Search Results (64)

This paper examines the high-frequency impact of tariff rhetoric on financial markets, a topic largely unexplored in existing literature. Unlike previous studies that focus on the long-term, macroeconomic effects of enacted trade policies, our research utilizes a novel, sentiment-based proxy variable for non-legislated tariff announcements. We demonstrate that political communication itself—not just formal policy changes—is a potent source of investor uncertainty and market volatility. Our analysis, employing a multi-model framework including VAR and EGARCH models, reveals several key findings. We find that trade-related shocks contribute significantly to market volatility by altering investor expectations and increasing perceived risk. A key discovery is a unique unidirectional causality where shocks to the S&P 500 preceded changes in our tariff variable, suggesting that market movements can influence policy rhetoric. Furthermore, our EGARCH analysis uncovers distinct volatility characteristics across asset classes, including an atypical positive asymmetry in the Chinese CSI 300. These results collectively provide robust empirical evidence that tariff rhetoric has a measurable and significant impact on asset prices and disproportionately increases market volatility, highlighting the need for policymakers to consider the financial market implications of their public statements. Full article

This article examines the historical evolution, contemporary dynamics, and future trajectory of China’s legal and judicial framework for pangolin protection. By reviewing over seventy years of regulatory changes, case law, and policy implementation, it outlines three distinct phases: the early emphasis on pangolins as medicinal and export resources (1949–1989); the phase of conflicted protection and utilization under regulatory expansion (1989–2020); and the post-2020 shift toward judicial activism and ecological civil litigation. We then highlight the long-standing contradiction between legislative protection and continued medicinal use, particularly the centuries-old use of pangolins and their derivatives in traditional Chinese medicine, a practice still acknowledged within certain state policies and regulatory frameworks, showing how these inconsistencies enabled persistent illegal exploitation despite regulatory controls. Through systematic analysis of public court records and case databases, the policy historical records reveal a marked increase in environmental public interest litigation since 2020. These lawsuits, often attached to criminal prosecutions, signal a transition from merely punitive approaches to restorative ones—anchored in ecological valuation of species and their services. Case studies illustrate how courts now impose not only wildlife resource loss fees, but also punitive damages and compensation for ecological service function loss. The article will elaborate in detail on the distinctions and interrelations among these types of compensation. The landmark Case No.17 also demonstrates this paradigm shift, wherein courts recognized pangolins’ role in balancing forest ecosystems. However, significant challenges persist. Valuation methodologies lack uniform standards; while the ecological value of pangolins has been recognized, their inherent value as individuals has not been emphasized within the legal system; judicial discretion varies across jurisdictions; and public interest organizations remain underutilized in litigation. Moreover, while the crackdown on organized crime succeeded in curbing mass trafficking, smaller-scale violations tied to cultural consumption for medicine use persist. The article concludes that judicial innovations, such as ecological judicial restoration bases and integration into China’s draft Ecological Environment Code, offer promising pathways forward. To enhance efficacy, it calls for standardization in ecological valuation, strengthened civil society participation, and nuanced differentiation in penal strategies between minor and serious offenses. This study ultimately positions judicial reform as the cornerstone of China’s evolving pangolin conservation strategy. Full article

Since 2008, the Chinese government has been intensively implementing policies to control plastic pollution. This study employs text mining and scientific statistical methods to quantitatively analyze 223 policy documents spanning the period from 2008 to 2025. The novelty of this study is associated with the analysis of temporal coherence, content complementarity and subject collaboration in the field of policy aimed at limiting the use of plastic and the development of a universal methodology for the design of complex environmental policies. The results show that policy releases peaked in 2008 and 2020. The average number of policies issued by each province in the eastern region is the highest, with 6.8 items. In terms of policy content, A3, B3, and C3 are the most prominent policy objectives, means and safeguard measures, respectively. The synergy of policy content indicates that market-oriented policies have stronger implementation, for example, the synergy strength between A2 and B2 is 0.7467. The synergy between legislative and enforcement policies is insufficient. For example, the synergy strength between A1 and B1 is only 0.2903. The regional synergy decreases from southwest to northeast. The northeast region lags comprehensively. In terms of time, the similarity of policy texts between 2021 and 2023 remained stable (0.3256–0.3666). The three-dimensional framework offers an approach to policy synergy evaluation. It indicates that the core governance framework of the Chinese Government has strong continuity. This study also has positive value for global environmental protection, such as reducing plastic pollution. Full article

In pursuit of a higher-quality post-pandemic economic recovery, Chinese authorities have accelerated the development of the e-CNY. This study posits that the e-CNY distinguishes itself from other payment instruments through its controlled anonymity, programmability, and non-interest-bearing attributes. By analyzing patents filed by the Digital Currency Research Institute of the People’s Bank of China between 2016 and 2023, the paper elucidates potential implementation strategies for these distinctive features. The findings suggest that the e-CNY may facilitate a zero-interest accrual model within the prevailing legal framework. Restricted authority access and the anonymity ensured by encrypted data further allow users to maintain a high degree of confidentiality. Additionally, conditional automatic transfers—a prominent function in the e-CNY’s smart contracts—mirror traditional automatic transfers for directed fund utilization without impeding the circulation of fiat currency. The People’s Bank of China has sought to thoughtfully integrate these functionalities into its Central Bank Digital Currency framework, aiming to minimize potential conflicts with existing legal standards. Instead of relying solely on extensive legislative revisions, China’s experience illustrates how deliberate and incremental CBDC design choices can reconcile regulatory compliance with innovative technological advancements. Full article

(1) Background: In recent years, meat alternatives, including plant-based and animal cell-cultured meat, have attracted substantial interest among Chinese food science researchers and consumers, prompting considerable debate; (2) Methods: This study utilizes qualitative research methods, specifically focus group interviews with 59 participants across five administrative regions and seven cities in China, to explore consumer knowledge, perceptions, and potential acceptance of meat substitutes; (3) Results: The findings reveal that Chinese consumers generally exhibit a low level of understanding of new meat substitutes, particularly animal cell-cultured meat. Although participants acknowledge the potential environmental, resource-saving, and animal welfare benefits associated with meat substitutes, they also express concerns about perceived risks, such as artificial taste, high costs, market monopolization, diminished consumer welfare, and adverse impacts on traditional animal husbandry and employment. Despite a willingness to try meat substitutes, the regular purchase and consumption of these remain limited. The acceptance of meat substitutes is influenced by factors including personal characteristics, price, safety, and the authenticity of taste; (4) Conclusions: The study concludes that legislative support, technological advancements in production and regulation, price reductions, and the establishment of a robust traceability system may enhance consumer confidence and acceptance of meat substitutes in China. Full article

China has strong traditions of respect for animals, but momentous changes in recent history have changed society dramatically, and it cannot be assumed that animal welfare is always good. Farm animal production is being intensified rapidly, which can reduce resources offered to animals, in particular space for comfortable living. However, amongst workers in the animal industries, there is little optimism about their ability or need to improve animal welfare. Nevertheless, there is growing attention to animal welfare science in China, which is focused on remote sensing and technological approaches. The Chinese government currently has relatively little involvement in supporting good animal welfare standards, although legislation is in place. Attitudes are influenced by many factors, including the law, age, experience, occupation, and gender. The relatively strong involvement of women in caring for farm animals is encouraging as they tend to have more empathetic attitudes toward animals. It is concluded that attitudes are changing rapidly, but so are animal production systems, which make the development and improvement of animal welfare on farms especially important. Full article

This paper presents a case study on intelligent connected vehicle data. Intelligent connected vehicles (ICVs) gather comprehensive road data throughout operation to facilitate vehicle automation and enhance user experiences. However, this technological innovation presents new concerns for data security and privacy. This study employs case study analysis to examine the data protection provisions of the top ten ICV companies in China and the governmental rules pertaining to data utilization. The findings indicate that these organizations do not completely adhere to the legal rights afforded to consumers, resulting in possible data security vulnerabilities. To improve this situation, the Chinese government ought to explicitly specify the regulatory responsibilities of the National Security Council (NSC) and the Ministry of Industry and Information Technology (MIIT) via regulations. Furthermore, the government should use media to educate the public about their data rights. These initiatives seek to aid the Chinese government in promptly updating legislation and efficiently controlling data breach threats as ICVs increase. Full article

Sustainable forest management plays a crucial role in climate change mitigation and adaption, as well as the achievement of the 2030 Sustainable Development Goals (SDGs). Recognizing the significance of sustainable forest management, China has implemented a range of the legislative measures and policies for the conservation and restoration of key forest ecosystems and has launched the Three-North Shelterbelt Forest Program and other key forest programs, resulting in an increase in forest coverage and forest carbon sinks. In addition to forestry ecological restoration projects (FERPs) initiated by the administration and project developers, the Chinese courts have also actively engaged in exploring various strategies to enhance forest carbon sinks. In both criminal and civil cases, afforestation and reforestation activities, buying forest carbon credits, and participation in forest management and other restoration activities by offenders have been regarded as factors in determining legal responsibility. Moreover, the courts have also established forest restoration centers, either independently or in collaboration with local governments. These judicial innovations in China have provided positive incentives for the conservation, restoration, and sustainable management of forests, thereby significantly contributing to the achievement of the Climate Action Goals (SDG 13). However, these developments also raise several concerns, particularly the fair application of forest carbon sink mechanisms, the comparability in ecosystem service between damaged natural resources and compensatory measures, and the interconnection of the various SDGs. It is imperative to establish clear guidance on buying forest carbon credits, to develop standards and procedures to assess forest carbon sinks, and to strengthen cooperation between the judiciary and governmental agencies. Additionally, it is essential to integrate the forest carbon sink with broad economic development goals and social justice frameworks to ensure sustainable and inclusive outcomes. Full article

The European Union’s Carbon Border Adjustment Mechanism (CBAM) has not only accelerated the development of China’s energy policy, but it has also posed new obstacles. This paper aims to explore the influence of CBAM at various phases of its evolution on policy formulation for China’s six main high-emission industries. The policy analysis indicates that the Chinese government, in response to the demands of CBAM, has expanded its emission reduction programs. These now include sustainable energy endeavors, like hydrogen, alongside traditional high-emission industries. Moreover, the Chinese government has implemented 39 initiatives for energy conservation and emission reduction. These initiatives seek to restructure industrial frameworks via legislative modifications, enhance manufacturing methodologies, and establish stringent emission regulations. Nonetheless, there is insufficient adherence to policy implementation in China’s high-emission industries, failing to provide substantial reductions in emissions. In light of the demands from the CBAM carbon taxes and its own emission reduction objectives, the Chinese government has prioritized enhancing enforcement in the six main sectors. Full article

Zearalenone (ZEN) has been detected in both pet food ingredients and final products, causing acute toxicity and chronic health problems in pets. Therefore, the early detection of mycotoxin contamination in pet food is crucial for ensuring the safety and well-being of animals. This study aims to develop a rapid and cost-effective method using an electronic nose (E-nose) and machine learning algorithms to predict whether ZEN levels in pet food exceed the regulatory limits (250 µg/kg), as set by Chinese pet food legislation. A total of 142 pet food samples from various brands, collected between 2021 and 2023, were analyzed for ZEN contamination via liquid chromatography–tandem mass spectrometry. Additionally, the “AIR PEN 3” E-nose, equipped with 10 metal oxide sensors, was employed to identify volatile compounds in the pet food samples, categorized into 10 different groups. Machine learning algorithms, including liner regression, k-nearest neighbors, support vector machines, random forests, XGBoost, and multi-layer perceptron (MLP), were used to classify the samples based on their volatile profiles. The MLP algorithm showed the highest discrimination accuracy at 86.6% in differentiating between pet food samples above and below the ZEN threshold. Other algorithms showed moderate accuracy, ranging from 77.1% to 84.8%. The ensemble model, which combined the predictions from all classifiers, further improved the classification performance, achieving the highest accuracy at 90.1%. These results suggest that the combination of E-nose technology and machine learning provides a rapid, cost-effective approach for screening ZEN contamination in pet food at the market entry stage. Full article

Local governments excessively pursued an economic growth-oriented incentive system while neglecting air pollution control for a long time in China. The impacts of environmental assessment and public appeal could potentially promote environmental governance, thus reducing air pollution. Based on panel data of 30 Chinese provinces from 2003 to 2021, we obtain results using the OLS and GLS methods indicating that environmental assessment and public appeal significantly impact both local environmental governance investments and environmental legislation, with environmental legislation having a more significant effect. Compared to environmental letters and visits, environmental proposals from NPC (National People’s Congress) deputies and CPPCC (Chinese People’s Political Consultative Conference) members, as well as public online environmental concerns, have more significant positive impacts on environmental governance. Environmental governance can indeed reduce air pollution and is also affected by the personal characteristics of the officials. Officials who are in their second term or have transferred from other provinces are more willing to implement environmental governance. Older officials and those with higher education are also inclined towards environmental governance. Compared to provincial governors, the results are more significant for CCP (China’s Communist Party) secretaries. We also further perform a series of robustness tests and find that the effect still exists. The presented results provide valuable insights for the optimization of the roles of environmental assessment and public participation, contributing to reforming the environmental governance system in China. Full article

The innovative city pilot policy (ICPP) is a key policy practice in China’s innovation-driven economic strategy, yet its influence on urban energy use efficiency (UEUE) has yet to be assessed. This study used balanced panel data from Chinese cities from the period of 2006 to 2022 to investigate the impact of innovative cities on urban energy consumption efficiency. The double-difference method, which treats creative cities as quasi-natural experiments, was applied to identify the impact mechanism of these cities. Additionally, this study looked at heterogeneity from several angles and assessed the effects of the policy on the environment. Following thorough testing to guarantee the reliability of the findings of this study—such as changing variables, ruling out further policy interferences, and running placebo tests—it can be concluded that the pilot program significantly improves urban energy consumption. The mechanism analysis performed in this study shows that, via talent concentration, utilizing technology, and optimizing the industrial structure, the creative city pilot policies increase energy consumption efficiency. Additionally, a heterogeneity analysis shows that eastern cities and cities with a high degree of digital finance benefit most from the legislation in terms of energy consumption efficiency. The application of creative city pilot programs has a more noticeable effect on increasing the energy consumption efficiency in eastern cities, as well as in cities with a high degree of digital infrastructure and digital finance, according to the heterogeneity analysis. Furthermore, an environmental consequence test shows that, by encouraging the growth of UEUE, the development of innovative cities can successfully help to reduce carbon emissions. Full article

Because the PCAOB was unable to inspect audits of Chinese accounting firms until recently, regulators introduced legislation (HFCAA) potentially forcing Chinese companies to delist for non-compliance with PCAOB audit requirements. To understand the equity markets’ response to this legislation, we analyze the short-term (event study) and long-term stock performance of U.S.-listed Chinese firms relative to the stock performance of other foreign companies. We find that Chinese companies outperform other Asian firms for the Pre-HFCAA Period, but they underperform other Asian firms from the time the HFCAA was introduced (28 March 2019) until an agreement was reached (26 August 2022). For the post-agreement period (26 August 2022 to 31 December 2022), the performance of Chinese and other Asian stocks is similar. Between 28 March 2019 and 31 December 2022, a typical shareholder lost 76% of wealth, and, compared to other Asian companies, the losses were around 87%. The findings highlight the importance of regulatory compliance and transparency in maintaining investor confidence and protecting shareholders’ interests. Full article

This review offers a global overview of the status of laws governing sustainable food packaging materials. The review highlights the regulatory framework for several sustainable packaging options, including paper-based packaging, compostable materials, and biodegradable plastics. The review focuses on the European, Indian, South Korean, Japanese, Chinese, Australian, British, and American regulations. Generally, the trend towards sustainable food packaging legislation is anticipated to continue, with more nations and regions putting policies into place to cut waste and encourage a circular economy. This will probably spur the development of new environmentally friendly packaging materials and motivate companies to use greener methods. Full article

Historic urban landscape (HUL) are essential for preserving the cultural continuity of traditional Chinese villages. Utilizing heritage management approaches to manage historic urban landscapes has significant implications for innovating the governance of these villages. This study used traditional Southern Anhui villages as empirical case studies to determine the key heritage management principles of HUL governance. This underscores the public policy nature of urban heritage conservation and highlights the importance of balancing heritage conservation with sustainable development through the involvement of diverse stakeholders and interdisciplinary institutional instruments. This study examined the development history of heritage management in traditional villages in Southern Anhui, revealing the characteristics and challenges of four aspects: public participation, planning and guidance, legislation and regulation, and fiscal financing mechanisms. Furthermore, it proposed strategies for optimizing the heritage management mechanisms within the HUL framework. Full article