|
on China |
| By: | Wolfer, Steffen (Tilburg University, School of Economics and Management) |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:db29e073-9f9c-4e6b-b334-247e00239a18 |
| By: | Xiangyun Yin (Faculty of Economics, Osaka University of Economics and Law and Graduate School of Economics, Kobe University, JAPAN); Yosuke Sasaki (Faculty of Economics, Niigata Sangyo University and Center for Computational Social Science, Kobe University, JAPAN) |
| Abstract: | A substantial proportion of Chinese families comprises three generations living together. This study employed data extracted from the 2010 China Family Panel to examine the differences between grandparent- and parentheaded households in the allocation of family resources to children's education and investigate the causes of these differences. Additionally, we examined the role of children's educational stage in influencing the differences in educational expenditure when grandparents or parents served as family heads. Based on the Tobit regression, we found that parent-headed households spend more on education than grandparent-headed households. This difference may arise because parents' decision-making regarding educational expenditure is more altruistic than that of grandparents. We suggest that parents serving as both household heads and primary caregivers benefit children's education. This study fills an important literature gap because it highlights the family head's significance in three-generation households and also elucidates the differences between grandparents and parents in their motives for educational expenditures. |
| Keywords: | Three-generation; Grandparents; Education expenditure; Altruism; Exchange motive |
| JEL: | D64 D91 D13 J13 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:kob:dpaper:dp2025-21 |
| By: | Clément Séhier (IMT Nord Europe - Ecole nationale supérieure Mines-Télécom Lille Douai - IMT - Institut Mines-Télécom [Paris], CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Having become the "workshop of the world" since the 1980s, China is entering a new phase with the launch of the Belt and Road Initiative in 2013, which combines objectives of self-assertion on the international stage and support for the expansion of its major companies. The example of Indonesian nickel exploitation, an essential resource for China's electric vehicle industry, reveals the dark side of a development model that remains destructive and and antithetical to the stated objective of ecological transition. |
| Abstract: | Devenue depuis les années 1980 l'« atelier du monde », la Chine passe à une nouvelle étape avec le lancement des « nouvelles routes de la soie », où se mêlent objectifs d'affirmation de soi sur la scène internationale et de soutien à l'expansion de ses grandes entreprises. L'exemple de l'exploitation du nickel indonésien, ressource indispensable à la filière chinoise des voitures électriques, montre le côté obscur d'un modèle de développement qui reste destructeur et inégalitaire pour les pays partenaires et antinomique avec l'objectif affiché de transition écologique. |
| Keywords: | Nouvelles Routes de la Soie, Firmes Multinationales, Indonésie, Nickel, Economie internationale, China State Construction Engineering China Railway Group Huawei ZTE Evergrande Vanke Tsingshan Jinchuan Sinoma Alibaba Didi Tencent Meituan CATL BYD SAIC Motors Bank of China ICBC], China State Construction Engineering, China Railway Group, Huawei, ZTE, Evergrande, Vanke, Tsingshan, Jinchuan, Sinoma, Alibaba, Didi, Tencent, Meituan, CATL, BYD, SAIC Motors, Bank of China, ICBC] |
| Date: | 2025–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05144621 |
| By: | Gelpern, Anna; Haddad, Omar; Horn, Sebastian; Kintzinger, Paulina; Parks, Bradley; Trebesch, Christoph |
| Abstract: | This paper is the first comprehensive analysis of the secured lending practices of Chinese creditors in emerging market and developing economies (EMDEs). We present a new dataset and detailed case studies of collateralized public and publicly guaranteed (PPG) loans from Chinese state-owned institutions in EMDEs between 2000 and 2021. Almost half of China's total PPG loan portfolio to EMDEs is effectively collateralized - amounting to $420 billion in collateralized debt across 57 countries. We document that Chinese lenders use techniques adapted from export and project finance to build multi-layered legal safety nets, which help ensure that risky EMDE loans will be repaid. As security, they use liquid, easily accessible assets, such as cash in bank accounts located in China. They rarely take infrastructure project assets as collateral, but often rely for repayment on established commodity revenue streams unrelated to the project. Typically, EMDE governments and state-owned enterprises commit to route foreign currency proceeds from commodity sales through bank accounts controlled by the lender. The cash balances in these accounts can be very large; in low-income, commodity-exporting countries, they average more than 20% of annual PPG debt service to all external creditors. The same revenue source can secure multiple successive borrowings over many years. Our findings reveal a previously undocumented pattern of revenue ring-fencing, where a significant share of commodity export receipts never reaches the exporting countries. Revenues routed overseas secure priority repayment for the creditor; they remain out of public sight and largely beyond the borrower's reach until the secured debts are repaid. These findings raise new concerns about debt transparency, fiscal management, fiscal autonomy, and the quality of macroeconomic surveillance, particularly in commodity-exporting EMDEs. |
| Keywords: | China, collateral, sovereign debt and default, lending, Belt and Road Initiative |
| JEL: | F34 G15 H63 H81 K12 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkwp:320424 |
| By: | Xu, Lei (Loughborough University); Tani, Massimiliano (UNSW Canberra); Zhu, Yu (University of Dundee); Wen, Xin (UNSW Canberra) |
| Abstract: | We investigate the impact of China’s 2014 hukou reform - a major change allowing migrants living in small and medium-sized cities of less than 5 million people to apply for urban residence - on formal and informal borrowing at a time of rapid economic transformation. We find that the hukou policy change has predominantly increased natives’ access to finance, especially through informal sources, and for investments in housing. We also find that the policy affects households differently according to education level, with more educated households borrowing more to capitalise on rising asset prices driven by the ‘additional’ urban population created by the policy. |
| Keywords: | formal and informal debt, hukou reform, migrants |
| JEL: | D14 G51 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17990 |
| By: | Nie, Peng (Xi’an Jiaotong University); Zhang, Bin; Ding, Lanlin (Peking University); Sousa-Poza, Alfonso (University of Hohenheim) |
| Abstract: | Leveraging nationally representative data from the 2011-2018 Chinese Longitudinal Healthy Longevity Study (CLHLS), this study examines the impact of spousal death on long-term care (LTC) needs among Chinese older adults aged 60 and above. Our results show that spousal bereavement significantly increases the probability of LTC needs by 5.0-9.1 percentage points across severity levels (low, medium, and high). Such adverse effects are much stronger among older individuals aged 75+. Our mechanism analysis identifies three key pathways through which spousal bereavement increases LTC needs, including the loss of primary caregiving, worsened emotional stress, and increased healthcare utilization especially for inpatient costs. Our findings highlight the urgent need for targeted LTC policies that support vulnerable widowed populations, particularly older widows. |
| Keywords: | emotional stress, primary caregiving, long-term care needs, spousal bereavement, healthcare utilization |
| JEL: | J12 J14 H55 I12 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17967 |
| By: | Long, Xianling; Huang, Kaixing; Hou, Hao |
| Abstract: | A persistent puzzle in developing economies is why rural households remain in low-productivity agricultural sectors despite the substantial income gaps with non-agricultural opportunities. While existing studies attribute this gap to market frictions, institutional barriers, and differences in human capital, this paper shifts the focus to household-level welfare trade-offs, specifically, the non-pecuniary welfare losses borne by family members left behind when working-age individuals migrate. We develop a theoretical framework to show how such hidden costs affect labor reallocation and how they can be quantified empirically. Leveraging China's Grain for Green (GFG) Program--a nationwide conservation policy that induced farmland retirement in exchange for subsidies, we show that the policy led to significant increases in migration and non-agricultural labor, especially among women and younger individuals. Using revealed preference logic, we estimate that hidden migration costs amount to 10.5--12.6% of total household income for policy-induced migrants. Drawing on rich survey data, we trace these costs to two key sources: disruptions to children's education and reduced caregiving capacity for elderly household members. These findings highlight the need for policies that ease the burden of migrating with dependents, such as removing restrictions on education and healthcare access in destination areas. |
| Keywords: | Rural-urban migration, Hidden migration cost, Grain for Green Program |
| JEL: | I31 O13 R14 R23 |
| Date: | 2025–06–30 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125162 |
| By: | Xiaoxue Zhao (Department of Economics, Wesleyan University); Abigail S. Hornstein (Department of Economics, Wesleyan University) |
| Abstract: | China’s 2001 stock market reform ended the administrative quota system for public listings, which had favored provinces with more state-owned firms. This reform led to a significant leveling of firms’ probability of listing across provinces. Firms that got a higher boost in their listing probability increased assets and investments and reduced financial costs and marginal revenue product of capital. Thus, this reform significantly improved capital allocation efficiency, even among unlisted firms. We identify equity market liberalization as a key institutional lever that drives reduced capital misallocation and thus contribute to debates on financial development and economic efficiency in emerging markets. |
| JEL: | O16 O12 G23 G38 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:wes:weswpa:2025-007 |