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2. Collective Reputation in Trade: Evidence from the Chinese Dairy Industry
- Author:
- Jie Bai, Ludovica Gazze, and Yukun Wang
- Publication Date:
- 10-2019
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- Collective reputation implies an important externality. Among firms trading internationally, quality shocks about one firm’s products could affect the demand of other firms from the same origin country. We study this issue in the context of a large-scale scandal that affected the Chinese dairy industry in 2008. Leveraging rich firm-product level administrative data and official quality inspection reports, we find that the export revenue of contaminated firms dropped by 84% after the scandal, relative to the national industrial trend, and the spillover effect on non-contaminated firms is measured at 64% of the direct effect. Notably, firms deemed innocent by government inspections did not fare any better than noninspected firms. These findings highlight the importance of collective reputation in international trade and the challenges governments might face in signaling quality and restoring trust. Finally, we investigate potential mechanisms that could mediate the strength of the reputation spillover. We find that the spillover effects are smaller in destinations where people have better information about parties involved in the scandal. New firms are more vulnerable to the collective reputation damage than established firms. Supply chain structure matters especially in settings where firms are less vertically integrated and exhibit fragmented upstream-downstream relationships.
- Topic:
- International Trade and Finance, Markets, Business, Global Political Economy, and Accountability
- Political Geography:
- China and Asia
3. Fair competition put into practice
- Author:
- Lu Tong
- Publication Date:
- 05-2019
- Content Type:
- Policy Brief
- Abstract:
- This year's Government Work Report sent an important signal to the global community that China aims to create a fair market environment based on competitive neutrality. Competitive neutrality is a set of public policies for regulating domestic market order. It means that State‐owned enterprises and private businesses compete on a level playing field and that SOEs should not obtain an unfair competitive advantage to the detriment of free trade in such areas as tax, subsidies, debt, supervision and market entrance.
- Topic:
- Markets, Business, Trade, and Strategic Competition
- Political Geography:
- China and Asia
4. Trade trends show China should take the opportunity to diversify its market
- Author:
- Dong Yan, Ma Yingying, and Xu Tingting
- Publication Date:
- 05-2019
- Content Type:
- Policy Brief
- Abstract:
- The China-US trade row has been drawing a lot of attention. A detailed review of the bilateral trade situation between China and the US from January through April is a good reference for the future trend. Also, as uncertainties loomed amid tariff hikes, some related US industries were afflicted, such as plants, minerals and precious metal in the first quarter.
- Topic:
- Markets, Tariffs, Trade Wars, Diversification, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
5. China’s economy seeks bottom amid downward pressure in 2019
- Author:
- Qiyuan Xu
- Publication Date:
- 02-2019
- Content Type:
- Policy Brief
- Abstract:
- Proactive fiscal policy will be employed this year to meet the challenge of downward pressure In 2019, the Chinese economy is expected to seek a bottom as a slowdown is inevitable. It is anticipated that it will stabilize at the end of the year or early next year at a growth rate of around 6.3 percent. With China's economy entering a new era, policymakers should focus more on the quality of growth in addition to maintaining a moderately high growth rate. ...... At the same time, China's economy is facing a lot of downward pressuredomestically. First, confidence in the financial market needs to be restored. In2018, China's financial market was hit many times; its stocks, bonds, fundsand internet finance, for example, were all affected. In addition, at present, thewidening credit spreads and the high degree of liquidity between bankscannot be converted into loans to enterprises and other market entities. Facedwith rising market risks and faltering consumer confidence, investors preferlow-risk or risk-free asset allocations.
- Topic:
- Markets, Financial Markets, Economy, and Fiscal Policy
- Political Geography:
- China and Asia
6. Petro Dollar. Petro Yuan. Petro Rupee?
- Author:
- Amit Bhandari
- Publication Date:
- 08-2019
- Content Type:
- Working Paper
- Institution:
- Gateway House: Indian Council on Global Relations
- Abstract:
- Over the last two decades, every component of the global energy scenario has changed: demand, supply and energy-type. The only constant has been the U.S. Dollar as the currency of energy trade. Lately, the Chinese Yuan has emerged to challenge the Dollar. Can the Indian Rupee be a third player? India is now the world’s third-largest consumer and second-largest importer of energy. Its open market, transparent regulation and growing demand give it an opportunity to become the hub of a vibrant new oil market, simultaneously ensuring its energy security and raising the international profile of the Rupee. This paper explores the possibility the Rupee could be the third currency in which energy is traded, and the challenges and opportunities it presents.
- Topic:
- Security, Energy Policy, Markets, Oil, Currency, and Trade
- Political Geography:
- China, South Asia, India, Asia, North America, and United States of America
7. China's plans and direction for further opening-up
- Author:
- Yang Panpan
- Publication Date:
- 08-2018
- Content Type:
- Working Paper
- Abstract:
- This year marks the 40th anniversary of China's reform and opening-up, and will be the first year for China to hold the international import expo. This signals that China is further opening up its domestic market and striving to be more integrated with the world. Meanwhile, China is enduring the external uncertainties mainly from its biggest trade partner -- the U.S. One question should be asked: What is China's plan and direction for further opening-up? Since China is shifting from a mid-high-income country to a high-income country, the trajectory of other major developed countries may be a reference for China's further opening-up process. With this in mind, it's necessary to compare the opening-up pattern of these countries with China. One variable might fit this kind of observation -- the foreign value added in one country's final demand. This represent the amount of foreign input used in a country's consumption and investment. Examples include final goods consumed by households, capital goods invested by firms, or intermediate goods used to make products.
- Topic:
- Markets, Reform, Finance, and Economy
- Political Geography:
- China and Asia
8. “Triple punch” policies to bring years of trade tensions
- Author:
- Su Qingyi
- Publication Date:
- 07-2018
- Content Type:
- Policy Brief
- Abstract:
- US President Donald Trump has adopted a hard-line trade policy and recklessly instigated the trade conflict with China. This is the result of a combination of adjustments to his trade, foreign, and fiscal policies. These intertwined policies will likely stretch China-US trade frictions throughout Trump's presidency. First of all, the adjustment to the trade policy includes a shift from multilateral free trade to regional free trade and pressuring other countries to open their markets.
- Topic:
- International Trade and Finance, Markets, Trade Wars, Trade, and Economic Development
- Political Geography:
- China, Asia, North America, and United States of America
9. Opinion: China International Import Expo: New era, shared future
- Author:
- Su Qingyi
- Publication Date:
- 07-2018
- Content Type:
- Policy Brief
- Abstract:
- The first China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai. The theme of the CIIE is "New Era, Shared Future," which has rich connotations. The first implication of the new era is that countries around the world begin to realize the importance of imports Economists usually emphasize sellers and exporters when they analyze the exchange between peoples and trade between countries. They tend to attach importance to exports when participating in international trade, and try to promote the growth of export.
- Topic:
- Markets, Economy, Trade, and Imports
- Political Geography:
- China and Asia
10. China will further open up but not due to US pressure
- Author:
- Dong Yan
- Publication Date:
- 04-2018
- Content Type:
- Policy Brief
- Abstract:
- China will take measures to further open up to the outside world, Xi said in his highly-anticipated keynote address at the Boao Forum for Asia. But amid the escalating China-US trade conflict, some people have wrongly assumed Xi made the remarks with the Trump administration's accusations in mind. But a review of China's policies shows the country will deepen reform and opening-up because of its practical development needs, not because of any other country's demand or coercion. As for the expansion of imports, China shifted its focus from exports to striking the right balance between imports and exports long ago, because the increase in imports will offer more choices to Chinese consumers and help improve their living standards, aside from giving foreign companies easier access to the Chinese market.
- Topic:
- Markets, Trade Wars, and Imports
- Political Geography:
- China, Asia, North America, and United States of America