China's financial services market in the post-pandemic period 2020–2021: Trends and development prospects

Subject. The article addresses the development of the financial services market of China in the context of overcoming the consequences of the COVID-19 pandemic in 2020–2021. Objectives. The focus is on the specific features, advantages and disadvantages of the complex of modern financial services in China; substantiating the reasons for the high efficiency of China's exit from the post-pandemic crisis in comparison with the leading economies of the world; forecasting the potential threats to the Chinese financial services market due to the active spread of a new strain of coronavirus in May?June 2021. Methods. The study employs the systems and comparative analysis, using the tabular, graphic and illustrative materials, and current statistical and reported data of international organizations, audit companies, consulting structures and rating agencies in major scientific Russian and foreign publications. Results. The paper underpins the difficulties of implementing a number of specific features of the financial services market in China from theoretical and practical point of view, presents a prognostic scenario of the Chinese financial services market development in the post-pandemic period. Conclusions. I conclude on high efficiency and effectiveness of support measures taken by the Chinese leadership to preserve the financial balance and facilitate the restoring of China's financial services in the post-pandemic period, prove the optimistic scenario for the development of China's financial services against the background of economic stagnation and a noticeable weakening of foreign competitors, describe potential threats and weaknesses in unstable global economy.

Marketing analysis of the technological equipment market for the Russian logging industry

The results of the analysis of the equipment market for the logging industry in Russia are presented. A literary review of the domestic and foreign equipment markets is presented, the size of the market is estimated, its segmentation is carried out, consumer preferences are identified and characterized. The assessment of the key product range for the industry is carried out, the main foreign competitors are identified and the existing barriers to the entry of domestic products into the market are analysed, as well as ways to overcome them are proposed and justified. The features of the demand for products are analysed, the possibilities of import substitution of currently used logging machines are studied and the ways of their marketing promotion are presented. The directions of further development of forest engineering and the entire forest complex of Russia based on import substitution and ensuring the economic and technological security of Russia are substantiated.

ANALYSING THE DRIVERS AFFECTING THE INTENTION TO USE ONLINE ZAKAT PAYMENT AMONG MUSLIM IN SHAH ALAM, SELANGOR

In today’s business world, the traditional ways of doing business are rapidly being replaced with online transactions. More and more companies realise that they need to digitalize their operation processes to keep abreast with the local and foreign competitors. This practice is no exception to zakat institutions in Malaysia when they must seize this technology evolution to ease the zakat payers in fulfilling the obligation as Muslim via online payment system. This study aims to identify the determinants affecting the intention to use online zakat payment among Muslim in Shah Alam, Selangor. A structured questionnaire is distributed to 300 Muslim respondents Muslim using a convenience sampling technique. The results of the estimated multiple regression show that perceived usefulness, perceived ease of use and security and privacy critical drivers of intention to use online zakat payment while no significant relationship was found between trust and amount of information to use online zakat payment. Thus, the empirical findings of this study provide a point of reference to zakat institutions to leverage the usefulness and ease of use of the online collection zakat system to increase zakat collections. Additionally, the institution must also beef up its security and privacy of users to alleviate the acceptance of online system usage.

Trade Impacts Of The Us Anti-Dumping Actions: A Case Study Of Vietnam

Anti-dumping is among of the important trade protection measures that imported countries use against oversea enterprises. The United States is considered one of the most countries use anti-dumping measures to protect the domestic product market from the foreign competitors exporting identical or similar products into the US market. Vietnam’s exporters also have to face the US anti-dumping investigations, becoming a barrier to the favorable trade flow from Vietnam to the United States. This article uses the data on trade between the US and Vietnam for many years to takes a close look at the importance of promoting and developing bilateral trade between the two countries; as well as point out the remarkable changes of Vietnam’s export to the US before and after initiating anti-dumping investigations. Based on the importance of bilateral trade cooporation and the impacts of the US anti-dumping actions to Vietnam’s export, this article gives several implications to Vietnamese exporters to avoid the US antidumping investigations.

China's Race to the Top: Regional and Global Implications of China's Industrial Policy

The paper examines the global and regional implications of China's revitalized state capitalism model through the sectoral lens of the Chinese automotive industry, which stands at the intersection of both traditional and green industrial policy. At the multinational level, China skillfully facilitates local policy implementation that creates excess capacity by propping up local and national champions through convenient compliance with the WTO. At the bilateral level, China closely links purchasing and coercive diplomacy with protections for Chinese players both at home and abroad. Key endeavors like the Belt and Road Initiative open up overseas markets to develop global champions and secure foreign footholds for Chinese champions. Additionally, China's increasing reliance on exclusionary diplomacy provides political justifications to discriminate against foreign competitors within the Chinese market while moving forward with industrial upgrading of domestic players. When linked together, these factors – all byproducts of China's approach to state-led capitalism – combine to explain China's efforts to create a race to the top.

The dual effect of foreign competition on emerging market firms' internationalization

PurposeThe authors develop a theoretical framework of how foreign competition in a firm's home country jointly interacts with other environmental factors to influence the internationalization pace. This study moves beyond the debate on whether foreign competition promotes or inhibits the internationalization pace by unpacking the nature of pace across strategic and operational dimensions. By differentiating the internationalization paces of market scope and international commitment, the study results show that foreign competition has a positive effect on the former and a negative effect on the latter. This indicates that the determinants of different paces are conditional upon the different knowledge types among foreign competitors.Design/methodology/approachUsing a panel data set of Chinese construction corporations over the period from 2009 to 2015, the authors extend previous research on the effect of home country environment on internationalization behavior in an emerging economy by examining the effects of the interplay between foreign competition in home country and industrial contexts. The authors also explore the moderating effect of subnational institutions on the relationship between foreign competition and internationalization pace. They use a Poisson model and a GEE model to examine the main effects and moderating effects involved.FindingsThe results indicate that industry dynamism strengthens the positive effect of foreign competition and the pace of market scope, while industry munificence weakens the negative effect of foreign competition and the pace of international commitment. The authors’ findings support the coexistence of “pushing” and “pulling” effects of environmental factors from a firm's home country. The authors extend the argument of “institutional escapism” by focusing on subnational institutions. They show that firms located in a region with a low level of marketization are more likely to respond by accelerating the pace of their international expansion to escape from their home country.Originality/valueThe authors’ findings have implications for practitioners and policymakers working with emerging market firms (EMFs). The authors suggest that local governments should consider building high-quality institutions that can reduce the possibility of investment opportunities escaping EMFs. The authors’ findings indicate that international knowledge from foreign competitors may also assist EMFs in understanding more about the cultural environment before entering host countries, although it cannot help them to resolve cultural uncertainty when operating in host countries. Hence, managers should carefully evaluate their competitiveness before they decide to engage in global competition at an accelerated rate.

Mixed Duopoly Stochastic Sales Model with Advertising and Experience Gains for the Public and Foreign Competitors

In this research, we propose a stochastic model with the finite horizon of time for sales competition between the state-owned company and private (foreign) competitor. We assume that the foreign company objective function is to maximize revenues and the state-owned agent is concerned about welfare maximization. There are many stochastic models for sales, but what is new in our case is that we assume mixed oligopoly and have different types of firms: private and state owned. They have somewhat different objective functions. As a control variable, we take the advertisement expenses of the private firm. Sale bursts rate depends and the advertisement expenditure and experience stock gained. For the public firm, we assume that advertising efforts are fixed. It means that the optimal control is to maximize private firm revenues taking into account possible uncertainties of stochastic profit flow using Bellman’s optimality condition. We can find out that the Advertisement-Experience (AE) efforts of the private firm are increasing if sales are increasing. Next, the AE might decrease if the experience level of the private firm increases and we have a sales burst. To optimize the governmental policies, we check for optimal AE effort of the public firm so the social welfare achieves the maximum value.

Global Value Chains and the Innovation of the Chinese Mobile Phone Industry

The global value chain strategy, which is key to the success of the Chinese mobile phone industry, provides an effective channel for the industry to innovate and catch up with foreign competitors. The innovation activities prevented Chinese firms from falling into the low value-added trap. They have captured increasingly more value added from both home-grown and foreign brand mobile phones. The strategy has successfully nurtured a few home-grown brands, namely Huawei, OPPO and Xiaomi.

SPATIAL CONCENTRATION AS A PREMISE FOR BUILDING RELATIONS: AN APPLICATION IN POLISH ORGANIC FOOD CLUSTERS

Economic activity is embedded in the reality of a given region and market structure. This regularity also materializes in agri-food markets, the organic food market among them. Location plays an important role in building competitive advantage. Geographic proximity which results from location decisions of entities operating within an industry is a significant condition for the undertaken market activities. The accumulation of entities when taking the form of clusters generates positive effects. Relations are established within their borders that should result in the development of the market and its participants. The main aim of the article is to determine the existence of premises for identifying clusters in the Polish organic food market which can be the basis for building relations resulting in its further development. The implementation of such aim was carried out based on data obtained from Agricultural and Food Quality Inspection (IJHARS) and the Eurostat database. The analysis focused on the estimation and assessment of the concentration of entities on the organic food market in Poland taking regional perspective into consideration. In the course of the research, premises indicating the possibility of cluster development on the Polish organic food market were identified. Their structure should enable establishing relations that could translate into further development of the entities as well as the entire market against the foreign competitors.

Effects of Liberalization on Incumbent Firms’ Marketing-Mix Responses and Performance: Evidence from a Quasi-Experiment

Many markets are liberalizing by opening up their economies to foreign competition, with the expectation that this will increase economic growth. While foreign competitors with superior technology and management practices pose serious threats to incumbent firms, they also provide them an opportunity to gain new marketing knowledge. How do incumbent firms respond to liberalization? Can incumbent firms’ marketing-mix responses affect their performance following liberalization? Addressing these questions, the authors examine incumbent firms’ marketing-mix responses to liberalization and the impact of these responses on performance, using the quasi-experiment of liberalization reforms in India. Estimation results from a panel of 3,927 firms in the period 1989–2000 suggest that while all incumbent firms intensified their product and promotions in response to liberalization, only incumbent firms with greater domestic market knowledge intensified their advertising and distribution responses. Furthermore, incumbent firms’ marketing-mix responses significantly affect their performance outcomes. The research’s findings extend theory and provide practical guidelines on how incumbent firms can design marketing-mix responses to liberalization to improve performance.