Insufficient aggregate demand is the prominent contradiction facing the current economic operation, we must restore and expand consumption in a priority position. This paper empirically investigates the impact of the housing provident fund system on household consumption using data from three editions of the China Household Finance Survey in 2015, 2017, and 2019. The empirical results show that household contributions and withdrawals to the housing provident fund significantly increase household consumption levels and improve household consumption structure. Robustness tests show that the above conclusions remain robust after replacing the way the core variables are defined, replacing the instrumental variables, and relaxing the exclusivity constraints on the instrumental variables. The Heterogeneity analysis shows that the housing provident fund system has a greater impact on the consumption of housed, low-income, as well as young and middle-aged households. Further research finds that contributing to the housing fund reduces households' precautionary saving incentives, withdrawing from the housing fund increases households' disposable income and eases liquidity constraints, thereby boosting household consumption. This paper provides micro-level evidence that housing funds promote household consumption and improve household consumption structure, which can provide important references for relevant policy formulation.

Promoting enterprises to accelerate digital transformation is of great significance to enhance the core competitiveness of enterprises, empower the upgrading of traditional industries, generate new forms of business, as well as drive China's digital economy to become better and stronger. From the perspective of enterprises, this paper analyzes the antecedents of enterprises' digital transformation, constructs related indexes based on the text analysis method, proposes a two-factor theoretical model of manager characteristics and dynamic capabilities, and uses the structural equation model based on partial least squares estimation (PLS-SEM). The empirical results show that manager characteristics such as entrepreneurship, digital evangelist and coordinator, as well as corporate dynamic capabilities such as sensing, learning, integrating and coordinating, have a significantly positive role in promoting the tendency and output of digital transformation of enterprises. In addition, manager characteristics can significantly improve the level of enterprises' dynamic capabilities, and the effect of manager characteristics on enterprises' dynamic capabilities and digital transformation is moderated by managers' perception of policy uncertainty. In addition, the above effects are heterogeneous between state-owned and private enterprises, enterprises in the eastern, central and western regions, as well as enterprises in provincial and non-provincial capitals. This paper fills the research gap on the antecedents of digital transformation, and provide a feasible practical path for enterprises to cultivate managers in the digital era and improve their dynamic capabilities.

The “Triple Reform” policy is a significant initiative aimed at addressing the challenges of renewable energy consumption and promoting the high-quality development of new energy in the context of increasing renewable energy penetration. This study focuses on Shandong Province, which has a strong reliance on traditional coal-fired power, and employs a static Computable General Equilibrium (CGE) model to link renewable energy with the “Triple Reform” policy. The study simulates the impact on the economic and environmental aspects of Shandong Province under different shares of renewable energy electricity consumption, coupled with the simultaneous implementation of the “Triple Reform” policy. The research investigates the underlying reasons for the slow progress in the implementation of the “Triple Reform” policy for coal-fired power units and, based on this, transforms the compensation issue into a cost problem. Cost estimation for the implementation of the “Triple Reform” policy in Shandong Province is carried out. The results indicate that the implementation of the “Triple Reform” plan will have certain negative impacts on the regional economy but can also bring significant environmental benefits. In the scenario with 60% coal-fired power and 40% renewable energy electricity (F60C40), the cost of implementing the “Triple Reform” policy in Shandong Province is estimated to be 4 billion yuan. The policy recommendations of this study emphasize the need for vigorous development of renewable energy in China, urging coal-fired power units to actively implement the “Triple Reform” policy. It also suggests timely introduction of reasonable policy support or economic incentives to leverage the stabilizing role of coal-fired power.

China's high-quality development and carbon peaking and carbon neutrality goals both require an overall consideration to economic benefits and environmental cost. Transnational investment promotes the reconstruction of global industrial and supply chains, which also leads to dispute of environmental responsibilities under the accounting of economic benefits based on the ownership principle and the accounting of carbon emission based on the territorial principle. In this paper, we employed an inter-country inter-industry input-output database that distinguishes the activities of multinational enterprises (MNEs) and introduced counterfactual analysis and scenario analysis to evaluate impact of structural change in GVC on China's gross national income (GNI) and CO$_2$ emissions. There was significant industrial shift toward China from 2005 to 2016, boosting China's GNI and CO$_2$ emissions by 15.23% and 20.50% respectively compared to 2016 levels. For the future shift, the scenario analysis shows that compared with the relocation of GVC led by developed economies, the relocation led by China would yield lower negative impact on China's GNI when reducing same amount of China's CO$_2$ emissions. The negative impact on GNI and CO$_2$ emissions varies by sector initiating the relocation and by economy undertaking the relocation. Our analysis provides policy implications for China's future GVC relocation and high-quality development.

Our country is in the crucial process of industrial structure reformation, and expanding the new infrastructure investment, which has a feature of digital technology application, has a practical significance in pushing the upgrading industrial structure. This article picks China's 2004-2021 provincial panel data as samples to empirically prove the spatial effect of new infrastructure investment on industrial structure upgrading. Empirical results illustrate that the new infrastructure investment will accelerate the upgrading of the province's industrial structure, and have a positive spatial spillover effect. New infrastructure investment will inhibit the coordinated transformation of industrial structure, but this negative impact is not contagious among regions; The impact of new infrastructure investment on the upgrading of industrial structure is heterogeneous among different infrastructure types and eastern, central, and western regions. The above conclusions have certain policy implications for China to grasp the direction of new infrastructure investment, improve the efficiency of resource allocation, and accelerate the pace of industrial structure optimization and upgrading.

The high-quality transformation of the manufacturing industry structure is the key to further stimulate the potential of energy conservation and emission reduction. Taking growth, employment, energy saving and carbon reduction as multiple objectives, and the input-output equation and the goal of carbon peaking as the main constraint conditions, in order to accurately predict the adjustment trend of manufacturing structure, this paper constructs a multi-objective optimization model of manufacturing structure, and uses the dual population coevolution framework to solve it, drawing the following conclusions: Under the premise of carbon peaking, the adjustment of the manufacturing structure can effectively promote the balance, trade-off and coordination among the objectives. As their proportions continue to increase, the communication equipment, computers and other electronic equipment manufacturing, and the instrumentation and other manufacturing will ultimately become the two categories of industries with the largest proportion in the manufacturing industry. The low-carbon and high-quality development of manufacturing industry cannot simply rely on the reduction of energy-intensive production capacity, and its key is to achieve profound low-carbon transformation or structural optimization of raw materials, productive processes, and products.

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.

Green development involves a wide range and covers a large range, so the difference in interest demands makes the government, enterprises and financial institutions unable to reach an effective consensus in the game. This study constructs a tripartite evolutionary game model based on green preference perspective, and analyzes the relationships among green regulation, green transition, and green bond investment. The study found that the green preference of government, enterprises and financial institutions has different effects on green development. Enterprise green preference plays a decisive role in green transformation. Firstly, when the green preference of the enterprise is large, even if the government does not carry out green regulation or financial institutions do not invest in green bonds, the enterprise will still carry out green transformation production. However, when the green preference of other participants is not large enough, the phenomenon that the government makes green regulatory decisions but has no policy effect will occur. Secondly, when the size of the green preference of enterprises is in a specific range, while the green preference of financial institutions and the government is large, there are two possibilities: The simultaneous success or failure of green transition and green bond issuance. Finally, the main conclusions of this paper are verified by numerical simulation.

This study constructs a Chinese provincial-world multi-regional nested input-output table to estimate China's embodied carbon emissions in exports to the European Union (EU) at the provincial scale, and furthers investigates the driving factors of embodied carbon emissions changes using structural decomposition analysis. The results show that China embodied carbon emissions in exports to the EU in 2017 were 249 Mt$\mathrm{CO}_2$, equivalent to 2.45$\%$ of China's carbon emissions. The provincial distribution of embodied carbon emissions varies significantly, with seven provinces——Jiangsu, Guangdong, Shandong, Hebei, Zhejiang, Liaoning, and Inner Mongolia which all exported more than 10 Mt$\mathrm{CO}_2$——together accounting for 56$\%$ of China's total embodied carbon emissions in exports to the EU. The four industries directly related to the EU's carbon border adjustment mechanism——basic metals, metal products, non-metallic mineral products, and chemical industry——exported 21.44 Mt$\mathrm{CO}_2$ to the EU, accounting for 9$\%$ of China's total. From 2012 to 2017, China's embodied carbon emissions in exports to the EU decreased by 16.62 Mt$\mathrm{CO}_2$, with 12 provinces increasing their embodied carbon emissions and 18 provinces realizing a decrease. The production structure effect or the direct carbon intensity effect is the primary driving factor of embodied carbon emissions changes in most provinces. The results of this study could provide some references for China to manage embodied carbon emissions and address the EU's carbon border adjustment in the future.

"The adjustment of coal-based electric energy transportation" plays a significant role in enhancing the ecological environment and reducing coal consumption in recipient areas. However, it faces challenges in practice. This study examines the "Structure adjustment of coal electric energy transport" from the "Sanxi Region" to the Beijing-Tianjin-Hebei region based on real-world experiences. By employing a multi-regional CGE model, this paper quantitatively analyzes the environmental, economic, and social impacts of this adjustment on both regions. The research reveals that the primary issue with the current transition is the imbalance of interests between the sending and receiving areas. Specifically, while the Beijing-Tianjin-Hebei region benefits from improved air quality, the "Sanxi Region" suffers from negative effects on both the atmosphere and economy. Considering China's 14th Five-Year Plan environmental protection goals, this paper suggests an optimal annual growth range for coal-based electric energy transportation from 2021 to 2025 of [14\%, 27\%]. Additionally, it proposes an optimized tax rate range for joint air pollution control and an economic compensation plan. This research offers a solution path and reference for overcoming challenges in the transformation of coal-based electric energy transportation and contributes to achieving ecological objectives in the Beijing-Tianjin-Hebei region.

This paper introduces the concept of "green growth" for the first time, emphasizing high value-added economic activities coupled with low carbon emissions. It also elucidates the asymmetric effects of industrial upgrading and transfer that contribute to the realization of green growth. Furthermore, the paper employs the hierarchical structural decomposition analysis (HSDA) method to examine the impact of inter-regional industrial transfers on China's domestic economic and ecological balance. It identifies key industrial pathways that lead to the net transfer of value-added carbon emissions between regions. The primary findings are as follows: 1) The industrial structure of China's regions is currently undergoing upgrades and adjustments, resulting in a noticeable "decoupling" between economic value-added and carbon emissions from 2012 to 2017; 2) Nevertheless, the process of industrial transfer that accompanies asymmetric industrial upgrading exacerbates the green growth imbalance among regions. This is particularly evident in the net transfer of value-added carbon emissions from developed coastal provinces and cities to Hebei, Shanxi, and Inner Mongolia; 3) Two dominant factors contribute to this imbalance: The industrial transfer effect, which played a crucial role between 2007 and 2015, and the differences in carbon emission coefficients that prevailed from 2015 to 2017; 4) The key industrial pathways driving these transfers involve the final demand for construction services, medium-high/high-technology manufacturing, and other services in developed coastal provinces and cities. This results in the net transfer of production and value-added carbon emissions from medium- and low-technology manufacturing and other manufacturing industries in Hebei, Inner Mongolia, and Shanxi. These findings hold significant implications for proposing a differentiated carbon emission rights allocation mechanism, particularly at the industrial chain level.

Stock comovement is the main manifestation of risk contagion in the financial market, and it is of great significance to study the influencing factors of stock price linkage to prevent and resolve systemic financial risks. Few literatures pay attention to the relationship between the similar information contained in analyst reports and stock price linkage, but securities analysts play an important role as information intermediaries in the stock market, and the similar information produced by them will affect the stock price linkage by causing investors to trade in the same direction. Based on the analyst reports of A-share listed companies from January 2015 to May 2023, this paper introduces the TF-IDF text analysis method to measure the textual similarity of joint analyst reports and individual analyst reports, and discusses the impact of similar information in analyst reports on stock price linkage. The study finds that: 1) Similar information in analyst reports can significantly promote stock comovement. 2) The trading behavior of individual and institutional investors plays an intermediary role in the impact of text similarity on stock comovement. 3) Co-analysts produce more similar information, exacerbating the stock comovement vision, and further research shows that the conclusion is more significant if stocks belong to the same industry. The research results are helpful to deeply understand the influence mechanism of information produced by analysts on stock price linkage, and provide a theoretical basis for investors to invest rationally and regulators to strengthen market management.

With the expanding capital scale and membership in China's banking industry, the increasingly complex inter-institutional network has emerged as a potential risk contagion channel. Employing the GARCH-Copula-CoVaR model, this paper measures the contribution of 16 listed commercial banks to systemic financial risk. Integrating network topology theory and the sliding window method, we study the evolution of banking network structure characteristics and analyze their influence on the transmission mechanism of systemic financial risk. While the "decentralization" effect of the banking sector has grown significantly, enhancing overall network stability and risk resistance, it remains crucial to recognize the diverse roles played by network structure characteristics in systemic risk generation and radiation. Banks in different risk contagion positions are key players in the contagion process. Banks in different risk-transmitting positions face varying challenges in meeting both micro-prudential and macro-prudential requirements. Banks sensitive to extreme risks and occupying central roles in the network are inclined to export more risks to the entire system, often leading in the risk transmission process. During crises, network density undergoes drastic changes, and imbalances in relationship network stability expedite the contagion of systemic financial risk. This study proposes ideas for regulators to update the list of systemically important banks in real time and comprehensively supervise risk contagion channels, significantly enhancing the financial market's resilience to risks and mitigating systemic risks.

In the face of the downward pressure of the economy, to reduce the burden of enterprises and stimulate economic vitality, the state proposed to reduce the payment rate of enterprise endowment insurance. In order to accurately answer the impact of reducing the payment rate of enterprise endowment insurance to 16% on the future economic growth, this paper uses the dynamic general equilibrium model of two sectors and carries out simulation analysis based on realistic feasible parameters. The results show that: From 2019 to 2050, if the enterprise endowment insurance contribution rate drops to 16%, the potential economic growth rate over the years will increase by 0.076%, but the effect of further reducing the rate tends to weaken; If the multiple effects of the fee reduction are taken into account, the reduction of the payment rate will have an adverse impact on the financial status of the pension fund. In view of the limited effect of reducing the payment rate to 16% on economic growth, the negative impact on the financial status of the pension fund, and the weakening effect of further reducing the rate. This paper attempts to find other driving forces to promote China's economic growth. According to the simulation study, while reducing the payment rate to 16%, improving the fertility level will slightly reduce the potential GDP growth rate in the short term, but in the long run, it will significantly increase the potential GDP growth rate in the future. Promoting urbanization can improve the potential GDP growth rate in the short term, but the long-term effect will be weakened. Whether in the short term or the long term, delayed retirement can improve the potential GDP growth rate in the future, and the long-term effects of gradually delayed retirement and immediate delayed retirement tend to be the same.

Based on the empirical evidence that energy storage technology innovations can promote energy green transition, this paper proposes a directed technical change model with energy storage technology and renewable energy technology. By using theoretical analysis and numerical simulation methods, it studies how to design policies to promote technological innovation for achieving energy green transition in the context of underdeveloped energy storage technology. We find that: 1) It requires simultaneously solving the negative externalities from environment and the positive externalities from technological innovation to achieve energy green transition, a combination of carbon taxes with price subsidies and preferential credit policies performs better than carbon taxes alone. 2) In order to promote innovations in energy storage technology and renewable energy technology, a strong policy is needed in the early stage with the two underdeveloped technologies. Later, the policy becomes weaker as the two types of technologies become more advanced, and eventually it can be completely withdrawn. 3) Price subsidies for the energy storage sector and the renewable energy sector should be adjusted based on the gap between energy storage technology and renewable energy technology, while credit preferential policies could keep similar between the two sectors. 4) Making policy needs to take into consideration the collocation ratio and complementarity of renewable energy and energy storage. The higher the share of energy storage or the stronger the complementarity is, the stronger the policy supports for energy storage should be, and the longer the duration should be.

This paper develops a rational expectations equilibrium model with heterogeneous valuations. We analyze how the ESG disclosure quality affects the firms' cost of equity capital under the setting that the traditional value investors and the ESG investors have related but different valuations of the same risky assets. We show that given the endogenous information acquisition by traditional value investors, improving the ESG disclosure quality leads to a decrease in the firm's cost of equity capital when the optimal information acquisition is corner solution; when there exists the interior solution, the relationship between the ESG disclosure quality and the cost of equity capital is non-monotonic. The parameter conditions for the corresponding relationships are given by the analytical expressions. The results of the model reconcile the current empirical research with conflicting findings, and also reveal the possible negative effects of mandatory ESG disclosure, i.e., improving the quality of ESG disclosure does not always lead to a decrease in the firm's cost of equity capital.

There are great differences between domestic and foreign enterprises in terms of business decisions, sensitivity to the international economic patterns, etc., which leads to their completely different characteristics in participating in the international industry relocation. Therefore, with the frequent outbreak of international emergencies that cause deep adjustment of global value chain, clarifying the heterogeneity of domestic and foreign enterprises in the international industry relocation will be an important prerequisite to promote the "dual circulation" development pattern and ensure the security of supply chain. This paper proposes a quantitative model to measure the magnitude of industry relocation that distinguishes between domestic and foreign enterprises. Based on that, the empirical study captures the scale, mode, industry heterogeneity and mutual substitution between China's domestic and foreign-funded enterprises in participating in international industry relocation during 2005--2016. The empirical evidence finds that: 1) From the magnitude perspective, both domestic and foreign enterprises in China are generally receiving production activities. However, the growth of relocation slowed down after 2014, followed with the trend of relocation outward. The magnitude of the international industrial relocation of domestic enterprises has always been about 80.0% of the total. However, in terms of the ratio of industrial relocation to output, domestic enterprises have always been much lower than foreign enterprises, and the difference reached 14.1 percentage points in 2005-2016. 2) From the mode perspective, domestic enterprises mainly participate in international industry relocation through intermediate products, while foreign enterprises participate more through final products. 3) From the industry perspective, domestic enterprises is dominated by the capital-intensive manufacturing, while foreign enterprises mainly focus on technology-intensive manufacturing and producer services. 4) Generally, China's domestic enterprises have a strong substitution effect on foreign enterprises in China. However, a "reverse substitution (foreign enterprises substitute domestic enterprises)" is continuously taken place in the technology-intensive manufacturing.

The Report to the 20th National Congress of the Communist Party of China especially emphasized that the pursuit of common prosperity for all the people should be integrated into the process of modernization. By constructing the social accounting matrix of China's rural residents' consumption, this paper simulates the changes of the consumption of social goods and services and the Gini coefficient of rural residents' consumption under different distribution policies, so as to explore the distribution policy path to promote the common prosperity of rural residents. The results show that: Expanding the distribution policy of the middle and support the weak can not only promote the growth of social goods and services consumption, but also control the consumption gap of rural residents within a reasonable range, which is the relatively better choice, while the absolutely fair and absolutely efficient distribution policy is the relatively inferior choice; The policy simulation showed that consumption of education, culture and entertainment and health care increased the most, while consumption of food, tobacco and alcohol decreased, indicating that effective distribution policies are conducive to the consumption upgrading and transformation of rural residents; the primary distribution system is the leading mechanism to promote the common prosperity of rural residents, the redistribution system is an important means to promote the common prosperity of rural residents, and the third distribution system is a beneficial supplement. To this end, the paper puts forward the following policy suggestions: Improve the income distribution system, promote the realization of common prosperity; narrow the income gap between residents and promote the prosperity of farmers; we will improve the social security system and improve people's wellbeing.

This article aims to explore the impact of the internet on income inequality among rural households. Through the analysis of data from China Family Panel Studies, it is found that although the internet can significantly alleviate the inequality in total income and wage income among rural households, its effect on alleviating inequality in entrepreneurial income is limited, and it may exacerbate inequality in household property income. Based on this finding, this article analyzes the mechanism of its impact from the perspective of household income sources, revealing that the internet mainly reduces the wage income gap by pulling rural labor force into the non-agricultural sector, thereby alleviating household income inequality. Meanwhile, households with original capital accumulation are more likely to benefit from the internet, which exacerbates property income inequality. In addition, this article introduces the causal forest algorithm and, from the perspective of human capital, analyzes the heterogeneous effects of the internet on individual-level inequality in wage income and property income among rural households. The results show that the alleviation of wage income inequality is mainly manifested in households with low human capital, while the exacerbation of property income inequality is mainly manifested in households with high human capital.

The fundamental question in exploring the path of economic growth is how emerging industries gain and maintain their comparative advantages.This paper investigates the impact of knowledge spillovers and policy interventions on the emergence and sustainability of comparative advantages,using big data from 1.33 million registered enterprises across provinces from 2010 to 2020.It conducts various heterogeneous analyses at the industry and provincial levels to explore this issue in depth.The study finds that knowledge spillovers contribute to the emergence of new industry comparative advantages.However,only knowledge spillovers among related industries within a province facilitate the maintenance of existing comparative advantages.National-level industrial policies do not increase the probability of the emergence of supported industry comparative advantages but enhance the share of targeted industries.Regarding the development of comparative advantages,industries with high knowledge intensity and geographic concentration receive lower benefits from knowledge spillovers.Provinces in the central and western regions and those with higher specialization rely more on inter-provincial knowledge spillovers during industry development.Further analysis reveals that a developed highway system enhances the promotion effect of inter-provincial knowledge spillovers on industry development,while provinces with a high net inflow of population act as knowledge spillover sources.Inter-provincial knowledge spillovers positively moderate the effectiveness of development policies for targeted industries.This research provides empirical evidence for enhancing industry diversity.

This paper considers the impact of operation activities and financial hedging in constructing the exchange rate exposure faced by the Chinese enterprises.Using various databases to calculate and calibrate the exchange rate exposure in their operations for the first time,this paper discusses the determinants and solutions of exchange rate exposure in a comprehensive framework.This paper concludes three reasons for lower exchange rate exposure in their operations among Chinese enterprises:Low foreign production cost,low import penetration rate and low foreign revenue.Combined with the actual exchange rate exposure,we find exchange rate pass-through,operational hedging,foreign debt and foreign exchange derivatives reduces exchange rate exposure by 31.86%,3.76%,11.15% and 39.25%,respectively.This paper further expands the theoretical model to simulate the potential changes in the exchange rate exposure under two circumstances:Foreign countries promote the localization of the industrial chain and China continues to opening up.This paper explores exchange rate exposure from the perspective of micro-mechanism,which is of great value to the development of the foreign exchange market,resolving enterprises' exchange rate risk,and the formulation of related policies.

In the era of digital economy,the competition pattern of China's banking industry is undergoing tremendous changes,and various digital technologies affect the business model and development level of banks.Based on the perspective of the integration of big data and traditional data,this paper uses factor analysis to measure the digital finance development level of 120 commercial banks in China from 2009 to 2019.Then,the kernel density estimation and the spatial panel Dubin model are used to investigate the temporal and spatial variation characteristics of the digital finance development for banks in China from two perspectives of time and space,and the evolution feature of regional differences and sources of bank digital finance is analyzed.Finally,the interactive relationship between the digital finance development level of banks and regional digital inclusive finance is examined.It is found that the digital finance level of Chinese commercial banks shows polarization differences over time.In the eastern region,there is a mutual promotion effect between bank digital finance and regional digital inclusive finance,while in the northeast region,there will be a suppression effect.In the central and western regions,there is no obvious interaction between them.This paper enriches the construction system of digital finance level measurement,and provides important reference experience for revealing the differences in the development of digital finance.It also explores countermeasures for synergistic improvement with regional digital inclusive finance.

Based on the theoretical framework of multiple competing platforms, two forms of exclusive contracts are investigated: Traditional exclusive contracts and “pick one of two” contracts. We distinguish the differences in the incentives of the dominant platform to use these contracts, and analyze the impact of the different forms of exclusive contracts on market competition and the revenues of market participants. Our study shows that the degree of differentiation between platforms and between sellers are the core factors in determining the incentives for the dominant platform to use different forms of exclusive contracts and the impact on market participants. When the degree of differentiation between platforms and between sellers are both small, the dominant platform uses traditional exclusive contracts, while when the degree of differentiation between sellers is large, the dominant platform uses “pick one of two” contracts. Although both exclusive dealings reduce consumer surplus and social welfare, the impact on profits of other competing platforms and sellers is uncertain. Traditional exclusive contracts can reduce the profits of all competing platforms, whereas “pick one of two” contracts can reduce the profits of all sellers. This study provides a theoretical explanation for the use of different forms of exclusive dealing of platforms.

Based on the two-dimensional Hotelling model, this paper builds a game model that simultaneously considers the differentiation of platforms and merchants, to explore the adoption of different exclusive strategies by dominant platforms and the impacts of such strategy. The results show that, there are two types of exclusive strategies, namely monopoly-driven and differentiation-driven exclusivity. The monopoly-driven exclusivity can be promoted by low commission rates of strong platform, low horizontal differentiation between platforms, high vertical differentiation between platforms, and high horizontal differentiation between products; Otherwise, the differentiation-driven exclusivity will be strengthened. Second, the differentiation-driven exclusivity is also beneficial for weak platforms. To avoid the monopoly-driven exclusivity, weak platforms can increase horizontal differentiation between platforms and reduce vertical differentiation or commission rates. Finally, fierce competition among merchants can stimulate the differentiation-driven exclusivity implemented by dominant platforms, which in turn reduces competition among merchants and improves their profits. Overall, the research clarifies the drivers of exclusivity strategy of dominant platforms and distinguishes the influences of different exclusivity strategies on both platforms and merchants, providing strong policy implications for the regulation of dominant platforms and anti-monopoly in the platform industry.

Complex decision analyses are often faced with the high-level uncertainty beyond the normal range of common understanding, which is so-called “deep uncertainty”. Generally, the system characterized with deep uncertainty cannot been or has not been known well, and it usually has many components and mechanisms that would interact in a variety of ways and change over time. Deep uncertainty brings unexpected difficulties to system simulation and forecast. In recent years, the research on the simulation approach under deep uncertainty has been becoming one of the important directions in the field of system science. This paper firstly investigates the state of the art in the concept understanding and its cognition development from uncertainty to deep uncertainty, and then summarizes the key features and constraints for system simulation under deep uncertainty. The current mainstream simulation approaches including their modeling thoughts and implementations are also elaborated by systematically classifying the published literature and outlining main trends in modelling uncertain system. On this basis, a dynamic exploratory simulation approach based on data-and-model hybrid is proposed and applied into traffic simulation and forecast. Simulation experiment results show that this approach is a useful pathway to enhance computing system's adaptability to uncertainties and complex changes of real system.

Data ownership can either be considered as an indivisible monistic right or separated into ownership and usufruct, but the economic significance of data ownership and usufruct separation remains controversial. Digital enterprises' data-based services incentivize users to provide data, but also result in loss of privacy for users through personalized pricing. This paper constructs a monopoly firm model to explore the impact of data collection behavior and welfare under the definition of lack of usufruct and possession of usufruct when there is personalized pricing and privacy loss. The study finds that without usufruct, data collection will not occur if the privacy cost is high, but excessive data collection will occur if the privacy cost is low. When the collector has the initial usufruct and the user has ownership of the data, efficient data collection can be achieved, improving user surplus and social welfare. Data ownership only affects the distribution of social welfare between the collector and user. Therefore, we should consider the right definition framework of data ownership and usufruct separation and discuss the ownership of data usufruct in different scenarios. When the privacy cost is low, data collectors should be granted usufruct, and users should be allowed to exercise ownership through the "deletion right" and other ways to improve social welfare and user surplus. When the cost of privacy is high or users underestimate the cost of privacy, the method of prohibiting data collection should be adopted to protect sensitive data, rather than confirming rights.

In the era of the digital economy, the overlap between antitrust and information protection issues poses a great challenge to the formulation and implementation of public policies. This paper constructs a duopoly model where there are vertical differences in product quality and consumers' sensitivity to the quality of different products is negatively correlated. It explores the impact of different information protection policies with different strength on the pricing strategies of duopolists and consumer decisions and analyzes the specific welfare effects of policies. The conclusion indicates that in the market where consumers' sensitivity to the quality of different products is negatively correlated, a strong information protection policy leads to the impairment of social welfare, and vice versa. The reason is that information weakens the monopoly power by promoting competition. Meanwhile, considering different product characteristics, a strong protection policy and a weak one exert different effects on consumers' surplus and manufacturers' profits because information will bring about the "monopoly effect" and "competition effect", both of which play against each other to make the market present different welfare distribution patterns. Thus, the conclusion of this paper has certain policy implications for promoting and deepening the actualization of China's antitrust and information protection.

This paper uses the data of A-share listed companies in China during 2010-2019, and investigates the impacts of TMT faultlines on corporate social responsibility (CSR) by unbalanced panel fixed effect models. The results show that TMT faultlines have a significant negative impact on CSR. TMT faultlines negatively affect internal, external and positive CSR rather than negative CSR. TMT task-faultlines significantly reduce CSR, while TMT bio-faultlines have no significant effect on CSR. Corporate internal governance environment has a significant moderating effect on the relationship between TMT faultlines and CSR. CEO power intensifies the negative effect of TMT faultlines, while CSR committee and top management diversity inclusiveness weaken the negative effect of TMT faultlines. TMT faultlines can inhibit CSR by increasing agency costs and decreasing internal control quality. This paper reveals the importance of TMT construction and regulatory governance from the perspective of CSR, and provides empirical evidence for governments to formulate and improve corporate governance policies, and for firms to improve their social responsibility and enhance sustainable competitiveness.

According to the arbitrage asset pricing (APT) theory, an ideal risk factor needs to be able to price both the expected return (first-order moment) and variance-covariance matrix (second-order moment) of the cross-sectional assets. Therefore, it is very important to link the order moment information in the process of building risk factors. Based on the asset pricing and portfolio optimization theory, this paper considers the Sharpe ratio to be an ideal indicator for linking the first and second moments, and proposes a sparse principal component analysis algorithm with mean-variance efficiency (MVE-SPCA) to build risk factors. Specifically, the algorithm introduces Sharpe ratio information on the basis of principal component analysis (PCA), that is, the original principal component is sparsely adjusted by introducing the L₁ regularization term into the objective function of PCA, and the coefficient of the penalty term is determined by maximizing the Sharp ratio. Through this process, factors can not only capture the co-movement of the stock market, but also price the differences in the expected returns of cross-sectional assets. Further analysis shows that the weight structure of the factors constructed in this paper is similar to that of the classical economic factors, which shows that the statistical factors proposed in this paper are essentially consistent with the financial logic of the classical economic factors. Using the monthly frequency data of the A-share market from April 2002 to May 2022, this paper constructs 5×5 and 10×10 cross-sorted portfolio data sets and single-sorted portfolio data sets based on the common 18 anomalies in the A-share market to test the pricing ability of the proposed algorithm. The results show that the pricing ability of the factor model constructed by the algorithm in this paper is better than the traditional three-factor, four-factor and five-factor models, and also better than the statistical factor models such as PCA and risk premium PCA. The factor model built by the algorithm in this paper has smaller GRS statistics of the test assets. Meanwhile, the factors extracted by the proposed algorithm can achieve a larger optimal Sharpe ratio. This paper further finds that although the factors extracted by MVE-SPCA are statistical factors, they also have obvious economic meanings. The weight structure of the first three principal components extracted from 5×5 cross-sorted portfolios can respectively restore the market factor, size factor and value factor in the traditional factor model. The above conclusion also holds in the 10×10 cross-sorted portfolio data sets and the more general single-sorted portfolio data sets, which shows that the conclusion of this paper is robust.

The openness of capital markets may aggravate information risk as foreign investors have better information analysis ability and extensive information access channels. However, it is widely expected to improve liquidity and reduce stock price information risk by attracting long-term and mature investors. In this paper, the abnormal idiosyncratic volatility (AIV) proposed by Yang et al. (2020) is used as the measurement of stock price information risk, and the implementation of China's "Shanghai-Hong Kong Stock Connect" policy is applied as the policy shock to explore the impact of capital market opening on stock price information risk from the micro level through difference-in-difference model. The results show that the implementation of "Shanghai-Hong Kong Stock Connect" policy has reduced the information risk of the underlying stocks of "Shanghai Stock Connect" as a whole, and the above results are still robust in reducing the endogeneity of experimental group selection by adopting the method of random design (RD). Further mechanism test shows that the "Shanghai-Hong Kong Stock Connect" policy introduces foreign investors, improves market liquidity and brings more analyst coverage, and enhances the quality of enterprise information disclosure. Therefore, it simultaneously reduces the stock price information risk from the perspectives of information use and information generation. This paper not only enriches the literature of stock price information risk, but also provides a reference for policy making for the subsequent opening of capital market in practice.

In the context of the "double carbon" target, promoting the green and low-carbon transformation of economic and social development is a major systemic project. Developing renewable energy and improving energy efficiency will help to build a more efficient green energy system. Analyzing the effect of energy transformation has important reference value for formulating a reasonable carbon emission policy and achieving medium and long-term emission reduction targets. This study takes this as a starting point. Firstly, static panel and dynamic panel system generalized method of moments (GMM) are used to estimate the impact of energy transformation, renewable energy efficiency and non-renewable energy efficiency on major macroeconomic variables. Secondly, the intermediate production sector is subdivided into renewable energy production sector and non-renewable energy production sector. The dynamic stochastic general equilibrium (DSGE) model is constructed to analyze the short-term impact of energy transformation impact, renewable energy efficiency impact and non-renewable energy efficiency impact on major macroeconomic variables. The analysis shows that: 1) energy transformation promotes the transfer of resources between sectors, the output of renewable energy production sector will increase, while the output of non-renewable energy production sector and carbon emissions will decrease; 2) The improvement of two kinds of energy efficiency will produce economic expansion effect, but it will also produce energy rebound effect and increase carbon emissions; 3) At the end of the simulation period, the implementation of the carbon emission intensity policy will promote the growth effect of three shocks on output, but will also hinder the emission reduction effect and aggravate the rebound effect in the process of energy transformation. The implementation of the carbon tax policy will inhibit the rebound effect of two types of energy efficiency shocks on carbon emissions. In the process of energy transformation, we should rely on a reasonable carbon emission policy and formulate medium and long-term emission reduction targets. This study has important reference value for China to analyze the effect of energy transformation.

Propose a complete framework for decomposing value added, the multiplier decomposition and structural decomposition methods are extended to the multi-country and multi-sector input-output model to quantitatively analyze the dual circulation evolution trend of China and the endogenous power of the domestic circulation from 2000 to 2020. Research Findings: The overall dependence of China's economic development on the domestic circulation is in a "U" shape, and the inflection point appeared in 2006. On the left side of the inflection point, the main reason for the decline of the domestic circulation is China's decreasing value-added rate; on the right side of the inflection point, the improvement of the final demand rate, the toal demand coefficient and the value-added rate become the main driving force for the domestic circulation to rise in turn. Compared with investment, consumption has always been the main factor affecting the domestic circulation change in final domestic demand. The countries relying on the external circulation have shifted from developed countries to developing countries and developed countries. The dependence of the development of manufacturing industry on the domestic circulation has also increased since 2008. During this period, the increase of the toal demand coefficient of the service industry for the manufacturing industry, the upgrading of the industrial structure, and the improvement of the manufacturing value-added rate have successively occupied the main position in the cyclical rise of the manufacturing industry. The change in the domestic circulation of digital industry is dominated by its own final demand rate or the total demand coefficient of non-digital industry, and the dominant industries in the domestic circulation of non-digital industry are mainly themselves.

Under the real demand that Chinese manufacturing industry is advancing to the high end, servitization empowered by digital technology has become an important strategy for manufacturing enterprises to achieve high-quality development, which can stimulate the innovation vitality and create new development opportunities, enabling them to provide customers with intelligent solutions that integrate products, software and services. This study firstly collects foreign and domestic literature that is closely related to digital technology and servitization, selects to form a sample database, and constructs a theoretical analysis framework. Secondly, on the basis of introducing the servitization and digital technology, the evolution trend of the digital servitization is revealed, and the realization approach of the empowerment is analyzed. Thirdly, based on the division of the value chain of manufacturing enterprises, this study expounds the application scenario of servitization empowered by digital technology from the perspective of front-end product innovation, middle-end hybrid product generation and back-end service innovation. Finally, the "double-edged sword" effect of the empowerment with potential value and risks is analyzed, the countermeasures and suggestions are put forward, and the future research directions of this topic are provided.

The change of trade cost in services affects the cross-border flow of service elements, and under the division of global value chains, it can influence the production cost and final product price of each country through the input-output linkages and then affect the welfare of consumers. Based on WIOD database, this paper firstly calculates the level of China's trade cost in services from 2000 to 2014. On this basis, using global input-output price model and consumer welfare model, this paper examines the impact of the change of China's trade cost in services on consumer welfare in different countries from the perspective of equivalent variance and compensating variance. The results show that China's trade cost in services showed a downward trend from 2000 to 2014, with the most obvious decline in air transportation and financial services. The price effect of the change of China's trade cost in services on manufacturing industry is higher than that of service and agriculture, and the effect on knowledge-intensive manufacturing industry is the highest, followed by capital-intensive and labor-intensive manufacturing industries. The analysis of consumer welfare shows that the change of China's trade cost in services has improved consumer welfare of all countries, and it has brought more obvious welfare improvement to the United States, Japan, South Korea and Germany besides itself and the rest of the world. In terms of detailed service sector, distribution, postal transportation and finance and commerce services have the largest welfare effect among all services industry. Furthermore, international comparison shows that the welfare improvement to the rest of the world brought by the change of China's trade cost in services was about 3.3 times as much as that by the Unites States from 2000 to 2014, and China shows greater positive externality and provides more universal benefit to the world than the United States, Japan and the European Union. This paper can provide policy reference for further promoting the service trade openness and strengthening mutual cooperation among countries with the consensus of the community with a shared future for mankind.

Based on the customs trade database from 2000--2015, this paper identifies Chinese firms' tendency to export competitive strategies and examines the impact of internal and external product networks on firms' changing competitive strategies and their mechanisms. It is found that firms generally adopt cost-competitive strategies to participate in exports, but firms can reduce their cost-competitive tendencies by converging on internal and external networks. And when both convergence levels reach a high level, firms can shift from cost-based competence to quality-based competence. The mechanism analysis shows that higher product quality differentiation and greater market demand will weaken firms' cost competitive tendency; proximity to external product networks weakens cost competitive tendency mainly through the channel of strengthening product quality differentiation, and proximity to internal product networks improves quality competitive tendency mainly through the channel of strengthening export market demand. The heterogeneity analysis shows that this network effect is more effective for new entrants and domestic firms but is weakened by policy support, as the impact of information flow will be limited by the fluency of knowledge extraction, transfer and diffusion. The findings of the study not only reveal the feasibility of enterprises using information flow of product networks to enhance export competitiveness, but also suggest more diversified thinking on the optimization of industrial policy implementation.

Enhancing total factor productivity is a key initiative to promote high-quality economic development and build a strong socialist modern state comprehensively. We examine the impact of convertible bonds on firm's total factor productivity and the corresponding mechanism based on a multi-period difference-in-differences model. We find that convertible bonds can significantly increase firm's total factor productivity. The mechanism tests show that convertible bonds can improve total factor productivity by alleviating financing constraints and optimizing resource allocation. The heterogeneity tests show that debt-like convertible bonds have a more significant impact on total factor productivity. Moreover, the contribution of convertible bonds to total factor productivity is more significant in firms with higher external monitoring and regions with lower financial development. Our paper adds empirical evidence on the economic consequences of convertible bonds from the Chinese capital market and complements the research framework in the field of financial development and economic growth, which has important implications for promoting innovation in financial instruments and high-quality economic development in China.

High-quality development focuses on total factor productivity. As a pioneer and demonstration zone of China's economic development, it is of great practical significance for national high-tech zones to effectively play a driving role in the region. Therefore, based on the data of Chinese prefecture-level cities from 2003--2018, the green total factor productivity was calculated as a measure of high-quality development. To alleviate the bias of the traditional DID model due to the neglect of policy spatial spillover, we constructed a spatial DID model to analyze the effect of the national high-tech zones on the green total factor productivity of local and neighboring cities. The results showed that the national high-tech zones increased the green total factor productivity. This policy had a clear promotion effect on cities without a national high-tech zone, and the effect was related to the original development level of the city and the spatial distance between cities; however, the cities with national high-tech zones has not shown a "strong team" or a "race to the top" spatial connection. In addition, the impact of national high-tech zones on regional green total factor productivity worked mainly through improving the regional innovation and entrepreneurship environment. Based on this, we suggest that the high-tech development highlands should to be created with national high-tech zones as the nodes, and the diversified regional cooperation system of national high-tech zones should to be built by breaking down the administrative boundaries.