China's rise and internationalization: regional and global challenges and impacts

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Contents 1. Introduction — China’s Rise and Internationalization: Challenges and Impacts Acknowledgments References Part I: The Rise of China in Global Trade and Foreign Direct Investment 2. EU–China Trade and Investment Relations in Turbulent Times: A European Perspective 1. Introduction 2. Facts and Figures About EU–China Trade and Foreign Direct Investment 3. Strategic Objectives in EU Trade and Investment Relations with China 3.1. Globalization is not the problem, protection is. . . 3.2. Strategic interests in EU trade and investment policy 3.3. The broader context of EU strategic interests 3.4. Reciprocity 4. Toward a Closer Collaboration between the EU and China 4.1. Opportunities for closer cooperation 4.2. The next steps forward 5. Conclusion References 3. Trade Interdependence and Comparative Advantage Between China and Countries Along the Belt and Road 1. Introduction 2. Overview of the Belt and Road Initiative 3. Trade Patterns of China and BRCs 4. Trade Interdependence 5. Changes in Comparative Advantage 6. Conclusion Appendix A. BRCs Classified by Geographical Location Appendix B. AIIB-Approved Projects, 2017–2018 References 4. Banking Crises’ Impacts on Bilateral Trade 1. Introduction 2. Literature Review 3. Model 3.1. Background context 3.2. Unilateral effects estimation with one-stage model 3.3. Unilateral effects estimation with a two-stage model 4. Data Source 4.1. Value of trade 4.2. Geography data 4.3. Banking crises data 5. Results 5.1. One-stage results for exporters and importers 5.2. Two-stage results for exporters and importers 5.3. Robustness check 5.4. Chinese exporters and importers 6. Conclusion Acknowledgements References 5. Does Producer Service FDI Promote the Upgrading of China’s Manufacturing Sector? 1. Introduction 2. FDI Inflow in Producer Services and Changes of Manufacturing Structure in China 2.1. The development of China’s FDI inflow and the producer service FDI inflow 2.2. Changes in the structure of China’s manufacturing sector 3. The Mechanism of FDI in Producer Service Industries Influencing the Manufacturing Sector Upgrading 4. Empirical Analysis of FDI in Producer Services on Upgrading China’s Manufacturing Sector 4.1. Econometric model setting and variable selection 4.2. Basic regression results 4.3. Robustness test 4.4. Spatial spillover effect 5. Conclusions and Policy Implications Acknowledgements References Part II: The Financial Aspects of China’s Growth and Development 6. Financial Integration and China’s Growth Surge 1. Introduction 2. The Surge and Its External Effects 2.1. Growth and trade 2.2. External financial effects 3. Quantifying Financial Integration 4. Modeling Financial Interdependence 4.1. Financial markets 4.2. Regional money market equilibrium 5. Effects of the Growth Surge 6. Sensitivity to Type 2 Financial Integration 7. Conclusion Acknowledgement References 7. Systemic Risks, Macroeconomic Shocks, and Financial Security in China 1. Introduction 2. Review of Related Literature 3. Empirical Facts in China 4. Empirical Analysis 4.1. Building the basic systemic risk equation and single-factor influence equation 4.2. Calculation of composite index for financial security 4.3. Macroeconomic shocks 5. Concluding Remarks and Policy Proposals Appendix A. Parameter Estimation of Mixed Section–Time Fixed Effect Model for Panel Data Acknowledgment References 8. Fiscal Sustainability of China’s Provincial Governments: A Non-Stationary Panel Data Analysis 1. Introduction 2. Methodology and Data 3. Results 4. Concluding Remarks Appendix A. References 9. Size Matters After All: Evidence from the Chinese Stock Market 1. Introduction 2. Data and Key Variables 2.1. Data construction 2.2. Descriptive statistics 3. Econometric Methodology 3.1. Future returns and key variables 3.2. Fama–MacBeth (1973) cross-sectional regressions 4. Findings 4.1. Including interaction terms 4.2. Subsamples 5. Conclusion References 10. Can “Active Portfolio Weight Change” of Institutional Investor Make the Stock Market Stable? 1. Introduction 2. Data 3. Measurement of Active Portfolio Weight Change 3.1. Overall portfolio weight change and active portfolio weight change 3.2. Portfolio weight change measurement results and analysis 4. Estimation of the Effect of Active Portfolio Weight Change on Stock Market Returns 5. Estimation of the Effect of Active Portfolio Weight Change on Stock Market Volatility 6. Conclusions Acknowledgement References Part III: Innovation and Sustainable Growth in the Chinese Economy 11. Technology Level, Market Competition, and Firms’ Innovation Behavior: Evidence from Chinese High-Tech Enterprises 1. Introduction 2. Theoretical Model 2.1. Duopoly competition and income 2.2. Game analysis of firms’ innovation choice 2.3. Impact of competition on industry innovation 3. Empirical Analysis 3.1. Variable definition 3.2. Data specification 3.3. Methodology 4. Result of Empirical Analysis 5. Conclusion Acknowledgments Appendix A: Proof of Innovative Choice Expressions Appendix B: Total Innovation Flow and Simulation References 12. Macroeconomic Costs and Potentials of CO2 Emission Reduction: A Case Study of Zhejiang Province, China 1. Introduction 2. Literature Review 2.1. Studies on the macroeconomic costs of CO2 abatement 2.2. Studies on the impact of policy instrument 2.3. Studies on the greenhouse gas emission in different industries 3. Methods and Data 3.1. Objective functions 3.2. Constraint functions 3.3. Genetic algorithms 3.4. Data 4. Results and Disscussions 5. Conclusions and Suggestions References 13. Does the Environmental Policy Stringency Gap between China and Its Trading Partners Affect Its Manufacturing Exports? 1. Introduction 2. Short Review of Literature 3. Model Specifications and Variable Description 3.1. Model specification 3.2. Variables specification and data description 3.3. Estimation issues 4. Estimation Results and Analysis 4.1. Estimation of full sample 4.2. Estimation of grouped estimation 5. Main Conclusions and Policy Implications Acknowledgement Appendix A.1. Net export A.2. The physical capital stock A.3. EPS A.4. Data sources References 14. Local Public Expenditure and Local Economic Growth: Evidence from Zhejiang Province of China 1. Introduction 2. Review on Theoretical Literature 2.1. Fiscal expenditure’s influence one conomic growth 2.2. Fiscal expenditure’s influence on private consumption 2.3. Fiscal expenditure’s influence on private investment 3. Model and Data 3.1. Model 3.2. Variables 3.3. Data 4. An Empirical Analysis 4.1. HP filtering process 4.2. Unit root test 4.3. Regression analysis 4.4. Granger causality test 5. The Impact of Fiscal Expenditure Structure on Private Investment 6. Conclusions and Policy Implications 6.1. Conclusions 6.2. Research implications Appendix A.1. Hodrick–Prescott filtering method Acknowledgements References Index