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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 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]

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]

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 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]

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 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]

"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]

En el estudio de las alternativas al dólar estadounidense en el Sistema Financiero Internacional durante el periodo 2016-2022, se escogieron las transacciones internacionales como una de las variables a analizar. El artículo se propone como objetivo examinar el comportamiento de las transacciones comerciales y financieras en cuanto al empleo de las monedas en los años seleccionados. De esta manera, se evidenció una ligera y paulatina diversificación del uso de las monedas y canales para conducir las transacciones. Este proceso estuvo potenciado por el desarrollo de la globalización y el consecuente cambio en la correlación de fuerzas en las relaciones económicas internacionales, así como por las transformaciones en la geopolítica mundial.

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]

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]

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]

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

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]

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]

Notably during the Yuan period of Chinese history, Korean Buddhists had a curious custom of making arduous trips to Buddhist centers in mainland China, by sea or overland. To the extent that monks made this trip despite the possible dangers of this long journey, Yuan Buddhism in the practice of Korean Buddhism was conceived as an important hub of monastic certification and the source of new Buddhist developments. In addition, the Chinese masters were seen as essential figures in the monastic careers of the Korean monks. Although there would have been qualified masters in Korea to lead the practice of kanhua chan and to verify the enlightened states of the Korean monks, traveling to China continued up to the end of the Koryŏ period. This continued because the Korean monks obtained obvious benefits after having traveled to China and received their certification of enlightenment 印可. On their return, these monks were given recognition for their spiritual attainment and assigned to high positions in the saṃgha bureaucracy, in many cases, as either a royal or state preceptor. This custom of visiting China was all the more heightened due to Yuan's domination over Koryŏ from the late-13th to the mid-14th centuries. [ABSTRACT FROM AUTHOR]

• Based on GTAP 10 database, RED-ALC China and China Global Investment Tracker database, we use the CGE model to simulate the influences of Chinese multinationals' investment on Latin American and Caribbean (LAC) economies. • Chinese investment and the booming economy are the engines for LAC development. • Chinese ODI contributes to GDP growth, and trade balance improvement in LAC. • The industries with resource endowments in LAC have expanded largely and squeezed out the production of manufactures. Under the 'Belt and Road' initiative, China has expanded its footprint in Latin America and Caribbean (LAC) and contributed to LAC FDI stock, as well as, gross fixed capital formation and GDP. Based on the firm-level Chinese investment data and GTAP database, this paper uses the computable general equilibrium model to estimate the influences of Chinese direct investment on LAC economies. Chinese ODI and the booming economy are the engines for LAC development, according to its contribution to GDP, and trade balance improvement. The rest of LAC economies, China and US benefit indirectly from Chinese investment as well. Each country gives its full play to its comparative advantages. However, it is cautious that the industries with resource endowments in LAC have expanded largely and squeezed out the production of manufactures, which makes LAC economies more dependent on the growth of Chinese economy. [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]

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]

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]

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]

"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]

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]

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]

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

The agricultural subsidy is an important policy instrument that aims to maintain food security and promote agricultural development in several countries. China introduced its first nationwide agricultural subsidy (i.e., the direct grain subsidy) for farmers in 2004. This study examines the impacts of direct grain subsidies on rural residents' food consumption patterns and nutritional intake on an individual basis. Based on a nationally representative sample of rural households from the National Rural Fixed Observation Points Survey data collected by the Ministry of Agriculture and Rural Affairs of China between 2003 and 2015, high‐dimensional fixed‐effects estimates show that the direct grain subsidy has boosted rural residents' grain consumption but reduced aquatic products, eggs, and dairy consumption in China. Specifically, an increase of 100 Chinese Yuan in per capita subsidies is associated with a rise of 14.94 g in daily grain consumption but a decrease of 0.57, 0.46, and 0.90 g in aquatic products, eggs, and dairy consumption, respectively. Furthermore, direct grain subsidies intensified rural residents' dietary imbalance and declined their dietary diversity. Observed dietary imbalance can be primarily attributed to the subsidy encouraging households' self‐sufficient grain consumption, leading to excessive cereal consumption and relatively lower consumption of meat, eggs, and milk. Our findings suggest that direct grain subsidies emphasizing the production of staple grains may inadvertently skew farmers' food consumption and nutritional intake, which may require consideration when evaluating the overall costs and benefits of agricultural subsidy policies. [EconLit Citations: D12, H20, I12, Q18]. [ABSTRACT FROM AUTHOR]

Motivated by the theoretical link between real exchange rates and oil prices, we utilize a univariate moving average (MA) and an augmented MA (A-MA) model to generate multi-period forecasts of China's real effective exchange rate for 2008–2018. The MA model utilizes past information in real exchange rates, and the A-MA model utilizes past information in both real exchange rates and oil prices. We show that the A-MA forecasts are unbiased and embody useful predictive information beyond that contained in the MA forecasts. In addition, the A-MA forecasts are directionally accurate under asymmetric loss. Such accurate forecasts are useful as inputs for policymakers to design an optimal real exchange rate policy to promote trade and attract foreign investment, and for foreign entities that regard China as an attractive environment for investing in various sectors. [ABSTRACT FROM AUTHOR]

This research was aimed at understanding the effects of exchange rate volatility on UAE's international trade. To examine the effects, 10 of the top trading partners of UAE were considered for this study. Additionally, in order to determine the volatilities of UAE's top 10 trading partners' currencies, the GARCH (1,1) model was used. After that the Autoregressive Distributed Lag (ARDL) bound testing approach determined the long-run relationship between the volatilities of the currencies and the trade of UAE. Furthermore, the short-run relation between volatility and trade was detected using the Granger causality test. The results indicated that in the long run the volatility of the Chinese Renminbi, the Euro and the Saudi Riyal affect UAE's exports, while UAE's imports in the long run are affected by the volatility of the Iranian Rial and the Euro as well. On the other hand, the volatilities of the Indian Rupee and the Omani Riyal tend to affect UAE's exports in the short term, however, the imports of UAE in the short run are actually affected by the volatilities of the Euro and the Swiss Franc. [ABSTRACT FROM AUTHOR]

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

Purpose: Cerebral infarction (CI) has been one of the leading causes of death in China since 2017, and controlling the medical expenses of this disease is an urgent issue for the Chinese government. This study aims to explore the important factors that affect the hospitalization expenses of CI patients and to provide a scientific basis for establishing a reasonable reimbursement mechanism and hospitalization expense standard for CI patients.Methods: Data from 109,314 inpatients from the Healthcare Security Administration of Chengdu in western China from January 2016 to December 2018 were utilized. Descriptive statistical analysis was used for variable characteristic analysis. The Mann–Whitney test and Kruskal–Wallis test were used for single-factor analysis, and multiple linear stepwise regression was used for single-factor analysis and multiple-factor analysis.Results: This study found that the average direct economic burden of CI in Chengdu was approximately 10,569 Chinese yuan (CNY), about 1450 US dollars, the average length of stay (LOS) was 14.47 days, the indirect economic burden was approximately 2817 CNY, and the total economic burden was 13,386 CNY for a CI inpatient. Gender, insurance type, grade of medical institution, the level of payment type, age, LOS, and complications and comorbidities (CCs) are the most important factors affecting CI medical costs.Conclusion: Citizens should improve their lifestyle habits to reduce disease risk to avoid the associated medical and economic burdens. Hospitals should improve their medical technology to decrease the LOS and reduce direct medical costs. The government should actively promote the hierarchical diagnosis and treatment policy to reduce the waste of medical resources caused by low-acuity patients going to high-level hospitals for treatment. The National Healthcare Security Administration should optimize the medical insurance payment method and establish a corresponding mechanism to reduce the occurrence of excessive medical treatments such as overuse. [ABSTRACT FROM AUTHOR]

Since 2015, when China opened up its onshore bond markets more substantially, foreign investors have significantly increased their investments in Chinese local currency bonds. This study aims to examine the effects of foreign participation on Chinese government bond yields. This study adopts a robust least squares model and a cointegration model. (Greater) foreign participation can significantly decrease 10-year Chinese government bond yields. There are almost no studies of the benefits and costs of foreign participation in Chinese bond markets. The conclusion drawn from this study is the first of its kind in the academic literature on the Chinese market, and contributes to knowledge about foreign participation in local currency bond markets. [ABSTRACT FROM AUTHOR]

The internationalization of the renminbi (RMB) is viewed by some experts as a potential challenge to the US dollar's (USD) hegemonic status in the current global monetary system. This study employs a mixed theoretical framework to delve into the prospective evolution of China's monetary influence. By applying the power transition theory to analyze the global monetary power structure, this study evaluates China's dissatisfaction as a potential challenger against the dominance of the USD and examines the power parity between China and the United States. On a regional scale, the analysis focuses on possible Asian monetary integration of the RMB-domination by adopting the neofunctionalist paradigm derived from the European experience and juxtaposing this process with European monetary integration. The analysis shows that China has not been able to directly challenge the dominance of the USD, nor has it effectively spearheaded the agenda for regional monetary integration. More specifically, China's export-oriented growth model has hindered the emergence of the RMB as a substantial competition to the USD within East and South Asia. [ABSTRACT FROM AUTHOR]

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

Background: To accelerate the clinical translation of tumor‐infiltrating lymphocytes (TILs) biomarkers for guiding chemotherapy de‐escalation in early‐stage triple‐negative breast cancer (TNBC), cost‐effectiveness evidence is essential but has not been investigated. We intend to evaluate the cost‐effectiveness of using TILs to guiding chemotherapy de‐escalation in patients with early‐stage TNBC from the perspective of the Chinese health service system. Methods: The hybrid decision‐tree‐Markov model was designed to compare the cost‐effectiveness of cytotoxic chemotherapy guided by whether TILs assay was performed in 50‐year‐old female patients with early‐stage TNBC over a lifetime horizon. In Strategy (1), if TILs testing was performed, patients with TILs values exceeding 30% could be spared from chemotherapy. In Strategy (2), where no TILs testing was performed, all patients were administered chemotherapy following China's clinical practices. Based on the algorithm built by Guyot, the individual patient data were reconstructed from the published Kaplan–Meier curves, and the survival functions were calculated by parametric methods. Cost estimates were valued in Chinese yuan (as per rates in 2022). Results: In 50‐year‐old female patients with early‐stage TNBC, Strategy (1), which employs TILs testing to guide cytotoxic chemotherapy yielded an additional 0.47 quality‐adjusted life years (QALYs) and saved 40,976 yuan, with an incremental cost‐effectiveness ratio (ICER) of −87,182.98 yuan per QALY gained compared with Strategy (2). This indicates that compared with Strategy (2), Strategy (1) is the dominant scheme. The results were sensitive to utility parameters, discount rates, and treatment costs after relapse. At a willingness‐to‐pay threshold of 85,700 yuan (based on GDP per capita) per QALY, the probability of TILs being cost‐effective was almost 100%. Conclusions: The application of biomarkers (TILs) to guide decisions for chemotherapy de‐escalation is a cost‐effective strategy for early‐stage TNBC patients and deserves to be widely promoted in clinical practice. [ABSTRACT FROM AUTHOR]

We examine the welfare effect of trade liberalization in the service industry by focusing on the Chinese movie industry. China has been maintaining an import quota of foreign movies since 1990s. Using a unique Chinese movie dataset, we first estimate a nested logit demand model. And based on the estimated demand parameters, we perform counterfactual tests by removing the movie import quota. Specifically, we quantify the loss to the domestic film makers due to greater competition with foreign competitors, and the gains to consumers from consuming more high quality movies. We find that after trade liberalization, the market share of domestic film makers falls by 21–22% on average during the sample period, whereas the gain in the consumer welfare is comparatively smaller with an increase of around 5–9%. We also find that if the domestic film makers react actively by either strategically changing the release dates or by improving the quality of the home-made movies, then the magnitude of decline in the producer welfare will reduce by a large extent. [ABSTRACT FROM AUTHOR]

Background: Despite evidence that severe and poorly controlled asthma are associated with more clinical unmet needs and intensive utilization of healthcare resources, limited data is available on severe asthma expenditure in China. The study aimed to assess Medical Resource Utilization (MRU) costs of asthma and explore the cost drivers in order to better understand the economic burden of the Chinese population suffered from asthma. Methods: A retrospective analysis was conducted using Chinese sampled national claim database. Patients aged 6 years and above with primary diagnosis of asthma and asthma-related medical visit/hospitalization during 2015 were included. Medication was used as a proxy per the GINA and China guideline to identify asthma severity (i.e. mild, moderate, and severe). multiple linear regression model was conducted to identify MRU costs drivers. Results: 7,254 patients diagnosed with asthma were included: 4,529 (62.4%), 2,200 (30.3%), and 525 (7.2%) had mild, moderate, and severe asthma, respectively. On average, each severe patient spent 6,782 Chinese Yuan (CNY) on asthma treatment and had 57.0% hospitalization rate during the year, 3.9- and 4.4-fold of the average of overall population (P < 0.001 for both). The proportion of patients experiencing exacerbation significantly higher in the severe asthma population (66.5%; P < 0.001) compared to mild (30.0%) and moderate (16.8%) groups. In subgroup with 1,660 samples had annual consecutive data, severe patients had annual cost of CNY 8,314 and 52.2% hospitalization rate. 13% of severe patients who had frequent severe exacerbation (≥ 2 events) experienced the highest annual average cost CNY 23,037, P < 0.001) whereas children aged from 6 to 14 with a lower annual cost of CNY 1,094.2, 1,660.2 and 3,020.2 for mild, moderate, and severe patients respectively. The multiple model identified degree of severity, control status, complications, age, and live region as independent drivers of MRU costs. Conclusions: Chinese asthma patients bear heavy economic burden. Severe asthma associated with higher MRU (mainly from hospitalization) and costs compared with mild to moderate asthma in China. More efforts should be devoted to the control of the disease severity and complication as the main drivers of asthma cost. [ABSTRACT FROM AUTHOR]

Objective: To date, no national-scale drug usage survey for adolescents with depression has been conducted in China, and the purpose of this study was to examine the national trends in prescriptions in Chinese adolescent depression patients from 2017 to 2021. Methods: Prescribing data were extracted from the Hospital Prescription Analysis Cooperative Project. The average number of patients per year, the cost of treatment, and the prescription patterns (monotherapy vs. combination therapy) were analyzed, and subgroup analyses were conducted depending on age, sex, and drug class. Results: The study included 674,099 patients from 136 hospitals located in nine major areas of China. Of all patients, the proportion of adolescents increased from 1.63% in 2017 to 6.75% in 2021. Visits by adolescent depression patients increased from 1,973 in 2017 to 9,751 in 2021, and the corresponding cost increased from 607,598 Chinese Yuan in 2017 to 2,228,884 Chinese Yuan in 2021. The incidence of adolescent depression among female individuals was far beyond that among male individuals. Combination therapy was more frequent than monotherapy, and the most commonly prescribed drugs were antidepressants, antipsychotics, antiepileptics, and antianxietics. Despite the use of sertraline decreasing from 47.90 to 43.39%, it was the most frequently used drug. Conclusion: In summary, the prescriptions and cost of treatment for adolescent depression patients both increased rapidly. The widespread use of those drugs with weak clinical evidence reflects the current state of China, which should arouse our attention. The study can provide references for clinical treatment decisions and a basis for more efficient allocation of healthcare resources by the government. [ABSTRACT FROM AUTHOR]

This article examines the impact of mainland Chinese buyers in the Hong Kong housing market, using complete transaction records between 2001 and 2017. We find that mainland buyers pay an average price premium of 1.4% compared with locals. The premiums are estimated to be 3.5% for large-sized luxury units and 1.6% for homes in central locations. The mechanisms that underlie the price premiums include a hedging effect, residential sorting, and information barriers, of which the hedging motive has the strongest impact. Mainland buyers' price premiums rise significantly when the Chinese currency depreciates or China Economic Policy Uncertainty increases. Our study sheds light on the impact and mechanism of the ""China shock" on the global housing markets. [ABSTRACT FROM AUTHOR]

China is transitioning its industrial structure from labor-and resource-intensive industries that previously contributed significantly to the country's GDP growth to technology-intensive industries emphasizing a highly-skilled workforce and sustainability to achieve high-quality economic growth. This paper examines the impact of the RMB exchange rate on high-quality economic growth through theoretical modeling and empirical analysis and discusses the variable of overseas education to explore the mechanism of how the RMB exchange rate and overseas education jointly impact high-quality economic growth. The research sample includes the National Bureau of Statistics data on education from 1995 to 2015, the Bank for International Settlements (BIS) data on the RMB exchange rate, and the added value of China's high-quality economic growth estimated based on the national economy data. An empirical analysis of theoretical expectations was conducted, finding that RMB appreciation could make a positive contribution to China's high-quality economic growth; RMB exchange rate fluctuations would impact the relative cost of overseas education and overseas returnees could have a positive impact on domestic resource utilization efficiency and domestic capacity to make sci-tech innovations, thereby injecting vitality to high-quality economic growth. This study focuses on both the RMB exchange rate and the population studying abroad, providing additional observation dimensions to existing research. [ABSTRACT FROM AUTHOR]

The real bilateral exchange rate between Korean won and Chinese yuan is a crucial factor in balancing trade between Korea and China and has implications for both academics and policymakers. Prior research using symmetry hypotheses on bilateral trade and its heterogeneity among industries is limited. This study re‐examines the symmetric and asymmetric J‐curve phenomenon between them, employing the linear and nonlinear autoregressive distributed lag models. It considered the January 2008–June 2022 trade balance of 75 industries. This analysis shows support for the symmetric (asymmetric) J‐curve in 4 of 12 industries from the linear (nonlinear) model, accounting for 58.55% of the total trade between Korea and China. Furthermore, short‐ and long‐run asymmetries are detected in most industries, affirming the suitability of the nonlinear ARDL method. [ABSTRACT FROM AUTHOR]