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.

Historical Contributions and Innovative Development of China's Inclusive Culture

Inclusive culture is a dynamic pattern of cultural integration and innovative development formed in the interactions between man and nature, man and society, and man and others. Chinese culture is among the sources of inclusive culture. Being inheritable, open, assimilative, innovative and self–driven, this inclusive culture significantly contributes to China's ideological evolution, ethnic integration, religious development, economic openness, literature and art prosperity, as well as political wisdom in building a community with a shared future for mankind. Inclusiveness is key to the lasting and sustainable development of traditional Chinese culture. During China's construction of a great modern socialist country, the CPC's leadership over cultural innovation and development must be strengthened; a strong cultural confidence must always be maintained; the prosperity of socialist culture with Chinese characteristics must be further enhanced; the sustainable and integrated development of socialist culture with Chinese characteristics must be promoted; people's need for an enriched cultural life must be satisfied; and more efforts must be made to build a community with a shared future for mankind. Only in this way can the light of China's inclusive culture illuminate the future of globalization.

A Study on the Belt and Road Initiative and the Promotion of International Competitiveness of China's Culture Industry

China's pioneering the Belt and Road initiative not only provides a broad space for China's culture industry to enhance international competitiveness, but also puts forward a major project. It includes: optimize and integrate strategic resources through connectivity, cultivate export-oriented cultural enterprises to promote the main body of the industry, optimize the structure of cultural trade by expanding cultural services exports, and build win-win cooperation networks through the connections between Silk Road Cities. This will both contribute to the global distribution and resource allocation of China's culture industry, and benefit the construction of mutually beneficial and cooperative international culture industry communities, so the countries and people of the Belt and Road regions can share their cultural wealth.

Ruins of China’s Ancient Culture

APPROXIMATELY 6,000-7,000years ago China’s primitive so-ciety gradually progressed toits prosperous period.The body shapeof peopel at that time was entirely thesama as modern people.Primitive agriculture started,people began to raise livestock and live a more sedentary life.Clan villages appeared.However,because of natural disasters and other factors,the primitive people had to constantly change their habitats.Over time,these habitats submerged into ruins,which became bases for archaeologistss in their study of primitive man and his social conditions.

China’s Traditional and Modern Business Culture

China＇s traditional business cultureConfucian thought has had a profound influence on the way Chinese people do business. For example, ＂etiquette,＂ the basic element of Confucianism, originated from the ritual worship of, and sacrifice to, the ancestors. Later it developed into a set of moral rules based On kinship and hierarchy, and has been weaved into five interpersonal relations： those between ruler and subject, father and son, husband and wife, brothers and friends. Not only did it play a role in solidifying patriarchal-feudal relationship, but it is deeply rooted in the living habits and customs of today and has become a force which regulates social interactions and behaviors. Since ancient times, the principle that ＂an even temper brings wealth＂ has been an essential part of Confucianism.

Changes of China’s Status in the Global System and Its Influencing Factors:A Multiple Contact Networks Perspective

Clarifying China’s position in the global system is an important logical basis for developing national diplomacy.Although much research has been done on China’s development status,most studies have been based on country comparisons or institutional en-vironment.In today’s networked era in which the global economy,trade,personnel,and information are closely connected,studies on China’s global position and its status changes and influencing factors in multiple contact networks are still insufficient.In this study,from the perspective of diverse global contact networks,we constructed economic,cultural,and political influence indices to explore the changes and influencing factors on China’s status in the global system from 2005 to 2018.The results show that during the study period,China’s global influence in the fields of economic ties,cultural exchanges,and political contacts increased significantly,but its influ-ence in the fields of cultural exchanges and political contacts lagged far economic ties.The pattern of China’s economic influence on various economies around the world has shown a transformation from an‘upright pyramid’to an‘inverted pyramid’structure.The proportion of these economies in low-influence zones has decreased from more than 60%in 2005 to less than 20%in 2018.China’s cultural and political influence on various economies around the world has increased significantly;however,for the former,the percentage of high-influence areas is still less than 20%,whereas for the latter the percentage of these economies in medium-and high-influence areas is still less than 50%.Analyses such as a scatter plot matrix show that geographical proximity,economic globalization,close cooperation with developing countries,and a proactive and peaceful foreign policy are important factors in improving China’s status in the diverse global network system.

Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much

Foreign Investment & China's Shipbuilding Industry——Interview with General Manager Wang Rongsheng of China Shipbuilding Industry Corporation

"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."

International Markets for China's Electronics Products An Interview with Ouyang Zhongmou, President of the China Electronics Import-Export Corporation

It’s estimated that by the year 2000, the international electronics market will be worth US$ 2 trillion, making the electronics industry the world’s largest. How to expand its share of this international market will be a challenge for the China Electronics Import-Export Corporation. Recently, our reporter interviewed Mr. Ouyang Zhongmou, president of CEIEC. Question: How is your corporation getting on as China’s largest foreign

A Giant of China's Cleaning Industry——The Blue Star Chemical Cleaning Group Corporation

First business: to clean a tea pot. Income: RMB 0.20 (less than 10 US cents at the time). Second business: to clean a boiler. Income: RMB 1, 200. Three months later, incomereached RMB 240, 000. Ten years later, the company had 350 subsidiaries across China and four joint ventures abroad, with an annual output value of more than RMB 300 million. The data are simple but intriguing, recording the history of the Blue

Counteraction to China?Impact of the U.S.International Development Finance Corporation on China’s Development Finance

The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.