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

 Corporate governance is the micro foundation and an important component of national governance. As a toplevel design, the concept of national governance plays a leading role in the corporate governance reform of stateowned enterprises at the micro level. Drawing on the general goal of comprehensively deepening reform, this paper points out that the goal of corporate governance reform of stateowned enterprises at the present stage should be “perfecting and developing the corporate governance system of stateowned enterprises with Chinese characteristics, and promoting the modernization of governance system and governance capacity of stateowned enterprises”. To achieve the goal above, this paper makes a certain conception on the corporate governance theory of stateowned enterprises with Chinese characteristics. Furthermore, this paper analyzes and discusses the concrete embodiment and realization path of the modernization of corporate governance system and governance capacity of stateowned enterprises. While enriching the theory of corporate governance, this paper has important enlightenments for the practice of stateowned enterprises reform in the new era.

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.

2021 is a year of sustained recovery of China's macro economy, showing the characteristics of “front high rear low”, “structural differentiation” and “increased pressure”. On the one hand, the overall stability of epidemic prevention and control, the continued prosperity of foreign trade, the continuous improvement of hightech industries and the successful completion of the goal of an allround welloff society have provided a sustained driving force and solid foundation for the sustained recovery of China's macroeconomy during the epidemic period. On the other hand, downward pressure of China's macroeconomy has continued to rise since Q2 of 2021, due to COVID19s reversal, extreme weather events, high commodity prices, rapid macroeconomic policy, real estate and carbon emissions reduction and other structural adjustment policies, financial risk control, and social public opinion changes triggered by platform rectification. The process of economic recovery has slowed down, and the negative output gap has widened. 2022 is the year of the 20th National Congress of the Communist Party of China, the full implementation of the 14th fiveyear plan and the comprehensive layout of the new development pattern. On one hand, in 2022, China's macroeconomy will partially continue the driving force and foundation of macroeconomic recovery in 2021. On the other hand, under the influence of factors such as the repositioning of macroeconomic policies, the readjustment of coordination system and the full implementation of the 14th fiveyear plan, the downward pressure on macroeconomic will be greatly relieved. However, it is worth noting that how to find a new balance between structural policy and aggregate policy, countercyclical policy and crosscyclical policy still faces many challenges.

The Sixth Plenary Session of the 19th Central Committee of the Communist Party of China considered and adopted the Resolution of the Central Committee of the Communist Party of China on the Major Achievements and Historical Experience of the Party over the Past Century, and defined the main tasks that the party will face in the New Era. To solidly promote common prosperity in the New Era, we need to accurately grasp the theoretical basis, practical basis and planning program of common prosperity in the three transcendences. First, we must go beyond simple social movements and realize that common prosperity has a solid foundation of economic, social and political theories from the economic, social and political perspectives. Gradually promoting common prosperity is an inevitable requirement for Chinas smooth economic cycle, harmonious social order and solid political foundation. Second, we must go beyond simple theoretical and logical deduction and comprehensively grasp the current situation from the perspective of historical practice that promoting common prosperity is the inevitable choice for socialism with Chinese characteristics to achieve the goal of a welloff society in an allround way and take advantage of the trend to realize modernization in an allround way, which has a solid historical and practical foundation. Third, we must go beyond the general ideological debate, build a scientific implementation plan and feasible path in the criticism of theory, constantly deepen the understanding of common prosperity in practice, solidly promote the construction of common prosperity demonstration area in highquality development, and build a basic institutional arrangement for the coordination and matching of the three major distributions.

Evaluating the impact of income inequality on economic growth is critically important to judge the reforms of Chinas income distribution system in all development stages. This paper incorporates income inequality into the framework of Unified Growth Theory and constructs a theoretical model that endogenously determines population size, inequality and economic growth. The empirical study is carried out using China's provincial panel data and the income inequality index is constructed based on the CGSS data. Empirical results show an inverted Ushaped relationship between inequality and economic growth. Moreover, the inverted Ushaped curve gradually moves to the leftside as economy develops, suggesting that the optimal inequality reduces in pace with the development of the economy. These findings suggest that, since the reform and opening up, Chinas income distribution system reform in each period is the optimal choice under the specific historical conditions. The conclusions of this paper have profound policy implications: the achievements of eliminating poverty should be consolidated and the income inequality should be reduced in line with economic development.

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

Based on the definition of finance shifting from real economy to virtual economy, this paper puts forward its judgment standard and degree range. An empirical study of 78 economies from 1990 to 2018 shows that from 2012 to 2014, China was in a mild state of finance shifting from the real economy to the virtual economy, from 2015 to 2018 in a moderate state, then back to the mild state in 2019, but the financial leverage is expected to rise again in the following five years. This indicates that China's microeconomy continues being faced with heavy pressure of systemic risk caused by high financial leverage and the future microcontrol policy orientation remains to focusing on maintaining the growth while reducing the leverage level. In view of this situation, this paper puts forward some suggestions as follows. First, a prudential supervision mechanism of finance shifting from real economy to virtual economy should be established, in which financial leverage should be used as a prudential regulatory policy tool and balanced financial leverage should be used as a standard, so as to guide finance to return to the standard function of serving the real economy in a forwardlooking way. Second, the current benchmark deposit interest rate should be reformed and the monetary policy of locking up shortterm liquidity and releasing longterm liquidity should be implemented, to eliminate the policy factors that may cause finance shifting from real economy to virtual economy.

Under the pressure of global energy crisis and domestic haze pollution, pollution control through green investment has become an important issue concerned by the whole society. This paper takes energy listed companies in China from 2008 to 2017 as a research sample, and uses Probit model to examine the impact of green investment on corporate environmental performance. The results show that increasing green investment can significantly improve corporate environmental performance, and environmental regulation is conducive to increasing corporate green investment. The moderating effect shows that environmental regulation and patent innovation have a positive moderating effect on the positive relationship between green investment and environmental performance, while the positive tendency of media reports will weaken the positive effect of green investment on environmental performance, but government subsidies and R&D investment have no significant moderating effect on the relationship between green investment and environmental performance. Further analysis finds that the improving effect of green investment on corporate environmental performance is more significant in stateowned corporations, largescale corporations and corporations with weak financing constraints.

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

After more than 40 years of reform and openingup, with the rapid rise of Chinese economy, RMB, as a sovereign currency, is gradually stepping onto the world currency stageYet how to turn it into a worldwide leading currency in parallel with the major ones in the western world remains an issue of widespread public attentionThe paper argues that an objective evaluation of this issue requires an analysis from perspectives of both history and theoryA pure focus on theory tends to confine the Chinese choice to the path taken by American dollar and British poundBut if seen from a historical perspective, the feasibility of that choice will be greatly discountedHistorically, the Chinese currency system was shaped by its unique characteristics of an overlarge scale of economy and a currency made from cheap metal, which indicates that it was designed to serve domestic economy and people's livelihood, in contrast with some of the western currencies which were frequently used as a tool in foreign expansion and the establishment of world hegemonyUndoubtedly, the present RMB system cannot shake the influence of this traditionIn the process of the nearly one hundred years of national crisis and selfimprovement in modern times, the Chinese Communist Party, the creator of this system, has been fully aware of the importance of the independence of currency system and the stabilization of currency valueAnd its main target has always been more to serve domestic economy and people's livelihood than to pursue the internationalization of its currencyAccordingly, this has resulted in the asymmetry between the big scale of its economy and the limited international use of its currencyHow are we to objectively evaluate the asymmetry? Should it be considered as a dilemma or as a characteristic? The conclusion of my paper is that the growth of RMB into a worldwide leading currency is the natural outcome of rather than the premise condition for the rise of Chinese economyHence, we need to properly handle the timing of the internationalization of RMB, especially the rhythm of its international use, so as to explore a path unique  to China in this process

Improving the fiscal expenditure efficiency of local government is an important condition for achieving fiscal sustainable development. Based on the DEA model and Malmquist index, this paper uses the data of 30 provinces in China from 2004 to 2016 to measure the fiscal expenditure efficiency of local government and analyzes the impact of fiscal pressure, promotion pressure and development pressure on the fiscal expenditure efficiency of local government. The results show that: (1) There is little difference between the mean value of technical efficiency changes in fiscal expenditures and the mean value of scale efficiency changes in different regions; (2) facing greater fiscal pressure, the fiscal expenditure efficiency of local government is lower; (3) having higher economic growth rate, the fiscal expenditure efficiency of local government is lower; (4) overfulfilling central economic development goal is conducive to improving the fiscal expenditures efficiency of local government.

Based on China's original and innovative human capital system framework, using 30 provinces in China as samples, this paper for the first time uses the fuzzyset qualitative comparative analysis (fsQCA) method to study the joint effects of six important human capital systems on innovation performance and the interaction between different systems. The research shows that: any single system is not a necessary condition for high innovation performance, nor is it able to constitute a sufficient condition. Only a combination of multiple systems can improve innovation performance. There are five paths to support high innovation performance in China, which can be further divided into three models: “financialoriented” model, “innovatororiented” model and “performancemaintaining” model. In the financialoriented model, the developed human capital credit system objectively protects the supernormal tacit knowledge, thus partially replacing the ordinary property right system and pricing system. In the innovatororiented model, there is a complementary relationship among the security system, the property rights system and the evaluation system. In the performancemaintaining model, the education system can make up for the lack of the property right system, but it is difficult to continue due to the brain drain. This paper supplements and develops China's original and innovative human capital system framework, and provides useful inspiration for governments.

This paper considers the reform and openingup policy as a quasinatural experiment, and firstly uses the synthetic control method to examine the performance effect of the reform and openingup policy on Chinas economic growth. The paper finds that the synthetic control method simulates the situation before the reform and openingup policy through weighting many control objects. The synthetic control method can evaluate the performance effect of the reform and openingup policy more scientifically than traditional approaches. The result shows that the reform and openingup policy has accelerated Chinas economic growth rate by 669 percentage points every year on average since 1978. The placebo test, rank test and DID estimation method prove the validity and robustness of the above results. The mechanism to accelerate Chinas growth of the reform and openingup policy is the increasing physical capital investment and international trade rather than the inadequate human capital. This paper firstly quantitatively supports the popular opinion of the reform and openingup policy creating Chinas economic growth miracle, and also supplies the vital historical quantitative basis and empirical evidence to the future promotion of reform and openingup.

Based on the accurate definition of the statistical caliber of rural employed persons, this paper uses the 2015 Special Survey Data of Outflow Monitoring released by the National Health and Family Planning Commission of China to construct a multiclass prediction model based on the selection of rural labor employment types. Then using the supervised machine methods of AdaBoost algorithm, this paper estimates the absolute surplus labor force and relative surplus labor force in rural areas in 2010—2018. The results show that the absolute surplus labor force in rural areas in 2018 is 3692 million, 806% of which is the explicit surplus labor in the form of open unemployment; the relative surplus labor force in 2018 is 5369 million, and only 1051 million of them are the outside transferable surplus labor force. This paper judges that China has stridden across the first Lewis turning point, and will continue to face the dual dilemma of labor shortage in agricultural production and insufficient labor supply in nonagricultural sectors. In this regard, this paper puts forward policy recommendations such as promoting full employment of agricultural labor, improving the efficiency of the allocation of rural production factors, promoting the local transfer of rural labors and eliminating barriers to labor transfer across regions.

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

Internet technology promotes the rapid development of fintech, which reduces financing constraints and entrepreneurial costs, promotes entrepreneurship and employment of the returned migrants and helps realize the Rural Revitalization Strategy in China Using theoretical model and empirical analysis, the paper focuses on the impact of fintech on returned migrants' job decisions Using the Index of Digital Financial Inclusion and the data from China Laborforce Dynamic Survey (CLDS) and using the Logit model and instrument variable to deal with endogenous problems, the empirical results show that: a onestandarddeviation increase in fintech significantly improves the probability of nonagricultural employment of returned migrants by 0062~021 units, and reduces the probability of their agricultural employment by 0071~022 units Fintech can reduce the cost of financing and entrepreneurship, and attract returned migrants to carry out opportunitypull entrepreneurship in rural areas, so as to create jobs and promote migrants' income In contrast, fintech has no significant impact on entrepreneurship and income of ruralurban migrants Heterogeneity analysis shows that fintech can significantly promote the returned migrants with low physical capital and low human capital to carry out opportunitypull entrepreneurship, and has stronger universality for the returned migrants with high physical capital These findings have important policy implications and provide evidence for stabilizing employment, promoting information technology in rural area and the realization of Rural Revitalization Strategy

Firstly, this paper analyzes the influence mechanism of internet finance on traditional commercial banks from the perspectives of bank assets, liabilities and payment and settlement. Then, based on the data of 79 commercial banks in China from 2010 to 2018, a variety of estimation methods are used to conduct empirical analysis. The results show that internet finance has obvious negative impact on the performance of commercial banks in China. The financial development level and other factors also produce important impacts from different aspects. The test results of impact mechanism confirm that the development of internet finance has brought significant negative impact on banks' net interest income and noninterest income, which further influences bank's performance. The heterogeneity tests show that the impact of internet finance on agricultural commercial banks' and city commercial banks' performance is greater than that on stateowned large and mediumsized banks. Banks located in the eastern regions, carrying out crossregional operations and with higher innovative abilities can better respond to the impact of internet finance. In the new financial ecology, the deepening integration of information technology, and accelerating transformation and innovation of Fintech are the important strategic approaches of further sustainable development for traditional commercial banks.