The Impact of Digital Finance on High-Quality Development of the Chengdu-Chongqing Economic Circle

This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.

China’s Economic Growth and High-Quality Development:2020-2035

The time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,China must maintain a certain pace of economic growth and strive to double its real GDP per capita by 2035.However,by the current growth trajectory,China’s average economic growth rate is expected to stay at approximately 3.8%over the period between 2020-2035.This makes the GDP per capita growth target hard to achieve.Even when in a high-quality development stage,China should speed up economic growth while enhancing growth quality.Speed and quality are interdependent rather than contradictory with each other.To ramp up economic growth potentials,China must proceed with market-oriented reforms and shift economic growth drivers.To improve economic growth quality,household consumption should be increased to unleash China’s full potential,not only as the factory floor of the world but also one of world’s biggest markets,i.e.“dual circulations.”With appropriate policy response,China’s economy will be poised to achieve the goal of doubling real GDP per capita by 2035,marking a large stride in its economic aggregate and urban and rural household per capita incomes.

RMB Exchange Rate,Overseas Education,and High-Quality Economic Growth

China is transitioning its industrial structure from labor-and resource-intensive industries that previously contributed significantly to the country’s GDP growth to technology-intensive industries emphasizing a highly-skilled workforce and sustainability to achieve high-quality economic growth.This paper examines the impact of the RMB exchange rate on high-quality economic growth through theoretical modeling and empirical analysis and discusses the variable of overseas education to explore the mechanism of how the RMB exchange rate and overseas education jointly impact high-quality economic growth.The research sample includes the National Bureau of Statistics data on education from 1995 to 2015,the Bank for International Settlements(BIS)data on the RMB exchange rate,and the added value of China’s high-quality economic growth estimated based on the national economy data.An empirical analysis of theoretical expectations was conducted,finding that RMB appreciation could make a positive contribution to China’s high-quality economic growth;RMB exchange rate fluctuations would impact the relative cost of overseas education and overseas returnees could have a positive impact on domestic resource utilization efficiency and domestic capacity to make sci-tech innovations,thereby injecting vitality to high-quality economic growth.This study focuses on both the RMB exchange rate and the population studying abroad,providing additional observation dimensions to existing research.

Structural Transformation,TFP and High-Quality Development

In this paper,we performed an empirical study on the TFP effect of structural transformation based on panel data of economic growth in 169 countries across the world.Our findings are threefold:First,structural transformation has an inverted U-shaped effect on TFP.When the degree of structural transformation is on the left side of the inflection point,structural transformation is conducive to softening industrial structure and inducing TFP;when the degree of structural transformation is on the right side of the inflection point,structural transformation will induce industrial hollowing out and inhibit TFP.Second,since the reform and opening up program was launched in 1978,China’s structural transformation has evolved from the stage of adaptation to the stage of strategic adjustment with an increasingly evident trend towards a service-based economy,but structural transformation remains on the left side of the inflection point of the inverted U-shaped curve,i.e.the TFP effect of structural transformation is positive.Third,TFP improvement lies at the heart of high-quality development.In pursuing high-quality development,China should lower growth rate expectations,attach greater importance to supply-side structural reforms,and accelerate structural transformation to promote TFP improvement.

Study on the Impact of Beijing-Shanghai Highspeed Railway on Highquality Economic and Social Development

Based on the new development concept in China's new stage of high-quality development,this paper qualitatively analyzes the impact of Beijing-Shanghai Highspeed Railway(HSR)on high-quality economic and social development.We select the data of areas along Beijing-Shanghai HSR and adjacent unopened areas for quantitative comparative study,and summarize the important demonstration and enlightenment role of Beijing-Shanghai HSR.The results show that Beijing-Shanghai HSR,as an important national infrastructure project,not only improves the travel quality of people,but also drives the high-quality economic and social development,which is of great significance in promoting the formation of a new pattern of high-quality development along the line,especially in promoting green development.

China's pension finance under the background of digital transformation Research on promoting high-quality economic developmen

Under the background of digital transformation,the development of pension finance in China is of great significance to promote high-quality economic development.At present,the chaos of the pension market and the underdevelopment of pension finance not only lead to the low efficiency ofresource utilization,but also increase the pressure ofpension risk and social security.The development of pension finance can be said to be more than one stroke,especially in the context that China's economy is currently in the context of transformation and upgrading that requires high-quality development.This paper deeply studies the development path of pension finance and its role in promoting high-quality economic development under the background of digital transformation.The research results show that by constructing a digital pension financial service platform,promoting the deep integration of pension finance and capital market,strengthening risk management and supervision,promoting international development,and improving relevant systems and laws and regulations,we can optimize the allocation ofresources,promote innovation,promote consumption upgrading,and provide solid financial support for high-quality economic development.Therefore,strengthening the development ofpension finance under the background of digital transformation has important practical significance for promoting the high-quality development of China's economy.

Industry Interaction,Structure Transformation and High-Quality Economic Development in China

Industry interaction is becoming an important approach to promoting highquality economic development.In this paper,the multi-sector general equilibrium model is developed to clarify the theoretical mechanism among industry interaction,structure transformation,and high-quality economic development;the empirical tests are carried out based on the provincial panel data from 2000 to 2017;and the empowerment paths for digital technologies are explored to drive high-quality economic development.The findings are as follows.(1)The industry interaction can promote high-qualityy economic development in China on the whole,but it shows a significant imbalance and a healthy two-way promotion mode have not been formed.(2)The impact of industry interaction on high-quality economic development is significantly heterogeneous at the sector and regional levels.(3)The current unhealthy industry interaction may widen the productivity gap between manufacturing and service sectors,and transform China's economic into service-oriented structure,thus leading the economic development to a vicious circle of“low efficiency to low-end servitization and further to lower efficiency”and hindering the sustainability of high-quality economic development:.(4)Digitaltlechnologies can break the development dilemma and achieve high-quality economic development by alleviating structural contradictions,boosting healthy industry interaction,and narrowing the productivity gap among sectors.The conclusions provide empirical evidence for the government to promote the integration of advanced manufacturing and modern service sectors and achieve highquality economic development.

How Digital Economy Affects High-Quality Economic Development:Based on International Comparison

This paper estimates the size of the digital economy in 38 countries between 2005 and 2018 and conducts an empirical study on this foundation.The results show that the digital economy has a significant role in promoting highquality economic development,primarily through industrial digitalizaion.Further research shows regional heterogeneity in the impact of the digital economy,which is greater in developed countries.Analysis of the underlying mechanisms shows that the digital economy promotes high-quality economic development in both developed and developing countries by improving technological eficiency and technological progress.However,the effect of technological progress in developing countries is clearly weaker than that in developed countries.In addition,scale efficiency in developing countries are not strengthened by the digital economy.Therefore,high-quality economic development requires the digital transformation of traditional industries and promoting their integration with digital technologies.

Scientific and Technological Innovation,Industrial Structure Upgrading,and High-Quality Economic Development

Scientific and technological(S&T)innovation and industrial structure upgrading have become two strategies to achieve high-quality economic development under the new pattern of development in China.Exploring the mechanism through which the former two affect the latter is of great significance to realize high-quality economic development and socialist modernization.Based on panel data of 30 provinces(municipalities,autonomous regions)from 2008 to 2017,this paper adopts the simultaneous equation model to empirically investigate the effect of S&T innovation and industrial structure upgrading on high-quality economic development.The study reveals that S&T innovation can significantly promote industrial structure upgrading and high-quality economic development,while industrial structure upgrading imposes a significantly negative effect on high-quality economic development.However,S&T innovation can offset such a negative effect and promote high-quality development indirectly.S&T innovation influences high-quality development in a dual path.To be specific,the former produces both a direct influence on the latter,but also an indirect influence through industrial structure upgrading.

Government Investment and High-Quality Economic Development——Measurement and Analysis Based on Input-Output Method

Analysis of how government investment promotes economic development and employment is important for improving government’s decision-making and promoting high-quality economic development in western China.In this paper,the authors take Xinjiang as an example to conduct such an analysis.Firstly,based on the competitive input-output table of Xinjiang,the non-competitive input-output tables of 2007,2012 and 2015 are compiled in this paper.Secondly,the contribution of Xinjiang government investment,especially the major government investment projects,to the valueadded of Xinjiang,other provinces and cities in China and abroad are calculated.Thirdly,this paper uses the non-competitive input-output table to compile the sectoral employment vector,and uses the input-occupancy-output technique to measure how government investment promotes employment.The results show that Xinjiang government investment contributes the most to the value-added of Xinjiang and other provinces and cities,but less to foreign countries;the government investment create the most job opportunities in projects including transportation projects and livelihood projects etc.

Exploring the Path of High-Quality Economic Development in a Double Circulation Pattern

Since the start of the reform and opening up in 1978 China's economy has grown rapidly,but the quality of development is relatively low.With the transformation of the principal social contradiction,lowquality development cannot respond to the needs of this situation.The central authorities proposed a new development pattern whereby domestic circulation and international circulation can boost each other,with domestic circulation as the mainstay.In the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China(CPC),the CPC Central Committee stressed that we should promote high-quality development as the theme to meet the growing needs of people for a better life.To solve the problem of inconsistent economic growth rate and quality of development,this paper starts by adjusting the relationship between domestic circulation and international circulation with domestic circulation as the mainstay,discusses how to create conditions for consumption upgrading and industrial upgrading from both supply and demand ends,and expounds on how to use international circulation to promote domestic circulation and better bring in international forces,so as to explore how to achieve high-quality economic development under the double-circulation pattern.Besides,the paper puts forward corresponding countermeasure suggestions.

The Evolution and Driving Force on Integrating Environmental Protection and High-Quality Economic Development

An index system is constructed to measure the integration of environmental protection and high-quality economic development in different cities in China from 2006 to 2018,and to explore its evolution and driving forces.From the three dimensions of integration foundation,integration depth and integration performance,this paper adopts AHP-Entropy combined weighting method to build the integration index.In addition,this paper comprehensively uses exponential decomposition,comparative analysis and o convergence and divergence analysis to explore the spatio-temporal differences and dynamic mechanisms.The results show that the overall integration level of China's cities continues to improve,of which technological progress is the core driving force,the transformation of development mode is a crucial path,and the intensity of environmental governance is the key support.The evolution and driving forces of the integration level of first-tier cities,new first-tier cities and other cities are significantly different.Promoting integration level is a critical way for resourcebased cities to break the resource curse.Urban agglomeration integration led by the growth pole can effectively improve the overall regional integration level.This paper innovates that the relationship between environmental protection and high-quality economic development is discussed from the perspective of integration,and the paths to improve the integration level of resource-based cities and urban agglomerations are identified.This paper is helpful to clarify the differences in integration levels and driving forces of different cities,and provide a reference value for the precise implementation of high-quality development and“beautiful China.”

Internet, Technological Innovation and High-Quality Economic Development

Using the panel data of 29 provinces in China from 2015 to 2018,this paper analyzes the impact of the internet,technological innovation,and their interaction on high-quality economic development.As the results show,the internet and technological innovation promote economic growth efficiency,economic growth stability,industrial structure optimization,and sustainable development level,where technological innovation promotes more significantly but hinders the economic welfare level to some extent;the interaction between the internet and technological innovation has a significant positive correlation with high-quality economic development and strengthens the promotion of technological innovation on high-quality economic development;human capital plays a significant role in promoting all aspects of high-quality economic development,while fiscal expenditure has no significant impact on highquality economic development.Therefore,the internet should be leveraged to drive technological innovation capacity,and better play the guiding role of the government.

The Mechanism and Path for Digital Economy to Foster New Drivers for High-Quality Economic Development in China

As traditional drivers fade,cultivating new drivers has become the key to the high-quality development of China's economy.In the new round of scientific and technological revolution and industrial transformation,the digital economy plays a strategic role in promoting high-quality economic development in China,by using data as a new key production factor and innovation as the driving force,and driving impetus change,efficiency change and quality change to increase total factor productivity.The mechanism for the digital economy to cultivate new drivers for the high-quality development of China's economy is through four dimensions,namely allocation optimization,economies of scale,industrial integration,and innovation-driven growth.In the context of the digital economy,accelerating the cultivation of new drivers calls for the following efforts:speeding up digital innovation and promoting the driving force change,efficiency change,and quality change;accelerating the process of digital industrialization and pushing advanced industrial basic capabilities;using industrial digital transformation to promote the modernization of the industrial chain;and advancing the high-quality development of the manufacturing industry,and promoting the deep integration of the digital economy and the real economy.

Study on Coupling Coordination between Sci-Tech Innovation and High-Quality Economic Development in the Guangdong-Hong Kong- Macao Greater Bay Area

Sci-tech innovation is an important measure for the Guangdong-Hong Kong-Macao Greater Bay Area to achieve high-quality economic development.Theoretically,there is a coupling coordination relationship between sci-tech innovation and high-quality economic development,and coordinating the relationship between the two is beneficial to building the Guangdong-Hong Kong-Macao Greater Bay Area into an international innovation and technology hub and promoting high-quality economic development.At present,the Guangdong-Hong Kong-Macao Greater Bay Area has seen a year-on-year increase in both the level of sci-tech innovation and the level of high-quality economic development,with a sound development trend.Its coupling coordination degree between sci-tech innovation and high-quality economic development has steadily improved from a slightly uncoordinated stage to a primarily coordinated stage,but the overall degree of coordination is still not high,with some gaps from realizing the excellently coordinated stage.From the perspective of spatial distribution,the internal development of the Guangdong-Hong Kong-Macao Greater Bay Area is unbalanced,with obvious differences in development level and coupling coordination degree among cities.The convergence analysis shows that the differences in the coupling coordination degree among the cities in the Guangdong-Hong Kong-Macao Greater Bay Area have stabilized after narrowing during the study period.However,the difference among the cities with higher coupling coordination degrees tends to widen in recent years.Therefore,necessary measures should be taken to promote the coordination between sci-tech innovation and high-quality economic development in the Guangdong-Hong Kong-Macao Greater Bay Area.

Influence of Technology Change on High-Quality Economic Development in China

Since the implementation of the reform and opening up policy,rapid growth has been witnessed in the Chinese economy,thanks to the introduced technological progress as well as the institutional advantages of the country.However,while this exogenous technological progress promotes economic growth quantitatively,it is,unfortunately,not conducive to the improvement of the quality of the economy.Structural imbalances have thus been produced,which hinder the high-quality development of the economy of the country.Besides,by way of the“supply and demand rebalance mechanism,”“resource optimized allocation mechanism,”and“new and old kinetic energy conversion mechanism,”original technological progress can effectively push forward the quality change,efficiency change and dynamic change in the economy,thereby promoting the innovation,coordination,greenness and openness as well as the shared development of the economy.Therefore,the current technological transformation in China needs to change from the second stagethe stage of transition from the introduced technological progress mode to the original technological progress mode then to the third stage-the stage mainly based on the original technological progress,which is the key to the successful transformation of the Chinese economy from the high-speed growth phase to the high-quality development phase.

The Cross-Correlation Relationship Between the Real Estate Industry and High-Quality Economic Development

Based on China’s real estate investment(REI), commercial housing sales(CHS), and GDP data from 2001 to 2020, we studied the dependence, asymmetry, and transmission direction of China’s real estate and economy. Their cross-correlation is demonstrated through the deep crosscorrelation analysis(DCCA) algorithm, multifractal asymmetric detrended cross-correlation analysis(MF-ADCCA) algorithm and DCCA algorithm based on a time delay. Both REI and CHS have persistence with GDP. The real estate industry and economy have asymmetric multifractal characteristics.Meanwhile, real estate and the economy have different trends, and they can affect each other with the same length of time delay. This effect diminishes in a short period of time, and there are unsteady fluctuations in cross-correlation persistence in the long term.

An Approach for Building a High-Quality Belt and Road

The Second Belt and Road Forum for International Cooperation has ushered in a new phase featuring the joint promotion of a comprehensive,high-quality Belt and Road construction.Advancing the construction of a high-quality Belt and Road is based not only on the solid achievements of its six years of consolidation and practical cooperation,but also on the guidance of China’s initiatives and proposals,general recognition by the countries along the Belt and Road,as well as the support and recognition from international organizations like the United Nations.However,the uncertainty and instability found in the ever-changing international environment,the suspicion and strategic competition from extraterritorial major countries,and other concrete problems appearing during its construction over the past six years have also posed certain challenges that cannot be ignored.The direction of its high-quality development in this new phase involves China’s proactive selection to face the changing international environment and curtail suspicions from the outside world,as well as to resolve the difficulties and problems it encounters along the way in a timely manner,which will ensure the long-term sustainability of the Belt and Road.Achieving this goal calls for long-term system engineering,wherein China should continue to play a steering role,and the convergence of the interests of the countries along the Belt and Road so as to fuse these nations,each with their own respective resources,closely together by building a regional value chain.In such a closely-knit community,high-quality infrastructure serves as the backbone,while diversified financing institutions and functions serve as the arteries.Meanwhile,institutional building should also be emphasized,which will ensure that the goals for building a high-quality Belt and Road are fulfilled at different levels.

Research on the Influence of the Digital Economy on Transforming Consumption Behavior Among Residents

Drawing on the essence of Marxist consumer economy theory,this paper argues that the innovations of digital technology can effectively facilitate the integration of economies of scale,economies of scope,and long-tail economies.Through careful analysis of the practical case of Xiaomi’s business ecosystem,this paper highlights the notion that data serve as both a key production factor and a critical consumption carrier within the context of digital consumption.We thoroughly investigated the influence of the digital economy on transforming consumption behavior among residents by analyzing a range of typical business cases and the latest data that triggered this transformation.Based on the analysis,this paper argues that such transformation can lead to the platform agglomeration effect,the inclusive diffusion effect,and the push-pull effect by highlighting the specific ways in which the digital economy disrupts the consumption-production model and contributes to the upgrading and transformation of traditional industries.Additionally,this paper demonstrates how the digital economy can expand and promote emerging business forms,providing insights into the ways in which digital innovation is reshaping the contemporary economic landscape.This study intends to provide several policy suggestions that can expand domestic demand,promote consumption,drive the high-quality and integrated development of China’s digital and real economy,and position China as a strong cyber and consumer nation by using digitalized consumption as a starting point.

Promoting the Role of RCEP in Boosting the High-Quality Development of China's Digital Economy

As the largest free trade agreement in the world at present,the Regional Comprehensive Economic Partnership(RCEP)has made provisions for cross-border e-commerce,regional trade cooperation,data and intellectual property protection,providing new opportunities for the digital economy development with its functions of optimizing factor resource allocation,accelerating the upgrading of industrial chains and value chains,and pushing close collaboration in international trade.This research consists of mechanism analysis,risk assessment and policy suggestions.First,it analyzes the mechanism of RCEP in promoting the development of the digital industry from three dimensions,namely dual-circulation of digital industry,spatial cooperation of digital economy and digital tariff guarantee,and explores the compatibility between the provisions of the RCEP agreement and the highquality development of the digital economy.Second,it interprets the digital rules from the intention of digital rules,domestic knowledge legislation background of the parties,the effectiveness of digital regulation and coordination in the agreement,and the external environment;it analyzes the challenges that RCEP brings to China.Finally,this paper puts forward suggestions on how to promote high-quality development of China's digital economy with RCEP.