As part of the important trends of the current development of the world economy,the reshaping of global industry and supply chains interacts with the intensified changes unprecedented in the past century in an increas...As part of the important trends of the current development of the world economy,the reshaping of global industry and supply chains interacts with the intensified changes unprecedented in the past century in an increasingly close manner.“Benefit-sharing and risk-sharing”,the characteristics of global industry and supply chains,have a profound influence on the distribution of benefits among countries and the effectiveness of global economic governance.展开更多
The Regional Comprehensive Economic Partnership(RCEP)agreement was signed on November15,2020.This marks the formal conclusion of the world's largest free tradeagreement in terms of population and economic scale.Th...The Regional Comprehensive Economic Partnership(RCEP)agreement was signed on November15,2020.This marks the formal conclusion of the world's largest free tradeagreement in terms of population and economic scale.The RCEPagreement covers new liberalization commitments in goods,services,investment,and movement of natural persons,and addresses some emerging behind-the-border trade issues,to forge more transparent,open,and inclusive trade rules.Its aim is to build a comprehensive,modern,inclusive,and high-quality free trade agreement.This paper summarizes the framework and highlights of the RCEP agreement,measures the extent of tariff reduction from various perspectives,makes a quantitative assessment of the level of service trade liberalization of the member states adopting positive list commitments,and makes an in-depth analysis of trade rules and provisions in the RCEP agreement.Furthermore,this paper also makes a comprehensive comparison of main provisions among the Comprehensive and Progressive Agreement for Trans-Pacific Partnership,RCEP,and US-Mexico-Canada Agreement.The paper concludes with policy recommendations for Chinatopromote the implementationof the RCEPagreement.展开更多
Using a newly built soft power index,we examine whether and how soft power affects Chinese firm-level export to the Belt and Road(B&R)countries from 2000 to 2016.We find that soft power has significantly positive ...Using a newly built soft power index,we examine whether and how soft power affects Chinese firm-level export to the Belt and Road(B&R)countries from 2000 to 2016.We find that soft power has significantly positive effects on both export value and export product types for the B&R countries.These effects are more pronounced than those for non-B&R countries and differ not only between the"Belt"and the"Road"countries but also regional groups,firm ownerships,modes of trade,and sectors.Further analysis shows that soft power increases the intensive margin of exports by approximately three times that of the extensive margin.Thus,our findings provide a new perspective for understanding both the Belt and Road Initiative(BRI)and the contemporary economic evolution occurring in China.展开更多
Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specific...Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specifically,this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level.Overall,we find that monetary policy has positive effects on China's economy and price level.Second,this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002.Third,the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis.Fourth,the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.展开更多
文摘As part of the important trends of the current development of the world economy,the reshaping of global industry and supply chains interacts with the intensified changes unprecedented in the past century in an increasingly close manner.“Benefit-sharing and risk-sharing”,the characteristics of global industry and supply chains,have a profound influence on the distribution of benefits among countries and the effectiveness of global economic governance.
基金support from the project“Reconstruction of International Economic Rules in the Context of Global Value Chain and the Role of China”funded by the Publicity Department of CCP,and the project“Global Economic Govermance,New Rules of International Trade and Investment,and China's New System of Open Economy”(No.20JJD790003)funded by the Ministry of Education,China。
文摘The Regional Comprehensive Economic Partnership(RCEP)agreement was signed on November15,2020.This marks the formal conclusion of the world's largest free tradeagreement in terms of population and economic scale.The RCEPagreement covers new liberalization commitments in goods,services,investment,and movement of natural persons,and addresses some emerging behind-the-border trade issues,to forge more transparent,open,and inclusive trade rules.Its aim is to build a comprehensive,modern,inclusive,and high-quality free trade agreement.This paper summarizes the framework and highlights of the RCEP agreement,measures the extent of tariff reduction from various perspectives,makes a quantitative assessment of the level of service trade liberalization of the member states adopting positive list commitments,and makes an in-depth analysis of trade rules and provisions in the RCEP agreement.Furthermore,this paper also makes a comprehensive comparison of main provisions among the Comprehensive and Progressive Agreement for Trans-Pacific Partnership,RCEP,and US-Mexico-Canada Agreement.The paper concludes with policy recommendations for Chinatopromote the implementationof the RCEPagreement.
基金financially supported by the Key Project of Philosophy and Social Sciences Research of MOE(Ministry of Education of China)(NO.17JJDGJW013).
文摘Using a newly built soft power index,we examine whether and how soft power affects Chinese firm-level export to the Belt and Road(B&R)countries from 2000 to 2016.We find that soft power has significantly positive effects on both export value and export product types for the B&R countries.These effects are more pronounced than those for non-B&R countries and differ not only between the"Belt"and the"Road"countries but also regional groups,firm ownerships,modes of trade,and sectors.Further analysis shows that soft power increases the intensive margin of exports by approximately three times that of the extensive margin.Thus,our findings provide a new perspective for understanding both the Belt and Road Initiative(BRI)and the contemporary economic evolution occurring in China.
基金The anthors thank the support from Tianjin Philosophy and Social Science Planning Project(No.TJYYQN19-004)Project of National and Regional Research Center,Ministry of Education(No.ZX20170183)National Natural Science Foundation Youth Project(No.71803089).
文摘Since 2002,the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level.Specifically,this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level.Overall,we find that monetary policy has positive effects on China's economy and price level.Second,this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002.Third,the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis.Fourth,the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.
