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China is a major energy import powerhouse, its trade deals have significant impact on international energy trade and global energy markets. The purpose of this paper is to explore the role of energy in China’s preferential trade agreements (PTAs) and their impact on Chinese imports of oil, gas and coal.

An extended trade gravity model framework is applied to explore the dynamics of China’s annualized energy import flows from the 22 economies that have PTAs with it for the period 1995–2015.

The effect of PTAs on trade patterns varies across the product groups and agreement clauses. The dominant factor affecting trade flows of coal, crude oil and oil products is the average tariff level. Its impact is less significant for gas imports, which are more affected by policy arrangements represented by a PTA variable. The depth and scope of a PTA do not affect Chinese energy imports patterns.

This paper is focused on exploring the effect of China’s trade and foreign relations strategies on its energy imports through the prism of its PTAs. Estimating the direct impact of China’s initiatives in the areas of trade, investment, security, culture, etc., on its trade flows of energy products and other product groups using the methodological framework proposed in this study would contribute to better understanding of the issue.

The findings can assist both China and energy exporting countries that target Chinese market in better understanding the drivers of trade flows of energy products and design their PTA strategies accordingly.

This study applies the trade gravity model framework to assess the impact of specific components of preferential trade agreements – tariff reduction and depth and scope of agreement – on energy trade flows differentiated by product group.

The aim of this paper was to focus on China’s economic integration with Asia region and the world. It also attempts to find the long-run relation with short-run dynamics of China’s trade in Asia and the world.

The augmented Dickey–Fuller and Phillips–Perron methods are applied to test the time-series properties of the variables. Co-integration technique is used to detect the economic integration of China’s export to the USA and its import from Asian nations using monthly aggregate data from December 2005 to July 2010.

This study observed that empirically China’s export to the USA depends on exchange rate and China’s import from Asia depends on China’s export to the USA. China has double role in international trade – China acts as an attractor of all inputs from Asia, and China exports the final products in international market. This study also reveals that the speed of China’s import from Asia is faster than that of China’s export to the USA.

This study has some limitation in terms of data availability, and choice of methodology like the Gravity model

The results imply that China’s trade should be treated as an engine of growth in the Asian developing countries and the trade promotion policies should be encouraged. The emerging China will create other opportunities through trade integration with Asia and the world.

These empirical findings will help policy-makers formulate their policy and design the mechanism for application as per their targets.

China is economically integrated with the region and the world. The paper contributes to measure the speed of China’s export and import in short run within Asia and the world. These empirical findings will help policy-makers to formulate their policy and design the mechanism for application as per their targets.

The author explains how the story of China geo-political vision has recently taken a new turn under the leadership of Xi Jinping, and signals a major shift towards a more expansive and outward-looking economic policy.

Understanding more fully what is happening in the latest phase of China’s modern resurgence is a strategic imperative for both public policy analysts and corporate leaders with global interests and ambitions.

China is now convinced that extending its ‘infrastructure and connectivity” focus outwards in this way will help ‘to dismantle investment barriers, create new trade routes, improve international logistics and deepen financial integration.’

Beijing is ‘adamant’ that it should not be called a ‘plan’ or a ‘strategy’ lest it ‘be interpreted as ruse to build a vast economic empire.’

China's BRI extends beyond ports, railways and highways to other major types of infrastructure including oil and gas pipelines, electricity power plants and telecommunications networks. So the invitation to be part of BRI presents ‘a vast economic carrot,’ and the prospect of becoming major hubs on emerging new pan-regional trade routes is enormously attractive to many of China’s underdeveloped neighbors. 10;

The purpose of this paper is to provide a timely review and analysis of China's regional trade agreements, its motivations, and its economic implications for Association of Southeast Asian Nations (ASEAN)‐China Free Trade Agreement (ACFTA) member countries and other trading partners.

The paper uses the SMART model of the World Integrated Trade Solution to quantify the economic implications of the ACFTA on merchandise trade flows among member countries and other trading partners. Then, for comparative purposes, the impact of two possible paths beyond the ACFTA is simulated: an East Asia Free Trade Agreement (EAFTA) and the possible Doha Round multilateral trade liberalization.

The paper finds that, if regional and bilateral trade arrangement (RTA) were only concentrated in tariff reductions, the impact on trade flows would be quite limited. China's trade liberalization will bring the similar impacts to ASEAN in three of the scenarios modeled. Japan and Korea would get more market access to China if an EAFTA were to become reality. Only in a multilateral liberalization would all RTA member countries and the rest of the world benefit.

Three limitations are noteworthy. First, these types of models capture only static gains from trade. Second, the simulations do not include services liberalization, which could readily provide benefits in several multiples of merchandise trade, and third, it is assumed that full removal of all border barriers at once, in a multilateral scenario, would be of illuminating heuristic value but is unlikely to occur in reality.

The paper demonstrates the wisdom of China's simultaneous pursuit of unilateral, regional and multilateral liberalization – because the wider the trading group involved in the liberalization, the more China and its partners will benefit. The tariff reductions in RTAs will have limited effects on expanding merchandise trade, especially when compared with comprehensive and multilateral liberalization agreements.

Using volatility cones as the estimate of actual volatility instead of GARCH models, the purpose of this paper is to explore whether volatility arbitrage strategy can provide positive profits and how the transaction costs existed in the real market affect the effectiveness of volatility arbitrage strategy.

A number of hedging approaches proposed to improve the hedging results and final returns of Black-Scholes model are analyzed and compared.

The general finding is that volatility arbitrage strategy can provide satisfactory returns based on the samples in Chinese market. Regarding transaction costs, the variable bandwidth delta and delta tolerance approach showed better results. Besides, choosing futures together with ETFs as hedging underlying can increase the VaR for better risk management.

This paper offers a new method for volatility arbitrage in Chinese financial market.

This paper researches the profitability of the volatility arbitrage strategy on ETF 50 options using volatility cones method for the first time. This method has advantage over the point-wise estimation such as GARCH model and stochastic volatility model.

Why do managers redesign global supply chains in a particular manner when faced with compounding geopolitical disruptions? In answering this research question, this study identifies a constrained system of reasoning (decision-making logic) employed by managers when they redesign their supply chains in situations of heightened uncertainty.

The authors conducted 40 elite interviews with senior supply chain executives in 28 companies across nine industries from November 2019 to June 2020, when the UK was preparing to leave the European Union, the US–China trade war was escalating, and Covid-19 was spreading rapidly around the globe.

When redesigning global supply chains, the authors find that managerial decision-making logic is constrained by three distinct environmental ecosystem conditions: (1) the perceived intensity of institutional pressures; (2) the relative mobility of suppliers and supply chain assets; and (3) the perceived severity of the potential disruption risk. Intense government pressure and persistent geopolitical risk tend to impact firms in the same industry, resulting in similar approaches to decision-making regarding supply chain design. However, where suppliers are relatively immobile and supply chain assets are relatively fixed, a dominant logic is consistently present.

Building on an institutional logics perspective, this study finds that managerial decision-making under heightened uncertainty is not solely guided by institutional pressures but also by perceptions of the severity of risk related to potential supply chain disruption and the immobility of supply chain assets. These findings support the theoretical development of a novel construct that the authors term ‘supply chain logics’. Finally, this study provides a decision-making framework for Senior Executives competing in an increasingly complex and unstable business environment.

This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market equilibrium price, in which traders' momentum, reversal and interactive behaviors play roles.

The authors select intraday cumulative trading volume distribution over price as revealed preferences. An equilibrium price is a price at which the corresponding cumulative trading volume achieves the maximum value. Based on the existence of the equilibrium in social finance, the authors propose a testable interacting traders' preference hypothesis without imposing the invariance criterion of rational choices. Interactively coherent preferences signify the choices subject to interactive invariance over price.

The authors find that interactive trading choices generate a constant frequency over price and intraday dynamic market equilibrium in a tug-of-war between momentum and reversal traders. The authors explain the market equilibrium through interactive, momentum and reversal traders. The intelligent interactive trading preferences are coherent and account for local dynamic market equilibrium, holistic dynamic market disequilibrium and the nonlinear and non-monotone V-shaped probability of selling over profit (BH curves).

The authors will understand investors' behaviors and dynamic markets through more empirical execution in the future, suggesting a unified theory available in social finance.

The authors can apply the subjects' intelligent behaviors to artificial intelligence (AI), deep learning and financial technology.

Understanding the behavior of interacting individuals or units will help social risk management beyond the frontiers of the financial market, such as governance in an organization, social violence in a country and COVID-19 pandemics worldwide.

It uncovers subjects' intelligent interactively trading behaviors.

The purpose of this paper is to study the impact of economic factors on foreign direct investment (FDI) inflows into Asian region before and after the COVID-19 pandemic.

The study used the generalized method of moments (GMM) technique to examine the impact of economic growth, domestic investment and trade openness on FDI in the Asian region, in two periods from 1996 to 2018 and from 2019 to 2020.

In the pre-COVID-19 period, the estimated result shows that the economic growth, domestic investment, imports and exports positively impact FDI. In the post-COVID-19 period, the FDI is influenced by the strength of the economic characteristics of the region. The main findings indicate that economic growth has a positive and significant effect on FDI inflows into Asia. The findings also show that the economic resilience to attract FDI in Asia is significantly affected by economic growth and positively affected by trade openness and government responses during the pandemic.

The study suggests the Asian governments increasing the domestic investment and improving the quality of trade openness.

This study aims to examine the influence of stock liquidity on the trade credit of publicly listed companies in Saudi Arabia.

In this study various econometric models were used to test the data of 900 firms listed in Saudi Arabia during the period of 2010–2019.

The robust results of the various econometric models indicate that firms are more willing to offer trade credit to customers when stock liquidity is greater; however, they are less likely to rely on obtaining more payables from suppliers. The findings further indicate that payables and receivables are indeed related, but not exclusively, in the sense that more payables lead to more receivables. The study also reveals a pattern of persistence in payables and receivables during the period of study.

The sample of the present study is only made up of Saudi listed companies. Future research could extend the sample of this study taking into account listed firms in the Middle East and North Africa (MENA) region as a whole so as to gain more insights from the entire region including oil-producing and non–oil-producing countries. More studies are needed to further examine the impact of alternative options for credit access and their linkage to stock liquidity. Finally the difference in difference (DiD) method of analysis as quasi experimental method can be another extension of this research.

The findings would provide implications for managers and investors by recognizing the potential role of stock liquidity in affecting trade credit and understanding the association between the stock liquidity and trade credit. Management of the firms should look for the ways to enhance the stock liquidity of the firms so as to help in reducing the extreme debts usage and therefore, alternative source of funds can be available accordingly. Once the advantage of stock market is identified, firms' managers should search for chances and policies that can promote stock liquidity and hence make use of the advantages of being liquid.

This paper provides new evidence from the emerging market, particularly the Saudi Arabia. The attempt is one of the first in the region to broaden the knowledge about the effects of stock liquidity on trade credit. It provides market participants with insights on the role of stock liquidity in financial flexibility.

The purpose of this paper is to study key economic strategies in Asia laid out by the Chinese Government since Xi Jinping became the General Secretary of the Central Committee of the Communist Party of China.

The paper is composed of six parts. The first part analyzes China’s Asian trade strategy with a focus on the free-trade agreement. The second part elaborates the Asian finance and currency strategy with the core being the regionalization of RMB. The third part introduces China’s newly proposed Belt and Road Initiative (B&R). The fourth part deals with the China–USA economic relationship with a view to China’s economic strategy in Asia. The fifth part explains China’s domestic economic policy which forms the basis of the Asian Economic Strategy.

A marked change has taken place in China’s economic strategy in Asia, namely, giving more consideration to how to offer more public goods to the region. This is natural as China’s economic power is developed to a certain level and it is highly related to China’s attempt to growing its economic influence in this region. China believes that the B&R Initiative and Asian Infrastructure Investment Bank are both public goods China has provided to Asia. China’s economic strategy in Asia demonstrates that China, as a rising power, though faced with domination of established power and the original regional economic rule system, still promotes the cooperation, integration, participation and development of this region. In general, China’s economic strategy in Asia offers an alternative for countries in this region so that Asian countries can better safeguard their rights amid China–America competition, and a new Asian economic order can be better built.

The paper contributes to the researched area of China’s economic strategy in Asia by comprehensively elaborating its trade, money, B&R Initiative and so on. This paper also shows the major challenges of China’s economic strategy in Asia and therefore is helpful to fully understand China’s economic statecraft.