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15 September 2025, Issue 05 (238) Previous Issue    Next Issue

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Can Green Finance Effectively Balance the "Quantitative" and "Qualitative" Dimensions of Carbon Emission Reductions? -Evidence from the Green Finance Reform and Innovation Pilot Zones REN Yayun, HU Yuchen 2025 (05):  1-9.  Abstract ( 50 )   PDF (1459KB) ( 42 )   Green finance, as a link between capital and environmental protection, is an important measure to promote the green transformation of the economy and realize the goals of "carbon peak and carbon neutrality". Different from the single perspective of previous studies, based on the panel data of prefecture-level and above cities in China from 2010 to 2022, considers the green finance reform and innovation pilot zone policy as a quasi-natural experiment, and examines its carbon emission reduction effect from the two-dimensional perspectives of "quantity" and "quality". The research findings indicate that the Green Finance Reform and Innovation Pilot Zone policy has achieved carbon reduction with both "quantity and quality in mind". Heterogeneity analysis reveals that the policy effects of the Green Finance Reform and Innovation Pilot Zone differ depending on whether a city is an old industrial base or a resource-based city. From the perspective of mechanisms, the Green Finance Reform and Innovation Pilot Zone policy primarily achieves "quantity and quality" carbon reduction through channels such as improving energy efficiency, optimizing industrial structure, and promoting green technological innovation. References | Related Articles | Metrics

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Economic policy stability, Systemic financial risk, and High-quality economic development HE Zhixin, HE Jian, LIU Yu 2025 (05):  10-20.  Abstract ( 44 )   PDF (1423KB) ( 57 )   The economic policy stability is crucial for preventing and mitigating systemic financial risk and promoting high-quality economic development; thus, the characteristics and strength of their interactions deserve in-depth research. By employing a TVP-VAR model, this paper investigates the dynamic relationships among economic policy stability, systemic financial risk, and high-quality economic development in China during the period from the first quarter of 1997 to the fourth quarter of 2022. The findings indicate that, from the perspective of the overall effect, economic policy stability positively influences high-quality economic development in both the short and long term, exhibiting time-varying characteristics. Specifically, the short-term positive effect strengthens over time, while the long-term positive effect gradually converges. Regarding the risk transmission channel, economic policy stability tends to initially exacerbate systemic financial risk in the short term but mitigates it over the medium to long term. Conversely, an increase in systemic financial risk may initially stimulate but subsequently restrain high-quality economic development.This study addresses the shortcomings of previous analyses that rely on static models with a single-path perspective, providing empirical evidence and policy implications for deeply understanding and managing the interrelationship among these three factors. References | Related Articles | Metrics

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China’s Tax Reform: Successful Experience, Challenges, and Future Reform Prospects ZHOU Bo, ZHANG Aixue 2025 (05):  21-28.  Abstract ( 44 )   PDF (1306KB) ( 26 )   The tax system is a fundamental institutional arrangement that affects the relationships between the government, enterprises, and individuals. In parallel with the construction process of socialist market economy, China’s tax system has undergone sustained advancement and refinement along its clearly strategic objectives. During this critical juncture of comprehensively promoting the construction of a strong nation and the great cause of national rejuvenation through Chinese modernization, summarizing the achievements and experience of China’s tax system reform, clarifying the new challenges facing the improvement of the modern tax system, and by implementing the tax statutory principles, improving the tax system adapted to the new business forms, optimizing the tax-sharing fiscal system, improving the tax sharing system and the financial system, as well as responding to the challenges of the international tax order, will contributes to the objectives of deepening the fiscal and tax system reform outlined in the Decision of the Central Committee of the Communist Party of China on Further Deepening Reform and Promoting Chinese path to modernization. References | Related Articles | Metrics

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Thirty Years of China’s Tax Sharing System Reform: Ideological Historical Facts and Reform Prospects YOU Feng, WANG Nisha, ZHU Huaxiong 2025 (05):  29-38.  Abstract ( 45 )   PDF (1313KB) ( 29 )   2024 marks the thirtieth anniversary of China’s tax sharing system reform,. Against the backdrop of the central government’s "planning for a new round of fiscal and tax system reform", it is of great practical significance to systematically sort out and deeply analyze the historical evolution, value role, existing problems, and reform path of the tax sharing system reform from the perspective of ideological history. The tax sharing reform has gone through three stages: the initial establishment of the tax sharing financial system, the establishment of a sound public finance system, and the establishment of modern finance system. The reform of the tax-sharing system has helped effectively leveraged the initiative of both central and local governments, strengthened the central government’s macroeconomic capacity, and propelled the rapid development of the Chinese economy. However, due to objective constraints and insufficient follow-up reform momentum, the tax sharing system still faces problems such as unreasonable division of powers and expenditure responsibilities, unreasonable division of financial and tax rights, imperfect transfer payment system, and incomplete local financial system. The new round of fiscal system reform should be adhering to the unshakable direction of the tax sharing system, continuing to deepen the reform of inter government power, financial and tax allocation, optimizing the transfer payment system, improving the local fiscal system below the provincial level, and establishing a central local fiscal relationship suitable for the high-quality development of the Chinese economy. References | Related Articles | Metrics

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Research on the Sustainable Development of County-Level Prosperity Industries in Ethnic Regions: A Field Investigation from Aba Prefecture, Sichuan Province and Linxia Prefecture, Gansu Province WANG Zhizhang, XIANG Zhidan 2025 (05):  39-48.  Abstract ( 32 )   PDF (1371KB) ( 44 )   The development of county-level Prosperity industries has increasingly exposed inherent sustainability challenges. Existing research predominantly focuses on localized experiences and evaluations, lacking systematic theoretical analysis and empirical contributions from underdeveloped regions. This study constructs a three-dimensional system synergy theoretical framework based on field investigations in Aba Tibetan and Qiang Autonomous Prefecture (Sichuan Province) and Linxia Hui Autonomous Prefecture (Gansu Province), analyzing the value connotation, intrinsic mechanisms, practical dilemmas, and root causes of sustainable development in county-level Prosperity industries. The study found that the County-Level Prosperity Industries in Ethnic Regions have achieved remarkable results in the practice of rural revitalization, and many good practices have emerged, but they still face sustainability risks, including fragile industrial chains, insufficient market efficiency, human capital discontinuity, inadequate social participation, and ecological threshold constraints. To address these challenges, the study proposes:1)A "four-wheel drive" strategy featuring diversified development, innovation- driven approaches, brand building, and financial empowerment to promote high-quality development of county-level wealth-enhancing industries in post-poverty-alleviation regions; 2)A "four-dimensional approach" integrating talent cultivation, incentive mechanisms, career development channels, and public service optimization to consolidate the talent foundation; 3) A "triple strategy" combining green leadership, smart technology empowerment, and ecological compensation to facilitate sustainable industrial development. References | Related Articles | Metrics

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The internal logic, practical predicaments and optimization paths of public cultural service supply from the Perspective of rural revitalization YANG Gang, HUANG Xueqin, WEI Mingding 2025 (05):  49-57.  Abstract ( 40 )   PDF (1306KB) ( 24 )   Public cultural services, as the main way to revitalize rural culture, are a system and practice promoted by the government to serve the cultural life of the masses in order to safeguard villagers' cultural rights and maintain national cultural identity. The supply of rural public cultural services contains internal logics such as the value logic highlighted by public nature, the content logic reflected by cultural nature, the action logic depicted by service nature, and the innovative logic prominent by technology, which influence and determine the picture of rural public cultural service supply. In the supply of public cultural services, local governments, as the main providers of rural public cultural services, are deeply influenced by political concepts, power and responsibility structures, and interest relations, resulting in one-way administrative supply, selective strategic supply, and uniform standardized supply, thus falling into the realistic predicament of rural public cultural service supply. Therefore, in the process of promoting Chinese-style modernization through the comprehensive revitalization of rural areas, it is necessary to optimize the supply mechanism of public cultural services, shape a supply value centered on the people, have multiple subjects cooperate collaboratively, integrate cultural resources through digital empowerment, and provide differentiated supply between urban and rural areas, so as to promote the cultural revitalization of rural areas and lay an intrinsic value foundation and provide spiritual guidance for rural revitalization. References | Related Articles | Metrics

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Can Cultural Tourism Integration Enhance Regional Economic Resilience BI Mingjian 2025 (05):  58-69.  Abstract ( 33 )   PDF (1398KB) ( 37 )   Against the backdrop of intensifying global uncertainties, enhancing regional economic resilience has become a crucial driver for high-quality regional economic development. Existing literature predominantly examines the impact of separate cultural and tourism industries on regional economic resilience, paying insufficient attention to the catalytic role of cultural-tourism integration. Drawing on economic resilience theory, this study employs panel data from 31 Chinese provinces (2011—2021) to empirically investigate the effects, mechanisms, heterogeneity, and threshold characteristics of cultural-tourism integration on regional economic resilience. Key findings reveal: (1) Cultural-tourism integration significantly enhances regional economic resilience, with results robust to endogeneity and robustness tests; (2) Industrial structure upgrading and consumption expansion serve as critical transmission channels; (3) The effect is more pronounced in eastern China compared to central and western regions; (4) Government support and technological innovation exhibit threshold effects, progressively strengthening the resilience-enhancing impact. Accordingly, we propose cultivating integrated cultural-tourism formats, deepening digital applications, optimizing policy environments, and implementing differentiated strategies to amplify the resilience-building role of cultural-tourism integration. References | Related Articles | Metrics

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Inherent Logic and Optimization Path of High-Standard Farmland Construction Driving Agricultural Green and Low-Carbon Development WU Junzhen, GAO Ming 2025 (05):  70-80.  Abstract ( 34 )   PDF (1359KB) ( 25 )   To explore the role of high-standard farmland construction in the green and low-carbon development of agriculture, this study constructs a "five-in-one" analytical framework to systematically investigate the intrinsic logic and optimization pathways through which high-standard farmland construction facilitates this synergy. The findings reveal that current high-standard farmland construction has established a synergistic foundation encompassing production capacity, efficiency, ecology, and economy for grain yield enhancement and carbon reduction. However, practical constraints persist, including imbalanced regional planning, inefficient fund allocation, inadequate long-term maintenance mechanisms, and insufficient policy coordination. To address these challenges, this paper proposes a dynamic planning system to mitigate regional disparities, innovative funding allocation models to amplify synergistic effects, robust maintenance mechanisms to consolidate developmental foundations, and enhanced policy coordination to promote resource integration. These strategies aim to drive the transformation of grain production systems from "high-carbon yield growth" to "low-carbon efficiency enhancement," thereby providing actionable pathways and policy references for advancing agricultural green and low-carbon development and achieving China’s Dual Carbon Goals. References | Related Articles | Metrics

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Development of E-commerce and Upgrading of Rural Household Consumption Structure WANG Baoshun, JIANG Fei, LIU Gang 2025 (05):  81-89.  Abstract ( 33 )   PDF (1317KB) ( 19 )   The lagging consumption structure of rural households restricts the release of consumption potential. Existing research lacks in-depth exploration of the micro-mechanisms through which e-commerce promotes consumption structure upgrading. Based on data from the China Family Panel Survey (CFPS) from 2012 to 2020, this study employs the Difference-in-Differences (DID) method and innovatively evaluates the impact of e-commerce development on the upgrading of rural household consumption structure from the perspectives of consumption capacity and consumption willingness. This approach fills the gap in existing literature regarding the neglect of heterogeneity and mechanism analysis. The study finds that e-commerce development significantly promotes the upgrading of rural household consumption structure, as evidenced by an increase in the share of developmental and enjoyment-oriented consumption expenditures and a decrease in the share of food expenditures. The underlying mechanisms lie in the enhancement of consumption capacity and the strengthening of consumption willingness. Further analysis reveals that the impact of e-commerce development varies among rural households with different characteristics; households with a higher child-rearing ratio, higher educational attainment of the household head, and those located in poverty-stricken counties show more significant responses to policy interventions. Consumption structure upgrading is reflected not only in overall consumption growth but especially in increased spending on household appliances and daily necessities. This study provides empirical evidence on how e-commerce facilitates the upgrading of rural household consumption structures and offers important policy implications for stimulating consumption potential in rural areas. References | Related Articles | Metrics

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How Tax Credit Rating Impacts Organizational Resilience? ZHAO Yanfeng, LI Yifan 2025 (05):  90-100.  Abstract ( 33 )   PDF (1369KB) ( 63 )   In the new normal era, the importance of enterprise resilience in managing risks and stabilizing growth has become increasingly evident. However, there is a lack of research on the impact of flexible tax administration with resource and governance effects on enterprise resilience. This paper uses the data of listed enterprises on the Shanghai and Shenzhen A-shares from 2007 to 2022 and applies the multi-period double-difference method to examine the impact of tax credit rating on enterprise resilience. The following conclusions are drawn: Tax credit rating can enhance enterprise resilience, and robustness and endogeneity tests support this conclusion. From the perspective of the mechanism of action, tax credit rating enhances enterprise resilience through resource effects, synergistic governance effects, and decision-making optimization effects. From the cross-sectional differences, in the macro environment of weak tax enforcement and high economic policy uncertainty, as well as in the sample of low maturity, serious short-sightedness of senior management, and high operational risk, the positive effects of tax credit rating on enterprise resilience are more significant. Economic consequences show that tax credit rating can smooth out stock returns volatility and reduce the risk of stock price collapse, while the improvement of economic performance has a lag. This paper not only enriches the research on the economic consequences and influencing factors of tax credit rating, but also provides reference for enterprises to enhance resilience and sustainable development by utilizing flexible tax regulatory supervision. References | Related Articles | Metrics

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A Study on the Mechanism of Influence of Contradictory Composite Reviews on Consumer Purchase Decisions for Pure Electric Vehicles ZHANG Wei, AN Shuai, LI Chengjiang 2025 (05):  101-110.  Abstract ( 32 )   PDF (1420KB) ( 63 )   With the rapid expansion of the pure electric vehicle market and the continuous increase in its penetration rate, the influence mechanism of online reviews on potential consumers’ purchasing decisions remains a topic that lacks a systematic explanation. The existing literature mainly focuses on the scenarios of traditional fuel vehicles. Limited by the assumption of consumer homogeneity and the single comment analysis paradigm, it is difficult to comprehensively analyze the mechanism of action of contradictory compound comments from the perspective of group heterogeneity. Based on the heuristic system model theory and combined with the heterogeneity of consumer groups, this article explores the influence mechanism of contradictory compound comments on the purchase decisions of pure electric vehicle consumers through empirical research. The research results show that in terms of the factors influencing consumers’ purchasing decisions, consumers of economy-pure electric vehicles are more sensitive to product information, while consumers of comfort-pure electric vehicles pay more attention to service information. The perceived utility of consumers’ reviews of negative-positive products and negative-positive services plays a mediating role in the purchase decision-making process of economy and comfort pure electric vehicles, respectively. Brand trust plays a positive moderating role in the influence of contradictory compound comments on consumers' purchasing decisions. References | Related Articles | Metrics