Research on the Threshold Effect of China’s Pharmaceutical Export Trade on Internal and External R&D Investment

Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.

Environmental Effects of Foreign Trade and Its Spatial Variations in Mid-eastern Provinces and Cities of China

The studies on environmental effects of foreign trade and its spatial variations are helpful to design and implement environmental protection countermeasures.In order to eliminate the adverse effects of insufficient observation values on the accuracy of regression results and dynamic information quantity of fitting equation during empirical study,panel data of the mid-eastern provinces and cities of China from 1985 to 2007 were selected based on the adjustment of classical regression model in this paper.Panel unit root test and panel cointegration analysis method were applied to investigating the environmental effects of foreign trade and its spatial variations in the mid-eastern provinces and cities of China and its three groups divided by foreign trade dependence.The results show that all scale effects are positive,while all technical effects are negative and unable to counteract positive scale effects.Foreign trade development is regarded as an important cause for outstanding eco-environmental problems in the mid-eastern provinces and cities of China.Total effects and structural effects are significantly different among different groups because of spatial variations in environmental policies,export destinations,source of FDI,etc.Following the principle of′coordinating generality and considering differences comprehensively′,it is essential to issue a series of policies and countermeasures corresponding to differences in regional environmental effect of foreign trade,in order to coordinate the relationship between foreign trade development and eco-environment in each region.

Trade Isolation Effect of Terrorism Risks along the"Belt and Road"Route

Rising terrorism risks are a major obstacle for Belt and Road countries to integrate into the global trade network. Based on the cross-country panel data of the now 66 Belt and Road countries during 2000-2013, this paper carries out an empirical study on the trade isolation effect of terrorism risks with the following findings: Rising terrorism risks will indeed give rise to a significant "trade isolation effect" with greater negative impact on a country's export than on import. After taking into account the endogeneity of the variable of terrorism risks and heterogeneous casualties of terrorist attacks, this conclusion remains robust. In addition, the trade isolation effect of terrorism risks is also characterized by heterogeneous targets under attack, i.e. the degree of trade isolation effect is positively correlated with the randomness of targets under terrorist attacks.

Dashed Trade Deal Has Ripple Effects

THE prospects for a China-U.S. trade deal are on hold for now, but the repercussions of not having one echoed through the political arena and markets. Joe Biden, currently the front-runner for the Democratic nomination for U.S. president, criticized President Donald Trump for his handling of the most recent round of trade negotiations, which concluded on May 10.

Environmental effects of export trade in the Yangtze River Delta, 2003-2006

Economic globalization has promoted the formation of global production network, and correspondingly the high-quality environmental factors are reconfigured behind the physical commodities exchange. Export trade not only drives China＇s economic growth, promotes industrial upgrading and technological progress, but also may have a negative impact on the environment. After reviewing and summarizing the existing relevant literatures, tire paper collects the required statistic data from 2003 to 2006 and uses the panel data model to measure the environmental effects of export trade in the Yangtze River Delta. The results show that the export trade of Yangtze River Delta has a negative impact on the environment. When the variables of economic scale, economic structure areftxed, with the export trade growth of 1%, the industrial sulfur dioxide emission and industrial waste water emtsston will increase by 0.12% and 0.23% respectively. So we must pay serious attention to the negative effects, and promote regional sustainable development rapidly through adjusting the export structure and strengthening environmental regulations.

Research on Replacing Effects & Examination System of TBT against Tariff Impediment to Textile and Apparel Trade

With the cutoff and limitation of tariff and traditional non-tariff Barriers to Trade by GATT/WTO, Technical Barriers to Trade (TBT) has gradually replaced tariff and general non-tariff Barriers to Trade and become an important measurement in new trade protectionism. This article analyzes the replacement of TBT on tariff barrier for exporting countries, as well as the trading pattern of TBT in its maturing period through the discussion of macro strategies of surpassing TBT; meanwhile it also probes into the examination and supervision policies of governmental functional departments.

虚拟仿真课程教学模式创新对教学效果的影响——以“Teach me trade”课程为例

通过尝试以网络平台的远程操作与实体实验室环境的现场操作相结合的教学模式,国际贸易模拟(Teach me trade)课程以教学模式的创新提升教学效果,并改进教学效果评价体系以加强其客观性全面性。虚拟仿真课程只有将先进的教学理念实践于教学模式的创新,才能逐步提高对教学模式及教学效果评价体系的理论认识,并进行科学合理的优化。

Evaluation of Role of Home Market Effects in China′s Manufacturing Industries

Under the theoretical framework of the New Trade Theory and the New Economic Geography, Home Market Effects (HMEs) is considered to be important sources of comparative advantage and significant reasons for industry agglomeration. Through the analysis on the input-output tables in China, the paper confirms the existence of HMEs for the manufacturing industries and their export trades on the national and provincial level in China. Several conclusions have been drawn in this study. Firstly, there exist prominent HMEs for manufacturing industries related with nondurable goods and materials in China. Secondly, 10 of the 15 kinds of manufacturing industries considered in this study display the existence of HMEs. Thirdly, the comparative advantage of factor endowment for the export trade of manufacturing industries is declining, while HMEs for them are increasing. Fourthly, among the 30 provincial regions studied in this paper, 11 regions show the existence of HMEs, most of which are located in the eastern coast region. This paper illustrates the simultaneous existence of the comparative advantage of factor endowment and scale economies of HMEs for China's manufacturing industries. HMEs will not only be the new dynamic for the increase of manufacturing industries and their export trade, but also be the primary power for urban economic growth, industry improvement, and urban space expansion for China.

Effects of investor sentiment on stock volatility:new evidences from multi-source data in China’s green stock markets

The effect of investor sentiment on stock volatility is a highly attractive research question in both the academic field and the real financial industry.With the proposal of China’s"dual carbon"target,green stocks have gradually become an essential branch of Chinese stock markets.Focusing on 106 stocks from the new energy,environmental protection,and carbon–neutral sectors,we construct two investor sentiment proxies using Internet text and stock trading data,respectively.The Internet sentiment is based on posts from Eastmoney Guba,and the trading sentiment comes from a variety of trading indicators.In addition,we divide the realized volatility into continuous and jump parts,and then investigate the effects of investor sentiment on different types of volatilities.Our empirical findings show that both sentiment indices impose significant positive impacts on realized,continuous,and jump volatilities,where trading sentiment is the main factor.We further explore the mediating effect of information asymmetry,measured by the volume-synchronized probability of informed trading(VPIN),on the path of investor sentiment affecting stock volatility.It is evidenced that investor sentiments are positively correlated with the VPIN,and they can affect volatilities through the VPIN.We then divide the total sample around the coronavirus disease 2019(COVID-19)pandemic.The empirical results reveal that the market volatility after the COVID-19 pandemic is more susceptible to investor sentiments,especially to Internet sentiment.Our study is of great significance for maintaining the stability of green stock markets and reducing market volatility.

Spatial emission reduction effects of China’s carbon emissions trading:quasi-natural experiments and policy spillovers

Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.

Hypothetical Commercialization of Biotech Soybeans in China： Impacts on Domestic Markets and International Trade

China is the leading importer of soybeans in the world. If China adopts high yield biotech soybean varieties, China＇s soybean production would increase significantly and this would impact global soybean markets. This paper assesses the possible effects of adoption of herbicide-tolerant, biotech soybeans in China and its impact on the world soybean trade. Results indicate that under a low technology fee and high adoption rate, China would be able to satisfy its soybean food demand. Urban consumers＇ strong preference for non-biotech soybean oil may lead to increase in imports of non-biotech soybeans.

Is pork trade good for China's greenhouse gas emissions?

China produces the largest amount of pork in the world, which emits the largest amount of greenhouse gases （GHGs）. This paper calculates GHG emissions from China＇s hog production at the provincial level using newly published emission factors~ Empirical results show that GHG emissions from China＇s hog production mainly respond to the scale intensity~ Capital abundance and income contribute positively to GI-IG emissions from hog production. Pork trade increases GHG emissions from China＇s hog produc- tion with a significantly direct effect, reduces GHG emissions through indirect technique effects.

Embodied Pollution in China-U.S.Trade——An Empirical Study Based on Estimation of Input-Output Technology Matrix

Using input-output tables of China and the U.S., this paper has calculated the pollution embodied in trade and structure of pollution, the balance of emissions embodied in trade （BEET） and the pollution terms of trade （PTT） for 18 manufacturing sectors of China and the US. between 2001 and 2010. The calculation aims to verify whether China has become a ＂pollution haven＂ in bilateral trade with developed countries represented by the U.S., and whether Chinese exports are ＂dirtier＂ compared with imports from the U.S., and further conducting an industry structure analysis and effect decomposition study on pollution embodied in trade in industrial goods between China and U.S.. Result of our research indicates that according to our calculation of the BEET, China remains a country with environmental deficits in bilateral trade with the U.S. while the gaps between pollution embodied in China＇s export and import are narrowing. Pollution embodied in China＇s export has the tendency of increase before decline while pollution embodied in import demonstrates no significant tendency of decline. Through effect decomposition, we further found that the effect of technology arising from the substantial decline of pollution intensity effectively lowered pollution embodied in export and narrowed the environmental deficits of China in its bilateral trade. The effect of scale arising from growing export volumes significantly increased China＇s environmental deficits while the structural effect arising from changes in the structure of import and export is insignificant in reducing environmental deficits. Our calculation of the PTT led to the finding that China＇s export goods are more pollution intensive compared with import goods and that the structure of US exports to China is cleaner than the structure of Chinese exports to the US., which requires further improvements of China＇s import and export structure.

Does Anyone Benefit？ - A Quantitative Effect Analysis on US Punitive Tariffs on Chinese PV Imports from a Global Perspective

Financial support from National Science Foundation for Distinguished Youth （Grant No.70925006）, National Natural Sciences Fund Program （Grant No.71103059）, Humanities and Social Sciences Youth Program of the Ministry of Education （Grant No. 10YJC7902930）, is gratefully acknowledged. Authors highly appreciate the comments of anonymous reviewers and take sole responsibility for this paper.

近朱者赤:被纳入碳排放权交易试点的客户能否影响企业ESG表现?

绿色是实现高质量发展最亮的底色。以“双碳”目标为背景,基于企业与客户的二元供应链关系,实证检验被纳入碳排放权交易试点的客户对企业ESG表现的影响。研究表明:被纳入碳排放权交易试点的客户能够显著提升企业ESG表现。对企业ESG表现的分维度研究表明,被纳入碳排放权交易试点的客户对企业E和S维度的表现具有显著的提升作用,而对企业G维度表现的提升作用不显著。被纳入碳排放权交易试点的客户通过倒逼效应提升企业ESG表现。短期内,被纳入碳排放权交易试点的客户倒逼企业“末端治理”;长期内,被纳入碳排放权交易试点的客户倒逼企业“前端预防”。当企业位于低碳试点城市、处于高碳排放行业时,被纳入碳排放权交易试点的客户对企业ESG表现的提升作用更显著。企业ESG表现提升并不能直接增加企业价值,但被纳入碳排放权交易试点的客户能够倒逼企业提高环保投资水平和绿色技术创新水平,进而推动企业ESG表现显著增加企业价值,而且长期更有效。基于被纳入碳排放权交易试点的客户这一新研究视角,揭示了低碳减排与ESG实践的激励相容机制,不仅为深入理解我国碳试点的微观作用效果提供了新思路,而且对推进美丽中国建设、实现经济高质量发展具有重要的实践意义。

碳排放权交易对试点地区绿色发展的影响及溢出效应——基于PSM-DID和SDID模型的实证分析

在碳中和、碳达峰背景下,本文选用2003~2021年全国273个地级市的面板数据,以碳排放权交易试点(CETP)为出发点,用生态效率测度绿色发展水平,通过PSM-DID和SDID模型实证检验了CETP对绿色发展的直接效应、间接效应和空间溢出效应。研究发现:(1)CETP能显著促进绿色发展,且通过了安慰剂检验和稳健性检验;(2)CETP产生的创新效应对绿色发展有推动作用,但产业结构效应不显著;(3)CETP对周边试点城市产生了显著负向的溢出效应,但对非试点城市的生态效率无明显影响。最后,结合以上研究结论,提出了政策建议。

数字经济发展与出口韧性:来自我国地级市层面的经验证据

随着全球经济不确定性加剧和地缘政治经济形势日渐复杂,我国出口贸易韧性面临较大外部冲击,而数字经济快速发展通过有效赋能贸易转型升级深刻影响城市出口韧性。基于此背景,系统梳理数字经济影响出口韧性的理论机制,利用我国地级市面板数据和双重差分模型,实证检验数字经济发展对我国城市出口韧性的影响效应及作用机制。研究表明:数字经济发展对出口韧性抵抗性和恢复性均具有显著的正向影响,多种稳健性检验均支持上述结论。该影响效应在低数字经济发展水平城市和低对外贸易依存度城市表现得更为突出;数字经济发展对出口韧性抵抗性的影响在中西部和北部城市更为突出,对出口韧性恢复性的影响在东部和北部城市更为明显。此外,数字经济通过影响技术创新和贸易开放提升出口韧性,产业因素中制造业集聚对此具有负向调节作用,产业多样化对此具有正向调节作用。进一步研究发现,互联网发展规模对数字经济影响出口韧性抵抗性具有非线性作用,表现为双门槛效应。以上结论为提升我国城市出口韧性、加快实现贸易高质量发展提供理论支撑,提出加大对数字经济与相关产业的支持力度,促进数字技术与传统行业深度融合,推动国内各地域均衡发展,倡导经济多样化发展等建议。

财政分权对城市贸易经济韧性的影响及空间溢出效应研究

在中国经济迈入高质量发展的新阶段,面对复杂多变的外部环境,增强城市贸易经济韧性显得尤为重要。基于2006—2019年中国283个地级及以上城市面板数据,采用面板回归模型、中介效应检验方法及空间杜宾模型,探究财政分权对城市贸易经济韧性的影响及其内在机制。研究发现:财政分权能够显著增强城市贸易经济韧性,科技创新在其中起到了部分中介作用,上述结论经过稳健性检验后依然成立。空间杜宾效应分析表明,财政分权可通过空间溢出效应作用于邻近城市贸易经济韧性。进一步的异质性分析发现,财政分权对城市贸易经济韧性的促进作用存在区位和贸易经济韧性水平差异,在中西部地区及贸易经济韧性水平较低的城市中其作用效果越强。

贸易政策不确定性与技术创新——基于贸易网络的调节效应

随着全球贸易保护主义趋势不断加强,各国的贸易政策不确定性也在不断增加。文章基于2008-2019年79个国家的相关数据,实证分析了贸易政策不确定性对技术创新的影响。研究结果表明:由贸易政策干预所引起的贸易政策不确定性的增加,不利于受影响国技术创新水平的提高;相较于发达国家,发展中国家技术创新受贸易政策不确定性的影响更为显著;贸易政策不确定性的增加不利于受影响国技术创新水平的提高,但受影响国可以通过提高自身的贸易网络地位,减弱贸易政策不确定性对技术创新的负面影响。在全球贸易保护主义趋势不断加强的背景下,各国应根据国情制定相关政策,积极推动国家间经济合作的达成来应对贸易政策不确定性所带来的影响。

欧盟推动“禁止强迫劳动产品”立法:规范冲突与现实挑战

欧盟推动“禁止强迫劳动产品”立法,将对国际经贸环境包括我国国际经贸活动产生深远影响。欧盟相关文件和立法提案,实质是“工商业与人权”规范的欧盟版,具有区域法治规范效果外溢化和人权规则工具化的双重意涵。在制定和实施上述法规时,欧盟应当信守国际法基本原则,尊重联合国相关倡议的宗旨和精神,履行WTO关于发达成员不实施贸易壁垒的义务。在实践层面,欧盟新法规将提高发展中国家进入欧盟市场和全球供应链的成本,恶化发展中国家的外贸和就业环境,最终损害发展中国家劳工利益。对此,可采取以下对策:加强与欧盟沟通,要求欧盟克制贸易保护主义倾向,避免将人权法规工具化;主动对标高标准国际经贸规则、促进深层次改革,持续扩大法治保障下的高水平开放;加强对企业的合规指导,引导企业增强国际竞争力;针对欧盟相关法规及其实施造成的潜在不利影响,做好务实管用的预案,以预防风险。