的作用;海外并购缩小了上市公司间的效率差距;海外并购提高了较多上市公司的规模收益,但规模收益增长的公司占比仍不高;海外并购在短期内改善了上市公司的绩效,对长期的绩效改善不明显。在此基础上,从海外并购前后两个阶段,提出提升我国上市公司海外并购绩效的建议。

Gold Mining Enterprises Are Mulling Over Overseas M&A

China’s gold mining enterprises are actively plotting deployment of overseas resources,the'Thirteenth Five Year Plan'period may become a crucial period for resource reserve expansion by domestic gold enterprises.'China National Gold Group Corporation will quicken its pace of walking out,and speed up the process of setting up a batch of

Overseas Short-term Training Program for Chinese University Teacher Educators:Theoretical Basis and Course Design

Overseas three-month intra-university training program is rear in Yunnan,China.Using adult learning and social con-structivism as theoretical basis,the author,introduces the background of the program and the course design,highlighting the inten-tion for the program and similar programs.

Learner Factors and Contextual Influences of an Overseas Short-term Training Program for Chinese University Teacher Educators

The participants of an overseas three-month program in this paper were divided into 3 levels according to their English language competences,and classroom observation,and interview were conducted during the learning process.Results show the English language competences,interpretation,learners’education and research background and motivation are determining factors affecting classroom behavioral performance and learning effectiveness.

The Reform Scheme of Practice-Courses Cooperation Training Pattern of Software Engineering Major of Overseas Chinese Universities

How to improve the employment of software engineering graduates, especially, how to effectively enhance the employment competitiveness of relevant overseas students in the context of "One Belt and One Road" is one of the core tasks of overseas Chinese universities. This paper proposes a reform plan for the practical training mode of school-enterprise cooperative project in the software engineering of overseas Chinese universities. The reform plan combines education concepts with practical research and development. It subdivides students and according to the characteristics of different types of students, and is carried out on campus, outside campus(in the province), and abroad(original area), which makes senior undergraduates fully understand the needs of enterprises, constantly improve their professional practice ability, and improve their competitiveness. Thus, the professional innovation and entrepreneurship ability of students is enhanced, and it also reduces the cost of employee entry.

THE CONSTRUCTION AND ITS DEVELOPMENT OFTHE OVERSEAS TRANSPORT SYSTEM IN NORTHEAST CHINA

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Cross-border Urban Networks Based on Manufacturing Global Value Chain:A Study of Listed Companies in Western China

Cross-border investment is essential for western China’s globalization.Global value chain(GVC)forms cross-border investment networks between industries in western China and overseas cities.Focusing on GVC,this study uses the social network analysis method,entropy method,multi-index comprehensive evaluation method,and quadratic assignment procedure analysis method to examine the characteristics and influencing factors of the urban networks of research and development(R&D),production,and sales formed as a result of the overseas investments of listed manufacturing companies in western China.Results showed that the three types of investment networks involved multiple industry types and multiple central cities with differentiated diversity and multicentrality.The R&D urban network’s leading sub-industries were the mechanical equipment and instruments,medicine and biological products,and metal and nonmetal industries.The destination cities were mostly those home to educational and scientific research centers.The production urban network’s leading sub-industries were the mechanical equipment,instrument,and food and beverage industries.The destination cities were mostly regional central cities in developing countries.The sales urban network’s leading sub-industries were the mechanical equipment and instrument,metal and nonmetal,and petrochemical and plastics industries.The destination cities were numerous and scattered.In addition,the R&D urban network easily formed specialized clusters,core nodes easily controlled the production urban network,and individual nodes did not easily control the sales urban network.Technological and economic system advantages greatly impacted the three network types.Considering the different influencing factors,this study suggests optimizing the institutional investment environment to narrow the institutional gap,adjusting and optimizing the investment layout to expand overseas markets,and increasing R&D funds to stimulate technological progress and overseas investments in western China.

Chinese People’s Willingness to Travel Overseas Increases

Mastercard recently issued the report on Chinese Tourists’Outbound Travel and Overseas Payment Behaviors,pointing out that bank cards,e-wallets and cash payments can meet the payment needs of most tourists traveling overseas,with the bank card being the most popular among tourists.In addition,payment agencies are expanding their business in overseas tourism,and are providing more services for businesses and consumers through the expansion of mobile payment scenarios and cross-border e-commerce,in order to facilitate on-line payment for overseas tourism.Non-cash payment has become the major trend.As the economy recovers in the wake of the pandemic,the willingness and ways of consumption for overseas tourism have been undergoing big changes.

Chinese Exhibiton Area:Highlight of the World's Major Tourism Exhibitions

Since February 2023,Chinese embassies and consulates,overseas China cultural centers and overseas China national tourist offices have taken innovative approaches to present China's beauty of nature and beauty of culture at major tourism exhibitions around the world,and continued to tell China's story well and tell the story of the Belt and Road well with rich and colorful cultural and tourist products.

Study of evaluation method for the overseas oil and gas investment based on risk compensation

The overseas oil and gas investment evaluation is one of the core tasks in overseas investment of oil and gas companies,among which risk evaluation and benefit evaluation are the most important.This paper sets forth transmission paths of risk factors to the investment benefit by identifying 14 overseas oil and gas investment risks in four categories.On the basis of the concept of risk compensation,different compensation mechanisms specific to each risk are designed.The risk and benefit are integrated objectively to develop a comprehensive evaluation model by correcting the recoverable reserve,adjusting benefit evaluation parameters such as investments on exploration and development,and compensating for the changes in risk factors with time through dynamic discount rate.Moreover,two cases studies,namely the evaluations of Project A in Sudan and comparison among Blocks A–G,are used to describe usage method and applicable scope of such evaluation model,respectively.According to the results,oil price is a key influencing factor for enterprise internal risk and industrial risk.Risk compensation reduces comprehensive benefit of overseas oil and gas investment and undermines the investment feasibility and priority of blocks.The research findings of this paper are free from the effects of some subject factors and avoid multi-objective decision making,and also avoid the undesired repeated calculation of risk factors.

The Overseas Reception of Chinese Science Fiction Works from a Perspective of Western Interpretation Preference——A Case Study of Reader's Reception of Liu Cixin's The Three-Body Problem in the USA

The Three-Body Problem, written by Liu Cixin, won the 2015 Hugo Award for Best Novel, with over 200,000 copies in English already sold. This gure is hundreds of times the average sales volume of Chinese novels in the USA. Through qualitative and quantitative analyses of overseas readers' comments on The Three-Body Problem posted on the online platforms of Goodreads and Amazon, this paper concludes that the novel's success overseas lies in its catering to the concerns of overseas readers. The ThreeBody Problem is popular among overseas readership thanks to its re ection on the ultimate existence of mankind, science ction vision & imagination, literary familiarity & identi cation, ideological di erence-triggered cultural curiosity, and a good translation. This paper attempts to interpret Liu Cixin's work on the map of world literature from the perspective of overseas readers' preferences to provide references for contemporary Chinese science ction creation and overseas reception.

Tea Culture,A Way to Promote Exchange and Enhance Mutual Learning Between Civilizations

The Ministry of Culture and Tourism of the People's Republic of China,together with international organizations and Chinese missions overseas,relying on China Cultural Centers and China National Tourist Offices abroad,will hold"Tea for Harmony:Yaji Cultural Salon"activities in 41 countries around May 21,2023,the International Tea Day.

海外公民涉恐安全风险评估方法——基于风险管理理论和加权K-means聚类

海外公民安全是中国海外利益安全的主要组成部分,是践行总体国家安全观“以人民安全为宗旨”的具体体现。当前我国公民在海外面临的涉恐安全风险日益加剧,甚至威胁到公民个体的生命安全。因此,提出了一种结合风险管理理论和加权K-means聚类的风险评估方法。其中,利用“袭击发生概率”和“袭击成功率”两个指标来评估风险的“相对可能性”,用“死亡人数”和“受伤人数”两个衡量后果的“相对严重性”,进而构建出海外公民涉恐安全风险评估指标体系和分析模型,通过数据聚类的方式将风险分级,从而对我国海外公民涉恐安全风险进行定量的评估,以期为保护我国海外公民安全提供较为有价值和相对客观的参考建议。

IS CHINA LEARNING FROM ITS NEIGHBORS? A COMPARISON OF OVERSEAS INVESTMENT BETWEEN CHINA AND OTHER EAST ASIAN ECONOMIES

Twenty years’ economic reform and open door practice have made China not only an important host nation to foreign direct investment (FDI), but also the largest FDI home nation among the developing countries. In fact, since the late 1980s, the Chinese government has not simply put its effort into exporting  made-in-China" products to earn foreign currency or into encouraging foreign inward capital, but also actively encouraged its manufacturers to invest overseas. This paper examines China’s outward FDI and poses the question to what degree China is expected to follow the other East Asian economies or will it forge its own particular patterns. The first section of this paper reviews the characteristics of FDI of China’s neighbors and then it turns to examine the spatial patterns of and motivations for China’s FDI. Finally, this paper looks at potential of China’s outward investment in the near future. It concludes that China is not Japan but its potential for further outward FDI is huge. With its WTO membership and growing economy, China will become the second to Japan or USA. It will also use its financial power to further contain Taiwan’s independence.