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  • 1
    Online Resource
    Online Resource
    State-owned firms behind China’s corporate debt (2019)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 50 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1536
    Keywords: Öffentliches Unternehmen ; Verbindlichkeiten ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Graue Literatur
    Abstract: While China’s overall debt-to-GDP ratio is not particularly high, its non-financial corporate debt relative to GDP is higher than in other major economies. State-owned enterprises account for over three quarters of that debt with a size exceeding GDP. This paper provides insights into the size of debt, leverage and debt service burden by various non-financial SOE groupings including by size, extent of state ownership, level of the owner, broad and detailed sector and region. Although the debt stock of local SOEs increased the fastest, firms under government agencies leveraged up more quickly and their debt service burden also grew most rapidly. SOEs in services industries increased their debt fastest, in particular in social services, transportation, real estate and construction. In turn, warehousing and real estate firms have the highest leverage. Firms in the three provinces of Xinjiang, Shanxi and Qinghai rank among the top five in all the three indicators of debt to revenues, leverage and debt service burden. Large SOEs owe most debt and leveraged up, while small and medium-size ones reduced their leverage. The surge in the debt service burden of small SOEs coincided with an increase in state assets in this group of firms. Sector-wise, state assets increased most in competitive industries. Empirical analysis shows that higher leverage and labour productivity are more conducive to a surge in SOE debt. Such surges appear to be triggered by falling interest costs, pointing to the role for easy monetary conditions in the rapid SOE debt accumulation. Recent corporate governance reforms of SOEs will likely act as disciplining device on SOE borrowing.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/7c66570e-en
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
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  • 2
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    Corporate governance and firm performance in China (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 38 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1421
    Keywords: Corporate Governance ; Produktivität ; Board of Directors ; Managervergütung ; Eigentümerstruktur ; Institutioneller Investor ; Unternehmenserfolg ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: A key priority in China’s “new normal” period -- where returns on investment are slackening -- is corporate governance, which could lead to enhanced productivity by a better management of resources at the firm level. Corporate governance principles for listed firms follow global best practices, though their history is relatively short and the Chinese stock market has a number of features, which make the investigation of the impact of various corporate governance practices on firm performance of particular interest. Productivity is considered as a major measure of firm performance, but for comparison accounting indicators are also used to check the impact of selected corporate governance practices using firm-level data of listed firms between 1999-2015. The results are broadly in line with the existing literature: once controlling for endogeneity, there is no evidence that a greater share of independent directors boosts firm performance in general. At the time when the requirement that at least one third of directors must be independent was introduced in 2002, however, profitability improved. A greater salary gap between executives and staff hurts productivity, but boosts ROA and ROE, which are often among the objectives of executives and thus encourage them to seek short-term returns, even at the expense of productivity. While volume-based growth may lead to higher performance by the accounting ratios, it does not necessarily guarantee higher productivity. If such an expansion is debt financed, it can even harm productivity. Excessive ownership concentration appears harmful, but a certain degree of concentration may improve performance. Institutional investors, even though may own only a tiny fraction of shares, are found to boost firm performance. This Working Paper relates to the 2017 OECD Economic Survey of China (www.oecd.org/eco/surveys/economic-survey-china.htm).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/0d6741fd-en
    URL: Volltext  (kostenfrei)
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  • 3
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    Urbanisation and household consumption in China (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1434
    Keywords: Urbanisierung ; Privater Konsum ; Arbeitsmigranten ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper focusses on the link between urbanisation and consumption behaviour in China. Urbanisation is defined here as rural people moving to cities to work and migrant workers in cities obtaining urban residential status, against the backdrop of government plans to settle 100 million rural dwellers into cities and grant urban residential status to another 100 million migrant workers who already reside in cities. Using household data of the China Family Panel Studies dataset, the paper investigates the impact of those residential status changes on household consumption. The results of the analysis suggest that moving up the residential ladder in this way will likely result in increased consumption by almost 30% for both groups of people and thus contribute to rebalancing of the economy. Higher incomes and longer times in education are important drivers of this process, while a greater number of children in the family discourages consumption. This Working Paper relates to the 2017 OECD Economic Survey of China (www.oecd.org/eco/surveys/economic-survey-china.htm).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/d8eef6ad-en
    URL: Volltext  (lizenzpflichtig)
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  • 4
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    Recent trends in productivity in China : shift-share analysis of labour productivity growth and the evolution of the productivity gap (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (16 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1221
    Keywords: 2000 - 2011 ; Produktivitätsentwicklung ; Arbeitsproduktivität ; Produktionspotenzial ; Industrie ; Dienstleistung ; BRICS-Staaten ; Indonesien ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The Chinese economy has been undergoing fundamental structural changes since the start of reforms in 1978. An increasing number of farmers first got engaged in off-farm activities and then started to migrate to cities in the 1990s in search of jobs. Such movement of labour from less to more productive jobs boosted overall labour productivity and growth. Agglomeration and scale economies further pushed up productivity. While the productivity gains from internal migration will diminish gradually over time, urbanisation is likely to remain an important source of productivity growth in the coming decade or so. This paper first decomposes labour productivity growth over 2000-11 into a within-industry, a shift and a cross effect in a number of countries and compares China with other countries over this period. This shift-share analysis also allows a comparison of within-sector productivity gains across a large number of sectors and countries. Labour productivity alongside total factor productivity is also discussed from the perspective of its gap with the United States and growth rate over 2000-11 and in comparison with other BRIICS economies. In this analysis, manufacturing and service industries are looked at separately. This Working Paper relates to the 2015 OECD Economic Survey of China www.oecd.org/eco/surveys/economic-survey-china.htm
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1j15rj5zt-en
    URL: Volltext
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  • 5
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    A snapshot of China's service sector (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (37 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1217
    Keywords: Öffentliches Unternehmen ; Arbeitsproduktivität ; Logistikdienstleister ; Transportgewerbe ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The share of the tertiary sector in China’s value added has increased steadily, overtaking the share of the secondary sector in 2013. With increasing incomes, the share of services is expected to grow further as at higher incomes a larger share of income is spent on services. In addition to final demand, intermediate demand can be another driving force for service industries. As liberalisation leads to a greater role for the market in allocating resources, service industries are expected to become more competitive and therefore it may become cheaper to outsource services than to produce them in-house. Liberalisation will likely also lead to greater specialisation to remain competitive, thereby making specialised services available for outsourcing. This will likely spur the development of some high value-added logistics services such as warehousing or order handling. By the same token, professional services such as accounting or engineering are also likely to benefit from a greater reliance on the market and greater competition. In the envisaged transition from “made in China” to “created in China”, the service sector is expected to play a prominent role. To that end, the service sector is gradually being provided a more even playing field as privileges for manufacturing industries are being withdrawn and a more equal treatment of producers across sectors is being adopted. This paper provides a snapshot of the service sector, its size, the ownership of its firms, and productivity across types of firms depending on ownership, sector, age, size and geographical region. This Working Paper relates to the 2015 OECD Economic Survey of China www.oecd.org/eco/surveys/economic-survey-china.htm.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1j19lhbkl-en
    URL: Volltext
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  • 6
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    Assessing China's skills gap and inequalities in education (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (28 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1220
    Keywords: Fachkräfte ; Bildungschancen ; Berufsbildung ; Berufsbildende Schule ; Akademiker ; Familienstruktur ; Bildungsfinanzierung ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: In recent years, many tertiary graduates have had difficulties finding a job, while factories have been struggling to recruit workers. Notwithstanding rapidly increasing education attainment, graduates’ skills do not seem to match those demanded by the market. Moreover, structural changes in the economy aggravate the shortage of skills in newly emerging industries. While the problem is widely recognised, empirical studies of the issue are scarce and the skills gap has not been quantified. This paper aims at gaging the skills and knowledge gap of tertiary graduates of universities and vocational colleges across China. It also looks at the employment and wage prospects of graduates with different educational backgrounds. Inequalities in educational opportunities, stemming in particular from the urban-rural divide and to a lesser extent from the social background, shape careers and lives. The best primary and middle schools are located in the biggest cities and until recently children competed for a place at such schools. In third and fourth-tier cities or in rural areas, in contrast, there are fewer choices and thus less chance to get into a “model” high school or a top university. The family background also tends to have an impact on the choice of a school or profession and on future earnings. This paper discusses various aspects of inequalities related to the place of upbringing, family background and geographical area. Micro-level data analysis is complemented by an investigation into inequalities of various aspects of education at the city and county levels. This Working Paper relates to the 2015 OECD Economic Survey of China www.oecd.org/eco/surveys/economic-survey-china.htm
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1j1805czs-en
    URL: Volltext
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  • 7
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    Providing the right skills to all in China : from "made in China" to "created in China" (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (41 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1219
    Keywords: Bildungschancen ; Berufsbildung ; Fachkräfte ; Binnenwanderung ; Bildungspolitik ; Humankapital ; Innovation ; China ; Economics ; China, People’s Republic ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: China has made impressive strides in education in recent decades, even though the accumulation of human capital has lagged behind that of physical capital. Going forward, access to and quality of education will be key to sustain economic convergence with the most advanced economies and to offset the drag exerted by population ageing. This will require addressing a number of problems. Access to pre-school education is still far from universal. Migrants’ children as well as rural and poor families are still at a major disadvantage at every step of the education ladder. The focus on rote learning and exams remains excessive. More bridges are needed between vocational and general education. Graduating students often struggle to find a job matching their expectations and employers do not always find the requisite skills. Despite a soaring number of Chinese patents, the quality of most patents is still low and innovation output is weak. Reforms are underway to address these problems but further progress is needed in various areas against the backdrop of rapidly evolving market demands and the development of the knowledge economy. Among the priorities are more and better oriented funding of education, giving greater opportunities to children with a socio-economic or physical disadvantage, reducing the role of after-school tutoring, focusing less on memorisation and more on creativity, enhancing the appeal of the teaching profession, improving students’ information on labour market prospects, developing workplace training, making greater use of online education potential, and more effectively nurturing research and innovation. This Working Paper relates to the 2015 OECD Economic Survey of China www.oecd.org/eco/surveys/economic-survey-china.htm
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1j18g4tlx-en
    URL: Volltext
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