Table of Content 期刊目录
1. Belt and Road countries’ external debt and China’s new strategies
Shuanglin Lin
Pages: 140-165

2. The belt & road initiative and U.S.-China competition over the global South
Minghao Zhao
Pages: 166-181

3. Enhancing connectivity of rules under the Belt and Road Initiative
LI Yuan
Pages: 182-207

4. How would legal systems affect US and Chinese foreign direct investment in Africa? An exploration of the roles of origins, customary law, and legal integration
Zhijun Gao, Yi Feng & Wanjun Jiang
Pages: 208-233

5. The institutional improvement effects of China’s foreign infrastructure investment and its mechanisms: implications for the construction of the belt and road initiative
Chen Yongjun, Yu Wenwen & Chen Yiguo
Pages: 234-258

6. Assessing infrastructure and trade connectivity through network analysis evidence from BRI countries
Sufrizul Husseini, Ahmed M Khalid & Gamini Premaratne
Pages: 259-284

7. Tests of goods market integration between China and European countries: a nonlinear nonparametric approach
Shu-Kam Lee, Lubanski Lam & Kai-Yin Woo
Pages: 285-299

8. Financial sector development and industrialization: lessons and prospects for Ethiopia
Hang Yu & Jiaqi Zhao
Pages: 300-321

Article Abstract 文章摘要

1. Belt and Road countries’ external debt and China’s new strategies
Shuanglin Lin
Pages: 140-165
ABSTRACT
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.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2339016

2. The belt & road initiative and U.S.-China competition over the global South
Minghao Zhao
Pages: 166-181
ABSTRACT
The Belt and Road initiative aims to facilitate cooperation in the areas of infrastructure, trade and finance between China and relevant countries. It also seeks to boost soft connectivity in terms of rules, standards and people-to-people exchange. The majority of the BRI participating countries are developing ones in Asia, Africa, the Middle East and Latin America, also known as the global South. China’s efforts to advance the BRI have raised suspicion of the United States. By strengthening its ties with the global South, the United States seeks to divide and conquer between China and other developing countries, and to promote the alienation of the global South from China to realize the goal of outcompeting China. The BRI is a double-edged sword that could complicate its relations with the developing countries. China needs to recognize many difficulties faced by the global South and its pragmatic orientation of non-Western but not anti-Western, and strive to improve effectiveness and efficiency of the BRI.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2344270

3. Enhancing connectivity of rules under the Belt and Road Initiative
LI Yuan
Pages: 182-207
ABSTRACT
As the co-construction of the Belt and Road Initiative (BRI) enters a new decade, promoting ‘soft connectivity’ of rules has become a crucial component of building the initiative with high quality. This paper first reviews the accomplishments of ‘soft connectivity’ of rules under the BRI. Then, the paper examines and envisions the future enhancement of ‘soft connectivity’ of rules under the BRI, offering basic ideas and paths for advancement. In terms of basic development thinking, it is essential to implement four overall plans: overall planning for the government and enterprises, for multilateral and bilateral relations, for developed and developing countries, and for external and internal relations.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2339017

4. How would legal systems affect US and Chinese foreign direct investment in Africa? An exploration of the roles of origins, customary law, and legal integration
Zhijun Gao, Yi Feng & Wanjun Jiang
Pages: 208-233
ABSTRACT
As the first and second largest economies, the United States and China are among leading investors in Africa. Given their differences in economic systems and political institutions, a natural inquiry would be what drives both countries’ continuous investment in this continent. Previous scholars focused on macroeconomic, resources, and political factors. From our perspective, the legal system is deep-rooted and align with the lasing-interest character of FDI, which might unlock a promising space to understand the determinants of FDI in Africa. We proposed that legal systems would impact FDI through property protection, dispute settlement, and cross-border transactions cost reduction, which would take effect through general legal origins, customary law, and legal integration, respectively. Based on our sample containing 43 countries between 2007-19, we find that African’ legal heritage tends to play important roles in affecting U.S. and Chinese investors’ economic engagement with the continent.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2335073

5. The institutional improvement effects of China’s foreign infrastructure investment and its mechanisms: implications for the construction of the belt and road initiative
Chen Yongjun, Yu Wenwen & Chen Yiguo
Pages: 234-258
ABSTRACT
Reducing the high incidence of corruption in the field of infrastructure investment is a significant research topic. China is committed to advancing the Belt and Road Initiative (BRI) as a path of integrity. This paper aims to analyze the effects and mechanisms of institutional improvement induced by China’s foreign infrastructure investments. The study employs project data and survey questionnaire data from project locations. We find that China’s foreign infrastructure investments can endogenously drive the improvement of property rights systems in the surrounding areas of the projects, with the institutional improvement effects mainly occurring during the project initiation and completion phases, and these effects are long-lasting. Heterogeneity analysis shows that commercialized projects are the core driving force behind the improvement of property rights systems through China’s foreign infrastructure investments. Based on this, the paper proposes two suggestions for promoting the construction of the BRI as a path of integrity.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2335055

6. Assessing infrastructure and trade connectivity through network analysis evidence from BRI countries
Sufrizul Husseini, Ahmed M Khalid & Gamini Premaratne
Pages: 259-284
ABSTRACT
The Belt and Road Initiative (BRI) is the world’s largest infrastructure investment that aims to improve economic integration and connectivity throughout Asia, Europe, and Africa. This paper investigates the influence of infrastructure development on trade connectivity in BRI countries. This paper employs network analysis to visualize and quantify the trade connectivity among BRI countries in 2013 and 2020 using the World Integrated Trade Solution (WITS) data. The study then empirically examines the impact of infrastructure development on trade connectivity from 1990 to 2020 for 76 BRI countries using a dynamic estimator. The dynamic model demonstrates how infrastructure investment can bolster trade connectivity. The results of the network analysis indicate that trade connectivity has significantly improved within BRI countries, in Asia and Europe while it lags behind in African and Central Asian regions.We suggest that that China should channel additional resources toward enhancing the connectivity of African and Central Asian nations.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2334108

7. Tests of goods market integration between China and European countries: a nonlinear nonparametric approach
Shu-Kam Lee, Lubanski Lam & Kai-Yin Woo
Pages: 285-299
ABSTRACT
The validity of purchasing power parity (PPP) between two economies implies goods markets of the two are well integrated. This is a pre-condition for further economic convergence. This study examines validity of the PPP between China and European countries. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the nonparametric rank tests for analysis, without prior specification of the functional form. We also address the rank problems that occur in multivariate rank tests. The results indicate strong support for nonlinear PPP relationships between China and European countries, especially during the second subsample period. This indicates China’s rising economic power, particularly in the most recent decade. Although there have been disputes between China and Europe, these results suggest favorable prospects for closer economic cooperation between the two sides and the need for formulation of common policies to pursue an integrated market in the future.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2023.2277976

8. Financial sector development and industrialization: lessons and prospects for Ethiopia
Hang Yu & Jiaqi Zhao
Pages: 300-321
ABSTRACT
A functional and efficient financial sector is essential for the industrial advancement of a nation. In the context of Ethiopia’s rapidly growing economy, this study examines the limitations imposed by its underdeveloped financial sector on the country’s economic advancement and explores viable policy interventions. Characterized by state-owned bank dominance, a scarcity of non-bank financial institutions, and deficient infrastructure, Ethiopia’s financial system perpetuates widespread financial exclusion. This exclusion hinders industrial transformation, stifles local business growth, and narrows financing avenues for foreign entities. Insights from China’s shift toward market-oriented financial reforms and Kenya’s fintech innovations suggest a path for Ethiopia involving clear, gradual reforms. Strategic steps could include diversifying financial institutions, improving financial infrastructure, advancing mobile payment solutions, and adopting more versatile financing methods to address the financial challenges of industrialization.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2345537