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Research on Promoting China's Service Trade Liberalization through High-level Openness YU Rongguang, WANG Hongwei Journal of Guizhou University of Finance and Economics    2023, 41 (05): 1-11.   Abstract （377）      PDF （1926KB）（344）       Knowledge map    Opening-up at a high level is the only way to enhance China's competitiveness in service trade. Based on the text of China's Regional Service Trade Agreement, this paper constructs an industry-level market access index to solve the problem of measurement bias caused by the lack of differentiation of industry opening differences in previous studies.Then the paper uses the trade data of OECD-TIVA database to examine the impact of market access and the depth of agreement on bilateral service trade between China and its trading partners. The results show that market access and the depth of agreement have positive effects on service trade. In terms of heterogeneity, the phased effect of RTAs gradually emerged and then weakened, significantly promoting China's service trade imports to developed economies and China's service trade exports to developing economies, and playing a more significant role in promoting industries with a significantly improved level of openness. Reference | Related Articles | Metrics

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The Integration of Data and Reality and High Quality Economic Development: Retrospection, Progress, and Prospects JING Wenjun, CHI Jialin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 74-81.   Abstract （283）      PDF （1189KB）（448）       Knowledge map    The deep integration of digital economy or digital technology with the real economy is an inevitable choice for achieving high-quality development of China's economy. By tracing the theoretical basis of "digital real integration", we have reviewed relevant domestic and foreign literature on promoting high-quality economic development through "digital real integration". Research has found that there may be issues in current research such as unclear definition of core concepts, incomplete research system, and insufficient integration between research and practice. Based on this, future research trends are proposed, including introducing the "technology economy" paradigm to define the concept of the digital economy, paying attention to the application of classical theories in the field of the digital economy, and emphasizing the extraction of "Chinese experience" in the development of the digital economy. Reference | Related Articles | Metrics

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Corporate Digitalization and Total Factor Productivity Improvement—Evidence from Listed Companies in China WU Jingfei, WANG Zehao, NI Zhongxin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 41-51.   Abstract （272）      PDF （3015KB）（426）       Knowledge map    Digitalization has emerged as a paramount strategy for modern enterprises, however, a debatable aspect lingers over whether digitalization truly enhances the total factor productivity of enterprises. Based on the input of digitisation-related intangible assets, the number of patents and software copyrights, and the word frequency data of annual reports of listed companies and their first-tier holding subsidiaries, we constructed a digitisation level indicator system with three dimensions of input, achievement and attention, and measured the digitisation level of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 by using the entropy method. Then, the effect and mechanism of enterprise digitisation on total factor productivity were tested. The study finds that:the overall digitisation level of Chinese listed companies fluctuates and rises, showing that state-owned enterprises are faster than non-state-owned enterprises, the eastern part is faster than the central and western regions, and the information technology industry is faster than other industries; Digital transformation is conducive to improving total factor productivity and is achieved through four mechanisms:improving internal communication efficiency, enhancing economies of scale, reducing dependence on large customers and improving supply chain management efficiency; The impact of digital transformation on total factor productivity is particularly pronounced in non-state-listed companies, industries characterized by high levels of competition, and in the market-oriented eastern region. Reference | Related Articles | Metrics

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Research on the Transmission Effect of Systematic Financial Risk on Price Based Monetary Policy in China: —An Empirical Analysis Based on DMA-TVP-FAVAR Model and MS-VAR Model LÜ Zheng, LIU Liping Journal of Guizhou University of Finance and Economics    2023, 41 (05): 12-21.   Abstract （252）      PDF （7610KB）（433）       Knowledge map    Monitoring systemic financial risk and identifying the impact of this risk on the operational effects of monetary policy have significant practical value in balancing growth stabilization and risk prevention. The study innovatively applies the DMA-TVP-FAVAR model to build China's systemic financial risk index from a dynamic perspective and evaluates the nonlinear impact of financial risk on the output and price effects of price-based monetary policy with the help of the MS-VAR model. The study finds that:the money market has an important position in China's financial system, and the prevention of financial risks cannot be separated from the smooth operation of the money market, and the banking industry, stock market, real estate industry, and foreign exchange market account for a limited proportion of China's systemic financial risk index, but their relative importance has risen. China's systemic financial risk is characterized by a clear two-zone system and maintains a higher persistence of high-risk zones. Under the role of systemic financial risk, the operational effect of price-based tools shows asymmetry and the existence of financial risk substantially weakens the effectiveness of monetary policy, so it is necessary for the central bank to increase the intensity of monetary policy operations in order to realize the macroeconomic control objectives. The research helps to establish a systemic financial risk response mechanism with Chinese characteristics. Reference | Related Articles | Metrics

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Does the development of the digital economy contribute to enhancing the level of inclusive green growth in cities - Evidence from “the nation smart city” pilot ZHU Jinhe, PANG Wanyu Journal of Guizhou University of Finance and Economics    2023, 41 (04): 12-22.   Abstract （247）      PDF （1630KB）（317）       Knowledge map    As a kind of green shared growth, inclusive green growth is an important way to promote common prosperity for all people. Based on the panel data of prefecture level cities from 2008 to 2020, and taking the "National Smart City" pilot policy as the exogenous impact of urban digital economy development, this paper discusses the impact of digital economy development on urban inclusive green growth. The results show that the development of digital economy has significantly promoted the improvement of urban inclusive green growth, and this conclusion is still valid after a series of robustness tests. From the perspective of transmission mechanism, the development of digital economy has significantly promoted the level of inclusive green growth in cities through resource allocation effects and technological innovation effects. From the perspective of spatial effects, the development of digital economy can significantly promote the improvement of inclusive green growth levels in neighboring cities. From the perspective of heterogeneity effects, there are differences in the promotion effect of digital economy development on the level of inclusive green growth in cities with different characteristics, including economic development, fiscal decentralization, and urban size. Reference | Related Articles | Metrics

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Technology or system: bottleneck constraint and innovation path of public service cooperation in Guangdong Hong Kong Macao Greater Bay Area WU Wenzhong, LI Jing Journal of Guizhou University of Finance and Economics    2023, 41 (05): 22-30.   Abstract （242）      PDF （1301KB）（254）       Knowledge map    Public service cooperation is conducive to improving the livelihood and welfare of the Greater Bay Area of Guangdong, Hong Kong and Macao, and to the sustainable and high-quality development of the Greater Bay Area. Due to institutional and technical reasons, there are still obstacles in the public service cooperation in the Greater Bay Area of Guangdong, Hong Kong and Macao, which delays the in-depth development of the Greater Bay Area integration. The study finds that the lack of public service cooperation in the Greater Bay Area of Guangdong, Hong Kong and Macao results from both intangible constraints in the system and tangible constraints in the technology, among which the lack of institutional innovation was the root cause of the problem. The Guangdong Hong Kong Macao Greater Bay Area adheres to the principle of "system breakthrough, technical assurance and first try", and takes innovation of public service cooperation mechanism as a breakthrough to improve the technical capacity of public governance in the Bay Area. It mainly includes consolidating the public values recognized by the state, improving the construction of relevant supporting systems, establishing a democratic decision-making mechanism for public service cooperation, unifying the technical standards and qualification standards for public service cooperation, and optimizing the technical means for public service cooperation. The marginal contribution of the research results lies in placing both institutions and technology in the process of public service cooperation in the Bay Area. Under the premise of institutional diversity, the path of technological integration is deconstructed, and countermeasures and suggestions are proposed with precision. Reference | Related Articles | Metrics

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Effect of Stock Market Opening on Green Innovation in Manufacturing Enterprises - Evidence from the Shanghai-Shenzhen-Hong Kong Stock Connect HOU Chaohui, CHEN Quanbao, SHUAI Zhaowen Journal of Guizhou University of Finance and Economics    2023, 41 (04): 101-110.   Abstract （240）      PDF （1391KB）（534）       Knowledge map    Promoting green innovation in manufacturing enterprises is of great significance for China to achieve its "peak carbon dioxide emissions" and "carbon neutrality" goals, as well as for the comprehensive green transformation of the economy and society. Using a sample of manufacturing firms listed on the A-share market from 2010 to 2021, this study employs a multi-period difference-in-differences model constructed based on the implementation of the trading system of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connection, and empirically examines the impact of the trading system on green innovation in manufacturing enterprises. The study reveals that the implementation of the trading system not only promotes green innovation in manufacturing firms, but also enhances the quality of such innovation. Mechanism tests indicate that the trading system promotes green innovation in manufacturing firms by alleviating financing constraints and enhancing environmental information disclosure. Heterogeneity analysis suggests that the impact of the trading system on green innovation is greater for privately-owned manufacturing firms and non-heavy-polluting manufacturing firms. The research findings indicate that the opening up of the capital market plays an important role in promoting green economic development and achieving the "dual carbon" targets, providing a theoretical basis for further expanding the opening up of the capital market. Reference | Related Articles | Metrics

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High Level Opening-up of Capital Market and Corporate Financial Asset Allocation - Evidence from the "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" Stock Connect Programs Hu Haifeng, Dou Bin Journal of Guizhou University of Finance and Economics    2023, 41 (06): 1-10.   Abstract （233）      PDF （1370KB）（205）       Knowledge map    The existing literature has done rich research on the impact of the "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" stock connect programs, but few have connected it with the high level opening-up of the capital market. This paper focuses on the impact of the high level opening-up of the capital market marked by the start of "Shanghai-Hong Kong" and "Shenzhen-Hong Kong" stock connect programs on the financialization of listed companies in China. The results show that: 1) High level opening-up of capital market effectively reduces the proportion of corporate financial investment, showing a significant "de-financialization" effect; 2) For non-manufacturing industry, SOEs, companies with high transparency and high dependence on external financing, capital market opening-up promotes a greater reduction in the proportion of financial investment; 3) High level opening-up of capital market can further increases the intensity of capital expenditure and R&D investment, providing financial support for R&D innovation and high-quality development of listed companies. The conclusions provide rich empirical evidence for promoting the all-round and high-level opening-up of the capital market and strengthening the function of financial services for the real economy. Reference | Related Articles | Metrics

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Big Data in Tax Enforcement and Stickiness of Corporate Tax Burden - Analysis of policy effect based on “the Third Phase of the Golden Tax Project” DENG Juqiu, YANG Jiayu, YANG Chunyu Journal of Guizhou University of Finance and Economics    2023, 41 (04): 63-71.   Abstract （233）      PDF （1823KB）（289）       Knowledge map    Big data in tax enforcement inhibits corporate tax avoidance, which shows the situation of "tax reduction is difficult to reduce burden". However, few literatures reveal the positive significance of big data in tax enforcement in alleviating corporate tax burden. Based on the data of listed companies from 2008 to 2016, and with the help of the "Golden Tax Phase III Project" as a quasi-natural experiment, the double-difference method is used to explore the impact and mechanism of big data tax collection and management on corporate tax burden. The results show that big data in tax enforcement can effectively alleviate the stickiness of corporate tax burden, and this mitigation effect is more prominent in private enterprises, enterprises in areas with a high degree of marketization, and enterprises in areas with less financial income pressure. Mechanism inspection finds that big data in tax enforcement can effectively alleviate the stickiness of corporate tax burden by reducing the information asymmetry between the two parties, regulating the tax collection behavior of tax authorities, and effectively implementing preferential tax policies. The above conclusions provide theoretical support and empirical evidence for the continuous improvement of tax informatization construction, the further optimization of the tax business environment, and the implementation of new tax and fee reduction policies. Reference | Related Articles | Metrics

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Reasearch on the Influence of Industrial Intelligence on Green Innovation Efficiency—Analysis of the Moderating Effect Based on Government Intervention ZHANG Qi, JIANG Junfeng, JIA Doujie Journal of Guizhou University of Finance and Economics    2023, 41 (05): 101-110.   Abstract （219）      PDF （1357KB）（294）       Knowledge map    On the one hand, the technical advantages provided by industrial intelligence not only promote the spillover, sharing and reorganization of data, information and knowledge, but also affect the input structure of labor force and other factors and green ecology. On the other hand, in the process of promoting the integration of smart technology and real industry, government intervention plays an increasingly prominent role. In view of this, this study attempts to carry out theoretical analysis and empirical test on the logical relationship between the three. The results show that:(1) the level of industrial intelligence can significantly improve the efficiency of regional green innovation; (2) Government intervention positively moderates the driving effect of industrial intelligence on green innovation efficiency. (3) The influence of industrial intelligence on green innovation efficiency under different government intervention levels is not uniform. The threshold effect model regression results show that with the improvement of government intervention level, the promoting effect of industrial intelligence on green innovation efficiency presents a "stage-like enhancement" feature. Reference | Related Articles | Metrics

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Social Assistance in East-West Collaboration: Types, Logic, and Future XIE Zhiju, LIANG Jiajun Journal of Guizhou University of Finance and Economics    2023, 41 (04): 82-90.   Abstract （207）      PDF （1396KB）（358）       Knowledge map    Social assistance in the collaboration between the East and the West is a process in which people's organizations, social organizations, private enterprises, and caring individuals from all walks of life participates in the collaboration and carries out social assistance. During the 14th Five Year Plan period, these types of assistance were carried out in the form of industrial cooperation, education cooperation, employment cooperation, and consumption cooperation, focusing on three types: "government led, market led, and social led". Social assistance is rooted in China's excellent traditional culture, deriving from the goal of achieving common prosperity, guaranteed by the policy system of cooperation between the East and the West, and maintained in the socialist intergovernmental relations with Chinese characteristics. In the future, it needs to address the needs of social assistance in the cooperation between the East and the West, and promotes the clarification of the boundaries of assistance by reasonably defining government functions, expanding social autonomy, strengthening community awareness, and moving towards coordinated governance, making a list of assistance responsibilities, refining assistance goals, and diversifying assistance paths. Reference | Related Articles | Metrics

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Bank Liquidity Creation and Systemic Risk-From the Perspective of Interbank Business ZHOU Ye, CHEN Juejin Journal of Guizhou University of Finance and Economics    2023, 41 (06): 22-32.   Abstract （206）      PDF （1301KB）（208）       Knowledge map    This article uses data of listed banks in China from 2011 to 2021, to examine the impact of bank liquidity creation and its structure on systemic risks. The empirical results show that banks that create more liquidity have a greater impact on systemic risk. From the perspective of structure, the systemic risk effect of liquidity creation basically comes from the interbank liquidity creation. The impact mechanism is that liquidity creation intensifies the individual risks of banks, while the interbank liquidity creation increase both the individual risks and systemic linkage. Based on the facts that liquidity creation plummeted in 2017, it is found that intensive financial supervision has restrained banks' excessive liquidity creation and defused systemic risks. Finally, this article also finds that the risk effect of liquidity creation is more pronounced in banks with smaller scales, higher inter-bank participation, and higher profitability. When the economic growth slows down and the stock market is turbulent, this effect will increase; and loose monetary policy can alleviate the risk effect. Based on the interbank business perspective, this paper complements related research on the impact of liquidity creation structure on systemic risk. Reference | Related Articles | Metrics

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The Impact of Government Transparency on Enterprise Innovation in the Context of Digital Government Construction XU Le, KONG Wen Journal of Guizhou University of Finance and Economics    2023, 41 (04): 23-30.   Abstract （203）      PDF （1291KB）（274）       Knowledge map    In the context of digital government construction, the improvement of government transparency can have an important impact on firms' innovation input decisions. The impact of government transparency on corporate innovation and its mechanism are studied using the sub-government transparency index of the Academy of Social Sciences and the innovation investment data of listed companies in different provinces. The results show that local government transparency has a positive effect on firms' innovation investment, and government transparency can promote firms' innovation investment through the channel of promoting regional marketization level. Heterogeneity analysis shows that the impact of government transparency on enterprise innovation is more significant among non-politically connected enterprises and private enterprises; the impact of government transparency on enterprise innovation is more significant in regions with higher level of Internet development and better rule of law environment. Local governments should continue to promote the construction of transparent government and pay attention to the improvement of business environment and other soft power, so as to stimulate the intrinsic development vitality of enterprises to promote regional economic development. Reference | Related Articles | Metrics

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Empowerment and its Sustainable Effects in Rural Revitalization—Taking Tengtou Village of Ningbo as an example QIU Lin, XIANG Deping Journal of Guizhou University of Finance and Economics    2023, 41 (05): 82-90.   Abstract （199）      PDF （1323KB）（318）       Knowledge map    This study focuses on the rural revitalization in the "post-poverty alleviation era". Taking Tengtou Village, Fenghua District, Ningbo City as a case, using qualitative research methods, this study systematically analyzes the basis, process, methods and effects of empowerment from the perspective of empowerment theory. The research finds that the basis of rural revitalization and empowerment is the main body of "agriculture, countryside and farmers", and the potential and superior resources contained in the main body constitute the leading factors of endogenous empowerment. There is a dialectical relationship of interaction and coordination between endogenous and exogenous empowerment, which can produce the layer by layer expansion effect and interactive sustainable effect of empowerment. The path to effectively enhance the sustainable effect of empowerment is to realize the two-way interaction between them. The best result of empowerment is the formation of internal and external sustainable effects, and its essence is the deepening and transmission of the endogenous power of rural revitalization. As a result, rural revitalization should give multi-dimensional empowerment to agriculture, rural areas and farmers, give full play to the main role of "agriculture, rural areas and farmers", interactively use endogenous empowerment and exogenous empowerment and other ways to stimulate the continuous deepening, linkage development and cross subject and cross region transmission of its endogenous power, so as to achieve the sustainable effect of empowerment, and finally accelerate rural revitalization and achieve common prosperity. Reference | Related Articles | Metrics

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Research on Supply Chain Carbon Neutral Financing Strategy from the Perspective of High-quality Development ZOU Xia, FENG Ziyang, ZHENG Yuelong, WANG Lin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 91-100.   Abstract （199）      PDF （1733KB）（251）       Knowledge map    Achieving carbon emission reduction and carbon neutrality is the connotation requirement of high-quality economic and social development. Supply chain is the main contributor to greenhouse gas emission reduction and an important carrier of carbon neutrality. This paper combines the supply chain carbon neutrality with the supply chain financing production problem. Based on the Stackelberg game theory method, the mean-variance theory is used to construct the utility function. Under the decentralized and centralized decision-making, the supply chain faces different financial constraints. How to choice of This researh study financing production strategy, and contract coordination under the internal financing model. The research shows that under decentralized decision-making, manufacturers can obtain more profits by adopting the internal financing strategy of prepayment, and retailers can obtain competitive advantages by participating in internal financing. Under the centralized decision-making, the decision-making of the supply chain is better than the decentralized decision-making; under the advance payment mode, the two-part pricing contract can coordinate the carbon neutral supply chain of the risk-averse manufacturer. Finally, the conclusion is verified by an example analysis. Reference | Related Articles | Metrics

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Central Bank Digital Currency and Bank Risk-Taking—From the Perspective of Monetary Structure Reconstruction CHEN Tianxin, LIU Mengxin Journal of Guizhou University of Finance and Economics    2023, 41 (05): 52-63.   Abstract （190）      PDF （1533KB）（347）       Knowledge map    Based on the perspective of monetary structure reconstructing, we introduce central bank digital currency into the DLM model and theoretically prove that central bank digital currency leads to monetary structure reconstructing effect by crowding out bank deposits. Further empirically investigating the impact of monetary structure reconstructing on bank risk-taking, we find that monetary structure reconstructing inhibits bank risk-taking and there is bank property rights heterogeneity in the extent of the impact. The results of the mechanism test show that monetary structure reconstructing inhibits bank risk-taking by increasing the share of interbank liabilities and competition, and the transmission channels of "monetary structure reconstructing-liability structure/bank competition-bank risk-taking" are effective. The financial digitization enhances the impact of monetary structure reconstructing on bank risk-taking, while bank income diversification weakens the impact of monetary structure reconstructing on bank risk-taking. Reference | Related Articles | Metrics

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Which industries are affected by risk spillovers from the Shanghai crude oil futures market more SONG Jiashan, WEI Siyao, JIANG Kunliang Journal of Guizhou University of Finance and Economics    2023, 41 (06): 11-21.   Abstract （188）      PDF （2573KB）（133）       Knowledge map    Since its establishment in 2018, the association between the Shanghai crude oil futures market and the risk volatility of China’s stock market has become more and more obvious. Different from previous studies that focus more on the overall stock market, we investigate the risk spillover effects from the Shanghai crude oil futures market to the industries in China from the industry dimension in this paper. The 5-minute returns of ten first-level industry indices of the Shanghai Stock Exchange for the period from September 1, 2019, to September 1, 2022, are selected, we introduce the GAS model to make up for the shortcomings of the GARCHs model, and we establish the MIDAS-Copula-CoVaR model to measure the conditional risk of each industry as well as the risk spillover effects it carries. The results show that, first, the Copula model containing the MIDAS structure fits better, which fully demonstrates the importance of incorporating high-frequency data. Second, the upside risk of each industry conditional on the Shanghai crude oil futures market is significantly larger than the downside risk, showing a more obvious asymmetry, which indicates that the oil price increases have a greater impact on each industry. Third, in terms of industries, the falling Shanghai crude oil futures prices have the greatest impact on the energy industry and the smallest impact on the utility industry, while rising prices have the greatest impact on the medical industry and the smallest impact on the financial industry. Fourth, compared to normal cases, extreme upside risk has the largest risk spillovers for the medical industry and the smallest for the consumer industry, and extreme downside risk has the largest risk spillovers for the optional industry and the smallest for the financial industry. Reference | Related Articles | Metrics

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Can personal income tax alleviate the opportunity inequality of income distribution YANG Zhao Journal of Guizhou University of Finance and Economics    2023, 41 (04): 53-62.   Abstract （183）      PDF （1443KB）（218）       Knowledge map    Improving the income distribution pattern is the inherent requirement of realizing common prosperity. Both theory and practice show that progressive personal income tax (PIT) can narrow the income gap to a certain extent. However, it is generally believed that a reasonable income gap is acceptable and necessary. What really needs to be eliminated is the income gap caused by unequal opportunities, because this inequality is "unfair inequality". In this paper, based on the empirical research paradigm of equal opportunity under the framework of "environment-effort", the micro survey data from survey and research center for China Household Finance in the year of 2019 and 2015 (CHFS2019 and CHFS2015) are used to investigate the equality of opportunity of PIT in China. The research results prove that PIT can alleviate the inequality of opportunities in income distribution. Under the new tax law, this effect is generally weakened in the short term, but the special additional deduction helps to maintain equal opportunities. The research of this paper points out that China’s current PIT system framework is reasonable to some extent, but equality of opportunity effect depends on further developed in economy and further improved in tax system. Reference | Related Articles | Metrics

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Economic target, market integration and high-quality economic development ZHANG Zhidong, CAI Tianyi, FANG Yijing Journal of Guizhou University of Finance and Economics    2023, 41 (04): 31-41.   Abstract （181）      PDF （1404KB）（225）       Knowledge map    By taking 258 cities across the country as the object of the research, the panel data from 2004 to 2019 is selected to investigate the implications of economic target and market integration on high-quality economic development, and verify the mechanism of how economic target and market integration affect high-quality economic development. The results indicate that economic target constrains high-quality development, market integration facilitates high-quality economic development, and the interaction in between has a positive impact on high-quality development.The mechanism tests find that economic target constrains high-quality development by hindering innovation,and market integration facilitates high-quality development by optimizing the allocation of talents. Heterogeneity analysis shows that the economic target has a stronger inhibiting effect on high quality development in provincial capitals, and market integration has a stronger facilitating effect on high quality development in non-capital cities.Furthermore, the role of market integration on high-quality economic development is affected by the intensity of economic target with a single "threshold effect". Reference | Related Articles | Metrics

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Research on the Evolution of Agricultural Insurance Policy in China-Based on Text Analysis GU Zheng, WANG Suqin Journal of Guizhou University of Finance and Economics    2023, 41 (06): 33-43.   Abstract （180）      PDF （2730KB）（134）       Knowledge map    Since the reform and opening up, the development of agricultural insurance in China has experienced four stages: restoration, stagnation and shrinkage, exploration and expansion, and quality improvement. At present, the academic research on the evolution of agricultural insurance policy is mostly focused on the macro level of qualitative research, lack of quantitative and qualitative comprehensive analysis of empirical research. From the perspective of policy evolution, this paper combs the policy documents on agricultural insurance from 1982 to 2021. Based on text analysis, this paper uses GooSeeker and co-word analysis to mine the text of 785 local policy documents and uses Gephi to realize the visualization of mining results. The results show that the inherent logic of the evolution of agricultural insurance policy in China is as follows: the mode of policy change changes from government compulsion to pluralistic coordination; the policy orientation gradually shows the characteristics of strong response; the policy tools gradually change from singleness to diversification; policy orientation changes from expending coverage to high-quality development. Based on the critical period of structural adjustment, transformation and upgrading and the reconstruction of governance system in agricultural and rural areas, this paper puts forward the following policy suggestions: strengthen the synergy between government and market, improve the systematic top-level design of agricultural insurance, and speed up the pace of policy innovation and cooperation. Reference | Related Articles | Metrics