This study leverages the implementation of the “Environmental Air Quality Standards”， designed to augment environmental information transparency，as a quasinatural experiment The research draws upon the pool of publicly listed companies on the Shanghai and Shenzhen stock exchanges spanning from 2010 to 2020 as the focal sample and employs a multiple difference model to empirically scrutinize the impact of macrolevel regional environmental information disclosure on microlevel corporate environmental governanceThe findings of this study are as follows：
First，the study reveals that an increase in governmental pressure for firms to disclose environmental information serves as an incentive for companies to adopt environmental governance measures，consequently leading to a reduction in corporate pollutant emissions The empirical model employed in this study satisfies the parallel trend assumption，justifying the use of a differenceindifferences model for empirical testing Furthermore，the placebo test method is applied to confirm the nonrandomness of the research findings Additionally，instrumental variable methods，Heckman models，and PSMDID techniques are utilized to address potential endogeneity concerns，while robustness tests support the reliability of the primary regression results Second，mechanism analysis illustrates that governmentmandated environmental information disclosure enhances corporate environmental governance through two channels：strengthening regional environmental law enforcement constraints and reinforcing public environmental supervision Third，the effectiveness of government environmental information disclosure in promoting governance is shown to be weakened in regions facing significant fiscal pressure but strengthened when firms receive government environmental subsidies Lastly，further investigation indicates that firms response to government environmental information disclosure constraints significantly enhances their innovation capacity，quality，operational efficiency，and financial performance，ultimately achieving a “winwin” outcome In conclusion，this study enriches and expands the theoretical research in the field of institutional economics，particularly concerning macropolicies and microlevel firm behavior It provides valuable insights that support the institutional foundations hypothesis proposed by Acemoglu et al （2005） and offers beneficial references for stimulating firms enthusiasm towards environmental governance and facilitating the transition to a green，lowcarbon，and efficient development model

Constructing Chinese path to modernization is the main line to realize the great rejuvenation of the Chinese nation The modernization of the financial system is an indispensable part of Chinese path to modernization The “trinity” structure proposed by General Secretary Xi Jinping，“closely focusing on serving the real economy，preventing and controlling financial risks，and deepening financial reforms”，is the fundamental principle for constructing a modern Chinese financial system Since the 18th National Congress of the Communist Party of China，the work of constructing a modern financial system has actually followed the general principle of “trinity” It adhered to the unswerving purpose of serving the real economy，Chinas monetary policy has become more stable，the combination of measures to support the development of the real economy has become more precise，the development of new formats such as digital finance and green finance has been vigorously promoted，and financial institutions have developed steadily It resolutely kept the bottom line of zero systemic risk，resolved many risk points，steadily promoted the process of deleveraging，and further improved the financial supervision system The structural reform of the financial supply side was deepened，new achievements were made in the reform of the financial system and mechanism，new progress was made in the degree of openness，and the pace of financial “going global” was significantly accelerated To build a modern financial system that is compatible with the new development paradigm，we should give overall consideration on the domestic and international situations，and focus on improving the adaptability，competitiveness and inclusiveness of the financial system

The paper，based on the new perspective of “one center and three basic points” of the new structural economics，constructs the framework of the new structural environmental economics，and proposes new insights in thirteen main research fields In terms of the new framework，this paper constructs a new theoretical framework of “endowment structureproduction structureenvironmental structuresuperstructure” and a new policy framework of “carbon peak carbon neutrality” strategy In terms of new insights，from the perspective of development，in different stages of economic development，the optimal production structure determined by the factor endowment structure is different，the corresponding optimal environmental structure is different，and the relationship between the optimal environmental structure and the optimal superstructure is also different From the perspective of transition，under the optimal production structure determined by the endogenous factor endowment structure，the distortion of environmental structure or superstructure caused by exogenous factors such as market （government） failure will further distort the relationship between the two Under the distorted production structure that violates the factor endowment structure，especially under the distorted production structure caused by the catchup strategy of heavy industry，the environmental structure and its relationship with the superstructure will be distorted，resulting in efficiency loss

In 2023，China's economy continued to recover and highquality development was solidly advanced In 2023，Chinas macroeconomy showed four new characteristics：the economic recovery process was tortuous；compared with the traditional economic recovery process，traditional leading indicators had failed during this recovery process；economic differentiation was obvious；and there was a large difference between macro performance and micro perception Behind these four new characteristics，the restoration of production and living order was the main driving force for economic recovery in 2023 The prominent problem was the insufficient endogenous aggregate demand and the slow recovery of confidence The reasons of the lack of aggregate demand are cyclical issues such as balance sheet shocks，and more importantly，structural problems For example，the traditional drivers of consumption are missing，and structural factors lead to overshooting of the real estate market，and trade among advanced economies is facing challenges Further investigation shows that behind the structural problems is that Chinas economy is in a period of deep adjustment and transition from focusing on incremental capacity expansion to adjusting stock and optimizing incremental growth The macro governance system and local government behavior model have not yet fully adapted The combined force of policies and policy transmission efficiency decrease In 2024，although cyclical and structural problems are still prominent，the most difficult period of economic transition has passed，cyclical forces will bottom out and gradually start to rise，and new structural momentum will continue to gather 2024 is still in the dividend window period after the “the 20th National Congress of the Communist Party of China”，the implementation period of a new round of government agency reform and stateowned enterprise reform，the breakthrough period of new technologies promoting domestic substitution，and the upward period of cyclical factors Based on comprehensive judgment，the economy will further return to normal growth in 2024 As cyclical forces bottom out and new momentum gradually gathers，various industries are expected to move from a state of divergence into a stage of balanced growth
In 2024，we should focus on the following risks：（1） the interest rate gap between China and the United States will be maintained for a long period of time，thereby suppressing domestic asset prices；（2） the possibility of real estate liquidity risk spreading；（3） the structural and regional nature of local government debt problems are prominent；（4） local governments may exert too much force，interfering with normal market adjustments；（5） export pressure on developed economies in the United States and Europe is great，and adjustments to the international industrial chain impact the upgrading of the export structure We recommend setting an economic growth target of 5% for 2024 In 2024，we must further clarify the direction of highquality development，timely launch practical new measures，enhance the confidence of enterprises and residents，and stimulate new momentum for economic development We should fully consider new changes in economic operations，strive to clear the transmission mechanism，and improve policy efficiency

This paper studies the impact of green manufacturing technology innovation on the green development of manufacturing industries Based on the data of 27 manufacturing industries in China from 2003 to 2019 and from the perspective of the heterogeneity of polluting industries，this paper empirically examines the relationship between green manufacturing technology innovation and the green development of manufacturing industries Moreover，this paper analyzes the influencing mechanism and path of green manufacturing technology innovation on the green development of manufacturing industries under the “carbon peak and neutrality” goals The main conclusions are：（1）Green manufacturing technology innovation can significantly improve the green development of manufacturing industries （2）The green manufacturing technology innovation has a more obvious effect on the green development of the heavily polluting manufacturing industries （3）Green manufacturing technology innovation can promote the green development of manufacturing industries through the effect of energy saving and emission reduction，the effect of energy structure optimization，the effect of knowledge spillover and the effect of green and advanced industrial structure From the conclusions，the following policy recommendations are drawn：we should encourage the manufacturing industries to carry out green manufacturing technology innovation and adopt appropriate incentive and restraint mechanisms；we should advance energy structure optimization，and promote the construction of an efficient and lowcarbon energy manufacturing system；we should improve the intellectual property protection system of green manufacturing technology innovation to enhance the ability to transform green manufacturing technology innovation achievements；we should promote the green and advanced development of the industrial structure，and form an industrial structure dominated by green knowledge and green manufacturing technologyintensive industries

Developing manufacturing industry is an important way for resourcebased regions to realize economic transformation and sustainable development during the “14th Fiveyear Plan” period Theoretically，the mining industry will produce both crowdingout and crowdingin effects on the development of the manufacturing industry Based on the micro data of abovescale industrial enterprises from 1998 to 2013 and countylevel data，this paper empirically analyzes the impact of the mining boom on local manufacturing The results show that although the mining boom boosted local wages，it still promoted local manufacturing output and productivity，implying that the crowdingin effect is stronger than the crowdingout effect From the perspective of the mechanism：firstly，mining boom drove the development of the upstream manufacturing industry through industry linkage effect；secondly，through the expansion of the market scale and agglomeration effect，it improved the productivity of nonrelated manufacturing enterprises，thereby offsetting the increase of labor costs；finally，the expansion of local fiscal expenditure was also conducive to the development of local manufacturing industry developing resourcerelated manufacturing industries and cultivating manufacturing industry clusters will help the manufacturing industry to become the economic engine of resourcebased regions and promote highquality regional development

China's new energy vehicle industry has developed rapidly in the past two decades，and its core technology and market scale are close to the international leading level This paper applies the New Structural Economics （NSE） theoretical framework to analyze the case of China’s new energy vehicle industry This paper analyzes the potential comparative advantages and the main bottleneck constraints at different stages of its development of this industry Meanwhile，this paper summarizes the dynamic changes and corresponding benefits and costs of relevant industrial policies in the development process with a focus on the decisive factors behind the significant development of the new energy vehicle industry This paper argues that the great progress of China‘s new energy vehicle industry is not only due to the domestic “effective market”，which facilitates the realization of the potential comparative advantage determined by the endowment structure through optimal resource allocation and market competition，but also due to the “facilitating state”，which helps formulate，adjust and implement industrial policies with different priorities at different stages of industrial development Finally，this paper summarizes common principles of this type of leapfrogging industries and further elaborates on the connotation of the “facilitating state” in the New Structural Economics

Under the guidance of the “double carbon” goal，exploring the impact of green credit policies on the total factor productivity of enterprises will provide useful reference for promoting higher quality economic development Based on the data of Ashare listed industrial companies from 2003 to 2020，this paper uses the differenceindifference model to investigate the impact of green credit policy on the production efficiency and production mode of industrial companies with high pollution and high energy consumption It is found that，the green credit policy restrains the disposable capital factors and resource allocation efficiency of  “doublehigh” companies by imposing credit financing constraints on them，resulting in a decrease in their total factor productivity in the short term But in the long term，it can significantly improve the level of green technology innovation and promote the green transformation of their production mode Heterogeneity analysis shows that the policy has an asymmetric impact on the “double high” companies with different ownerships and different scales This conclusion provides policy implications for China to further use financial means to promote the realization of “double carbon” goals and achieve highquality economic development

Over the past six decades，Warren Buffetts investment strategy has significantly outperformed S&P 500 Index，which attracted a lot of investors attention in the market to track and follow his strategy From the modern finance theory，this paper gives insights into Buffetts investing principles of emphasizing fundamental analysis and maintaining a concentrated portfolio Using the rational expectation model，this paper reveals the central role of future firm fundamentals in stock pricing When adding a bubble term to the model，the stock price has the same solution Therefore，investors should rationally see price fluctuations originating from the bubble process Moreover，this paper explains the philosophy of concentrated portfolio choice with Mertons optimal investing strategy In addition，this paper shows the implications of these insights for the asset management industry in China

 To build a highlevel socialist market economy system，we must adhere to the two “unwavering” principles Because China is developing its market economy under the basic socialist economic system，developing and strengthening stateowned economy helps to leverage the advantages of the socialist system and better leverage the role of the government To play the decisive role of the market in resource allocation，it is necessary to vigorously develop the private economy The key to building a socialist market economy system with coordinated development between stateowned economy and private economy is to optimize the layout of the stateowned economy and allow them to leverage their respective advantages in different fields，promoting each other and developing together The key to substantively promoting the optimization of the layout of the stateowned economy is to establish the standard of “optimization”，so as to establish an implementation plan based on this standard that includes where the stateowned economy should go and where it shouldnt go This article advocates to handle the relationship between the stateowned economy and the private economy based on the principle of classified reform，and achieve the optimization of the layout of the stateowned economy

2023 is a year when the impact of the epidemic subsides and the economic order returns to normal The core task of Chinas economy is to achieve macroeconomic recovery growth and deep restoration of micro foundations，and then return to the track of expansionary growth Unlike previous economic cycles，after three years of epidemic control，this round of Chinas economic recovery needs to go through three different stages：social order and transaction repair stage，balance sheet repair stage，and normalization expansion stage Moreover，there may be obstacles in the transition of stages At present，Chinas economic recovery is in a critical period of transition from the first stage to the second stage This is not only a period of restorative growth in Chinas economic recovery，but also a period of concentrated outbreaks of various potential risks and contradictions This report analyzes and predicts the macroeconomic trend of China in 2023，evaluates the outstanding difficulties and risk challenges faced during the recovery process，and proposes relevant policy recommendations based on this

The report of the 20th National Congress of the Communist Party of China systematically elaborates the characteristics and connotation of the Chinesestyle modernization，and takes accelerating the construction of the new development paradigm as an important strategic path to promote Chinesestyle modernization and realize the great rejuvenation of the Chinese nation Based on Marxs theory of reproduction of aggregate social capital，we believe that accelerating the construction of the new development paradigm should reflect the systematic requirements for efficient and smooth movement of aggregate social capital on the whole，which needs to start from highquality development，modern market and industrial systems，common prosperity and bilateral management of supply and demand，and finally be unified to adhere to the centralized and unified leadership of the Party over economic work This has jointly supported the construction of the new development paradigm in terms of productivity，economic system，direction of struggle，practice path，and core strength，and is the only path to achieve Chinesestyle modernization

Urban land tax takes land as the tax object and can be controlled by local governments to a large extent However，because it is a “small tax”，few researches focus on it This paper focuses on the impact of the local autonomy and collection methods of urban land tax on tax burden Based on the “regional” data of prefecturelevel cities in several provinces from 2007 to 2019 obtained through application and other channels，this study finds that the more economically developed the prefecturelevel city，the lower the actual tax rate of urban land tax That is，the phenomenon of “inversion” appeared The faster the economic growth over time，the more obvious the phenomenon of “inversion” This study finds that the nature of specific fixed tax and the hysteresis of adjusting the tax standard make it difficult for the tax burden to keep pace with economic growth，and the actual tax rate gradually deviates from the land market value Within the scope of tax autonomy，local governments may choose to “release water for fish farming” or collect all receivables from different perspectives of economic development or revenue collection，depending on the actual situation The research conclusion has certain significance for the improvement of local tax system and the understanding of tax competition phenomenon in China

Based on the spatial equilibrium urban economic model，this paper examines the effect of city shape compactness on economic development in 279 primary Chinese prefecturelevel cities The findings suggest that compact urban development not only promotes economic growth and increases wage levels but also might lead to rising housing prices This indicates that a more compact urban form fosters economic development and enhances the return rate of factors To delve deeper into this relationship，this paper also conducts heterogeneity and robustness analyses，taking into account factors such as the initial conditions of cities，administrative levels，population migration trends，and geographical location This paper further underscores that enhancing city compactness is an effective measure to improve factor allocation efficiency，optimize the urbanization process and foster economic growth

The onechild （OC）policy is undoubtedly one of the most farreaching policies that has significantly impacted Chinese families and population structure in the past thirty years The unique “onechild” property of these individuals may influence families decisions regarding commercial insurance purchases through various channels Based on data from the China Family Panel Studies （CFPS），this paper shows that OCs are less likely to purchase family insurance compared to nonOCs To explain it，this paper delves into four primary channels：financial knowledge，risk attitude，social interaction，and trust The first two channels are closely related to the concept of risk diversification，while the latter two are connected to the inherent trust property of insurance due to information asymmetry However，the research finds no significant differences between OC and nonOC individuals concerning financial knowledge and risk attitude，even when considering their economic status Instead，the actual reasons are that OCs have fewer social interactions and lower degrees of trust than nonOCs Both aspects suggest that OCs are less socially active than nonOCs

Based on the data of China's Ashare listed companies，this paper analyzes the effect，mechanism and heterogeneity of the policy pinpointing “houses are for living in，not for speculation” on corporate innovation with differenceindifference method The results show that：the implementation of the policy significantly promotes corporate innovation，but this effect is only significant in supplyside regulatory policies Mechanism analysis shows that the innovative effect of the policy is mainly achieved through reducing real estate investment，improving R&D capital investment，enhancing slack resource pool and promoting output efficiency，which further promotes companies TFP Heterogeneity analysis finds that the effect of the policy on corporate innovation is different in different corporate characteristics，in different industry characteristics，and in different external environments 

Since the application of AI in production is mainly realized by industrial robots，and will lead to changes in the intraenterprise wage gap among different workers，this paper uses the data of 20102019 Chinese listed companies to investigate the biased impact of robot application on the intraenterprise wage gap and its mechanism It is found that robot application significantly widens the intraenterprise task wage gap and skill wage gap，but the task bias is more pronounced than the skill bias This phenomenon is particularly prominent in industries with slower development and higher labor intensity The productivity effect of robot application is the main reason for the expansion of intraenterprise task wage gap Although the mismatch of labor factors cut down part of the productivity effect，it will alleviate the expansion of intraenterprise task wage gap to a certain extent This paper emphasizes that increasing the regulation of income distribution policies for different types of workers is an important way to achieve intraenterprise “common prosperity”

Based on the data of municipal investment bonds at the prefecturelevel and geographical network data，this paper provides a new analysis perspective for the growth of municipal investment bonds by using the method of network game analysis The results show that the scale of municipal investment bonds is significantly affected by geographical network The network effect of municipal investment bonds is mainly local average effect The increase of the average value of municipal investment bonds in neighboring cities will drive the increase of local municipal investment bonds Meanwhile，within the same province，the municipal investment bonds have a complementary effect That is to say，the scale of local municipal investment bonds increases with the total amount of neighboring cities' bonds in the province Given local government behavior affected by the local average effect，in order to control the rapid growth of the local government debt，compared with the constraint of individual behavior of local government，the central government should implement group norm to improve the local government debt management The risk of rapid growth of overall debt can be reduced by avoiding competition among local governments

This paper uses the data of Chinese listed companies from 2006 to 2019 to measure the level of firms digital transformation using natural language analysis method，and constructs an econometric model to empirically analyze the impact of firms digital transformation on innovation The results show that：（1） Digital transformation has significantly improved the quantity，quality and efficiency of firm patents （2） The degree of digital transformation has a “ushaped curve” effect on firm innovation，indicating that there is a positive “threshold value” of the degree of digitalization （3） Digital transformation promotes firm innovation through innovation network spillover effect and trade network spillover effect，and there is correlation spillover effect of upstream and downstream firms （4） The innovation effect of digital transformation is greater in industries with lower competition degree and higher average digital transformation degree and digital intensity degree

This paper analyzes the structural characteristics of the global FTA digital trade rules network on the basis of considering the depth of the agreements，and uses the Temporal Exponential Random Graph Model（TERGM）method to conduct an empirical analysis of the influencing factors of network formation The result shows that： First，there is an overall growing tendency in the density of unweighted and weighted global FTA digital trade network，reflecting the increase in the breadth and depth of participation of countries in the network The European Union，the United States，and Singapore are at the center of the FTA digital trade rules network Second，a clear coreedge structure is formed between the subgroup where the EU is located and other subgroups The subgroup where the United States is located is closely related to the subgroup where China and some ASEAN countries are located，indicating the strong influence of American rules in the AsiaPacific region Third，the empirical analysis based on TERGM confirms the role of network transitivity in promoting the formation of global FTA digital trade rules network structure This provides a policy basis for China to positively respond to the spread of American and European FTA rules，accelerate the formation of a model of Chinese FTA digital trade rules and actively promote it globally