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Role of high-speed rail on social fixed assets investments in China

Author

Listed:
  • Fan Zhang
  • Feng Wang
  • Jinghua Ou
  • Shujie Yao

Abstract

Rapid development of high-speed rail (HSR) in the past decade has a tremendous boosting effect on China’s economy and society. Under the ‘New normal’, HSR provides an important physical space for the steady expansion of the national economy. This paper uses a panel dataset comprising 285 prefecture-level cities in 2010–2016 to establish an investment measurement model and estimate the impact of HSR on social fixed assets investment. It also uses the difference-in-difference and propensity score matching tests to verify the results. Two important findings arise from the empirical analyses: (1) HSR development significantly stimulates China’s social fixed assets investment, foreign direct investment and real estate investment; and (2) HSR investment does not substitute for investments in other industries, instead, it supplements them. These findings provide strong theoretical and empirical support for China’s long-term HSR development strategy.

Suggested Citation

  • Fan Zhang & Feng Wang & Jinghua Ou & Shujie Yao, 2019. "Role of high-speed rail on social fixed assets investments in China," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 17(3), pages 221-244, July.
    • Handle: RePEc:taf:jocebs:v:17:y:2019:i:3:p:221-244
    DOI: 10.1080/14765284.2019.1663697
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    Cited by:

    1. Zhao, Junfeng & Yan, Jinling & Ran, Qiying & Yang, Xiaodong & Su, Xufeng & Shen, Jianliang, 2022. "Does the opening of high-speed railways improve urban livability? Evidence from a quasi-natural experiment in China," Socio-Economic Planning Sciences, Elsevier, vol. 82(PB).
    2. Sun, Wenhao & Gao, Jijun & Jacoby, Gady & Wu, Zhenyu, 2024. "Access to capital and energy efficiency: How high-speed rail investments benefit high-tech firms," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    3. Mohsen Momenitabar & Zhila Dehdari Ebrahimi & Mohammad Arani, 2020. "A Systematic and Analytical Review of the Socioeconomic and Environmental Impact of the Deployed High-Speed Rail (HSR) Systems on the World," Papers 2003.04452, arXiv.org, revised Mar 2020.
    4. Mohsen Momenitabar & Raj Bridgelall & Zhila Dehdari Ebrahimi & Mohammad Arani, 2021. "Literature Review of Socioeconomic and Environmental Impacts of High-Speed Rail in the World," Sustainability, MDPI, vol. 13(21), pages 1-27, November.
    5. Suchi Kapoor Malhotra & Howard White & Nina Ashley O. Dela Cruz & Ashrita Saran & John Eyers & Denny John & Ella Beveridge & Nina Blöndal, 2021. "Studies of the effectiveness of transport sector interventions in low‐ and middle‐income countries: An evidence and gap map," Campbell Systematic Reviews, John Wiley & Sons, vol. 17(4), December.

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