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15 January 2025, Issue 01 (234) Previous Issue   

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Unbalanced Housing Prices, Labor Mobility and Wage Income Gap SU Xiao, FU Dongping, LI Yonggang 2025 (01):  1-10.  Abstract ( 180 )   PDF (1229KB) ( 273 )   Improving the income distribution pattern is the fundamental way to promote common prosperity. Previous studies have mainly demonstrated the causal relationship between housing price and income gap of residents based on property income. From the realistic perspective of housing price imbalance, this paper discusses the influence of housing price imbalance on wage income gap by introducing the difference of labor mobility with different skills. It is found that the role of housing price in widening the wage income gap continues to increase with the increase of housing prices, and the imbalance of housing prices can significantly widen the wage income gap. The results of the mechanism test show that the imbalance of housing prices intensifies the mobility difference between different skilled laborers, which leads to the relatively stronger mobility of high-skilled laborers, and the mobility of labor forces has a relatively stronger role in promoting the wage income of high-skilled laborers. Therefore, under the dual effects of housing price difference and labor skill difference, the unreasonable degree of labor factor allocation in China has increased, and the wage income gap of labor forces has been widening. The conclusion of the study is helpful to enrich the exploration of structural problems between housing prices and residents' income gap, deeply trace the unreasonable causes of residents' income gap, and provide new ideas for narrowing the income gap. References | Related Articles | Metrics

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Fintech, intellectual property pilot and Enterprise digital transformation CUI Hao, LI Huamin, WU Fei, CHANG Xi 2025 (01):  11-20.  Abstract ( 163 )   PDF (1281KB) ( 62 )   Using the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, this paper examines the impact of fintech on the digital transformation of enterprises and its potential mechanism. The results show that fintech has a significantly positive role in promoting the digital transformation of enterprises. Through heterogeneity analysis, it is found that the promotion effect of fintech on non-state-owned and high-tech enterprises is more significant. The results of the mechanism show that fintech helps enterprises carry out digital transformation through three paths: information optimization, risk bearing capacity improvement and digital innovation vitality improvement. In particular, intellectual property protection is an external institutional condition for fintech to play a better role, and in cities with intellectual property demonstration, fintech can stimulate the vitality of enterprises' digital transformation to a greater extent. These findings not only offer new insights into understanding the efficacy of fintech from the perspective of regional spillovers but also provide a valuable reference for enhancing the role of fintech through the lens of intellectual property system development. References | Related Articles | Metrics

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A Study on the Impact of the Construction of County-level Basic Financial Security Mechanism on Urban and Rural Common Prosperity -Evidence Based on Quasi Natural Experiments LI Caiping, ZHANG Shoufu 2025 (01):  21-30.  Abstract ( 125 )   PDF (1214KB) ( 46 )   In the critical period of solidly promoting common prosperity, fully leveraging policy advantages is of great significance for urban-rural common prosperity, but few scholars have focused on the impact of the county-level basic financial guarantee mechanism policy on urban-rural common prosperity. Based on panel data from 572 county-level districts from 2011 to 2022, the county-level basic financial guarantee mechanism is regarded as a quasi natural experiment to innovatively empirically test the impact and path of the construction of the basic financial security mechanism at the county level on the common prosperity of urban and rural areas.Research has found that the construction of county-level basic financial security mechanisms has a positive promoting effect on the common prosperity of urban and rural areas, and this conclusion still holds after a series of robustness tests. Heterogeneity testing found that compared to the eastern, central, and northeastern regions, as well as county-level areas with higher levels of labor factor transfer, the construction of county-level basic financial security mechanisms has a more significant promoting effect on the common prosperity of urban and rural areas in the western region and county-level areas with lower levels of labor factor transfer. The inspection of the intermediary mechanism found that the construction of the basic financial security mechanism at the county level mainly indirectly promotes the common prosperity of urban and rural areas by adjusting the distortion of capital allocation and balancing the supply of public services. The regulatory effect test confirms that digital inclusive finance plays a regulatory role in promoting common prosperity between urban and rural areas through the construction of county-level basic financial security mechanisms. The research conclusion provides new experience for the development of urban and rural common prosperity from the policy perspective of building a county-level basic financial guarantee mechanism, and also provides new reference for better playing the promoting role of county-level basic financial guarantee mechanism construction in promoting common prosperity from the perspectives of regulating capital allocation distortion, balancing public service supply, and digital inclusive finance. References | Related Articles | Metrics

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Can the National Pooling Balance the Gap: An Actuarial Analysis of Inter-provincial Adjustment of Pension Insurance Fund YANG Hongyan, DENG Zhiyu, YE Jing 2025 (01):  31-41.  Abstract ( 169 )   PDF (1235KB) ( 41 )   In 2022, China implemented the policy of national pooling of pension insurance for urban employees, replacing the central adjustment scheme with the pooling adjustment scheme, and making inter-provincial adjustment to the pension insurance fund. Existing literature analyzed the financial burden and sustainability of the pooling adjustment scheme, but haven't yet focus on the measurement of its adjustment effect. Based on this, the article constructs an actuarial model of pension insurance, compares the central adjustment scheme, analyzes the trend of the inter-provincial disparity of the fund under the pooling adjustment scheme, and further explores the optimization path: first, on the inter-provincial disparity of the current fund balance, the pooling adjustment scheme will be lower than the central adjustment scheme only in the years of 2023-2028, and will be the lowest in the year of 2025, which is a decrease of 95.93% compared with the central adjustment scheme; on the inter-provincial disparity of the fund's payable level, the pooling adjustment scheme is lower than the central adjustment scheme in the measurement period. Secondly, starting from 2026, the national current balance will be insufficient to form the pooling adjustment fund demand of the pooling adjustment scheme, resulting in a continuous decline in the adjustment effect. Third, the cumulative balance re-adjustment can optimize the adjustment continuity, in which the 48.5% part of the cumulative balance re-adjustment mode can maintain the adjustment effect and balance the fund's cumulative balance expenditure and fiscal expenditure. It is recommended to plan the cumulative balance re-adjustment option and improve the incentive mechanism for premium collection. References | Related Articles | Metrics

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Research on the Impact of "Emphasizing Medical Care over Public Health" in Healthy China Development on Residents' Health Levels: Based on the Perspective of Government Expenditure Structure PANG Ruizhi, ZHENG Siyuan, LI Qiannan 2025 (01):  42-50.  Abstract ( 145 )   PDF (1146KB) ( 40 )   In-depth research on the impact of "emphasizing medical care over public health" on residents' health levels is of great practical significance for optimizing structure of government health spending, enhancing the overall efficiency of the medical and health system, and promoting the construction of the Healthy China strategy. From the perspective of research, unlike the existing literature that focuses on the total amount of government health spending, this research focuses on the structure of government. Based on China's provincial panel data from 2013 to 2019, a two-way fixed effect model is used to examine the of "emphasizing medical care over public health" on residents' health levels. The results show that "emphasizing medical care over public health" has significantly reduced the health level of residents, and this conclusion still holds alleviating endogeneity using system GMM regression and conducting robustness tests using Tobit generalized linear regression model. The impact of "emphasizing medical care over public health" on residents' health levels has regional heterogeneity, which has already become prominent in eastern central regions, but has not yet appeared in western regions. References | Related Articles | Metrics

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Does Platform Gig Employment Exacerbate the Overwork of the New Generation of Migrant Workers? MA Hongmei, MAO Dezi 2025 (01):  51-60.  Abstract ( 155 )   PDF (1238KB) ( 55 )   Based on the survey data of the new-generation migrant workers in the southwest ethnic areas in 2023, this article employs the Probit model for empirical analysis to investigate the influence of platform gig employment on the overwork of the new-generation migrant workers. Distinct from traditional employment patterns, this article takes the gig economy on digital platforms as the starting point to deeply explore the issue of overwork in the backdrop of the digital economy. The research findings indicate that platform gig employment significantly elevates the probability of overwork among the new-generation migrant workers, and this result remains valid after a series of robustness tests. The heterogeneity analysis reveals that the intensification of overwork due to platform gig employment is more prevalent among individuals with low family participation and low digital skills. The mechanism analysis indicates that flexible working arrangements and social security are significant influencing mechanisms that exacerbate overwork in platform gig employment. Further discussions uncover that platform gig employment has a significantly positive impact on the depth of overtime for the new-generation migrant workers. In light of this, it is essential to formulate targeted countermeasures to enhance the protection of rights and welfare benefits for workers in the platform gig economy, with the aim of facilitating the healthy and orderly development of the platform gig economy. References | Related Articles | Metrics

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Research on the influence of government guidance funds on urban innovation -An research based on government guidance and market operation ZHUANG Delin, FANG Fang, ZHU Chen 2025 (01):  61-70.  Abstract ( 174 )   PDF (1262KB) ( 54 )   Government guidance funds have become a crucial tool for governments at all levels to deeply implement innovation-driven development strategies. Unlike existing research that primarily focuses on the innovative effects of government guidance funds on enterprises, this paper emphasizes the impact of these funds on urban innovation and analyzes the underlying theoretical mechanisms from the dual perspectives of "government guidance" and "market operation." Using data from 268 prefecture-level cities between 2008 and 2021, the study employs a Difference-in-Differences model to evaluate the effect of government guidance funds on urban innovation. The results indicate that the establishment of government guidance funds significantly enhances urban innovation levels, and this finding remains robust after a series of robustness checks. The underlying mechanism involves leveraging the dual attributes of government guidance funds to exert capital guidance effects and talent guidance effects, thereby attracting the aggregation of innovative resources. The innovative effects of government guidance funds vary depending on government capabilities and marketization levels. The research conclusions provide theoretical insights for relevant government departments to formulate government guidance fund plans tailored to local conditions and enhance urban innovation levels through the combination of an active government and an efficient market. References | Related Articles | Metrics

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Commercial Health Insurance, Credit Participation, and Household Economic Resilience: Promotion or Suppression? ZHANG Chunmin, WANG Yaning, CHEN Xuejiao 2025 (01):  71-79.  Abstract ( 150 )   PDF (1256KB) ( 63 )   Commercial health insurance plays an important role in China's medical insurance system, but there is still a gap compared with the international advanced level, especially in meeting personalized needs and product innovation. The role of commercial credit in the rural economy is widely recognized, but its key role in risk sharing and risk management has not been fully studied. This paper analyzes the path dependence of commercial health insurance and credit participation by constructing a multiple equilibrium model. The empirical study explores the impact of different situations on the economic resilience of rural households.Individual credit participation plays a role near the critical capital level. Individual credit participation plays a role near the critical capital level.'Commercial health insurance and credit participation' shows a stronger poverty reduction effect than individual commercial health insurance, especially for families who have just graduated from the poverty trap. This provides a new perspective and important basis for formulating accurate rural financial policies and promoting the strategy of common prosperity. References | Related Articles | Metrics

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The spatial spillover effect of agricultural and rural modernization on common prosperity from the perspective of digital economy LI Xiuxiang, NIE Yi 2025 (01):  80-89.  Abstract ( 171 )   PDF (1145KB) ( 51 )   There are few comprehensive studies on the relationship between agricultural and rural modernization and common prosperity in the existing literature, and there is even less research from the perspective of digital economy on how agricultural and rural modernization affects common prosperity. Based on the panel data of 31 provincial units in China from 2011 to 2021, this paper constructs an evaluation index system for agricultural and rural modernization and common prosperity level, obtains evaluation results, and empirically tests the spatial spillover effect of agricultural and rural modernization on common prosperity from the perspective of digital economy. The research results indicate that:There is a positive spatial interdependence in the level of agricultural and rural modernization in China's provinces, and the influence strengthens over time; Agricultural and rural modernization can effectively improve the level of common prosperity for all people, and has a significant promotion effect on neighboring provinces, with a time lag effect and a spatial spillover effect; Agricultural and rural modernization can indirectly promote common prosperity through digital economy; The direction of the role of agricultural and rural modernization in promoting common prosperity for different geographic locations, grain-producing areas is consistent, but the intensity of the role and the spatial spillover effect are different, and there is a "suction" effect on non-grain-producing areas. References | Related Articles | Metrics

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Pilot policies in e-commerce demonstration cities enable inclusive growth: theoretical mechanism and empirical test LI Chenhua, LIU Yijia 2025 (01):  90-99.  Abstract ( 169 )   PDF (1144KB) ( 75 )   In recent years, e-commerce has played an increasingly prominent role in the process of China's economic growth. Based on this, governments at all levels have introduced many policies and measures aimed at encouraging the development of e-commerce. However, it is worth exploring whether the pilot policy of e-commerce demonstration cities, as a policy tool to promote economic development, can become an institutional guarantee to drive inclusive growth. Based on the panel data of 284 cities from 2009 to 2021, combined with relevant data such as Taobao Village, this paper takes the establishment of national e-commerce Demonstration city as a quasi-natural experiment, and deeply examines the impact of oriented policies on inclusive growth by comparing the relevant situation of 68 pilot cities and 216 non-pilot cities. The results show that the pilot policies of e-commerce demonstration cities effectively and effectively promote inclusive growth by promoting the vigorous development of rural e-commerce, upgrading the industrial structure and promoting technological innovation. The promotion effect of pilot policies varies from place to place, which is significantly influenced by the supporting policies of local governments. References | Related Articles | Metrics

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Corporate culture and high-quality development: quality and innovation effects YANG Qizhong, MA Beili 2025 (01):  100-110.  Abstract ( 168 )   PDF (1155KB) ( 62 )   Tracing the cultural genes behind the high-quality development of enterprises and empowering high-quality economic development. This article is based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2021, using text analysis method to measure corporate culture and test the impact and mechanism of corporate culture on high-quality development of enterprises. Empirical research has found that the stronger the corporate culture, the more it can promote high-quality development of the enterprise. This conclusion is validated from four sub dimensions of corporate culture: innovation culture, trust culture, team culture, and quality culture. After endogeneity testing, it remains robust. Heterogeneity analysis was conducted from the aspects of ownership nature, analyst attention, and institutional shareholding ratio. It was found that in state-owned enterprises, enterprises with lower analyst attention and institutional shareholding ratio, culture has a more significant promoting effect on the high-quality development of enterprises. Further analysis of the mechanism reveals that corporate culture can affect a company's research and development expenditures, degree of information asymmetry, and organizational resilience, thereby promoting high-quality development. It is recommended to vigorously cultivate the traditional quality culture and innovation culture of Chinese local enterprises in the new era, and attach importance to the unique role of cultural soft power in the high-quality development of enterprises. References | Related Articles | Metrics