Table 10 Estimation results for the effect of global value chain (GVC) positions.

Monthly: 2019m1 to 2021m3	(1)	(2)	(4)	(5)
GVC position index	Upstream & All trade modes	Upstream & Ordinary trade	Downstream & All trade modes	Downstream & Ordinary trade
Δ ln RER_CNY	1.545^** (0.608)	1.523^** (0.574)	2.534^*** (0.657)	2.473^*** (0.818)
Δ ln RER_CNY × Policy	−2.410^** (0.884)	−1.972 (1.218)	−5.290^*** (0.928)	−5.051^*** (1.332)
Δ ln RER_CNY × HHI	−0.0543 (0.750)	−0.620 (0.719)	0.975^* (0.542)	0.804 (0.656)
Δ ln RER_Comp	0.135^*** (0.0117)	0.162^*** (0.0123)	0.105^*** (0.0135)	0.131^*** (0.0186)
Δ ln RER_Comp × Policy	−0.0206^* (0.0103)	−0.0188 (0.0157)	−0.0244^** (0.00890)	−0.0237 (0.0164)
Δ ln RER_Comp× HHI	−0.108^*** (0.0119)	−0.141^*** (0.0111)	−0.0717^*** (0.0109)	−0.0837^*** (0.0146)
Δ ln Cases in exporting country	−0.0234^*** (0.00398)	−0.0274^*** (0.00653)	−0.00542 (0.00446)	−0.00498 (0.00609)
Constant	−0.208^*** (0.013)	−0.0183^*** (0.005)	−0.178^*** (0.016)	−0.0133^** (0.006)
Controls	Yes	Yes	Yes	Yes
Province-time FE	Yes	Yes	Yes	Yes
Province-product-country FE	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes
N	504169	316494	443762	257803
R²	0.061	0.076	0.056	0.074
Prob > F-statistic	0.000	0.000	0.000	0.000

Note: The global value chain (GVC) position indices at the country-industry level based on Wang et al. (2017) are obtained from the UIBE GVC Index Database and the Asian Development Bank multiregional input-output tables. Columns (1)-(2) are for samples with Top 25% GVC position index, and columns (3)-(4) are for those with bottom 25% GVC position index. We employ the Chinese customs data on China’s imports, which contain information regarding different Asian countries’ exports to different Chinese provinces. An increase in ΔlnRER_Comp implies a real appreciation of competitors’ currencies, and an increase in ΔlnRER_CNY implies a real depreciation of RMB against that one Asian trading partner’s currency (bilateral). A larger HHI implies a higher degree of market concentration for Asian economies in exporting to China. *, **, *** indicate variables significant at 10%, 5%, and 1% level respectively. Clustered standard errors at provincial level are reported in parenthesis.

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