Supply-Side Structural Reform, Digital Economy and Corporate Default Risk

In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the government. We took China’s A-share listed companies from 2012 to 2018 as a sample, and used the double difference method to analyze the impact of supply-side structural reforms on corporate default risks. We found that supply-side structural reforms have reduced the risk of corporate default, and the inhibitory effect has gradually increased. In the relationship between supply-side structural reforms and corporate default risks, corporate financing capabilities have played an intermediary role. Supply-side structural reforms can improve the company’s endogenous financing capabilities, thereby reducing the risk of corporate default. However, we also found that the mediating effect of a company’s exogenous financing capability is not significant. At the same time, the regression results show that the digital economy can play a regulatory role. It can not only actively regulate the relationship between supply-side structural reforms and corporate default risks, but also mediate the mediating effect of corporate endogenous financing capabilities. The results of this article provide some evidence for the synergy between supply-side structural reforms and the digital economy.

The Supply-Side Structural Reforms——Adapting to and Leading China's New Normal

The Central Economic Working Conference proposed supplyside structural reforms which can be regarded as major innovations and necessary measures that adapt to and lead the new normal of economic development. The 13^(th) Five Year Plan is a critical period for the transformation of economic development patterns and economic restructuring, so clarifying the theoretical values and practical significances of the supply-side structural reforms, making a clear explanation of the scientific connotations and policy implications of these reforms from a scientific standpoint, and discussing concrete measures to promote the reforms against the background of the economic new normal not only has academic values but also has important practical implications. Viewed from the practical standpoint of China' s new normal and through analyzing the basic national conditions, this article proposes a roadmap for implementing the proposed reforms and points out that only by doing well in the hybrid operation of "addition, subtraction, multiplication and division", based on the framework of the "five policy pillars", an innovative path of the supply-side structural reforms with Chinese characteristics can be paved.

Supply-Side Structural Reforms of China's Industries

Supply-side structural reforms are structural adjustments and institutional reforms to address the mismatch between supply and demand and improve TFP. The mismatch is exhibited at the supply side and arises from structural contradictions and must be addressed through reforms. Supply-side structural reforms can be analyzed at the levels of firms, industries and government to arrive at theoretical and systematic conclusions that offer practical guidance. Based on this perspective, this paper proposes policy recommendations on how to deal with zombie firms, reduce cost for manufacturing companies, deepen SOE reforms, eliminate overcapacity, implement "Made in China 2025" and Internet+ strategies, promote Beijing-Tianjin-Hebei integrated development, as well as develop the Yangtze River Economic Belt and the old industrial bases of the northeast.

Influencing Factors and Dynamic Mechanism of Industrial Structure from the Perspective of Supply-side Reform

The supply-side reform is an important measure for the high-quality development of China's economy in the new era. The purpose of this paper is to explore the mechanism and influence of technological progress,human capital,consumption demand,resource endowment and government intervention on the adjustment and upgrading of industrial structure,and to deepen the understanding of supply-side reform.

A GUIDE FOR SUPPLY-SIDE REFORM

Since the global financial crisis broke out in 2008,one of the major challenges for the world economy is dealing with inadequate effective demand.The Chinese economy is facing this issue as well,but the essence of

Study of the Development of Chinese sports Industry in the Context of Supply-side Structura Reform

In recent years,China’s sports industry has witnessed rapid development gradually forming an emerging strength in its Supply-side Structural Reform and thus increasingly being highlighted in the development of the nationa economy.Being integrated,society-based,green and sustainable,the sports industry is gaining popularity among the Chinese people.This paper studies the overall development of Chinese sports industry during the 12th FiveYear Plan period(2011-2015)and unveils the key achievements it made,such as the expansion of scale,the diversification of products and services,the improvement of industry policies,the apparent upgrading and optimization of the industry’s structure and its further integration with the Internet However,there are still some problems in the development of China’s sports industry&Chinese sports industry accounts for a fairly low proportion in the gross domestic product(GDP)and cannot yet compare with those of developed countries.Besides,given that its the sports services make up only a small share and that a supply-demand imbalance still exists in the sports products and services,its industrial structure requires further upgrading and optimization.In addition,failure to fully stimulate an innovation initiative restricts this industry’s further development.Targeting the bottleneck facing Chinese sports industry and corresponding path selection,this paper mainly analyzes its institutional mechanism reform,structural upgrading and layout product quality improvement and talent supply optimization.Based on the analysis,it is concluded that the development of Chinese sports industry is of great importance to China’s economic transformation,upgrading and healthy development and it echoes the call of Supply-side Structural Reform.

Study on the Issue of Supply-Side Reform Path in China’s Marine Ecological Civilization Construction

The construction of marine ecological civilization is the cornerstone of China’s marine ecological civilization and it is of great strategic significance. This paper analyzes the existing problems in the construction of marine ecological civilization from the angle of economics and the essence of the problem is the imbalance between supply and demand. It is imperative to strengthen supply management. On this foundation, it is concluded that the marine ecological civilization needs supply-side structural reform and it puts forward to optimize the industrial structure, develop high-end distinctive industrial clusters, and promote the industrial transfer. According to the principal-agent theory, the Marine Ecological Civilization Governance Committee is set up to improve the marine ecological civilization supply system. Insist on protecting environment and saving resources, and implement a strict legal system and accountability mechanisms. The implementation of marine ecological environment sharing and co-construction and the establishment of cooperative platform are the paths to promote supply-side reform of the marine ecological civilization construction.

On the Supply-side Structural Reform in the Oil and Gas Industry

The supply-side structural reform in the oil and gas industry can be divided into three different levels. At present, there are four major categories of problems—a weak supply insurance capacity, a structural supply and demand imbalance, a certain degree of excess capacity and an imperfect market system. The primary target of supply-side reform in the oil and gas industry is ensuring a clean and efficient supply. The focus is to optimize the allocation of resources, improve resource allocation efficiency, and improve total factor productivity. Under the new situation, we should adjust the strategy and tactics used for supply insurance and carry out three tasks. We must adhere to the principles of "marketization", "globalization" and "integration" reform, strengthen the building of supply insurance capacity, improve the oil and gas market system, optimize the industry structure, and resolve excess capacity.

Setting the Structural Reform of Supply-Side as the Focus and Shifting the Economic Development Model

To focus on SRSS during the 13th Five-Year Plan period(2016-2020) is a necessary response to the changes of the international economic environment and to China's goal of achieving the new normal in economic development. The main reason why the focus shifts from changing EDM to reforming the supply-side structure lies in the fact that structural reform boosts the transformation of EDM, and only by accomplishing the former will the latter be realized. Today SRSS is faced with challenges like different ideologies, insufficient conditions and backward regulations. It should be led by the Five Major Development Concepts proposed by President Xi Jinping, "Innovation, coordination, greenness, openness and sharing," and the "supply-side" and "demand-side" must be simultaneously propelled.

Opening-up Domestic Bond Market in the Support of China’s Supply-Side Reform

This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.

Research on the Socialization of Grassroots Meteorological Services in Agricultural Supply-side Structural Reform

In 2017, the No. 1 Document of the Central Committee proposed that "it is necessary to further promote agricultural supply-side structural reform, accelerate the cultivation of new kinetic energy for agricultural and rural development, and create a new situation in the construction of agricultural modernization". Under the new normal, Zhejiang s agricultural development shows new characteristics and new trends of speed change, structural optimization, and power conversion, and meteorological services for agriculture have stronger demands, higher requirements, and heavier tasks. The socialization of meteorological services is a new type of system arrangement for the provision of meteorological services, and aims to provide high-quality and efficient meteorological service products for the public and promote the equalization of basic meteorological services in urban and rural areas. In this study, through research on the socialization of grassroots meteorological services in a new situation, a new way of the government to provide public weather services is proposed, and a mechanism of the government to purchase public meteorological services is established;social resources and forces are organized and guided to develop the innovation system and mechanism of public weather services, and social resources are fully mobilized to meet the demand for meteorological services in the process of agricultural supply-side structural reform.

Research on the Practical Path of Collaborative Innovation Talent Training in Supply-Side Applied Undergraduate Colleges

The cultivation of supply-side collaborative innovation talents mainly focuses on four elements:labor,capital,technology,and system.The improvement of these four elements is essentially a long-term process,which determines the potential growth rate in the medium and long term.In this paper,we analyzed the current situation,put forward two major problems,the low degree of specialization and insufficient participation,and focus on the research on the practical path of collaborative innovation talent training in applied undergraduate colleges from the perspective of the system.

Efficiency evaluation of industrial supply-side structural reform in Guizhou

In the era of the digital economy, great changes have taken place in the production and trading of enterprises. The emergence of digital technology has brought new impetus to optimize the layout of industrial structures and transform the old and new kinetic energy. Combined with the 14th Five-Year Plan and the requirements of domestic and international dual-cycle development, we construct an evaluation index system for the efficiency of industrial supply-side structural reform from the five dimensions of benefit improvement, innovation-driven, structural optimization, ECO development, and people’s liveli-hood benefit. Based on the data of Guizhou and Sichuan province from 2010 to 2019, the efficiency of industrial supply-side structural reform in Guizhou from the horizontal and vertical perspectives is evaluated by using the entropy weight TOPSISI model, and policy suggestions for industrial development in Guizhou are put forward. Results show that:(1) the level of industrial supply-side structural reform in Guizhou was on the rise since 2015, but the development rate had slowed in the past two years, and the gap was obvious with Sichuan;(2) there is a problem of insufficient development imbalance in Guizhou, which is lagging in four aspects, including benefit improvement, innovation-driven, ECO development, and people’s livelihood benefit.

Economy, Environment and Government: Study on the Path of Supply-Side Reform Forced by the Fog-Haze

Unbalanced development in term as industrial structure and the efficiency use of energy have aggravated environmental pollution to different degrees resulting in the increase of range, time and degree of fog-haze. This, in turn, forced the government to carry out supply-side reforms, to improve energy efficiency and optimize the industrial structure to weaken the environmental pollution. To tackle these problems, this work provides an index system for the issues related to fog-haze, uses a non-linear ST-SVAR model to reflect the effects of industrial structure and energy use efficiency on fog-haze. Results indicated that: First, current industrial structure and energy use efficiency have greater impact on the comprehensive equation of fog-haze risk than itself. With the passage of time, this influence is still gradually expanding. Second, the equations of industrial structure and energy use efficiency are strongly influenced by themselves, and other variables as the current period have less impact on them. Finally, the non-linear or asymmetric relationship is shown among industrial structure, energy use efficiency, and the fog-haze comprehensive risk equation.

HUBEI STEPS UP SUPPLY-SIDE STRUCTURAL REFORM

Spicy crayfish has many diehard fans In Beijing.People wait in line for more than two hours or more at Huda Restaurant,renowned for its spicy crayfish.But do you know where all those crayfish come from?Huang Jianxiong,Secretary of the Communist Party of China(CPC)Qianjiang City Committee,told Beijing Review at a recent seminar in

Ethanol steam reforming over Ni/ZSM-5 nanosheet for hydrogen production

Compared to reforming reactions using hydrocarbons,ethanol steam reforming(ESR)is a sustainable alternative for hydrogen(H_(2))production since ethanol can be produced sustainably using biomass.This work explores the catalyst design strategies for preparing the Ni supported on ZSM-5 zeolite catalysts to promote ESR.Specifically,two-dimensional ZSM-5 nanosheet and conventional ZSM-5 crystal were used as the catalyst carriers and two synthesis strategies,i.e.,in situ encapsulation and wet impregnation method,were employed to prepare the catalysts.Based on the comparative characterization of the catalysts and comparative catalytic assessments,it was found that the combination of the in situ encapsulation synthesis and the ZSM-5 nanosheet carrier was the effective strategy to develop catalysts for promoting H_(2) production via ESR due to the improved mass transfer(through the 2-D structure of ZSM-5 nanosheet)and formation of confined small Ni nanoparticles(resulted via the in situ encapsulation synthesis).In addition,the resulting ZSM-5 nanosheet supported Ni catalyst also showed high Ni dispersion and high accessibility to Ni sites by the reactants,being able to improve the activity and stability of catalysts and suppress metal sintering and coking during ESR at high reaction temperatures.Thus,the Ni supported on ZSM-5 nanosheet catalyst prepared by encapsulation showed the stable performance with~88% ethanol conversion and~65% H_(2) yield achieved during a 48-h longevity test at 550-C.

Engineering oxygen vacancies on Tb-doped ceria supported Pt catalyst for hydrogen production through steam reforming of long-chain hydrocarbon fuels

Steam reforming of long-chain hydrocarbon fuels for hydrogen production has received great attention for thermal management of the hypersonic vehicle and fuel-cell application.In this work,Pt catalysts supported on CeO_(2)and Tb-doped CeO_(2)were prepared by a precipitation method.The physical structure and chemical properties of the as-prepared catalysts were characterized by powder X-ray diffraction,scanning electron microscopy,transmission electron microscopy,Raman spectroscopy,H_(2)temperature programmed reduction,and X-ray photoelectron spectroscopy.The results show that Tb-doped CeO_(2)supported Pt possesses abundant surface oxygen vacancies,good inhibition of ceria sintering,and strong metal-support interaction compared with CeO_(2)supported Pt.The catalytic performance of hydrogen production via steam reforming of long-chain hydrocarbon fuels(n-dodecane)was tested.Compared with 2Pt/CeO_(2),2Pt/Ce_(0.9)Tb_(0.1)O_(2),and 2Pt/Ce_(0.5)Tb_(0.5)O_(2),the 2Pt/Ce_(0.7)Tb_(0.3)O_(2)has higher activity and stability for hydrogen production,on which the conversion of n-dodecane was maintained at about 53.2%after 600 min reaction under 700℃at liquid space velocity of 9 ml·g^(-1)·h^(-1).2Pt/CeO_(2)rapidly deactivated,the conversion of n-dodecane was reduced to only 41.6%after 600 min.

On the Planning of Chinese Marine High-tech Industry Demonstration Zones:From the Perspective of Supply-side Structural Reform

China’s national agricultural high-tech industry demonstration zones focus on supply-side structural reform in their overall plan of development.This paper selected the China’s marine industry as its research subject and analyzes its current situation and major problems.After summarizing the current researches of China’s marine industry parks,from the perspective of supply-side structural reform,this paper specifies the tasks and objectives of the construction of the marine hi-tech industry demonstration zones.The overall planning of the demonstration zones must set distinctive developmen as its orientation,and we should emphasize innovation-driven and green development,devise a functional zoning that embraces marine-land and allround integration,and seek mechanism innovations that could invigorate the inner drive of development.The paper also puts forward the major principles that the planning of marine hi-tech industry demonstration zones should obey in the context of supply-side structural reform.

Steam reforming of acetic acid over Ni/biochar of low metal-loading:Involvement of biochar in tailoring reaction intermediates renders superior catalytic performance

Biochar is a reactive carrier as it may be partially gasified with steam in steam reforming,which could influence the formation of reaction intermediates and modify catalytic behaviors.Herein,the Ni/biochar as well as two comparative catalysts,Ni/Al_(2)O_(3) and Ni/SiO_(2),with low nickel loading(2%(mass))was conducted to probe involvement of the varied carriers in the steam reforming.The results indicated that the Ni/biochar performed excellent catalytic activity than Ni/SiO_(2) and Ni/Al_(2)O_(3),as the biochar carrier facilitated quick conversion of the eOH from dissociation of steam to gasify the oxygen-rich carbonaceous intermediates like C]O and CeOeC,resulting in low coverage while high exposure of nickel species for maintaining the superior catalytic performance.In converse,strong adsorption of aliphatic intermediates over Ni/Al_(2)O_(3) and Ni/SiO_(2) induced serious coking with polymeric coke as the main type(21.5%and 32.1%,respectively),which was significantly higher than that over Ni/biochar(3.9%).The coke over Ni/biochar was mainly aromatic or catalytic type with nanotube morphology and high crystallinity.The high resistivity of Ni/biochar towards coking was due to the balance between formation of coke and gasification of coke and partially biochar with steam,which created developed mesopores in spent Ni/biochar while the coke blocked pores in Ni/Al_(2)O_(3) and Ni/SiO_(2) catalysts.

Supply-side Reform and Management Accounting Innovation

Essentially, the supply-side reform will also play a very important role in China's future economic development. The supply-side reform can adjust the industrial structures to solve a series of problems in China's economy, such as the process mismatch. If we actively use the advantages of the supply-side reform in the management accounting, then enterprises can further optimize and improve the management accounting system and the related information systems on the basis of improving the value increment of enterprises.