Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Policy Towards Gender Equality in Employment in a Globalizing Economy——An outline of the analysis report on the impacts of China's economic reform on women employment

1.This study is one of The Applied Economic Institutes Linkages Project(AERIL)which is funded by theCanadian International Development Agency(CIDA)and jiontly managed by The Conference Board of Canada(CBOC)and the International Trade Research Institute in China.It is jointly implemented by the Institute ofEconomic Research of the Chinese State Planning Commission and the North—South Institute of Canada。

Counteraction to China?Impact of the U.S.International Development Finance Corporation on China’s Development Finance

The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.

Myanmar＇s Political Transition and the Adjustments of U Thein Sein Administra-tion＇s Policies towards China

During 2010-2011, Myanmar started its political transition. The U Thein SeinAdministration has made obvious policy adjustments towards China after it replaced the Mili-tary government. However, such adjustments were limited, as Myanmar hasn＇t totally lean tothe West, but keeping relatively closer political contact with China. Empirical analysis showsthat political institu6on and ideology are not the key reasons leading to such adjustments？China-Myanmar relations had undergone fluctuation, osdlla6on and stability during 2011-2016, the root causes of which are the legality of political power, national security based ongeopolitics and economic development demands of＂ Myanmar people. Moreover, those threefactors remain the primary considerations of the NLD Government when it handling relationswith China.

Bush' s China Policy and the Future of Sino-U.S.Relations

The past two years have witnessed great fluctuations ininternational oil prices,and diplomatic efforts,both above andunder the table,by major powers around this issue.The currenttension in the war-threatened Iraq has added more uncertainties to thefuture world oil situation.Will the world oil supply and demand change?What impact would this exert on big powers’ oil strategy choices,geopolitics as well as world economy?What should China do in such asituation?To find the answers to these questions,at the invitation of theeditor of the Contemporary International Relations,seven experts fromChina Institute of Contemporary International Relations gathered to have adiscussion in early February this year.Naturally,they have differentviews over many issues.Still,we hope our readers would find theirdiscussion interesting.Following is the list of participants.

Major Features of the New Situation and China's Foreign Policy

Speaking of "China’s foreign policy under new circumstances," there are five features of the new circumstances in my opinion. All these five features will not fundamentally change in accordance with major events such as the Iraq war, and to a certain extent, determine that China’s basic foreign policy need not and will not make major adjustments.

Enlightenment of Cultural Innovation in the Park of China from the Park Development of U.S.A. and Singapore

This text combines authors＇ visits and examinations on the spot of Silicon Valley of U.S.A. and Park of Singapore, after analyzing the Park development experience of U.S.A. and Singapore, elucidates ＂three culture effects＂ of Park development in terms of cultural system emphatically, then proposes some suggestions of cultural innovation in the Park of China.

The Belt and Road Initiatives and China＇s Middle East Energy Policy

The paper analyses the roots of the Belt and Road Initiative as well as China＇s Middle East Energy Policy in an age of great transformation. China＇s rapidly progressed economic growth leading to a dramatic increase in China＇s energy demand in recent years. The Middle East countries play a critical role in the international energy markets. Stable relations with the Middle East countries become increasingly important for Chinese energy security, and the continued development. The protection of these relations lies at the core of the Belt and Road Initiative. Within The Belt and Road Initiative, Chinese Middle East energy policy proceeds according to the energy cooperation framework known as ＂1＋2＋3＂, which seeks to build a reliable China-Arab strategic cooperative relationship based on long-term friendship. To avoid over dependence on the energy resources of the Middle East, China will also continue to search for other overseas energy sources and protect transportation channels. Despite risks and challenges associated with energy imports from the Middle East, China has cultivated strong relations with states in the region and will develop these economic ties further in the coming years.

The Situation in Asia-Pacific Region and China's Policy

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Comparison of Corn Production Costs in China,the U.S. and Brazil and Its Implications

This paper analyzes the corn production cost in China, the U.S. and Brazil from 1997 to 2014. According to the results,（1） corn production cost in China is the highest among these three countries;（2） the rapid growth of labor cost and land cost is the major factor that promotes the increase of total corn production cost in China;（3） the level of agricultural mechanization in China has been gradually improving, and the gap between agricultural mechanization levels in China and other two countries is constantly narrowing;（4） differing from the U.S. and Brazil,China exhibits a ＂high input, low output＂ agricultural production mode. Based on the above analyses, corresponding suggestions have been presented to reduce corn production cost in China.

Colorectal cancer burden,trends and risk factors in China:A review and comparison with the United States

Objective:China and the United States(the U.S.)have the heaviest colorectal cancer(CRC)burden with considerable variations in temporal trends.This study aims to analyze the temporal patterns of CRC burden and its risk factors in China and the U.S.across the past three decades.Methods:Data were extracted from the Global Burden of Disease(GBD)Study in 2019,including cases,deaths,disability-adjusted life-years(DALYs),age-standardized rate(ASR),and summary exposure value(SEV)of CRC in China and the U.S.between 1990 and 2019.Annual average percentage changes(AAPCs)of CRC burden were calculated using the Joinpoint regression model.The mortality in CRC attributable to potential risk factors was characterized by countries,gender,and age groups.Results:In 2019,there were 607,900 and 227,241 CRC cases,and 261,777 and 84,026 CRC deaths in China and the U.S.,respectively.The age-standardized incidence rate(ASIR)was 30.55 per 100,000 in China and 41.86 per100,000 in the U.S.,and the age-standardized mortality rate(ASMR)was 13.86 per 100,000 in China and 14.77 per100,000 in the U.S.CRC incidence,mortality,and DALY rate in the U.S.showed downward trends in the past three decades(AAPC=-0.47,-1.06,and-0.88,respectively),while upward trends were observed in China(AAPC=3.11,1.05,and 0.91,respectively).Among the cause of CRC,the leading risk factor contributing to CRC death was low milk in China and smoking in the U.S.,respectively.Conclusions:From 1990 to 2019,the burden of CRC in China increased dramatically,particularly for males and middle-aged and elderly people.The management of the major risk factors associated with the high burden of CRC should be enhanced.

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.

Cooperation and Divergence between China and the United States in the Governance of Global Climate Change

China and the United States are two key players in global climate governance.What about their relations in the field of climate change and how should we view these relations? An analysis of their relations in global climate governance is of great significance both for global multinational negotiations and their bilateral relations. The two parties have enhanced their cooperation on climate change since 2009 in terms of increasing willingness, broader scale, more diverse mechanisms and higher effectiveness. With the U.N. Paris Climate Conference 2015 approaching, China-US cooperation will inject much momentum into the multilateral process of reaching an ambitious agreement. However, there are also sharp divergences between China and the U.S. regarding principles, rules, and legal means. These divergences might become prominent during the Paris Conference and need to be addressed at the bilateral level.

Genesis of the Weiquan Ag-Polymetallic Deposit in East Tianshan, China： Evidence from Zircon U-Pb Geochronology and C-H-O-S-Pb Isotope Systematics

The Weiquan Ag-polymetallic deposit is located on the southern margin of the Central Asian Orogenic Belt and in the western segment of the Aqishan-Yamansu arc belt in East Tianshan,northwestern China. Its orebodies, controlled by faults, occur in the lower Carboniferous volcanosedimentary rocks of the Yamansu Formation as irregular veins and lenses. Four stages of mineralization have been recognized on the basis of mineral assemblages, ore fabrics, and crosscutting relationships among the ore veins. Stage I is the skarn stage(garnet + pyroxene), Stage Ⅱ is the retrograde alteration stage(epidote + chlorite + magnetite ± hematite 士 actinolite ± quartz),Stage Ⅲ is the sulfide stage(Ag and Bi minerals + pyrite + chalcopyrite + galena + sphalerite + quartz ± calcite ± tetrahedrite),and Stage IV is the carbonate stage(quartz + calcite ± pyrite). Skarnization,silicification, carbonatization,epidotization,chloritization, sericitization, and actinolitization are the principal types of hydrothermal alteration. LAICP-MS U-Pb dating yielded ages of 326.5±4.5 and 298.5±1.5 Ma for zircons from the tuff and diorite porphyry, respectively. Given that the tuff is wall rock and that the orebodies are cut by a late diorite porphyry dike, the ages of the tuff and the diorite porphyry provide lower and upper time limits on the age of ore formation. The δ13C values of the calcite samples range from-2.5‰ to 2.3‰, the δ18OH2 Oand δDVSMOWvalues of the sulfide stage(Stage Ⅲ) vary from 1.1‰ to 5.2‰ and-111.7‰ to-66.1‰, respectively,and the δ13C, δ18OH2 Oand δDV-SMOWvalues of calcite in one Stage IV sample are 1.5‰,-0.3‰, and-115.6‰, respectively. Carbon, hydrogen, and oxygen isotopic compositions indicate that the ore-forming fluids evolved gradually from magmatic to meteoric sources. The δ34SV-CDTvalues of the sulfides have a large range from-6.9‰ to 1.4‰, with an average of-2.2‰, indicating a magmatic source, possibly with sedimentary contributions. The206Pb/204Pb,207Pb/204Pb, and208Pb/204Pb ratios of the sulfides are 17.9848-18.2785,15.5188-15.6536, and 37.8125-38.4650, respectively, and one whole-rock sample at Weiquan yields206Pb/204Pb,207Pb/204Pb, and208Pb/204Pb ratios of 18.2060, 15.5674, and 38.0511,respectively. Lead isotopic systems suggest that the ore-forming materials of the Weiquan deposit were derived from a mixed source involving mantle and crustal components. Based on geological features, zircon U-Pb dating, and C-H-OS-Pb isotopic data, it can be concluded that the Weiquan polymetallic deposit is a skarn type that formed in a tectonic setting spanning a period from subduction to post-collision. The ore materials were sourced from magmatic ore-forming fluids that mixed with components derived from host rocks during their ascent, and a gradual mixing with meteoric water took place in the later stages.

U.S. withdrawal from the Paris Agreement: Reasons, impacts, and China's response

Applying qualitative and quantitative methods, this article explains the driving forces behind U.S. President Donald Trump's decision to withdraw from the Paris Agreement, assesses the impacts of this withdrawal on the compliance prospects of the agreement, and proposes how China should respond. The withdrawal undercuts the foundation of global climate governance and upsets the process of climate cooperation, and the impacts are manifold. The withdrawal undermines the universality of the Paris Agreement and impairs states' confidence in climate cooperation; it aggravates the leadership deficit in addressing global climate issues and sets a bad precedent for international climate cooperation. The withdrawal reduces other countries' emission space and raises their emission costs, and refusal to contribute to climate aid makes it more difficult for developing countries to mitigate and adapt to climate change. Cutting climate research funding will compromise the quality of future IPCC reports and ultimately undermine the scientific authority of future climate negotiations. China faces mounting pressure from the international community to assume global climate leadership after the U.S. withdraws, and this article proposes that China should reach the high ends of its domestic climate targets under the current Nationally Determined Contributions; internationally, China should facilitate the rebuilding of shared climate leadership, replacing the G2 with C5. Meanwhile, China needs to keep the U.S. engaged in climate cooperation.

China's Foreign Policy under New Circumstances (Ⅱ)

The Iraq war and the North Korean nuclear crisis are the two big events that are attracting worldwide attention. The many debates and changes that have arisen around the globe from these two issues, with the former in particular, cannot but cause

China's CDM Policies and Their Development Implications:Major Concerns for CDM Implementation

Most CDM (Clean Development Mechanism) opportunities exist in some large industrializing developing countries. For instance, China is estimated to take 48% of the world potential for CDM project activities. In reality, however, the share by China over the CDM projects registered and CDM projects in the pipeline is less than 10% as of Auguest 2005. This paper will examine the reasons behind, as reflected in China's CDM policies. Further investigation will be made into the use of these policies to boost the country's sustainable development, the sustainable development implications and effects of these policies. In addition, it is noted that incompatibility of some other Chinese laws and policies can be responsible for the low level and slow pace of CDM implementation in China and some suggestions are offered for promoting CDM project activities in China. There also exist barriers at the international level that impedes implementation of CDM project activities. A conclusion is drawn that CDM policies in a developing country like China aim mainly at promotion of sustainable development and to a lesser extent the generation of CERs.

The Clean Development Mechanism and Sustainable Development in China's Electricity Sector

The Clean Development Mechanism,a flexibility mechanism contained in the KyotoProtocol, offers China an important tool to attractinvestment in clean energy technology and processesinto its electricity sector. The Chinese electricitysector places centrally in the country’s economy andenvironment, being a significant contributor to theacid rain and air pollution problems that plague manyof China’s cities and regions, and therefore a focusof many related energy and environmental policies.China’s electricity sector has also been the subjectof a number of economic analyses that have showedthat it contains the highest potential for clean energyinvestment through the Clean DevelopmentMechanism of any economic sector in China. Thismechanism, through the active participation frominvestors in more industrialized countries, can helpalleviate the environmental problems attributable toelectricity generation in China through advancingsuch technology as wind electricity generation, cleancoal technology, high efficient natural gas electricitygeneration, or utilization of coal mine methane. Inthis context, the Clean Development Mechanismalso compliments a range of environmental and energypolicies which are strategizing to encourage thesustainable development of China’s economy.