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.

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.

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.

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.

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.

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

Optimization Analysis of Rural Finance Based on Supply-Side Structural Reform

As the country has been placing greater emphasis on agricultural development,rural finance based on supply-side structural reform has achieved tremendous growth.However,investigations have found that the rural financial market still has problems in its service modes,organizational systems,product innovation,and risk evaluation,thus requiring urgent attention.Therefore,this study analyzes and expounds on these problems from the aforementioned four aspects and proposes the following solutions:encourage the creation of agricultural service institutions,establish and improve the rural financial organization system,vigorously develop new rustic financial products,and strengthen the risk supervision and management of financial markets.Only in this way can the agricultural supply-side structural reform and the innovative development of rural finance be realized.

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.

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.

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.

China's Solution and Experience in the Comprehensive Implementation of Supply-Side Structural Reform

Comprehensively implementing supply-side structuralreform isa major adjustment of ideas and focus of China's economic development,made by the Communist Party of China(CPC)Central Committee on the basis of a comprehensive analysis of the world's long-term economic cycle and the new normal of China's economic development.As a major innovation to adapt to and lead the new normal of economic development,it has become a strategic deployment that concerns the overall long-term development of China's economy and society.Before the 19th CPC National Congress,the main tasks of supply-side structural reform were cutting overcapacity,destocking,deleveraging,reducing corporate costs and shoring up weak links.After the 19th CPC National Congress,while continuing to do the tasks,the CPC Central Committee stuck to the main direction of improving the quality of the supply system,enriching the connotation of deepening supply-side structural reform.Since 2016,China's supply-side structural reform has achieved remarkable results,and has been widely recognized and positively evaluated both internationally and domestically.The reform provides not only a solidfoundationandvaluable experience for China's subsequent reforms,but also a useful reference fordeveloping countries.

Logic and Path of Combining.Domestic Demand Expansion with Deepening of Supply-Side'Structural Reform

The fifth plenary session of the 19th Central Committee of the Communist Party of China(CPC)puts forward the organic combination of the implementation of the domestic demand expansion strategy with the deepening of supply-side structural reform,and scientifically reveals the internal logic of this organic combination and the realization paths,which is of great significance to the implementation of the new development concept and the constructionof a newdevelopment pattern.First,this paper provides a theoretical explanation for the organic combination of the domestic demand expansion strategy with the supplyside structural reform by analyzing why the traditional policies for expanding domestic demand are ineffective in the new development stage of China.Second,this paper elaborates the internal logic of this organic combination from two aspects.(1)The base point of the domestic demandexpansion strategy must be placed under the main line of the supply-side structural reform.(2)The two should be interconnected and are mutually reinforcing,so as to form a higher level of dynamic equilibrium in which the demand leads the supply and the supply creates the demand.Third,this paper analyzes the huge space for the organic combination of the domestic demand expansion strategy with the supply-side structural reform from the perspective of releasingconsumption potential and creating new demand,and on that basis proposes the realization paths of their organic combination.

Moving Faster to Modernize the Industrial System by Deepening Supply-Side Structural Reform

Modernizing the industrial system is an integral and strategic priority within the broader scope of modernizing the economic system.It demands a focus on boosting China's labor productivity and self-sufficiency rate of key technology products,with the aim to advance industrial upgrading and optimize the industrial structure.Hence,China must promote the strategy to expand domestic demand and accelerate the creation of a new development pattern from the supply side,coordinate economic development across regions,establish a national unified market,and create a more open industrial system.Specifically,China should increase funding in scientific research and experimental developmen,t,enhance theinnovation capacity of core technologies in key fields,optimize the digital economy structure,strengthen the modern service industry,raise the labor productivity of the service industry,maximize the market's decisive role and the government's function in resource allocation,and build a talent system tailored to the modern industrial system.

Overreliance on Net Export and Investment Impedes China's Structural Transformation: Estimation and Analysis Based on a Multi-Sector Growth Model

Since reform and opening-up in 1978, changes in China's industrial structure have generally followed the pattern of "Kuznets facts" but still exhibits some unique characteristics, which led us to raise the following three questions regarding China's structural transformation:(1) Why did the share of China's agricultural and manufacturing employment reduce/increase intermittently rather than continuously?(2) Why did the share of China's agricultural employment increase during certain periods? When the share of manufacturing employment reduced, why did the workforce reversely flow into agriculture rather than move to the service sector?(3) Why did growth in the share of China's service sector employment decelerate before reaching its peak? Why did the share of employment in the industrial sector suddenly increase after an abrupt decline? This paper creates a multisector economic growth model that contains non-homothetic preferences and differentiated productivity, and incorporates the "two drivers" therein for a demand-side estimation and analysis. The result shows that China's economic growth model driven by net export and investment is a critical factor for explaining the three questions regarding its structural transformation. This paper believes that only by implementing supply-side structural reforms, reducing the dependence on net export and investment, and achieving sustainable endogenous economic growth will China be able to expedite its industrial restructuring.

The Supply-side Analysis and Countermeasures of Exuberant Phenomenon of Outbound Consumption at Present

In recent years,the exuberant phenomenon of Chinese residents leaving the country shopping has caused much attention in academic circles.Applying game theory,from the supply-side not the demandside interpreting outbound consumption boom,it is the addition of brand value and reputation guarantee,as a result,the middle-and high-end consumers in our country are more willing to go abroad to purchase well-known foreign brand products,not to purchase domestic products with low prices,and not to favor the high domestic prices of foreign brands.Therefore,to guide the overseas consumption backflow of middleand high-income families,we need to implement supply-side structural reform such as strengthening the brand construction of national enterprises,attaching importance to scientific research input and human capital accumulation.

金融化能够提升制造业企业盈利能力吗——来自中国A股市场的证据

以2012-2022年沪深A股制造业上市公司的财务数据为样本,实证检验制造业企业金融化对企业盈利能力的影响。研究表明:制造业企业金融化对制造业企业利润率有显著抑制作用;机制检验发现货币政策在二者关系中起调节作用,金融化通过挤出实体投资和加剧融资约束来抑制制造业企业利润率增长;大型企业、非国有企业以及持有长期金融资产的企业金融化对制造业企业利润率的抑制作用更显著。因此,应加强对制造业企业金融投资监管力度,强化供给侧结构性改革,将经济发展着力点放在实体企业上,以提升企业盈利能力为目的,促进制造业企业金融活动和生产经营的良性循环。

金融强国的实现路径与建设重点

建设金融强国是未来中国金融改革、开放和发展的核心目标。基于国际经验和中国国情,金融强国的实现必须走市场化、法治化和国际化的道路。建设金融强国既要走中国之路,又要体现国际社会所认可的一般共性。因此,在迈向金融强国的过程中,重点是如何把中国资本市场建设成透明、流动性强、有成长性的财富管理市场,并且在市场化、法治化的基础上有序推进金融市场的开放与国际化。

Grasp Three Basic Features of Rare Earth Industry, Propel Supply-side Structural Reform

On December 26,China Economic Information Agency of Xinhua News Agency and Baotou Rare Earth Product Exchange jointly released China Rare Earth Price Index(CREPI).This index is China’s first rare earth price index supported by online trading data.Jia Yinsong,

金融学视域下的共同富裕:学理基础与实现路径

通过引入资本收入比和资本收益率与一国资本收入份额之间的关系分析,阐释了资本收入份额不断集中、贫富不断分化背后的金融学学理基础,并在学理分析基础上,对老龄化、金融化等部分经济现象如何影响共同富裕进行了理论推断。这既实现了解当下经济社会现象与共同富裕之间理论联系的目的,也为相关主题的实证研究提供了基础性理论支撑。在此基础上,研究还系统性阐述了金融结构与贫富分化之间的理论联系,以及金融结构影响财富不均等的四大传导路径,首次以金融结构改革为视角阐述了消除不均等、推进共同富裕的理论基础及具体举措,为后续研究进一步探索如何通过金融结构改革来推动共同富裕既提供了理论框架,又提供了行动路径,上述思考与结论实现了以金融学为视角拓展共同富裕改革路径的研究目标。