State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

The coordinated evolution of ecological environment,public service,and tourism economy along the Silk Road Economic Belt,using the Dual-Carbon Targets

Carbon peak and carbon neutrality(dual-carbon)are important targets for the international response to climate change.The Silk Road Economic Belt is a strategic resource region and is important for future ecological environment and tourism development.Based on the“dual-carbon”targets,the Single index quantification,Multiple index synthesis,and Poly-criteria integration evaluation model were used in this study to measure the coordinated development index of the ecological environment,public service,and tourism economy along the Silk Road Economic Belt and to analyze its spatial and temporal evolution.Further,it explores the dynamic evolution and development trend of the three systems using the Kernel Density and Grey Markov Prediction Model.The results show that the coordinated development index along this region needs to be improved during the study period.Furthermore,the coordinated development index of the Southwest region is relatively higher than that of the Northwest region.From the development trend of the three systems,all of them develop in a stable manner;however,the tourism economy system is easily affected by external disturbances.The coordinated development index of the three systems changes dynamically and tends to be in a good state of coordination.There is a certain spatial and temporal heterogeneity.The gravity center of the coordinated development index has been in the Southwest region.During the forecast period,the coordinated development index along this region will improve significantly,while insufficient and unbalanced development will continue.

Research on the Digital Economy's Impact on China's Economic Growth:Based on the Variations in Urbanization Levels Across China's Eastern,Central,and Western Regions and Sectoral Heterogeneity

This paper uses inter-provincial panel data from 2011 to 2017,a linear regression model,and a threshold model to conduct empirical analyses of the impact of the digital economy on China's overall economic growth and the three main sectors of industry.The paper then investigates the impact and effects the digital economy has had on the economic growth of the three main sectors of industry in China's eastern,central,and western regions.Finally,the paper investigates the most significant differences among the various regions and the threshold effects of urbanization levels on the relationship between the digital economy and economic growth.The findings indicate a significantly positive correlation between the digital economy and regional economic growth.Moreover,geographical factors notably influence this correlation.The digital economy exerts a positive effect on all sectors of industry.It may not substantially impact industrial development in regions with highly developed infrastructure.Regarding the other regions,the digital economy exhibits varying degrees of impact due to the differences in the specific indicators.The conclusion drawn by the threshold model is that the magnitude of the threshold effect correlates with geographic factors.No threshold effect was observed in the eastern region,while the threshold effect occurred in the central region when the urbanization levels for the provinces were below 0.6645.Similarly,the threshold effect was noted in the western region when the urbanization level was below 0.3931.Considering all of this,the study also offers policy recommendations that will help balance the regional development of digital economies,accelerate the digital transformation of traditional industries,enhance digital infrastructure construction,refine the formulation and implementation of data policy,and establish relevant incentive mechanisms.

Internal Control Management and Risk Prevention Measures of State-Owned Enterprises

As an important pillar of national economic development,state-owned enterprises,their operational efficiency,and risk management ability are directly related to the stability and security of the national economy.As an important part of enterprise management,internal control management plays an irreplaceable role.Especially in the current domestic and international economic situation is complex and changeable,market competition is increasingly fierce environment,to strengthen the internal control management of state-owned enterprises and risk prevention measures is particularly important.This paper starts with the importance of internal control management and risk prevention for state-owned enterprises,and analyzes the problems and strategies in the internal control management and risk prevention of state-owned enterprises,in order to build a more comprehensive and efficient risk management system for state-owned enterprises to adapt to the ever-changing market environment and realize sustainable development.

Research Progress of High-Quality and Equilibrium Economic Development of Ethnic Regions in the Context of Digital Economy

A new generation of information technology is driving the growth of digital economy across the world.In recent years,China has attached great importance to the development of digital economy and digital technology.With the support of a series of policies,the digital industry has been able to develop at an astounding rate,and at the same time the integration of other industries with digital technology has been strengthened.The profound changes in production factors,production methods,and production approaches have promoted high-quality regional economic development.Literature statistics have shown an increasing trend in digital economy research in recent years.In this paper,literature on digital economy development,digital economy and high-quality economic development,the current situation of economic development in ethnic regions,and digital economy and economic development in ethnic regions is recapitulated in an attempt to learn from existing studies.

Research on Influencing Factors and Countermeasures of Risk Control of State-Owned Enterprises under the Background of Big Data

This study explores the risk control and response strategies of state-owned enterprises in the context of big data.Global economic uncertainty poses new challenges to state-owned enterprises,necessitating innovative risk management approaches.This article proposes response strategies from four key aspects:establishing a proactive risk management culture,building a foundation in technology and data,conducting big data-driven risk analysis,and implementing predictive analysis and real-time monitoring.State-owned enterprises can foster a proactive risk management culture by cultivating employee risk awareness,demonstrating leadership,and establishing transparency and open communication.Additionally,data integration and analysis,leveraging the latest technology,are crucial factors that can help companies better identify risks and opportunities.

Exploring New Ways to Deepen the Reform of State-owned Foreign Economic and Trade Enterprises

By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and

Impact of State-Owned Capital Participation on ESG Performance of Private Enterprises

As global investors and stakeholders increasingly prioritize environmental,social,and governance(ESG)performance,corporate social responsibility and sustainability have become crucial factors in determining corporate success.In the context of China’s robust economy,the involvement of state-owned capital exerts a profound impact on the ESG performance of private enterprises.This paper,starting from the perspective of ESG,analyzes how state-owned capital participation influences the ESG performance of private enterprises.Additionally,it proposes recommendations for the involvement of state-owned enterprises in private enterprises,aiming to foster the sustainable development of private enterprises and enhance their social responsibility.

Data-Empowered High-Quality Economic Development: Mechanisms and Pathways

To achieve high-quality economic development,it is imperative to prioritize the real economy and foster new factors for economic growth.Data,as a new factor of production,plays a pivotal role in facilitating the seamless integration between digital technology and the real economy.It possesses inherent attributes and techno-economic characteristics that enable the extraction of value across various processes,including production,transaction,consumption,and regulatory supervision.The integration with digital technology enhances the productivity and efficiency of the real economy by facilitating service sector digitalization,accelerating the growth of the new real economy,and supporting the virtual economy in its role of serving the real economy.At present,unleashing the value of data is hindered by inadequate fundamental systems for the data,a lack of activity in the transaction market,and the underutilization of the data as a factor of production by enterprises in the real economy.Therefore,it is advised that data be fully utilized to develop the real economy through the four-pronged approach of“enhancing support for the high-quality provision of the data,expediting the integration of the data into the real economy,promoting the high-quality development of the real economy,and enhancing public service and governance systems”.

SAMR releases Sharing Economy Standardization Development Report 2023

The sharing economy prospers in China due to people’s awareness of resource conservation, and it is often conducted on online platforms.Recently, the Development Research Center of SAMR released the Sharing Economy Standardization Development Repor t 2023.

Analysis and Prospects of the World Economic Situation 2023-2024

At present,the growth momentum of the world economy is clearly insufficient,and faced with many unstable,uncertain and unpredictable factors,the world economy is generally on a downward path.From the perspective of trend changes,the world economy will still be in the process of reshaping its growth momentum in 2024,with positive factors accumulating but downward pressure remaining.

Spatial Differentiation and Convergence Trend of High-quality Development Level of China’s Tourism Economy

This paper aims to interpret the connotation of high-quality development of tourism economy(HQTE)from the perspective of the new development concepts of innovation,coordination,green,openness and sharing,and then to evaluate the spatial differenti-ation of China’s HQTE based on provincial panel data from 2009 to 2018.Specifically,we employ the spatial convergence model to ex-plore the absolute and conditionalβconvergence trends of HQTE in the whole country and the eastern,central and western regions of China.Our empirical results reveal that:1)within the decade,from 2009 to 2018,regions of China with the highest HQTE index is its eastern region followed by the central region and then the western region,but the fastest growing one is the western region of China fol-lowed by the central region and then the eastern region.2)Whether or not the spatial effect is included,there are absolute and condition-alβconvergence in HQTE in the whole country and aforementioned three regions.3)The degree of government attention as well as the level of economic development and location accessibility are the positive driving factors for the convergence of HQTE in the whole country and the three regions.The degree of marketization and human capital have not passed the significance test either in the whole country or in the three regions.The above conclusions could deepen the understanding of the regional imbalance and spatial conver-gence characteristics of HQTE,clarify the primary development objects,and accomplish the goal of China’s HQTE.

A Study of the Impact of the Digital Economy on the Efficiency of Urban Green Economy--Based on the Yangtze River Delta City Cluster

This paper adopts the non-expected output-super-efficiency SBM(Slacks-Based Model)model and principal component analysis to calculate the green economy efficiency and the digital economy level of 27 prefecture-level cities in China’s Yangtze River Delta urban agglomeration between 2011 and 2019,respectively,and examines the impact of the digital economy on the green economy efficiency by using benchmark regression and mechanism analysis.The findings show that,first,the digital economy has a significant contribution to the green economic efficiency of cities,and this conclusion still holds after robustness tests such as replacing explanatory and interpreted variables and introducing province-fixed effects.Second,through the mechanism test,it is found that the digital economy can indirectly promote urban green economic efficiency through the positive mechanism effect of promoting industrial structure upgrading.

Coupling coordinated development among digital economy,regional innovation,and talent employment:A case study in the Hangzhou Metropolitan Circle,China

Coordinative development across various systems,particularly the economic,social,cultural,and human resources subsystems,is a key aspect of urban sustainability and has a direct impact on the quality of urbanization.The Hangzhou Metropolitan Circle,comprising Hangzhou City,Huzhou City,Jiaxing City,and Shaoxing City,was the first metropolitan circle approved by the National Development and Reform Commission(NDRC)as a demonstration of economic transformation in China.To evaluate the coupling coordination degree of the four cities and analyze the coordinative development in three systems(including digital economy,regional innovation,and talent employment),we collected panel data during 2015–2022 from these four cities.The development level of the three systems was evaluated by the standard deviation method and comprehensive development index.The results are as follows:(1)the level of coupling coordinated development of the three systems in the Hangzhou Metropolitan Circle was relatively low;(2)the coupling coordination degree of the four cities in the Hangzhou Metropolitan Circle showed significant regional differences,among which Hangzhou City was in the leading position,and Huzhou,Jiaxing,and Shaoxing cities made steady but slow progress in the coupling development of the three systems;and(3)the development of digital economy and talent employment needs to be strengthened.This study contributes to the coordinative development of Hangzhou Metropolitan Circle by innovatively focusing on the coupling coordination relationship among digital economy,regional innovation,and talent employment,which also meets the industrial layout of Hangzhou Metropolitan Circle.In this way,the optimal allocation and sustainable development of digital economy,regional innovation,and talent employment in the Hangzhou Metropolitan Circle can be achieved.

China Continues to Bring Confidence to Global Economy Recovery

Looking forward to 2024,what opportunities and challenges will global development face?In particular,how can the global economy get rid of the“sequelae”of the pandemic?At the 170th“Monthly Talk on the Economy”held recently by the China Center for International Economic Exchange,experts analyzed the world’s economy since the outbreak of COVID-19,and made clear the context of and provided suggestions for global development in 2024.

New Quality Productive Forces:Future Driving Force of China's Economy

The new quality productive force is undoubtedly one of the biggest focuses during this year's Two Sessions,and was not only included in the government work report for the first time,but was also listed as one of the top ten tasks in terms of government work in 2024.

2024:China’s Economy Keeps Recovering with Contribution of New Growth Drivers in Several Industries

A ccording to the latest data from the National Bureau of Statistics,China’s gross domestic product(GDP)exceed RMB 126 trillion in 2023,an increase of 5.2%over the previous year.“China’s economy has successfully achieved its target and delivered a good and substantial report card,”Kang Yi,Director General of the International Bureau of Statistics,said at a press conference recently.

The Impact of the Digital Economy on Rural Residents’Working Hours:Mechanisms and Empirical Evidence

The rapid development of the digital economy has provided a new impetus for rural residents to extend their working hours.Based on the data collected by the China Labor-force Dynamics Survey(CLDS)in 2014,2016,and 2018,this paper measured the development level of the digital economy in China from the perspectives of internet development and digital financial inclusion,and tested the mechanisms of how the digital economy affected rural residents’working hours.The results showed that the digital economy extended rural residents’working hours by expanding information channels and enhancing human capital,and this mechanism was affected by heterogeneity in rural residents’educational background,age,and social capital.Building on these findings,this paper holds that to increase rural residents’income by extending their working hours and achieving common prosperity for all,it is necessary to expand the opportunities for rural residents to participate in skills training and promote their accumulation of human capital.