The Role of Policy on Commodity Markets: From the Perspective of Narrative News Based on NLP
用自然语言处理构建中国叙事政策指数，分析其对全球大宗商品期货市场的影响，揭示中国在政策驱动溢出中的时空角色。
ABSTRACT Using a cutting‐edge natural language processing method, this study constructs the China narrative policy index (CNPI) to capture policy content, drawing on 10 authoritative government reports and official media sources and incorporating expert input to enhance thematic precision and relevance. On this basis, the study employs a ripple‐spreading network model to examine CNPI's impact on global commodity futures markets, revealing China's position in policy‐driven spillovers across both temporal and spatial dimensions. Through case analyses of the supply‐side reform and four sub‐policy themes, we validate CNPI's effectiveness in capturing policy content and highlight China's influence as a global policy transmitter.