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.

Supply-Side Structural Reforms and China's Potential Economic Growth Rate

This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with the implementation of supply-side structural reforms, China＇s potential economic growth rate will reach an average of 6.5% and 5.8% respectively in the 13th Five-year Plan （2016-2020） and 14th Five-year Plan （2021-2025） periods. These rates are 0.2 and 0.3 percentage points higher, respectively, than that under the baseline scenario with the inertia of historic trends. In implementing supply-side structural reforms, China must transform governmental functions, break monopolies, create a comprehensive competitive market environment, foster the creation of pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization and labor productivity.

China's Infrastructure Development and Supply-Side Structural Reforms

Despite significant improvements in transport, energy and information communication technology （ICT） infrastructures, inadequacies still exist in China＇s infrastructure development in light of emerging demand and industrial transition and upgrade. China lags far behind advanced economies such as the United States, Germany and Japan in terms of the quality of transport infrastructures except railroad,＂ electricity infrastructure is insufficient and service efficiency needs improvement; ICT infrastructure requires all-round upgrade and gaps in Internet bandwidth are striking. This paper suggests that, based on the needs of supply-side structural reform, China must reform its investment and financing systems to enhance the efficiency of infrastructure investment. Efforts must be made to enhance air transport and port infrastructure to support industrial upgrade; to develop the energy Internet to address emerging demands; and to forge a new generation of ICT infrastructure with industrial Internet as the priority to prepare China for the new round of industrial competition.

Methods and Countermeasures for Urban Agricultural Supply-Side Structural Reform in the New Era

Based on the theoretical basis of structural reform of agricultural supply side, the status quo and existing problems of urban agricultural supply side in Tian- jin under the new normal were analyzed. On this basis, the paper analyzed the paths of urban agricultural supply-side structural reform separately from the perspec- tives of factors, investment structure and system innovation, and proposed specific policies and opinions on the structural reform of urban agricultural supply side, pro- viding the theoretical basis and realistic basis for the sustainable development of ur- ban agriculture.

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.

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-l^anjin-Hebei integrated development, as well as develop the Yangtze River Economic Belt and the old industrial bases of the northeast.

National Planning,Investment & Structural Reform

Along with the further development of its economic structural reform, China’s planning, investment structure reform has made significant headway. A reporter interviewed Gui Shiyong, vice minister of the State Planning Commission on the current situation and orientation of the nation’s planning and investment structural reform.

THE WAY FOR STATE FOREIGN TRADE ENTERPRISES TO ADOPT STRUCTURAL REFORM

The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the provincial government, mainly engagedin various kinds of foreign trade businessand as an agent for clients, involving deliveryof goods to foreign countries, the exchangeof technology, and the repair and leasing ofdomestic equipment. It was restructured tobecome an enterprise group in 1988, a"window" corporation on the province.

Properly Understanding Supply–side Structural Reform in the Cultural Sector

The proposal of supply–side structural reform in the cultural sector is based on theoretical inspiration from the economic sector and actual issues in the cultural sector. A proper understanding of the proposal is crucial to the implementation of the reform which should be based on the backgrounds of macroscopic reform and cultural development of the country as well as the need for theoretical innovation. The reform should be carried out with a clear understanding of China's current conditions, a clarification of the reform thinking, the similarities and differences of supply–side structural reforms between the cultural and the economic sectors, as well as an analysis of issues related to the "supply–side" and "structure" in the cultural sector. Concerted efforts from the government through guidance, and market entities through operation should be made to apply appropriately to the reform principle of "unity of doubles effects." Innovations, especially those in technology and institutions, should be promoted as a new momentum to drive cultural development. Concerted efforts from the government and enterprises should underpin optimal supply and a mechanism for competition should be established to ensure effective supply in the cultural sector. In the meantime, the upgrading of demand should be used as a new guidance for effective supply and investment should be oriented to supplement the need for public cultural services. Attention should be paid to a satisfaction–oriented approach to fill the gaps in cultural consumption. For the cultural industry and undertakings, it is now the prime time which brings along great opportunities for development and challenges for reform. From now on the cultural sector should seek its development from transformation and upgrading. Supported by the central government through policy incentives and driven by technological innovations and the capital markets, the cultural industry will maintain stable growth for a relatively long period. In the implementation of supply–side structural reform in a well–organized and all–round way, governments, markets, enterprises, and the industry should each perform their functions and make concerted efforts for innovation to jointly promote the sound development and sustainable growth of the cultural sector.

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.

Research on the relationship between Pension Finance and the Supply-Side Structural Reform in China

The development of pension finance is of great significance to China. first of all, the development of pension finance is conducive to improving China＇s multi-level and multi-pillar pension system, promote the sustainable development of the social security system; secondly, the development of pension finance will create a new ＂blue ocean＂ in the financial markets, which is conducive to the improvement of China＇s financial system and capital market;finally, the development of pension finance will help supply-side reforms,which is conducive to the healthy development of the national economy of china. But now there are many difficulties： first, the top-design of China＇s social security system is not perfect; secondly, the current development model of pension finance in China is unclear, the return on investment mechanism is not perfect, the attractiveness of these projects needs to be improved; finally, under the background of Interact finance, mixed supervision is imminent. Therefore, under the new economic conditions must be structured from the supply side of the reform, the development of pension funds to seek the right ideas.

China's Excess Oil Refining Production Capacity in the Background of the Supply Side Structural Reform

Through analysis of the current situation and newly-increased production capacity-of the oil refining industry of China, this Paper discusses both the continuous expansion trend and the serious excess of production capacity of the oil refining industry of China. Due to the entry of the Chinese economy into the new normal,the accelerated substitution of old energy by new energy and rigid restrictions composed of low carbon and environmental protection requirements, the oil demand of China will continue to increase overall, but the growth will obviously slow down. At the same time, the newly-increased production capacity in Shandong and coastal region will continuously expand, the supply and demand contradiction will intensify, and the structural excess production capacity of the oil refining industry of China will be prominent. It is suggested that the government should attach great importance to the production capacity of the oil refining industry at the macro level, and deeply carry forward the supply side structural reform, and that enterprises should speed up technical innovation,enhance regional and layout optimization, adapt to market changes and adjust product structure, control oil refining but increase chemical engineering, improve product quality and production efficiency, and constantly promote the international competitiveness of the Chinese petrochemical industry.

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.

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.

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.

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.

Influencing factors analysis of hard limestone reformation and strength weakening under acidic effect

Roof disaster has always been an important factor restricting coal mine safety production.Acidic effect can reform the rock mass structure to weaken the macroscopic strength characteristics,which is an effective way to control the hard limestone roof.In this study,the effects of various factors on the reaction characteristics and mechanical properties of limestone were analyzed.The results show that the acid with stronger hydrogen production capacity after ionization(pK_(a)<0)has more prominent damage to the mineral grains of limestone.When pKa increases from−8.00 to 15.70,uniaxial compressive strength and elastic modulus of limestone increase by 117.22%and 75.98%.The influence of acid concentration is manifested in the dissolution behavior of mineral crystals,the crystal defects caused by large-scale acid action will lead to the deterioration of limestone strength,and the strength after 15%concentration reformation can be reduced by 59.42%.The effect of acidification time on limestone has stages and is the most obvious in the initial metathesis reaction stage(within 60 min).The key to the strength damage of acidified limestone is the participation of hydrogen ions in the reaction system.Based on the analytic hierarchy process method,the influence weights of acid type,acid concentration and acidification time on strength are 24.30%,59.54% and 16.16%,respectively.The research results provide theoretical support for the acidification control of hard limestone roofs in coal mines.

State-owned Enterprises' Outward Investment and the Structural Reform in China

Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.

Supply-Side Structural Reform in the Service Industry and Escaping the Middle Income Trap

The internal consumption and production structure of the service industry that now dominates the Chinese economy needs to be optimized.Introducing supply-side structural reform to improve the in-depth integration of advanced manufacturing and the modern service industry and promoting a strong domestic market is the key to escaping the middle income trap.We use 1950-2010 data from 45 non-oil-exporting economies representing the structural evolution of the service industry worldwide to compare Asian economies that have passed through the middle income trap with Latin American counterparts that remain stuck in the trap,and thence proceed to construct a matched model that covers the consumption and production service industries and their supply of human capital,with the aim of identifying the formative mechanisms and conditions for escaping the middle income trap through upgrading the structure of the service industry.Substantially developing the production service sector,raising the supply of public services so as to cultivate the quantity and quality of human capital,and matching senior-level human capital with knowledge-intensive serviceindustries will propel the upgrading and transformation of China’s economic structure toward high-quality development.