The State of China’s State Capitalism

1. Front Matter

   Pages i-xxiii

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2. Land and Debt

   1. Front Matter

      Pages 1-1

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   2. Fiscal Decentralization, Yardstick Competition in Determining Chinese Local Governments’ Land Conveyance Behavior

      • Wenyin Yang, Yang Chen

      Pages 3-30

   3. Determinants of the Urban Investment Bonds in China

      • Daike Li, Yang Chen

      Pages 31-53

3. Real Estate Sector

   1. Front Matter

      Pages 55-55

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   2. China’s Housing Price: Where Are the Bubbles?

      • Xiaocong Zhang, Juann H. Hung

      Pages 57-94

   3. When Wanda Plaza Comes to the Yangtze River Delta: Will the Land Prices Increase?

      • Ziwei Zhang, Yang Chen

      Pages 95-113

4. Energy and Environment

   1. Front Matter

      Pages 115-115

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   2. Forecasting the Carbon Price in China Pilot Emission Trading Scheme: A Structural Time Series Approach

      • Zhao Mengdi, Soo Keong Yong

      Pages 117-139

   3. The Energy Paradox: Evidence from Refrigerator Market in China

      • Yuxiang Ren, Fushu Luan, Hui Zhou

      Pages 141-162

5. Income Inequality

   1. Front Matter

      Pages 163-163

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   2. Income Inequality in China and the Role of Fiscal Policies: An Empirical Study of Chinese Provincial Data

      • Fan Zhang, Juann H. Hung

      Pages 165-196

   3. Does Economic Inequality Matter for Nationalism?

      • Rui Qian, Juann H. Hung

      Pages 197-218

   4. The Rise in China’s Gender Income Inequality

      • Qi Sun, Juann H. Hung

      Pages 219-236

6. Foreign Direct Investment

   1. Front Matter

      Pages 237-237

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   2. Inward FDI and Economic Growth: A Comparative Analysis of China Versus India

      • Ma Yingxi, Juann H. Hung

      Pages 239-262

   3. The Role of the Exchange Rate in China’s Outward Foreign Direct Investment

      • Xinyun Ding, Nimesh Salike

      Pages 263-285

7. Corporate Finance

   1. Front Matter

      Pages 287-287

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   2. Corporate Marginal Tax Rate Estimation: Evidence Based on China’s Listed Companies

      • Jin Nong, Yang Chen

      Pages 289-310

   3. The Optimal Model for Operating Cash Flow in Chinese Industries

      • Xiaoyang Tan, Lingyan Zuo

      Pages 311-346

This book comprises a collection of well-researched essays on selected contemporary economic and finance issues in China, making a timely contribution to the intellectual intercourse regarding the implications of China’s rise. These essays analyze issues related to  the state of China’s ecology, real estate market,  inbound and outbound FDI, income inequality, etc., and offer analysis on the policy and institutional causes of those issues. Readers will be able to infer their implications for business opportunities in China and the tradeoff / tension between economic growth and social welfare. Moreover, this book introduces an array of data and data sources useful to scholars and practitioners interested in studying the Chinese model of economic growth. This book will be a valuable resource to journalists and scholars trying to  gain insight into China’s extraordinary  pace  of growth in the past three decades.

• Chinese Development
• Chinese Globalization
• Environmental Development
• Urbanization
• Real Estate Bubble

• Xi’an Jiaotong-Liverpool University, Suzhou, China

  Juann H. Hung, Yang Chen

Juann Hung is an Associate Professor at International Business School Suzhou, Xi’an Jiaotong-Liverpool University. She has years of experience as an economist at the Federal Reserve Bank of New York, and then as the lead international analyst at the U.S. Congressional Budget Office. Her research is mainly on policy-related issues, such as effectiveness of foreign exchange intervention, macroeconomic effects of globalization, and the implications of China’s growth model. Her research has been published as book chapters, policy and issue briefs, as well as papers in leading research journals.


Yang Chen is a Lecturer at International Business School Suzhou, Xi’an Jiaotong-Liverpool University, China. Her research interests mainly include urban economics, Chinese economy and development issues. She has published in leading research journals such as Cambridge Journal of Regions, Economy and Society, Urban Studies, Journal of Regional Science, Economic Letters, International Journal of Finance and Economics, Asia and Pacific Journal of Management, and Economic Modelling. 

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