Binlin Li

Coastal ecological degradation poses wide-ranging challenges to marine ecosystems and the sustainable development of coastal economies. However, evidence on whether public ecological restoration policies influence corporate environmental, social, and governance (ESG) performance remains limited. This study examines China’s Blue Bay Remediation Action (BBRA), launched in 2016, as a quasi-natural experiment to assess its effects on the ESG performance of Chinese listed maritime firms. Using panel data on China’s A-share listed maritime companies from 2008 to 2021 and a PSM-IPW-DID design, we find a statistically significant positive effect of the BBRA on overall ESG scores. Positive effects are also statistically significant for the environmental and governance scores. Additional analyses indicate that BBRA implementation is associated with increased environmental subsidies, reduced financing constraints, stronger environmental regulation, and greater institutional investor attention. The positive effects are more pronounced among non-state-owned firms, firms in southern coastal regions, and firms located in cities with higher public environmental concern. The findings provide empirical evidence on the relationship between ecological restoration policies and corporate sustainable development, along with policy insights for improving coastal ecological governance and supporting firms’ green transition in China.

The establishment of nature reserves (NRs) in Southwest China has created tensions between conservation and local livelihoods by restricting local communities’ access to natural resources essential to their livelihoods. Understanding farmers’ compensation preferences and livelihood support needs can inform ecological compensation design in communities surrounding nature reserves. This study evaluates the design of ecological compensation policies by examining the preferences of 872 farming households living near 21 NRs in Yunnan Province. A random parameter logit model was used to capture preference heterogeneity, and a latent class model was used to identify distinct household segments. Farmers’ marginal willingness to accept (MWTA) for different policy attributes was quantified, and welfare changes under alternative policy scenarios were estimated using compensating surplus (CS) analysis. The results indicate substantial heterogeneity in farmers’ preferences. Cultural and material compensation were particularly valued, with monetary equivalents of approximately 224.76 and 218.91 CNY/ha/year, respectively. These findings suggest that livelihood support needs extend beyond cash payments. Among the scenarios evaluated, a scheme combining multiple forms of support yielded higher estimated welfare than single-support schemes. Farmers engaged in non-agricultural work, those with low social capital, and those belonging to the Han ethnic group show a lower willingness to participate in the compensation schemes. The findings inform the design of ecological compensation schemes that better reflect farmers’ preferences, livelihood support needs, and local contexts, offering insights into how conservation objectives may be reconciled with rural livelihoods.

The excessive chemical fertilizer (CF) use has led the Chinese government to adopt a zero-growth policy for CF use, highlighting the urgent need to develop strategies for the tradeoffs between food security and soil health practices, particularly in the ecologically sensitive regions of Southwest China. This study develops a dual-objective assessment framework that integrates advanced analytical methodologies to investigate key aspects of CF use over the period from 2010 to 2020. Specifically, this work explores the spatiotemporal dynamics of CF application, quantifies the effects of reduction measures, examines the relationship between CF use and agricultural productivity, and identifies the primary drivers of CF-driven pollution. Our findings reveal several key insights: (i) CF application rates initially experienced a significant increase, followed by a notable decline. The trend was accompanied by a clear spatial clustering, particularly observed in Yunnan, eastern Sichuan, and Chongqing. (ii) The implementation of China’s zero-growth policy for CF use has been effective, resulting in an estimated reduction of approximately 5 million tons in CF use. (iii) A strong decoupling relationship between CF application and agricultural output has developed since 2015, primarily driven by the improvements in CF use efficiency and technological progress, which have also contributed to the reduction in CF application. This research offers valuable insights for regions across China striving to mitigate the environmental impact of CF while ensuring food security, thereby supporting the strategies for sustainable agricultural practices.

This study examines the dynamic connectedness and hedging opportunities between CSI300 (China Security Index 300) and copper, gold, PTA (purified terephthalic acid), and soybean in China from January 09, 2008, to June 30, 2023. A TVP-VAR and cDCC-FIAPARCH modeling framework was used for the empirical investigation. The results show that the total connectedness index can effectively capture cross-asset information transmission in China’s financial markets. Copper returns are the dominant volatility transmitters, while CSI300, gold, and soybean returns are net recipients. The Russian–Ukraine war reinforced the safe-haven role of gold. Finally, investors with CSI300 long positions may benefit from prioritizing gold for hedging, while those with CSI300 short positions profit more from allocating gold to PTA. Portfolio managers and investors can use the findings to track the dynamics of systemic risk and adjust their long/short positions when investing in China's stock and commodity markets.