Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Dynamic evaluation of digital and green development policies based on text mining of the PMC framework

Aiming to identify policy topics and their evolutionary logic that enhance the digital and green development(dual development)of traditional manufacturing enterprises,address weaknesses in current policies,and provide resources for refining dual development policies,a total of 15954 dual development-related policies issued by national and various departmental authorities in China from January 2000 to August 2023 were analyzed.Based on topic modeling techniques and the policy modeling consistency(PMC)framework,the evolution of policy topics was visualized,and a dynamic assessment of the policies was conducted.The results show that the digital and green development policy framework is progressively refined,and the governance philosophy shifts from a“regulatory government”paradigm to a“service-oriented government”.The support pattern evolves from“dispersed matching”to“integrated symbiosis”.However,there are still significant deficiencies in departmental cooperation,balanced measures,coordinated links,and multi-stakeholder participation.Future policy improvements should,therefore,focus on guiding multi-stakeholder participation,enhancing public demand orientation,and addressing the entire value chain.These steps aim to create an open and shared digital industry ecosystem to promote the coordinated dual development of traditional manufacturing enterprises.

Does innovative city pilot policy promote urban green growth in China?An analysis of green total factor productivity,2005-2020

The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.

Promoting or inhibiting? Green fiscal policy and urban green innovation

Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.

Status, Transition, and Impact of the Yoon Suk-yeol Administration’s Trade Policy with China

China is Korea’s main trade partner in East Asia and one of its key economic and trade partners worldwide.The two countries have complementary industrial structure and a long history of trade exchanges.However,against the backdrop of a return to global trade protectionism and the politicization of international affairs with Yoon Suk-yeol coming to power,South Korea has undertaken a strong trade shift toward the United States(US),triggering a change in the pattern of economic cooperation in East Asia and challenging the regional trade structure.A review of the trade policy agenda of the Yoon Suk-yeol administration toward the US and China,along with a comparative review of Korea’s foreign trade stance under Moon Jae-in,allows for an analysis of the turnaround and characteristics of Yoon’s trade policy toward China during his tenure.The implications for global trade governance and regional security are further analyzed with an aim of finding a Nash equilibrium in trade cooperation among East Asian countries.

Research on the Path of Further Deepening the Reform and Internationalization of English Education in the Hainan Free Trade Zone

With the establishment of the Hainan Free Trade Zone(FTZ),the internationalization of English education has become a key element of the region’s educational reform efforts.As globalization intensifies,fostering an internationalized English education system is crucial for improving the competitiveness and global positioning of the Hainan FTZ.This study explores the multiple pathways and strategies for promoting the internationalization of English education in the Hainan FTZ,focusing on aspects such as policy support,curriculum reform,teacher training,international collaboration,and the effective allocation of educational resources.By examining the current state of English education in the region,identifying key challenges,and drawing insights from successful domestic and international cases-particularly from free trade zones elsewhere-this paper offers actionable recommendations.These suggestions aim to enhance the region’s educational outcomes,thereby bolstering the Hainan FTZ’s broader objectives of economic growth and enhanced global connectivity.The proposed strategies also seek to elevate the international stature of the Hainan FTZ as a regional hub for talent development,international exchange,and soft power enhancement.

A Mechanism for Digital Finance to Drive Green and Low-Carbon Development

Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.

International experience of green development in Western China:an overall review of policy and practice

Green development emphasizes co-development between economic and environmental dimensions,and is a peoplecentered sustainable development approach.Western China demands green development,and international experience could provide necessary,unique and important help and support for Western China to achieve its green development goals.This paper has made a comprehensive overall review and analysis of international experience in green development policy and its implementation,in particular,OECD countries'(mostly Australia and Canada) experience have been analyzed following the major policy foci defined by the Task Force on Strategy and Policies on Environment and Development in Western China initiated by China Council for International Cooperation on Environment and Development(CCICED).Data and information were gathered from the field surveys and investigations,expert meetings,as well as literature review.The main sessions include policy framework and road map establishment,implementation and performance assessment,co-development between economic development and environmental protection,as well as green employment and poverty alleviation.The paper has addressed five policy considerations for the future promotion of green development in Western China.

No country is an island in regulating food safety:How the WTO monitors Chinese food safety laws through the Trade Policy Review Mechanism(TPRM)

Established within the framework of the World Trade Organization （WTO）, the Trade Policy Review Mechanism （TPRM） reviews periodically the trade policies of all WTO Members. The review includes many aspects of food safety regulation. China＇s trade policy is reviewed every two years. This paper analyses in detail the reviews of China＇s trade policy in 2006, 2008, 2010, 2012 and 2014. It focuses in particular on food safety laws and types of standards, alignment of domestic standards with international standards, the role of different domestic institutions, transparency and notification of food safety measures under the WTO agreements on Sanitary and Phytosanitary Measures （SPS） and on Technical Barriers to Trade （TBTAgreement）, import and export, and geographical indications （GIs）. It concludes that the WTO TPRM can contribute, within its mandate, to reform of Chinese food safety laws and improvement of food safety in China. it notes that China has already undertaken substantial reforms of its system for regulating food safety. It recommends that China should continue to participate actively in the TPRM, follow its own path with regard to alignment and learn selectively from other WTO Members.

Optimal Trade Credit Policy for Supplier under Asymmetric Information in the Supply Chain

Most papers about trade credit in supply chain studied retailer's inventory policy based on information shared.Few papers paid attention to supplier's trade credit policy under asymmetric information.So this paper tries to propose supplier's optimal trade credit policy to reveal retailer's private information.The aim is achieved by developing an incentive model with revelation principle.The retailer's private information can be found out through this trade credit policy.This contract is more general than the wholesale price contract.For the retailer's private information,the order quantity and ratio of delay in payment are distorted.Sensitivity analysis shows that the contract is influenced by sales ability and discount rate.Finally,the indirect mechanism with the same effect is proposed to make it easy to be put into practice.

Quantitative evaluation of the green production and consumption policies in China

Dual control of energy consumption is an effective method proposed in China to launch and deepen the transition in energy use.It has obtained favorable results;however,the resource consumption and pollution emissions per unit of Gross Domestic Product(GDP)remain high.This article quantitatively studies the current policies’effects to promote the advancement of dual control of energy consumption and develop future policies.Green production and consumption policies promote the development of dual control of energy consumption;therefore,this paper examines these policies through text mining and a quantitative evaluation system.The results suggest strong state demand for developing green production and consumption and the necessity for scientific evaluation;however,the state’s focus on the relevant policy tools is imbalanced.Constraint policy tools have the highest proportion of restricting pollutant emissions but lack comprehensiveness.Incentive and guidance policy tools have the problems of poor targets and low volume.Additionally,by constructing policy modeling consistency(PMC)index models for evaluating green production and consumption policies,six selected policies indicate solid performance,but some still have problems regarding policy timeframe,policy function,and green process.Based on the conclusions,this paper provides some targeted recommendations.

Analysis on Green Agriculture Policy during the Development of Eco-city in European Countries and the United States and Policy Recommendations

Ecological agriculture is the important industrial foundation for building eco-cities,while green agriculture policy plays an essential role in promoting sustainable development of ecological agriculture. This paper analyzed the relationship between green agriculture policy and developing eco-cities and characteristics of green agriculture policies in European countries and the United States developing ecological cities.Besides,it summarized experience,in hope of providing beneficial reference for China developing eco-cities.

Fuzzy Comprehensive Evaluation Research of Goal Attainment of Green Transportation Development Policy —Take Dongguan “Motorcycle Ban” Policy as an Example

Launching the evaluation research of green transportation can grasp the green transportation implementation accurately and diagnose the existing problems. From the perspective of green transportation, this research chose Dongguan “motorcycle ban” policy as the research object, and constructed secondary evaluation index system in transportation and environmental harmony, transportation and future harmony, transportation and society harmony, transportation and resource harmony, four dimensions. Then it used fuzzy comprehensive evaluation model to do the evaluation and found that the policy’s positive effect on the Dongguan green transportation development was average. Finally, based on the evaluation results, measures and advices were proposed.

The Study on Trade Policy and Openness of Mongolia： Influences on Trade Flows Between China-Mongolia-Russia （Past and Future）

This paper aimed to highlight the effects of conflict in Mongolia on trade policy and openness, by estimating the trade flows with neighbor countries （China and Russia）. Fourteen years＇ （2000-2013） data of Mongolian imports and exports were collected and gone through principal component analysis （PCA） and empirical analysis for grouping various trades with China and Russia. The empirical analysis identified the determining factors of Mongolian trade flow and openness with China and Russia. Empirical analysis evidenced that Mongolian trade and openness policy raised bilateral trade between China and Russia, leaving a great influence on economic size. Two main questions represented as empirically tested by each sample country. How did Mongolian trade policy and openness influence trade flows between China and Russia and economic growth of Mongolia？ Did Mongolian trade policy and the bilateral trade with China and Russia increase on trade openness？ Finally, the study focused on the forecasts from 2016 to 2018 to examine Mongolian trade flows with China and Russia using ordinary least squares method and autoregressive-moving-average （ARMA） model. China-Mongolia-Russia trade flows will continue to dominate during the forecasted period. As shown by the structure of export and import, goods with China and Russia influenced the mutual trade amount. Moreover, China and Russia traded to continue with Mongolia for goods in long run. Trade policy and openness, the major contributor in Mongolian economy, are significantly playing roles in trade and economy.

Impact of openness, economic policy reform and regional shocks on trade and growth of Thailand： An econometric study

Thailand has currently enhanced and promoted intensive trade and investment liberalization and implemented long-term growth policy according with current regional economic integration, WTO obligations and globalization. Nevertheless, several recent internal and external factors e.g. the massive SARS and avian flu outbreaks, the Indian Ocean tsunami devastation, the Asia financial crisis and domestic policy reforms （ICSEAD, 2006） have also impeded this policy. While the issues are important for Thailand and developing countries in Asia, only limited research has been undertaken to investigate them. The paper conducts a substantive quantitative study to contribute to these trade and development policy issues. A new econometric modelling policy method, namely the generalized gravity theory （Tran Van Hoa, 2004） is used to develop a simple flexible simultaneous-equation econometric model of Thailand＇s openness model with its seven major trade partners （ASEAN-4, Australia, the USA, the EU, China, Japan and India）. Using data from the ICSEAD, the World Development Indicators and the Bank of Thailand databases, the paper reveals efficient and reliable empirical findings on trade-growth causality, trade determination including the impact of shocks and policy reform on trade and growth between Thailand and its major trade partners over the past two decades. The paper also provides evidence on the linkages between trade in goods, FDI and services and regional economic integration for more credible policy implications.

Trade-offs and Synergies of Ecosystem Services in Karst Area of China Driven by Grain-for-Green Program

As an important means regulating the relationship between human and natural ecosystem,ecological restoration program plays a key role in restoring ecosystem functions.The Grain-for-Green Program(GFGP,One of the world’s most ambitious ecosystem conservation set-aside programs aims to transfer farmland on steep slopes to forestland or grassland to increase vegetation coverage)has been widely implemented from 1999 to 2015 and exerted significant influence on land use and ecosystem services(ESs).In this study,three ecological models(In VEST,RUSLE,and CASA)were used to accurately calculate the three key types of ESs,water yield(WY),soil conservation(SC),and net primary production(NPP)in Karst area of southwestern China from 1982 to 2015.The impact of GFGP on ESs and trade-offs was analyzed.It provides practical guidance in carrying out ecological regulation in Karst area of China under global climate change.Results showed that ESs and trade-offs had changed dramatically driven by GFGP.In detail,temporally,SC and NPP exhibited an increasing trend,while WY exhibited a decreasing trend.Spatially,SC basically decreased from west to east;NPP basically increased from north to south;WY basically increased from west to east;NPP and SC,SC and WY developed in the direction of trade-offs driven by the GFGP,while NPP and WY developed in the direction of synergy.Therefore,future ecosystem management and restoration policy-making should consider trade-offs of ESs so as to achieve sustainable provision of ESs.

Government subsidies, dual-credit policy, and enterprise performance: Empirical evidence from Chinese listed new energy vehicle companies

The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.

Influences and Countermeasures of Green Trade Barrier on Export Trade of Chinese Agricultural Products

With the worsening of environment, many countries pay more attention to the environmental protection. Green （organic） trade barrier gradually attracts more attention to the non-tariff barrier in the international trade. However, according to the economic levels of different countries, great differences exist in environment standards of these countries which resulted in the appearance of green trade barriers as trade protection. This study classified the connotations and characteristics of green trade barrier, gave the descriptions on the development and type of green trade barrier, and analysed the influences on China＇s export and put forward some countermeasures which aimed at stimulating the development of our foreign trade.

Is China’s Foreign Investment Policy to Blame for US-China “Forced Technology Transfer” and Trade Conf lict?——Comment on Trump Administration’s Section 301 Investigation of China

The paper presents a new analytical framework to discuss the effect of Chinese foreign investment policy on the international technology transfer absorbed by enterprises of different ownership.The US Trade Representative claims that the Chinese government’s requirements regarding joint ventures pressure US companies to transfer intellectual property to Chinese companies.However,we argue that:(1)Based on analysis of the technical fees of technology import contracts and the number of US patents transferred to enterprises registered in the Chinese mainland,China’s foreign investment policy does not pressure US companies to transfer unremunerated technology to Chinese companies.(2)The invention and utility model patents filed by Chinese joint-venture enterprises or Chinese partner companies do not show an abnormally rapid growth,which means China’s FDI policy does not force US companies to transfer intellectual property in exchange for China’s market.(3)After 2012,the US-China technology transfer absorbed by enterprises of different ownership showed a significantly positive effect in reducing China-US trade surplus.

Effects of the Trade and Financial Governmental Policies on the Total Investment in Syria （1980-2010）

This paper attempts to investigate the effects of several financial and trade policies on the total investment in Syria, over the period 1980-2010 （before the current war）. The study employs Johansen co-integration test to check the presence of long-term relationship between explanatory and dependent variables. In addition, Vector Error Correction Model （VECM） further studies the causal relationship from dependent variable to independent variables. The Johansen co-integration test indicates a significant long-term relationship among the variables. Moreover, the Vector Error Correction Model also suggests the long run causality from the imports, exports, capital public expenditures, and subsidies to total investment. The study’s result indicates that the imports and the capital public expenditures played a significant role in supporting the total investment in the country before the war, while there was a negative role of exports in the total investment, and there was no impact of subsidies on the total investment. Before the war, foreign investment in Syria was over dominated by European Union. The paper proposes to diversify the target of investment flow to Syria, especially from China and the other BRICS countries that can take advantages from Syria and can support Syria economy after the war by the strategy of “One Road One Belt”. Theseresults may assist Syrian policy makers, after the war, to develop an economic plan that takes into account the effects of these policies to improve the total investment which will help Syria in rebuilding the economy.