Based on hand-collected data of 101 city commercial banks （CCBs）that have achieved cross-regional operation in China from 2007 to 2019，this paper studies the motivation of cross-regional operation of CCBs and its impact on bank performance before and after the ban on cross-provincial expansion in 2011The fiscal pressure of local governments has promoted CCBs' cross-regional operation within the province，and the speed of within-province expansion accelerated significantly after 2011Accounting for the self-selection bias，mechanism test and mediation effect，our analysis shows that the effect of cross-regional operation has significant temporal and cross-sectional heterogeneityAfter the promulgation of the injunction，the overall risk management and profitability of CCBs have significantly improvedHowever，for CCBs that continue to expand within the province after the ban，banks located in less developed cities or banks with weaker expansion strength often face a sharp rise in non-performing loan rate and a significant decline in return on assetsMeanwhile，stronger CCBs can almost completely offset the negative impact of the expansionThis paper offers rich insights for understanding the operation of CCBs and for preventing and resolving the risk of the banking system

In 2022，China's economy showed a V-shaped trend，with a GDP growth rate of 3%，which is 2.5 percentage points lower than the growth target set at the beginning of the year Looking forward to 2023，issues such as the reduction of the country's total population，the sharp decline in labor force，the trend of COVID-19 epidemic，the changes in market expectations，the impact of previous policies，and changes in international political and economic situation will become important factors affecting China's economic development in the future The natural trend of China's economy will be a pattern of recovery both in supply and demand，but will still be lower than the potential growth rate In addition，real estate market crisis，local government debt，exchange rate and currency crisis，and external economic environment will become important risk points for China's economic development in the future In view of this，the policy target for 2023 should focus on the demand side，and at the same time provide necessary support for the stable recovery of the supply side and the continuous improvement of the market environment

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

With the implementation of the green development philosophy in China，scientific measurement and analysis of the growth of green total factor productivity (GTFP) are of great significance for highquality developmentIn order to measure the growth of GTFP and its compositions at the regional level，this paper innovatively proposes the aggregate environmental generalized LuenbergerHicksMoorsteen (AEGLHM) productivity indicator and its decomposition subitemsThe results of Monte Carlo simulation show that the AEGLHM indicator is more effective and accurate than the aggregate Luenberger indicatorThen，this paper applies this new indicator to measure the growth of GTFP and its components in eight economic zones with data of prefecturelevel cities from 2003 to 2019Results show that the GTFP of the eight economic zones has increased，but the growth rate highlights the characteristics of polarizationMoreover，the main driving forces of GTFP growth in the eight economic zones are technological progress and scale efficiency growth from the technical perspective，as well as desirable output efficiency growth and undesirable output governance efficiency growth from the factorial perspectiveFinally，this paper finds that the technological progress and the desirable output efficiency growth are the dominant causes that drive the difference of GTFP growth in the eight economic zonesThe conclusions have some enlightenment for improving regional GTFP with targeted strategies.

The report of the 20th National Congress of the Communist Party of China proposed that “we should build a high-standard socialist market economy”A highstandard socialist market economy should include a high-standard basic economic system，a high-standard coordination and adaptation between the government and the market，a high-standard development impetus and a high-standard opening-upTo build a high-standard socialist market economy，we should focus on these four “high-standards” to promote comprehensively deepening reform，promote high-quality development，achieve greater and higher levels of opening-up，and form a new pattern of economic development in China in the new era

The development of artificial intelligence has had a far-reaching impact on the labor marketHowever，its influence on labor income level and income gap is still in the exploratory stage，and the quantitative evaluation is insufficient，lacking empirical evidence at the industry levelBased on the artificial intelligence technology model of Acemoglu & Restrepo （2018）and introducing the asymmetric change in the industrial AI development，this paper analyzes the impact and mechanism of artificial intelligence on labor income level and skill income gap from intelligence penetration and boundary extension，and does empirical tests through China's industrial panel data from 2003 to 2020The results show that：（1）artificial intelligence has a significant impact on labor income level and skill income gapIn the long run，the development of artificial intelligence can improve the level of labor income and narrow the skill income gap（2）The impact of artificial intelligence on the income level of low skilled labor is significantly greater than that on the income level of high skilled labor（3）Artificial intelligence can increase the labor income level and narrow the skill income gap by improving the employment level of high-skilled and lowskilled labor

In the process of Chinese-style modernization，China's economy must get rid of the path dependence of traditional quantitative growth，and strive to promote high-quality development，so as to ease the major social contradictions and achieve sustainable，healthy and stable economic developmentIn the process of Chinesestyle modernization，the systematic logic of promoting high-quality economic development in China includes five dimensions: historical logic，value logic，theoretical logic，practical logic and policy logicStarting from the historical logic of promoting high-quality economic development，the transformation of major contradictions determines that China's economic development model must transform from quantitative economic growth to high-quality developmentThe value logic requires the establishment of a value judgment system with quality as the development goal，and the formation of a value judgment system that combines real value with ultimate valueThe theoretical logic is the optimal path choice for China's high-quality economic development，and the optimal path choice should be the quality coupling and interaction among economic system，natural system and social system that meet the requirements of value logicThe optimal path choice is embodied in the practical logic of the trinity of micro quality，meso quality and macro quality at the micro，meso and macro levelsFinally，the key to the policy logic is to establish a policy system with innovation driven policies，structural coordination policies and quality change policies as the core

This paper focuses on the impact of public environmental concerns on corporate governance and corporate behavior from the perspective of formal and informal institutionsThis paper uses Ashare manufacturing listed companies from 2010 to 2018 as research sample to examine the relationship between public environmental concerns and corporate green innovation behaviorThe results of the study find that there is a positive correlation between the public environmental concerns of the company's location and the company's green innovation behaviorTwo underlying channels lead to these resultsFirst，public environmental concerns play a role by strengthening government environmental regulations，and political connections will weaken this channelSecond，public environmental concerns play a role by raising corporate ecological awarenessThis impact is even more pronounced if the chairman is female，elder or has hometown preferencesThe results suggest that public as an important stakeholder impacts corporate environmental behavior.

COVID-19 pandemic has triggered the reconfiguration of global value chain (GVC) towards strengthening GVC’s resilience on future emergenciesBased on loose coupling theory，this research focuses on analyzing the structural patterns of GVC and their linkage with GVC’s resilience，delineates the model of GVC’s evolution to improve system resilience in response to severe emergencies，and provides a theoretical explanation on the responsive evolution mechanism of GVC structured as a loosely coupled system during the impact of current COVID-19 pandemicThen，by judging GVC’s structure is undergoing destructive reconstruction，this research refines the coevolving model which is expressed by “system structure reconfiguration + system resilience improvement” and suggests that the futureoriented advanced existence of GVC is the more resilient business ecosystemTo accelerate the formation of this new type of GVC，this research reveals the typical structural features of a more resilient business ecosystem and provides an analytical explanation on its emerging process and its underlined longtermism，and then specifies the feasible paths of its emergenceHence，implications and recommendations are proposed for Chinese companies and Chinese government to jointly promote the construction of a more resilient business ecosystem.

How to improve the innovation ability of stateowned enterprises is a controversial issueBased on the faulttolerant mechanism implemented by stateowned enterprises，this paper studies the innovation of stateowned enterprisesBy constructing a dynamic game model and solving the Nash equilibrium，this paper puts forward two theoretical hypotheses：（1） positive incentive can improve the lowrisk innovation incentive of SOE executives，but cannot improve their highrisk innovation incentive；（2） the combination of positive incentive and faulttolerant mechanism can promote the highrisk innovation incentive of SOE executivesEmpirically，taking the establishment of faulttolerant mechanism implemented by central enterprises as a quasinatural experiment，this paper uses the data of listed companies actually controlled by central enterprises from 2013 to 2019 and adopts multiperiod DID method to verify the above hypothesisFurther research shows that when an enterprise is in a competitive industry or its executives are younger，the promotion effect of fault tolerance mechanism on highrisk innovation investment is strongerThe findings not only provide a new perspective for improving the innovation ability of SOEs，but also provide a basis for optimizing their faulttolerant mechanism

This paper takes the perspective of fiscal decentralization among subprovincial governments to examine the effect of Provincemanagingcounty（PMC） reform on the income gap between urban and rural areas Theoretically，PMC reform has increased local taxsharing rate and intergovernmental transfers，which force local governments to face more intense horizontal competition，extending a “grabbing hand” to the rural areas，and choose a development strategy that favors capitalintensive industries Those two logical approaches widen the income gap between urban and rural areas in the county Empirically，the main findings are as follows First，PMC reform has widened the income gap Second，the effects of PMC reform vary in different regions PMC reform has a positive impact on the gap between urban and rural areas in eastern and middle regions But it has an opposite impact in minority，poverty and western regions It has no impact in grainproducing counties and border counties Third，the mechanism analysis shows that two channels of PMC reform are intense horizontal competition among counties and governmental development strategy that favors capitalintensive industries

This paper takes the deregulation of bank branch entry barriers in 2009 as an external shock and explores how bank competition influences firms' debt and investment This paper uses double machine learning method to identify causal relation，which can solve the risk of misspecification in traditional OLS regressions as well as the regularization bias in machine learning The results indicate that intensifying competition in banking sectors not only significantly reduces the corporate financing costs，increases firms' financing ability of longterm debt，but also brings firms back to the real economy In addition，SMEs enjoy more benefits brought by this reform This paper is important for solving the financing problem of SMEs，improving the financialization of firms and optimizing financial resource allocation

The influence of artificial intelligence on economic inequality has attracted wide attention in academic circles However，the existing research focuses on analyzing its impact on labor income inequality There is still a lack of relevant research on its impact on wealth distribution and thus on property income inequality This paper establishes a continuoustime heterogeneous agent dynamic general equilibrium model，regards the influence of artificial intelligence on production technology as a package of biased technological progress，and studies the influence of artificial intelligence technology on wealth distribution It is found that the influence of artificial intelligence on wealth inequality is different in the short term and in the long run The application of artificial intelligence technology will increase the degree of wealth distribution inequality in the economy in the short term In the long run，the wealth distribution effect of artificial intelligence depends on its promotion to different types of technological progress The core mechanism is that the diversity of technological progress in artificial intelligence has different effects on the return on capital in the short term and in the long run In the short term，all kinds of technological progress will always increase the return on capital，while in the long run，different types of technological progress have different effects on the return on capital Based on the above conclusions，this paper puts forward some policy suggestions on how to apply artificial intelligence to promote growth and prevent the expansion of inequality in China

As an empirical research method, input-output technique is widely used in the analysis of practical economic problems, but the understanding of the assumptions and properties of the model is the premise of correct use of the method The prominent characteristics of input-output model are productioncentered, structured and systematic Demanddriven quantity model and costdriven price model constitute the core framework of input-output technique, both of which are productioncentered The interaction between industries reflected in the quantitative model and the price model includes not only direct but also indirect connections, therefore it is a structural methodology From the systematic point of view, this framework takes production as the core to form the endogenous boundary of the model and can further adjust the endogenous boundary and concept In addition, the supply driven model is established by introducing distribution coefficient, and Leontief inputoutput model is extended to generalized inputoutput model by being combined with optimization model, which constitute the systematic frameworkFocusing on the basic properties of inputoutput model, this paper fully discusses some basic issues of the framework, including the nature of structural description, the determination and adjustment of the endogenous boundary of the system, the symmetry of the demanddriven and supplydriven modelling system, and the duality of the generalized input-output system From the discussion, the thoughts of the authors on the properties of input-output framework are proposed

This paper considers technological acquisition as a microprocess of knowledge spillover and examines whether specialization agglomeration or diversification agglomeration plays a dominant role in technological acquisition decisions and its influence mechanismBased on the data of technological aquisition of Chinese Ashare manufacturing listed companies in 20072017，it is found that specialization agglomeration significantly promotes technological acquisition through knowledge competition effect and information network effect，but diversification agglomeration has no significant effect on technological acquisition decisionsThis means that specialization agglomeration has a significant knowledge spillover effect  while diversification agglomeration has no similar effect Further analysis reveals that the institutional environment is an important influence mechanism that determines whether the knowledge spillover effect of specialization agglomeration can play out，as shown by the fact that the knowledge spillover effect of specialization agglomeration is more significant in regions with higher levels of private enterprises，social trust and marketizationThe findings of this paper deepen our knowledge and understanding of the knowledge spillover effect of industrial agglomeration，enrich the relevant research on technological acquisition decisions，and have important policy implications for promoting coordinated regional development and building technological innovation systems

The Innovation of Socialist Finance Theory with Chinese Characteristics in the New Era has three important elements，which are the “root” of traditional Chinese financial management culture，the “principles” of Marxist fiscal theory and the “method” of Western fiscal theoryIn terms of historical financial wisdom，a series of financial ideas such as Confucianism，Taoism and Legalism were produced in ancient China，which need to be inherited and innovatively developed based in the new eraIn terms of Marxist financial theory，Marx and his classical writers have formed various scientific theories on financial value subjects，endogenous dynamics and social forms based on the essence of finance，which need to be creatively transformed based on national conditions in the new eraWestern fiscal theory has put forward various theories based on “market failure”，which have important inspirations for China to play the decisive role of market in resource allocation，and need to be borrowed based on local conditions for rationalization in the new eraIn the past，a lot of researches have been conducted on the local application of Western fiscal theories，the Sinicization of Marxist fiscal theory and the modernization of historical experiences，but they are fragmented from each otherBy integrating the three，this paper may be able to deconstruct Chinese fiscal theory and governance practice from a new perspective and provide new academic references for further deepening fiscal reform in China in the future

This paper studies the wage stagnation phenomenon of the global manufacturing sectors from the perspective of rapid growth of intermediate product trade and its quality First，this paper reconstructs the wagedetermination model under open condition based on the DS monopolistic competition framework and the research of Koch & Smolka（2019)，and finds that the quality of imported intermediate product affects the fluctuation of wages in all countries Second，based on the research of Feenstra & Romalis（2014)，this paper constructs a new GEKS index to measure the quality of imported intermediate product at the level of productindustrycountry or region，and then uses the CEPIIBACI（HS92）trade database to estimate the quality of the intermediate product in SITC_Rev2 fourdigit manufacturing industries quality imported from 248 export markets in 37 countries during 19952011 It shows that the quality of imported intermediate product in the global manufacturing sectors has an obvious rising trend，but the differentiation is serious It rises in the middle and lowincome economic entities and declines in the highincome economic entities Finally，this paper quantitatively identifies the specific impact of the quality of imported intermediate product on manufacturing wages in importing countries or regions at the transnational or regionindustry level The findings are as follows：（1）The quality of imported intermediate product has a significant and negative effect on global manufacturing wages，and the reduction effect is the greatest in middle income economic entities，middle technology intensive industries，high skilled labor forces and the importing minerals industries（2）The quality of the imported intermediate product reduces the global manufacturing wages through two mechanisms，employment destruction effect and R&D incentive effect（3）The effect of the quality change of imported intermediate product on manufacturing wages is a market law and a temporary “global shock” These findings explain the puzzle of wage stagnation in the global manufacturing sectors and inspire countries to respect the laws of nature and market in the globalization，strengthen international cooperation，jointly cope with the impact of the external shock，improve peoples wellbeing，and jointly build a community with a shared future for mankind

Starting from the marginal abatement cost，this paper uses the nonparametric estimation method of the directional distance function to measure the marginal carbon abatement costs of China's industrial industry from 1997 to 2019，predicts the change of the marginal emission reduction cost of various industries in China from 2020 to 2030，judges the current development trendMoreover，The carbon emission peaking process of various industries is studied，and the influencing factors of the marginal carbon dioxide emission reduction cost are analyzedThe study finds that during the estimation period，the marginal carbon abatement costs of various industries in China have increased significantly，but there are large differences in the rate of increase and there is obvious heterogeneity in emission reduction potentials among various industriesThe forecast results show that under the current development trend，most of China's industries can reach their peaks before 2030，but some heavy industries need to speed up their transformationIndustrial structure，energy consumption structure and energy efficiency have significant impacts on the marginal carbon abatement costs of all industries，which provides a feasible idea for controlling the emission reduction cost to accelerate the process of carbon peaking

Pattern of firm's production and gender income distribution in China is undergoing profound changesGig economy brings about the informalization of employment and the instability of incomeWhile a large number of women have been absorbed into gig economy，the way they participate in the labor market and in the family has also changed，and the gender wage gap may also changeTheoretical analysis shows that，in the market field，informal employment deepens the squeeze effect of the labor reserve army on wages，and women as a “reservoir”，have a more obvious squeeze effect；in the household field，unstable income deepens the selfdiscipline of workers，workfamily balance is difficult to achieve，and the uneven distribution of housework and labor time has further expanded the income gapUnder the above two effects，the gender wage gap in the gig economy is significantly larger than that in the nongig economyThe empirical research results based on the national microsurvey data verify the conclusions drawn from the above theoretical deductionsBy constructing comprehensive indicators of “flexibility” and “security”，the article points out that it is necessary to establish a flexicurity labor market mechanism，attach importance to the employment protection of disadvantaged groups，promote the gig economy to become the backbone of “stabilizing employment and ensuring growth”

About whether there is convergence in regional economic growth，the existing empirical literature largely ignores the spatial heterogeneity of the convergence rateBased on the neoclassical economic growth theory，the article constructs a spatial Durbin panel quantile model and examines the spatial heterogeneity of economic growth convergence in 336 prefecture-level cities in ChinaResults show that the economic growth of various cities in China is generally converging，and the rate of convergence is U-shaped as the quantile increasesConsidering the free flow of capital among regions，the role of savings rate in low-growth and medium-growth regions is significantly reducedHigh-growth regions are less driven by the surrounding economies than in low-growth and medium-growth regions，so the rate of convergence in high-growth regions has become greaterFurther analysis finds that the southern and northern regions，and the eastern and western regions all exhibit the characteristics of club convergence，while the economic growth of the central region is characterized by economic divergence in high-growth regions and convergence in low-growth regionsIdentifying the spatial heterogeneity of regional economic growth is very important for the government to better implement regional coordinated development strategies to reduce regional economic differences