Under the influence of multiple negative environmental factors, the vulnerability of the supply chain is becoming more and more prominent, and enhancing the resilience and security of the supply chain has become the focus of China's current attention. With the wave of digital economy, digital transformation is gradually becoming a new engine to drive the transformation and upgrading of supply chain. How to leverage digital transformation to improve supply chain resilience is a current reality that requires urgent research, but no literature has yet provided direct empirical evidence on this. Based on the construction of supply chain resilience indicators, this paper examines the impact of enterprise digital transformation on supply chain resilience and its transmission mechanism. The sample used in this paper is panel data of A-share listed firms from 2007 to 2022. 

    Research findings indicate that enterprise digital transformation can significantly contribute to supply chain resilience improvement. In terms of the transmission mechanism, enterprise digital transformation promotes supply chain resilience enhancement through two channels: promoting supply chain diversified allocation and optimizing supply and demand matching.Heterogeneity analysis shows that for enterprises with high environmental uncertainty and low level of internal control, as well as those located in the downstream of the industrial chain and in regions with low level of marketization, the boosting effect of enterprise digital transformation on supply chain resilience is more significant. Further research finds that digital transformation for supply chain resilience does not result in the loss of economic performance, but continues to promote the economic performance of enterprises; "Chain Leader" enterprises and supply chain policies play a certain positive incentive role in the process of digital transformation for supply chain resilience.

    The contributions of this paper lie in three main aspects. First, this paper enriches the economic consequences of enterprise digital transformation. While research on the impact of enterprise digital transformation on supply chain development patterns has been presented in recent years, no literature has yet directly examined the impact of digital transformation on supply chain resilience. This paper goes further to provide direct empirical evidence on the relationship between the two. Second,this paper is based on the research framework of benchmarking, mechanism testing and heterogeneity analysis. It reveals the "theoretical black box" between enterprise digital transformation and supply chain resilience, and examines the impact of digital transformation on supply chain resilience in different contexts. Third, the findings of this paper have strong theoretical significance and practical inspiration. This paper explores the incentive role of "Chain Leader" enterprises and supply chain policies on the impact of digital transformation on supply chain resilience. This extended research echoes the government's proactive initiatives to cultivate "Chain Leader" enterprises and build supply chain systems.

    Promoting the digital transformation of society has become the inevitable path for China's economy to achieve highquality development. Government actions play a crucial role in driving economic and social progress, yet there is scant literature exploring the impact of digital transformation in government governance systems on enterprise digitalization. This study,based on data from over 600, 000 Chinese government procurement contracts and A-share listed companies from 2015 to 2020, constructs indicators to portray the level of digital government construction at the city level from the perspective of investment in digital government construction. Employing a panel data fixed-effects model, the study empirically investigates the impact of digital government construction on enterprise digital transformation and its underlying mechanisms. Findings reveal that digital government construction significantly promotes enterprise digital transformation, with greater effects observed in enterprises with scale and innovation advantages, and it also helps narrow the governance efficiency gap among enterprises.Mechanism analysis indicates that optimizing the business environment, reducing information asymmetry between government and enterprises, and improving government-enterprise relationships play pivotal roles in this process. Further research reveals that local governments tend to favor local enterprises in providing digital products and services during the promotion of government digitalization, reflecting institutional barriers in the digital domain. This study not only enriches research on how government governance behaviors promote enterprise digital transformation but also unveils the "black box" of how digital government construction aids enterprise digital transformation, providing new empirical evidence and policy insights for advancing digital China construction and creating a new pattern of comprehensive digital development driven by digital government construction.

    “Addressing bottlenecks, enhancing scientific and technological innovation, and improving the resilience of industrial and supply chains”represent pivotal objectives in achieving high-quality development. Industrial investment funds, serving as a policy tool that harmonizes government intervention and market forces, have become instrumental in advancing industrial progress. This paper focuses on the establishment of the National IC Industry Investment Fund in 2014 and takes the semiconductor industry as a case study. Employing a Difference-in-Difference model, the study aims to assess the impact of industry investment funds on industries facing critical challenges, often referred to as“bottleneck”industries.

    Our study reveals the following findings：(1) Market-oriented government support through the establishment of industrial funds significantly fosters the development of semiconductor enterprises. This demonstrates that addressing the challengeof stagnant industry development requires a collaborative approach between the government and the market, with a special industrial policy integrating government initiatives and social capital proving to be a successful measure. The empirical results remain robust even after accounting for various potential interference factors, including multi-dimensional confounding effects and endogeneity issues.Notably, the funds contribute to enhancing the scale expansion, operating income growth, and innovation capabilities of these enterprises. (2) In contrast to enterprises in the incubation and mature stages, the impact of industrial funds on the development of companies in the growth stage is more pronounced. This alignment with policy goals. In addition, this effect is particularly evident for businesses located in regions with lower corruption levels, which underscores the significance of“marketization”factors in the operation of industrial investment funds. (3) Besides, the funds play a crucial role in fostering enterprise development through multiple channels. They alleviate financing constraints by means of direct investment and guided investment, and enhance investor confidence through the“signal effect.”

    This study significantly contributes to the analysis of the impact of industrial investment funds. It not only examines the innovation ability of enterprises but also assesses the influence of funds on the capacity of enterprises to expand their scale and increase operating income. Moreover, it broadens the potential functional channels of industrial investment funds. Recognizing that industrial funds, often considered the national team, wield a substantial influence on market sentiment, this paper explores and validates the investor confidence mechanism. Furthermore, it presents a practical avenue for achieving selfsufficiency and technological advancement in China. Additionally, it offers guidance for enhancing industrial policies, overcoming global challenges, and ensuring the stable growth of the national economy.

    The tax sharing system, as an important system and incentive mechanism for intergovernmental income distribution,is an important factor that affects and restricts local government tax revenue. The intergovernmental tax sharing ratio is linked to the amount of tax resources that local governments can retain, which determines the strength of the local government's motivation to protect the local market. This article is based on panel data of prefecture level cities and uses the price method to construct a market segmentation index between cities, empirically analyzing the impact of tax sharing on market segmentation between cities. The results indicate that the estimation coefficient of market segmentation index by tax sharing is significantly negative, and a higher proportion of tax sharing between provinces and cities helps to reduce market segmentation between cities. After using the Bartik instrumental variable constructed by the shift-share method to solve endogeneity problems, the conclusion still holds.

    Mechanism analysis reveals that tax sharing will exert influence on the market segmentation between cities through two channels: transportation infrastructure construction and tax competition. The development of transportation infrastructure and the weakening of tax competition between governments can help reduce market segmentation between cities. A higher tax sharing ratio has improved the financial resources of local governments, ensured their investment in transportation infrastructure construction, and weakened tax competition among local governments, promoting the process of market integration.

    Heterogeneity analysis shows that there are differences in market integration ability, tax collection and management ability, resource endowment, and policy environment in the eastern, central, and western regions of China. These differences will be mixed into commodity prices and circulation, resulting in differences in the impact of tax sharing on market segmentation in the eastern, central, and western regions. Compared to the central and western regions, tax sharing has a greater impact on the process of market integration in the eastern region.

    Further analysis reveals that the tenure of officials and tax sharing have a significant substitutive effect on market segmentation. Officials with shorter terms aim to promote economic growth and increase the probability of promotion in the short term, their efforts to narrow market segmentation will be greatly weakened. The increase in the tenure of local government officials has weakened the impact of tax sharing on market segmentation. This article provides empirical evidence to promote the development of intercity market integration. Timely adjustment of tax sharing ratio can accelerate the process of market integration. At the same time, policy adjustments need to be tailored to local conditions and cannot be a one size fits all approach

     

    Artificial intelligence (AI) represents a critical driving force in the new wave of technological revolution and industrial transformation. The progress of AI is inseparable from the synergistic development of three essential pillars: data, algorithms, and computational power. Among these, algorithms serve as a fundamental component for unlocking the potential of computational power and realizing the value of data. They act as a core driver in advancing the "AI+" initiative and fostering the emergence of new productive forces. However, compared to the data market, the commercialization of the algorithm market has significantly lagged behind. The mechanisms governing transactions and the structure of the algorithm market remain underexplored and lack systematic research. This paper delves into the core aspects of the algorithm market, including its trading subjects, market structure, and defining characteristics. It identifies the major challenges in algorithm rights confirmation and the circulation mechanism while summarizing key domestic and international practices in developing algorithm registration and circulation markets. A comparative analysis is conducted between the algorithm market, intellectual property rights (IPR), and the data market, revealing both shared traits and unique challenges. The findings highlight that algorithm shares notable similarities with intellectual property in terms of innovation and virtuality. However, algorithms' reliance on sensitive data and the distinctions between open-source and proprietary algorithms introduce additional complexities in rights confirmation and protection. While open-source algorithms prioritize balancing accessibility with developers' interests, proprietary algorithms demand stringent safeguards to prevent leakage and unauthorized use. Furthermore, the algorithm market and the data market exhibit shared dependencies on application scenarios and inherent non-standard features. Both are influenced by specific contextual demands, which shape their respective market dynamics. However, algorithms demonstrate a stronger external dependency, requiring significant computational resources for training, optimization, and deployment. Addressing the current challenges in China's algorithm market, this paper proposes a dual-driven model integrating government regulation and market innovation. Policy recommendations include optimizing the mechanism for algorithm rights confirmation to ensure clarity and enforceability; fostering an efficient supply-demand matching system through the cultivation of algorithm service providers; reducing barriers to algorithm usage by lowering technical and financial thresholds; and developing cross-border regulatory frameworks to facilitate the secure and lawful international circulation of algorithms.

    As a mapping of the allocation and use of public resources in society, the enhancement of fiscal information transparency is widely regarded as a key factor in promoting the scientificization of social governance and improving the governance capacity of the government. Fiscal transparency is not only a core component of a government's governance system, a highly transparent fiscal system is also of great significance in enhancing government effectiveness, increasing public trust,and promoting people's participation in and monitoring of government activities, which in turn helps to promote the modernization of a country's governance system and governance capacity. China has always attached great importance to the openness and transparency of fiscal information, and has improved fiscal transparency and government governance capacity by continuously improving relevant regulations and systems. Nevertheless, there is still a gap between China's fiscal transparency and the international budget transparency standards, and the fiscal transparency among regions shows obvious imbalance. In recent years, with the development of digital technology and the steady advancement of digital government construction, the science and accuracy of government data collection have significantly improved. The opening of government public data not only plays an important role in promoting the public's participation in governance by utilizing government data, but also has a significant impact on economic development and social progress. Public data openness has become an important driving force for improving fiscal transparency in China, however, no research has yet explored in depth the causal relationship between public data platform access and fiscal transparency. Does the accessing of government public data platforms really affect fiscal transparency? What are the potential mechanisms behind it? These questions remain to be answered systematically.

    This paper explores the impact of public data platform access on fiscal transparency using multi-period difference-indifference methods in a quasi-natural experiment in which a municipal government goes online with an open public data platform. It is found that public data platform access can effectively enhance fiscal transparency, a conclusion that still holds after excluding a series of robustness tests such as heterogeneity treatment effects. The results of the mechanism analysis indicate that digital technology innovation as well as increased awareness of public finance concerns are important channels through which public data platform access promotes the improvement of local fiscal transparency. The results of heterogeneity analysis show that the promotion effect of public data platform access is more significant in peripheral cities, cities in the central and western regions, and cities with higher levels of marketization. Further research finds that there is a regional competition effect in local fiscal transparency improvement, and the promotion incentive of officials significantly enhances the promotion effect of public data platform access on fiscal transparency improvement. In addition, the promotion effect of public data platform access on the improvement of fiscal transparency can improve regional entrepreneurial vitality and attract enterprises, especially digital service enterprises, to enter the region. The findings of this paper provide policy references and empirical insights for local governments to promote the effective use of data factor resources and build a modernized fiscal governance system in the era of digital economy.

    The employment situation in China remains quite severe due to both domestic and international environmental influences. On one hand, market demand contraction is leading to operational difficulties for enterprises and insufficient labor demand. On the other hand, the continuous increase in the number of college graduates highlights the problem of “youth employment difficulty”. Strong government governance capability is key to promoting employment stability. Given the increasingly important role of digital technology in enhancing government governance capabilities, the construction of digital government is expected to become a new approach to achieving the goal of stable employment.

    Based on the use of input-output tables to measure the level of digital government construction, this paper employs data from Chinese listed companies from 2007 to 2020 to thoroughly examine the impact of digital government construction on corporate labor employment and its mechanisms of action. Furthermore, it discusses the effect of digital government construction on the efficiency of labor resource allocation. The results show that digital government construction can significantly increase the number of labor employment in enterprises. This conclusion remains valid after a series of robustness tests, including endogenous test, replacing core variables, considering sample selection bias, and excluding concurrent policy interference. Additionally, the employment promotion effect of digital government is more prominent in private enterprises, enterprises lacking political connections, growth-stage enterprises, and labor-intensive enterprises. Digital government construction can increase corporate production investment and labor demand by reducing non-productive expenditures, alleviating financing constraints, and lowering economic uncertainty, as well as by expanding business scope, which collectively enhance job creation and increase enterprise employment numbers. Efficient allocation of labor resources is also crucial for employment stability.Digital government construction helps alleviate under-employment in enterprises, improve the efficiency of labor resource allocation within enterprises, and optimize the allocation of labor elements among enterprises by enhancing market competition.This article assesses the employment effects of digital government construction, which has significant practical implications for enhancing government digitalization and achieving the policy objective of "stable employment".

    The potential marginal contributions of this study are as follows: Firstly, differing from previous literature, this paper measures the level of digital government development by calculating the output contribution of digital capital in provincial government departments using input-output table data within the framework of economic growth accounting. This to some extent addresses the deficiencies in existing digital government indicators in an era of rapid technological development and major changes in government governance. Secondly, unlike previous studies that discuss the applications of digital technology at the enterprise and industry levels, this paper examines the impact and mechanisms of digital government on the employment of micro and small enterprises from the perspective of digital technology applications in government departments, thereby expanding the research perspective on digital technology and its economic effects. Thirdly, this paper systematically elucidates the impact mechanism of digital government on enterprise labor employment from the angles of production scale expansion and job creation, using the endogenous mediation effect model to mitigate potential endogeneity issues in mechanism analysis,thereby accurately identifying the impact mechanisms.

    Technological innovation stands as the fundamental means to expand high-quality demand and the key force driving the initiation of Kondratiev long waves. Economic operations exhibit cyclical fluctuations, which can be categorized into short cycles, medium cycles, and long cycles based on their duration. Short cycles are primarily influenced by supply and demand, while long cycles rely on innovation-driven growth. In recent years, the industrialization of new technologies is resulting in a new generation of revolutionary breakthroughs. And the global has witnessed numerous revolutionary technological achievements, giving rise to emerging consumer goods such as Starlink, space tourism, artificial intelligence, and humanoid intelligent robots. These innovations not only meet the growing demand for more advanced and intelligent products but also serve as a crucial engine propelling sustained prosperity in world's economy. Particularly notable is the excellence demonstrated by some countries in areas like Starlink systems, artificial intelligence, space industry, and quantum computing, showcasing remarkable technological prowess that provides robust support for the future development of the economy. Although the global economy faces downward pressure in the short term, it will gradually enter a new long cycle in the long run. From the viewpoint of long-term economic cycles, sustained economic growth is predominantly driven by technological innovation.With the development of technologies like artificial intelligence, the global economy may be on the brink of entering a new phase of growth. According to the long wave theory, the current global economy is likely in the depression phase of the fifth Kondratiev wave. Historically, economic cycles' troughs often herald the beginning of the next cycle. At present, product innovation and process innovation have pushed the economies of some countries into a new long cycle. China has made significant strides in fields such as new energy technologies, artificial intelligence, and quantum computing.

    This paper introduces innovation and innovation-support policies to address the limitations of Keynesian economics.Within the theoretical framework of technological innovation and long cycles, it examines the global economic landscape, with a specific focus on analyzing product and process innovation. Additionally, it evaluates groundbreaking developments that could potentially usher in new economic cycles in the future. The goal is to furnish empirical evidence for attaining stable and enduring economic growth, while enhancing comprehension and mastery of the principles and trajectories of innovation-led economic expansion. Consequently, this aids in crafting scientifically sound policies and strategies, underscoring their practical relevance.

    The following policy insights has been yielded: It is essential to rely on technological innovation, especially disruptive and original innovations. This involves focusing on new manufacturing, new services, and new business models to create new drivers and new advantages for China's economic growth. Accelerating the cultivation of new quality productive forces is crucial for achieving stable and sustained economic growth in the new cycle. Only by seizing the opportunities of a new round of scientific and technological revolution can it be possible to achieve a new round of stable and sustained economic growth.

    The report of the 20th National Congress of the Communist Party of China pointed out that high-quality development is the primary task of building a modern socialist country in a comprehensive manner, and efforts should be made to improve total factor productivity. Manufacturing industry is the foundation of a country. Improving its total factor productivity is the key to achieving high-quality development. As the world's most populous country, Chinese market potential is huge and strong. In the new stage of development, to improve total factor productivity, we must get rid of the traditional path dependence, abandon the practice of regional fragmentation, and shift to a new model with the domestic cycle as the endogenous driving force.

    In this study, we construct the market potential index to reflect the advantages of domestic super-large-scale market,and use the matching data of cities and enterprises from 2007 to 2020 to examine the impact of domestic super-large-scale market advantages on the total factor productivity of manufacturing enterprises. The empirical results are as follows: First, the domestic market potential has improved the total factor productivity of manufacturing enterprises, and its mechanism is promoting technological innovation, reducing costs and promoting the professional division. Second, the heterogeneity test shows that for non-state-owned enterprises, capital-intensive enterprises, large enterprises and enterprises in areas with better infrastructure and higher marketization level, the domestic market potential has a more obvious effect on the improvement of total factor productivity of enterprises. Third, further analysis shows that the domestic market potential has a siphon effect, and the domestic market potential of neighboring cities can reduce the total factor productivity of local enterprises. The domestic and foreign market synergies have a significant negative effect on the total factor productivity of manufacturing enterprises,while the digital economy effectively alleviates this adverse effect.

    The marginal contribution lies in: First, based on the background of Chinese new development pattern, this paper examines the impact and mechanisms of domestic market potential on the total factor productivity of manufacturing enterprises,and provides new micro empirical evidence for the productivity effect of market potential. Second, this paper examines the heterogeneous impact of domestic market potential on total factor productivity of manufacturing enterprises, and proposes a precise reform direction for accelerating the construction of a unified national market and smoothing the domestic cycle. Third,this paper innovatively explores the siphon effect of domestic market potential and the synergistic effect of domestic and foreign market potential on the total factor productivity of manufacturing enterprises, and provides rich empirical evidence for using domestic super-large-scale market to drive the high-quality development of Chinese manufacturing industry.

    The main policy recommendations of this paper are as follows: The government should improve the income distribution system, improve the social security system, cultivate Internet commerce, develop new consumption patterns, and continuously increase residents' consumption willingness and activate potential consumption. At the same time, the government should improve the unified system, adhere to the optimization of the business environment, promote the construction of a unified national market, and accelerate the formation of a new development pattern, so as to promote the high-quality development of Chinese economy.

    Green low-carbon transformation has many effects on all areas of society. To evaluate the impact of green credit policy on employment, this paper regards the green credit policy in 2012 as a quasi-natural experiment and explores the impact mechanism. Firstly，this paper theoretically explores the impact mechanism of the green credit policy on the labor demand of enterprises. Furthermore, the difference-in-differences model is used to empirically analyze the impact of greencredit policy on labor demand. Finally, the heterogeneous impact of green credit policy on labor demand is discussed from the perspective of internal enterprise characteristics, external environmental characteristics and city characteristics.

    The results show that, first of all, the green credit policy significantly reduces the employment of heavily polluting enterprises. Second, the capital renewal effect has a suppression effect between green credit policy and employment while the output effect and financing constraints effect have a mediating effect. Third, the results of heterogeneity analysis show that in enterprises with low financial development and low marketization, the green credit policy has a deeper negative impact on the employment. In addition, the negative impact is deeper in low industrial structure of city, low digital economy of city, large enterprises and state-owned enterprises. This paper conducts a series of robustness tests, including parallel trend test, placebo test, expected effect test, controlling the impact of important policies and macroeconomic environment and PSM-DID test.The robustness test results support the research conclusions. Therefore, as China continues to strengthen environmental regulations, the negative impact on employment should also be taken into account when considering emission reduction targets for enterprises.

     The possible marginal contributions of this paper include the following contents. First, this paper expounds the theoretical mechanism and policy effect of green credit policy affecting employment from both theoretical and empirical perspectives.The evaluation of green credit policy reveals the economic and social impact of strict environmental regulation. In addition,the assessment of the employment impact will enrich and expand the relevant research on environmental regulation. Second,the“Porter Hypothesis”emphasizes the mechanism of technological innovation while this paper reveals the impact of another emission reduction path chosen by heavily polluting enterprises under the green credit policy on labor demand. Specifically,the path refers to companies reducing emissions through end-of-pipe treatment, or introducing efficient and environmentally friendly production equipment to replace inefficient and polluting production equipment (this paper defines this process as “capital renewal”). Third, environmental protection and economic growth are important challenges in economic transformation. This paper provides theoretical support from the perspective of labor demand. Furthermore, the heterogeneity analysis of the relationship between green credit policy and employment is investigated from the perspective of internal enterprise characteristics, external environmental characteristics and city characteristics. Specifically, from the perspective of enterprise scale and enterprise nature, financial development level and marketization degree, city industrial structure and digital economy development level, this paper studies the heterogeneous impact of green credit policy on employment. The explorations and tests can theoretically expand the economic and social impact of environmental regulation.

    Accelerating the construction of a resilient modern financial system is an important support and security guarantee to promote China's high-quality financial development and help the realization of the goal of a financial power. Based on the typical facts of the financial system resilience of 46 major economies in the world in 2007-2021, the article empirically examines the spillover effect of the global financial cycle on the financial system resilience and its transmission mechanism with external financial shocks as the entry point. The study finds that (1) the global financial cycle has a significant negative spillover effect on financial system resilience, and this conclusion still holds after dealing with endogeneity issues and conducting a series of robustness tests; (2) the mechanism test finds that the global financial cycle can negatively affect financial system resilience through the international commodity price channel, the international capital liquidity channel and the investor risk sentiment contagion channel; (3) The results of the heterogeneity analysis suggest that this negative spillover effect is stronger in advanced economies, those with high financial openness and those with a fixed exchange rate regime; (4) The empirical results after further incorporating macroprudential policies into the research framework show that in the risky upturn phase of the global financial cycle, strict macroprudential policy interventions can effectively inhibit the negative impact of the global financial cycle on the resilience of the financial system. The conclusions of the study provide a theoretical basis and empirical evidence for China to effectively prevent and resolve imported financial risks under the new situation, and also provide useful policy insights for accelerating the construction of a financial power and building a modern financial system with Chinese characteristics.

    The deep integration of data factor among industries will profoundly change the operation mechanism and logic of factor markets. This paper empirically examines the impact of data factor participation on enterprises' capital allocation efficiency and its mechanism. It is found that: data factor participation has a significant ‘U’-shaped non-linear effect on the capital allocation efficiency of manufacturing enterprises. This indicates that only when data factor participation rises to a moderate stage does its impact on the efficiency of firms' capital allocation turn into a facilitating effect. Further, only from the perspective of production factor attributes, whether it is domestic data factor participation or foreign data factor participation, there is no difference in the impact of both on the efficiency of enterprises' capital allocation. The mechanism test shows that the information effect and the resource effect are the mechanisms that lead to the ‘U’ shaped impact of data factor participation on the capital allocation efficiency of enterprises. Among them, the information effect affects both the apex and curvature of the ‘U’-shaped relationship, and as the degree of information asymmetry increases, the ‘U’-shaped relationship becomes stronger and the apex shifts to the right; while the resource effect affects the curvature of the ‘U’ relationship, and the resource effect affects the ‘U’-shaped relationship, and the resource effect affects the ‘U’-shaped relationship. The resource effect affects the curvature of the ‘U’-shaped relationship, and the ‘U’-shaped relationship becomes stronger when the degree of corporate financing constraints is stronger. Heterogeneity analysis reveals that the inflection point of the ‘U’shape of data factor participation on capital allocation efficiency varies significantly with the type of enterprise ownership, enterprise life cycle, industry factor intensity, and degree of regional marketisation, with private enterprises, start-ups,technology-intensive industries, and highly marketised enterprises having relatively lower thresholds for entering the ‘moderate zone’ of data factor participation to improve capital allocation efficiency.

Under the goal of building a financially powerhouse, further deepening the construction of the international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area is an inevitable choice to fully leverage the role of the Greater Bay Area as a“window”and“test field”for reform and opening up, and to support the Greater Bay Area in building itself into a“strategic fulcrum for a new development pattern, a demonstration site for high-quality development, and a pacesetter for Chinese-style modernization”with financial power. The financial cooperation between Guangdong, Hong Kong, and Macao has gone through three stages of development: market-driven, policy-driven, and strategy-oriented. The construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area possesses significant strategic and functional values. It is necessary to adhere to serving the real economy as the foundation, excel in“five major areas”of technology finance, green finance, inclusive finance, pension finance, and digital finance, build a modern financial system,strengthen financial supervision, fully resolve risks, and enhance the strength and influence of the international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area.

     Promoting the cultivation of new productive forces is a fundamental, global and long-term strategic judgment made by General Secretary Xi Jinping on the basis of changes in China's development stage, development environment and development conditions. As the Belt and Road Initiative adheres to the principles of common business, common construction and common sharing, the Belt and Road Initiative is a major strategic judgment based on the changes in China's development stage and development conditions. Therefore, the institutional field provided by the Belt and Road Initiative may become an important driving force for cultivating new productivity of participating enterprises.

    In this paper, we analyze the impact of the Belt and Road Initiative on the cultivation of new productivity of participating enterprises and its mechanism of action based on the data of listed enterprises from 2011 to 2022 using a multi-temporal double-difference method. The results are as follows: First, the Belt and Road Initiative can effectively promote the cultivation of new productivity in participating firms, and this result is still robust after series of tests. Second, in terms of the mechanism of action, the Belt and Road Initiative promotes the cultivation of new productivity in participating firms by improving both financing constraints and innovation capacity. Finally, the heterogeneity results find that the Belt and Road Initiative's influence on the new productivity of participating firms is more pronounced in emerging industries and nodal cities than in non-emerging industries and non-nodal cities.

    Based on the above findings, this paper concludes that, in the context of the development of new productivity, government departments should continue to adhere to and deepen the construction of the Belt and Road Initiative, strengthen the policy communication and coordination with the countries along the route, and form a more stable and open cooperation mechanism, so as to promote the cultivation of new productivity of the enterprises in terms of the institutional arrangement.Enterprises should actively participate in the construction of the Belt and Road Initiative, and make use of the cooperation platforms and projects of the Belt and Road Initiative to enhance their own innovation capabilities and cultivate their new productivity.

    As an important issue in the digital age, the governance of cross-border data flows is becoming a hot spot for international cooperation in the digital age. The current world economy has shifted from focusing on the flow of goods and currency to focusing on the flow of information. The seamless transboundary movement of data underpins economic globalization, fosters advancements in novel IT, and is pivotal for shaping a harmonious global community.However, there is still an impossible triangle in the cross-border flow of data, that is, the three aspects of data autonomy, data protection, and data flow cannot be satisfied at the same time. How to balance the relationship between the three is an unavoidable problem in building a cross border data flow governance system.

    The deep integration and development of the digital economy and the real economy brings a window of opportunity to boost the synergy of industrial pollution reduction and carbon reduction, and the integration of data and reality drives the green and low-carbon transformation of industry to become the material and technological foundation for building Chinese-style modernization. Based on the input-output data of the time series from 2007 to 2020, the panel regression model and the mediation effect model are used to test the impact and mechanism of the correlation and integration of industry and industry in the information on the synergy of pollution reduction and carbon reduction in 23 industrial sub-sectors from the perspective of industrial forward and backward correlation. The results show that: (1) The backward correlation and integration of information industry and industry can play a significant "push-pull" role and promote the industry to achieve synergy in pollution reduction and carbon reduction, that is, there is a "supply-driven, demand-pulled" effect, and a series of robustness tests and endogeneity tests confirm the reliability of the benchmark estimation results. (2) Industry technology upgrading, industrial chain integration and cost control driven by the forward correlation and integration of data and reality are the main paths to drive the synergy of pollution reduction and carbon reduction. Backward correlation and integration promote the synergy of pollution reduction and carbon reduction through three impact channels: scale effect, stable supply and demand relationship,and supply quality improvement, so as to achieve multiple goals such as environmental, climate, and economic benefits. (3)The heterogeneity test shows that the synergistic effect of pollution reduction and carbon reduction driven by digital-real inte‐gration is stronger in information technology application industry, pollution-intensive, high-technology-intensive and highcorrelation integration industries. Environmental regulations and industry competition have strengthened the synergistic effect of pollution reduction and carbon reduction through the integration of data and reality, while financing constraints have weakened this effect. This study not only expands and deepens the mechanism path of industrial pollution reduction and carbon reduction synergy driven by the integration of data and reality, but also has important policy implications for seizing the strategic opportunities brought by the development of the information industry, narrowing the "digital divide" between industries,and steadily promoting new industrialization.

    Influenced by the concept of sustainable development, the international market is increasingly emphasizing the ESG performance of enterprises. Under the background of the downturn of the global economy, studying the relationship between ESG performance and enterprise exports has great significances for our country to promote the construction of a trade power and build a new system of open economy. This paper systematically investigates the impact and mechanisms of ESG performance on the export performance of listed companies, through integrating the data of Chinese customs enterprises and A-share listed companies from 2009 to 2016 and merging it with the enterprise ESG scores under the Huazheng evaluation system.

    The study finds that ESG performance can significantly promote the expansion of enterprise exports, and this conclusion still holds after a series of robustness tests. The effects decomposition of ESG performance shows that the good performance of enterprises in various dimensions of environment, social responsibility and corporate governance has a positive impact on their export scale expansion, and the good performance in environment and corporate governance has a stronger promotion effect than social responsibility on the export scale expansion of enterprises. The heterogeneity analyses show that there are great differences in the impact of ESG performance among different types of enterprises and products, and it mainly promotes the export of non-state-owned, non-heavy-polluting enterprises and products destined for developing countries. Mechanism tests show that ESG performance promotes enterprise exports by enhancing enterprise reputation, reducing trade barriers and information asymmetry. In addition, it is found that good ESG performance can enhance the extensive and intensive margins of enterprise exports, promote the transformation and upgrading of enterprise export trade patterns and improve their export technology complexity. This paper provides evidence for how ESG performance affects enterprise exports, and it also gives useful policy insights for China to promote ESG construction and help high-quality development of foreign trade.

     Leveraging urban agglomeration innovation center to lead and guide innovation transformation and the construction of a modern industrial system holds significant importance for both the layout of an innovative nation and the guidance of urban agglomeration innovation.

     On the theoretical front, utilizing the expanded three-region Local Spillover (LS) model of New Economic Geography,which disrupts the initial two-region symmetric abstract spatial core setting of new economic geography, engages in theoretical analysis regarding the formation mechanism, structural characteristics, and spatial evolution of urban agglomeration innovation centers. The model exhibits a central feature of “local spillover - knowledge accumulation loop - innovation agglomeration” and emphasizes the “cluster” attribute of “inter-city local spillover - mutual reinforcement between cities - innovation space correlation”. It comprehensively considers the formation mechanism of urban agglomeration innovation centers under the combined effects of the “central” mechanism of knowledge circulation accumulation and the “cluster” mechanism of knowledge space spillover.

     At the empirical analysis level, conducting an empirical analysis on the 41 cities in the Yangtze River Delta urban agglomeration, from 2000 to 2020, characterized as the most innovative urban agglomeration, examines their knowledge of capital accumulation, spatial spillover mechanisms, and explores how urban agglomeration innovation centers radiate and drive peripheral cities, and how peripheral cities undertake the linkage mechanism of innovation overflow from innovation centers,as well as the mechanisms facilitating the formation of urban agglomeration innovation centers.

     The main conclusions are as follows: (1) The causal relationship in the cyclical accumulation leading to the formation of urban agglomeration innovation centers lies in the knowledge capital accumulation. As knowledge capital accumulates, the cost of urban knowledge production (innovation) gradually decreases, thereby promoting the endogenous aggregation of knowledge capital. This cycle repeats, ultimately facilitating the formation of urban agglomeration innovation centers; (2) Knowledge capital spatial spillover is the dominant factor in forming innovation centers. There are differences in local spillover and cross-regional spillover of knowledge capital in different regions of urban agglomerations, further reinforcing the “innovation center - peripheral city” structure; (3) The interaction of urban agglomeration innovation centers lies in the consolidation of the “cluster” structure through the overflow of knowledge from innovation centers, and the receptivity of peripheral cities enhances the competitiveness of the “center”, thereby improving the overall welfare level of the urban agglomeration; (4) In the Yangtze River Delta urban agglomeration, the effects of local market and knowledge capital spillover promote the formation of innovation centers, while market congestion effects play an inhibitory role.

    Fostering urban innovation centers is a pivotal cornerstone in advancing the national innovation-driven strategy and the development pattern of innovation within urban clusters. This discourse not only introduces novel perspectives to address the issue of central city “siphoning” and optimize the allocation of innovative resources but also furnishes a theoretical basis and decision-making reference for constructing an innovation system within urban clusters and nurturing innovation hubs within these clusters.

    The improvement of total factor productivity(TFP) can promote the transformation of economic growth mode from the increase in the number of production factors to the improvement of efficiency and benefit, which is, from“extensive” growth to“intensive”growth, so as to achieve sustainable and high-quality economic growth. Micro firms are the foundation of macro economy, so the increase of macroeconomic output efficiency ultimately depends on the improvement of TFP of micro firms. From this point of view, it is very necessary and urgent to study the factors that affect the TFP of firms. Focusing on the spirit of“striving to raise total factor productivity”and“striving to promote the resilience and safety level of the industrial and supply chains”proposed in the report of the 20th National Congress of the Communist Party of China, this paper examines whether supply chain customer stability can have a positive impact on TFP of firm.

    The research results show that：(1)Higher customer stability can significantly improve the TFP level of firm. (2)The mechanism analysis shows that the three effective paths for customer stability to improve TFP of firm are to promote income increase, cost reduction, and external financing increase, improve inventory management efficiency, and promote innovation.(3)Heterogeneity analysis shows that compared with state-owned firms, firms in capital intensive industries and labor intensive industries, firms with low degree of industry competition, and firms near customers, customer stability has a stronger impact on the improvement of TFP among non-state firms, firms in technology intensive industries, firms with high degree of industry competition, and firms far from customers. (4)Economic consequence testing shows that higher customer stability can further enhance firm value by improving TFP.

    This paper not only expands the existing theoretical studies on the influencing factors of TFP and the economic consequences of customer stability, but also makes necessary supplements to the research perspectives and analysis frameworks of supply chain management theory, resource-based theory and key account management theory. At the same time, it also provides valuable theoretical basis and large sample empirical evidence for how to promote high-quality economic development by enhancing supply chain resilience and stability in the context of the new development pattern with domestic large circula    tion as the main body.

    As micro entities of economic development and environmental protection, green transformation is an important strategy for enterprises to gain sustainable competitive advantages under environmental pressure. Considering the characteristics of output uncertainty and long cycle of green transformation, it is difficult for enterprises to spontaneously carry out green transformation. Green finance combines economic and ecological benefits, and can guide the transfer of credit resources from high-energy consuming and high-polluting sectors to low-energy consuming and environmentally friendly sectors, thereby achieving effective allocation of funds in green industries. Among them, the Green Finance Reform and Innovation Pilot Zone (GFRIPZ) is one of the most important green finance policies in China. However, after 7 years of implementation, it is still unknown whether GFRIPZ can be precise and effective in promoting green transformation for different types of enterprises.Therefore, this paper takes the Shanghai and Shenzhen A-share listed companies in the Yangtze River Economic Belt (YREB) from 2008 to 2021 as samples, and uses a difference-in-differences model to examine the impact of GFRIPZ on the green transformation of enterprises.

    The results indicate that GFRIPZ has improved the overall green transformation level of enterprises in the pilot areas of YREB, especially for non-heavily polluting enterprises, but has reduced the green transformation level of heavily polluting enterprises. Mechanism analysis finds that GFRIPZ promotes the overall level of green transformation of enterprises in pilot areas by enhancing fundraising capabilities, rationalizing resource allocation, and improving overall green transformation.Among them, GFRIPZ enhances the financing capacity of non-heavily polluting enterprises and advances green technologies,thereby improving the level of green transformation of enterprises. However, for heavily polluting enterprises, GFRIPZ only forces them to increase pollution and environmental protection expenditures, but does not alleviate their financing difficulties,causing them to fall into a low-level transformation trap of "making ends meet" and leading to a decrease in the level of green transformation of enterprises. Further analysis reveals that GFRIPZ has asymmetric spillover effects on the green transformation of enterprises between industries, with positive spillover effects on the green transformation of non-heavily polluting enterprises and negative spillover effects on the green transformation of heavily polluting enterprises.

    The possible marginal contributions of this paper are as follows. On the one hand, this paper enriches the research on environmental regulation in micro-enterprises. As a special type of environmental regulation, scholars have different opinions on whether green finance reduces corporate efficiency or promotes corporate development. In addition, scholars often limit their analysis to a single tool, such as green bonds and green credit, and conduct less research on the micro-effects of comprehensive policies such as GFRIPZ. On the other hand, a large amount of research has focused on the local impact of green finance on the green innovation of enterprises in a single dimension, lacking a systematic examination of the green transformation of enterprises. Therefore, this paper supplements the micro-evidence of green finance on the green transformation of enterprises based on existing research, and further conducts differentiated research on the green transformation of different types of enterprises and their corresponding implementation mechanisms from an asymmetric perspective, thus providing new answers to the above questions.

    Under the background of increasingly intensified and complicated international competition, the technology blockade of the great-powers has become a realistic problem of crucial importance for China. The United States has included a large number of Chinese enterprises to the Entity List of export administrations since 2018, restricting the export of specific commodities to Chinese enterprises. These kinds of commodities include raw materials, components and equipment containing key technologies which are necessary for the production process. As the key technologies are relatively hard for other countries to imitate and master, export administrations of the United States may cause the production process of Chinese firms being involved in the Entity List unable to complete because of lacking materials with key technologies. Under this circumstances, other unfinished goods involved in the production process and not imported from the United States have to backlog within the enterprise and unable to change into finished goods on time. Thus, inventory efficiency of Chinese enterprises being involved into the Entity List may be reduced. Based on the above analysis, using the cases of Chinese firms being added to the Entity List of export administrations as exogenous shocks, we conduct a difference-in-differences analysis to examine the impact of export administrations of the United States on inventory efficiency of firms being involved in the Entity List. We find that export administrations have significantly reduced inventory efficiency of Chinese firms being involved in the Entity List. Compared with firms not involved in the Entity List, firms suffered from export administrations of the United States have more proportion of unfinished goods and longer days inventory outstanding. The heterogeneity analysis shows that firms with higher switching costs show less resilient in export administrations, namely the negative impact of export administrations on inventory efficiency is greater for firms with higher supply chain concentration, lower degree of diversification, and fewer overseas import channels. Further analysis reveals that the financial support of government and stronger innovation capabilities of firms can mitigate the negative impact of export administrations on firms' inventory efficiency. Our study provides theoretical and practical implications for taking countermeasures against Sino-U.S. trade friction, maintaining the security of China's industrial chains and moving faster to achieve China's greater self-reliance and strength in science and technology.

2024年 7月 15日至 18日，中国共产党第二十届中央委员会第三次全体会议胜利召开。全会审议通过了《中共中央关于进一步全面深化改革 推进中国式现代化的决定》（简称《决定》）。《决定》共15个部分、60条，提出300多项改革举措，涉及经济、政治、文化、社会、生态文明、国家安全、国防和军队、党的建设等方面，对新时代进一步全面深化改革开放、推进中国式现代化作出了全局性、系统性的部署。为了深入学习贯彻党的二十届三中全会精神，广东经济学会与《南方经济》编辑部于2024年8月10日召开座谈会，组织广东经济学界专家学者，围绕着构建高水平社会主义市场经济体制、健全宏观经济治理体系、健全推动经济高质量发展体制机制、完善城乡融合发展体制机制等《决议》有关经济体制改革内容，进行了深入学习讨论。广东经济学会会长罗必良教授作会议总结，他强调广大经济科学工作者要认真学习贯彻落实党的二十届三中全会精神，努力做好学科建设、人才培养、科学研究和社会服务工作，为推进中国式现代化积极贡献力量。现将部分参会代表发言要点刊登如下，以飨读者。

    This article systematically compares the distinct impacts of traditional artificial intelligence and generative artificial intelligence on the digital economy. It delves into the fundamental principles of generative artificial intelligence and employs theories such as production factors, the smile curve, and ecosystem dynamics to construct a progressive analytical framework encompassing new productivity, industrial transformation and upgrading, and the digital ecosystem. The paper methodically analyzes the impact mechanisms of generative artificial intelligence on the high-quality development of the digital economy at micro, meso, and macro levels.

    At the micro level, generative artificial intelligence facilitates the integration of data elements and traditional production factors, leading to the emergence of new productivity. This, in turn, promotes innovation within enterprises and enhances overall production efficiency. At the meso level, by elevating the competitiveness of research and development, design, manufacturing, and sales, generative artificial intelligence contributes to the transformation and upgrading of industries, thereby fostering the high-quality development of the digital economy. At the macro level, generative artificial intelligence plays a pivotal role in shaping a digital economic ecosystem among diverse entities, catalyzing the rapid ascent of the digital economy and serving as a new engine for national competitiveness.

    Additionally, the article contrasts the developmental paths of generative artificial intelligence between China and the United States, highlighting the emphasis on open innovation in the United States and government guidance in China. Finally,the paper comprehensively elucidates the scientific path for the development of generative artificial intelligence in China from micro, meso, and macro perspectives. Its overarching goal is to propel the high-quality development of the digital economy,assisting China in attaining core competitiveness and securing a favorable position in global competition.

From 2018 to 2023, China-Asean regional economic and trade cooperation has been impacted by the epidemic, but at the same time, it has achieved development results of upgrading the scale of trade and the entry into force of the RCEP agreement, and the "co-frequency" effect of economy and finance has been strengthened. From the perspective of liquidity risk, this paper uses Vine-Copula model to study the spillover effect of liquidity risk in this region. The results show that: (1)The R-Vine-Copula model and the designed liquidity risk index can better describe the liquidity risk spillover status in the region from 2018 to 2023, and also reveal the main factors affecting the risk changes; (2) The liquidity risk status of the three stages from 2018 to early 2020 before the outbreak of the epidemic, from the outbreak of the epidemic to the beginning of 2022 before the RCEP agreement taking effect, and after the RCEP taking effect is different: the overall liquidity risk value of the region before the outbreak of the epidemic is the lowest among the three stages. During the epidemic period, the overall spillover efficiency was the lowest and the overall liquidity risk value was the highest. After 2022, the overall liquidity risk value failed to fall back to the state from 2018 to the beginning of 2020 due to the impact of internal and external factors such as the Russia-Ukraine conflict and the epidemic response, while the overall spillover effect reached a record high. (3) The RCEP agreement not only brings closer economic and financial cooperation, but also enhances the overall spillover effect of liquidity risk in the region to a certain extent. The research results of this paper enrich the research results of liquidity risk spillover in China-Asean region, and the theoretical concept of "liquidity competition" proposed based on theoretical analysis and empirical research opens up a new perspective for studying financial risk spillover.

Outward foreign direct investment (OFDI) is an important factor in promoting the development of green innovation of parent companies, and investment motivation is a basic angle to analyze the impact of OFDI of multinational enterprises.Taking the 2008—2019 data of A-share listed enterprises as a sample, this paper manually organizes the motives of OFDI according to the business scope of overseas subsidiaries, and empirically tests how OFDI affects the green innovation of the parent company under different investment motives by using the PSM-DID method. The research conclusions are as follows. (1)Overall OFDI significantly promotes the parent company's green innovation,and a variety of robustness tests prove the reliability of this conclusion. (2) The research that distinguishes the motivation of OFDI finds that both commercial and service OFDI and local production OFDI significantly promote the parent company's green innovation, while technology R&D OFDI and resource development OFDI have insignificant effects on the parent company's green innovation. (3) The mechanism test finds that commercial and service OFDI promotes the parent company's green innovation through both the economy of scale effect and the green competition effect, while local production OFDI promotes the parent company's green innovation through the profit return effect, the capital allocation effect and environmental compliance effects. Technology R&D OFDI cannot increase R&D investment of enterprises, which makes it difficult to promote green innovation of the parent company. Resource development OFDI cannot increase enterprise profits,and thus does not have a significant effect on the promotion of green innovation in parent companies. This paper provides important empirical evidence for the Chinese government to formulate targeted OFDI policies to promote parent companies' green innovation and realize China's green development.

    From theoretical construction to practical exploration, the construction of ecological civilization in the new era has undergone historic, turning and global changes. At present, China's economic and social development has entered a high-quality development stage of accelerated greening and decarbonization, while the construction of ecological civilization is still in a critical period of superimposed pressure and heavy load. Based on the panel data of 1640 county-level administrative districts in China from 2009 to 2020, we take the approval of ecological civilization construction demonstration zones as a quasinatural experiment, and empirically examine the impact of the construction of ecological civilization demonstration zones on the entry of polluting enterprises by using a multi-temporal DID model on the basis of the analysis of the policy background and its theoretical mechanism of influencing the entry of polluting enterprises.

    The results show that the establishment of ecological civilization construction demonstration zones significantly inhibits the entry of local polluting enterprises, and the conclusion remains significant after a series of robustness tests. Meanwhile, environmental regulations and the optimization of fiscal expenditure structure will strengthen the disincentive effect of ecological civilization demonstration zone construction on the entry of polluting enterprises; there is regional heterogeneity in the effect of the policy, which is more significant in regions with a higher level of economic development, a higher index of digital villages, and a higher level of marketization. In addition, the implementation of the policy has brought about a reduction in PM2.5 and carbon emissions, an increase in infrastructure construction investment and the entry of professional and technical service enterprises, but also an impact on the entry of some productive service enterprises.

    Our findings comprehensively and profoundly reveal the effects and impacts of the policy implementation, and provide certain realistic references for the promotion and enhancement of the policy of ecological civilization construction demonstration zones. Therefore, in order to further promote the construction of China's ecological civilization, the scope of implementation of the ecological civilization pilot policy should be expanded in a scientific and orderly manner, and the development endowments of different regions should be fully taken into account, so that multidimensional ways of reducing pollution and carbon emissions can be actively explored. In addition, it's also necessary to enhance exit mechanisms for highly polluting markets through diversified means, as well as comprehensively strengthen the construction of infrastructure facilities and promote new type of industrialization, thus achieving a balance between industrial development and environmental protection. We believe that with the implement of the measures mentioned above, the battle of pollution prevention and control can be fought in depth to promote the high-quality development of the economy.

   

    In the context of digital economy, how to move up the global value chain and enhance global value chain resilience with the help of digital technologies such as artificial intelligence is an important starting point to promote the high-quality development of China's economy and effectively resist global shocks. This paper explores the impact and mechanism of artificial intelligence (AI) exports on moving up the global value chain (GVC) at the micro enterprise level, and further explores the impact of AI exports on global value chain resilience. It is found that enterprise’s AI exports can effectively promote to move up the GVC, which are still significant after robustness test and endogeneity analysis. Moreover, it has heterogeneous effects on different trade modes, enterprise ownerships, industries and areas, as shown by the fact that enterprise’s AI exports are more likely to promote general trade and mixed trade enterprises, foreign investment and Hong Kong, Macao and Taiwan enterprises, medium and high-tech industries and enterprises in eastern regions to move up the GVC. The influence mechanism of enterprise’s AI exports on moving up the GVC is mainly reflected in two ways: improving overall resource allocation efficiency, enhancing R&D and innovation. The extended analysis shows that enterprise’s AI exports can significantly improve GVC resilience by stabilizing existing chains and enhancing their resilience and security. It provides useful reference for how to promote enterprise’s high-quality development with the help of artificial intelligence based on the perspective of moving up the GVC and GVC resilience.

    As an educational venture capital for rural families to help their young children obtain better educational opportunities, accompanying school behavior confines a large number of young mothers in their families, burdening them with a heavy burden of parenting and thus suppressing their desire to have children. The article is based on the perspective of changes in investment strategies for rural family education, using CFPS data to empirical examine the impact and mechanism of accompanying school behavior on rural mothers' fertility willingness. The research results indicate that: (1) The accompanying school behavior has significantly suppressed the fertility willingness of rural mothers. Rural mothers who have experience of accompanying school have significantly weaker fertility desire than rural mothers who have not. The research conclusion remains robust. (2) Mechanism analysis found that the "intensive motherhood" practice of rural mothers in the process of accompanying school significantly leaded to increased their mental stress, suppressing their willingness to have multiple children. (3) Further evidence suggests that there is a spillover effect of the negative impact of accompanying school on rural mothers' fertility intentions. That is, for rural married women of childbearing age who did not choose accompanying school, their fertility intentions will be negatively affected by the experiences of accompanying school mothers in the same village. (4) Heterogeneity analysis found that regardless of where children attend school, accompanying school has a universal inhibitory effect on rural mothers' willingness to have children. Based on this, the key to increasing the fertility willingness of farmers lies in ensuring the balanced allocation of urban and rural education resources, promoting the return of educational responsibility to schools,reduce the parenting burden of rural families, and being vigilant against the negative effect of rural social interaction.

    Generative artificial intelligence (Generative AI), represented by ChatGPT, is gaining prominence in fields such as autonomous driving, speech recognition, and image recognition, and is increasingly scrutinized for its impact on employment and income distribution. This paper constructs a vocational selection model to analyze how Generative AI influences the employment and incomes of diverse residents, thereby affecting income inequality.

    In our model, generative artificial intelligence reveals a dual effect on income inequality. On one hand, while it enhances the human capital of individual residents, it also reduces labor demand in the job market, leading to higher unemployment rates. Furthermore, generative AI excludes certain entrepreneurs from accessing credit markets, thereby reducing residents' income and exacerbating income inequality. On the other hand, generative AI increases enterprise profits through technological innovation, encouraging more entrepreneurs to enter the credit market and expand production. This stimulates demand for human capital, raises wages, reduces unemployment, and ultimately mitigates income inequality. Overall, the extent to which generative AI alleviates income inequality hinges on the combined impact of its human capital and technological innovation channels. Heterogeneity analysis shows that generative AI is more likely to exacerbate income inequality in conditions where wealth distribution is more unequal, capital's share in production is lower, and there are larger financial frictions in the credit market. Additional policy analysis indicates that fiscal policies aimed at lowering taxes for businesses are more effective in mitigating the impact of generative artificial intelligence on income inequality compared to inclusive lendingoriented monetary policies. Nonetheless, a coordinated approach combining both strategies can achieve more substantial improvements.

    The conclusions point to several policy implications: (1) Promote the development of artificial intelligence, with a focus on generative AI, to accelerate the modernization of traditional sectors. (2) Enhance the employment security system and implement various measures to stabilize the job market. (3) Foster innovation in high-tech industries and encourage entrepreneurship.

    This paper contributes to the existing literature in three key ways: (1) Unlike previous studies that focus primarily on the impact of artificial intelligence, this paper specifically examines the economic effects of the latest generative artificial intelligence. It develops a theoretical model that links generative AI to resident incomes, offering a new quantitative framework for analyzing the income impacts of generative AI. (2) While existing research typically explores AI's impact through physical capital, this paper shifts the focus to how generative AI influences income inequality through human capital and technological innovation mechanisms. (3) The paper also provides a discussion on optimizing the effects of generative AI on income inequality from the perspectives of monetary and fiscal policy. This offers theoretical insights for policymakers on managing the impact of emerging technologies like generative AI on the labor market.

    Influenced by unique geopolitical positioning and the dynamics of geopolitics, Chinese enterprises face increasingly complex geopolitical risks in their overseas investment projects along the Belt and Road (BRI) countries. We draw on geopolitical theory, taking the United States as an example, to explore the impact of geopolitical risk caused by the intervention of extraterritorial powers on investment location choice of Chinese enterprises in the BRI countries. Moreover, we discuss the double-layered moderating effects of the export dependence of host country on Chinese market and the alliance relationship between the host country and extraterritorial powers under the contingency of economic- and political logic.

    The results show that the geopolitical risk has a significantly negative impact on the investment location choice of Chinese enterprises in the BRI countries. The dependence of the host country on China’s market for exports can significantly weaken the adverse effects of geopolitical risk; However, in the alliance system of extraterritorial powers, the adverse effects of geopolitical risk are more significant, and the moderating effect of the export dependence of host country on China’s market is no longer significant, indicating that in the face of the strong relational power of extraterritorial powers, the “ballast stone effect" of economic dependence is fragile. Extended analysis reveals that the development potential at the national level and the competitive potential at the corporate level should be the key variables triggering a dramatic change in the perception of threats to and power dynamics with China by extraterritorial powers. This is because the adverse impact of geopolitical risk on the investment location choice of Chinese enterprises along the BRI countries is mainly significant in the host countries with a large stock of Chinese investment, as well as in the high-tech industry and in large-scale investment.

    Our findings not only expand the research perspective of the investment location decisions, but also have an enlightening significance for the investment location choice of Chinese enterprises. Firstly, Chinese enterprises should consider the control and influence of the United States as a reference point for perceiving the political environment of host countries during foreign investment. Secondly, in the face of geopolitical risks, it is prudent to evaluate the positive effects generated by the economic dependence of the host country on the Chinese market. Lastly, when investing to the BRI countries, it is wise to choose countries with a smaller stock of Chinese investment, focus on multi-party cooperation in high-tech industry investments, and refine and disaggregate large investment projects.

    Answering the logical relationship between trade opening and the urban-rural common prosperity in the context of industrial changes is an important link in promoting the Chinese path to modernization under the new development pattern.This paper systematically combs the mechanism of trade opening affecting urban-rural common prosperity and empirically tests the impact of trade opening on urban-rural common prosperity and its mechanism based on manually searched and sorted data of 274 cities at the prefecture level and above in China from 2005 to 2019.

    This paper studies the trade opening can significantly promote the development of urban-rural common prosperity. After considering the robustness tests such as the replacement of explained variables, replacement of explanatory variables, replacement of control variables, elimination of municipalities, exclusion of unobservable samples, and nonlinear tests, the results are still valid. To further identify the actual impact of trade opening on the urban-rural common prosperity, this paper builds instrumental variables based on "whether the region has been a treaty port in modern times" and the systematic GMM method respectively. Under the estimation of the instrumental variable method, this paper finds that trade opening still has a significant promoting effect on urban-rural common prosperity. The influence of trade opening on the urban-rural common prosperity has significant heterogeneity, which is manifested in the following aspects：the "efficiency" and "fairness" of the eastern cities are significantly promoted, while the "fairness" but not "efficiency" of the central and western regions are mainly promoted; It can promote the efficiency and fairness of both big cities and small and medium-sized cities, and it is stronger in big cities. Under the background of traditional industrialization, although it is conducive to promoting "efficiency",it will destroy "fairness", while under the background of new industrialization, it achieves both "efficiency" and "fairness". It has a positive significance to "efficiency" and "fairness" in developed areas, and mainly reflects in promoting "efficiency" rather than fairness in less developed areas.

     In terms of mechanism testing, this paper adopts the interactive term model to investigate the mechanism of trade opening affecting the urban-rural common prosperity based on labor productivity, FDI, and wage premium dimensions respectively. The results show that trade opening can affect the urban-rural common prosperity by improving labor productivity, increasing FDI inflow, and forming wage premiums. Labor productivity, FDI, and the wage premium all play a positive role in raising income levels through trade opening. In the process of narrowing the urban-rural income gap through trade opening,labor productivity, and wage premiums play a positive role, while FDI does not play a significant role.

    Further analysis shows that both import and export opening have significantly promoted the urban-rural common prosperity, and the promotion effect of export opening is stronger than that of import opening. Trade opening has an increasing effect on the income of urban and rural residents, and the rural residents are stronger. In addition, trade opening can not only directly narrow the income gap between urban and rural individuals, but also help guide the flow of surplus rural labor to urban areas, and then drive the income of migrant workers in the urban to achieve a leapfrog improvement from the traditional department to the modern department.

    Therefore, accelerating the new industrialization and promoting the urban-rural common prosperity requires the continuous deepening of trade opening, which requires the promotion of various institutional reforms, the integration of the development functions of the market and the government, and ultimately the realization of "efficiency" and "fairness".

Whether in the practice of enterprise management or from the conclusions of the existing literature, the customer digital transformation can promote or inhibit the efficiency of enterprise working capital management, but no consensus has been reached. Based on the data of the top five customers disclosed by the A-share listed companies in Shenzhen and Shanghai, this paper discusses the spillover effect and mechanism of customer digital transformation on the efficiency of working capital management of enterprises. The benchmark test found that customer digital transformation reduces the efficiency of working capital management, indicating the negative externality of digital spillover. The function channel test shows that competition encroachment and constraint defense are the two major channels through which customer digital transformation affects the working capital management efficiency of enterprises. In other words, the digital spillover generated by customers' digital transformation reduces the working capital management efficiency of enterprises by reducing the relative bargaining power of enterprises, reducing the recovery rate of enterprises' accounts receivable, increasing the risk of enterprises' special assets, increasing the supply of enterprises' commercial credit and increasing the scale of enterprises' inventory reserves, indicating that digital spillover has the characteristics of competition constraints. Heterogeneity test shows that when the customer concentration is low, the enterprise scale is large, and the enterprise risk bearing ability is strong, the competitive constraint characteristics of digital spillover are alleviated. The research conclusion explains the theoretical controversy on whether customer digital transformation can improve the working capital management efficiency of enterprises, finds that the digital spillover caused by customer digital transformation has the characteristics of competitive constraints, and provides theoretical guidance for enterprises to overcome the negative externalities of digital spillover, which has theoretical value and practical significance.

    During the “Subprime Crisis” in the United States, many countries introduced large-scale fiscal and monetary policies to guide economic recovery. These policies stimulated economic growth to a certain extent, but a new phenomenon was that inflation did not rise, and remained low. The weakening linkage between output and inflation means that the slope of the Phillips curve is no longer steep, which is the most famous hypothesis namely the “flattening Phillips curve” in the past decade. However, after the outbreak of the COVID-19, the global economy fell into recession again. Intermittent interruptions in the supply chains of various countries triggered extremely serious supply shocks. The weakening expectations of residents and enterprises led to a rapid decline in effective demand. These factors led to a significant rise in inflation rates in various countries again. It seems that the current Phillips curve shape can be no longer described as ‘flattened’,and it is likely to steepen at an extremely fast pace, making the linkage between output and inflation more complex. Therefore, a restudy of the Phillips curve is of crucial theoretical and practical significance.

    This paper comprehensively identifies the shape evolution of China’s Phillips curve under different stages of business cycle, and conducts a deep discussion on how to program the path of economic recovery by desirable macroeconomic policies.The conclusions are as follows: First, a slowing down economic growth rate, unilateral changes in inflation, and the shift from globalization to de-globalization are the three core factors that lead to the shape evolution of the Phillips curve. Second, the specific performances of China’s Phillips curve in different stages of business cycle are as follows: the curve slope is steeper in the upwards phase of business cycle, while it shows a flattening trend during the contraction stage of business cycle. Third,there are significant differences between different macroeconomic policies to program economic recovery path, among which a gradual regulation of price-based monetary policy combined with fiscal policy is a beneficial attempt to guide a steady recovery of economy under current stage. Faced with the dual contraction pressure of output and inflation, it is of great significance to appropriately correct the substitution relationship between output and inflation, as well as to shape a steep slope of Phillipscurve, which is benefit for guiding the economy to recover along a safe path, thus avoiding the recurrence of a classical economic crisis.

    Our findings are meaningful for stabilizing economic growth, promoting economic recovery, and preventing classical economic crises. In the current stage of economic recovery, policy authorities still need to maintain a moderately loose tune of monetary policy regulation, while establishing a benign complementary mechanism between various macroeconomic policies.When stepping into the period of economic recovery acceleration, policy authorities should conduct real-time monitoring of macroeconomic fundamentals, gradually weaken policy strength, and avoid the risk of economic overheating caused by policy overshoot. In addition, the government should continue making efforts to expand domestic demand, especially stimulating consumption and stabilizing investment, as well as cultivating long-term demand momentum, so as to promote the synergetic recovery of economic growth and inflation to a reasonable level.

    Poverty is a persistent challenge in human society, and its eradication is not only the core objective of national poverty governance but also a vital pathway to achieving common prosperity. This article employs quantitative text analysis to systematically examine 402 national-level poverty alleviation policies issued between 1978 and 2020.The study finds that since the reform and opening-up, China's poverty governance has undergone several significant transitions. First, the focus has shifted from "poor counties" and "poor villages" to specific "poor households". Second, the governance entity has evolved from a "government-dominated" approach to one that emphasizes "collaborative participation from various stakeholders".Third, the governance model has transformed from a "blood transfusion-style poverty alleviation" approach to a "bloodmaking-style poverty alleviation" strategy. Finally, the path of governance has shifted from "simple financial input" to a comprehensive strategy involving "multiple measures". In terms of policy tool selection for poverty governance, the overall proportions of supply-side policy tools, environmental policy tools, and demand-side policy tools are 47.2%, 40.4% and 12.4%, respectively. This creates a governance structure dominated by supply-side tools while gradually increasing the use of environmental and demand-side tools. By improving the subjective, intermediary, and objective elements of the productivity system,significant advancements in productivity have been achieved in impoverished areas, thereby laying a solid material foundation for the government to continuously provide policy support to these regions. The findings of this research contribute to a deeper understanding of the patterns and historical experiences of China's poverty governance, offering theoretical support and policy insights for government efforts in the phase of rural revitalization.

    Digital technology has changed the basis of enterprise competition and is the core driving force for high-quality development of enterprises. Based on the optimal distinctiveness theory, this paper identifies the digital technology adoption strategies of enterprises to cope with the convergence and differentiation of digital trends. In view of the technology stage as the situational element of enterprises' optimal differentiation, this article takes the US industry as the technology benchmark and based on the panel data of A-share listed companies from 2010 to 2021, and then empirically analyzes the effect of digital technology adoption strategies on the high-quality development of enterprises and the mechanism of different technology gaps.

    The main conclusions of this paper are as follows: (1) After the inclusion of data factors, the TFP of Chinese enterprises has increased significantly, but the technical level of enterprises in most industries is still lower than that of the United States.(2) Both the application and innovation of digital technology promote the high-quality development of enterprises, and the effect of the former is greater than that of the latter, and the enabling effect of the two on enterprise TFP is heterogeneous in different types of enterprises and industries. (3) The application of digital technology has narrowed the technological gap between China and the US, and promoted the further improvement of leading technology level. However, the theoretical effect of digital technology innovation has not been supported by empirical data. (4) The forward and reverse technology gaps respectively weaken and strengthen the enabling effect of enterprise digital technology utilization on high-quality development, and the impact effect is heterogeneous across different digital technology strategies: compared with digital technology application,the weakening effect is stronger in digital technology innovation, but the strengthening effect is not significant.

    This paper offers valuable contributions in the two aspects. On one hand, this paper uses the optimal distinctiveness theory to identify the adoption strategies of different digital technologies in enterprises, and clarifies the phenomenon that the connotation of the existing digital technology measurement indicators is ambiguous and inconsistent. On the other hand, technology stage is taken as the best distinction of the enterprise, and enterprise technology gap is embedded in the research framework of digital technology and high-quality development, so as to clarify how to coordinate the configuration of digital technology strategies in different technological situations. At the same time, the conclusions of this paper provide practical guidance for enterprises to effectively adopt digital technology to narrow the technology gap, and provide policy implications for the government to formulate appropriate digital economy development strategy.

    Since the implementation of the 4 trillion policy, the scale of implicit debt of local governments has been rising continuously, which is not conducive to the business development of enterprises and has caused great risks to China's financial stability and economic and social development. The scale of local government debt is regulated by the national macro-economy, which will have an impact on the micro-economy, including the investment and financing decisions of enterprises.In addition, the efficiency of resource allocation in enterprise investment decision-making is an important factor driving force of economic growth. In order to curb the expansion of local government debt scale and ensure the stable development of the economy, China began to implement the reform of local government debt management in 2015, and made fundamental changes in the subject and method of borrowing, the scale of borrowing and the responsibility of repayment. In this situation, it is of great theoretical and practical significance to study the influence of local government debt management system reform on enterprise investment efficiency.

    In order to explore this problem, this paper takes the reform of local government debt management system gradually implemented in 2015 as a policy shock, and empirically tests the relationship and mechanism between local government debt governance and enterprise investment efficiency based on the sensitivity framework of "investment-investment opportunities". It is found that local government debt governance has significantly improved the sensitivity of "investment-investment opportunities" of enterprises, and a series of robustness test results also support the above conclusions. Heterogeneity analysis shows that the above effects are more prominent for enterprises with insufficient investment, low degree of marketization and high financial pressure in their regions. The test of action mechanism shows that local government debt governance can improve the investment efficiency of enterprises by relaxing the financing constraints and optimizing the investment environment. Further, the reform of local government debt management system can also enhance the sustainability of corporate profitability and promote steady economic growth.

    The academic value of this paper is mainly reflected in three aspects: First, based on the "investment-investment opportunity" sensitivity framework of enterprises, this paper pays attention to the micro-economic effects brought by the decline of debt financing scale after the implementation of local government debt governance. Secondly, this paper provides a new interpretation for understanding the transmission mechanism of local government debt governance affecting enterprise investment efficiency from the dual perspectives of alleviating financing constraints and optimizing investment environment. Thirdly, the research conclusion has important practical value for further promoting local government debt governance to promote enterprise management development and steady economic growth.

    This paper theoretically elaborates on the impact mechanism of export intensity on industrial upgrading from the perspective of industrial chain linkage, and validates it using Chinese manufacturing industry level data from 2000 to 2014.The study found that the increase of export intensity will inhibit industrial upgrading, and the results of endogenous test are robust. Mechanism analysis shows that, on the whole, the increase of export intensity will increase the international linkage of the industrial chain, and reduce the domestic linkage of the industrial chain, but mainly by increasing the international linkage of the industrial chain to inhibit industrial upgrading. Based on the fact that the competitive edge of Chinese export is mainly concentrated in industries with high resource dependence, further heterogeneity analysis shows that for industries with high resource dependence, the increase of export intensity will increase the international linkage of the industrial chain, while reducing the domestic linkage of the industrial chain, thereby inhibiting the industrial upgrading. Industries with low resource dependence have no significant effect. Exploring breakthrough paths for this purpose, analysis shows that the improvement of resource allocation efficiency can effectively hedge the inhibition effect of increasing export intensity on industrial upgrading.It can be seen that under increasingly complex international condition, while insisting on promoting high-standard openingup to explore international markets and access global resources, China urgently needs to focus on developing its domestic industrial chain and improving the efficiency of resource allocation. This study can provide theoretical and practical support for industrial upgrading and development under the new development pattern of " the internal circulation the main one, the external circulation the enabler".