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This study assesses the global and cross-regional influence of China's currency, the renminbi (RMB). We first develop a theoretical framework to determine the channel through which progress in RMB internationalization can be mapped onto the market influence of the RMB exchange rate on that of other currencies. Using a volatility connectedness approach, we then construct a series of spillover indices reflecting the international influence of the RMB. We find that the RMB's influence is worldwide but is smaller than that of major international currencies, such as the US dollar. Overall, the RMB has basically become a peripheral currency in Greater China, Central Asia, Eastern Europe, and some South Asian economies. Because of the Belt and Road initiative, regionalization of the RMB has also progressed in developing economies; however, China still has far to go in fully achieving internationalization of its currency. [ABSTRACT FROM AUTHOR]

This paper studies the dynamic relationship between the parallel and official exchange rates of Chinese Yuan (CNY) to U.S. Dollar (USD). Motivated by recent evidence about Bitcoin as a major channel for capital flight from China, we construct a parallel exchange rate implied by Bitcoin prices in the Chinese and U.S. crypto exchanges. While the dual exchange rates are cointegrated, adjustment to long-run equilibrium is non-linear and depends on policy changes and state of the markets. Results from our Markov Switching Vector Error Correction model suggest the parallel exchange rate responds one-to-one in the long-run with respect to an official exchange rate innovation. However, an unexpected change in the parallel rate is countered by an opposite and state-dependent response in the official exchange rate, suggesting active exchange policy interventions by the Chinese monetary authority. [ABSTRACT FROM AUTHOR]

AbstractThis article calls for a new research agenda that helps capture the dynamic processes of RMB internationalization in particular and currency internationalization in general. The aperture we have found in the existing, transaction-based literature is that there is relatively little to say about the process of currency network expansion. Indeed, no serious work on currency internationalization ignores the role of currency networks in the politics of the currency pyramid. However, the problem is that these works treat the currency networks exogenously. By exogenous treatment, we mean that they explain the expansion and constriction of currency networks as by-products of trade and investment. In our view, this exogenous treatment of currency networks results in an analytical blind spot regarding how currency network expansion occurs, which is pivotal to the success or failure of currency internationalization. Instead, this article suggests that adequate assessment of RMB internationalization requires shifting the analytical focus to the endogenous process of currency network expansion across borders that involves the emerging and ongoing process of RMB’s financial rise in the global economy. China’s recent move toward financial opening may work to speed up RMB-based global financial networks. [ABSTRACT FROM AUTHOR]

To better aid the quick and accurate assessment of economic loss after the occurrence of future damaging earthquakes, we develop a grid-level fixed asset model for China covering the period from 1951 to 2020. The modelling process can be divided into two stages: (1) the compilation of provincial-level fixed asset data series using the perpetual inventory method (PIM) and fixed assets-related statistics; (2) the disaggregation of provincial-level fixed assets into grid-level (1 km × 1 km resolution) using different combinations of remote sensing ancillary data (i.e., nighttime light, built-up surface area, population) for different periods, considering their temporal availability. As of 2020, the total estimated value of fixed assets in China reaches 589.31 trillion Chinese yuan (in the 2020 price level). Consistency checks have been performed by comparing our modelled fixed assets with those from other studies and data sources at different administrative levels, and good consistency has been achieved. The modelled grid-level fixed asset maps from 1951 to 2020 will be publicly accessible and can be conveniently extended to more recent years as new statistics on fixed assets become available in the future. [ABSTRACT FROM AUTHOR]

It is widely assumed that the renminbi (RMB) cannot acquire a meaningful place in central bank reserve portfolios without full liberalization of China's capital account. We argue that the RMB can in fact develop into an international reserve currency in the absence of capital‐account convertibility. Trade and investment links can drive use despite limited access to Chinese financial markets. But this route to currency internationalization requires policy support. China must provide access to RMB through loans and the People's Bank of China (PBoC) currency swaps. It must ensure the convertibility of RMB into US dollars in offshore markets. It must provide RMB services at a stable and predictable price. Currency internationalization without full capital‐account liberalization thus requires the RMB to be backed by dollar reserves, which the PBoC consequently will continue to hold and use. Hence, we do not foresee RMB internationalization as supplanting dollar dominance. [ABSTRACT FROM AUTHOR]

In this article, we explore the effects of China's foreign aid on its exports. To do this, we use a sample of 165 countries during the period 2000–2014 and employ a gravity model. We find that the return on Chinese exports for every dollar spent on foreign aid is from $0.156 to $0.4, at the aggregate level. The aid provided in past periods continues to promote China's exports. We also show, while taking into account aid heterogeneity, that China experiences a higher return in terms of exports when providing development aid intended for infrastructure, to the recipients. Additionally, we find that China's international aid helps the country to trade more with similar income-level economies. Hence, it can, to a certain extent, foster South-South trade relations. [ABSTRACT FROM AUTHOR]

The UN's Sustainable Development Goals (SDGs) highlight the role of debt sustainability in achieving sustainable development. China's Belt and Road Initiative (BRI) is an international cooperation effort that is endorsed by over 150 countries and organizations. Given the alignment between BRI development goals and the SDGs, the issue of debt sustainability in BRI countries warrants attention. While existing studies focus on sovereign risk in debt sustainability, there is a lack of emphasis on currency risk, indicating a need for further investigation to mitigate risks and comprehensively evaluate debt stability. Using data from 142 countries, this study examines currency risk reduction in BRI countries by assessing currency competitiveness. We find that the US dollar (USD) is the most competitive currency among BRI countries, followed by the Euro (EUR), Chinese yuan (CNY), sterling pound (GBP), and Japanese yen (JPY). The USD maintains its competitive edge over time, making it the preferred choice, with the EUR as a less optimal option and the CNY showing potential. Geographically, the EUR's close ties with BRI countries lend it prominence, followed by the USD, with the CNY gaining traction. GBP and JPY are considered conservative choices. Recommendations for currency selection vary based on countries' competitiveness, bilateral relationships, and development status. [ABSTRACT FROM AUTHOR]

The network effect is an important factor for the inertia and path dependence in the international monetary system. In this paper, we explore its influence, both theoretically and empirically: (a) by extending the standard monetary search model to a three‐country three‐currency model with multiple transitions to clarify the network effect on currency choices; (b) by showing empirically that the network effect is positive, statistically significant, and quantitatively comparable with other factors, such as trade share. The empirical results hold both for major international currencies and emerging currencies, such as RMB, and for various estimation specifications and subsamples. [ABSTRACT FROM AUTHOR]

In what ways might the digital renminbi (RMB), also known as e-CNY, bolster China’s efforts to internationalize its currency? Utilizing Susan Strange’s concept of currency negotiation and borrowing the concept of infrastructures from science, technology, and society studies, this article argues that RMB internationalization is a gradual process that relies heavily on negotiation involving both state and non-state actors (i.e., private financial authorities). It further argues that while e-CNY may create new opportunities for RMB internationalization, it also raises new challenges. First, the e-CNY’s lack of coordination with other central banks represents a challenge for future evolution and standardization with other digital currency platforms, thus rendering first-mover status a potential disadvantage. Second, as a result of China’s divergent data governance direction from both the US and the EU, the e-CNY is disadvantaged when it comes to interoperability, trust of users, and diversity of data. The purpose of this study is not to predict the future of RMB internationalization once the e-CNY rolls out but rather to highlight various ways in which the latter may influence the former in order to widen analyses of the topic.

This paper calculates the trade efficiency of China's exports to Africa by considering trade inefficiency factors, such as Chinese aid to Africa and Chinese contracted projects. Based on a stochastic frontier gravity model and data for China's exports to 38 African countries from 2010 to 2020, this study draws the following conclusions. First, trade inefficiencies, such as China's aid and contracted projects, play a positive role in promoting China's export trade to Africa. Second, the efficiency of China's export trade to Africa varies significantly in different regions, among which countries with high export trade efficiency are concentrated in North and South Africa. Third, the trade potential and trade expansion space of China's exports to Africa vary significantly among different product sectors, which provides much space for promoting trade policy. We highlight that China's government should develop differentiated regional trade policies due to regional heterogeneity in terms of export trade efficiency between China and African countries. [ABSTRACT FROM AUTHOR]

China–Malaysia economic engagement has deepened since the 1990s. The scale and scope of this relationship has also expanded significantly following the 2013 announcement of the Belt and Road Initiative. Offering a context-rich, historically-nuanced perspective, this paper analyses how Malaysian policymakers have engaged with economic opportunities opened up by the burgeoning Chinese market. In particular, it examines how Chinese foreign direct investment has contributed to industrial upgrading trajectories in Malaysia. The paper makes two inter-related arguments. First, it uncovers a correlation between closer Chinese–Malaysian economic integration and services liberalization, which results in Malaysia's lower emphasis on manufacturing and 'proper' industrialization. In other words, structural transformation has occurred, but it is geared towards the services sector. Relatedly, Chinese investment entering Malaysia, notwithstanding its relatively recent status, is composed primarily of service industries. The services-heavy nature of Chinese investment results in a relatively modest economic multiplier effect, potentially exacerbating some societal tensions and inequality. [ABSTRACT FROM AUTHOR]

Travelers who lack extensive experience or those visiting multiple countries in a short timeframe often need help to differentiate and identify the values of mixed foreign coins. This paper introduces a model that employs You Only Look Once (YOLO) object detection to identify various foreign coins within a single image frame and thoroughly evaluate its performance. The model, developed on Google Colab, has been trained using a dataset of 8,100 images and successfully identifies 18 different classes of coins, including the US dollar, European euro, and Chinese yuan. Implementing the model as a mobile-friendly web application allows users to upload images of their coins, and the application will provide identification results along with the option to receive the latest currency exchange information. The performance metrics scores of the model were 0.892, 0.932, and 0.925 for Precision, Recall, and Accuracy, respectively, showing satisfactory results. [ABSTRACT FROM AUTHOR]

This paper empirically examines the role of USD, EUR, and CNY as international payment currencies in Korea, China, and Japan. Our survey of business people in those countries finds that higher convertibility and stability of these currencies in the SDR enhance their acceptability and usability for international payments. However, even during times of instability, USD remains highly accepted and usable as a trade payment currency unlike the cases of EUR and CNY. Therefore, maintaining exchange rate stability is essential for improving the acceptability and usability of EUR and CNY as international payment currencies. [ABSTRACT FROM AUTHOR]

Since the Belt and Road (B&R) initiative was put forward in 2013, China has signed cooperation documents with more than 150 countries and more than 30 international organizations. The Chinese government and banks have lent a large amount to B&R countries for infrastructure development, and China's foreign contracted projects and trade with these countries have increased significantly. However, many B&R countries face severe debt repayment problems, and China has actively engaged in debt relief. To avoid debt crises, China needs to adopt new B&R development strategies, including putting B&R development firmly on commercial principles, reducing government loans to B&R countries and restructuring debt, expanding trade with B&R countries, increasing imports from debtor countries, and encouraging private enterprises' direct investment in these countries. [ABSTRACT FROM AUTHOR]

The Chinese Government has promulgated the "Belt and Road Initiative" (BRI) to increase trade flows and integrate goods markets between China and BRI countries. The validity of purchasing power parity (PPP) implies well‐integrated goods markets, a precondition for further economic convergence, and the next stage of economic integration in factor, service, and financial markets. Our study aims to examine the validity of the PPP and the extent of goods market integration between China and selected BRI countries in Africa. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the nonparametric rank tests for analysis without prior knowledge and specification of the functional form. We also address the rank problems that occur in multivariate rank tests. Our empirical results provide strong evidence of an unrestricted PPP relationship with reasonably strong evidence of nonlinearity in the data. We also find that some African BRI countries have experienced goods market integration with China during the second‐half period only. This indicates that the introduction of the BRI in 2013 and China's active involvement in African economic development through BRI projects are leading to enhanced goods market integration between China and Africa. The results indicate favorable prospects of closer economic cooperation in the factor, service, and financial markets to build a free trade area or common markets with BRI countries in Africa. [ABSTRACT FROM AUTHOR]

As global demand for offshore wind energy continues to rise, the imperative to enhance the profitability of wind power projects and reduce their operational costs becomes increasingly urgent. This study proposes an innovative approach to optimize the inspection routes of offshore wind farms, which integrates the K-means clustering algorithm and genetic algorithm (GA). In this paper, the inspection route planning problem is formulated as a multiple traveling salesman problem (mTSP), and the advantages of the K-means clustering algorithm in distance similarity are utilized to effectively group the positions of wind turbines, thereby optimizing the inspection schedule for vessels. Subsequently, by harnessing the powerful optimization capability and robustness of genetic algorithms, further refinement is conducted to search for the optimal inspection routes, aiming to achieve cost reduction objectives. The results of simulation experiments demonstrate the effectiveness of this integrated approach. Compared to traditional genetic algorithms, the inspection route length has been significantly reduced, from 93 kilometers to 79.36 kilometers. Simultaneously, operational costs have also experienced a notable decrease, dropping from 141,500 Chinese Yuan to 125,600 Chinese Yuan. [ABSTRACT FROM AUTHOR]

This paper aims to explore the relation between international competitiveness and currency internationalization by employing an analytical framework and applying it to RMB internationalization. Our results reaffirm that economic size, financial market development and network externalities are keys in currency internationalization. We also find that international competitiveness is a potential determinant of currency internationalization. However, a more comprehensively and fully measured index of international competitiveness than the GCI is needed to investigate the potential relation between international competitiveness and currency internationalization. The RMB could become an international reserve currency that is larger than the Japanese yen and the British pound sterling, but still lags far behind the US dollar and the euro by 2035. Given the network externalities and historical experience of currency internationalization, however, it will be a long and bumpy process for the RMB to become an international currency, particularly an international reserve currency. Exploring the relation between international competitiveness and currency internationalization; Reaffirming economic size, financial market development and network externalities as keys in currency internationalization; International competitiveness is a potential determinant of currency internationalization; The RMB could become an international reserve currency by 2035; RMB internationalization will be a long and bumpy process. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Ceramics / Taoci Xuebao is the property of Journal of Ceramics Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Background: To compare the cost-effectiveness of originator (reference) recombinant human follicle stimulating hormone alfa (rhFSH-α) (follitropin alfa, GONAL-f) and its biosimilar (rhFSH, JinSaiHeng) in assisted reproductive technology (ART) from a Chinese patient perspective. Methods: A decision tree model was developed to simulate the treatment pathway of infertile women undergoing ART using GONAL-f or JinSaiHeng. Published clinical and cost data were used to evaluate the cost-effectiveness of the rhFSH-α. The cumulative live birth rate (CLBR), direct medical costs and costs per cumulative live birth were estimated via an analytic decision-tree model. Results: CLBR of GONAL-f was higher than JinSaiHeng preparation (88.3% vs 84.4%), while the cost per cumulative live birth was lower (51,475 vs 52,095 CNY). Conclusion: The originator rhFSH-α was associated with higher CLBR and lower cost per cumulative live birth, with incremental cost per additional live birth of 38,096 CNY (Chinese Yuan). [ABSTRACT FROM AUTHOR]

The notion that the exchange rate affects exports is well understood. However, whether exporters respond to the expectations of the exchange rate is unknown. Hence, in this study, we construct a measure of exchange rate expectations based on news articles from the Factiva database. We use machine learning to identify and classify news articles about the appreciation of the renminbi (RMB, Chinese currency). Our empirical estimation shows that from 2000 to 2006, Chinese firms reduced their exports in response to a higher expectation of RMB appreciation. They switched their sales from export to domestic markets. The responses are larger in low‐productivity firms, state‐owned enterprises, processing trade, and final goods trade. [ABSTRACT FROM AUTHOR]

This paper proposes an imputation of a global input‐output matrix, where China is broken up into 332 prefecture‐type regions in three years of data, 2007, 2012, and 2017. Using the resulting global input‐output matrix, the paper documents that sizable spillover effects exist with regard to economic volatility. In particular, such volatility spillovers are important for prices and somewhat less so for quantity shocks. We demonstrate that individual Chinese prefectures are large recipients and donors of such shocks. All Chinese prefectures together have a very large impact on the world economy in terms of the considered volatility shocks. [ABSTRACT FROM AUTHOR]

This study examines the role of the Chinese renminbi (RMB) as an international anchor currency. After China abandoned its tight US dollar (USD) peg in 2005, the RMB found greater popularity as a reserve currency. This change in the RMB's role reflected China's growing presence in the global economy, even challenging the USD in some of the 155 countries that signed on to the Belt and Road initiative (BRI). Modifying the approach of Ahmed (2021) to estimate basket weights in exchange rate policy for the currencies of 63 advanced and emerging economy currencies, we account for potential drivers of the exchange rate omitted in previous studies to obtain unbiased anchor weight estimates. Unlike earlier studies, we find that the RMB's anchor weight in exchange rate policies remains low irrespective of China's global role. Overall, the weight of the RMB averaged 6 %, compared to an average share of 58 % for the USD and 35 % for the euro. We also find that the USD, euro and yen anchor choices are strongly interlinked. A change in the anchor weight of any of these three currencies results in a strong opposite change in the weights of other two. Changes in RMB anchoring, however, do not materially impact USD, euro and yen weights. An increase in financial markets volatility leads developing countries to increase anchor weights of the developed countries currencies USD, euro and yen. Heightened geopolitical uncertainty only increases the weights of the USD and euro. [ABSTRACT FROM AUTHOR]

The restoration of ancient ceramics has attracted widespread attention as it can reveal the overall appearance of ancient ceramics as well as the original information and artistic charm of cultural relics. However, traditional manual restoration is constrained due to its time-consuming nature and susceptibility to damaging ancient ceramics. Herein, a three-dimensional (3D) printing technique was employed to accurately restore Chinese Yuan Dynasty Longquan celadon using hollow Al2O3 microsphere-modified 3D printing paste. The results show that the hollow Al2O3 microsphere content plays a vital role in the printability, physical properties, and firing performance of the modified 3D printing paste. The printed green bodies show no noticeable spacing or voids under moderate rheological conditions. The as-prepared ceramic body modified with 6 wt.% hollow Al2O3 microspheres and fired at 1280 °C exhibits optimal bending strength of 56.66 MPa and a relatively low density of 2.16 g∙cm−3, as well as a relatively uniform longitudinal elastic modulus and hardness along the interlayer. This 3D printing technique based on hollow Al2O3 microsphere-modified paste presents a promising pathway for achieving non-contact and damage-free restoration of cultural relics. [ABSTRACT FROM AUTHOR]

In what ways might the digital renminbi (RMB), also known as e-CNY, bolster China's efforts to internationalize its currency? Utilizing Susan Strange's concept of currency negotiation and borrowing the concept of infrastructures from science, technology, and society studies, this article argues that RMB internationalization is a gradual process that relies heavily on negotiation involving both state and non-state actors (i.e. private financial authorities). It further argues that while e-CNY may create new opportunities for RMB internationalization, it also raises new challenges. First, the e-CNY's lack of coordination with other central banks represents a challenge for future evolution and standardization with other digital currency platforms, thus rendering first-mover status a potential disadvantage. Second, as a result of China's divergent data governance direction from both the US and the EU, the e-CNY is disadvantaged when it comes to interoperability, trust of users, and diversity of data. The purpose of this study is not to predict the future of RMB internationalization once the e-CNY rolls out but rather to highlight various ways in which the latter may influence the former in order to widen analyses of the topic. [ABSTRACT FROM AUTHOR]

The 38th ECMS International Conference on Modelling and Simulation took place in Krakow, Poland, from June 4th to 7th, 2024. The conference focused on finance, economics, and social sciences and attracted participants from around 20 countries. Presentations covered a wide range of topics, including real estate and hotel markets in Poland, China's economic policy, financial risk management, and option pricing. The conference facilitated lively discussions among attendees from Hungary, Poland, and the Czech Republic. The text highlights several research studies presented at the conference, which explore areas such as option valuation, the impact of green bonds on innovation, the integration of ESG factors in banks' risk management systems, simulation frameworks for dental caries prevention, and mental health modeling. These studies contribute to a better understanding of complex economic, financial, and social phenomena. The text also mentions the recipients of the Best Paper Award at the conference. [Extracted from the article]

This study employs Bayesian vector autoregressive method to investigate spillover effects from China's monetary policy to Asian economies through the exchange rate, domestic demand, and financial channels. The domestic demand channel plays dominant role to the transmission of China's monetary spillover. While the weak impact of the exchange rate channel could be explained by the positive correlated response of Asian currencies to renminbi shock, the limited influence of the financial channel is due to low financial development and high restrictions on capital flows of China. We suggest Asian authorities should reduce the export reliance on China and prepare macro-prudential instruments to minimize their economies' vulnerability to foreign shocks. [ABSTRACT FROM AUTHOR]

The present article relies on an original institutional economics perspective of the international monetary system to argue that contrary to what is generally maintained in international relations literature, China's effort to internationalize the renminbi has not stalled after its inclusion in the International Monetary Fund's (IMF) Special Drawing Rights in 2015. This argument rests upon on the evaluation of the global petroleum market as a possible reinforcement of China's establishment of the renminbi as an international unit of account and means of payment through its participation in both fossil and renewable energy markets. To that end, we analyze China's energy-yuan strategy aimed at both fostering renminbi internationalization and securing energy provision. [ABSTRACT FROM AUTHOR]

"Shomotsu, insatsu, hon'ya: Nitchūkan o meguru hon no bunkashi" is a comprehensive volume of essays that explores the historical study of commercial publishing in pre-1900 East Asia, with a focus on Japan. While the majority of contributors concentrate on Japan, the volume aims to create space for Japanese-speaking scholars to engage with Chinese, Korean, and Japanese book histories. The book examines the history of "bookshop editions" published by commercial print shops and bookstores in Tokugawa Japan, Song-Qing China, and Chosŏn Korea, highlighting the diversity and interconnectedness of the commercial book in premodern East Asia. However, readers should be aware that the volume devotes more pages to Japan than to China or Korea. Overall, the book provides a valuable resource for researchers interested in East Asian book history and encourages comparative studies across the region. [Extracted from the article]

This study examines the impact of exchange rate volatility on China-Pakistan trade flows from 1980 to 2020. Using data from 42 import industries and 34 export sectors, bilateral trade between China and Pakistan is analyzed, with the US as the third country. Cointegration analysis reveals a strong relationship between Pakistan-China trade flows and exchange rate volatility. The yuan/dollar exchange rate negatively affects 22 import and 24 export industries in Pakistan, while the rupee/dollar exchange rate negatively impacts 31 import and 17 export industries. Findings suggest that the exchange rate volatility of the third country hampers bilateral trade between Pakistan and China. [ABSTRACT FROM AUTHOR]

This paper reveals the inherent characteristics behind the statistical phenomena of exchange rate interactions and co‐movements, corroborated empirically by exploring a range of currencies with varied degrees of flexibility. It then studies purposely the historical evolution and development prospects of the RMB exchange rate regime. The RMB exchange rate behaviour and statistical patterns are contrasted with the freely floating currencies in this context. Taking up alternative policy positions, the expected developments in RMB characteristics are deliberated, projecting a trajectory for further RMB regime reforms. How the RMB would fulfil the significant role on the global currency market as signified by its position in the SDR basket is contemplated, beyond a conventional policy shift and under the paradigm that the global currency market tends to be tri‐polar. [ABSTRACT FROM AUTHOR]

This article analyses China's use of Bilateral Swap Lines (BSLs) as a form of 'financial statecraft' and its influence on the prevailing U.S.-led global financial order. The analysis covers the period from the 2008 global financial crisis to the 2020 COVID-19 pandemic crisis, focusing on specific instances of BSLs arrangements by Asian countries, such as South Korea, India, and ASEAN member states. The article suggests that China's monetary strategy, behind the extended institutionalisation of BSLs, is to elevate its 'relational power' within the USD-dominated 'Bretton Woods II system,' falling short of directly challenging it. Firstly, China is not yet ready to act as an international lender of last resort, as evidenced by its selectiveness in excluding certain countries with diplomatic issues from its extensive BSL agreements. Secondly, the practical utilisation of Chinese BSLs, demonstrated during the recent Covid-19 crisis, was not significant, rendering the Chinese renminbi BSLs more akin to a mere 'placebo' lender of last resort, providing nations with token insurance for hedging purposes. [ABSTRACT FROM AUTHOR]

This paper integrates trade policy and foreign direct investment into a unified analytical framework, and investigates the effects of input trade liberalization on the entry of foreign firms. To identify the causal effects, we utilize China's accession to the WTO in 2001 as a quasi-natural experiment, and perform difference-in-difference estimation. The results show that input trade liberalization significantly increases foreign entry. We also find that input trade liberalization not only promotes the entry of new foreign firms, but also restrains the exit of existing foreign firms, thereby contributing to the net growth of the number of foreign firms. The mechanism tests show that increasing variety as well as quality of intermediate input and reduction in marginal cost are the potential channels through which input trade liberalization promotes foreign entry. This paper further demonstrates that institutional environment strengths the positive effect of input trade liberalization on foreign entry, and the promotive effect of input trade liberalization on foreign entry increases with industry import intensity, additionally, input trade liberalization is also conducive to improving the quality of foreign investment. [ABSTRACT FROM AUTHOR]

We extend the opinion formation approach to probe the world influence of economical organizations. Our opinion formation model mimics a battle between currencies within the international trade network. Based on the United Nations Comtrade database, we construct the world trade network for the years of the last decade from 2010 to 2020. We consider different core groups constituted by countries preferring to trade in a specific currency. We will consider principally two core groups, namely, five Anglo-Saxon countries that prefer to trade in US dollar and the 11 BRICS+ that prefer to trade in a hypothetical currency, hereafter called BRI, pegged to their economies. We determine the trade currency preference of the other countries via a Monte Carlo process depending on the direct transactions between the countries. The results obtained in the frame of this mathematical model show that starting from the year 2014, the majority of the world countries would have preferred to trade in BRI than USD. The Monte Carlo process reaches a steady state with three distinct groups: two groups of countries preferring to trade in whatever is the initial distribution of the trade currency preferences, one in BRI and the other in USD, and a third group of countries swinging as a whole between USD and BRI depending on the initial distribution of the trade currency preferences. We also analyze the battle between three currencies: on one hand, we consider USD, BRI and EUR, the latter currency being pegged by the core group of nine EU countries. We show that the countries preferring EUR are mainly the swing countries obtained in the frame of the two currencies model. On the other hand, we consider USD, CNY (Chinese yuan), OPE, the latter currency being pegged to the major OPEC+ economies for which we try to probe the effective economical influence within international trade. Finally, we present the reduced Google matrix description of the trade relations between the Anglo-Saxon countries and the BRICS+. [ABSTRACT FROM AUTHOR]

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 paper provides an alternative method to estimate the degree of RMB internationalization by combining the modified Frankel-Wei’s (1994, 2008) weight-inference technique and the state space model. Using a large sample of monthly exchange rate data of 54 economies, we estimate the dynamic currency weights of the U.S. dollar, Euro, RMB, Japanese yen and British pound. Results show that RMB has markedly increased since August 2015 as an international anchor currency, and then gradually decreased from June 2016 to December 2018. The currency weights ranked from highest to lowest are the U.S. dollar, Euro, RMB, British pound and Japanese yen for now. Furthermore, we also find that relative trade openness, capital account openness and exchange rate stability are the key drivers promoting the weight of the RMB. The above findings are robust to a battery of robustness tests. Our research contributes to the literature by providing a dynamic anchor currency weight estimation method and presenting a preliminary explanation for the changes of currency weight. [ABSTRACT FROM AUTHOR]

The rise of China has accelerated Renminbi (RMB) internationalization. While there seems to be global support for RMB internationalization, there is a gap in understanding how developing nations, facing potential domestic skepticism, rationalize and articulate their support. This article discusses narratives that states use to legitimize their support for RMB internationalization. Using the case of Indonesia, this article examines the country's policy responses to China's RMB internationalization strategy. It uncovers that Indonesia frames its engagement with RMB internationalization not merely as an endorsement of China's global ambitions but as a strategic move to hedge against US dollar vulnerability and to foster broader Asian regional integration, particularly in terms of currency cooperation. This article enriches the existing literature, providing a nuanced perspective on how states navigate the complexities of international economic diplomacy, crafting narratives that align with their strategic interests and policy objectives in the evolving landscape of global currency politics. [ABSTRACT FROM AUTHOR]

Background: Colorectal cancer (CRC) is one of the most common cancers worldwide. Comprehensive data on the economic burden of CRC at a populationlevel is critical in informing policymaking, but such data are currently limited in China. Methods: From a societal perspective, the economic burden of CRC in 2019 was estimated, including direct medical and nonmedical expenditure, disability, and premature-death-related indirect expenditure. Data on disease burden was taken from the GBD 2019 and analyzed using a prevalence-based approach. The perperson direct expenditure and work loss days were from a multicenter study; the premature-death-related expenditure was estimated using a human capital approach. Projections were conducted in different simulated scenarios. All expenditure data were in Chinese Yuan (CNY) and discounted to 2019. Results: In 2019, the estimated overall economic burden of CRC in China was CNY170.5 billion (0.189% of the local GDP). The direct expenditure was CNY106.4 billion (62.4% of the total economic burden), 91.4% of which was a direct medical expenditure. The indirect expenditure was CNY64.1 billion, of which 63.7% was related to premature death. The predicted burden would reach CNY560.0 billion in 2030 given constant trends for disease burden; however, it would be alternatively reduced to

Introduction: Telemedicine can alleviate the problems faced in rural settings in providing access to specialist stroke care. The evidence of the cost-effectiveness of this model of care outside high-income countries is limited. This study aimed to conduct: (a) a systematic review of economic evaluations of telestroke and (b) a cost–utility analysis of telestroke, using China as a case study. Methods: We systematically searched Embase, Medline Complete and Cochrane databases. Inclusion criteria: full economic evaluations of telemedicine/telestroke networks examining the use of thrombolysis in patients with acute ischaemic stroke, published in English. A cost–utility analysis was undertaken using a Markov model incorporating a decision tree to simulate the delivery of telestroke for acute ischaemic stroke in rural China, compared to no telestroke from a societal and healthcare perspective. One-way deterministic sensitivity analyses and probabilistic sensitivity analyses were performed to test the robustness of results. Results: Of 559 publications found, eight met the eligibility criteria and were included in the systematic review (two cost-effectiveness analyses and six cost–utility analyses, all performed in high-income countries). Telestroke was a cost-saving/cost-effective intervention in five out of the eight studies. In our modelled analysis for rural China, telestroke was the dominant strategy, with estimated cost savings of Chinese yuan 4,328 (US$627) and additional 0.0925 quality-adjusted life years per patient. Sensitivity analyses confirmed the base case results. Discussion: Consistent with published economic evaluations of telestroke in other jurisdictions, telestroke represents a cost-effective solution to enhance stroke care in rural China. [ABSTRACT FROM AUTHOR]

"Miaoji Yu's China-US Trade War and Trade Talk" is a comprehensive book that explores the economic growth of China and its trade relations with the US. The book is divided into two parts, with the first part focusing on Chinese strategy towards economic growth and its politico-economic war with the West. The second part discusses the role of media, international barriers to trade, and Chinese government responses to US trade policies. The author, Miaoji Yu, is an internationally recognized economist and China specialist who provides valuable insights into China's rapid economic growth and its impact on the Asia Pacific region. The book offers a pragmatic analysis of the trade war and suggests that a better trade and economic relationship can be established between the two countries through pragmatic analysis and measures beyond rhetoric. It also explores the potential consequences of the trade war on global economies and highlights the need for a broader perspective on China as a trading partner. This book is a valuable resource for researchers and policymakers interested in understanding the complexities of the China-US trade war and its implications for international trade and business. [Extracted from the article]

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]

According to the article, the US has fared better than China in terms of economic recovery from the pandemic, with GDP surpassing pre-pandemic forecasts while China has struggled due to structural issues like a property slump. As a result, China's economy is unlikely to match the size of the US economy until the mid-2030s, and living standards in China will remain lower than those in the US. Long-term growth forecasts for China show a decelerating growth path, with GDP growth expected to fall to around 2% by 2040. There are also risks to Chinese growth, including the property sector slump and the potential impact of trade and technological decoupling. Additionally, there are concerns that official Chinese GDP data may overstate the country's economic performance. Overall, the article suggests that China's prospects for economic catch-up with the US are receding. [Extracted from the article]

Recent events, notably financial sanctions imposed on Russia by the USA and its geopolitical allies together with mounting economic and political tensions between the USA and China, have highlighted the role of geopolitics in shaping global monetary and financial relations. What these developments imply for the future will turn on how US–China tensions play out. In what follows I consider two scenarios: the status‐quo scenario and the breakdown‐in‐relations scenario. The former would see ongoing but very gradual international reserve and financial diversification from the dollar to the renminbi. The latter see a bifurcation of the international financial system into two silos centered on the respective currencies, with highly disruptive implications for the global economy. [ABSTRACT FROM AUTHOR]

This document provides a comprehensive analysis of global economic and geopolitical developments. It discusses the implications of tensions between the USA and China, the internationalization of the Chinese currency, and the impact of the Russian invasion of Ukraine on energy markets and climate policies. The document also explores the economic impact of foundational artificial intelligence on various sectors and emphasizes the importance of international cooperation and effective regulation to maximize benefits and mitigate risks. Overall, it offers valuable insights into these complex issues and the need for effective governance mechanisms. [Extracted from the article]

As the largest oil consumer and sixth largest oil producer in the world, China's growing oil import is a premise to its energy security concerns. For China, petroleum security means supply security. The paper disaggregates petroleum security into three dimensions (domestic petroleum price—DOP, petroleum supply—PS and petroleum reserve—PR) and examines the impact of Renminbi internationalization (RMBI) on these dimensions based on linear auto regressive distributed lag (ARDL) procedure, and monthly data spanning from 2011M01 to 2022M03. The empirical results reveal evidence of long run equilibrium relationship between PR, PS and RMBI. On the long run and short run dynamics, RMBI is inversely related to DOP both in the short run and long run, but the impact is less than proportionately. However, RMBI and PS co‐move in the short run with 0.24% margin. In the same vein, RMBI and PR co‐move both in the short run and long run significantly. The impact of international oil price is positive on DOP but negative on PS and PR at least in the short run. Our finding signalled to the fact that increasing acceptance of the RMB in trade settlements and crude oil invoicing serve as a comparative advantage for China to engage in oil trade and complement the oil demand growth threatening the country's energy security drive. Therefore, we suggest diversification of crude oil import sources especially to regions/countries where RMB has been widely accepted. Prominence should be given to government controlled Strategic Petroleum Reserves (SPRs) and large oil companies should be compelled to raise the level of mandatory oil reserve for sustainable supply that keep pace with the growing demand for oil. [ABSTRACT FROM AUTHOR]

The up‐and‐coming influence of the RMB on currency co‐movements is examined in this paper, in the context of a transpiring tri‐polar international monetary system advocated in prior studies. The study is empirically conducted against the backdrop of a more variable RMB exchange rate regime, which enables the integration of the RMB into the international monetary system. The influence of the RMB is found most evident in Asia, being modest in Latin America while reaching Africa. The RMB co‐moves most with the currencies of countries that have large shares in trade with China considerably. Meanwhile, a residual‐based instrumental variables model is proposed in this study purposely for dealing with issues of common factor dominance, which prevails in currency co‐movements. The emerging influence of the RMB on currency co‐movements arises at the time when a multiple‐reserve currency system is coming, and the RMB is included as the third largest currency in the SDR basket. It is shored up by the improved infrastructure, strengthened central bank cooperation and expanded networks for cross‐border RMB payments and settlements. It is concluded that the RMB has increasingly integrated into the international monetary system as one of the major players, effecting currency market movements actively alongside the US dollar and euro. [ABSTRACT FROM AUTHOR]

Using a database of more than 1.1 million comments from the largest Chinese stock discussion forum Eastmoney, we explore the value of “brand” in the Chinese stock market by empirically investigating the impact of brand attention on stock performance and the moderation role of investor sentiment, as well as the heterogeneity of these effects across companies with different brand values. It finds that brand attention has a positive impact on stock returns and stock trading volume. Investor sentiment has a positive impact on stock returns while having a negative impact on stock trading volume. Investor sentiment positively moderates the impact of brand attention on stock returns, but negatively moderates the impact of brand attention on stock trading volume. The impact of brand attention and investor sentiment on stock performance varies across companies with different brand values. It is more pronounced in companies with high brand value than in companies with a relatively low brand value, while the negative effect of investor sentiment on stock trading volume is lower in companies with high brand value, which highlights the importance of brand-building to improve stock performance. [ABSTRACT FROM AUTHOR]