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The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the property market has become unaffordable relative to historical trends. Despite a plethora of research studies on the PtR ratio in the housing literature, relatively little is known about its long-term dynamics with macroeconomic and financial determinants. By utilising time series data on the Hong Kong residential property market, this study examines the cointegration and causal relationships between a wide spectrum of macroeconomic indicators and the PtR ratios of housing segments of different tiers which comprise different socioeconomic groups of homebuyers and investors. The results point towards market compartmentalisation, in the sense that the PtR ratios of the housing submarkets respond to changes in macroeconomic fundamentals in a differential manner. For instance, the PtR ratios of housing segments with a greater proportion of owner-occupiers are statistically less y correlated with investment-related macroeconomic attributes, such as foreign direct investment and equity market performance. On the other hand, the pricing of large-sized housing units in prime locations, generally favoured by investors from mainland China, are found to be Granger-caused by the exchange rate of the Chinese Yuan to the Hong Kong dollar. [ABSTRACT FROM AUTHOR]

This study sets out to explore the impacts of the Russian-Ukrainian conflict on worldwide financial markets by considering a large array of national currencies, precious metals and fuel, agricultural commodities and cryptocurrencies. Estimations span the period since the Russian invasion until the takeover of the Ukrainian city of Mariupol. Optimal portfolios are constructed for separate categories of financial assets for different levels of risk-aversion by investors. The Chinese yuan, gold, corn, soybeans, sugar and Bitcoin prove to be safe haven investments while the Japanese yen, natural gas, wheat and the combination of Bitcoin and Ethereum offer profit opportunities for risk-seekers. Notably, the agricultural commodities' portfolio is the best performing while the cryptocurrency portfolio generates the worst risk-return trade-off. National currencies could act as safe havens in the place of gold when all types of assets can be combined. Natural gas is revealed to be the most reliable profit generator. Overall, high risk appetite does not result in large improvement in portfolios' returns. This study sheds light on investors' optimal decision-making during elevated geopolitical uncertainties and provides a compass for improving welfare. [ABSTRACT FROM AUTHOR]

China's rapid economic growth has generated many economic opportunities for the world through outward foreign direct investment, trade, and its iconic Belt and Road Initiative. This study aims to examine the effects of Covid-19 on the narratives of these China opportunities. Based on weekly datasets between May 2016 and May 2021 and employing Autoregressive Distributed Lag Models, this study finds the worldwide narratives on the roles of Chinese outward foreign direct investment, Chinese trade, and China's Belt and Road Initiative have experienced a structural break after 2020. Before 2020, they were generally regarded as opportunities. During the pandemic, their roles have changed significantly. The outbreak of Covid-19 and its development in the world may play a critical role in this structural break. This study is broadly related to the debate around decoupling from China and the China opportunity paradigm. This study contributes to policy discussions by taking a new perspective and providing novel empirical evidence, and contributes to academia through its quantitative approach. [ABSTRACT FROM AUTHOR]

Objectives: The purpose of this study was to quantitatively evaluate the impacts of the"4 + 7" pilot policy on purchase volume, purchase expenditures, and daily cost and to find the changes in the use of SSRIs. Methods: Data was collected covering 31 months, before, during, and after the "4 + 7" pilot policy was implemented in Shenzhen. Interrupted time-series (ITS) analysis was used to examine whether there had been a significant effect with the onset of the "4 + 7" pilot policy in March 2019. Findings: The daily cost of policy-related drugs had a substantial drop of 2.93 yuan under the "4 + 7" pilot policy. The result has shown a 76.70% increase in volume and a 3.39% decrease in the expenditure on policyrelated drugs. This study found that the "4 + 7" pilot policy increased the proportion of purchasing winning drugs, with an increment of 85.60 percent. After the implementation of the "4 + 7" pilot policy, policy-related drugs decreased by 443.55thousand Chinese yuan. The study indicated that volume of winning products significantly increased as shown in the regression with a level coefficient (ß2) of -224.17 (p < 0.001) and trend coefficient (ß3) of 15.74 (p < 0.001). The result revealed that both volume and expenditures on branded products showed a significant decrease in the regression in the post-intervention period (level coefficient of volume: ß2 = -57.65, p < 0.01, trend coefficient of volume: ß3 = -3.44, p < 0.01; level coefficient of expenditure: ß2 = -712.98, p < 0.01, trend coefficient of expenditure: ß3 = -40.10, p < 0.01). Conclusion: The volume-based procurement has successfully led to price reductions and improved the affordability of medicines, especially for those with chronic diseases. The volume-based procurement has demonstrated initial success in reshaping the composition of the Chinese pharmaceutical market in favor of generics with high quality and low prices. [ABSTRACT FROM AUTHOR]

Ecosystems can provide ecosystems service for human society. Exploring the impact of land use transition of water-rich cities on ecosystem service can obtain a large amount of scientific data, and its findings have certain significance for building a sustainable city land use transition pattern. This study takes Wuhan, a water-rich city, as the study area, combines remote sensing image data and macro-economic data in the region from 2000 to 2020, and uses spatial analysis methods, the equivalent factor calculation method, and hot spot analysis to portray the spatial-temporal patterns of land use transition in Wuhan and its effect on ecosystem service values. The results show that: (1) farmland, water, and built-up land are the main land use types in Wuhan, and the continuous expansion of built-up land area is an important factor in the decrease of farmland, wetland, and grassland areas; (2) The change in ecosystem service values in Wuhan is influenced by the fluctuation of water area, and the overall ecosystem service values in Wuhan increased from CNY (Chinese Yuan) 56.498 billion (USD 8.47 billion) in 2000 to CNY 56.749 billion (USD 8.508 billion) in 2020, with an increase of CNY 251.3 million (USD 37.676 million) between 2000 and 2020. Among them, the ecosystem services values of water increased by CNY 1.223 billion (USD 183.358 million), and the ecosystem service values of its assumed hydrological regulation function also increased by CNY 995.7 million (USD149.28 million) during this period; (3) In the period 2000–2020, the hotspot areas for the value supply of ecosystem services were mainly distributed in Jiangxia, Hongshan, Hannan, Xinzhou, Huangpi and some areas of Caidian, which are covered with a large proportion of water, while the cold spots are mainly distributed in Jiang'an, Jianghan, Qiaokou, and Qingshan districts, which have more built-up land, and Huangpi, Caidian, Jiangxia, and Xinzhou districts, which have more farmland. Sustainable land planning solutions should take into account typical regional land use transition patterns and incorporate them into smart land planning practices. This study can provide key information for smart land planning. [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]

This study investigates the return‐volatility relationship of the offshore Chinese RMB (CNH). Based on a regime‐switching copula model, we find that the return‐volatility relationship has changed since the August 2015 reform of the central parity formation mechanism. Before the reform, implied volatility increased only in response to CNH depreciation. After the reform, both large depreciation and appreciation of CNH trigger higher implied volatility. We show that both the "fear of a crash" and interest rate differentials are important factors contributing to the return‐volatility dynamics. Our study provides empirical evidence that the 2015 reform increased the two‐way flexibility of the USD/CNH exchange rate. Specifically, after the reform, both large negative and large positive USD/CNH returns have created fear of future losses, which causes investors to bid up option prices and therefore implied volatility. [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]

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To promote global trade in an inexact settlement mechanism experienced by Russia, RBI has allowed the invoicing and settlement of exports/imports in rupee. In the backdrop of the US sanction on the Central Bank of Russia, the move towards INR settlement is not only a timely move to protect the trade transactions with Russia, it is surely a way to explore the market sentiment. The internationalization of a currency requires more trade transactions denominated in that currency. So, with the war and the pandemic-driven fragility in supply chains, the U.S. and its allies' shift towards friend-shoring global trade, move toward INR settlement may have a manifold effects to determine the future settlement of trades among BRICS and other Asian countries. [ABSTRACT FROM AUTHOR]

Since the Global Financial Crisis engulfed much of the world in 2008, the Group of Twenty (G-20) has emerged as the self-acclaimed "premium forum" for international economic cooperation and policy coordination. The ascendency of G-20, of which China is a part, indicates the world's preference for a more inclusive and informal economic governance model, moving away from the relatively restrictive Group of Seven (G-7) and the legalized Bretton Woods settings. This article analyzes China's participation and increasingly critical role in the G-20. China's main priorities in relation to the G-20 evolved over time. The initial focuses on containing financial contagion and reforming Bretton Woods institutions were followed by attempts to resolve bilateral trade issues with the US and to fight the Coronavirus Disease 2019 (COVID-19) pandemic. China aspires to transform the G-20 from an ad hoc crisis management platform to one promoting proactive long-term global policy cooperation, partly in support of "a community with shared future for humanity" and the Belt and Road Initiative. However, public distrust of international economic interdependence, populist backlash against neoliberal globalization, as well as geopolitical, ideological, technological tussles between China and the West collectively present significant challenges to the G-20. [ABSTRACT FROM AUTHOR]

Forestlands not only provide the conditions that support forested environments, but they also generate natural resources and ecosystem services that support human survival and social development. Using benchmark price to evaluate the economic value of forests is fast and efficient, which can function as an important tool for the improvement of forest resources management. However, information remains limited on how to establish a unified and complete benchmark price for forestland resources in China. Therefore, this study aimed to grade the forestlands and formulate the corresponding benchmark price to improve the statistical management efficiency of forestlands resources. We conducted our study in Longquan County, Zhejiang Province, where we implemented a survey and collected data focusing on forest resources planning. We classified forest resources in this area to establish a benchmark price using geographic information system (GIS) spatial analysis technology. Based on the characteristics of the survey data and the local economic and social situation, the correction coefficient of forestland price was formulated, and the economic value of forestlands resource assets was calculated accordingly. Results indicate that: (1) the forestland can be divided into five grades. The number and area of forestland increased firstly and then decreased from Grade I to Grade V. Forestland resources were concentrated in Grade II and Grade III, accounting for 62.0% of the total area. (2) The benchmark price of forestland in Longquan County was 10380, 9493, 8708, 7827 and 6771 Chinese Yuan (CNY)·hm−2 from Grade I to Grade V, respectively. The benchmark price of forestland in different grades could reflect the quality of forestland. (3) The price correction coefficient was formulated to match the benchmark price of forestland according to the forestland particularity and the external embodiment of forestland productivity level, and then, the economic value of forestland resource assets in the study area was calculated to be 22.48 million CNY accordingly. The method used in this study has the advantages of simple operation, high efficiency and a low cost. This study can provide methods for the evaluation and accounting of forestland resources, give technical support for the audit of natural resource assets of government departments, help to prepare the balance sheet of natural resources, and further prompt references for the statistical management of forest resources in similar regions and countries. [ABSTRACT FROM AUTHOR]

Hal Hill asked how the characteristics of the financial sector such as the dominance of state-owned enterprises, the presence of foreign financial institutions, and the degree of development of the legal system would affect the way fintech develops. Keywords: C38; D14; E40; E42; E51; G10; G17; G18; G20; G21; G23; G28; G32; G51; L11; L40; O16; O17; O29; O30; O33 EN C38 D14 E40 E42 E51 G10 G17 G18 G20 G21 G23 G28 G32 G51 L11 L40 O16 O17 O29 O30 O33 163 182 20 07/06/22 20220701 NES 220701 Digital Finance in Asia Digital technologies, such as the internet, artificial intelligence, cloud computing, and big data, have been bringing significant economic changes to the world, including the scale of business, improving user experience (UX), and reducing operating costs. Xu on China's CBDC, China e-CNY While most digital financial innovations were originally initiated by big tech companies or financial institutions, many central banks have become the driving force behind one innovation - the CBDC. Since the BIS survey was a global survey of central banks, Cornelli I et al i . are able to zoom in on the Asian central banks, with some comparisons with other central banks. [Extracted from the article]

China has been both active and cautious in developing a central bank digital currency (CBDC). China CBDC has been in research and development since 2014. The process speeded up in 2019. It is currently at the stage of expanding real field experiments. Residents in 11 areas can open e‐wallets linked to nine major banks. It is centralized digital cash designed to gradually replace traditional paper cash and coins (M0). It will be supported by the traditional double‐layer banking system. It is not blockchain based at issuance but is technology neutral in distribution. Internet and technology companies may join commercial banks in distributing the China CBDC. In the short run, the China CBDC will help improve domestic financial monitoring and policy implementation. In the long run, it may play a role in the RMB's internationalization or even the international monetary system's evolution. [ABSTRACT FROM AUTHOR]

The scope of this study is to empirically test the renminbi's (RMB) anchor effect. Since the proposal of the Belt and Road (B&R) Initiative, the RMB is shown to have made more remarkable progress as an anchor currency in B&R countries compared to non‐B&R countries. The ordered logit model is then used to examine the determinants of the RMB anchor effect. The results show that the probability of the RMB being an anchor currency increases with the higher the trade integration, the higher the investment dependence, the better the RMB infrastructure and the closer the policy cooperation. The results also provide evidence on how to further strengthen the RMB anchor effect and promote the RMB internationalization in the long run. On the basis of strengthening its policy cooperation with B&R countries, China should use its sustainable growth of trade and investment to provide the impetus for RMB internationalization. Furthermore, it should optimize the layout of the RMB offshore market, increase the openness of the financial market, and strengthen currency cooperation among central banks to provide guarantees for RMB internationalization. [ABSTRACT FROM AUTHOR]

The article discusses the implications of the weaponization of the US dollar and the potential impact on the international monetary system. It highlights the concerns raised after the 2008 global financial crisis about the sustainability of the US dollar as the global reserve currency. The article also mentions the efforts made by China to internationalize the renminbi (RMB) but acknowledges that it still faces significant hurdles. Despite these challenges, the US dollar is expected to remain the dominant global reserve currency due to the unique features of the US economy. The article concludes by suggesting that China and the USA should work together to avoid a financial rupture scenario. [Extracted from the article]

The article discusses the potential rise of the Chinese Yuan (RMB) as a rival to the US Dollar as a reserve currency in the international monetary system. It presents two scenarios for the future: one where economic and financial ties between the US and China continue despite high tariffs and other measures, and another where these ties are ruptured due to military aid or invasion. The author also explores the reasons behind China's pursuit of RMB internationalization, dating it back to the 2008 global financial crisis. They suggest that the Russian invasion of Ukraine and subsequent western sanctions have accelerated the use of the RMB, with countries diversifying their foreign reserves away from the US Dollar. [Extracted from the article]

This study examines the impact of changes in the Chinese exchange rate on Korean exports considering the characteristics of products exported. We use import data from OECD countries from 2002 to 2014 and find that Korea's exports of products having a greater competition further decline as renminbi depreciates. On the other hand, Korean exports of products having a greater complementarity degree with Chinese are more likely to increase as renminbi depreciates. In addition, the degree of negative impacts become smaller once Korean export products have a relatively higher quality than those of China. [ABSTRACT FROM AUTHOR]

The government of China has touted the development of a digital version of its currency as a watershed moment in its ongoing financial modernisation processes. The experimental digital renminbi or eCNY is expected to be fully implemented in the next few years, and thus far its initial benefits have been seen primarily on the domestic level. Yet Beijing is also open to the eventual use of the eCNY for international transactions, which in light of the many governments seeking to develop their own central bank digital currencies raises the question of whether or not this e-currency could develop into a global standard. The concept of "weaponised interdependence", meaning the ability of states to gain bargaining advantages from global networks through the collection of data and to deny others access and benefits, is an ideal method of gauging the potential of the digital renminbi for enhancing Beijing's power in global financial markets. [ABSTRACT FROM AUTHOR]

Nearly all studies in the literature have assessed the impact of exchange rate changes on trade flows for goods. Service industries, however, have not received much attention. Two studies have assessed the effects of exchange rate changes on U.S. service trade with its partners. We add to this literature with a new study that assesses the symmetric and asymmetric effects of changes in the real effective rate of the yuan on China's trade in 11 service industries with the world. While we find short-run effects on imports and exports for almost all service categories, short-run effects last into long-run asymmetric effects in six Chinese importing service industries and eight Chinese exporting service industries. [ABSTRACT FROM AUTHOR]

Research background: In recent decades, services in international trade have been growing steadily in importance, and there has been strong growth in China's trade in services as a result of the 'opening up' policy. China has become the European Union's second biggest trading partner in services with the European Union (EU), being China's largest trading partner. The EU is one of the addressees of the Chinese Belt and Road Initiative, which creates opportunities and threads to the European Internal Market in services. Purpose of the article: The aim of this paper is to contribute to the literature and fulfil the research gap on the position of China in intra-EU trade in services. Methods: We identified the most important types of services offered by China to purchasers from the EU countries. By using the Revealed Symmetric Comparative Advantage (RSCA) and trade balance (LFI) indices, we classified the Chinese exports to the EU Internal Market by types of services and by their trade position. Findings & value added: We found out that China might be perceived as a strong competitor for intra-EU trade in selected services, especially those concerning low-end service tasks, that use relatively low-skilled labour and are less knowledge- and capital-intensive. However, China's attitude is changing towards more sophisticated services for example R&D. It creates a need for a new approach to the EU economic policies (in terms of both protectionism and interventionism) in trade relations in services with China. [ABSTRACT FROM AUTHOR]

Advanced economies, having no or less liquidity constraints, receive more SDR than needed, because SDR distribution is proportional to IMF countries' quotas (Table 2). Therefore, every IMF member country is entitled to receive SDR, although the empirical evidence shows that there are nations often selling SDR - commonly, those needing internationally spendable liquidity - and others frequently buying SDR by handing over foreign currencies" ([20]). Keywords: international monetary fund; money; special drawing rights EN international monetary fund money special drawing rights 25 35 11 09/26/22 20220601 NES 220601 1 Introduction: An Unprecedented Allocation This study contributes to the literature by assessing the inflationary potential of Special Drawing Rights (SDR) after their highest allocation ($650bn) was announced by the International Monetary Fund (IMF) on August 2, 2021 to combat the COVID-19 pandemic ([19]). Regarding use, our analysis will differentiate between SDR-selling countries (Section 5) and SDR-buying countries (Section 6). 4 Monetary Effects of SDR Allocation The statistical treatment of SDR differs among countries, although the I Balance of Payments and International Investment Position Manual i issued by the [13] has tried to make its accounting method clearer. [Extracted from the article]

Climate change has been considerable concerned because of the increasing greenhouse gas (GHG) emissions. Gansu province is a typical less-developed and heavy chemical industrial province, its CO2 emission per unit of the gross domestic product (GDP) is 252.52 ton per million Chinese yuan (t/M-CNY) in 2019, which is 48.42% more than national average value. Gansu province faces the following dual pressures including maintaining economic growth and reducing carbon dioxide (CO2) emissions. This paper establishes a low carbon development system dynamics model in order to investigate the effects of four carbon reduction measures (technical progress, industrial transformation, fuel substitution, and low carbon awareness) on reducing CO2 emission over the period of 2020–2030. The simulation results indicate that, without direct intervention, the CO2 emissions per unit of GDP is projected to be 171.34 t/M-CNY by 2030. While utilizing technical progress, implementing industrial transformation, fuel substitution, and low carbon awareness could potentially be 2.12%, 3.33%, 0.72% and 1.27%, respectively less than that. For the sake of achieving the goal of CO2 reduction in the long run, the local government should address today's industrial transformation and adopt reasonable combination of adjustment and control policies immediately. [ABSTRACT FROM AUTHOR]

Background: Dengue fever has been a significant public health challenge in China. This will be particularly important in the context of global warming, frequent international travels, and urbanization with increasing city size and population movement. In order to design relevant prevention and control strategies and allocate health resources reasonably, this study evaluated the economic burden of dengue fever in China in 2019. Methods: The economic burden of dengue fever patients was calculated from both family and the organisation perspectives. A survey was conducted among 1,027 dengue fever patients in Zhejiang, Chongqing, and Yunnan Provinces. Treatment expenses, lost working days, and insurance reimbursement expenses information were collected to estimate the total economic burden of dengue fever patients in 2019. The expenditures related to dengue fever prevention and control from government, Center for Disease Control and Prevention (CDC), communities and subdistrict offices of 30 counties (or districts) in Zhejiang Province and Chongqing City were also collected. Results: The direct, indirect and total economic burden for dengue fever patients in 2019 in the three Provinces were about 36,927,380.00 Chinese Yuan (CNY), 10,579,572.00 CNY and 46,805,064.00 CNY, respectively. The costs for prevention and control of dengue fever for the counties (or districts) without cases, counties (or districts) with imported cases, and counties (or districts) with local cases are 205,800.00 CNY, 731,180.00 CNY and 6,934,378.00 CNY, respectively. The total investment of dengue fever prevention and control in the 30 counties in China in 2019 was approximately 3,166,660,240.00 CNY. Conclusion: The economic burden of dengue fever patients is relatively high, and medical insurance coverage should be increased to lighten patients' direct medical economic burden. At the same time, the results suggests that China should increase funding for primary health service institutions to prevent dengue fever transmission. Author summary: Dengue fever is one of the most important arbovirus diseases in the world. The distribution of cases has also increased significantly with the number of affected areas the highest in history. Dengue fever mainly occurs in southern provinces in China and its epidemic showed a trend of high incidence in 2019. This study estimated the economic burden of dengue fever in China in 2019 from the perspectives of both family and organisation. We recruited 1,027 dengue fever patients from Zhejiang Province, Chongqing City and Yunnan Province. At the same time, the costs related to dengue fever prevention and control from governments, CDCs, communities and subdistrict offices of 30 counties located in Zhejiang Province and Chongqing City were also collected. The results showed that in family perspective, the total economic burden of dengue in 2019 is estimated to be 46,805,064.00 CNY. In terms of organization expenditures, the regions with a higher incidence had higher costs. [ABSTRACT FROM AUTHOR]

Background: SSaSS (Salt Substitute and Stroke Study), a 5-year cluster randomized controlled trial, demonstrated that replacing regular salt with a reduced-sodium, added-potassium salt substitute reduced the risks of stroke, major adverse cardiovascular events, and premature death among individuals with previous stroke or uncontrolled high blood pressure living in rural China. This study assessed the cost-effectiveness profile of the intervention.Methods: A within-trial economic evaluation of SSaSS was conducted from the perspective of the health care system and consumers. The primary health outcome assessed was stroke. We also quantified the effect on quality-adjusted life-years (QALYs). Health care costs were identified from participant health insurance records and the literature. All costs (in Chinese yuan [¥]) and QALYs were discounted at 5% per annum. Incremental costs, stroke events averted, and QALYs gained were estimated using bivariate multilevel models.Results: Mean follow-up of the 20 995 participants was 4.7 years. Over this period, replacing regular salt with salt substitute reduced the risk of stroke by 14% (rate ratio, 0.86 [95% CI, 0.77-0.96]; P=0.006), and the salt substitute group had on average 0.054 more QALYs per person. The average costs (¥1538 for the intervention group and ¥1649 for the control group) were lower in the salt substitute group (¥110 less). The intervention was dominant (better outcomes at lower cost) for prevention of stroke as well as for QALYs gained. Sensitivity analyses showed that these conclusions were robust, except when the price of salt substitute was increased to the median and highest market prices identified in China. The salt substitute intervention had a 95.0% probability of being cost-saving and a >99.9% probability of being cost-effective.Conclusions: Replacing regular salt with salt substitute was a cost-saving intervention for the prevention of stroke and improvement of quality of life among SSaSS participants. [ABSTRACT FROM AUTHOR]

Pancreatic fistula is a life-threatening complication of pancreaticoduodenectomy. Omega-like duct-to-mucosa pancreatojejunostomy is a novel technique which helps reduce the risk of fistulation. This study aimed to compare early postoperative outcomes of omega-like and conventional pancreatojejunostomy. A retrospective single-centre cohort study comparing outcomes of adult patients who underwent open pancreatoduodenectomy with conventional (CDMP) or omega-like duct-to-mucosa pancreatojejunostomy (ODMP) between 1 January 2015 and 31 December 2019. The primary outcome measure was the pancreatic fistula rate. 440 patients were included in this study of whom 233 underwent CDMP and 207 ODMP. The rate of clinically relevant pancreatic fistula (grade B/C) was significantly higher after CDMP than ODMP (18.5% vs. 10.6%, P = 0.021). 153 patients in CDMP group and 99 patients in ODMP group developed one or more complications (65.7% vs. 47.8%, P = 0.004). The average hospitalization expenses were numerically decreased in ODMP group, although this was not statistically significant (120,000 ± 42,000 [Chinese Yuan] vs. 100,000 ± 40,000 [Chinese Yuan] or 18,581 ± 6503 [United States Dollar] vs. 15,484 ± 6194 [United States Dollar], P = 0.402). ODMP may reduce the incidence of pancreatic fistula and other early postoperative complications after pancreatoduodenectomy. [ABSTRACT FROM AUTHOR]

The contributions of this paper are two‐fold, one methodological and the other substantive. First, we propose a novel way of estimating volatility impulse response functions (VIRF) employing the Markov chain Monte Carlo algorithm. As a useful byproduct, the associated confidence bands can be constructed. Second, we analyze volatility spillovers between the on‐ and offshore Renminbi exchange rates toward the US dollar. The VIRF show that the satellite CNH exchange rate promptly reflects the global market demand and supply, while the main CNY exchange rate reacts with a time lag. [ABSTRACT FROM AUTHOR]

We examine the mean and volatility spillover effects of U.S. economic policy uncertainty (EPU) on the RMB exchange rate return and the effects' time-varying features corresponding to the 2015 "8.11" RMB exchange rate reform and the Sino–U.S. trade friction. We find that rising U.S. EPU amplifies the RMB exchange rate return's volatility at the volatility spillover level while driving the RMB's appreciation against the USD at the mean spillover level. After the reform's implementation, the U.S. EPU's mean spillover on the RMB exchange rate return disappears, while the volatility spillover increases and is further enhanced by trade friction. [ABSTRACT FROM AUTHOR]

This article provides a new framework to evaluate the status of Renminbi internationalization. It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency's position in the international monetary system. Based on foreign exchange trading data provided by CLS Group, the article constructs a ranking of major international currencies including the Renminbi. It finds that the Renminbi shares more similarities in foreign exchange trading patterns with the established global currencies like the US dollar and the Euro than with those regional currencies. The article also explores the policy implications that the new evaluation approach provides. [ABSTRACT FROM AUTHOR]

In this study, we propose to employ the conditional autoregressive range-mixed-data sampling (CARR-MIDAS) model to model and forecast the renminbi exchange rate volatility. The CARR-MIDAS model exploits intraday information from the intraday high and low prices, which has the capacity to capture the high persistence of conditional range (volatility). The empirical results show that the range-based CARR-MIDAS model provides more accurate out-of-sample forecasts of the renminbi exchange rate volatility compared to the return-based GARCH and GARCH-MIDAS models and the range-based CARR model for forecast horizons of 1 day up to 3 months. In addition, the superior predictive ability of the CARR-MIDAS model is robust to different forecast windows. Hence, our CARR-MIDAS model provides a promising tool for forecasting the renminbi exchange rate volatility. [ABSTRACT FROM AUTHOR]

The recent surge in protectionist sentiment in countries around the world has rekindled the long-standing debate over the determinants of citizens' trade policy preferences. We examine the influence of two understudied but increasingly relevant factors – misinformation and economic threat – on support for international trade in the United States. We first show that more than 6–in–10 Americans endorse a salient misperception about Chinese currency manipulation despite extensive evidence to the contrary. Then, based on a preregistered survey experiment, we show that misinformation can be corrected, regardless of whether the threatening frame is present or not. In contrast to these results on factual beliefs, however, we find that trade policy preferences are considerably stable: neither anti-trade misinformation nor an economically threatening frame significantly reduces support for international trade. These findings suggest that political elites' strategy of 'playing the China card' by using misleading and threatening rhetoric is not so effective in mobilizing opposition to trade. [ABSTRACT FROM AUTHOR]

COVID-19, a novel Coronavirus SARS-CoV-2, has wreaked havoc on global financial markets, economies, and societies. For example, this study looks at the impact of COVID-19 on the Chinese economy and its policy responses (fiscal, monetary, and institutional). This study also examines future issues. This study is timely and essential for policymakers and investors worldwide because of China's size, contribution to global growth, and growing influence. The research shows that the presence of COVID-19 in China has global implications. Because of the virus threat, foreigners avoid mixing with the Chinese. Global tourists have cancelled their plans to visit China, and Chinese tourists cannot visit foreign countries. The rapid spread of the COVID-19 in China has halted normal life. The intensification of the COVID-19 may have long-term effects on China's economy. [ABSTRACT FROM AUTHOR]

This paper explores (i) the extent to which Chinese multinational enterprises (CMNEs) undertake FDI via intermediary jurisdictions (also termed capital in transit (CIT)) and (ii) identifies the specific offshore locations used by CMNEs to conduct CIT. We use newly available OECD/IMF bilateral FDI stock data reporting both immediate and ultimate FDI between nations, which allows us to construct a CIT index and empirically test whether Chinese MNEs have a higher propensity for CIT than those from other countries. We demonstrate that CMNEs are indeed outliers with regard to CIT and identify the specific hubs they use drawing from the Orbis database. Our findings imply, among other things, that nationally aggregated Chinese FDI data is systematically biased when used for the purposes of measuring CMNE activity. We then discuss the problems this has created for many studies analysing CMNE activity that have used data collected at the firm-level. In conjunction, our empirical findings provide further insights into the extent, reasons and ways in which CMNEs exploit the offshore world and how this potentially confounds our understanding of their activities. [ABSTRACT FROM AUTHOR]

This paper utilizes two methods to uncover the causality dynamic between the three leading cryptocurrencies: Bitcoin, Litecoin, Ripple, and nine major foreign currency markets. Firstly, we implement the technique of Diebold–Yilmaz to compute the spillover index between cryptocurrencies and currency markets. We find a significant return spillover effect between Bitcoin and Litecoin in the first three quarters of 2017. Still, the return spillover is merely meaningful in the first three quarters of 2015 for Ripple. However, the total volatility spillover index in the system decreases in the fourth quarter of 2017. Secondly, we apply the Bayesian graphical structural vector, autoregressive estimations, and find that the current level of Bitcoin depends only on the previous level of the Chinese Yuan. The current level of Ripple strongly depends on the prior levels of Bitcoin, followed by Litecoin. The current level of Litecoin strongly depends on the previous level of Ripple, followed by the Chinese Yuan. These results indicate that there is a significant causal relationship among cryptocurrencies. However, except for the Chinese Yuan, major traditional currencies do not significantly affect cryptocurrencies. [ABSTRACT FROM AUTHOR]