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.

China's Labor and Social Security Protection under the Globle Financial Crisis

Against the background of economic globalization, the economy of many countries has been inevitably affected by the globle financial crisis. But the impact varies. China, as one of the leading countries in globalization, the direct or indirect impact it suffered can be imagined. The Chinese government adopted a series of measures to deal with the financial crisis.

China's Auto Industry Under the Financial Crisis

The global financial tsunami has swept the automobile industry and put major auto markets in the world at stake.The Ameri- can market is now between the beetle and the block,with both General Motors and Chrysler on the verge of reshuffling.The European market has seen a plunge in both car production and sales in many countries.Several big auto companies in Japan have suffered a slump in car sales both at home and abroad.China's economy is inevitably affected,on a relatively

China"s Financial Situation and Its Task

Since the beginning of1995,the financial situation hasbeen gratifying with theimprovement of the macro-economic environment and thedeepening of financialrestructuring.Under the StateCouncil,the People’s Bank ofChina has implemented thepolicy of tightening the moneysupply to a moderate degreeand strengthened thesupervision and control offinance,obtaining remarkableresults.Recently Dai Xianglong,Governor of the People’s Bankof China,introduced thefollowing aspects of thesituation:

Reform of China's Financial System

Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China’s financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust

Expansion of Financial Channel for the Construction of China's Highways

China’s highways started at a low level in facilities. In 1949, the total mileage of the whole coun-try’s highways was only 80,000 km, with a density of 0.001 km/sq km. Following the founding of New China, especially since the 1980s, great changes have taken place in the facilities of China’s highways. By the end of 1995, the

Analyzing China's Non-performing Financial Assets

The non-performing assets of China’s financial institutions totaled RMB l,800 billion. Has this threatened the safety of China’s financial industry? Where do this large amount of nonperforming assets come from?

A summary of China’s 60 years of financial reform and transformation

The 60 years of China’s financial development has been divided into two phases,the planned economy and reform and opening-up.During the planned economy,monetary finance policy strongly supported rapid development of the national economy,as indicated by the significantly higher growth rates in monetary and credit than in major economic indicators of the national economy.During the 30 years of reform and opening-up,China’s financial system developed at a super-normal pace,establishing relatively complete and sound financial institutions and market systems,and continuously pushing forward the process of rule of law and financial internationalization. The 60 years of development in China's financial system have embarked on a path different from the West’s.The following are the valuable experiences learned from China's financial development: 1)Consistently put development as the top priority,and promote development through reform; 2)Adhere to the general principle of financial stability,and proceed from China’s reality; 3)Promote financial development surrounding the real economy; 4)Put forward financial innovation in an appropriate manner; 5)Guard against and defuse financial risks,and adhere to the principal of gradual and orderly opening-up. Amid complex domestic and international economic and financial situations,China needs to improve its regulatory mechanism of monetary policy and its financial market system,deepen the reform of financial institutions,and improve the financial regulatory system so as to make greater achievements.

70 Years of China’s Finance:History,Contributions and Prospects

Over the past 70 years since the founding of the People’s Republic of China,great changes have been seen in the financial industry in terms of its nature,function,scale,structure and other features.It has experienced six stages of development,namely,inception and consolidation,arduous growth,exploration and restructuring,segmentation,fictitious economy orientation,and real economy promotion and risk prevention.The tremendous success and useful experience made during this period have largely bolstered the prosperity and stability of the Chinese economy,improved Chinese people’s living standards,and exerted a profound impact on China’s economy and society.Based on its development pattern,the Chinese financial sector will expect further openingup at home and abroad and a growing capacity in serving the real economy,while new business forms and models will emerge rapidly and stronger preventive measures against financial risks will be needed.In response to the financial development in the new era,proactive and pragmatic measures need to be in place to safeguard the stable and sound development of the financial industry.

China's fiscal system grows after six decades of reforms

Government finance is the mother of a democratic government.After 60 years of developing,China's government finance is not only closely aligned with state power,social democracy and economic modernization,but also promotes integration among the three areas.The 60 years' development of government finance can be divided into three stages:the planned economy period,the market economy transition period and socialist public finance.Meanwhile,it covers five major areas,including the building of financial institutions,a tax system,financial management,a financial macro-control system and the development of relations between the government and enterprises.Through 60 years' experience under the guidance of a scientific concept of development and the support of modern financial theory,a socialist public finance system with Chinese characteristics has been initially established,and a typical Chinese experience has been formed,providing the theoretical basis to promote China's continuous financial development.

Assessing Local Government Debt Risks in China： A Case Study of Local Government Financial Vehicles

Strong credit expansion in China after the recent global financial crisis has brought local government financial vehicles （LGFV） into the spotlight. Rapid growth of LGFV has triggered concern about local government indebtedness, banks＇ asset quality and, more broadly, China＇s medium-term financial stability and sovereign risk. This paper constructs a unique frm-level dataset to evaluate the country ＂s local government debt. We find an uneven distribution of LGFV, which are concentrated in the coastal areas, and a deterioration of their debt repaying ability from 2010 to 2012. We use principal component analysis （PCA ） along with multivariate discriminate analysis （MDA） to identify the credit risk of LGFV based on conventional financial variables as well as local governments ＇fiscal status. We also estimate the safe boundaries of debt bearing at the provincial government level. The estimations reveal more severe local government debt risks in the middle-western provinces and higher risks associated with LGFV at the municipal and county levels. Although it is very unlikely that there will be a national debt crisis in China, the high risk of LGFV should be noted and effectively controlled by improving the fiscal transparency of local governments and reforming the fiscal system.

Lipid rafts participate in aberrant degradative autophagic-lysosomal pathway of amyloid-beta peptide in Alzheimer's disease

Amyloid-beta peptide is the main component of amyloid plaques, which are found in Alzhei- mer＇s disease. The generation and deposition of amyloid-beta is one of the crucial factors for the onset and progression of Alzheimer＇s disease. Lipid rafts are glycolipid-rich liquid domains of the plasma membrane, where certain types of protein tend to aggregate and intercalate. Lipid rafts are involved in the generation of amyloid-beta oligomers and the formation of amyloid-beta peptides. In this paper, we review the mechanism by which lipid rafts disturb the aberrant deg- radative autophagic-lysosomal pathway of amyloid-beta, which plays an important role in the pathological process of Alzheimer＇s disease. Moreover, we describe this mechanism from the view of the Two-system Theory of fasciology and thus, suggest that lipid rafts may be a new target of Alzheimer＇s disease treatment.

China's Financial Reform in the Context of Financial Stability and Efficiency

I. IntroductionAs Douglas North once said, "Institutions are the rules of the game in a society. The beginning of wisdom is to understand how the game is played." In the same way, it is vital to understand the international experience and rules of a financial system when a country tries to advance financial reform. International experience shows that the development

CHINA'S FINANCIAL INDUSTRY: SITUATION, REFORM AND PROSPECTS

Since the start of reform and opening to the outside world fourteenyears ago, our financial system reform has gained great achievements Firstly, we have changed the highly unified banking system which was compatible with the past product economy and have established a relatively complete financial system with the central bank at the core; Secondly, a financial market has been built up with the interbank lending and treasury bond issues and transfers as

Financial Services in the Doha Round and China's Commitments

Current negotiations on financial services at the WTO are concerned with improvingliberalization commitments over the Financial Services Agreement which became an integralpart of the General Agreement on Trade in Services (GATS) in 1997. Important underlyingissues of these negotiations are member states policy decisions in two particular areas:capital account liberalization and prudential regulation. These decisions not only determinethe member countries scope for liberalization; the liberalization commitments in turn alsolimit the scope of national economic policy in these two areas. Taking these characteristicsof financial services talks into account, there are two major goals for the ongoing negotiations:for industrialized countries to make progress with respect to trade business and for developingcountries and emerging-market economies to concentrate on improving market access onan established basis. For China, the most important goal is to implement the far-reachingliberalization commitments that were made in the context of its accession to the WTO inDecember 2001.