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In recent years, China has introduced a series of trade and financial liberalization policies and taken a crucial step towards the internationalization of RMB. These new developments bring about one question: how has openness affected the RMB real exchange rate volatility? Our empirical results reveal that in the long term, both trade and financial openness reduce exchange rate volatility; in the short term, the effect of financial openness varies across the three financial sub-accounts. Financial development can magnify (mitigate) the impact of trade openness on volatility in the short (long) term, but its role in affecting the impact of financial openness depends on the financial sub-account involved. Economic policy uncertainty (EPU) weakens the impact of openness on exchange rate volatility. In addition, financial openness absorbs more external shocks than trade openness. Foreign exchange reserves, while offsetting financial crisis shocks, cannot adequately absorb current account balance shocks. [ABSTRACT FROM AUTHOR]

This paper documents the increase in the number of global billionaires from mainland China between 2004 and 2018. One of the key findings is that under conditions of an open economy, grassroots billionaire entrepreneurs (e.g., Jack Ma) could mitigate political economy as well as financial frictions via capital injections from foreign venture capitalists. By building a unique database, I report that (i) the politically unconnected billionaire entrepreneurs financed by foreign venture capitalists are more likely to go public their companies outside mainland China (mainly in Hong Kong and the USA), use offshore financing vehicles, and enter the innovation sector and (ii) the politically connected global billionaire entrepreneurs, however, are closely associated with a record of state-owned enterprise (SOE) restructuring. Plain English Summary: The increase in the number of billionaire entrepreneurs (e.g., Jack Ma) from mainland China between 2004 and 2018 is a new phenomenon, which necessitates a reassessment of the crony capitalism arguments, the types of entrepreneurs, and the sources of innovation. This paper has important implications for future research on entrepreneurship in a global economy and the design of relevant policies. [ABSTRACT FROM AUTHOR]

This article is dedicated analyzing the interdependence of oil prices and exchange rate movements of oil exporting countries (the Russian ruble, Euro, Canadian dollar, Chinese yuan, Brazil real, Nigerian naira, Algerian dinar). The study also considers risk-based oil market spillovers in global crisis periods with integrated decision recommendation systems. For this purpose, a fuzzy decision-making model is created by considering the bipolar model and imputation of expert evaluations with collaborative filtering. The main contribution of this study is both its econometric analysis and evaluations based on expert opinions. This helps reach more crucial results. All three of the recent shocks (2008, 2012, 2020) in the oil market are transmitted to foreign exchange markets of oil-producing countries. At the same time, the last shock of 2020 caused by the COVID-19 pandemic has not yet been fully reflected on the Russian ruble exchange rate. Correlation parameters became weaker in the last year, as the Russian ruble correlation coefficient fluctuates between − 0.5 and 0.5. However, before 2020 the spillover effect had a higher significance (in the range from − 0.8 to − 0.1). Nigerian naira and Algerian dinar were showing almost the same movements, while the Russian Ruble was in a different trading range. [ABSTRACT FROM AUTHOR]

China's coal chemical sector uses coal as both a fuel and feedstock and its increasing greenhouse gas (GHG) emissions are hard to abate by electrification alone. Here we explore the GHG mitigation potential and costs for onsite deployment of green H2 and O2 in China's coal chemical sector, using a life-cycle assessment and techno-economic analyses. We estimate that China's coal chemical production resulted in GHG emissions of 1.1 gigaton CO2 equivalent (GtCO2eq) in 2020, equal to 9% of national emissions. We project GHG emissions from China's coal chemical production in 2030 to be 1.3 GtCO2eq, ~50% of which can be reduced by using solar or wind power-based electrolytic H2 and O2 to replace coal-based H2 and air separation-based O2 at a cost of 10 or 153 Chinese Yuan (CNY)/tCO2eq, respectively. We suggest that provincial regions determine whether to use solar or wind power for water electrolysis based on lowest cost options, which collectively reduce 53% of the 2030 baseline GHG emissions at a cost of 9 CNY/tCO2eq. Inner Mongolia, Shaanxi, Ningxia, and Xinjiang collectively account for 52% of total GHG mitigation with net cost reductions. These regions are well suited for pilot policies to advance demonstration projects. The coal chemical sector uses coal to produce chemicals and emits substantial greenhouse gases, which are hard to abate by electrification alone. Deploying green H2 for China's coal chemical plants can reduce ~50% of emissions at a low cost. [ABSTRACT FROM AUTHOR]

Ambient pollutants, particularly fine particulate matter (PM2.5) and ozone (O3), pose significant risks to both public health and economic development. In recent years, PM2.5 concentration in China has decreased significantly, whereas that of O3 has increased rapidly, leading to considerable health risks. In this study, a generalized additive model was employed to establish the relationship of PM2.5 and O3 exposure with non-accidental mortality across 17 districts and counties in Jilin Province, China, over 2015–2016. The health burden and economic losses attributable to PM2.5 and O3 were assessed using high-resolution satellite and population data. According to the results, per 10 µg/m3 increase in PM2.5 and O3 concentrations related to an overall relative risk (95% confidence interval) of 1.004 (1.001–1.007) and 1.009 (1.005–1.012), respectively. In general, the spatial distribution of mortality and economic losses was uneven. Throughout the study period, a total of 23,051.274 mortalities and 27,825.015 million Chinese Yuan (CNY) in economic losses were attributed to O3 exposure, which considerably surpassing the 5,450.716 mortalities and 6,553,780 million CNY in economic losses attributed to PM2.5 exposure. The O3-related health risks and economic losses increased by 3.75% and 9.3% from 2015 to 2016, while those linked to PM2.5 decreased by 23.33% and 18.7%. Sensitivity analysis results indicated that changes in pollutant concentrations were the major factors affecting mortality rather than baseline mortality and population. [ABSTRACT FROM AUTHOR]

This article investigates the time-frequency volatility spillovers between Chinese renminbi onshore and offshore markets during the COVID-19 crisis. By employing wavelet analysis, we find that: (i) As the timescale increases, the volatility spillovers between renminbi onshore and offshore markets are gradually significant and bidirectional, and they have increased significantly after the COVID-19 outbreak. (ii) The significant volatility spillovers of the two markets are decomposed into many sub-spillovers on different timescales, most possibly precipitated by heterogeneous behaviors across various investment horizons. (iii) During the COVID-19 crisis, the onshore market has the dominant position on price discovery and leads the offshore market. [ABSTRACT FROM AUTHOR]

Uncertain hypothesis test is a statistical tool that uses uncertainty theory to determine whether some hypotheses are correct or not based on observed data. As an application of uncertain hypothesis test, this paper proposes a method to test whether an uncertain differential equation fits the observed data or not. In order to demonstrate the test method, some numerical examples are provided. Finally, both uncertain currency model and stochastic currency model are used to model US Dollar to Chinese Yuan (USD–CNY) exchange rates. As a result, it is shown that the uncertain currency model fits the exchange rates well, but the stochastic currency model does not. [ABSTRACT FROM AUTHOR]

Based on the unique technique property of grate–kiln pellet production process and its demand of ultra-low emission of NOx, a low energy-consumed embedded selective catalytic reduction (SCR) denitration technology was proposed. The temperature of the NOx-containing tributary flue gas was 350–500 °C, which basically accorded with the temperature range of SCR by V2O5-based catalyst. Considering the potential inhibition effect of high SO2 concentration (8000–10000 mg/m3) and metal-containing dust in the pelletizing flue gas, the catalyst compositions were optimized to V2O5 (0.5%) and WO3 (5%), giving NO conversion over 90% with low yield of N2O by-product. Compared with the low-medium temperature SCR technology, it was no longer necessary to reheat the flue gas, showing a remarkable CO2 emission reduction effect. The CO2 emission reduction ratios were 94% and 66% contributed by the decrease of fuel and electricity consumption for the embedded SCR technology, respectively. The operating cost was also greatly reduced from 11.4 CNY/t-pellet to 3.1 CNY/t-pellet (Chinese Yuan). [ABSTRACT FROM AUTHOR]

Gibbons are more sensitive to habitat loss and degradation than langurs, because gibbons have a frugivorous diet, smaller group size, and longer life history. Although I Trachypithecus francoisi i is not completely black, and both males and females have white cheeks, which is unlike the black Yuan, Niu et al. ([2]) concluded that Yuan refers to langurs because male langurs have a crest, langur morphology matches the description of the three types of Yuan, and male langurs produce a series of loud calls. [Extracted from the article]

The aim of this article is to investigate the relationship between the exposition of emerging countries to original sin and the internationalization process of their currency in a nonlinear framework. For that purpose, we use a panel dataset of 12 emerging countries from 2005Q4 to 2018Q3, and we implement two complementary methodologies: a multiplicative interaction model and a dynamic panel threshold model. We investigate the impact of the measures of the currency internationalization process on the ability of emerging countries to issue debt in local currency. We show that the Economic size and the institutional quality of emerging countries, as well as the FX turnover of their currency, interact when explaining the share of local-currency external debt. Moreover, our results reveal the existence of thresholds beyond which there is a change in the evolution of original sin, notably for the economic size and the governance index of emerging countries. [ABSTRACT FROM AUTHOR]

This paper separates the exchange rate effect of monetary sterilization from the scale effect as a rationale for a modification of the measure of sterilization rate. The Chinese episode for 2002–2012 is characterized by a robust trend both for renminbi to appreciate vis-à-vis the dollar and for net official foreign assets to grow, which relates two of four scenarios that I generally identify for possible sterilization responses to changes in the exchange rate and official net foreign assets. I find that the modified sterilization rate in China exhibits a sort of strong "hawkish bias" in which sterilization is more sensitive to the exchange rate appreciation than to its depreciation, on one hand, and to the growth of net official foreign assets than to its decline, on the other. While there is no econometric evidence for the "hawkish bias" in the long run, the significant evidence exists for the short-run asymmetry of sterilization adjustment to be biased more toward the hawkish side than dovish side. [ABSTRACT FROM AUTHOR]

Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment, this study examines the effect of stock market liberalization on market efficiency. Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018, we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market. We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share (A-shares refer to shares issued by Chinese companies incorporated in mainland China, traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange. They are denominated in Chinese RMB (the local currency). A-shares were restricted to local Chinese investors before 2003, are open to foreign investors via the Qualified Foreign Institutional Investor, RMB Qualified Foreign Institutional Investor, or the Stock Connect programs.) market. The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality. The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency, enhancing firm value and reducing stock crash risk. We conduct various robustness checks to corroborate our findings. This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors. [ABSTRACT FROM AUTHOR]

The aims are to analyze the fluctuation forecast of exchange rate markets, including the Chinese Yuan (CNY), and discuss applying the neural network model in the Value at Risk (VaR) measure. Therefore, six exchange rate markets are selected as the research objects, with the CNY exchange rate market as the main body, to analyze and explain the exchange rate fluctuation risks. Second, based on the overview of the neural network model, the Deep Belief Network (DBN), Multilayer Perceptron (MLP), and Long Short-Term Memory Network (LSTM) are introduced, and a VaR method based on risk measurement is proposed. Finally, based on the number of excess days (Exc) and the Kupiec test, the VaR measure results under different models are analyzed. Results demonstrate that the CNY exchange rate market's historical data are relatively concentrated, with minor fluctuations, and the overall change is a sharp right shift. Compared with the benchmark model Generalized AutoRegressive Conditional Heteroskedasticity, the three neural network models show excellent risk measurement performance for different exchange rate markets. Based on Exc, the DBN model has the optimal risk forecast performance. In the CNY exchange rate market, the Exc values corresponding to the DBN and LSTM models are small, and the forecast performance is fair. Based on the Kupiec test, in addition to the Great Britain Pound exchange rate market, the three neural network models perform well in measuring the risks of the other five exchange rate markets. Besides, the MLP model has the optimal performance in measuring the CNY risks. Hence, the neural network models have excellent applicability in measuring the risks of exchange rate markets. [ABSTRACT FROM AUTHOR]

Clarifying the scientific identity of ancient biological names in historical archives is essential to understand traditional knowledge and literary metaphors of animals in human culture. Adopting a cross-disciplinary (Primatology, Linguistics, Historiography, Historical Sociology) analysis, we developed a theoretical framework for studies of the scientific identity of Chinese primate traditional names (e.g., Yuan 猿) throughout history, and interpret the historical evolution of the understanding of the Chinese word Yuan. Presently, the Chinese generally understand Yuan to be a gibbon (or "ape" in a broader sense), but this statement has many contradictions with the understanding of the word in relevant historical discourse. We review and comment on key evidence to support the traditional understanding of Yuan as a gibbon (Hylobatidae) and clarify the historical and current thought concerning Yuan. We find that the referent of the word Yuan has changed from "François' langur (Trachypithecus francoisi) with long limbs" to the "long-armed ape or gibbon" known today through two major changes in the idea of Yuan. One transformation in the conceptualization of Yuan took place during the Tang-Song period, with the other beginning at the end of the nineteenth century and ending in the 1950s. An interaction between the conceptualization of animals and power (e.g., political opportunity; cultural movement toward learning western sciences in the semi-colonial era) played an important role in these two diachronic changes to the idea of Yuan. In contrast to the clear linear relation between a species and its Latin name, our study indicates that one traditional name can represent varying animal species in China. Our findings exemplify the implications of the sociocultural and linguistic basis for the species identification of primate names found in historical discourse for historical zoogeography, our understanding of the intricate cultural and religious connections between humans and primates, and efforts to decolonize primatology. [ABSTRACT FROM AUTHOR]

Introduction: A growing number of biologics have recently been approved in China for psoriasis treatment, and some of these are eligible for Chinese medical insurance, resulting in a significant increase in the number of patients receiving these biologics. Nevertheless, real-world data on the efficacy and safety of biologics for treating moderate-to-severe plaque psoriasis in Chinese patients are limited, and relevant pharmacoeconomic studies are lacking. Therefore, we performed a prospective, single-center study to evaluate the efficacy and safety of adalimumab (ADA) and secukinumab (SEC) in real-world practice. A cost-effectiveness analysis (CEA) was also conducted. Methods: Participants were enrolled between January 2019 and December 2020 at the West China Hospital, Sichuan University. Baseline and follow-up assessments were conducted, and an appropriate statistical analysis was performed. Results: A total of 183 patients were included. At week 12, the number of patients achieving a psoriasis area and severity index reduction of 75% (PASI 75) with SEC treatment was higher than that with ADA and methotrexate (MTX) (SEC versus ADA versus MTX, 90.59% versus 58.70% versus 17.14%, respectively). Adverse events (AEs) were reported in 44.83% and 56.36% of patients in the SEC and ADA groups, respectively. The cost-effectiveness ratio in the SEC group was 46,311.83 Chinese yuan(CNY), compared with 17,580.92 CNY in the ADA group. Conclusion: In real-world practice, SEC and ADA are effective and safe for moderate-to-severe plaque psoriasis treatment in Chinese patients. On the basis of drug prices during our study period without considering access to health insurance, ADA was more cost-effective in real-world practice. Plain Language Summary: Adalimumab and secukinumab are two monoclonal antibodies used for the treatment of psoriasis, which target different cytokines in the pathogenesis. A growing number of biologics have recently been approved in China for psoriasis treatment including adalimumab and secukinumab, which are eligible for Chinese medical insurance, resulting in a significant increase in the number of patients receiving these biologics. With the purpose of evaluating its efficacy and safety in the real world, we registered the data of eligible patients in West China Hospital, Sichuan University over the past two years and conducted statistical analysis. In order to provide different therapeutic strategies for patients based on case-specific needs and access to financial resources, we performed pharmacoeconomic analyses to evaluate the cost-effectiveness of the two drugs. Our study demonstrated that adalimumab and secukinumab were effective and safe for moderate-to-severe plaque psoriasis in Chinese patients in the real-world practice. Based on drug prices during our study period and without taking into consideration access to health insurance, ADA was more cost-effective in real-world practice. [ABSTRACT FROM AUTHOR]

There are numerous existing residential buildings in Hangzhou, which has resulted in considerable carbon emissions and the formation of greenhouse gases with significant adverse impacts on citizens' quality of life.. It is thus imperative to conduct a greening renovation of existing residential buildings. In this paper, we use a double-bounded discrete choice format to determine the public's willingness to pay (WTP), the economic benefits of vertical greening reducing greenhouse gases in Hangzhou are preliminarily estimated, and the factors that affect residents' payment and participation are identified. A total of 1089 valid samples were obtained via face-to-face interviews. In total, 250 (23.0%) respondents reported refusing to pay, and their data were subject to processing with the spike model, which has been proven to be more advantageous than traditional models in dealing with zero response problems. Families in Hangzhou would pay 702.55 Chinese yuan (CNY) each year. The economic benefit of such a project is valued at 1.141–1.433 billion CNY. The factors affecting the WTP are explored based on demographic characteristics, social psychology, knowledge of the environment and theory of planned behavior (TPB). The results show clear statistical relationships between a respondent's age, income, family members, views of vertical greening and subjective norms and his or her WTP. Meanwhile, feedback information was collected and analyzed, and the results show that increasing incomes, establishing a compensation mechanism, promoting environmental protection, and disclosing the flow of funds would be conducive to residents' participation in vertical greening renovation. [ABSTRACT FROM AUTHOR]

Due to inspiring growth over the past 20 years, the dynamics of Chinese exports have been the focus of many researchers. In contrast to current literature, this study examines the quadratic relationship between China's real exports to 154 partner countries and the income of trading partners from 1996 to 2019. The findings obtained from the second generational econometric analysis confirm cross-section dependence and heterogeneous slope among panel members. Second, while the GDP per capita of partner countries has a positive impact on China's exports, the quadratic of GDP per capita has a negative impact. These findings indicate an inverted U-shaped relationship between China's exports and GDP per capita of its partner countries—thus, validating the trading Kuznets curve (TKC) hypothesis. The appreciation of the Renminbi (RMB) has statistically significant negative effects on China's exports. From a policy perspective, Chinese policymakers could consider the TKC hypothesis when determining market and export strategies. Additionally, the Chinese monetary authority could consider stabilizing the value of the RMB. [ABSTRACT FROM AUTHOR]

Based on the geographic information system (GIS) software and the application of the black carbon (BC) and fine particulate matter ( PM 2.5 ) ratio method, this paper analyzed and calculated the national BC distribution from 2015 to 2017 and evaluated the national human exposure to BC. The results showed that from 2015 to 2017, 2/3 of the national land area and nearly half of the population were exposed to 1–3 μ g / m 3 , and the area and population exposed to a concentration less than 2 μ g / m 3 increased yearly, while the area and population exposed to a concentration higher than 9 μ g / m 3 decreased yearly. The estimated economic loss showed that 77.3% of the targeted districts or counties claimed a loss per square kilometer of 50 million Chinese Yuan (CNY) or less from the perspective of annual changes, and districts and counties in Beijing-Tianjin-Hebei and Hunan with annual losses between 50 and 500 million CNY showed an increasing trend. The BC ratio (the proportion of BC economic loss to GDP) of Beijing-Tianjin-Hebei and Hunan also showed an increasing trend yearly. [ABSTRACT FROM AUTHOR]

Keywords: Yuan; Name and identity; Monkeys in human culture; François' langurs Trachypithecus francoisi; Gibbons EN Yuan Name and identity Monkeys in human culture François' langurs Trachypithecus francoisi Gibbons 175 177 3 02/17/23 20230201 NES 230201 Supplementary Information The online version contains supplementary material available at https://doi.org/10.1007/s10764-022-00340-9. Yuan, Name and identity, Monkeys in human culture, François' langurs Trachypithecus francoisi, Gibbons In contrast, there is ample evidence to suggest that the original identity of Yuan is a François' langur instead of a gibbon (Niu I et al. i , [3]). [Extracted from the article]

The extreme floods in the Middle/Lower Yangtze River Valley (MLYRV) during June−July 2020 caused more than 170 billion Chinese Yuan direct economic losses. Here, we examine the key features related to this extreme event and explore relative contributions of SST anomalies in different tropical oceans. Our results reveal that the extreme floods over the MLYRV were tightly related to a strong anomalous anticyclone persisting over the western North Pacific, which brought tropical warm moisture northward that converged over the MLYRV. In addition, despite the absence of a strong El Niño in 2019/2020 winter, the mean SST anomaly in the tropical Indian Ocean during June−July 2020 reached its highest value over the last 40 years, and 43% (57%) of it is attributed to the multi-decadal warming trend (interannual variability). Based on the NUIST CFS1.0 model that successfully predicted the wet conditions over the MLYRV in summer 2020 initiated from 1 March 2020 (albeit the magnitude of the predicted precipitation was only about one-seventh of the observed), sensitivity experiment results suggest that the warm SST condition in the Indian Ocean played a dominant role in generating the extreme floods, compared to the contributions of SST anomalies in the Maritime Continent, central and eastern equatorial Pacific, and North Atlantic. Furthermore, both the multi-decadal warming trend and the interannual variability of the Indian Ocean SSTs had positive impacts on the extreme floods. Our results imply that the strong multi-decadal warming trend in the Indian Ocean needs to be taken into consideration for the prediction/projection of summer extreme floods over the MLYRV in the future. [ABSTRACT FROM AUTHOR]

This article focusses on the rich opportunities that the e-markets offer to firms of all sizes, especially to the resource constrained small and medium sized firms, including family firms. The primary aim of this article is I to address a few existing gaps in the international Entrepreneurship's extant literature, including the impact of over-all interaction between firms' characteristic and entry into, and active participation in, international markets by different firms i . The list of such firms includes intergenerational family-firms, highly entrepreneurial and innovative firm (Casillas et al. [11]), who have crossed the competitive border of the global e-markets. [Extracted from the article]

In March 2015, the UK applied to become a founder member of the Chinese-led Asian Infrastructure Investment Bank (AIIB) despite objections from the Foreign Office and Washington, DC, and ahead of other major western countries although they were to follow quickly. What explains the British decision? The paper argues that the underlying long-run reasons included shifting perceptions of American and Chinese power, economic imperatives, the institutional opportunities offered to pursue "venue-shopping" strategies within the British state, and widespread ambivalence about UK policy towards China. Furthermore, although analyses often eschew "snapshot" perspectives, short-run perceptions that the UK could, by joining the AIIB at that point, gain a first mover advantage that would provide greater access to Chinese markets, secure contracts across Asia for British firms, and enable the City of London to win an even greater share of the offshore renminbi trade proved decisive. [ABSTRACT FROM AUTHOR]

International trade is one of the main channels of technological diffusion as it allows countries to have access to technology developed by others in the process of buying and selling intermediate inputs and capital goods. In the 1990s, China initiated a process of major incentives for the development of new technologies and this was intensified in the 2000s. The country is now a potential technology donor, which contributes to the global diffusion of technology. The main objective of this paper is to analyze the effects of technological spillovers from China through international trade. The analysis considered 22 OECD member countries, including China, and 17 manufacturing industries for the 2008–2014 period. The results indicate that China is contributing to the process of technological diffusion with both negative and positive spillovers. Besides identifying the spillovers from China broken down according to industries, our results also indicate that domestic and foreign spillovers are important channels of technological diffusion. [ABSTRACT FROM AUTHOR]

The ICL Kokomeren Summer School aims to demonstrate rockslides of the planar, rotational, wedge, and compound types, most of which have converted into flow-like rock avalanches. One of the training course topics is the paleoseismological interpretation of large rockslides and rock avalanches. Rockslides and rock avalanches are among the most hazardous natural phenomena in mountainous regions. [Extracted from the article]

The correct corresponding author is Dr. Jia Xu. Publisher's Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Correction to: Economic Change and Restructuring https://doi.org/10.1007/s10644-020-09317-1 In the original publication, the corresponding author was wrong. [Extracted from the article]