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15 January 2024, Issue 01 (228) Previous Issue    Next Issue

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Effective capital stock, matching of supply and demand and China’s stable economic growth HE Jingtong, WANG Zhen 2024 (01):  1-10.  Abstract ( 162 )   PDF (1311KB) ( 108 )   Under the background of the continuous deepening of China’s high-quality development, effective investment can further match supply and demand by optimizing the supply structure, so as to overcome the problem of insufficient effective supply at the present stage. This article constructs an indicator system for China’s effective capital stock with different industrial capital efficiency as weights. Compared with previous research, it improves the simple aggregation of capital stock from a theoretical perspective. Meanwhile, this article identifies the problems faced by China’s investment structure by combining the investment efficiency and capital ratio of different industries. Research has found that the problem facing China’s investment structure is that industries with low investment efficiency receive a high share of investment, while industries with high investment efficiency do not receive enough investment share, which leads to insufficient effective supply and unsmooth internal circulation in China. Therefore, it is necessary to activate existing capital and optimize supply structure by increasing effective investment to ensure stable economic growth. References | Related Articles | Metrics

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The International Comparison Method of GDP and the Relative Trends of GDP Changes between China and the United States LI Zhaochen, HAN Tiankuo, GAO Yuning 2024 (01):  11-20.  Abstract ( 176 )   PDF (3684KB) ( 113 )   GDP is a key indicator for measuring the size of a country’s economy and the world economic pattern, but there is no consensus on the international comparison method of GDP in theory and practice. This article explains the three main methods of GDP international comparison and their respective characteristics and limitations. It is believed that the essential difference lies in the selection of conversion factors. Based on this, the relative trend of GDP changes between China and the United States from 1990 to 2020 is analyzed from the perspectives of total quantity and industry structure. Research has found that China’s GDP is rapidly catching up with the United States. In manufacturing, in particular, China has significantly surpassed the United States. However, there are significant differences in the relative changes measured by different methods. The exchange rate method is relatively simple in calculation, but is greatly affected by factors such as exchange rate fluctuations; The purchasing power parity method is relatively reasonable in principle, but weak in operability and comparability; The substitution method is relatively reliable in terms of data, but its theoretical basis and objectivity are weak. This study deepens the understanding of the theoretical essence of GDP international comparison methods, calculates the relative trends in the total and structure of GDP between China and the United States, and provides reference for further improving GDP international comparison methods. References | Related Articles | Metrics

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Research on Spatial Strategy Interaction Behavior of Digital Innovation Output in Chinese Cities LI Qiang, CHENG Zhanhong, TIAN Xiangyu 2024 (01):  21-30.  Abstract ( 122 )   PDF (1407KB) ( 88 )   The coordinated development of regional digital innovation is an important driving force for achieving modernization of China’s national governance capacity and governance system. The existing literature mainly focuses on the spatial correlation and heterogeneity of digital technology innovation output between regions, without identifying and testing whether there is spatial strategy interaction behavior and its mechanism of action. This article introduces the hypothesis of technological innovation diffusion and innovation competition avoidance effect into the analysis of spatial characteristics of urban digital technology innovation output, and analyzes the spatial strategy interaction behavior of urban digital technology innovation output by constructing a spatial econometric model. The research results indicate that, firstly, the increase in the number of local digital technology innovation outputs will drive the increase in the number of digital technology innovation outputs in spatially related regions. Moreover, under the spatial weight matrix of digital economic development level, the spatial spillover effect of digital technology innovation outputs is higher than that under the spatial weight matrix of technological progress. From the perspective of strategic interaction, the output of digital technology innovation between cities shows a clear upward competitive effect. Secondly, mechanism testing indicates that the spatial interaction effect of digital technology innovation output between cities is driven by provincial competition avoidance mechanisms. The internal learning demonstration effect of cities weakens the spatial strategy interaction effect of digital technology innovation output between cities, while the external learning demonstration mechanism strengthens the spatial strategy interaction effect of digital technology innovation output between cities. Thirdly, heterogeneity testing indicates that digital technology innovation output exhibits significant technological progress and heterogeneity in the level of digital economic development; There is a significant spatial strategy interaction effect between cities with high (low) digital technology innovation output. The research conclusion has important practical significance for correctly understanding the spatial strategy interaction behavior of digital technology innovation output between cities and establishing a sound collaborative promotion mechanism for digital technology progress between regions. References | Related Articles | Metrics

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How does the new digital infrastructure affect China’s GVC division of labor? DAI Xiang, MA Haowei 2024 (01):  31-40.  Abstract ( 128 )   PDF (1363KB) ( 104 )   Currently, new infrastructure can generate various positive economic effects, which have been widely confirmed by theoretical and empirical research. However, existing research has paid little attention to its impact on the participation of the manufacturing global value chain (GVC). In terms of research perspective, unlike existing literature that focuses on traditional infrastructure, this article focuses on exploring the factors that affect China’s participation in the division of labor in the global value chain from the perspective of the role of new digital infrastructure, so as to expand and deepen the understanding of the factors that affect China’s participation in the global value chain. In terms of research content, this article analyzes the mechanism of the impact of new digital infrastructure on China’s participation in the global value chain at both theoretical and empirical levels. From the perspective of new digital infrastructure construction, it can explore better countermeasures and suggestions to promote China’s climb up the global value chain. In terms of research methods, especially in the construction of indicators for the division of labor in the global value chain, this article also attempts to break through the shortcomings of existing literature in constructing indicators, and innovatively constructing scientific indicators from the enterprise level that can better reflect the division of labor in the global value chain. The research findings indicate that the Chinese manufacturing industry urgently needs to further integrate into the global value chain, enhance the division of labor in the global value chain, and move towards a critical stage of high-level openness, which has important policy implications. References | Related Articles | Metrics

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How Can Digital Financial Inclusion Revitalize Rural Industries ZHANG Liao, LIU Chenfei 2024 (01):  41-51.  Abstract ( 162 )   PDF (1479KB) ( 134 )   Clarifying the mechanism by which the development of digital inclusive finance enables the revitalization of rural industries will help alleviate the contradiction between the inefficient allocation of rural financial resources, as well as the contradiction between imperfect financial infrastructure, weak financial service system and the growing demand for rural industrial development. There are abundant researches on digital inclusive finance and rural economic modernization in the existing literature, but few theoretical and empirical studies have been conducted to link it with rural industry revitalization. This paper constructs the evaluation index system of China's rural industry revitalization level from four dimensions: rural industry production, rural industry extension, rural industry function and rural industry support. And empirically tests the impact of digital inclusive finance on rural industry revitalization in multiple dimensions. There are three main findings: Firstly, the development of digital inclusive finance has a significant positive role in promoting the level and speed of rural industry revitalization; Secondly, the coverage breadth, use depth and digitalization degree of digital inclusive finance have obvious differences in the marginal effect of rural industry revitalization; Thirdly, digital inclusive finance can not only directly alleviate the constraints of business entities and activate market vitality to promote the revitalization of rural industries, but also indirectly affect the revitalization of rural industries through agricultural scientific and technological innovation, rural industry integration and agricultural total factor productivity. References | Related Articles | Metrics

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Digital Economy Boosts China’s Industrial Transformation and Upgrading -Based on the Mediating Effect of Innovation Factor Allocation WANG Wei, WEI Ke-hui 2024 (01):  52-61.  Abstract ( 170 )   PDF (1547KB) ( 146 )   The digital economy, as an important engine for building a modernised industrial system, provides the core driving force for empowering industrial transformation and upgrading.Different from previous studies that examined the direct impact of the digital economy on industrial transformation and upgrading from a macro perspective, based on further expanding and perfecting the measurement framework of industrial transformation and upgrading and the level of digital economy development, the study empirically examined the direct and indirect mechanisms and spatial spillover effects of the digital economy on industrial transformation and upgrading from the micro perspective of the allocation of innovation factors. The study finds that: the development of digital economy has a significant direct effect on industrial transformation and upgrading; the digital economy positively promotes industrial structure advanced and greening through the optimisation of the allocation of human and capital innovation factors, and negatively inhibits the rationalisation of industrial structure, and it relies more on the allocation of capital innovation factors to influence The impact of digital economy development on industrial transformation and upgrading has spatial spillover effects and regional heterogeneity. References | Related Articles | Metrics

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Does Digital Tax Enforcement Increase Corporate Philanthropy -A Quasi-natural Experiment Based on "Golden Tax-III Project" WEI Sheng-min, LI Pei-lun, YANG Cai-ting 2024 (01):  62-70.  Abstract ( 130 )   PDF (4006KB) ( 90 )   The digital tax enforcement is a deep integration of tax administration and digitalization. Abundant researches have been conducted on the governance effect of digital tax enforcement at the enterprise level, but there is a paucity of studies on its impact on corporate philanthropy. Based on the micro data of A-share listed enterprises in China from 2008 to 2020, this paper adopts the Staggered DID to empirically test the impact of the digital tax enforcement on corporate philanthropy. The results reveal that the digital tax enforcement significantly increases the scale of corporate philanthropy. The conclusions of this paper still hold after conducting robustness tests such as parallel trends, propensity score matching difference-in-difference method (PSM-DID), replacing explanatory variables, and excluding part of the samples. The reason for this is that the digital tax enforcement not only improves the corporate information transparency, but also promotes the preferential tax policy implementation, which increases the proportion of enterprises enjoying the preferential tax policy, thus increasing the scale of corporate philanthropy. The expansive analysis shows that the effect of the digital tax enforcement to promote the scale of corporate philanthropy is even more significant after 2014 in regions where the economy is prosperous and enterprises are non-state owned. It is suggested that the reform of tax administration should be promoted in depth, the regulation and guidance of tax administration on corporate philanthropy be strengthened, the advantages of tax big data be emphasized, so as to promote the timely and accurate matching of various preferential policies on taxes and fees to each applicable enterprise, and to help enterprises to better implement their charitable donations. References | Related Articles | Metrics

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The comprehensive impact of food safety risk harm and risk communication on consumer risk perception - A Case Study of Cross-Border E-Commerce ZHANG Bei, ZHANG Yazhu, ZHU Jichan 2024 (01):  71-79.  Abstract ( 118 )   PDF (2443KB) ( 80 )   Exploring the formation mechanism and scientific guidance of consumers’ food safety risk perception plays an important role in promoting the high-quality development of China’s food industry. Different from previous studies of single dimension, starting from the duality of objective existence and subjective construction of risk, this paper takes cross-border e-commerce as the research context to explore the impact mechanism of food safety risk field (risk harm and risk communication) on consumers’ risk perception.The experimental results show that the food safety risk field significantly affects consumers risk perception. Compared with the risk harm, the risk communication has a more significant impact on consumers risk perception, and it is more significant in female groups and families with young or old population. Food safety concern plays a "masking effect" in the process of risk field affecting consumers risk perception. Platform scenario has a negative moderating effect on the causal relationship between risk field and food safety concern. References | Related Articles | Metrics

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A review of the research process and exploration approach of the evolution of tourism industrial structure : a research paradigm based on induction and deduction Yang Chunyu, You Biying, Chen Ziyuan, Ding Yu 2024 (01):  80-88.  Abstract ( 105 )   PDF (1382KB) ( 62 )   The structure and optimization of tourism industry is a relative concept and dynamic process, which changes with the changes of tourism market and technology environment, tourism industry development stage and tourism economic growth. The existing research results based on the rationalization and optimization of industrial structure are too numerous to enumerate. However, the research results involving the internal evolution mechanism and regularity of the tourism industry system are still in the pre-paradigm stage, and it is rare to explore the elements of the tourism industry system and their interaction mechanism from the perspective of system science and evolutionary economics. The research idea of this paper is based on the logical thinking of induction and deduction. Firstly, the tourism industry is regarded as a complex evolution system, and the basic connotation and characteristics of its evolution are examined from a dynamic and unbalanced perspective. Secondly, it summarizes and deduces the essence, characteristics and mechanism of the evolution of tourism industry system based on the scientific research paradigm 'three theories’. Finally, based on the logical reasoning of the coupling relationship between the elements of the tourism industry system, the future research approach is explored and the conceptual model of the evolution cycle of the tourism industry system is constructed in order to promote the theoretical research on the evolution of the tourism industry structure. References | Related Articles | Metrics

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Research on the Impact of Inclusive Insurance on Rural Cultural Revitalization The intermediary effect based on increasing farmers’ income ZHENG Jun, YI Huanhuan 2024 (01):  89-99.  Abstract ( 117 )   PDF (1488KB) ( 90 )   At present, academic discussions on rural cultural revitalization mostly focus on theoretical analysis, with less empirical research on the driving factors and transmission mechanisms of rural cultural revitalization. This article constructs a functional model and theoretical framework that includes inclusive insurance, increased income for farmers, and rural cultural revitalization, and derives the path through which inclusive insurance affects rural cultural revitalization through increased income for farmers. Selecting data from 31 provinces from 2013 to 2020, constructing an indicator system to calculate the rural cultural revitalization index, and using a mediation effect model to empirically test the impact and mechanism of inclusive insurance on rural cultural revitalization. Research has found that inclusive insurance can significantly promote rural cultural revitalization, and increasing farmers’ income plays a mediating role in promoting rural cultural revitalization through inclusive insurance. Improving agricultural labor efficiency is an important mechanism for promoting farmers’ income through inclusive insurance; The effect of inclusive insurance in promoting rural cultural revitalization in the western region is better than that in the eastern and central regions; There is a Matthew effect in promoting rural cultural revitalization through inclusive insurance. The higher the degree of rural cultural revitalization, the better the effect of inclusive insurance in promoting rural cultural revitalization. The conclusion of this article provides policy inspiration for coordinating the development of inclusive insurance, promoting farmers’ income growth, and promoting rural cultural revitalization. References | Related Articles | Metrics

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Smart Carbon Reduction: A Study of Urban Carbon Reduction Effect on Fintech Development WANG Xiao-hua, HE Yang-yi-lan, SONG Meng 2024 (01):  100-110.  Abstract ( 135 )   PDF (1645KB) ( 124 )   In-depth research on the impact and mechanism of financial technology development on urban carbon emissions has important theoretical and practical significance for accurately formulating emission reduction policies, developing low-carbon economies, and promoting smart carbon reduction in cities. Unlike previous studies that focused on a single dimension within a region, this paper calculates the financial technology development index of Chinese cities and examines the impact and mechanism of financial technology development on urban carbon emissions from both within and between regions based on panel data of 264 Chinese cities from 2011 to 2019. The results show that financial technology development within a region can significantly reduce urban carbon dioxide emissions, and this conclusion still holds after using instrumental variables to mitigate endogeneity and replacing financial technology development indicators in a series of robustness tests. Mechanism analysis indicates that financial technology can reduce urban carbon emissions by improving technological innovation and resource allocation efficiency. There is a significant spatial correlation between financial technology development and carbon dioxide emissions between regions. And although financial technology can reduce local urban carbon emissions, it can also promote carbon dioxide emissions in neighboring cities, showing a "beggar-thy-neighbor" phenomenon. Further research on the different performance of financial technology carbon reduction effects within and between regions shows that the carbon reduction effect of financial technology is significantly stronger in northern cities than in southern cities, significantly stronger in non-urban agglomeration cities than in urban agglomeration cities, and significantly stronger in other cities than in central cities. References | Related Articles | Metrics