Government service information disclosure constitutes a crucial component in improving the governance efficacy of digital government and serves as a powerful measure to optimize evaluation of the development environment for private economy Utilizing data from Jiangxi Provinces enterprise development environment evaluation survey，this study examines the mechanism through which government service information disclosure influences environmental assessments by private enterprises Based on 33 607 enterpriselevel questionnaires primarily from private enterprises and employing an ordered probit model grounded in governance efficacy theory，we investigate the transformation mechanism from institutional advantages to governance effectiveness，revealing the chain of “institutionbehaviorefficacyevaluation” in government service information disclosure
This study demonstrates that government service information disclosure enhances internal governance efficiency，improving external governance efficiency through reducing institutional costs for enterprises，thereby collectively optimizing the development environment for private economy Empirical results indicate： （1）Government service information disclosure significantly improves governance efficacy，strengthens enterprises satisfaction，and elevates environmental evaluations by private enterprises；（2）These findings remain robust after implementing two proper instrumental variables；（3）While internal governance efficiency increases with government scale expansion，such effects are confined to administrative departments and affiliated institutions，excluding vertical agencies and semimarketized public services，revealing distinct boundary constraints；（4）External governance efficacy manifests primarily through reducing institutional transaction costs，exerting more pronounced effects on manufacturing enterprises and SMEs with higher operational costsThe conclusions provide decisionmaking references for strengthening governmententerprise communication，optimizing business environments，fostering private sector growth，and accelerating Chinas path to modernization

Wage serves as the main content of initial distribution，which is of great significance to clarify the influence of highspeed railway（HSR）development on wage and promote the crossregional common prosperity in China This study utilizes relative wage level data from prefecturelevel cities spanning the period from 2003 to 2019 By treating citylevel HSR introduction as a “quasinatural experiment”，we aim to comprehensively examine its impact on regional wage levels The empirical result shows that the HSR operation has significantly reduced relative wage levels in cities，contributing positively to interregional common prosperity The main channels through which HSR impacts urban wage levels are the increased mobility and market accessibility of labor factors Heterogeneous results reveal that city hierarchy and initial wage endowments are critical factors influencing the wage effects of HSR Industries and services are the primary sectors where HSR guides resource allocation Importantly，this study finds that the decline in relative wage levels actually reflects a decrease in wage levels in large cities and those with higher initial endowments，while wage levels in small cities and those with lower initial endowments have increased，thereby narrowing interregional wage disparities This research clarifies the impact of transportation infrastructure，exemplified by HSR，on regional wage levels and interregional wage gaps，providing a pathway reference for achieving common prosperity across regions This study clarifies the impact of transportation infrastructure represented by HSR on regional wage levels and wage disparities，providing pathways for achieving common prosperity across regions
This paper makes several key contributions First，it quantifies the impact of HSR on regional labor market wage levels，enhancing our understanding of how transportation infrastructure affects income and wage disparities Second，it distinguishes the differential impacts of HSR on heterogeneous city and industry wage levels，offering valuable guidance for policymakers in formulating targeted policies Finally，this study constructs a panel dataset of “cityindustry” relative wage levels This dataset supports this research and provides a robust foundation for future studies on wages in Chinas labor market

During the 14th FiveYear Plan period，the country will “solidly promote common prosperity” according to the strategic plan，and solving the social insurance problem of flexible employees is crucial for optimizing income distribution and promoting social equity and justice This paper utilizes the China Family Panel Studies （CFPS） microdatabase from 2018 to 2022 to analyze the important role of public trust in the social security system in expanding the coverage of Basic Pension Scheme for Employees and exerting the income redistribution effect of the social security system The empirical test results show that the level of trust in the social security system of flexible employees has a significant positive impact on their decision to participate in Basic Pension Scheme for Employees，and enhancing public trust in the social security system is conducive to expanding the coverage of Basic Pension Scheme for Employees，a finding that remains robust after accounting for endogeneity issues Further actuarial simulations were conducted to analyze the impact of the redistributive effects of pension income after the increase in the participation rate of flexible employees in occupational insurance The actuarial results show that the promotion of accurate expansion of Basic Pension Scheme for Employees has significantly reduced the Gini coefficient of pension income，while the Gini coefficient of income after contributions has increased slightly and the Gini coefficient of lifetime income has decreased This is related to the group characteristics of flexible employment personnel with higher contribution rates and overall low income levels，as well as the regressive contribution structure and a progressive benefit allocation in institutional design of Basic Pension Scheme for Employees Therefore，raising the level of public trust in the social security system and including flexible employment personnel in the coverage of Basic Pension Scheme for Employees has a significant positive impact on narrowing the social income gap，and can effectively promote social equity

Fiscal pressure is a common issue faced by local governments at various levels in China The responses of different grassroots local governments to fiscal pressure are complex and varied This study focuses on how local governments，in response to fiscal pressure，may install more traffic video equipment to increase forfeiture income，marking a significant change in government behaviorBased on the government procurement of traffic video equipment in China during 2014—2019，we examine the impact of local fiscal pressure on the installment of traffic video equipment The research uses a triple difference estimation based on the VAT reform in 2016 to explain the organizational logic of local government traffic video equipment installation behavior We find that the significant revenue creating incentives in the use of traffic video equipment In areas with rich road access，fiscal pressure has led to a significant increase in the procurement of traffic video equipment This effect is more salient in areas with worse institutional environment，lower fiscal transparency，and in areas where officials having stronger promotion incentives Further analysis shows that traffic video equipment procurement significantly increases the penalties and fines revenues，increases public complaints towards traffic penalties However，stricter law enforcement has also brought positive spillover effects，better ensuring regional road traffic safetyThe contributions of this paper are as follows：First，it deepens the understanding of the relationship between fiscal pressure and nontax revenues at the local government level This paper uses data from the VAT reform，government procurement，and fines to explore the relationship between fiscal pressure and nontax revenue，as well as their economic and social implications Second，it expands the research on how governments transfer fiscal pressure We use data from government procurement notices on traffic video equipment installation and finds that local governments，facing fiscal pressure，may increase the installation of traffic video equipment to strengthen traffic fine management，thereby transferring fiscal pressure to residents Third，the paper deepens the understanding of the construction of digital video systems from a fiscal perspective Existing literature has mainly explored the motivations for building digital video systems from the perspectives of industrial policy and political pressure In contrast，this paper takes a fiscal perspective and reveals another important driving factor behind local governments construction of traffic video systems：their reliance on nontax revenues

RMB's international competitive advantage has been gradually improving since China officially implemented the internationalization strategy around 2010，which became a solid foundation for RMB internationalization Meanwhile，the intensity of economic and trade frictions between China and the United States increased significantly in recent 10 years，which may have an impact on the ongoing process of RMB internationalization Based on the perspective of great power competition，the paper constructed the ChinaUS Monetary Competitive Advantage Index （MCAI） using multiple dimensions of relative indicators between China and the United States by Entropy Method，and constructed the ChinaUS Economics & Trade Friction Intensity Index （ETFII） respectively based on the frequency of ChinaUS economics/trade competition events from August 2017 to June 2023，and the proportion of goods imported from countries and regions other than China by the United States，USChina Tension Index （UCT） from Jan 2012 to June 2023 The paper established a time series model to analyze the relationship among ChinaUS MCAI，ChinaUS ETFII and the internationalization level of the RMB using multivariate EG twostep methods It is found that ChinaUS MCAI had a significant promoting effect on the internationalization level of the RMB，which constituted the foundation for RMBs internationalization level increasement While the greater the ChinaUS ETFII was，the smaller the promoting effect of ChinaUS Monetary Competitive Advantage on RMB Internationalization level，which shown a significant negative regulatory effect The negative effect was mainly reflected by reducing the willingness of overseas individuals/institutions and government departments to invest or reserve RMB assets，and the economic and trade frictions initiated by the United States against China during the inspection period could weaken the promoting effect rather than frictions initiated by China We suggest China to reduce the dependence on the US dollar payment system，take effective countermeasures against the unreasonable suppression of the United States in the economic and trade field on necessary occasions to reduce the probability and frequency of the United States initiating economic and trade frictions with China China also needs collaborate with trade partners to establish a new international settlement system independent on the US dollar and operates on an equal footing，thereby substantially enhancing the ability to resist various economic，trade，and financial sanctions

This article presents a comparative case study of the English Civil War （1642—1651）and the Taiping Rebellion in Qing China （1851—1864）to analyze the divergent war outcomes through the lens of institutional relationships between the state and elites，so as to indicate the characteristics，advantages，and limitations of early modern Chinas mobilization capacity During the Taiping Rebellion，the Qing government effectively mobilized the gentry class through its established bureaucratic system and civil exam system（keju），thereby connecting with broader populations The incentive mechanisms embedded in the bureaucratic system significantly reduced transaction costs in overall mobilization，thereby sustaining political stability In contrast，the English monarchy during the Civil War lacked institutional mechanisms to coordinate competing elite groups，while the impacts of commercial expansion and the Reformation exacerbated elite fragmentation，ultimately leading to monarchical overthrow Although the governance crisis faced by early modern states in both conflicts demonstrate remarkable similarities，their comparative analysis as opposed to specialized singlecase studies reveals fundamental differences in state institutions and deepens theoretical understanding of early modern state capacity The comparative framework centered on early modern states can also circumvent the explanatory deficiencies inherent in direct Sinowest modernization comparisons This approach facilitates the identification of Chinas institutional traditions while providing insights into the divergent modernization trajectories between China and the West，as well as offering historical insights for contemporary state mobilization capacity building

The effective provision of public goods，particularly rural education，has consistently been a critical challenge for developing economies In the early years after the founding of the Peoples Republic of China，rural areas faced severe obstacles，including large and dispersed populations and extremely limited educational resources Nevertheless，the rural literacy campaign conducted during this period achieved remarkable results 
This paper quantitatively investigates the impact of grassroots mobilization capacity of Communist Party organizations on the effectiveness of rural literacy campaigns，aiming to reveal the underlying economic mechanisms facilitating human capital enhancement in resourceconstrained contexts Employing the number of Communist Party member martyrs from each county between 1921 and 1950 as a proxy for grassroots mobilization capacity，the study identifies beneficiaries of the literacy campaign using data from Chinas 1990 population census Event study and differenceindifferences methodologies are utilized to evaluate the mechanism and effectiveness of grassroots mobilization capacity on literacy outcomes in rural regions
The empirical analysis indicates that the primary beneficiaries of the literacy campaign were rural young adults aged under 30 years at the campaigns inception An increase of one standard deviation in mobilization capacity leads to approximately a 12% increase in the number of individuals achieving literacy compared to the overall mean Further heterogeneity analyses demonstrate that regions historically identified as revolutionary bases exhibited a stronger positive relationship between grassroots mobilization capacity and literacy campaign effectiveness Additionally，women significantly benefited from this campaign，highlighting the positive role of mobilizationbased governance in enhancing womens human capital The study also examines alternative mobilization mechanisms，including nonparty martyrs，central government infrastructure construction，and local social selfmobilization mechanisms，and finds these factors had no significant effect，further underscoring the importance of grassroots mobilization in rural literacy campaignsBy exploring these issues from historical and economic perspectives，this paper quantitatively illustrates the positive impact of grassroots mobilization on rural public goods provision The findings provide new empirical evidence to better understand the economic logic behind rural human capital enhancement and offer valuable insights for public policy design and grassroots governance models in resourcelimited regions

In the context of rising medical costs and continuous tension between doctors and patients in China，as rational people，doctors may take defensive medicine as a strategic response to avoid the risk of liability for medical malpractice，which further aggravates the problem of “difficult and expensive to see a doctor” for patients In fact，as an effective tool of risk transfer and economic compensation，medical liability insurance plays an important role in dispersing medical risks，alleviating doctorpatient conflicts and protecting the legitimate rights and interests of both doctors and patients Specifically，medical liability insurance can reduce the economic and noneconomic liability pressure of medical malpractice by playing the “risk dispersion effect of economic damage compensation” and “doctorpatient conflict alleviation effect” respectively，thus helping weaken doctors defensive medical motivation
However，it is uncertain whether weakening doctors defensive medical motivation can reduce medical expenses The reason is that，on the one hand，reducing the pressure of medical malpractice liability helps weaken doctors “active” defensive medical behavior，so as to reduce medical expenses；on the other hand，reducing the pressure of medical malpractice liability can also weaken doctors “negative” defensive medical behavior，thus increasing medical expenses Therefore，whether medical liability insurance can reduce patients medical expenses will depend on the comparison of the weakening effect of the above two defensive medical motives
This paper attempts to integrate doctors positive and negative defensive medicine into the same framework for analysis Taking the pilot policy of medical liability insurance as the starting point，based on the Chinese Family Tracking Survey and other data from 2010 to 2018，this paper examines the impact of medical liability insurance on pediatric medical expenses by constructing a staggered differential model
The findings are as follows：First，medical liability insurance significantly reduces the cost of pediatric medical treatment，and there is a lag effect Second，the “risk dispersion effect of economic damage compensation” and “doctorpatient conflict alleviation effect” exerted by medical liability insurance can reduce the pressure of economic and noneconomic liability for medical malpractice，thus weakening the defensive medical behavior of doctors Third，the pilot policy is stronger in reducing pediatric medical expenses in urban areas，areas with financial subsidies for medical institutions and areas with low noncurrent assets Fourth，there is no spillover effect on patients health while reducing medical costs Fifth，when facing different types of patients，doctors will have differentiated defensive medical behaviors in the treatment process，thus providing evidence for the existence of defensive medicine among pediatricians in China

Liquidation is not the only way out when a business is poorly run At this time，in order to reduce the debt pressure of enterprises，debttoequity swap is an alternative scheme Debttoequity swap is to give creditors proper control in the case of ownership change，the purpose is to find a way for enterprises in bad operating conditions to regenerate Incomplete contract theory is suitable for the study of debttoequity swap On the one hand，the essence of debttoequity swap is the change of equity，and incomplete contract theory is a natural framework to study equity allocation On the other hand，entrepreneurs and creditors cannot anticipate various future situations when they sign the initial financing contract，which leaves ample room for negotiation for debttoequity swaps Based on this，this paper constructs a twostage model，focusing on how entrepreneurs and creditors realize the optimal reallocation of equity through debttoequity swap First of all，this model no longer follows the traditional assumption that the right of control can only be fully owned by one party，but assumes that the right of control is a divisible power with phased characteristics Secondly，the model determines the critical condition of the separation of the right of control and the right of income according to the amount of the claim，so as to implement the differentiated debttoequity swap scheme Thirdly，the equilibrium results of the model reveal the key variables affecting the distribution of control rights and income rights and their action directions
The results show that when the trigger conditions of debttoequity swap are met，if the amount of debt is small，the debt can be converted into common stock；If the amount of creditors rights is large，the plan of separating the right of control and the right of income should be adopted In this process，the expected monetary income and the strategic value of the original creditors debttoequity swap are negatively related to the control right of the original creditor after the debttoequity swap The amount of creditors right and the expected effort cost of the entrepreneur are positively related to the control right of the original creditor after the debttoequity swap No matter what variable changes，the direction of change of control and income right is always opposite By improving the theory of dynamic allocation of control rights，this study not only promotes the research of incomplete contract theory on multiple equity allocation，but also provides three inspirations for the current marketoriented practice of debttoequity swap Firstly，the allocation of equity should not only consider the amount of creditors rights，the income of control rights，the degree of effort of entrepreneurs and other factors，but also consider the parties expectations for the incomplete financing contract Secondly，the implementation of differentiated debttoequity swaps is crucial to improve the success rate of renegotiation Thirdly，it is necessary to design the mechanism after the debttoequity swap，especially to design a flexible postexit mechanism for the original creditors

Key words：debt