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Abstracts of papers published by teachers of Institute of Economics (Issue 14)

1.LI Daokui, HU Sijia, LI Keaobo. The Trump Tax Cuts and the China-US Trade Conflict. Economic Perspectives, 2019, Issue 2
[Abstract] This paper analyzes the effects of the Trump Tax Cuts on the US and world economies. Although the Tax Cuts will potentially provide a stimulus to the US economy in the short term, they provide a Keynesian stimulus to the demand side, which is the opposite of the supply-side stimulus that President Trump has claimed. Therefore, the Tax Cuts will not have a positive impact on fixing the fundamental imbalances of the US economy, and may deteriorate both trade and fiscal deficits in the long run. Due to the position of the US as the main driver of global economic growth and the US Dollar’s position as the world’s main reserve currency, the Trump Tax Cuts will negatively impact the global economy, especially the Chinese economy in the short term. The increase in the US trade deficit with China resulted from the Tax Cuts is an important source of the Sino-US trade conflict. However, because the stimulus caused by the Trump Tax Cuts cannot last in the long term and instead generates relatively large government fiscal deficit and increases economic volatility, an easing of trade conflicts between the US and China may be expected. As a result, China should adhere to being cautious when confronting the Trump Tax Cuts and trade frictions, deep reform and opening up, and fully prepare for long-term trade conflicts with the US.  
2.WU Jinxi.  Platform strategies for innovation ecosystem: Double-case study of Chinese automobile manufactures   Journal of Cleaner Production, February 2019  
[Abstract] There are several research gaps in combining innovation ecosystem theories with the platform theories. From the perspective of platform strategies in the context of innovation ecosystem (IE), the present study examined two typical cases observed in the automobile manufacturing industry. The main research findings are the illustrations of the two types of platform strategies (featured either in mutualism symbiosis or in predation symbiosis) of IE in a sustainable ecologic environment of an emerging market (China). Furthermore, the evolution mechanisms and process models of these platform strategies are revealed and discussed. The research findings may contribute to the theoretical development in the context of IE, meanwhile may shed some lights for the future research about the incremental improvement and/or radical innovation in a certain industrial ecology of the emerging markets. (C) 2018 Published by Elsevier Ltd.
3.RONG Ke (corresponding author)   Adapting and sustaining operations in weak institutional environments: A business ecosystem assessment of a Chinese MNE in Central Africa   Journal of International Business Studies   March 2019  
[Abstract] Multinational enterprises (MNEs) sometimes pursue opportunities in largely uncharted, distinctive institutional environments. How do these firms sustain operations in such settings? We explore how MNEs tailor and maintain operations in institutionally weak, precarious, and challenging host-country environments, such as those devastated by conflicts. We draw on the business ecosystem framework and analyze a qualitative longitudinal case study of a Chinese state-owned MNE that entered and developed its operations in the Democratic Republic of Congo (DRC) in Central Africa. Our findings indicate that after entry, the MNE sustained its operations in the DRC by engaging in collective actions and coevolving with key stakeholders within its business ecosystem. These stakeholders included the home and host governments, state-owned enterprises, privately owned enterprises, and local communities. Our qualitative data further suggest that the MNE's business ecosystem evolved through three stages-exploring, establishing, and embedding-and that within this ecosystem, the key stakeholders also coevolved with the MNE by adopting new roles over time.
4.LI Meng  Reform and Innovation of China’s Free Trade Port Offshore Financial Tax System   Reform of Economic System  2019, Issue 2
[Abstract] The development of offshore financial services in free trade ports with Chinese characteristics cannot be separated from the protection and support of relevant tax systems. At present, China’s offshore financial tax system has not yet been established, and there are some problems in offshore financial taxation, such as tax-related crimes, “legal vacuum”, conflict between domestic legal system and international common practice. Based on our own national conditions and on the basis of analyzing and drawing lessons from useful international experience, this paper puts forward the following suggestions: optimizing the permeable offshore financial tax system model; adopting the offshore financial preferential tax system, perfecting the offshore financial tax management system, and strengthening the legal guarantee of offshore financial tax system in free trade port.  
5.LI Bangxi, LIU Chong, ZHAO Feng, HUANG Yanghua. Production Structure, Income Distribution and Macroeconomic Efficiency: An Analytical Framework and Empirical Study of Marxist Political Economy Economic Research Journal, 2019, Issue 3
[Abstract] There are few systematic studies on the relationship among income distribution adjustment, economic structure change and macroeconomic efficiency improvement. This paper extends Marx’s reproduction schema to a Marx-Sraffa three-sector reproduction schema encompassing a fixed-capital sector, production goods sector and consumption goods sector, and uses China’s input-output table from 1987 to 2015 to depict the relationship between income distribution and macroeconomic efficiency under investment-driven growth. It also calculates the wage-profit curve of China’s economy and then assesses the space for China’s macro efficiency improvement according to the deviation between actual and potential income distribution structures. The results show that the profit rate has exhibited a downward trend, in line with Marx’s theoretical prediction. The decline of profit rate is mainly due to the increase of organic composition of capital caused by the rapid growth of fixed capital investment under the epitaxial growth mode. The analysis of macroeconomic efficiency shows that under the traditional growth mode, the space for improving macroeconomic efficiency is extremely limited. It is necessary to change the mode of economic development and create new drivers of economic growth.  
6.DING Jianxia, XIE Danxia   The Impact of the Efficiency of Agricultural Listed Companies on Growth   World Agriculture   2019, Issue 3
[Abstract] Using the unbalanced panel data of RESSET financial research database to measure the impact of the efficiency of agricultural listed companies on growth, it is found that the overall integrated average efficiency of agricultural listed companies in the period from 2000 to 2016 is lower, the scale efficiency is greater than the pure technical efficiency. Total factor productivity helps improve the net asset growth and shareholder equity growth of agricultural listed companies. Scale efficiency helps improve the net asset growth of agricultural listed companies, and technical efficiency helps improve the profit growth of agricultural listed companies. The company’s scale and income tax concessions will help improve the growth of net assets and the growth of shareholders’ equity. The concentration of equity will significantly improve the growth of net assets. To this end, it is necessary to analyze the growth of specific agricultural listed companies by sub-industry and different levels of efficiency indicators, further improve the technical efficiency of agricultural listed companies, reduce the financial leverage of agricultural listed companies and increase the share-trading reform of listed companies.
7.WANG Yong, XIN Kaixuan, YU Han   Research on the Evolution of Trading Methods---A new Framework based on Transaction Cost Theory   Economist   2019, Issue 4
[Abstract] This paper examines the evolution of the three types of transaction and the inherent logic from direct transactions represented by rural fairs to indirect transactions represented by modern businesses and the latest platform transactions represented by online markets. In particular, we decompose transaction costs into the costs of information flow, commodity flows, and capital flows in the transaction process, and explain the decline in transaction costs and transaction efficiency improvement by examining changes in these three flows in the evolution of trading patterns. This paper provides a new analytical framework for understanding the evolution of trading methods based on the new institutional economics, revealing the micro-foundation of transaction costs, which can help us better understand the evolution direction of trading methods. At the same time, it provides certain theoretical support for the formation and high efficiency operation of the economic model of the Internet platform with Chinese characteristics.  
8.LI Daokui, CHEN Dapeng, SHI Jinjian   Preventing and Resolving Financial Risks of the PRC from 1949 to 2019   Reform  2019, Issue 5
[Abstract] Since the founding of the PRC, economic construction has made remarkable achievements. There has been no systemic financial crisis, which cannot be separated from the active prevention and resolution of financial risks. The basic experience of preventing and defusing financial risks in the past 70 years in the PRC includes: identifying and dealing with financial risks in time, reforming the exposed problems of system and mechanism, making great efforts to deal with the problems of social stability and enhancing the confidence of economic subjects. Next, we should focus on reforming the infrastructure investment and financing system, strengthening the disposal mechanism of non-performing assets, promoting the legal construction of the stock market, improving the delisting system of listed companies and properly handling the “triangular debts” of enterprises.  
9.RONG Ke, LIN Yong, WU Jiang, ZHANG Yue. Manufacturing strategies for the ecosystem-based manufacturing system in the context of 3D printing   International  Journal  of  Production Research    June 2019
[Abstract] paper aims to investigate the manufacturing strategies for the manufacturing systems in the context of 3D printing, referring to ecosystem-based manufacturing systems, rather than firm-based and network-based ones. A case study approach was adopted for this research, as the data was mainly collected via semi-structured interviews with staff members of companies in China. Besides the elements of strategic choices and manufacturing capabilities identified in the extant literature, this research verified three additional strategic choice elements (functional role, platform and solution) and identified two factors (platform openness and solution diversity) to classify an ecosystem-based manufacturing system. Meanwhile, four manufacturing capabilities of the ecosystem-based manufacturing system have been identified: collaborative manufacturing flexibility, rapid thriftiness ability, self-customisation and co-evolved design capability. The research results contribute to the area of manufacturing strategy via expanding its view from the firm and network levels to the ecosystem level. Meanwhile, the research results present operations managers with an understanding of the strategic choices and manufacturing capabilities of an ecosystem-based manufacturing system in the context of 3D printing.
10.DENG Yongbo   Study on Marx’s Labor Division Theory and Industrial Restructuring   Social Science Journal   2019, Issue 6
[Abstract] China’s economic development has entered a new normal, and optimizing the industrial structure and promoting regional division of labor and coordination have become the top priority to transform the mode of economic development and promote sustainable economic development. By analyzing the nationwide areas with various regional industrial structure conflicts and their causes in the Northeast China, Beijing-Tianjin-Hebei and Yangtze River Delta regions based on industrial similarity using Marx’s labor division theory and combined with the quantitative methods of industrial analysis, the causes of industrial conflict in various regions are too high industrial similarity, low production efficiency, incomplete market realization and ineffective combination of industrial division and market efficiency. According to the similarities and differences of industrial development in various regions, when formulating regulatory policies, we should pay attention to avoiding excessive similarity in industrial division and effective combination of division of labor and market efficiency, and also attach importance to the regional coordination and overall interests to avoid fragmentation, so that the policy will be more targeted.  
11.RONG Ke, XIAO Fei, ZHANG Xiaoyu, WANG Jingjing  Platform strategies and user stickiness in the online video industry  Technological Forecasting and Social Change  June 2019
[Abstract] In this paper, we explore determinants of user stickiness in the online video industry through platform theory. The online video industry mainly comprises two patterns of business model: the merchant platform and the two-sided platform. We build a theoretical model based on platform and Hotelling theories to explore the essential difference between the two kinds of business model. Then, we successfully verify the predictions of our theory using empirical analysis based on the data of the two most representative examples of the two models: IQiYi (merchant platform) and Bilibili (two-sided platform). We can draw the following conclusions: 1) the network effect is stronger in the two-sided platform than in the merchant platform, and an indirect network makes customers more multi-homing; 2) appropriability resources are essential for user stickiness in both models; and 3) price is not a significant influencing factor in user stickiness。
12.CAI Jiming, LI Mengmeng  Breaking the Barriers of the Dual System and Promoting the Integration of Urban and Rural Development   Hebei Academic Journal   July 2019
[Abstract] At present, China’s urban-rural dual division phenomenon is obvious. Labor, land and capital and other elements cannot flow freely. The income gap between urban and rural residents is too large, which seriously hinders the process of rural modernization and urbanization. In order to break the urban-rural dual system and promote the integration of urban and rural areas, it is necessary to focus on accelerating institutional reforms in household registration and land, and at the same time, establish and improve financial and social capital guarantee mechanisms to support the urban and rural integration and development. Only by speeding up the removal of the institutional barriers of urban-rural duality and promoting the two-way free flow of elements between urban and rural areas, can a new situation of urban-rural development with complementary and comprehensive integration be formed.
13.CAI Jiming, LI Xinkai   Deepening the Land and Household Registration System Reform and Promoting the Integration of Urban and Rural Development   People’s Tribune  August 2019
[Abstract] The free flow of population and land elements is a necessary prerequisite for promoting urbanization, rural revitalization and urban and rural integration and development. The current land and household registration system in China, to some extent, restricts the free flow of these elements between urban and rural areas. Therefore, it is necessary to deepen the land and household registration system reform and gradually establish mechanisms and systems that are conducive to the integration of urban-rural development and free flow of such elements.  
14.CAI Jiming, ZHONG Yirui, GAO Hong  Technological Progress, Economic Growth and the “Mystery of Total Value”---Based on the General Theory  Economist   September 2019
[Abstract] The “mystery of total value” reflects the phenomenon that the total amount of social wealth is out of line with the total value under the framework of traditional labor theory of value. The root of this is that labor theory of value uses living labor as the sole source of new value and cannot reflect the contribution of non-labor production factors and technological progress to value creation and economic growth. Under the framework of general theory of value, this paper establishes a general consumption-producer equilibrium model of endogenous technological progress. It is believed that consumption-producers need to invest a certain amount of time to learn technology, technology can enter the production function of products, and it is also the resources of added value. Technological progress can promote the increase in total value and economic growth. Although the total value of the same period is equal to the total amount of labor, from the intertemporal perspective, there are qualitative differences in labor time in different periods. As long as this qualitative difference reflects the contribution of technological progress, the total value of the current period will be greater than the total value of the previous period.  
15.LI Liwang, HUANG Dehai  The Chinese History and Development Direction of Smart City   New Economy Weekly   September 2019
[Abstract] The cities should further implement the national new urbanization plan to improve the ability of urban fine management and precise governance, build a new smart city with Chinese characteristics to reflect the new policy mechanism and innovative development mode and promote the high-quality development of urban economy. With the continuous development of urbanization, China’s urban population is continuously increasing but the carrying capacity of urban resources is not matched with the urban population, resulting in resource shortage, traffic congestion, increasing urban garbage and environmental population.
16.LI Bangxi, ZHAO Yihan, FENG Zhixuan  Economic Growth of China in the Past 70 Years: Tendency, Cycles and Structural Features  Journal of Management World   2019, Issue 9
[Abstract] Based on the principles of Marxist economics, this paper constructs a general theoretical framework for understanding economic growth under the condition of socialized mass production by using the two categories of surplus product production and reproduction structure, and discusses the total amount and structural characteristics of economic growth in the 70 years since the founding of New China from the empirical level. Also, this paper calculates two potential growth rates and main paths of China’s economic growth during this period, and depicts the production and distribution of China’s economic surplus and the optimal growth structure. Through empirical analysis, the following conclusions are drawn. First, due to continuous capital using-labor-saving technological progress, China’s general profit rate and potential growth rate exhibit a long-term downward trend. Second, the establishment of the socialist market economy system has significantly reduced China’s macroeconomic volatility. Third, before the early 1970s, China was faced with the dilemma of low means of production investment and low consumption, which became the main structural problem restricting economic development. This problem was solved after the 1970s and replaced by the mode of high means of production investment and low consumption. Combined with the analysis tools of Marxist economics, we can explain the long-term trend, stage and periodic characteristics of China’s economic growth.
17.LIU Taoxiong, ZHANG Li, JIANG Tingfeng, TANG Ke  Design and Application of Novel CPI Based on Online Big Data   The Journal of Quantitative & Technical Economics   2019, Issue 9
[Abstract] Research Objectives: The paper aims to explore the design and application of real-time high-frequency price indicators with online big data in the era of digital economy. Research Methods: We design the first set of Internet-based Consumer Price Indices (iCPI) in China, and analyze the index quality and its applications from multiple aspects. Research Findings: Firstly, iCPI can realize real-time updating of daily, weekly, and monthly indices of various levels of products and service. Secondly, iCPI is automatically generated in the computation procedure from the data collection, cleaning, processing and final online publishing, which effectively saves time and avoid human intervention. Thirdly, high-frequency iCPI performs well in representing general price changes, accurately capturing the effects of special events, nowcasting the inflation and real-time monitoring the macroeconomic situation. Research Innovations: We firstly employ online big data to design CPI in China, which makes up for the research gap of real-time high-frequency price indicators. Research Value: Online iCPI is the beneficial complement of official CPI, and the proposed realization roadmap can be applied to construct different high-frequency macroeconomic indicators in the future.  
18.CAI Jiming, ZHENG Minsi, LIU Mengxing  The Criteria for Judging Whether China Economic and Social Development Plans are Scientific and Reasonable   Academic Monthly   September 2019
[Abstract] Judging China’s economic and social development planning includes seven criteria: whether it embodies human-oriented scientific concept of development, whether it meets the basic situation of our country, whether it gives preference to public interest, whether the market plays a decisive role in the allocation of resources, whether it aims at providing public goods for externalities (market failure), whether it has established an incentive compatibility mechanism between central government and local government and between government and civil society, whether it sets the discretion of local governments in a reasonable range. They are not only the criteria for judging whether various economic and social development plans including the “Thirteenth Five-Year Plan for National Economic and Social Development” are scientific and reasonable, but also the basic principles for formulating new economic and social development plans in the future, especially the “Fourteenth Five-Year Plan for National Economic and Social Development” which has already been launched.  
19.CAI Jiming   Four Changes of Economic System in the 70 Years since the Founding of New China  Popular Tribune  October 2019
[Abstract] China has achieved four major changes in the basic economic system, distribution system, resource allocation mode and international trade in the past 70 years since its founding. Reviewing the course of these four changes will help us to stay true to the mission and keep the faith to usher in a new era of comprehensively deepening reform and expanding opening-up. From the unitary public ownership to multiple ownership with public ownership as main body, from the “Three Great Remould” completed in 1956 to reform and opening up in 1978, a series of political movements and “transition by means of the spirit of being poor” formed an unitary public ownership structure: rural areas were dominated by collective ownership while urban areas were dominated by ownership by the whole people.
20.CAI Jiming, Supporting the Improvement of Consumption Level of Peasants by the Dividend of Land System Reform  People’s Tribune  October 2019
[Abstract] Under the background of the new normal economy, expanding domestic demand has become one of the main growth points of China’s economy, and the improvement of rural consumption level is undoubtedly an important part. We should further tap the intrinsic “mineral resources” of the land, which is the most important economic resource of farmers, so that it can release more “energy” and play a greater role in land resource allocation, rural homestead system reform, and agricultural land marketization. At the same time, we should further expand and deepen the dividend of reform, so that the majority of farmers can benefit from this and the rural economic development can be promoted greatly.  
21.CAI Jiming, ZHENG Minsi, LIU Yuan  Measurement and International Comparison of China’s Real Urbanization Level   China Review of Political Economy    November 2019
[Abstract] China’s urbanization rate based on resident population statistics significantly overestimates the urbanization level, because it contains more than 200 million migrant workers and their families who are counted as permanent residents of urban areas but do not have urban household registration. The urbanization rate based on household registered population statistics underestimates the urbanization level, because more than 200 million non-urban registered residents have already enjoyed the city’s infrastructure and public services to a certain extent. This paper takes the urban registered population as the reference system, and estimates the coefficient of citizenization level based on the following factors of non-urban registered permanent residents: employment, residence, social security, children’s education and civil rights. Then we multiply the coefficient of citizenization level with the total non-urban registered permanent resident population. The non-urban registered permanent resident population is converted into a certain number of urban registered population, and then the converted non-urban registered permanent population is added to the urban registered population, divided by the total population of mainland China, resulting in the urbanization rate, which is between the above two urbanization rates and more reflective of China’s real urbanization level. Then, in the same way, further corrections to the aforementioned real urbanization rate are made by converting the 300 million “towners” who live in more than 20,000 towns into “citizens”. By international comparison, it is found that the real urbanization rate needs to be greatly improved compared with China’s current economic development level.  
22.XU Jianwei, HUANG Dehai  Knowledge Mapping Analysis of the Research on Chinese Chamber of Commerce  Modernization of Management   November 2019
[Abstract] The chamber of commerce organizations are important participants in social governance, and paying attention to the reform and development of chamber of commerce is a hot topic in academic research in recent years. By using the knowledge mapping technology to sort out the literatures of the research on Chinese chamber of commerce, it is found that the research situation is good, and many research bases have been built, producing many literatures with high attention and academic influence. Theoretical research has maintained a good interaction with reform practice, which has promoted the reform and development of the chamber of commerce. However, there are still some problems, such as unbalanced distribution of research forces and disciplines, single research method, insufficient research on function and reduction of high-quality literatures. Therefore, the research on the chamber of commerce should highlight several key directions and provide decision-making reference for the development of chamber of commerce organizations and the reform of their management systems.  
23.LI Bangxi, XIA Jinqing  New Research Progress on Neo-Kaleckian Economics  Economic Perspectives   2019, Issue 11
[Abstract] Neo-Kaleckian Economics is a main school of post Keynesian economics, which takes “effective demand determines output” as the basic idea, and focuses on how functional distribution affects macroeconomic performance. Since the 21st century, it has extended its analysis to a series of economic phenomena and economic issues, such as financialization, monetary policy. It has put forward policy propositions which are different from neo-liberal economics advises. This paper argues that neo-Kaleckian economics can provide theoretical basis for the government to adjust the current income distribution structure, and provide some theoretical guidance for the transformation of economic growth momentum and the solution of systemic financial risks.
24.XIAO Fei, WANG Yong, Redundancy in the sharing economy  Resources Conservation and Recycling  December 2019
[Abstract] The success of the sharing economy in China has attracted worldwide attention. Alongside the standard model of the customer-to-customer sharing of idle/superfluous resources, the new model of business-to-customer sharing of new resources has been gradually thriving. However, beside the advantages, there are some drawbacks, such as system redundancy, which have so far been ignored. This paper addresses the problem of redundancy in the sharing economy. To do so, we have built a theoretical model indicating the determinants of redundancy, which are mainly affected by the market structure, multi-homing, competitive strategy, public cost, and externality. Furthermore, we support these results by analyzing two of the biggest companies in the sharing-bike sector in China: Mobike and OfO. This paper helps practitioners and the government to better understand the inherent economic logic of redundancy, so that they can harness and regulate the sharing economy more effectively.