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AbstractInfrastructure development, central to the Belt and Road Initiative (BRI), is crucial for facilitating structural transformation. However, numerous critics contend that the Initiative serves as a tool for China to engage in debt-trap diplomacy, which fails to deliver actual development in Africa. Therefore, assessing whether BRI projects will facilitate the necessary structural transformation in these countries requires meticulous analysis. Given the extended project cycle typical of infrastructure development, evaluating the overall socioeconomic impacts of the BRI is challenging. Nonetheless, these projects are likely to be implemented as part of the expansion of China's existing model for overseas infrastructure projects. This model is characterized by a reliance on concessional loans and credit facilities for financing, and state-owned enterprises as contractors. Contrary to the debt-trap diplomacy narrative, our findings, based on panel data and staggered difference-in-differences analysis, indicate that Chinese projects have positively impacted multiple aspects of Africa's structural transformation process.

AbstractIn this paper, we define and analyze the sentiment‐styled index for the CSI 300 index futures in the Chinese futures market. Our sentiment‐styled index for the CSI 300 index futures from April 16, 2010 to April 30, 2019 is constructed by the first and second principal component analyses, rather than only by the first principal component analysis used in the Baker and Wurgler (Journal of Finance 61(4): 1645–1680, 2006) method. The sentiment‐styled index explains 78.38% of the sample variance. The vector error correction model is adapted to study the dynamics of cointegration of the sentiment‐styled index and the logarithmic futures price. We use the GARCH‐DCC model to illustrate the spillover effect between the sentiment‐styled index and the Chinese futures market. We show that this investor sentiment‐styled index does have the price discovery from the Granger causality and common factor weights and the hedging function from the Baba–Engle–Kraft–Kroner model empirically; furthermore, we use the curvature term of the sentiment‐styled index to determine the multiple unit roots. More empirical results for the sentiment‐styled index of the Chinese stock market, the sentiment‐styled index of the CSI 300 index futures, and the return of the CSI 300 index futures market are studied in this paper.

AbstractBy examining China's province‐level data, this paper uses governmental intervention theory to investigate the extent to which governmental policy interventions alleviate the impact of the COVID‐19 pandemic on local economic growth. Results suggest that stronger government intervention during COVID‐19 pandemic boost the economic recovery, and the effectiveness of governmental policy interventions is contingent on pandemic severity and local economic endowment. Specifically, facilitating effect of government intervention on economic growth is effective in all provinces, and the impact of government intervention is more pronounced in the province with more diagnosed cases, a high level of marketization and fiscal income.

<p>Through an analysis on the relationship among ceramic properties, the depth of penetration (DOP) test parameters and the ballistic performance of armour ceramics based on literatures, the effects of ceramic type, tile thickness and projectile velocity on the ballistic performance of different kinds of ceramics were investigated systematically. The results show that the ballistic performance of different armour ceramics mainly depends on its density, and by using thin ceramic tiles or under high velocity impact, the ceramic composite armour could not provide effective ballistic protection. Furthermore, the differences in the ballistic performance of armour ceramic are found due to the different ballistic performance criteria and DOP test conditions. Additionally, the slope of the depth of penetration (not include tile thickness) (Pa) versus tile thickness has negative correlation with flexural strength of ceramics, indicating the flexural strength can be one of the criteria to evaluate the performance of armour ceramics.</p>