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.

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.

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.

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.

Forecast Grain “Three Quantities” Based on Grey GM (1, 1) and Promote the Structural Reform of Grain Supply Side

As a special product, the cultivation and production of grain directly affect the consumption of people, which has an important influence on the development of social economy and the national economy and people’s livelihood. Firstly, the present situation of grain production is analyzed, and the problems facing the structural reform of grain supply side in China are analyzed from grain output and its import and export volume. Secondly, we use grey GM (1, 1) model to predict grain output and consumption, grain import and export volume and all kinds of grain crops output in China, and then analyze the future trend of grain production in China. Finally, we put forward construction of grain branding, rational allocation of grain planting varieties, construction of traceability system for grain production, further grain processing and development of “Internet agriculture” industrial model to promote structural reform of grain supply side.

Structural reform of agricultural supply side under the concept of green development

The structural reform of the agricultural supply side is the fundamental way to solve the current agricultural problems in China and an important way to increase the income of farmers. The concept of green development refers to engaging in economic activities under the premise of fully protecting the environment and rationally utilizing resources. It is a good strategy to achieve harmony between man and nature on the basis of respecting the laws of nature. Based on the concept of green development, this paper attempts to explore the implementation path of structural reform of agricultural supply side from four aspects: industrial structure change, agricultural operation subject innovation, agricultural product brand construction and government safeguard measures. Agriculture is the foundation of the national economy.Effectively solving the obstacles in agricultural development and realizing agricultural modernization is of great value for improving China’s overall economic level, maintaining social stability and increasing farmers’ income.

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.

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.

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.

How to Optimize the Structure of Agricultural Products in the Context of Reform of the Supply Front?

Based on reform of the supply front,this paper analyzes the main constraints on China's current structure of agricultural products,including irrational allocation of resources between agricultural products,prominent problems concerning agricultural product quality and safety,disconnection between market demand and agricultural product R&D,and low processing capacity of agricultural products. Based on summing up the experience of the countries with developed agriculture,this paper proposes the path and mechanism for the optimization of structure of agricultural products in China: optimizing resource allocation of agricultural products; improving the quality of agricultural products; enhancing the R&D capacity of agricultural enterprises; promoting the processing and conversion capacity of agricultural products; perfecting the policy support and subsidy mode.

畅通“双循环”的理论建构和回归路径--基于马克思社会再生产理论

马克思社会再生产理论表明社会再生产各个环节离不开生产、分配、交换、消费的动态平衡,当前我国处于以国内循环带动国外循环、构建国内国际双循环相互促进的新发展格局的重要时期,在经济发展势头良好的同时,要着重解决产业结构失衡、收入分配不均、要素流动等方面存在的困境,关键是稳定社会再生产的平衡。马克思社会再生产理论为我国构建新发展格局、建设全国统一大市场提供了理论指导,有助于我国抓住重要机遇,以扩大内需为战略基点,加快产业结构转型升级、缩小收入分配差距、推进供给侧结构性改革、建设更高水平的开放型经济,从而为双循环的互联互通提供重要支撑。

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.

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.

县域经济视角下农村电子商务的实用性研究--以宁夏灵武市为例

县域经济在我国国民经济中占有重要地位,是经济发展的基础动力,县域经济的基础是自然资源,而农业则是县域经济中最广泛的自然资源。目前,现代农业的发展与农村电商息息相关,本文通过研究县域经济视域下的农村电子商务,以宁夏回族自治区灵武市为例,探讨了该市的特色农产品和农村电商发展中存在的问题,同时从宣传、人才、资金、农业供给侧结构性改革、农村电商与农业信息服务相结合、整合资源扩大队伍六个方面提出了相应的具体建议。

财政支出结构与农业绿色全要素生产率--基于扩大内需战略与供给侧结构性改革的再检验

以2010-2018年中国各省、自治区(直辖市)的经验数据为样本,关注财政支出结构的农业绿色全要素生产率效应,并进一步考虑扩大内需战略与供给侧结构性改革有机结合的制度背景因素影响。研究发现:第一,财政农业支出对农业绿色全要素生产率的提升具有显著的正向影响,而财政非农支出中生产性支出和服务性支出的农业绿色全要素生产率效应显著,职能性支出对农业绿色全要素生产率的提升并不显著;第二,财政农业支出与财政非农支出在提升农业绿色全要素生产率上都具有显著的空间正相关性与溢出效应;第三,无论是以本土市场规模衡量的扩大内需战略,还是以政策实施衡量的供给侧结构性改革,都显著促进了财政支出的农业绿色全要素生产率效应。未来应在保证稳定的财政农业支出规模前提下,更加注重财政农业支出的结构安排,适度降低生产性支出份额,增加教育和科技等服务性支出,促进绿色农业技术人才的不断积累;同时,提高财政支农资金使用效率;利用本土市场深化扩大内需战略,并充分发挥财政支农作用,提高绿色农业供给质量。

以有效需求牵引供给以高水平供给创造需求——学习习近平宏观经济治理供求关系良性互动的论述

学习和领会习近平宏观经济治理思想尤其是关于供求关系良性互动的论述,有助于梳理我国宏观经济治理与宏观调控政策的发展脉络,进一步深化认识和自觉遵循新时代客观经济规律,对于加快构建新发展格局和实现高质量发展具有非常重要的理论与实践意义。面对经济发展有效需求不足等失衡特点,“深化供给侧结构性改革和扩大有效需求协同发力”已成为新时代做好经济工作需要认识和遵循的重要规律。当前实现需求与供给两端协同发力,在政策目标和政策导向上必须追求以有效需求牵引供给、以高水平供给创造需求,还要从政策制定和传导机制、治理机制和体制基础等方面持续发力以切实提升宏观经济治理和政策调控的有效性。

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。

中国式产能过剩:历史考察及对新发展阶段治理的启示

改革开放以来,我国经历了四轮较为明显的产能过剩:20世纪90年代的消费品过剩阶段、2003—2007年的部分工业品过剩阶段、2011—2015年的产能过剩全面加剧阶段、2016—2020年的重点行业治理取得阶段性成果阶段,各阶段产能过剩的背景、表现、治理措施及效果不尽相同。历史考察发现,中国式产能过剩具有以下特征:产能过剩跟经济波动密切关联、产能过剩问题反复出现、产能过剩与落后产能问题并存、产能过剩形成机制深刻复杂。在新发展阶段,治理产能过剩问题既要推动存量过剩产能退出,更要从根本上构建预防过剩产能反复的长效机制,建议重点关注以下工作:完善市场化法治化机制,构建过剩产能高效退出机制;推动政府治理机制改革,探索政府与市场结合新模式;加快科技自主创新,推动供需结构匹配;加快构建“管资本”国有资产监管体制,重点推动国有企业产能利用率提升。