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on China |
| By: | Michiel Gerritse (Erasmus University Rotterdam); Zhiling Wang (Erasmus University Rotterdam); Frank van Oort (Erasmus University Rotterdam) |
| Abstract: | China’s Industrial Transfer Policy (ITP) is a novel place-based development policy of unprecedented scale. The policy targets a set of inland cities aiming to i) grow them in size and ii) restructure them into manufacturing hubs. These cities would eventually relieve pressure in China’s coastal manufacturing hubs. We use a detailed migrant survey to estimate the impact of ITP on targeted cities by matching cities on policy assignment propensities. The ITP status led to a rapid but short-lived growth of migrant inflows up to 60%, representing 2 to 7 million internal migrations. Migrants in manufacturing and from coastal origins show stronger migration and wage responses. However, high skilled migrants respond less elastically, and migrant employment in manufacturing is offset by the exit of native workers. Additionally, manufacturing industries in targeted cities show no development in terms of output, pollution or production strategies. The ITP expands the population of targeted cities, but the evidence for a restructuring of the cities is weak. |
| Keywords: | migration, urbanization, development, wage, place-based policy, China |
| JEL: | R58 H50 O20 P25 J38 |
| Date: | 2024–03–22 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20240020 |
| By: | Liu, Qi (School of Agricultural Economics and Rural Development, Renmin University of China); Liu, Shilei (School of Environment and Natural Resources, Renmin University of China); Liu, Zhaoyang (Department of Land Economy, University of Cambridge); Xu, Jintao (National School of Development, Peking University); Kontoleon, Andreas (Department of Land Economy, University of Cambridge) |
| Abstract: | This study examines the impact of China’s Natural Forest Protection Program (NFPP) on forest cover in four Chinese provinces. The NFPP represents one of the world’s largest-scale forest conservation/restoration programs in terms of its sheer budget size and geographical coverage. Understanding the heterogeneous impact of the policy on different landowners is important to evaluating its viability and success. This paper presents the first rigorous assessment of the program’s performance by comparing its impacts on forestland held by state-owned forest enterprises (SOFEs) and village collectives. We use the spatial regression discontinuity approach to better identify the impact caused by the program per se, rather than by other possible correlated confounding factors. Our results find that the NFPP has a moderately positive effect on forest cover on average over both types of forestland holders. Moreover, we find that the program has a greater positive effect on collective forests than on state forests, even though the program’s financial support for the former is not as strong as that for the latter. Our empirical findings provide unique insights that contribute to the highly controversial and ongoing debate on property right reform of China’s state-owned forests. |
| Keywords: | Forest conservation and restoration; China’s Natural Forest Protection Program; policy impact evaluation; forestland property right regimes; spatial regression discontinuity. |
| JEL: | P31 P32 Q15 Q23 Q28 |
| Date: | 2024–08–12 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:gunefd:2024_010 |
| By: | Hong Xu |
| Abstract: | The global momentum towards establishing sustainable energy systems has become increasingly prominent. Hydrogen, as a remarkable carbon-free and renewable energy carrier, has been endorsed by 39 countries at COP28 in the UAE, recognizing its essential role in global energy transition and industry decarbonization. Both the European Union (EU) and China are at the forefront of this shift, developing hydrogen strategies to enhance regional energy security and racing for carbon neutrality commitments by 2050 for the EU and 2060 for China. The wide applications of hydrogen across hard-to-abate sectors and the flexibility of decentralized production and storage offer customized solutions utilizing local resources in a self-paced manner. To unveil the trajectory of hydrogen development in China and the EU, this paper proposes a comparative analysis framework employing key factors to investigate hydrogen developments in both economic powerhouses. Beyond country-wise statistics, it dives into representative hydrogen economic areas in China (Inner Mongolia, Capital Economic Circle, Yangtze River Delta) and Europe (Delta Rhine Corridor) for understanding supply and demand, industrial synergy, and policy incentives for local hydrogen industries. The derived implications offer stakeholders an evolving hydrogen landscape across the Eurasian continent and insights for future policy developments facilitating the global green transition. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2408.08874 |
| By: | Saleem Bahaj (University College London); Marie Fuchs (London School of Economics (LSE)); Ricardo Reis (London School of Economics (LSE)) |
| Abstract: | At the end of 2023, there were 175 cross-border connections between central banks in a global network of liquidity lines that gave access to foreign currency for countries accounting for 79% of world GDP. This paper presents a comprehensive dataset of this network and its characteristics between 2000 and 2023. While the Federal Reserve drove growth in 2007-09, the network expanded as much between 2010 and 2015 through bilateral arrangements involving the ECB and the People’s Bank of China. The network structure means that banks without direct access to a source central bank can still have indirect access to its currency. The central intermediaries in the network for all major currencies are the PBoC and the ECB. We find support using cross-country data that the lines reduce CIP deviations at the tails. Liquidity lines are often signed to substitute for a bleeding of FX reserves, but once in place they complement reserves. |
| Keywords: | swap lines, capital flows, financial crises, IMF, cross-currency basis |
| JEL: | E44 F33 G15 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:cfm:wpaper:2423 |