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Article
Publication date: 29 August 2022

Ninghua Sun and Lei Zeng

China's economic transition is essentially the process of China's institutional changes. During the changes, the appearance of institutional innovation is not regular; instead, it…

918

Abstract

Purpose

China's economic transition is essentially the process of China's institutional changes. During the changes, the appearance of institutional innovation is not regular; instead, it is intermittent and random. The purpose of this paper is to show that the fitful appearance of institutional innovation is the root of China's economic growth and fluctuations.

Design/methodology/approach

This paper constructs a real business cycle (RBC) model introducing the institutional factor expressed in the quantitative form under the dynamic stochastic general equilibrium (DSGE) framework by measuring China's institutional changes quantitatively.

Findings

By comparing the characteristics of the actual economic data with those of the simulated economic data, we find that this RBC model can explain 94.44%, 66.07%, 23.46%, 21.03% and 15.45% of the cyclical fluctuations in output, investment, labor, consumption and capital, respectively.

Originality/value

The impulse response analysis finds that the institutional shocks have a relatively long duration, lasting about 30 years, and decline slowly over time, while technological shocks decline relatively fast, lasting approximately ten years.

Details

China Political Economy, vol. 5 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Available. Open Access. Open Access
Article
Publication date: 29 July 2020

Lin Gui, Zhendong Yin and Huihua Nie

The stability maintenance system has played an essential role in maintaining social stability although it also has brought about social problems worthy of attention. Admittedly…

4328

Abstract

Purpose

The stability maintenance system has played an essential role in maintaining social stability although it also has brought about social problems worthy of attention. Admittedly compensation-based stability maintenance policy can address the appeals of citizens whose rights are infringed and the dissolving effect in the provision of compensation can save the cost of stability maintenance but such stability maintenance system lacks equilibrium.

Design/methodology/approach

The establishment of a strict assessment system for stability maintenance performance can encourage the stability maintenance authorities to eliminate the “fuse effect” as much as possible and ensure the effective implementation of the stability maintenance system. However, the rigorous stability maintenance performance assessment also provides the possibility for profit-driven petitions.

Findings

Due to the continuous accumulation of social dissatisfaction and the lack of stability maintenance equilibrium in the implementation of the compensation-based stability maintenance policy, public governance will fall into a stability maintenance paradox of “greater instability resulting from stability maintenance”.

Originality/value

The provision of sufficient means for the people to protect their interest by implementing measures such as strengthening the rule of law mechanisms is the key to achieve long-term social stability.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Available. Open Access. Open Access
Article
Publication date: 27 July 2020

Fusheng Xie, Ling Gao and Peiyu Xie

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based…

2127

Abstract

Purpose

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.

Design/methodology/approach

This paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.

Findings

At the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.

Originality/value

The establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Available. Open Access. Open Access
Article
Publication date: 28 July 2020

Ge Yang and Shutian Cen

Over the past 20 years, China's infrastructure has developed at an extraordinary speed. The current literature mainly focuses on the effects of political incentives on the…

968

Abstract

Purpose

Over the past 20 years, China's infrastructure has developed at an extraordinary speed. The current literature mainly focuses on the effects of political incentives on the infrastructure. However, this paper indicates that the structural change of China's land regime is an important clue and that the supernormal development of China's infrastructure is an explicable result for that.

Design/methodology/approach

This paper theoretically proves that in a politically centralized and economically decentralized economic entity with a public land-ownership regime, the self-financing mechanism formed by local officials through regulation of the land-grant price is the primary factor that influences the optimal supply volume of infrastructure in a region, in addition to political and economic incentives, and whether the self-financing mechanism can be formed or not depends on the structure of a country's land regime, which can help to explain the difference between the development of infrastructure in China and that in other developing countries from a theoretical angle.

Findings

The paper suggests that the mode is facing an important transformation toward land reform and new-type urbanization construction, and the replication and promotion of China's experience in infrastructure construction are of further significance under the Belt and Road Initiative as it provides a method for helping developing countries to eliminate infrastructure bottlenecks.

Originality/value

Through the test of multinational panel data, the paper indicates that the structural change of China's land regime around 1990 had an overall effect on the supernormal development of infrastructure in China. The paper indicates that the “land-based development mode” of China's infrastructure indeed contributed to the supernormal development of infrastructure in China, but there are still some shortcomings in this mode.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Available. Open Access. Open Access
Article
Publication date: 7 December 2023

Peihua Mao, Ji Xu, Xiaodan He and Yahong Zhou

The results of this study have significant policy implications for charting a new course toward enhancing agricultural productivity among Chinese farmers.

345

Abstract

Purpose

The results of this study have significant policy implications for charting a new course toward enhancing agricultural productivity among Chinese farmers.

Design/methodology/approach

By establishing a rural household decision-making model based on the transfer market of farmland operation rights, this paper systematically analyzes the effects of land transfer-in and land transfer-out on the productivity (per labor income) of rural households. The authors conducted basic regression analysis and robustness tests using propensity score-matching and proxy variable approaches based on the micro survey data from rural households in 30 counties in 21 provinces/municipalities/autonomous regions in 2013.

Findings

After the completion of land transfer, the total productivity of rural households transferring in lands will increase with an increase in the agricultural productivity; the total productivity of rural households transferring out land will increase due to a rise in non-agricultural productivity and the absolute total productivity of rural households not involved in land transfer will remain unchanged.

Originality/value

Unlike previous literature, this paper discusses the impacts of land transfer-in and transfer-out on total productivity, agricultural productivity and non-agricultural productivity among various rural households (i.e. those transferring in land, transferring out land or which are self-sufficient).

Available. Open Access. Open Access
Article
Publication date: 5 December 2024

Di Xie and Ying Rong

Ground rent has been playing a vital role in China’s economic and social development, which has a clear practical logic. It is also necessary…

52

Abstract

Purpose

Ground rent has been playing a vital role in China’s economic and social development, which has a clear practical logic. It is also necessary to present the historical inevitability and institutional mechanisms that realize this role of ground rent concerning its theoretical and historical logic.

Design/methodology/approach

This paper draws on the theories of the French regulation school and the social structure of accumulation theory to establish a preliminary analytical framework. This paper explores the process of ground rent formation under certain land institutional arrangements, as well as the association between the capital accumulation system, the distribution regulation mechanism and relevant stakeholder relationships. From the perspective of historical materialism, the paper examines the functions of ground rent in feudal and capitalist societies and their mapping association between the capital accumulation system, distribution regulation mechanism and stakeholders. This paper further investigates the inevitable trends in the evolution of different social systems from the perspective of rent. Additionally, based on Marx’s view on ground rent under socialism, the paper elucidates the formation, types of rent and its engagement in social production under the conditions of China’s socialist market economy, identifying the inherent value orientation and distinct institutional advantages.

Findings

Although considerable research has explored the reasons for the existence, categories and functions of rent in a socialist market economy, there is a relatively insufficient examination of its historical evolution and how it influences real-world economic dynamics. Existing studies have primarily focused on agricultural rent, lacking an in-depth analysis that puts the behaviors of landowners, land operators and laborers in fundamental contexts.

Originality/value

As China enters a new stage of development, it is imperative to improve the public ownership of land from a new historical starting point, encourage the rational use of ground rent leverage, and establish and enhance the capital accumulation system, the distribution regulation mechanism and relevant stakeholder relationships, enabling their more harmonious alignment with the socialist market economy. The following effort should be made to ensure that such actions will be put into place.

Details

China Political Economy, vol. 7 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

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