China Economic Quarterly International (CEQI)

Volume 3, Number 1

March 2023

 

 

 

Effect of export opportunity on the demand for skilled migrants and their next generation's education: Evidence from China

Zhiyuan Li, Qianqian Tang, Yuan Zhang

 

 

 

The effectiveness of lending facilities in China —evidence from bank lending

Wei Deng, Zhigang Ouyang, Guochao Yang, Sai Xiao

 

 

 

Measuring real estate policy uncertainty in China

Yingnan Chen, Dongcui Mo, Sihua Tang, Huihui Li

 

 

 

Digital transformation of commercial banks in China: Measurement, progress and impact

Xuanli Xie, Shihui Wang

 

 

 

Monetary policy shocks and the signaling channel of monetary policy in China

Zhenzhu Chen, Li Li, Changhua Yu

 

 

 

Consumer streets: Microscopic evidence of road density and consumption vitality

Chong Peng, Peizhen Jin

 

 

 

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Effect of export opportunity on the demand for skilled migrants and their next generation's education: Evidence from China

Zhiyuan Li, Qianqian Tang, Yuan Zhang

Abstract

This paper examines whether increased export opportunity improved the relative demand for skilled labors in China's migrants, and whether such effects further improved their investments in their next generation's education. To answer these questions, by employing the National Migrant Monitoring Data, Manufacturing Enterprise Survey, China Customs Database and China's Population survey data, and using international demand shocks to construct instrumental variables, we find that export opportunities do increase the demand for skilled migrants, their wages and the probability that they bring their school-age children to cities. These results indicate that export opportunities not only increase the demand and return for skilled migrants, but also promote the accumulation of human capital for the next generation.

 

 

 

The effectiveness of lending facilities in China —evidence from bank lending

Wei Deng, Zhigang Ouyang, Guochao Yang, Sai Xiao

Abstract

This study examines the impact of lending facilities on commercial banks’ lending and its underlying mechanism by employing the difference-in-difference method utilizing Chinese banking data. It is found that lending facilities significantly increase the scale of lending by commercial banks through the channel of the eligible collateral, and this effect has increased over time. The findings confirm for the first time that lending facilities in China play a credit promotion role through the channel of the eligible collateral, providing empirical evidence in the Chinese context of the effectiveness on lending facilities and important insights for improving lending facility operations.

 

 

 

Measuring real estate policy uncertainty in China

Yingnan Chen, Dongcui Mo, Sihua Tang, Huihui Li

Abstract

Referring to the newspaper textual analysis method by Baker et al. (2016), this study constructs a monthly Chinese Real Estate Policy Uncertainty (REPU) index from 2001 to 2018. The index increases significantly near the promulgation of major policies. We also conduct evaluation of the index with the vector autoregression (VAR) model, which reveals that the rise of REPU indicates the decline in the growth rate of commodity housing development investment, sales area, and real estate industry added value. The REPU index is helpful to expand the understanding of policy uncertainty, and the accurate measurement of REPU is the basis for further research of its impact on China's real estate market.

 

 

 

Digital transformation of commercial banks in China: Measurement, progress and impact

Xuanli Xie, Shihui Wang

Abstract

Nowadays, digital transformation has become an urgent strategic task for traditional commercial banks. Due to the lack of measurement of banks’ digital transformation, whether digital transformation could enhance the competitiveness of banks is still inconclusive. In this paper, we construct an index system to measure digital transformation of banks from three dimensions: strategy transformation, business transformation and management transformation. Using data from Chinese commercial banks, this paper measures the progress of digital transformation of banks in China. The empirical results show that digital transformation can improve bank performance, reduce the negative impact of new technology entrants, and promote the exit of offline channels.

 

 

 

Monetary policy shocks and the signaling channel of monetary policy in China

Zhenzhu Chen, Li Li, Changhua Yu

Abstract

This paper identifies exogenous monetary policy shocks based on the high frequency transaction data of China's interest rate swap market, and explores the ‘signaling channel’ of monetary policy by investigating the transmission of different monetary policy instruments on economic activities at both the macro and micro level. At the macro level, both the reserve ratio and the 7-day repo rate (R007) affect China's nonfinancial sectors and financial markets through the credit channel, while at the micro level, a rise in credit spread amplifies the impact of reserve ratio and R007 on corporate finance. There exists a signaling channel of monetary policy in China. The transmission and the signaling channel of China's monetary policy exhibit significant heterogeneity among enterprises with different ownerships, leverages and ages.

 

 

 

Consumer streets: Microscopic evidence of road density and consumption vitality

Chong Peng, Peizhen Jin

Abstract

Increased consumption is a key driving factor for further economic development in China. This study examines the influence of road network density on consumption vitality, using big data and various empirical models. The results show that increasing the road density improves consumption quantity, quality, and diversity. The lower the grade of the road network where density is increased, the higher the consumption vitality. This effect shows a significant center-periphery characteristic. Regarding the mechanism, a higher road connectivity increases consumption vitality through visitor flow, which is more significant on low-grade roads. Moreover, the improvement in consumption vitality is significantly capitalized into local housing prices and rent.