Industrial policy has always played an important role in promoting industrial structure transformation and high-quality economic development. Based on the Five-Year Plan of the province level local governments and the micro-data of Chinese industrial enterprises, this paper constructs a staggered DID identification strategy to empirically analyze the impact of local key industrial policies on firms' TFP. The study found that local key industrial policies can significantly improve the TFP of enterprises through policy effects (financial subsidies, tax breaks, low-interest loans) and competitive effects. Further analysis shows that the way local key industrial policies formulated and implemented will have an important impact on the effect of industrial policies. The impact of local key industrial policies formulated combining with the regional comparative advantage, or implemented dispersedly is better. This study provides Chinese empirical evidence for the impact of industrial policies on firms' productivity, which can provide useful reference for the government to formulate and implement industrial policies and promote high-quality economic development.

This paper is based on panel data from multiple countries and applies a dual threshold variables panel model to analyze the differential effects of material, human, and technological inputs growth on economic growth in different stages of the economic environment. We have found that there are significant dual threshold effects of inflation and economic growth in the impact mechanism of factor inputs on economic growth. When the economy falls into the range of high inflation and low growth rate, measures need to be taken to prevent it from entering a recession phase. During the post-pandemic era, global economic growth rates have generally declined, so controlling excessive inflation has become one of the important measures to stabilize the economy and regulate the markets. Furthermore, the dual threshold effects exhibit heterogeneity based on the level of national development. Developing countries have relatively high dual thresholds, and economic growth still relies primarily on human capital input. In these countries, the range of high inflation and low growth rate is most unfavorable for their sustained economic development. However, the double thresholds in developed countries is generally lower, and the economic growth model in the double high range poses high risks for developed countries. Therefore, controlling inflation is currently a paramount concern for developed nations.

The constraints of financing are widely regarded as a key factor limiting firms' innovation. However, whether easing these constraints always promotes innovation is still a matter of debate. Given that the Chinese financial system relies primarily on bank credit, this paper mainly examines whether credit expansion can significantly promote firms' innovation and analyzes its mechanism. Using the implementation of the "removal of the deposit interest rate limit" policy as an exogenous shock of credit expansion, this paper constructs a difference-in-differences (DID) model for empirical testing. The analysis shows that the bank deposit competition effect brought by the policy implementation significantly increases the loan size obtained by private enterprises relative to non-private enterprises. However, there is no significant change in innovation input and output by enterprises after obtaining additional credit resources. The results remain unchanged in samples with greater innovation demand, such as high-tech enterprises and emerging strategic enterprises, and are insensitive to the degree of intellectual property protection in different regions and the loan term structure obtained by enterprises. Further analysis find that enterprises allocate more financial assets, especially short-term financial assets, after credit expansion, indicating that a lack of subjective willingness for innovation is more likely to be the reason why credit expansion does not bring about new firms' innovation. This article reveals that promoting innovation cannot rely solely on credit expansion, but should be combined with innovation-driven strategies, improved innovation environment, and reduced short-sighted behavior of enterprises to promote innovation by enhancing relative returns on innovation.

Digital economy has played an important role in the process of industrial green transformation, which is of great theoretical and practical significance to explore the pollution and carbon dioxide emission reduction effects and impact mechanisms of industrial digitalization. Based on the input-output table of China's between 1991 and 2008 provided by the Eora global supply chain database and the matching industrial environment and energy consumption satellite accounts, this paper empirically investigates the possible impact and mechanism of digital investment on carbon dioxide emissions and pollution emissions from the perspective of factor productivity. Empirical results suggest that digital investment has a non-linear effect on carbon dioxide emissions and pollution emissions, which is robust after mitigating the endogenous nature of digital investment. Mechanism analysis shows that the nonlinear relationship between digital investment and pollution reduction and carbon dioxide reduction are driven by the level of digital investment and the industrial factor productivity. During the sample period investigated in this paper, empirical results verify the existence of "productivity paradox" of digital economy, which is mainly because the marginal benefit of digital investment in the digital infrastructure industry is less than the marginal cost, and the relationship between factor productivity and digital investment is "U"-shaped, while there is an inverted "U"-shaped relationship between factor productivity and emissions. The digital investment and factor productivity during the sample period are both at a low level, as a result, digital investment promotes pollution reduction and carbon dioxide reduction of industry through the effect of "negative negative gain positive". Moreover, heterogeneity analysis shows that digital investment has a stronger pollution and carbon dioxide reduction effect on medium and high energy consumption industries, manufacturing industries, resource-based industries, and when the industry is in a higher export dependence, and a series of robustness tests suggest that the conclusions of this paper are robust. The findings of this paper provide an important policy reference for formulating a digital economy development strategy to serve the achievement of high-quality development economy and strengthening green supply chain management.

State-owned enterprises play an important role in absorbing and defusing various major risks in China's economic system, but there are relatively few theoretical studies on their mechanism. This paper uses LASSO-VAR model to construct a high-dimensional risk spillover network of A-share listed companies, measure the level of market risk absorption of state-owned enterprises, and then build an economometric model to test the risk absorption and risk absorption mechanism of state-owned enterprises. The empirical study shows that the state-owned enterprises significantly absorb and dissipate the contagion of market risk among enterprises, especially in the period of high risk. State-owned enterprises absorb and dissipate risks by promoting investment, increasing labor employment, provision of commercial credit and stabilizing business activities of upstream enterprises. Further examination also found that the ability of soes to absorb market risks is related to the level of local financial development, the degree of local government intervention, the size of the enterprises and the nature of the industry they are in. The research of this paper provides a new perspective and evidence for state-owned enterprises to stabilize economic growth.

Accurately depicting carbon emission efficiency and correctly evaluating the carbon trading policy has important theoretical and practical significance for achieving the "dual carbon" target. Based on an improved stochastic frontier model and a difference-in-difference model, this paper collected panel data on energy consumption and economic input-output for 30 provinces (cities) from 2003 to 2019, and calculated the impact and mechanism of the carbon emission trading policy on carbon emissions and carbon emission efficiency in pilot provinces. Empirical research found that the carbon emission trading policy can reduce carbon emissions by 4.4% in pilot areas, and increase carbon emission efficiency by 10.4%, which helps to promote the goal of achieving "carbon neutrality." Mechanism analysis shows that the carbon trading policy reduces carbon emissions and improves carbon emission efficiency by reducing energy consumption, adjusting energy structure, and limiting production capacity of key industries such as cement; however, the policy does not significantly promote the development of low-carbon technology. Heterogeneity analysis results show that in the implementation of the carbon emission trading policy, the trading price has an adjusting effect, that is, the higher the price, the more significant the carbon reduction effect. These findings provide important insights for promoting the national carbon emission trading policy and have high reference value for achieving the "dual carbon" target.

Environmental protection is an important driver of high-quality development. Under the background of China's economy entering the new normal status and economic downturn, the risk of unemployment has been exacerbated. Can the win-win goal of both environmental improvement and employment stabilization be realized during pollution treatment? Based on the data of China Labor Dynamic Survey 2018, the panel data of employment adjustment from 2014 to 2018 is constructed. This paper examines the effect of a bounded target of ${\rm PM}_{2.5}$ on employment adjustment by adopting a difference-in-difference method. The results show that: The bounded target of ${\rm PM}_{2.5}$ significantly inhibited the probability of the labor force participating in the work. Specifically, with the increase of the bounded target, the probability of working labor losing their original positions will increase significantly, while the probability of re-employment of unemployed labor may decrease. Besides, the higher bounded target will lead to the outflow of labor. However, the probability of the workforce changing jobs has not been affected significantly. Various kinds of robustness tests support these conclusions. Meanwhile, the employment adjustment is heterogeneous based on region and individual. The degree of environmental regulation before the promulgation of the plan and optimization of the industrial structure will cushion this shock to some extent. The target has a greater influence on those working in manufacturing or construction and those with low education. Further mechanism test shows that the number of enterprises decreases, the production scale shrinks, and the foreign direct investment declines in regions with higher target, which further adversely affects the employment. Moreover, these effects have obvious heterogeneity of region. This study provides an empirical basis for China to balance the relationship between environment and employment in the process of high-quality development.

Promoting the financial system to provide high-quality services for China's economic and social development is the key point of further deepening financial reform. Based on data of 281 prefecture level cities in China from 2004 to 2020, this study examines how financial depth affects the level of market integration. Research has found that financial depth can promote regional integration development, mainly through raising the level of local infrastructure construction and optimizing the efficiency of labor and capital allocation to achieve it. The generality of this conclusion is ensured through a series of robustness tests such as using provincial-level samples, selecting instrumental variables for estimation using two-stage least squares, and changing variable measurement methods. Based on theoretical analysis and empirical testing, it has also been found that the digital economy can optimize the market environment of the financial industry and improve bank service capabilities, which will strengthen the effects of financial depth on integration. Further heterogeneity analysis indicates that the central macro level development plan and regional financial regulatory level are conducive to enhancing the positive impact of banks on integration, while excessively high local government debt levels may limit the positive impact of financial depth. The article enriches relevant research on financial development and integration, and can provide some opinions and references for building a unified domestic market and deepening financial system reform.

The process of promoting common prosperity in China coincides precisely with the period of rapid development of digital economy, which serves as a critical engine for economic growth in the new era and a significant force to promote common prosperity in high quality development. Based on the essence of digital economy, this paper constructs a digital economy development index. Employing micro-level Chinese household data and quantile regression analysis, this paper thoroughly investigates the impact and mechanisms of the digital economy on common prosperity. This study finds that the digital economy significantly increases resident income, and there is significant heterogeneity among different income groups. Compared to high-income groups, the digital economy has stronger effect on low-income groups. Mechanism analysis indicates that the inclusiveness of the digital economy reduces the barriers to financial services, creating equal development opportunities for low-income groups, enhancing entrepreneurial activity, promoting job growth, and providing more employment opportunities. Moreover, the digital economy facilitates the shift of the rural labor force towards non-agricultural sectors, which is pivotal in increasing rural household income and reducing income inequality. This paper provides empirical evidence on how the digital economy empowers common prosperity, and also provides policy recommendations for the government to steadfastly advance common prosperity.

Digital economy has become a new engine of high-quality development, promoting the transformation of employment structure. This paper constructs a comprehensive digital economy index from the perspective of input-output, and adopts semi-parametric generalized additive model (GAM) to study the impact and mechanism of digital economy on employment of rural women based on China Family Panel Studies (CFPS). The results show that, first, the relationship between digital economy and the employment characteristics of rural women is non-linear. With the development of digital economy, the labor participation rate and income of rural women show an upward trend, while working hours show a downward trend. Second, the higher level of digital economy has smaller positive effects on rural women's wage income, business income and the employment in manufacturing industry, while it promotes women's the employment probability of high-quality service industry more significantly. Third, digital economy influences rural women's employment by increasing their disposable time, human capital and the access to information. In addition, the results of heterogeneity show that the digital economy affects more significantly on the employment probability and individual income of highly skilled rural women; It also plays a positive effect on women with heavy parenting burden; The rural revitalization strategy can help rural women adapts the development of digital economy. Therefore, the government should not only promote digital economy, but also improve the knowledge and skills of rural female, which can magnify the cumulative effects of the digital economy on human capital, and meet the requirements of the digital economy for high-quality labor force.

This paper examines the impact of the internet on international trade combining theory model and inter-country as well as firm data between 2004 and 2014. Results show that internet infrastructure has a positive effect on total export, but this effect is gradually fading over time. From the perspective of firms, we find that internet promotes more firms to enter export markets, but reduces the export amounts for each firm to specific country in specific product, which is consistent with the theoretical model. Heterogeneity analysis shows that internet has a stronger boosting effect on trade in low-income and greater cultural distance countries, while it has a positive effect in low entry cost industries and private firms significantly. Finally, it is found that internet reduces the negative effect of intensive margin by expanding more export markets and improving the quality of export products.

Education is the key factor that affects individual labor productivity, income and occupation, so the accumulation and transmission of human capital is an important transmission way of intergenerational income. Education intergenerational mobility is not only an important indicator to understand intergenerational mobility, but also a better understanding of the long-term trend of intergenerational mobility. The factors that affect the intergenerational mobility of education are mainly the ability of individual workers and family and social factors. The current literature mainly analyzes the factors from family and social level, so it is difficult to fully understand the intergenerational mobility of education in China. By using the CFPS data of 2018 and 2010, this paper investigates the influence of cognitive ability on intergenerational mobility of education in China, as well as the difference between urban and rural areas and gender. At the same time, it analyzes the change of cognitive ability in intergenerational mobility of education to understand the changing trend of intergenerational mobility in China. The conclusions of this study are as follows: Cognitive ability is an important factor affecting the intergenerational mobility of education in China; the influence of mathematical ability on intergenerational mobility of education is higher than that of word ability; there are significant gender differences and urban-rural differences in the influence of cognitive ability on intergenerational mobility of education in China; from 2010 to 2018, the influence of cognitive ability on intergenerational mobility of education has increased significantly. These conclusions mean that the allocation of educational resources in China is efficiency-oriented, and the efficiency of allocation of educational resources is improving. At the same time, the positive influence of cognitive ability on intergenerational mobility of education is conducive to "correcting" the differences between urban and rural areas and gender differences.

Improving intergenerational mobility and promoting equity of opportunity are crucial for achieving common wealth in China. Drawing on data from the China Family Panel Studies, this paper explores the long-term effects of housing system reform on the intergenerational mobility of urban residents' education in China and its mechanisms using a cross-sectional double-difference approach, using the inter-province differences in the intensity of China's housing system reform in 1998 as an exogenous shock. The study finds that housing system reform significantly promotes intergenerational educational mobility of urban residents, and the effect is more pronounced among families with younger children and among females. The mechanism analysis reveals that the increase in the number of years of schooling of children from low-educated and high-income families is more intuitively responsible for the impact of housing system reform on intergenerational mobility in education, and furthermore, housing system reform promotes intergenerational mobility in education by reducing the gap in educational environment and the gap in household investment in education for children from families with different educational backgrounds. This article provides an example of the benefits of market-oriented reform in terms of fairness, which may be due to the fact that market-oriented housing allocation has a better meaning of fairness compared to the previous approach of distributing housing by profession and class.

Based on the human capital investment theory and from the perspective of human capital quality, this paper fully considers the differences in training quality caused by different training investment scales, using panel data of employment training centers in various regions to empirically test the actual effect of training human capital on regional economic growth, and analyzing the heterogeneous impact of training human capital on the eastern, central and western regions, and the impact mechanism of training human capital on regional economic growth. The results show that human capital, taking into account training yield and training quality, has a positive promoting effect on economic growth; as two important forms of human capital investment, both education and training have a promoting effect on regional economic development, and there is a certain degree of substitution effect; training human capital has the greatest impact on economic growth in the central region and the smallest in the west; the mechanism test verifies that training human capital promotes economic growth by promoting technology research and development. In the future, it is necessary to optimize the skill structure of the labor market, improve the quality of human capital, and promote high-quality regional economic development by attaching importance to vocational training, improving skills evaluation, and introducing subsidy policies to guide enterprises to provide skills training.

The chain director network is an important component of enterprise social capital and has a significant impact on its operational performance. Based on the data of A-share listed companies in China from 2007 to 2022, this study uses social network analysis to characterize the characteristics and facts of the development of chain director network in Chinese enterprises, and explores the relationship, mechanism, and empirical testing between chain director network and enterprise performance. Research has found that the scale, core, and efficiency of the chain director network in Chinese enterprises have increased, but the density has decreased. There is a clear differentiation and asymmetry between the connectivity of state-owned enterprises and non-state-owned enterprises; the chain director network has a significant positive impact on enterprise performance, and the role of non-independent director network and central enterprises is greater. The results of robustness and endogeneity analysis also support this conclusion; it promotes enterprise performance through the effect of output level expansion and marginal cost decline; this promotion role is more prominent in state-owned enterprises, large asset scale enterprises, and central and western enterprises; the reason why the chain director network has a greater impact on the performance of state-owned enterprises is that the connectivity of state-owned enterprises and non-state-owned enterprises only has a significant positive effect on state-owned enterprises. The research conclusion of this article provides relevant suggestions for enterprise management and government regulation.

In the present era of high-dimensional data, it is quite unlikely that the traditional methods for estimating pricing factors are capable of judging accurately the marginal effectiveness of pricing factors applicable to the Chinese stock markets. Hence we construct a double-selection LASSO model, instead of the traditional methods which estimate stock pricing factors mainly by estimating risk premium. And then by means of this double-selection LASSO model, we estimate stochastic discount factors loading, thereby being able to judge accurately the marginal effectiveness of stock pricing factors while processing high-dimensional data. Next, we gather together 85 pricing factors applicable to the Chinese stock markets, thus building up a high-dimensional pricing factor zoo. In addition, we identify 7 marginally effective pricing factors out of the 15 factors discovered after 2014. Our discovery proves consistent in various robustness tests. We further find in the follow-up analysis that the effectiveness of these 7 pricing factors proves consistent under the conditions of time-varying SDF.

The deepening of healthcare system reform is a critical step towards building a healthier China. By employing the quasi-natural experiment method on comprehensive healthcare reform pilots, we examine the effects of healthcare system reform on Chinese residents' health. Our findings suggest that comprehensive healthcare reform significantly improves residents' subjective and objective health statuses. Moreover, from the perspective of "difficulties in seeking medical attention", our results show that the reform enhances patient satisfaction, approval of medical standards, and the accessibility of medical services. When viewed from the "high medical cost" perspective, the reform has expanded medical insurance coverage and reduced residents' financial burden of healthcare. Our heterogeneous analysis reveals that the comprehensive healthcare reform has a more significant health impact on urban residents, women, and the elderly, highlighting rural areas as the focus of future healthcare system reform efforts.

Spatial weights matrices are utilized to collect the cross-sectional relationship of different spatial units in spatial econometric models. Nevertheless, it is still very challenging in terms of the specification of spatial weights matrices in many real applications. In this paper, we justify a spatial weights matrix as a "bilateral channel/bridge" through the matrix decomposition with the violation of the tetra-difference condition based on existing researches. Two types of generalized IV estimation are proposed on the basis in the presence of time-varying and endogenous spatial weights matrices in spatial autoregressive (SAR) models, where the relevance assumption is easier to be satisfied with more detailed classification of variables in the weighting system for the first type; and the non-parametric specification of the error terms, ${{\bm{u}}_{N}}={{\bm{R}}_{N}}{{\bm{\varepsilon }}_{N}}$, is also generalized to the cases with stochastic elements in ${{\bm{R}}_{N}}$ for the second type. Asymptotic properties of these methods are derived and small-sample performances of them are investigated through Monte Carlo simulations. Usefulness of the method is demonstrated in studying the spillover effects of air pollution through international trade in 92 countries (or areas).

This paper develops estimation and inference of censored panel data model with time factors under random correlated models. The model includes an interactive term to allow the unobserved individual characteristics having a time-varying effect. By assuming both error terms symmetric and independent with each other, the common slope coefficients and time factors can be identified. The proposed estimators are root-$N$ consistent and asymptotically normal. In addition, we come up with a quantile rank score test statistics. By avoiding to estimate density functions, the test statistics perform well in relatively small samples. Simulations and an application to women's working hours are carried out to prove the feasibility of our methods.

In recent years, Chinese online judicial auctions have developed rapidly, and it is of great importance to hold empirical research in this field. This paper exploits the data for Chinese online judicial auctions of used cars in Alibaba to study the entry cost in ascending auctions with selective entry. We propose a two-step estimation method based on the identification strategy of Athey and Haile (2002) and Levin and Smith (1994). From the empirical study, we have four findings: (i) The CDFs of post entry value distribution comply with the law of ordered dominance, and the confidence bands of post entry value distribution are quite tight; (ii) the estimates entry cost is monotonic to the appraisal value: The higher the appraisal value, the higher the entry cost; (iii) there will be a higher revenue in the ascending auction than the first-price sealed bid auction, and the advantages are significant in low, medium, and high percentiles; (iv) when the entry cost is cut by 25% or 50%, the revenue is increased significantly; when the entry cost is add by 75% or 100%, the revenue is decreased significantly. Furthermore, the improvement in revenue brought by lower entry cost is greater than the reduction in revenue brought by higher entry cost.

One of the core objectives of the Belt and Road Initiative is to make the construction achievements better benefit all people. Based on the data of China Family Panel Studies (CFPS) from 2010 to 2018, this paper uses the difference-in-difference method to assess the subjective well-being effect of the Belt and Road Initiative. The paper finds that the Belt and Road Initiative has significantly improved the subjective welfare of domestic residents, and the above effect are mainly comes from the improvement of urban transportation infrastructure, the expansion of resident consumption scale, and the upgrading of resident consumption. Further research shows that the subjective well-being effect of the Belt and Road Initiative has the characteristic of "pro poverty", which is more prominent among groups with lower income and social status. In addition, this paper also finds that the promotion effect of the Belt and Road Initiative on residents' subjective well-being is more obvious in cities with a higher proportion of the tertiary industry and in the cities along the Silk Road Economic Belt. This paper provides a new perspective for understanding the economic effects of the Belt and Road Initiative. At the same time, it emphasizes that more in-depth integration into the joint construction of the Belt and Road, accelerating the construction of a modern transportation infrastructure network system, and taking multiple measures to promote consumption expansion and upgrading have important implications for effectively improving the subjective well-being of domestic residents in the context of the Belt and Road Initiative.

China's fishery is urgent to change its growth mode and achieve high-quality fishery development. The integrated development of recreational fishery and traditional fishery is of great significance to the high-quality development of fishery and rural revitalization. The assumptions are verified by testing the panel data of 29 provinces in China from 2005 to 2019. This study shows that due to the interaction between traditional fisheries and the demand side, the integration of recreational fisheries and traditional fisheries on the supply side can only have a positive effect when the demand side integration reaches the threshold scale. The integration of recreational fisheries and traditional fisheries in China should start from the demand side integration. The synergistic agglomeration between recreational fisheries and traditional fisheries should be moderate. The threshold scale varies depending on the type of industry and the context of integration, and it always exists. The integration of recreational fisheries and traditional fisheries in most provinces of China should still focus on increasing the degree of collaborative agglomeration. Finally, the following suggestions are proposed: The integration of recreational fisheries and traditional fisheries should be carried out through the market-oriented and moderate mind. The conclusion provides empirical support for the study of industrial integration in China's recreational fishery industry, and provides theoretical basis for the policy design of the integration of leisure fishery and traditional fishery.