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on China |
| By: | Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph |
| Abstract: | This paper provides a comprehensive overview of China's lending to developing countries - a central feature of today's international financial system. Building on our previous research and the work of others, we document the scale, destination, and terms of China's overseas lending boom, as well as the lending bust and defaults that have followed. We compare China's lending boom to past boom-bust cycles and discuss the implications of China's rise as an international creditor on recipient countries and sovereign debt markets. The evidence indicates that Chinese state banks are assertive and commercially sophisticated lenders. For recipient countries, however, the jury is still out: it remains to be seen whether the gains from China's lending - through growth and improved infrastructure - will outweigh the more immediate burdens of debt service or the multifaceted costs of default. |
| Keywords: | China, sovereign debt, default, bailouts, official lending |
| JEL: | E3 F34 F65 F68 N2 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkwp:331877 |
| By: | Laura Alfaro; Davin Chor |
| Abstract: | This paper documents stylized facts about the "Great Reallocation" in US supply chain trade following the 2018–2019 tariff shocks and the April 2025 Liberation Day announcements. We find that: (i) The US has decoupled from China but not from the world overall. (ii) US imports diversified mainly among its top-20 partners, rather than expanding to new source countries. (iii) Local linear projections confirm ongoing declines in China's import shares, with compensating increases from Vietnam, Mexico, and Taiwan. (iv) Most of this shift occurred along the product-level intensive margin, though extensive margin adjustments became more pronounced for Vietnam and India from 2021-2024. (v) After a period of "wait and see", the decline in import shares from China spread to contract-intensive and relationship-sticky goods by 2021-2024. (vi) Early 2025 data suggest that trade reallocation has already accelerated after Liberation Day, in favor of trade partners facing lower additional tariffs and with geographically proximate supply networks. Together, these findings show that the US-China tariff shocks have unwound the US' sourcing from China back to where it stood at the time of China's WTO accession. |
| JEL: | F01 F10 F13 F14 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34490 |
| By: | Paul-Emile Bernard (University of Paris-Dauphine, PSL); Jie Li (University of Jinan, Guangzhou); Gary Ziwen Zu (University of California, San Diego) |
| Abstract: | This paper investigates how the Chinese government reallocated public resources to mitigate the effects of the U.S.–China trade war. Using a novel firm-level dataset linking tariff exposure with subsidies and procurement contracts between 2015 and 2020, we identify exogenous variation through a Bartik (shift–share) design based on pre-war trade patterns. In the first step, focusing on listed firms, we show that those more exposed to U.S. tariffs received significantly higher direct subsidies—about 7.7% more for a one-standard-deviation increase in exposure. Yet, support primarily targeted politically connected rather than productive firms, suggesting allocation distortions. In the second step, we extend the analysis to a broader panel including small and medium-sized firms using public procurement data. Local favoritism dominates: firms operating within their own jurisdiction received contracts roughly three times larger, especially when exposed to U.S. tariffs. Together, these findings reveal that both national and local authorities cushioned the trade shock through politically and territorially selective interventions. |
| Keywords: | Subsidy, Public Procurement, Trade War, Tariffs |
| JEL: | F13 F51 H25 H57 H70 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:dia:wpaper:dt202509 |
| By: | Zhang, Yumei; Wang, Jingjing; Fan, Shenggen |
| Abstract: | Transforming diets is critical for sustainable food systems. While there have been increasing global discourses on healthy and sustainable diets, national and local actions often remain limited. This paper addresses this gap by focusing on China, the world’s largest developing country. We examine the specific challenges of defining healthy and sustainable diets for the Chinese population by considering regional dietary cultures, affordability, and environmental impact. We analyze how policy interventions, including both supply and consumer-side strategies, can promote the transition towards such diets. The findings can offer valuable lessons for other developing countries facing similar challenges. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Sustainability |
| Date: | 2024–07–26 |
| URL: | https://d.repec.org/n?u=RePEc:ags:iaae24:344342 |
| By: | Tanaka, Ema; Igarashi, Akira |
| Abstract: | This paper examines user motivations for supporting creators in the expanding creator economy, drawing on a comparative online survey conducted in Japan, the United States, and China. As advertising-based revenue models plateau, platformers have introduced new monetization tools such as subscriptions, tipping, and direct payments, while enabling more individuals to become creators. Survey results reveal distinct national patterns: US users tend to offer low-value, continuous support motivated by satisfaction and continuity; Chinese users are more likely to make high-value, one-off payments driven by visibility and recognition; Japanese users fall between these two, showing a preference for interactive engagement. Differences in income, education, and urban residence also influence creator support, especially in China. The study also highlights variations in platform regulation and user tolerance of generative AI. While China has introduced stricter controls̶especially for minors̶Japan and the US rely more on platformerʼs self-regulation. Notably, US users show lower acceptance of AI-generated content when making payments. Although limitations such as sample bias exist, findings suggest that the sustainability of the creator economy depends not only on creators and platformers but also on how users perceive value, fairness, and creativity. A key challenge is whether the future of the creator economy will rely on widespread, small-scale support or on concentrated, high-value contributions from a select few. Further analysis is needed to monitor this evolving landscape, shaped by the interaction among platformers, creators, and users. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331309 |
| By: | Y. Y. Ding; S. Mckinstry; P. Su (Audencia Business School) |
| Abstract: | This paper examines the accounting system of the Chinese Imperial Maritime Customs Service, a Chinese government department led from 1861 to 1907 by Robert Hart, an Irishman, who reported directly to the Chinese Government in his capacity as Inspector General. Utilising reports produced by the system and instructions given to staff for its operation, the paper outlines the system's main features. It shows how Hart transformed it from being an inward-looking accounting system involved in the collection of duties and the payment of operational expenses reporting to the Government only, to one that created a mass of publicly available data on Chinese international trade that was provided across the world as well as to the Chinese Qing Government. The paper evaluates the system and sets it in the context of recent accounting history by commenting on its Western and Chinese features. |
| Keywords: | customs, reporting, accountability, Chinese accounting, Western accounting |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05369325 |
| By: | Le-rong, YU; Jia-ming, GU |
| Abstract: | In the era of digital economy, it has become an important part of the digital transformation of the agricultural industry to promote the sound development of agricultural e-commerce. Based on sample data covering five provinces one municipality directly under the central government of China, the paper empirically analyzes the internal and external factors affecting online retail of agricultural products. The results show that park policies, business environment, market and other external factors significantly affect the online retail performance of agricultural products under the condition of controlling the characteristics of individual operators and products. However, the brand of agricultural products is still the key factor determining online retail performance. In addition, the mediating effects of new media communication on the relationship between external factors and online sales of agricultural products was significant. The research results can provide reference for further exploring the roles of government, market and new media technologies in boosting the development of agricultural e-commerce. |
| Keywords: | Agribusiness |
| Date: | 2024–08–07 |
| URL: | https://d.repec.org/n?u=RePEc:ags:iaae24:344310 |
| By: | Matthes, Jürgen; Sultan, Samina; Issig, Clemens; Wünsch, Laurens |
| Abstract: | In diesem vom Auswärtigen Amt geförderten Report wird eine neue Methodik für ein IW-Monitoring hoher Importanstiege aus China und möglicher Umlenkungseffekte aus China nach Deutschland aufgrund der hohen US-Zölle auf chinesische Importe entwickelt. Sie hat erstens das Ziel, ungewöhnliche Anstiege der deutschen Einfuhr aus China auf Ebene disaggregierter Warengruppen zu ermitteln. Zweitens wird ein Umlenkungsverdacht chinesischer Produkte aus den USA geprüft, indem eine Schnittmenge gebildet wird zwischen Warengruppen auf der 6-Steller-Ebene mit einem Rückgang der US-Importe aus China und zugleich einem ungewöhnlich ungewöhnlichen Anstieg der deutschen Einfuhren aus China. Der Fokus der Betrachtung liegt auf dem zweiten Quartal 2025, in dem die US-Zölle auf China zeitweise prohibitiv hoch waren [...] Es bedarf eines regelmäßigen Monitorings von Importanstiegen aus China und möglichen Umlenkungseffekten, um betroffene und möglicherweise durch unfaire Konkurrenz bedrohte Industriebereiche zeitnah identifizieren zu können. Handelsschutzinstrumente sollten konsequent genutzt werden, wenn Wettbewerbsverzerrungen nachweisbar sind und europäische Produktion in nennenswertem Umfang betroffen ist. Zudem ist dringend nach Wegen zu suchen, die Anwendung dieser Instrumente einfacher, effizienter und in der Wirkungsbreite effektiver zu machen. Dagegen ist bei Buy-European-Regelungen Vorsicht angebracht. |
| Abstract: | This report, sponsored by the German Federal Foreign Office, develops a new methodology for a IW-monitoring of sharp increases in imports from China and possible diversion effects from China to Germany due to high US tariffs on Chinese imports. Its first objective is to identify unusual increases in German imports from China at the level of disaggregated product groups. Second, it examines potential diversion of Chinese products from the US by identifying intersections between product groups at the 6-digit level with a decline in US imports from China and, at the same time, an unusually high increase in German imports from China. The focus of the analysis is on the second quarter of 2025, when US tariffs on China were temporarily prohibitively high [...] Regular monitoring of import increases from China and potential diversion effects is needed in order to identify affected industrial sectors that may be threatened by unfair competition in a timely manner. Trade defense instruments should be used consistently when distortions of competition are evident and European production is significantly affected. In addition, ways must be urgently sought to make the application of these instruments simpler, more efficient, and more effective in terms of their scope of action. On the other hand, caution is advised with regard to Buy European clauses. |
| Keywords: | Import, Chinesisch, Zollpolitik, USA, Deutschland |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iwkrep:331890 |
| By: | Rodríguez Pita, María del Pilar; Pérez Martínez, Jorge Emiliano; Urueña López, Alberto |
| Abstract: | This study investigates digital sovereignty as a multidimensional concept shaped by technology, governments and society. It proposes a quantifiable Digital Sovereignty Framework to serve as a basis for digital policy development based on data as well as providing an objective and robust framework for measuring the effectiveness of public policies in the long term. Analysis reveals a high impact of technological development in the achievement of digital sovereignty, especially in the development of technological industry and emerging technologies. Findings also highlight the relevance of economic development in the early stages of digital sovereignty attainment, as well as the importance of having a diversifies economy to develop strategic autonomy. |
| Keywords: | Digital Sovereignty, Europe, US, China, Geopolitics, Economic Complexity |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331299 |
| By: | Damásio, Bruno; Silva, Eduardo; Mendonça, Sandro |
| Abstract: | Recent years have recorded a growth in the number of patent applications filed by digital platforms. This paper argues that by profiling these patent portfolios, we can obtain insightful patterns on platforms' business and innovation strategies. For this purpose, we build a dataset of over 380, 000 patent applications filed at least by one of ten large US and Chinese digital platforms between 1986 and 2024. A significant rise in patent activity has taken shape since 2012, largely due to an impressive number of applications filed by Chinese platforms. Platforms tend to patent alone and concentrate their patenting activity on computer technology and electric communication, with machine learning being an overarching theme. However, some platforms like Apple pursue the development of a diversified patent portfolio, while others build one more specialized and aligned with their core business. Additionally, platform applications receive a significant number of citations, despite a skewed distribution which is only slightly challenged by Apple. Finally, applications by Chinese platforms have a more limited international protection when compared to their American counterparts, as attested by their patent family sizes. |
| Keywords: | patents, digital platforms, portfolio, China |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331264 |
| By: | Clemens Sialm; David X. Xu |
| Abstract: | Mutual funds create liquidity for investors by issuing demandable equity shares while holding illiquid securities. We study the implications of this liquidity creation by examining frequent trading suspensions in China, which temporarily eliminate market liquidity in affected stocks. These suspensions cause significant mispricing of mutual funds due to inaccurate valuations of their illiquid holdings. We find that investors actively acquire information about suspended stocks held by mutual funds, driving flows into underpriced funds. This information is subsequently incorporated into stock prices when trading resumes. Our findings suggest that mutual fund liquidity creation stimulates information acquisition about illiquid, information-sensitive assets. |
| JEL: | G11 G12 G14 G15 G23 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34520 |
| By: | Lu, Qinan; Shang, Chen; Hou, Lingling; Liu, Ziheng; Liu, Pengfei |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Production Economics |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343555 |
| By: | Deshpande, Advait |
| Abstract: | With the emergence of generative Artificial Intelligence (AI) tools (including large language models) in the popular discourse, the debate on managing, governing, and regulating the impacts of AI on society has grown considerably. In part due to the unique breadth of AI's impacts and its varying implications for the various strata of human workforce, and society, approaches to AI regulation appear to diverge significantly. This combination of scale and potential disruption has caught the attention of regulators worldwide, with China, European Union (EU), and the United States of America (USA) as the forerunners in the regulatory activity. The aim of this paper is to examine the current state-of-play vis-à-vis regulatory approaches to AI and related technologies in China, EU, and the USA. The paper draws on documentary sources and peer-reviewed literature to examine the political and market dynamics at work, the policy pathways, including the processes, the decision-making approaches, and the intended outcomes of these regulatory and legislative approaches. The findings suggest that China's state-directed approach is aimed at integration of technical oversight, social harmony, and the growth of its sovereign AI capabilities. The EU's approach is a comprehensive, risk-based regulatory framework for AI building on its strengths in exporting technology-related rule-making. The USA's approach to AI regulation is decentralised with multi-agency legislation targeting specific AI applications and outcomes while retaining its advantages in AI innovation. The findings are expected to be of interest to academics, researchers, and key stakeholders from government, industry, and the third sector actively engaged in regulation and governance of AI. |
| Keywords: | AI regulation, AI policy, China, European Union, Technology policy, USA |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331266 |
| By: | Hu, Jinhua; Mu, Fan; Jiang, Xinling; Wu, Zhong'an; Olasehinde, Toba; Fan, Yubing; Wang, Tong |
| Keywords: | Production Economics, Environmental Economics and Policy, Agricultural and Food Policy |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343634 |
| By: | Guo, Hongdong; Bai, Rongrong; Jin, Songqing; Shupp, Robert S.; Wang, Yu |
| Keywords: | Crop Production/Industries, Environmental Economics and Policy, International Development |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343806 |
| By: | Tao, Guannan; Yan, Sanjiu; Zhou, Yuxiao |
| Abstract: | As a characteristic barrage video website with ACG-related content as the dominant factor, Bilibili, the largest platform in China, exhibits a high level of interactivity. From the perspective of "people - objects - scenarios, " this study employs a two-stage SEM-ANN method based on the push-pull theory and combines artificial neural networks. It utilizes the structural equation model to explore the driving influence factors of the growth in the number of Bilibili video fans. The total number of likes, coins, forwards, barrages, collections, and comments are employed as push influence factors, encompassing the testing of hypotheses regarding linear relationships in the compensation model and non-linear non-compensation relationships in the neural network model, along with multiple regression analysis. Python is utilized to obtain relevant data to study the impact of the average video playback volume on the growth of the number of fans. The average video update time, the section where the UP owner is located, the average video duration, and the total number of videos are used as pull factors to explore the impact of the total video playback volume on the growth of the number of fans. The research indicates that the above-mentioned push-pull influence factors are valid in driving the growth of the number of fans. Additionally, variable video recommendation indexes and the number of videos with likes or playback volumes exceeding 4% are added to the research model to explore the most significant and least influential growth driving factors among the push-pull factors. This provides a reference for the research on the fan economy of all platforms. |
| Keywords: | Fan economy Growth，Bilibili，Push-Pull Theory, Neural Network, Driving Factors |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331310 |
| By: | Simola, Heli |
| Abstract: | We examine the latest trends in the geographical distribution of value added of final demand and production chains of the US, EU and China based on recently published international input-output tables extending to 2024. Both in final demand and in production chains the share of domestic value added tended to increase during the Covid-19 pandemic but then turned again to decline. In many cases the share of domestic value added has declined even to a lower level than in the beginning of the time period. Our analysis of geographical shifts of imported value added points to some signs of "near-shoring" and potential "friend-shoring" for all the economies, but the trends are not unambiguous. |
| Keywords: | global value chains, value-added trade, input-output |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofitb:333421 |
| By: | Lin, Chao Chen (Caroline) |
| Abstract: | This paper focuses on the AI (artificial intelligence) policy of US President Trump and the AI strategies of the Big Tech companies. Starting from the concern about deepfake in 2024 election , this paper further summarizes the highly deregulated policy of AI in Trump's Second Presidency. Based on the method of document analysis, this paper tries to summarize the latest AI policy change through 857 news reports from US and British media. This paper argues five important issues, such as :1.Trump not only created his own social media called Truth Social and share deepfake news on the platform, Trump is also the biggest shareholder in Trump Media & Technology Group which owns Truth Social and benefit directly if his posts drive traffic to the site. As disinformation increased, Meta, Google, OpenAI and Microsoft have scaled back their attempts to label and remove disinformation since 2024 presidential elections. 2. After Biden recognized AI systems should balance between risks of harm and award of human rights, Meta, Google, OpenAI and others asked the new Trump administration to block state AI laws and to declare it is legal for them to use copyrighted material to train their AI models. 3.OpenAI, Google and Meta said they believed they had legal access to copyrighted works like books, films and art for training. 4. The Trump administration has taken steps to eliminate regulations addressing climate change, Trump issued executive orders designed to revive the use of coal in power plants. 5.The United States urgently needs more energy to fuel an artificial intelligence race with China. The Trump administration declared AI is the nation's most valuable weapon to outpace China is developing an AI action plan focused on securing and advancing American AI dominance. The paper finally argues that AI policy has been overly politicized, ignoring that AI technology could be misused to create child sexual abuse material, and AI will displace jobs and leave workers worse off. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331290 |