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15 September 2023, Issue 05 (226) Previous Issue    Next Issue

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Research on Promoting China's Service Trade Liberalization through High-level Openness YU Rongguang, WANG Hongwei 2023 (05):  1-11.  Abstract ( 675 )   PDF (1926KB) ( 540 )   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. References | 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 2023 (05):  12-21.  Abstract ( 567 )   PDF (7610KB) ( 743 )   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. References | 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 2023 (05):  22-30.  Abstract ( 548 )   PDF (1301KB) ( 476 )   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. References | Related Articles | Metrics

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Intellectual Property Protection and Bias Technological Change LIU Junting, DONG Dandan, LI Kaijie 2023 (05):  31-40.  Abstract ( 418 )   PDF (1431KB) ( 503 )   Biasing on technological change that is a key variable affecting income distribution and economic growth, this paper constructs a theoretical model of intellectual property protection and technological progress bias under the framework of open trade, and then uses the normalized supply side system method to measure the technology progress bias of China's provinces. Combined with the data of 30 provinces in China from 2000 to 2017, this paper empirically analyzes the impact of intellectual property protection on technological progress bias, enriching the research of bias technical change.The results show that:(1) The improvement of intellectual property protection level can promote China's technological progress in favor of capital. The results are still robust with the instrument variable method, alternative explanatory variables, Probit panel estimation and PSM-DID estimation. (2) The impact of intellectual property protection on technological progress bias is heterogeneous. The impact of intellectual property protection on technological progress bias is stronger in provinces which are located in the central, western or with relatively low level of intellectual property rights. (3) From the perspective of impact mechanism, international trade is an important channel for intellectual property protection to influence technological progress bias, in which import trade plays a positive role, while export trade plays a negative inhibitory role. References | 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 2023 (05):  41-51.  Abstract ( 641 )   PDF (3015KB) ( 782 )   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. References | 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 2023 (05):  52-63.  Abstract ( 473 )   PDF (1533KB) ( 627 )   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. References | Related Articles | Metrics

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Research on the Impact of User Participation on Value Innovation of Digital Platform—Based on the Individual Developers Innovation SHI Lei 2023 (05):  64-73.  Abstract ( 387 )   PDF (1461KB) ( 303 )   Digital platforms provide conditions for communication between users and developers, and different developers have to engage in innovative competition in order to win more user participation. As one of the participants in digital platforms, individual developers are increasingly becoming an important force for functional upgrades and value provision. At present, the academic community's exploration of platform value innovation mostly focuses on organizational developers, with less research conducted from the perspective of individual developers. Taking the value supply of individual developers as the research object, I analyze the impact mechanism of user participation on value innovation from the perspective of plugin updates. Research finds that user participation is beneficial for digital platform value innovation; Between user participation and value innovation, there is a masking effect in the competition of similar functions among individual developers, while there is a mediating effect in the supply of complementary functions among individual developers. Compared to competition in similar functions, providing complementary functions for individual developers is of greater significance for promoting value innovation in digital platforms, and has certain implications for platform innovation and governance. References | 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 2023 (05):  74-81.  Abstract ( 814 )   PDF (1189KB) ( 1122 )   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. References | 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 2023 (05):  82-90.  Abstract ( 458 )   PDF (1323KB) ( 577 )   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. References | 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 2023 (05):  91-100.  Abstract ( 484 )   PDF (1733KB) ( 473 )   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. References | 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 2023 (05):  101-110.  Abstract ( 497 )   PDF (1357KB) ( 507 )   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. References | Related Articles | Metrics