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This article presents a case study of how the Renminbi won the currency war in Shanghai between 1949 and 1950. This case study supports the proposition of chartalism and MMT that money is a creature of the state, and in two ways deepens our understanding of the role of the state in the sovereign currency system. First, taxation is not the only way to drive money. The Shanghai government also drove money by supplying goods. Second, the outcome of a currency war depends on many historical factors, and the government plays an important role by changing the conventions that shape people's monetary behavior. The Shanghai government adopted anti-inflation policies to transform the conventions of valuing commodities and metallic currencies over paper currencies. [ABSTRACT FROM AUTHOR]

Cultural translation: Horse racing, greyhound racing, and Jai Alai in modern Shanghai: Ning Jennifer Chang , Taipei: Institute of Modern History, Academia Sinica, 2019. Chang focuses on three cases of horse racing, greyhound racing, and jai alai in modern Shanghai society to demonstrate the multi-tiered process of cultural translation. Chang's book expands our knowledge of spectator sports in modern China by focusing on its societal dimension in contrast to the conventional political perspective. [Extracted from the article]

The recycling of municipal household solid waste (MHSW) is important for the environmental preservation and wellbeing of the society. In recent decades, continuous efforts in research, policy-making and municipal administration have led to improvements toward more sustainable MHSW recycling. However, MHSW recycling remains a major challenge for China. This paper analyzes the current value and potential value of MHSW recycling in order to guide residents to recycle MHSW effectively and to reduce the amount of recycle-worthy materials missing recycling. A multivariate probit model is developed to ascertain the current value and potential value of MHSW recycling. Results from a case study of Shanghai reveal that waste glass has low current value and low potential value, and waste plastics has low current value but high potential value. The results also indicate that the waste metal has high current value and high potential value, whereas waste paper has high current value but low potential value. These findings provide policymakers with useful information and rationale for directing efforts to achieve a better or optimal MHSW recycling practice. Implications: Be a multivariate probit model is developed to calculate the current value and potential value of MHSW recycling in order to guide residents to recycle MHSW and reduce an amount of miss-recycling materials. Our results have shown that waste glass has a low current value and a low potential value, waste plastics have a low current value and a high potential value. Regarding the waste metal, they have a high current value and a high potential value. For waste papers, the result indicates that it has a high current value and a low potential value. [ABSTRACT FROM AUTHOR]

The Programme for International Assessment (PISA) is an important cross-national study of 15-year olds academic achievement. Although it has traditionally been conducted using paper-and-pencil tests, the vast majority of countries will use computer-based assessment from 2015. In this paper, we consider how cross-country comparisons of children’s skills differ between paper and computer versions of the PISA mathematics test. Using data from PISA 2012, where more than 200,000 children from 32 economies completed both paper and computer versions of the mathematics assessment, we find important and interesting differences between the two sets of results. This includes a substantial drop of more than 50 PISA test points (half a standard deviation) in the average performance of children from Shanghai-China. Moreover, by considering children’s responses to particular test items, we show how differences are unlikely to be solely due to the interactive nature of certain computer test questions. The paper concludes with a discussion of what the findings imply for interpretation of PISA results in 2015 and beyond. [ABSTRACT FROM PUBLISHER]

This paper investigates the impact of Internet infrastructure construction on enterprise transformation and upgrading and the underlying mechanisms using a progressive double difference model based on a quasi-natural experiment of the Chinese government's "broadband China" policy by matching A-share listed companies and city panel data from 2008–2019 in Shanghai and Shenzhen. The conclusions show that the "broadband China" policy can significantly promote the transformation and upgrading of enterprises in pilot cities. However, its effect shows a diminishing marginal contribution, and the policy is more effective for traditional manufacturing industries during the implementation period. Enhancing human capital and reducing internal transaction costs are two important channels for Internet infrastructure construction to help enterprises transform and upgrade. Combined with the life cycle theory, we find that the "broadband China" policy has the most significant impact on changing and upgrading enterprises in the growth and maturity stages, especially those in the manufacturing industry, but not those in the maturity and decline stages of the service industry. Finally, a series of robustness tests using Monte Carlo simulation, entropy balance method, and instrumental variables method, excluding other factors, show that the findings are still robust. [ABSTRACT FROM AUTHOR]

The integration or segmentation of regional carbon prices implies that barriers may hinder prices from adjusting efficiently and impede linkages between regional carbon markets. Past studies have found that crossregional carbon prices in China tend to diverge, indicating unbalanced regional markets and that carbon cap-and-trade policies may be insufficiently effective. China's carbon trading pilots opened in 2013. Is the integration efficient? This is the research question addressed in this study. This paper uses the carbon prices of four carbon-trading pilot regions in China (i.e. Beijing, Shanghai, Tianjin, and Guangdong) over the period of January 1, 2014, to March 23, 2021, to explore whether prices are correlated across three dimensions: long-term convergence, short-term correlation, and volatility transmission by adopting a vector error correction model with heterogeneous variances. And by using longer-term daily data and empirical tests that can account for the multiple-faceted correlations, this paper provides evidence showing that long-term convergence and risk transfer between the four regional carbon prices exist, which indicates significant regional integration. The results indicate that the price behavior of the Beijing pilot is efficient and that the Shanghai pilot has the lowest volatility. The paper also documents an information transfer pattern. For example, the Beijing pilot is shown to be the leading risk transfer market, whereas the Shanghai pilot is shown to be the market where most risk is transferred. Contrary to findings elsewhere, our main results demonstrate that China's carbon markets exhibit integration efficiency and no imbalance between regions. This may be because the efficiency of China's carbon markets has improved over time. The evidence also implies that if a multi-dimensional correlation has not been considered, it may underestimate the efficiency of regional carbon prices' integration. [ABSTRACT FROM AUTHOR]

The design of a supply chain network (SCN) should address two conflicting objectives, i.e. inexpensive yet reliable operation. This paper presents models to choose supply facilities and determine distribution options while considering the expected risk of not serving customers attributed to supply shortages. The goal is to design a reliable network with a lower cost under traditional cost objectives. We formulate a stochastic mixed-integer biobjective programming model considering the protection of facilities and solve this problem with a progressive hedging algorithm (PHA). We examine the tradeoff curve between the cost and risk through a case study involving Shanghai in China. The results indicate that substantial improvements in reliability can be reached with a limited increase in the total cost. [ABSTRACT FROM AUTHOR]

In this paper, the asymptotic normality and strong consistency for M estimators of the unknown regression coefficients in classical linear models are established under the assumptions that the errors are identically distributed φ-mixing random variables. The results obtained in this paper generalize the corresponding ones of Chen and Zhao [M-methods in linear model. Shanghai: Scientific and Technical Publishers; 1996] and Zhao [Strong consistency of M-estimates in linear model. Sci China Ser A. 2002;45:1420–1427] for independent errors. Finally, the simulation study is provided to verify the finite sample performance of the theoretical results and a real example is analysed for illustration. [ABSTRACT FROM AUTHOR]

High-speed maglev system is a hot research topic nowadays in the field of high-speed ground transportation. Characteristics of the track irregularity of high-speed maglev system is quite different due to its contactless vehicle-rail relationship and segmented track compared with traditional railway. However, research on maglev track irregularity is still insufficient. This paper summarises, for the first time, the track inspection data collected on Shanghai Maglev Demonstration Line (Shanghai Line) since 2006, and describes the main filtering methods and parameters for acceleration and gap signals, taking into account the characteristics of maglev track. Track irregularity is then determined using the inertial measurement principle. The measured track spectrum on Shanghai Line calculated by the Welch method obeys a chi-square distribution with 2 degrees of freedom, indicating that different track qualities can be transformed by probability methods according to the research requirements. Based on the samples obtained over the past 15 years, and referring to the seven-parameter model of the railway system, a high-speed maglev track spectrum is obtained by the fitting method, parameters of which are obtained by applying the damped least squares method. Preliminary vehicle dynamic analysis is conducted utilising the inverted excitations derived from the measured spectrum of the Shanghai Line. [ABSTRACT FROM AUTHOR]

Recently the Chinese government has been actively collaborating with nonprofit nongovernmental organizations to provide social welfare services to older adults at the community level. The role played by NGOs in facilitating governance has only recently gained attention in the literature on Chinese NGOs and urban governance. Addressing this gap, the paper advances geographers' understanding of State–NGO collaborations in facilitating urban governance in the Chinese context using fieldwork in Beijing and Shanghai on the provision of community eldercare services as an example. It also explains the political control of these NGOs and their changing role in the eldercare market. We argue that collaborations between the state and NGOs in China have gradually transferred eldercare services to the NGOs, and led to a fragmented welfare system, which, as a consequence, has facilitated entrepreneurial urban governance. The paper sheds light on community-based organizations, their collaboration with local governments, and how they have become not only welfare providers but a significant site for social control. [ABSTRACT FROM AUTHOR]

This paper adopts the idea of informal empire and focuses on women in treaty port Shanghai. Examining two British equestrian sports, called "the chase" at the time, i.e. horse racing and paper hunt, this article shows how, notwithstanding racial differences, British and Chinese elite women in Shanghai adopted the same strategies to empower themselves. By joining the chase, as actual hunters, leading horse owners or trainers, they successfully broke the physical, psychological, and social constraints society imposed on them. This article argues China's treaty ports created rare opportunities for both British and Chinese women. On the one hand, the strict class system of the home country was temporarily broken and reshaped, and on the other hand, the traditional Chinese social hierarchy of literati, peasants, artisans, and merchants was also disrupted and re-arranged. Exploiting this rift and using equestrianism as a tool, elite women subverted the tradition of sport as a male domain and dramatically expanded the space for their public life. [ABSTRACT FROM AUTHOR]

In the post-industrial period, traditional Chinese enterprises are facing the awkward situation of being 'big but not strong', with their core technologies being controlled by others. The digital transformation of enterprises has not only reshaped business models and industrial boundaries, but also boosted the high-quality development of China's economy. This paper reviews the existing literature and discovers that digital technology promotes enterprise production efficiency through cost reduction, efficiency improvement, and innovation. Based on the data of listed manufacturing companies in the Shanghai and Shenzhen stock exchanges from 2009 to 2017, this paper constructs a differences in differences (DID) model to empirically study the relationship between digital transformation and production efficiency. The results revealed that the implementation of digital transformation plays a significant role in promoting economic benefits and the results of the lag regression method are still robust. Based on this, combined with the actual situation of Chinese enterprises, this paper proposes countermeasures and suggestions to promote the development of enterprise digital transformation. The conclusion is of great significance for Chinese enterprises to occupy a dominant position in the new wave of global industrial revolution. [ABSTRACT FROM AUTHOR]

This paper selects the panel data of the main board listed companies in Shenzhen and Shanghai from 2011 to 2016 as the research object and constructs the intersection of corporate governance comprehensive index and accounting conservatism and corporate governance index. Based on this, the mixed utility model is used to empirically test the relationship between accounting conservatism, corporate governance, and stock price collapse risk. The results show that: accounting conservatism, corporate governance and stock price collapse risk are negatively correlated, and conservative accounting policies can effectively restrain the occurrence of the stock price collapse, and higher levels of corporate governance can effectively reduce the possibility of the future stock price crash, and accounting conservatism and corporate governance have substitution effects in preventing the risk of the stock price collapse, and higher corporate governance levels can significantly reduce the negative impact of accounting conservatism on future stock price collapse risks. This paper also puts forward some suggestions to reduce the risk of stock price collapse from two aspects of improving accounting conservatism and strengthening corporate governance, which can be used as the reference for the sustainable and stable development of the capital market. [ABSTRACT FROM AUTHOR]

Single and multi-vehicle (SMV) crashes remain a significant issue, causing serious safety and economic concerns, and therefore deserve more attention. Using crash data in the Beijing-Shanghai and Changchun-Shenzhen freeways over the five years (2015–2019), this paper explored the transferability and heterogeneity for crash type (single-vehicle versus multi-vehicle crashes) and spatiotemporal stability of determinants affecting the injury severity. The random parameters logit approach with heterogeneity in means and variances was used to model three possible crash injury severity outcomes (measured by the most severely injured individual in the crash) of no injury, minor injury, and severe injury and identify the determinants in terms of driver, vehicle, roadway, environment, temporal, spatial, traffic, and crash characteristics. Remarkable differences were observed in the SMV crashes, and the contributing factors also reported considerable temporal and (or) spatial instabilities. The insights of this study should be valuable to help freeway designers and decision-makers understand the contributing mechanism of the factors and develop the proper management strategies and enforcement countermeasures. [ABSTRACT FROM AUTHOR]

The purpose of this research is to explore the impact of capital market opening on inefficient labour investment of enterprises and its impact path. This paper takes 2010–2019 A-share non-financial listed companies in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) as research objects and samples, and uses DID method to examine the impact of capital market opening on labour investment efficiency of listed companies.We collected 22567 pieces of data.The results show that the capital market opening system significantly reduces inefficient labour investment of enterprises, mainly through reducing the information asymmetry and the agency costs as the main paths. This research shows that the capital market opening is of positive significance to the sustainable development of enterprises, and it proposes targeted suggestions for the government, listed companies and market investors to effectively reduce the inefficient labour investment of enterprises. The research provides more feasible references for capital market opening and corporate governance, and also offers theoretical evidence for the implementation of 'Shanghai-Hong Kong Stock Connect' program. [ABSTRACT FROM AUTHOR]

The establishment of the pilot financial reform zone is aimed at promoting regional financial supply-side structural reform. By giving localities broader financial autonomy, local governments are incentivized to target the "pain points and blockages" in financial services to the real economy, thus having a significant impact on the development and transformation of micro enterprises. Based on micro data of A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2010–2021, this paper uses the double difference method (DID) to explore the impact of the establishment of a comprehensive financial reform pilot zone on the digital transformation of micro manufacturing enterprises and its mechanism. The results found that the pilot zone of comprehensive financial reform significantly improved the digitalization of manufacturing enterprises. Specifically, it effectively promotes the digital transformation of enterprises by reducing their financing costs and promoting their physical investment levels. In particular, it has had a stronger positive impact on the digital transformation of non-state-controlled enterprises, competitive enterprises, and labor-intensive and technology-intensive manufacturing enterprises. The results of the present study can provide a reference experience for other regions to carry out financial reforms to serve the transformation and upgrading of enterprises. [ABSTRACT FROM AUTHOR]

The imbalance of available vehicles at different stations is an outstanding challenge in one-way carsharing systems. Dedicated to this issue, the operation teams in one company in Shanghai, China, each of which contains several workers, take operation vehicles to rebalance sharing vehicles among stations. A pertinent optimization problem, called the vehicle relocation problem with operation teams, is encountered in practice to find the relocation pairs of stations and the visiting routes of operation vehicles. In this paper, a mathematical programming model for minimizing the sum of relocation distance of sharing vehicles and travel distance of operation vehicles is constructed. An adaptive large neighbourhood search algorithm with several problem-specific algorithmic components is developed to efficiently solve the problem. Computational results validate the competitive performance of the proposed approach by comparing it with the commercial optimization software and a sequential approach. [ABSTRACT FROM AUTHOR]

This paper investigates the formal instruments of design governance and the urban design decision-making environment in Chinese cities. It identifies Shenzhen, Shanghai and Nanjing as three cities pioneering in design-led planning in China and critically evaluates their approaches using a series of 'best practice' principles for design review and development management. The findings are based on 20 semi-structured interviews with key stakeholders, a review of their design portfolios, and an analysis of urban design policies and plans. The paper identifies the progress made with design governance in the three 'pioneer' cities as well as the challenges associated with adopting more design-sensitive planning practice. It concludes with four recommendations for Chinese cities. These focus on foregrounding sense of place in city-wide urban design visions, raising the quality of design guidance and codes, more effectively coordinating regulations produced by different government departments and agencies, and widening opportunities for public participation. [ABSTRACT FROM AUTHOR]

This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018. Previous studies tend to conclude that female executives are risk averse, preventing firms from participating in high-risk financial investments. However, the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization, with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization. Further tests show that gender inequality is a possible mechanism influencing female executives' financial investment preferences in the unique gender culture context of China. This paper expands the research on the impact of non-institutional factors on corporate financialization, and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization, and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization. Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions. [ABSTRACT FROM AUTHOR]

The expansion of high-speed railway (HSR) has opened up new freight capacity on traditional railway (TR) lines in China. In order to increase China’s railway volume of containers transported to port terminals, this paper estimates the HSR and TR modal splits for passenger transport. Then, the TR capacity used for passengers is calculated via traffic assignment model, and the number of passenger trains on TR lines is estimated and then deducted from total TR capacity. The remaining balance gives the freight capacity of a TR line. Moreover, a bi-level programming model is built to optimise the location of railway freight terminals and the corresponding train dispatching frequencies in a case in which trains on TR lines and trucks on highways are both used to transport containers to port terminals. The ports of Shanghai and Ningbo with their hinterlands are used as a case study for numerical analysis. [ABSTRACT FROM AUTHOR]

Collective land rights reform in developing countries is promoted as a means of optimizing the use of land resources by clarifying property rights and encouraging land transfer. However, such mechanisms remain controversial, particularly as the overall cost – transaction, social, cultural – is often judged to be greater than the benefits obtained. In seeking to address whether this is always the case, this paper reports on a study of the "Three Rights Separation Reform" implemented in a Shanghai suburb, China. The paper argues that localized implementation of land rights reform can provided the context in which farmers feel more secure and have better expectations with respect to land rights, which can stimulate them to modernize and improve their farming practices. We argue that localized implementation, with a combination of top down regulations and bottom up practices, allied to both expert and tacit knowledges, effectively reduces the overall transaction cost and offers flexibility for the local community to find their own solutions under complex socio-economic conditions. We conclude by arguing that additional research and reforms are required to further reduce the transaction cost and enhance farmers' long-term expectations and experience. [ABSTRACT FROM AUTHOR]

Aircraft is a crucial mode of transport with several strategic objectives. It is important to detect the position and number of aircraft in remote sensing images accurately. Most of the current research on aircraft detection focuses on improving algorithms or networks based on public datasets or a single remote sensing image, with limited application to large-scale remotely sensed scenes. Moreover, the detection of small and weak targets is challenging for current detection algorithms. This paper proposes a top-down method for aircraft detection in large-scale scenes. First, multi-source data and spatial constraint rules are used to search for potential airport areas in a wide range, and U-Net is then used to extract the airport area. Finally, this paper proposes a feature enhancement faster R-CNN (FEF-R-CNN) by adding a feature enhancement module to the original Faster R-CNN to improve target detection. This can enhance the aircraft feature while suppressing the background information to a certain extent, for effectively detecting small and weak aircraft targets in the airport area. Top-down aircraft detection experiments were conducted on Hainan Island and Shanghai, and 10 of the 12 airports were accurately detected. Meanwhile, the average precision (AP) of aircraft detection by FEF-R-CNN in the public dataset and four large airports in the study area reached 97.71% and 95.63%, respectively, which are 2.14% and 11.31% higher than that of the traditional Faster R-CNN, respectively. Experimental results verify the effectiveness of the proposed method for aircraft detection in large-scale remotely sensed scenes. [ABSTRACT FROM AUTHOR]

Understanding the characteristics of passenger vehicle use is the prerequisite for effective urban management. However, it has been challenging in the existing literature due to the lack of continuously observed data on passenger vehicle use. Thanks to the advances in data collection and processing techniques, multi-day vehicle trajectory data generated from volunteered passenger cars provide new opportunities for examining in depth how people travel in regular patterns. In this paper, based on a week's operation data of 6600 passenger cars in Shanghai, we develop a systematic approach for identifying trips and travel purposes, and classify vehicles into four categories using a Gaussian-Mixed-Model. A new method is proposed to identify vehicle travel regularities and we use the Z Test to explore differences in travel time and route choices between four types of vehicles. We find that commercially used vehicles present high travel intensity in temporal and spatial aspects and the use intensity in elevated roads is higher for household-used commuting vehicles than semi-commercially used vehicles. The methodologies and conclusions of this paper may provide not only theoretical support for future urban traffic prediction, but also guidance for employing customized active traffic demand management measures to alleviate traffic congestion. [ABSTRACT FROM AUTHOR]

This paper investigates the recovery period of consumer salmon purchase intention after food scares at the Xinfadi wholesale market in China during the COVID-19 pandemic and examines the impact mechanism of risk preference and risk perception on the period duration. Our empirical analysis is based on a survey of 655 salmon consumers in Beijing, Tianjin, and Shanghai. We estimate that the purchase intention recovery period lasts 21 weeks among the surveyed consumers after the shock. Although the epidemic risk levels of the three cities are different, there is a significant difference only in the recovery period from 5 to 7th weeks. The Cox proportional hazards model results further show that consumers with less risk-averse are more active in resuming purchase intention, and the effect of risk perception is just the opposite. Moreover, risk perception has a moderating effect on risk preference and recovery period. Finally, we put forward three possible policy implications: attaching nucleic acid detection certificate, strengthening cold chain management, and diversifying cooking methods. [ABSTRACT FROM AUTHOR]

Sci-tech and finance plays an increasingly important role and have become an important driving force in economic development. In China, the problem of insufficient financial support for sci-tech innovation is important to enterprises. According to the internal relationship between different stages of Sci-tech and the finance system, this paper is aimed at exploring the efficiency measurement method between sci-tech and finance systems. Firstly the multi-stage collaborative structure of sci-tech finance is built, where the system of sci-tech is divided into three stages including the R&D stage, transformation stage of sci-tech achievements and industrialization stage, and the financing channel is the input of the finance system into the sci-tech system at different stages. The measurement method of the multi-stage collaborative efficiency between sci-tech and finance systems is put forward by the framework of network DEA. Then, taking China as an example, we collect the information of 30 provinces and cities from 2009 to 2016 and measure the efficiency of each system and the collaborative efficiency of the both. The efficiency's spatial correlation is tested by means of Moran index. Finally, the influencing factors of the collaborative efficiency are analyzed based on the spatial econometric regression model, which considers the financing channels and human capital. To sum up, there are significant differences in the sci-tech finance collaborative efficiency among regions in China. Among them, the collaborative efficiency of Beijing, Shanghai and Jiangsu ranks in the top three. Comparing the different stages of the sci-tech system, the commercialization stage is a weak link in many regions of China. Human capital and financing channels of sci-tech finance have different degrees of positive impact on the sci-tech finance collaborative efficiency. Among them, human capital plays a greater role in promoting the sci-tech finance collaborative development. [ABSTRACT FROM AUTHOR]

Predicting the intention of mode choice is indispensable for policymakers to develop sustainable transportation in large cities. This paper constructs a conceptual framework and tests it in the travel mode sector to investigate the influence mechanism between commuter's low-carbon literacy and intention of mode choice. Commuter's low-carbon literacy (LCL) was assessed through four critical attributes: low-carbon knowledge (LCK), low-carbon awareness (LCAW), low-carbon habits (LCH) and low-carbon affection (LCAF). Based on a questionnaire survey in Shanghai, empirical evidence was concluded using the Structural Equation Model of Partial Least Square (PLS-SEM). The results of this study are as follows: (1) low-carbon knowledge, habits and affection have direct influences on commuter's intention of mode choice, whereas low-carbon awareness influences commuter's intention through these three low-carbon attributes indirectly; (2) low-carbon affection has the highest impact rating on the intention of mode choice in both performance and importance; (3) commuting trips are less closely associated with the influence of low-carbon literacy than other trips. These findings have several implications for transportation demand management and are beneficial for urban trip structure optimization. [ABSTRACT FROM AUTHOR]

The spread of coronavirus disease 2019 (COVID-19) has had a significant impact on business and economies globally. This paper aims to investigate the impact of COVID-19 on firm performance in China's high-tech industries. The population of this paper is 116 companies listed on the sci-tech innovation board (STAR market) of the Shanghai stock exchange. DuPont analysis is applied to measure firm performance including return on equity (ROE), return on assets (ROA), asset turnover ratio (ATO), and profit margin. The empirical results show that the COVID-19 pandemic has a significant and negative impact on ROE, ROA, and ATO in high-tech industries, and research and development (R&D) investment has a moderating role in the relationship between the COVID-19 pandemic and firm performance. The findings may play a guiding role for corporate managers and policymakers to overcome this formidable crisis in the era of COVID-19. [ABSTRACT FROM AUTHOR]

The paper aims to investigate the possible dual causality between exchange rates and stock indices of China and ASEAN using Structural Vector Auto-Regressive Model (SVAR). The paper has analysed the dynamic relationships between the Yuan and the Shanghai Composite Index and Shenzhen Stock Index in the context of China's third largest trading bloc, i.e., ASEAN, after the Asian Financial Crisis of 1997. The Asian Financial Crisis of 1997–98 had an adverse impact on stock indices and the currencies of ASEAN countries. It was also expected that a devaluation of the Yuan would follow soon, thus plummeting investors' confidence in the Chinese markets. Further research was needed to explore the complex relationship between financial and forex markets in the context of China and ASEAN. The focus of this paper is to explore such relationship with the focus on China. The results of the model confirm the dual causality between the two variables of interest in China. It concludes that a positive financial shock does have a small but significant impact upon the Yuan, whereas a positive exchange rate shock has a high and a significant impact upon the Shanghai and Shenzhen Composite Indices. The paper finds the effect of monetary and demand shocks upon the Yuan and stock market indices to be insignificant. [ABSTRACT FROM AUTHOR]

Urban rail transit usually contains many small radius curved tracks, and wheel flange wear is prominent, which greatly reduces the service life and increases the maintenance and replacement costs of wheelsets. Two metro lines in Shanghai of China had suffered from severe flange wear since 2017, and the flange wear rate increased gradually over the next three years. This paper presents the understanding and treatment of severe flange wear through field measurement and numerical simulation. The investigation results indicated that the key factors causing severe flange wear were poor rail gauge face lubrication, the use of a low conicity wheel profile for trains running on the two metro lines containing many small radius curved tracks, and the lack of timely maintenance of low rail profiles. Three countermeasures were proposed to mitigate wheel flange wear, which were evaluated through wheel–rail matching analysis and wheel wear prediction. Then, two countermeasures, i.e. improving rail gauge face lubrication and employing the LM-30 wheel profile, were verified through field tests. [ABSTRACT FROM AUTHOR]

Photovoltaic (PV) cells integrated with building roof skylights not only generate electricity but also influence the thermal performance of the roof. In this paper, the thermal mathematical model of a semi-transparent photovoltaic insulating glass unit (STPV-IGU) integrated with the roof is established and validated by experiments. Case studies are conducted by using the roof-integrated STPV-IGU in Shanghai, and an equivalent electrical method is used to evaluate the energy performance of roof-integrated skylight STPV-IGU. The equivalent electricity of heat-gain entering the room through STPV-IGU and total equivalent electricity of roof-integrated STPV-IGU is 16.6 kWh/m2 and 12.1 kWh/m2 in summer, respectively. The equivalent electricity of heat-gain entering the room through STPV-IGU and total equivalent electricity of roof-integrated STPV-IGU are −16.3 kWh/m2 and −4.0 kWh/m2 in winter, respectively. Compared with traditional insulating glass unit, the STPV-IGU can significantly reduce the heat-gains through glazing in summer, but increase indoor heat-loss in winter. [ABSTRACT FROM AUTHOR]

With reference to the heads of departments of moral education (HDMEs) in Shanghai's junior secondary schools, this paper explores middle leaders' logics for leading school-organized extra-curricular activities (SEAs). This qualitative study, guided by Woulfin's lived logic framework, found that the interviewed HDMEs actively reinterpreted the institutional logics with three logics—expressive, instrumental, and hierarchical—by manipulating policy circulation, responding to the performative accountability and micropolitics in the hierarchy, and using correlative thinking. The lived logics of leading SEAs reveal that, as heads of a marginalized department in schools, the HDMEs struggled to seek visibility by using correlative thinking, promoting the importance of their work, and aligning with more helpful senior leaders. The study responds to theories on school middle leadership and implementation logic. It could deepen our understanding of the paradoxes in China's development and governance, especially in areas concerning both measurable performance and unmeasurable issues (e.g. ideology and sustainable development). [ABSTRACT FROM AUTHOR]

Previous studies have discussed firm R&D investment widely, ignoring the asymmetric responses to different shocks and the influence of managers. And most of these studies were based on developed markets, with few based on emerging markets. Based on the Chinese A-share firms listed on the Shanghai and Shenzhen Stock Exchanges in 2008–2017, this paper analyzes the impact of change in sales and managerial overconfidence on R&D investment, finding that both changes in sales and managerial overconfidence are positively related to R&D investment and that managerial overconfidence negatively moderates the relationship between changes in sales and R&D investment. The empirical results show that managerial overconfidence acts as an important moderator to increase R&D persistence under different shocks in the emerging market context. [ABSTRACT FROM AUTHOR]

Existing literature has uncovered housing divergence between migrants and locals in urban China, but has neglected the increasing diversity of migrants' places of origin and its association with their housing opportunities. Based on a survey on the post-80s generation in Shanghai, this paper investigates the impact of residents' place of origin on their housing outcomes. The results suggest that access to homeownership is a function of the position of an individual's place of origin in the urban hierarchy. Shanghai locals are the most advantaged, followed by migrants from other centrally administered municipalities, provincial capitals and other cities at a higher position in the urban hierarchy. Migrants from market towns and rural areas, especially in underdeveloped regions, have inferior housing tenures and are shunned from homeownership. It implies that regional inequality is not fixed geographically but accompanies people's mobility. Similar to the concept of social origin, this paper elaborates on geographical origin and its role in the reproduction of social inequality. [ABSTRACT FROM AUTHOR]

While homebuying has become central to the economic security and life-course transitions of younger Chinese adult cohorts, affordability has become an increasing obstacle. With individual savings and housing loans fading as means of achieving homeownership, intergenerational transfers have acquired renewed status. This paper addresses the agency of young people and their families in negotiating adverse housing market conditions. It draws on qualitative interviews with young-adults in Shanghai that explore intergenerational transfers and the strategies deployed to finance homebuying and in developing long-term financial arrangements. Our research stresses intergenerational collaboration in how young people navigate owner-occupation as well as how features of families and housing financialization combine to shape the behaviour of young people in the housing market. Shanghai represents a challenging market for young homebuyers, but provides insights on how family-support can shape housing systems and pathways in various housing contexts. [ABSTRACT FROM AUTHOR]

The high-speed rail (HSR) network in China has expanded rapidly, significantly reducing transportation costs and improving accessibility. However, scholars are concerned about whether HSRs further centralize resources and intensify regional polarization. This paper studies the role of HSR in the process of urban development and regional integration in the Yangtze River Delta (YRD). We use two indicators (overall connectivity and weighted centrality) to examine the impacts of HSR connection on spatial redistribution, and we adopt a difference-in-differences (DID) analysis to investigate the effects of HSR on local economic development. The results show that HSR operation enormously improves the overall connectivity of urban networks in the YRD. However, it also exacerbates the disequilibrium of urban centrality, forming a hierarchical spatial structure with Shanghai, Nanjing and Hangzhou as hubs. HSR connections also impede local economic growth in peripheral areas. Moreover, the results confirm the existence of a dynamic time-lagged effect on local economic growth, and the heterogeneous impact of HSR also aggravates regional economic disparities. This paper highlights the effects of HSR on the development of cities and regions, and suggests that government should exert greater efforts to reduce the negative effects of the development of HSR. [ABSTRACT FROM AUTHOR]

To study the impact of Arctic routes on shipping networks, this paper uses an Arctic route system (ARS) model. Based on the evolution of the ARS, an improved weighted network evolution model (the BBV model) is used to predict the evolution of shipping networks from 2017 to 2035. Then, the multiple linkage analysis method is applied to extract the significant flows in the networks, and a competition network is built. The main results are as follows: (1) Significant flows in the maritime network under the influence of the ARS show an increasing trend and then a decreasing trend during evolution process. (2) According to multiple linkage analysis, Shanghai, Busan, and Tokyo have higher positions. (3) The overall network competition decreases. (4) In terms of the competitive landscape of China's container ports, Guangzhou has the strongest domestic competitive intensity. In addition, Chinese ports that face greater competition from foreign ports are always Shanghai and Shenzhen. One implication of analysis is that due to gradual influence of the ARS, port policy makers should implement different policies at different times. The paper also shows that some ports (such as Shanghai and Ningbo) should formulate cooperation agreements to promote ports development. [ABSTRACT FROM AUTHOR]

In this programmatic paper, we approach #wordswewear, referring to the wide range of linguistic inscriptions on clothing and accessories, as part of the embodied, mobile semiotic landscape of the city. Our main objective is to reflect on (1) the conditions that gave rise to the apparent pervasiveness of #wordswewear in urban spaces, and (2) the extent to which they constitute a form of public, urban discourse. Drawing on an emergent collection of over 500 images photographed in situ, mainly in three global cities – Hong Kong, London, and Shanghai – the paper situates #wordswewear in everyday mobilities and moorings and considers their wearers as expressive persons. We contend that #wordswewear encapsulate the contemporary, paradoxical urban condition among city dwellers, whereby they seek a sense of involvement with one another while being "on the move" and maintaining their respective, individual comfort zones. Fleeting and ephemeral as they may be, such acts of momentary engagement (or avoidance thereof) are some of the most minimal, analyzable acts of performing identities in public discourse. Finally, we suggest that #wordswewear can be considered as manifestations of urban conviviality understood as a space for the negotiation of diversity, inclusion and exclusion. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between business strategy and sustainability of Chinese SMEs and how the environmental uncertainty may affect this relationship. It analyses the impact of active and passive business strategies on firms' sustainability and tests the potential moderating role of economic policy uncertainty in this relationship. The empirical analysis is performed by employing fixed-effect and GMM estimations on data collected from 937 Chinese A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2021. The results show that the high-risk active business strategy of innovation and new market development is associated with greater business sustainability, and this relationship is stronger for SMEs than for non-SMEs in China. Moreover, higher economic policy uncertainty strengthens the positive relationship between active business strategy and firm sustainability, implying that in periods of higher environmental uncertainty firms which pursue active business strategy achieve greater business sustainability. These findings are useful for devising business strategy and can assist in formulating policy initiatives seeking to ensure sustainable development of SMEs in China. [ABSTRACT FROM AUTHOR]

This paper explores the impact of capital market openness on corporate green technology innovation using the Difference in Differences model (DID) and a quasi-natural experiment with the Shanghai-Hong Kong Stock Exchange using A-share listed corporations data from 2011 to 2020. The findings indicate that capital market openness has a significant promotion effect on corporate green technology innovation. This effect is consistent using Propensity Score Matching-Difference in Differences model (PSM-DID), counterfactual and placebo tests. Moreover, capital market openness can indirectly stimulate corporate green technology innovation by increasing corporate R&D investment and improving corporate management. Notably, the promotion effect of capital market openness on green technology innovation of SOEs and small-scale corporations is stronger. [ABSTRACT FROM AUTHOR]

Public participation in public infrastructure megaprojects (PIMs) is ineffective, and research on the issues of informal institutions' influence on stakeholders is limited. The present study answered how informal institutions influence the practices of public participation while conflicts occur among stakeholders. Two PIMs in China were used as case studies to investigate the effects of informal institutions. The paper suggests that the adversarial relationships among stakeholders can be reconciled by recognizing that informal institutions encompass the social responsibility of PIMs (SR-PIMs) and culture. Results also showed that effective public participation entails the fulfillment of SR-PIMs by responsible behaviors of stakeholders and the positive effect of cultural tension, enabling participatory awareness of stakeholders. This study improves understanding of how to mobilize stakeholders in practice with responsible behaviors to reach a consensus. [ABSTRACT FROM AUTHOR]

The British colony of Hong Kong was one of the last ports that Jewish refugees transited through before their arrival in Shanghai. By using recently declassified materials this paper argues that Hong Kong played a more complicated role an ambiguous refuge: one that provided shelter, but whose colonial administration was responsible for the internment and expulsion of Jewish refugees. This paper broadens its inquiry by analyzing local and historiographical factors that contributed to Hong Kong being overlooked. Adopting a Global Holocaust framework and following refugees' paths of escape reveals Hong Kong as more than just a transit port. [ABSTRACT FROM AUTHOR]

Against the background of 'brain circulation' between developed and developing economies, latecomer firms (LCFs) in Taiwan and India were dedicated to attracting international talent to improve their innovation performance in order to catch up with leading global firms. Inspired by their success, LCFs in mainland China are carrying out a similar internationalisation strategy. However, it is debatable whether international talent can promote their innovation performance due to their business model of 'Technology outside, market inside', which is different from the 'Technology outside, market outside' model of Taiwanese and Indian firms. In this paper, we attempt to identify the relationship between international talent and the innovation performance of mainland Chinese LCFs, as well as other factors influencing their relationship, by studying 4,685 mainland Chinese enterprises in Zhangjiang National Innovation Demonstration Zone, Shanghai. The results show that there is a curvilinear relationship (U-shaped) between international talent and a firm's innovation performance, and both the internationalisation of R&D and export positively moderate the relationship between international talent and the firm's innovation performance. This paper has important practical implications showing that it is essential to enhance the embeddedness of international talent within firms to promote the innovation capacities of LCFs. [ABSTRACT FROM AUTHOR]

With the increasing emphasis of the government on the importance of Party organisations in China's state-owned enterprises (SOEs), we need to pay more attention to its role in the operation of enterprises. As the research on board of directors emphasises the central position of the chairman, this paper focuses on the top leader of the Party organisation, namely the Party Committee Secretary. Based on upper echelon theory, this paper proposes the relationship between the technology background of a Party Committee Secretary and firm's innovation efficiency, and how this relationship is moderated by position duality and environment dynamism. Using the data of China's listed SOEs which issue A-shares in Shenzhen and Shanghai stock exchanges from 2014 to 2016 and operate in the manufacturing industry, the main effect and moderating effects are tested. We find that the existence of a Party Committee Secretary with technology background positively affects the SOE's innovation efficiency. In addition, this relationship is strengthened by environment dynamism. Our conclusions not only enrich literature about upper echelon theory and determinants of firm's innovation, but also are helpful for improving corporate governance in developing countries. [ABSTRACT FROM AUTHOR]

Based on the difference-in-difference (DID) methodology, this paper empirically investigates the impact of the current anti-corruption campaign on the share of labour income in China. Using a firm-level data on Chinese corporations listed on Shanghai and Shenzhen Stock Exchanges from 2009 to 2015, we find that the campaign contributes to the rise in the labour income share, while there is considerable heterogeneity. The magnitude of the effect depends on firm's ownership and market power. This paper advances the existing studies examining the nexus between corruption and income distribution from a novel perspective. [ABSTRACT FROM AUTHOR]

This paper discusses the emergence of the new global educational governance characterized by 1) global educational reform movement, 2) the active participation of the international organizations in global educational policy making, and 3) the emerging performative culture. Against this background, this article contextualizes the East Asian Educational Model (Shanghai, Singapore, and Hong Kong) and its operation mechanism by appropriating the Confucian habitus and educational harmonization. Then this study compares the EAEM, the high performing educational system, and the representative global fourth-way countries by interrogating the underling binary—new orientalism vs. reciprocal learning. Finally, this paper draws some implications by learning from these different educational systems. [ABSTRACT FROM AUTHOR]

This paper addresses doctor-patient communication about C-sections (CSs) in Shanghai, China. Specifically, we examine the information discrepancies between obstetricians' and patients' perceptions of CS and the important factors affecting shared decision-making. We conducted semi-structured individual interviews with 12 postnatal women who experienced CS and with 12 obstetricians. We identified barriers to patient-doctor communication and shared decision-making: obstetricians' lack of time in outpatient prenatal visits to explain the implications of CSs, family members' knowledge and opinions on CSs, and information from media and social networks. The lack of communication between the expectant women and the obstetricians was driving the women's distrust in the latter. The lack of obstetricians' time to communicate with the pregnant woman led to low trust in the medical staff and overutilization of CS, whereas a lack of financial resources led to underutilization of CS. The obstetricians suggested providing expectant women with more education programs and midwifery support. [ABSTRACT FROM AUTHOR]

Women in patriarchal societies face cultural barriers hindering them in pursuing entrepreneurship. For example, women are hindered by gender roles, male dominated networks and expectations that they take of the family. Recently, scholars have argued that digital technologies may provide women with avenues to bypass these barriers. Yet, there is little knowledge about how female entrepreneurs engage with digital tools, and how this may help them bypass gendered, cultural barriers. Using 18 interviews with female entrepreneurs in Beijing and Shanghai, we identify four affordances (virtual networking, online learning, opportunity creation and scaling-up) that women use to overcome the cultural barriers to entrepreneurship. We find that through engaging these affordances, the women feel empowered and able to challenge traditional structures. Our paper contributes to recent work in digital and women entrepreneurship as we unpack how women actively create affordances, such as female friendly communities, and how they skilfully use new digital technologies to try to disrupt traditional industries. [ABSTRACT FROM AUTHOR]

This paper proposes a research framework for investigating the travel patterns of dockless bike-sharing and accomplishing the large-scale bike rebalancing at the city level. A case study involving Shanghai combines GPS-based bike-sharing usage data and road network data. First, the spatiotemporal mobility patterns are analyzed visually; then community detection is used to divide the study area into management sub-areas according to the mobility characteristics of bike-sharing users; in addition, a clustering algorithm is used to identify virtual stations. On this basis, a heuristic algorithm is used to generate a rebalancing scheme that enables multiple visits to a given station. The results show that Shanghai can be divided into 28 bike-sharing management sub-areas. Static rebalancing based on the identified management sub-areas reduces the number and driving distance of rebalancing vehicles in use, which is a better outcome than that with a method based on administrative divisions. [ABSTRACT FROM AUTHOR]

Taking the openness of the Shanghai-Hong Kong Stock Connect policy as an exogenous shock, this paper examines how the stock market liberalization affects litigation risks of underlying stock firms and its influencing mechanisms. We use a difference-in-differences (DID) approach to analyse the sample of A-share firms listed on the Shanghai Stock Exchange, and find that the stock market liberalization can better curb litigation risk of the underlying stock firms (i.e. the firms listed on the Shanghai Stock Exchange that can also be traded in the Hong Kong Stock Exchange) than that of the non-underlying stock firms. Further, we provide evidence that the corporate governance mechanism rather than information transmission is the main channel through which stock market liberalization reduces litigation risk of the underlying stock firms. This paper emphasizes the unique role and spillover effects of the stock market liberalization, contributing to the literature on law and finance and the literature on the stock market liberalization. [ABSTRACT FROM AUTHOR]