Purpose
The purpose of this paper is to simulate the effects of the Regional Comprehensive Economic Partnership (RCEP) on trade and income, with a particular interest in the effect on China and Korea.
Design/methodology/approach
This paper adopts a Computable General Equilibrium (CGE) model developed by Li et al. (2017) to simulate the effect of RCEP. The CGE model is grounded in the firm heterogeneity theory. Within this framework, the feature of dynamic movements of firms allows the CGE model to capture the extensive margin of trade increase. Aside from that, the CGE model separates foreign direct investment (FDI) from domestic investment, which helps to explain the effect of the removal of FDI barriers.
Findings
Results show that RCEP will increase trade of China by 1.5 percent. The income of China will increase by 2.5 percent. The trade increase of Korea will be $8bn, and its income will increase by 0.6 percent. In terms of welfare, China will gain $214bn and Korea will gain $23~35bn, taking 2~3 percent of Korea’s GDP. Also, the reduction of behind-the-border barriers presents very significant effects.
Originality/value
The main contribution of this paper is to quantitatively assess the potential effects of RCEP on trade and income. The positive findings would propel RCEP parties, especially China and Korea, to reach an agreement as soon as possible.
High current pulsed electron beam (HCPEB) has recently been developed as an effective technique of material surface modification. In this research, a self-developed HCPEB equipment (HOPE-I) was adopted to perform surface modification on quenched and tempered 40CrNiMo7 steel. A composite nanometer structure was formed on the modified surface layer, and the martensite transformation and the dissolution and fracture of cementite can be observed. After initial irradiation, the high cooling rate caused the formation of nanocrystalline on the surface. With continuous irradiation treatments, the cooling rate gradually reduced, while the carbon kept dissolving and ended with surface composition homogenization. Both competitive factors result in the evolution rule of nanometer dimensions of surface structure. After HCPEB treatment, the average size of austenite phase on the modified surface decreased from micron-sized to nanoscale. The corrosion rate decreased from 0.12 mm/a to 0.02 mm/a, showing remarkable improvement of corrosion resistance. The main factors of the improvements of corrosion resistance property are the flat, dense structured and preferred crystal orientation on the modification layer of the treated material surface.
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