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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

Postal Subscription Code 80-978

Front. Econ. China    2020, Vol. 15 Issue (4) : 541-574    https://doi.org/10.3868/s060-011-020-0023-7
Orginal Article
China’s Exports during the Global COVID-19 Pandemic
Yi Che1(), Weiqiang Liu2(), Yan Zhang3(), Lin Zhao4()
1. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China
2. School of Economics, Shanghai University of Finance and Economics (SUFE), Shanghai 200433, China
3. School of Economics, Shanghai University of Finance and Economics (SUFE), Shanghai 200433, China
4. Institute for Advanced Research, Shanghai University of Finance and Economics (SUFE), Shanghai 200433, China
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Abstract

The global COVID-19 pandemic caused various economic contraction in most countries, including all of China’s major trading partners. Using a difference-in-differences model, this study examines the impact of the COVID-19 pandemic on China’s monthly exports from January 2019 to May 2020. We find strong and robust evidence that China’s exports to countries at high risk from the pandemic experienced a larger decline than exports to low-risk countries after the onset of the pandemic, with the prices of exports increasing significantly. Furthermore, the results of a triple differences model show heterogeneous effects across different industries and goods. Chinese industries located upstream in the global value chain are more vulnerable than those located downstream. Industries with high labor and contract intensity (proxies for processing trade) experienced greater declines than other industries. Exports of goods with high import elasticity of substitution experienced higher prices and moderate volume losses due to the pandemic.

Keywords China’s exports      COVID-19 pandemic      global value chain      processing exports      elasticity of substitution     
Issue Date: 06 January 2021
 Cite this article:   
Yi Che,Weiqiang Liu,Yan Zhang, et al. China’s Exports during the Global COVID-19 Pandemic[J]. Front. Econ. China, 2020, 15(4): 541-574.
 URL:  
https://academic.hep.com.cn/fec/EN/10.3868/s060-011-020-0023-7
https://academic.hep.com.cn/fec/EN/Y2020/V15/I4/541
[1] Yuqing Xing. How the iPhone Widens the U.S. Trade Deficit with China: The Case of the iPhone X[J]. Front. Econ. China, 2020, 15(4): 642-658.
[2] Qichun He. The COVID-19 Pandemic in a Monetary Schumpeterian Model[J]. Front. Econ. China, 2020, 15(4): 626-641.
[3] Yun Wang, Mingyang Yan. Past Experiences, Personality Traits, and Risk Aversion: Evidence from Individual Risk Attitudes during the COVID-19 Pandemic[J]. Front. Econ. China, 2020, 15(4): 575-625.
[4] Sven W. Arndt. Global Value Chains, Horizontal Intra-Industry Trade and the Heterogeneous Firm[J]. Front. Econ. China, 2018, 13(1): 68-82.
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