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15 March 2024, Issue 02 (229) Previous Issue    Next Issue

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The Impact of the New Rural Pension Scheme on the Labor Supply and Welfare of Elderly People YUE Ximing, FAN Xiaohai 2024 (02):  1-11.  Abstract ( 531 )   PDF (1352KB) ( 313 )   Based on the data of CHIP2013 and CHIP2018, this paper uses fuzzy regression discontinuity method to study the impact of the New Rural Pension Scheme (NRPS) on the labor participation rate and labor time of elderly rural residents. Unlike previous studies that only focused on the impact of the NRPS on agricultural labor participation rate or labor time, the paper comprehensively examines its impact on the total labor participation rate, different types of labor participation rates and the corresponding labor time, especially the long-term impact that has not been analyzed in previous studies. The paper found that under the current situation that the level of the new rural insurance pension is still low, receiving the pension only makes the rural elderly switch jobs between different types of labor, while hardly affecting the total labor participation rate, with heterogeneity between the short-term and long-term impacts. Short-term changes in agricultural labor participation rates as well as labor hours are insignificant and only significant in the long run. The decline in agricultural labor participation rate and labor time stems from the decrease in land area under operation. Social pensions change from crowding out to crowding in on family pensions. The effects of pension receipt on health care expenditures, household savings, and subjective well-being of the elderly are not statistically significant. The impact of population ageing on labour supply should be addressed by accurately positioning the basic pension insurance system and reforming the retirement age policy. References | Related Articles | Metrics

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The Impact of Discontinuation of Basic Pension Insurance on Sense of Fairness and Expected Class Identity—Variations by age and hukou ZHANG Xue, ZHANG Yin-kai, XUE Hui-yuan 2024 (02):  12-21.  Abstract ( 430 )   PDF (1213KB) ( 166 )   The Sense of fairness and class identity are related to the realization of spiritual affluence. While the coverage of China's basic pension insurance has expanded year by year, residents' subjective well-being has shown a downward bias. Previous research has primarily focused on examining the impact of participating in pension insurance on individual's well-being, while paying little attention to the effects of continuous participation. Moreover, there has been limited consideration given to its heterogeneous effects, particularly with regards to age and hukou. Using data from the China Labor-force Dynamics Survey 2016~2018, this paper analyzes the impact of the discontinuation of basic pension insurance on the sense of fairness and expected class identity variations by age and hukou. The findings are follows:(1) the expected class identity of Chinese residents has decreased overall, and the sense of fairness and expected class identity of both youth and rural groups show a downward trend. (2) The overall disenrollment rate of basic old-age insurance is 21.9%, dominated by urban and rural residents' disenrollment, among which the disenrollment rates of youth and rural residents are higher than those of the middle-aged and elderly groups and urban residents, respectively. (3) Compared with the continuously insured residents, the discontinuation of basic pension insurance has a significant negative influence on the sense of fairness and expected class identity, and the discontinuation of urban and rural residential insurance shows a significant negative effect; the discontinuation significantly reduces the sense of fairness of the youth group and rural residents, and also has a significant negative impact on the expected class identity of rural residents. The negative effect of the high disenrollment rate of basic pension insurance offsets the welfare promotion effect of participation, which can explain to a certain extent the decreasing trend of equity and expected class identity while the participation rate increases year by year. Based on this, suggestions are put forward:improve the incentive mechanism for basic pension insurance contributions, increase the level of urban and rural residents' pension insurance benefits, and improve the participation policy for those with high rates of disenrollment from basic pension insurance. References | Related Articles | Metrics

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The Impact of US Tariff on China Goods Export WANG Bao-shun, LIU Gang, YU Chu-rong 2024 (02):  22-30.  Abstract ( 542 )   PDF (1141KB) ( 243 )   This article is based on monthly trade data for HS6 code products from 2017 to 2020. It employs a double-difference method to assess the impact of the additional tariffs imposed by the United States on Chinese exports. The study reveals that while the tariffs have suppressed the export value of Chinese products to the U.S. and diminished the competitiveness of such exports, they have indirectly diversified the destinations and pathways of Chinese product exports. Heterogeneous analysis results indicate that the impact of the tariffs is more pronounced on Chinese consumer goods and products exported through processing trade. Further analysis indicates that the imposition of tariffs has had a negative impact on the quality and structure of China's exports to the united states. This research contributes to the understanding of the economic effects of U.S. tariffs and provides policy insights for China in dealing with international economic and trade frictions, as well as advancing a higher level of openness to the outside world. References | Related Articles | Metrics

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Segmentation or integration: how does the digital economy affect China’s urban and rural labor employment market LI Zhiguo, KONG Weijia, LI Zhaozhe 2024 (02):  31-40.  Abstract ( 647 )   PDF (1205KB) ( 415 )   After the Chinese economy entered a new era, the rapid development of the digital economy has brought new challenges to the urban and rural labor employment markets. Unlike previous studies on the urban and rural labor employment markets in the context of traditional economic development, this article incorporates the development of the digital economy into the same research framework as China's urban and rural labor employment markets to explore the impact of digital economy shocks on the urban and rural labor employment markets. In theory, the paper constructs a theoretical model for the division of marginal labor productivity and labor mobility between urban and rural areas under the background of digital economy impact; Empirically, based on provincial panel data from 2013 to 2020 in China, the impact and mechanism of the digital economy on urban and rural labor employment markets were tested, and the effectiveness of digital finance was further analyzed. Research has found that, firstly, the digital economy significantly promotes the segmentation of urban and rural labor employment markets, and this conclusion still holds after conducting robustness tests using various methods. Secondly, the impact of the digital economy on the segmentation of urban and rural labor markets exhibits regional heterogeneity differences; In addition, the division of ownership is an important condition for the digital economy to promote the division of urban and rural labor markets. Thirdly, the development of digital economy related industries and the transformation and upgrading of regional industrial structures are effective mechanisms for the impact of digital economy on the segmentation of urban and rural labor employment markets. Fourthly, as a model of industrial digital integration, digital finance significantly suppresses the segmentation of urban and rural labor employment markets. This conclusion can provide useful references for exploring the changes that the digital economy has brought to the urban and rural labor employment markets, as well as the mechanisms behind these changes. References | Related Articles | Metrics

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How Tax Reduction Empowers Enterprise Digital Transformation—A Perspective on Human Capital Upgrading and Stable Cash Flow Expectations LIU Weidong, SHE Xishui 2024 (02):  41-49.  Abstract ( 456 )   PDF (1178KB) ( 261 )   Digital transformation has become an important opportunity for enterprises to build new competitive advantages, in order to drive the improvement and efficiency of physical enterprises and the conversion of kinetic energy, and promote high-quality economic development. A large amount of literature has focused on the economic effects of enterprise digital transformation, but little attention has been paid to the driving factors behind enterprise digital transformation; There are also literature that focuses on the economic effects of tax reform policies from both macro and micro perspectives, but few literature that explores the policy support effect of tax reduction on enterprise digital transformation from the perspective of tax reduction. Unlike previous literature, this article delves into the key mechanisms that influence digital transformation in enterprises. From the perspective of human capital upgrading and expected cash flow stability, it reveals that tax incentives provide a financial and material basis for human capital software support and sustainable disposal for digital transformation, effectively promoting digital transformation in enterprises. This conclusion can provide useful policy insights for promoting enterprise digital transformation and tax reduction policies in the digital context. References | Related Articles | Metrics

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How can digital reform empower high-quality economic development? A quasi-natural experiment based on the National Big Data Comprehensive Pilot Zone DUAN Zhongxian, TENG Renyu 2024 (02):  50-60.  Abstract ( 400 )   PDF (1216KB) ( 198 )   Digital reform is profoundly changing the traditional relations of production and plays a key role in high-quality economic development. Different from the traditional technology governance mode and path, digital reform is to construct a governance form supported by emerging technologies. Taking the national-level comprehensive big data pilot area as a quasi-natural experiment, the study reveals the heterogeneous characteristics of digital reforms empowering high-quality economic development by adopting a double-difference model. It is found that digital reform has a positive facilitating effect on economic high-quality development through three paths:strengthening technological innovation capability, optimizing technological resource allocation, and enhancing the efficiency of technological use. In terms of differences in regional geographic location, business environment and human capital, the effect of high-quality economic development brought by digital reform is more obvious in the eastern region, regions with relatively poor business environment and regions with high levels of human capital. In addition, the promotion effect of digital reform on high-quality economic development is particularly prominent in regions with good institutional environments. References | Related Articles | Metrics

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The Impact of immigration on Household Risk Financial Asset Allocation—Empirical Research Based on CHFS Data LIU Xiao-guang, CHEN Cong, GUO Ya-juan 2024 (02):  61-70.  Abstract ( 576 )   PDF (1205KB) ( 283 )   Since the reform and opening-up, China has experienced large-scale population immigration and formed a huge floating population group, which has had a profound impact on economy and society, and also changed the household financial asset allocation structure of residents. Based on the data of China Household Finance Survey (CHFS) in 2017 and 2019, this paper empirically analyzes the impact of immigration on household risky financial asset allocation. It is found that population flow has a significant positive promoting effect on household investment in risky financial assets, and the conclusion is still valid after using instrumental variable method to deal with endogenous problems and a series of robustness tests. Further research shows that population mobility has a greater effect on the allocation of risky financial assets allocation in households headed by people over 50 years old and in urban households. At the same time, population flow promotes the allocation of risky financial assets of households by influencing their social interaction and risk preference. In view of the fact that there are few existing literatures on household risk financial asset allocation from the perspective of population flow, the research conclusions enrich the relevant literatures, and provides a theoretical basis for relevant government departments to optimize the environment of population migration and broaden residents' financing channels. References | Related Articles | Metrics

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How does Enterprise Digital Transformation Empower Trade Credit Financing: From the Perspective of Information Efficiency and Information Governance ZHANG Jiyuan, ZHAO Bosi 2024 (02):  71-80.  Abstract ( 470 )   PDF (1245KB) ( 331 )   The digital economy has become a new engine driving China's economic development. As an important micro carrier for promoting digitalization, enterprises have also had a significant impact on their financing behavior through digital transformation in this context. In recent years, the economy has been continuously declining, and enterprises are facing financing difficulties. Commercial credit financing, as an important alternative channel for bank credit, has obvious advantages such as convenience and low price. It is an important financing method for enterprises to alleviate financing constraints, and plays a key role in their debt structure. Most of the existing research on commercial credit financing focuses on digital inclusive finance, with little discussion on digital transformation. Therefore, this article attempts to fill this gap. From the perspective of digital transformation, using A-share enterprises in the Shanghai and Shenzhen stock markets from 2007 to 2022 as research samples, this article delves into the impact, mechanism, heterogeneity, and agency issues of digital transformation on commercial credit financing. The impact of investment efficiency and corporate performance is aimed at formulating scientific financing strategies for enterprises based on their own resource endowments. It also providing reference for the government to actively and effectively guide the digital transformation of enterprises, combining the internal and external environment of enterprises to do top-level design, guiding the digital transformation and upgrading of enterprises, and accelerating construction of digital economy. References | Related Articles | Metrics

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Research on the Decoupling Effect of Carbon Emissions in China's Manufacturing Industry and Its Decomposition: A Dual Perspective of Regional and Industrial Levels LIN Weiwen, YOU Jianmin, ZHANG Wei 2024 (02):  81-90.  Abstract ( 409 )   PDF (1720KB) ( 311 )   In the context of the 'dual carbon' strategy, promoting decoupling of carbon emissions is an essential step towards achieving high-end and green manufacturing. However, existing research on decoupling carbon emissions in the manufacturing industry mainly focuses on a national level analysis of the overall industry, lacking studies at regional and sectoral levels with insufficient specificity. This article takes a dual perspective from both regional and sectoral levels to examine the decoupling effects of carbon emissions in China's manufacturing industry using the Tapio decoupling model combined with LMDI and Kaya identity decomposition methods. The study finds that there are different characteristics regarding decoupling effects among manufacturing industries in eastern, central, and western regions. Overall better performance is observed during the stage of high-quality development compared to rapid development. High-end and low-end manufacturing sectors are more likely to achieve decoupling compared to mid-range manufacturing. Furthermore, factors such as output scale, industrial structure, and carbon intensity have significant impacts on their respective roles in achieving decoupling of carbon emissions at the sectoral level perspective; followed by high-end manufacturing sectors while low-end sectors are least affected. References | Related Articles | Metrics

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Grain Price Support Policy and Agricultural Green Growth: Promotion or Inhibition? TAI Dejin, CAI Rong 2024 (02):  91-100.  Abstract ( 374 )   PDF (1179KB) ( 185 )   The existing literature rarely focuses on the agricultural economic growth effect and agricultural environmental effect of food price support policies. Different from the previous single-dimensional research, this paper incorporates food price support policies, agricultural economic growth and agricultural environmental pollution into an analytical framework,using the heterogeneous timing DID model and the mediating effect model to tested empirically the causal relationship and mechanism between grain price support policies and agricultural green growth.The study found that:The grain price support policy inhibits the green growth of agriculture, and this conclusion has strong robustness. The grain price support policy can reduce the non-point source pollution of agricultural fertilizer per unit area and slow down the agricultural output value per unit area through the two-day path of crop planting structure adjustment and agricultural labor transfer, which finally leads to the negative impact of the policy on agricultural green growth.Further analysis shows that under the current agricultural production mode, grain price support policy is difficult to achieve the combination of agricultural 'growth' and 'green'.The conclusions of this paper will further grasp the impact of grain price support policies and promote the green increase of agriculture. References | Related Articles | Metrics

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The Enlightenment of Enterprise Poverty Alleviation Behavior Transmission for Rural Revitalization: Evidence from the Shareholders’s "Targeted Poverty Alleviation" Networks of Chinese Listed Company DU Jian, ZHANG Jie, GUO Xiaodong 2024 (02):  101-110.  Abstract ( 450 )   PDF (1208KB) ( 246 )   The existing research focuses on exploring the influencing factors of companies' implementation of targeted poverty alleviation from the dimension of individual enterprises, ignoring the embeddedness of individual companies' behaviors in social networks. In view of this, targeted poverty alleviation data of Chinese A-share listed companies from 2016~2020 are selected to explore the influence of shareholders' poverty alleviation networks on corporate targeted poverty alleviation behavior and its mechanism from the social network perspective, which has been less addressed in previous studies. The results show that:(1)The shareholders' poverty alleviation networks can significantly promote the active participation of companies in targeted poverty alleviation. (2) Mechanism analysis finds that corporate poverty alleviation behavior can be transmitted in the shareholder poverty alleviation network, and that shareholder poverty alleviation networks can influence companies to participate in precise poverty alleviation through information channels and corporate governance channels. (3)Further analysis shows that, the nature of firms' property rights, financing constraints and the degree of marketization of the region in which they are located can have a heterogeneous impact on the relationship between shareholder networks for poverty alleviation and firms' pro-poor behavior. Therefore this paper provides an analytical perspective of the informal system for promoting the participation of companies in the rural revitalization strategy, as well as a useful reference for government departments to guide shareholders' socially responsible investment. References | Related Articles | Metrics