Nan Li, Muzi Chen, Haoyu Gao, Difang Huang and Xiaoguang Yang
Given the scarcity of data during the early stages of the COVID-19 pandemic in China, the decision-making for non-pharmaceutical policies was mostly based on insufficient…
Abstract
Purpose
Given the scarcity of data during the early stages of the COVID-19 pandemic in China, the decision-making for non-pharmaceutical policies was mostly based on insufficient evidence. The purpose of this study is to assess the effectiveness of these policies, such as lockdown and government subsidies, on rural households and identify policy implications for China and other countries in dealing with pandemics.
Design/methodology/approach
The authors survey 2,408 rural households by telephone from 101 counties across 17 provinces in China during the first stage of the pandemic (March 2020). The authors use the ordered probit model and linear regression model to study the overall impact of policies and then use the quantile regression model and sub-sample regression method to study the heterogeneity of the effects of government policies.
Findings
The authors find that logistics disruption due to lockdown negatively affected rural households. Obstructed logistics is associated with a more significant loss for high-income households, while its impact on the loss expectation of low-income households is more severe. Breeding and other industries such as transport and sales suffer more from logistics than cultivation. The impact of logistics on intensive agricultural entities is more serious than that on professional farms. The government subsidy is more effective at reducing loss for low-income households. Lockdown and government subsidies have shown heterogeneous impacts on rural households.
Practical implications
The overall economic losses experienced by rural households in the early stages of the pandemic are controllable. The government policies of logistics and subsidies should target specific groups.
Originality/value
The authors evaluate the economic impacts of lockdown and government subsidies on rural households and show their heterogeneity among different groups. The authors further demonstrate the policy effectiveness in supporting rural households during the early stages of the pandemic and provide future policy guidance on major public health event.
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Yahui Zhang, Difang Wan and Leiming Fu
Media-effect refers to the phenomenon that stocks with no or low media coverage earn higher returns than stocks with high coverage. This paper aims to explore the existence of…
Abstract
Purpose
Media-effect refers to the phenomenon that stocks with no or low media coverage earn higher returns than stocks with high coverage. This paper aims to explore the existence of media-effect in China stock market and tests the two competing hypotheses explaining this phenomenon.
Design/methodology/approach
The authors construct a research sample based on a media-coverage event: the publications of lists of the most wealthy Chinese individuals; in addition, they identify the stocks of which listed firms are led by a controller who is recognized on the publicized lists. This paper uses event study methodology to test the existence of media effect in China A-share market. The authors employed propensity score matching (PSM) to construct a control group with same number of non-listed stocks. Then compared the returns of the two portfolios to test the risk premium hypothesis, and the abnormal trading volume and price reaction around the event date is explored to test the over-attention underperformance hypothesis.
Findings
Sampled stocks show significantly negative abnormal returns within the event period, but the matched control group formed by PSM shows no significant abnormal return, indicating that the risk premium hypothesis is not supported. Covered stocks show significantly magnified trading volume. The portfolio gains significant positive return before the event date but turns significantly negative afterward, which is consistent with the over-attention underperformance hypothesis.
Originality/value
This paper offers insights into media-effect in China stock market and provides empirical evidence explaining its existence.
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This paper proposes that if a political system is more like to facilitate a unified government, to establish a strong executive body and to respond to the needs of the majority…
Abstract
This paper proposes that if a political system is more like to facilitate a unified government, to establish a strong executive body and to respond to the needs of the majority, financial reforms are more likely to emerge from the policymaking process and produce positive results. On the contrary, political systems that discourage those governing features are less likely to produce reforms. This chapter compares financial reform processes in China, Taiwan and New Zealand. All of them performed low level of financial reforms in the early 1980s but resulted in different situations later. In the mid-2000s, New Zealand heralded the most efficient and stable financial system; while Taiwan lagged behind and China performed the worst. Evidence showed that China’s authoritarian system may be the most superior in forming a unified government with a strong executive, but the policy priority often responds more to the interests of a small group of power elites; therefore the result of financial reform can be limited. Taiwan’s presidential system can produce greater financial reform when the ruling party controls both executive and legislative bodies, but legislative obstructions may occur under a divided government. New Zealand's Westminster system produces the most effective and efficient financial reform due to its unified government and a strong executive branch with consistent and stable supports from the New Zealand Parliament.
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Studies of Tianhou-Mazu cult have been focused on three themes: studies in Taiwan emphasize hegemonic order; studies in Hong Kong reveal a relationship of “sisterhood” alliances;…
Abstract
Purpose
Studies of Tianhou-Mazu cult have been focused on three themes: studies in Taiwan emphasize hegemonic order; studies in Hong Kong reveal a relationship of “sisterhood” alliances; and studies in Singapore highlight the important role of ethnic groups. The rebuilding of the goddess’s ancestral temple in early 1980s and her acquiring a world intangible cultural heritage status in the early twenty-first century facilitate the redefinition of overseas Chinese’s religious affiliation. The purpose of this paper is to discuss this global development of the cult from the 1980s and its ritual implication in overseas Chinese communities.
Design/methodology/approach
This paper, by comparing the Tianhou-Mazu cult in Taiwan, Hong Kong and Southeast Asian Chinese settlements, argues that from sisters to descended replicas, or from local alliances to global hegemony, the cult of Tianhou-Mazu since the 1980s has not only replaced local culture with an emphasis on “high culture,” but also represents a religious strategy regarding local people’s interpretation of correctness and authority.
Findings
This paper argues that despite the imposition of hegemonic power from various authorities, popular religion is a matter of choice. This reflects how local religious practice is construed according to the interpretation of global cultural languages by the elite Chinese; their decision of when and how to reconnect with the goddess’s ancestral temple or the “imperial state,” or to form alliances with other local communities; and the implementation of the local government’s cultural policy.
Originality/value
This paper is one of the few attempts comparing development of a folk cult in various communities.
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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…
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.
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The purpose of this paper is to study the evolution of Chinese industrial relations after the market reform of 1978, while basing its arguments and conclusion on analysis of the…
Abstract
Purpose
The purpose of this paper is to study the evolution of Chinese industrial relations after the market reform of 1978, while basing its arguments and conclusion on analysis of the interactions of key actors in the labour arena in China. The significant phenomena in the evolution of industrial relations are the coming of transnational capital and the emergence of self‐organising protests by migrant workers.
Design/methodology/approach
The paper uses a case study approach.
Findings
The Labour Contract Law and the local political economy experience strong effects from TNCs and other business players. Meanwhile, globalisation has introduced the civil society movement to China, which has given rise to an increasing number of NGOs working for labour rights. Tight financial and technical connections between grassroots NGOs and international donor organisations make it possible for bottom‐up labour activities to counteract the unilateral influence of the state and market over the Chinese workforce. Since the ACFTU, the official trade union umbrella, has many institutional constraints to undertake a thorough transition towards labour in the near future, workers' representation is diversified.
Originality/value
One implication for further theoretical studies is that tripartism cannot fully disclose the reality of Chinese labour, and that labour representation derives from both unions and self‐organisation of workers, such as NGOs, which opens more room for the entrenchment of the grassroots labour movement to sustain the balance of power among the state, ACFTU, firms, international market forces and individual workers in the long term.
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Rare earths are essential materials for many high-tech industries critical to both economic development and national defense. China, the world's dominant supplier of rare earths…
Abstract
Purpose
Rare earths are essential materials for many high-tech industries critical to both economic development and national defense. China, the world's dominant supplier of rare earths, has recently been imposing stricter controls over its production and export. The purpose of this paper is to examine the domestic roots of the changes in China's rare earth industry production and exports in its three-decade rise to the current global monopoly.
Design/methodology/approach
This paper adopts the historical institutionalism approach to analyze the trajectory of industry and trade development. The author analyzes data collected from government whitepapers and reputed scholarly and news sources.
Findings
This paper argues that the Chinese rare earth industry has gone through three periods of development, in which the state attempted to control the market and industry through reformulating rules and institutions to achieve state goals. Domestic state institutions, combined with macroeconomic environment and state governance strategy shaped the three-decade experience of rare earth industry and trade development in China.
Originality/value
This paper builds on existing findings about Chinese state regulations to provide a novel analytical framework to analyze the role of the state in industry and trade development in the rare earth industry. The focus on a single strategic industry seldom studied in the current literature also provides ample empirical value to further scholarly understanding about this industry.
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The purpose of this paper is to give a critical review of the City-State Theory by Wan Chin of Hong Kong. Chin is referred to as the “Father of Hong Kong Independence,” and his…
Abstract
Purpose
The purpose of this paper is to give a critical review of the City-State Theory by Wan Chin of Hong Kong. Chin is referred to as the “Father of Hong Kong Independence,” and his two books about the City-State Theory of Hong Kong are popular among the netizens in Hong Kong as a new model of Hong Kong-China (People’s Republic of China (PRC)), in which Hong Kong is considered a city-state and should be fully segregated from the PRC other than in seeking its help in military and diplomatic functions. This paper will aim to review his works with the view of nationalism and nativism theories.
Design/methodology/approach
This paper uses nationalism theories with particular focus on Benedict Anderson’s Imagined Communities and theories on American nativism. Then an effort is made to compare these theories against Chin’s arguments on his City-State Theory. This paper also compares his theories against China’s state-nationalism raised by Professors He and Guo.
Findings
This paper concludes that Chin advocates a “Hong Kong Nationalism,” a blend of traditional Chinese culture and moral values (he used the term Huaxia), but with a Western influence, into a typical Hong Kong culture. His theory fits into Anderson’s arguments of allowing Hong Kong citizens to imagine Hong Kong as a nation, through the “ramparts” of the city-state. His nativist advocacies also have shown strong nationalistic sentiments. He argues that China should be built in the Hong Kong model before the PRC intervention.
Originality/value
Despite his fame, this paper is the first comprehensive academic paper to review Chin’s theories. This paper introduced the notion of “ramparts” and how this has become the backbone of Chin’s nationalism advocacies.
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Heidi Ross, Ran Zhang and Wanxia Zhao
This chapter examines the changing state–university–student relationships in post/socialist China since the late 1980s. We begin with an introduction to four salient themes in…
Abstract
This chapter examines the changing state–university–student relationships in post/socialist China since the late 1980s. We begin with an introduction to four salient themes in scholarship on Chinese post/socialism that are highly relevant to higher education: globalization, gradualism, civic society, and a critique of holism. These themes help us explain interrelated educational trends that affect the state–university–student relationship: the globalization, “massification,” and stratification of higher education; the redefined role of the state in university governance and management; higher education marketization and privatization; and the quest for meaning and (e)quality in and through higher education. Our general argument is that during the “socialist” period the main relationship central to higher learning was between the state and students. Universities were agents of the state; from a legal point of view, indeed, universities did not have an independent status from the state. In the “post-socialist” era the university–student relationship has become more significant. We examine this reconfiguration through two case studies, one on the development of college student grievance and rights consciousness, and the other on reforms in higher education student services administration. When looked at from the point of view of the state, we see that appropriation and implementation of policies and regulations shaping student rights and services are in partial contradiction with state policies to accelerate economic growth and bolster party authority. From the point of view of universities, we see institutions grappling with how to deliver on forward-looking structures and actions while navigating between the state's policy mandates and growing expectations and demands of its student and business stakeholders. From the point of view of students, we see how constrained agency, uncertainty, and the power of the credential motivates social praxis. At all levels of the state–institution–student relationship actors are employing a kind of pragmatic improvisation (one of the salient features of post/socialism) captured by the well-known Chinese proverb “groping for stones to cross the river.” This saying is an apt metaphor for the tentative searching by state, institution, and individual for a safe foothold in the post/socialist world.