摘要：This study examined the impact of digital inputs on global supply-chain security. Using data from the Asian Development Bank Multi

China & World Economy/ 1–32, Vol. 33, No. 3, 2025

Digital Inputs, Information Transparency, and Global Supply-Chain Security

Jijun Yang, Qi Guo, Feng Dai, Jinlan Ni

Abstract

This study examined the impact of digital inputs on global supply-chain security. Using data from the Asian Development Bank Multiregional Input–Output database, covering 62 countries or regions and 35 industries from 2007 to 2022, digital inputs were found to enhance the level of supply-chain security significantly. In times of crisis prevention, digital inputs not only improved supply-chain security but also contributed to a notable recovery effect. Mechanism tests indicated that digital inputs enhanced supply-chain security mainly by improving information transmission efficiency and increasing both demand-side and supply-side information transparency. Heterogeneity analysis indicated that all three mechanisms were significant in the manufacturing sector, but demand-side information transparency was not significant in the service sector. Further analysis identified post and telecommunications sector as having the greatest positive impact on supply-chain security.

引用本文：

Yang, J. J., Q. Guo, F. Dai and J. L. Ni, 2025, "Digital inputs, information transparency, and global supply-chain security," China & World Economy, Vol. 33, No. 3, pp. 1–32.

China & World Economy/ 33–75, Vol. 33, No. 3, 2025

Can Environmental, Social, and Governance Performance Promote the Participation of Emerging Economies in Multinational Supply Chains?

Dianfan Yu, Xin Li, Chao Wang

Abstract

Multinational companies are increasingly recognizing the importance of integrating social responsibility initiatives into their business models as a means of building a sustainable competitive advantage. This study uses data from Chinese A-share listed companies spanning from 2009 to 2020 to conduct an empirical analysis. The findings indicate that strong environmental, social, and governance (ESG) performance facilitated firms' integration into global supply chains. This effect was particularly pronounced among firms in heavily polluting and labor-intensive industries, and those located in provinces with weaker institutional environments and underdeveloped industrial structures – regions often associated with greater ESG-related identity challenges. The positive impact of ESG performance was also more evident in firms that supplied listed companies or operated closer to end consumers, due to increased public scrutiny. Mechanism analysis revealed that ESG performance served as a signaling tool by enhancing information transparency and building reputational capital. Further analysis showed that ESG performance not only supported firms' entry into host countries with stronger institutional environments but also contributed to longer lasting supply chain relationships. This article provides new insights into how emerging economies could integrate into the international supply chain system more effectively.

引用本文：

Yu, D. F., X. Li and C. Wang, 2025, "Can environmental, social, and governance performance promote the participation of emerging economies in multinational supply chains?" China & World Economy, Vol. 33, No. 3, pp. 33–75.

China & World Economy/ 76–108, Vol. 33, No. 3, 2025

Impact of National Technology Transfer Markets on Entrepreneurship in China

Jinlei Li, Yuanbiao Huang, Lei Wang

Abstract

This study investigates how the construction of technology transfer markets in China can affect local entrepreneurial activity. Using new firm registration data from the State Administration for Industry and Commerce of China, the analysis treated the establishment of national technology transfer centers (NTTCs) as a quasi-natural experiment and employed a staggered difference-in-differences approach. The results indicate that the establishment of NTTCs has a positive impact on entrepreneurship. Robustness checks supported a causal interpretation of the results. The primary mechanisms identified were increased availability of entrepreneurial resources and improvements in the local entrepreneurial environment. The effects were more pronounced in technology-intensive manufacturing and producer service industries, and in cities with lower administrative status and higher levels of financial development. Further analysis revealed that NTTCs contribute to economic growth by promoting entrepreneurship. The results have policy implications for government-led development of technology transfer markets.

引用本文：

Li, J. L., Y. B. Huang and L. Wang, 2025, "Impact of national technology transfer markets on entrepreneurship in China," China & World Economy, Vol. 33, No. 3, pp. 76–108.

China & World Economy/ 109–149, Vol. 33, No. 3, 2025

Creating Cities and Urban–Rural Income Dynamics: Evidence from County-to-District Transformation in China

Abstract

Classical development economics theories offer conflicting pespectives on the relationship between urbanization and urban–rural income gaps (URIG). This study examined the impact on URIG of county-to-district transformation (CDT), a Chinese government-led urbanization strategy. Using county-level panel data from 2000 to 2022, the analysis found that CDT promoted county-level economic growth, resulting in absolute income gains for both urban and rural residents. However, urban incomes grew at a faster rate, widening the relative income gap. This gap-widening effect was primarily driven by urban-biased land allocation and fiscal expenditure preferences, with a more pronounced effect in areas that were farther from the city government and smaller in scale. Agricultural support measures could mitigate this trend. Dynamic analysis revealed that the impact of CDT on URIG followed a short-term expansion and long-term convergence trend. These findings provide new evidence regarding urbanization and income disparity and offer policy insights for the promotion of inclusive growth through urbanization in developing countries.

引用本文：

Chen, W. H. and X. Y. Hu, 2025, "Creating cities and urban–rural income dynamics: Evidence from county-to-district transformation in China," China & World Economy, Vol. 33, No. 3, pp. 109–49.

China & World Economy/ 150–196, Vol. 33, No. 3, 2025

Equity–Efficiency Trade-offs in Healthcare System Reform: The Perspective of Tiered Diagnosis and Treatment in China

Daisheng Tang, Zhen Zhang, Xinyuan Wang, Tao Bu, Qiushi Feng

Abstract

Efforts to reform healthcare systems globally have long been driven by the inherent tradeoffs between equity and efficiency. Using a patient referral model, we constructed a cost–benefit matrix for both hospitals and patients. We analyzed the effects of nominal tiered diagnosis and treatment (TDT) using medical institutions' monthly report data from Sichuan province spanning 2012 to 2018. Additionally, we assessed the effects of actual TDT based on inpatient medical records data from Sichuan province spanning 2015 to 2018. We further discussed the potential for the TDT model to achieve Pareto improvements in addressing equity–efficiency trade-offs in healthcare. Our findings suggest that nominal TDT failed to improve patients' medical behaviors. In contrast, actual TDT improved medical efficiency by enhancing patient outcomes and reducing the relative length of hospital stay, while also promoting medical equity by narrowing disparities in out-of-pocket expenses and health insurance reimbursements. Moreover, the effects of actual TDT on efficiency and equity varied across hospital types, disease categories, and inpatient populations. Actual TDT has the potential to generate Pareto improvements in managing the equity–efficiency trade-offs within the healthcare system. Strengthening actual referral behaviors proved crucial for fully realizing the benefits of the TDT model.

引用本文：

Tang, D. S., Z. Zhang, X. Y. Wang, T. Bu and Q. S. Feng, 2025, "Equity–efficiency trade-offs in healthcare system reform: The perspective of tiered diagnosis and treatment in China," China & World Economy, Vol. 33, No. 3, pp. 150–96.

China & World Economy/ 197–233, Vol. 33, No. 3, 2025

De-financialization and the Increase in Corporate Research and Development Intensity: The Effects of China's 2018 New Asset Management Rules

Jiaxin Wang, Daxin Dong

Abstract

In 2018, China implemented the Guidelines on Regulating the Asset Management of Financial Institutions, a financial regulation aimed at restricting enterprises' financial investments through asset management products. This policy sought to curb corporate financialization and potentially impact other corporate activities. Treating this policy as a quasi-experiment, the present study employed a generalized difference-in-differences regression model to examine its effect on corporate research and development (R&D) from the perspective of de-financialization. Using data from Chinese listed companies spanning 2013 to 2022, the key findings are as follows: (i) The policy significantly boosted corporate R&D intensity. Enterprises with higher levels of financialization before the policy experienced a more substantial increase in R&D intensity after its implementation. (ii) Heterogeneity tests reveal that the positive effect of the policy on R&D was more pronounced for firms in high-tech industries, those with greater corporate transparency, and those receiving more government subsidies. (iii) The policy's impact on R&D was driven by the reallocation of resources from financial to real assets, as well as the alleviation of firms' financing constraints.

引用本文：

Wang, J. X. and D. X. Dong, 2025, "De-financialization and the increase in corporate research and development intensity: The effects of China's 2018 new asset management rules," China & World Economy, Vol. 33, No. 3, pp. 197–233.

China & World Economy/ 234–270, Vol. 33, No. 3, 2025

Historical Clans and Contemporary Human Capital

Yao Wang, Zhecong Zheng, Dawei Feng

Abstract

This study examines the long-term impact of historical clan strength on contemporary human capital development in China. Our findings reveal that historical clan strength had a significant positive effect on individual human capital, particularly in rural households, even after accounting for confounders and robustness checks. We observe that clan culture complemented the implementation of compulsory education in shaping contemporary educational outcomes. Mechanism analysis suggests that clan strength motivated parents to prioritize their children's education and increased the likelihood of low-income individuals receiving financial assistance from relatives and friends. However, we find no evidence that clan strength affected the allocation of public educational resources. These findings highlight the enduring role of cultural transmission mechanisms in human capital formation and underscore the importance of incorporating cultural factors into the design of educational policies.

引用本文：

Wang, Y., Z. C. Zheng and D. W. Feng, 2025, "Historical clans and contemporary human capital," China & World Economy, Vol. 33, No. 3, pp. 234–70.

China & World Economy/ 271–294, Vol. 33, No. 3, 2025

Rewards and Costs of Being a Mother: Motherhood and Women's Mental Health in China

Xiangpo Chen

Abstract

Women's well-being has gained increasing importance in global health agendas. This study employed longitudinal data from 36,144 women in China from 2010 to 2018 to investigate the impact of motherhood on women's mental health. Using a model that incorporated interactions between time trends and individual and household characteristics, the study revealed that women with newborns generally reported higher levels of mental well-being. However, those with toddlers aged 3–6 were more likely to experience symptoms of depression. The impact of motherhood on mental health was shaped by the interplay between the emotional benefits linked to hormonal changes and the emotional costs associated with childcare obligations. Access to supportive childcare services can help women alleviate the stresses of maternal responsibility, thereby enhancing their mental well-being. When adequate resources are available, motherhood may not pose significant challenges to women's mental health.

引用本文：

Chen, X. P., 2025, "Rewards and costs of being a mother: Motherhood and women's mental health in China," China & World Economy, Vol. 33, No. 3, pp. 271–94.

来源：中国社科院世经政所