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

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

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

 Based on the M&A data of Chinese companies from 2008 to 2019, this paper finds positive shortterm and longterm matching effects: acquirers earn higher performance when their M&A premium matches the target firms earnings quality This paper also confirms the signal transmission mechanism of shortterm matching effect and the investment efficiency and synergy mechanism of longterm matching effect Further research shows that such shortterm and longterm matching effects still exist in continuous M&A, but only shortterm matching effects work in the M&A supported by industrial policy This paper expands the theoretical framework of the rationality of M&A premium and provides a reference for correctly understanding the effect of matching on M&A performance and resource reallocation

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

Increasing the proportion of labor remuneration in the primary distribution is the foundation for common prosperity，and it is also inevitable measures to optimize Chinas income distribution pattern and highlight the advantages of the socialist system In this paper，we take the enactment of the Social Insurance Law in 2011 as a quasinatural experiment，using the data of nonfinancial listed companies from 2007 to 2020，and conducts empirical analysis based on the differenceindifferences model to examine the impact of social security premiums collection on labor share We find that: The enactment of the Social Insurance Law has strengthened the intensity of social security，so that labor income has increased significantly by 401% Furthermore，the mechanism tests find that the compliance effect of enterprise actual social security contribution is increasingly complying with the social security policy requirements，rather than the substitution effect dominates the positive effects between social security premiums collection and labor share Heterogeneity analysis shows that the promoting effect of social security premiums collection on labor share is more profound for enterprises located in a large pressure of social security spending，nonstateowned enterprises and firms with lower financing constraints Our findings provide new idea to how to improve our social insurance system to promote labor share and promote common prosperity 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 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

2022 is a year when the Chinese economy faced “triple pressures” and resisted unexpected shocksOn the one hand，the domestic ultralargescale market，complete industrial chain，new energyrelated industries continued to improve，and the trade surplus remained high，providing continuous impetus for the stabilization of the macro economyOn the other hand，the COVID19 repeatedly breaking out on a large scale，the RussiaUkraine conflict disturbing the world energy market，high temperature and drought，deep adjustment of the real estate market，insufficient consumption，and weakened confidence have made the economy only weakly stabilizedThe negative output gap continued，and the economic recovery process was relatively slow2023 is the dividend window period after the “20th National Congress”，the period that the “14th Fiveyear Plan” inherits the past and ushers in the later period，and is also a period of accelerated structural adjustment of international and domestic development drivers，and the new development pattern enters a period of accelerated implementationOn the one hand，the “triple pressures”，especially the problem of shrinking demand，will continue in 2023On the other hand，with the weakening of the epidemic factors，the gradual recovery of consumption vitality，and the promotion of highquality development by the systematic policy layout，the macroeconomy will be fully restored and the overall improvement will be achievedHowever，it should be noted that there are still many challenges in how to further stabilize consumption and build a macroeconomic governance system that is compatible with the incentives of the new development pattern

2022 is a year with a high incidence of unexpected events at home and abroad This paper believes that the “triple pressure” combined with the “two unexpected shocks” made China's macroeconomic operation seriously deviate from the normal growth track in the first half of the year，showing the characteristics of “rapid bottoming” and “increased pressure” However，as the recent epidemic factors gradually subside，the macro policy stimulus has increased，and the inflection points of core economic parameters have come one after another，the bottom of China's economy will be fully revealed Looking forward to the second half of the year，China's macroeconomy will usher in a stabilization and recovery trend，but the recovery process will be more fragile than that in 2020，and China's macroeconomy will show the operating characteristics of asymmetric “Wshaped recovery” The macro policy adjustment in the first half of the year was timely and forward，but the intensity was insufficient and the efficiency decreased In the second half of the year，greater efforts and more precise macrocontrol measures are needed，and the policy effect will be more fully reflected In addition，in order to ensure the basic completion of the annual economic goals，China's package of measures to stabilize the economy needs to expand capacity and innovate tools in the medium term Finally，combined with the opportunities and challenges facing China's macroeconomy，this paper puts forward ten suggestions for China's economic development in the future

Under the new development paradigm, modern industries should pay more attention to the balance between development and safety This paper analyzes how exchange rate fluctuation and foreign industry competition affect Chinas industries using a comprehensive data from 2005 to 2018 The results show that 425% of Chinas industries are exposed to USDRMB risk, and the resource product industry is most affected by exchange rate shocks The tradable goods industry has benefited from the devaluation of the RMB against the US dollar, but the importance of the exchange rate is much lower than the JapanUS trade war period (19751997). Similarly, 389% of industries face industrial competition from the United States, and industrial policy support has enhanced the competitiveness of Chinas industries In addition to the United States, Chinas industries also face industrial competition from developed European countries such as the United Kingdom and France On this basis, the difficulties and countermeasures of enterprise internationalization in the post epidemic era are discussed The research has abundant policy applications for exchange rate risk management and industrial policy formulation

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

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”

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

The information revolution is increasingly impacting the world economy The digitalization of government departments has become a key area of competition for national soft power In recent years，increasing the technological content of export products and optimizing the structure of export trade have become important strategic choices for China to build a trading powerhouse At this stage，promoting the digital transformation of government departments and accelerating the construction of digital governments have gradually become the key driving force for China's open economy to develop to a higher level in the digital economy era
This paper uses big data and machine learning methods to measure the digital government construction index of various prefecturelevel cities in China，and utilizes the Chinese Customs Database，BACI Database，and WDI Database to calculate the export technological sophistication of each city We also empirically examine the impact of digital government construction on export structure upgrading
The empirical results show that digital government construction can promote the upgrading of export structure Series of causal inference and robustness tests have verified the reliability of this conclusion Heterogeneity analysis shows that digital government construction can overcome the “digital divide” to promote the upgrading of exports，and has a greater impact on the central regions，western regions and regions with weak demographic dividends The mechanism analysis demonstrates that digital government construction facilitates the upgrading of export structure through the effects of innovationdriven growth，expansion of intermediate variety imports，and the establishment of a unified national market Furthermore，digital government construction can promote export structure upgrading by promoting resource reallocation among cities and facilitating product entry or exit Extended analysis reveals that smart city construction can effectively collaborate with digital government to jointly drive Chinas export structure upgrading
The policy implications are as follows：Firstly，it is imperative to further enhance the highquality construction of a digitized government，facilitate the deep integration of an efficient market and a promising government，and drive Chinas export structure upgrade through the digitalization reform of the government Secondly，it is essential to promote the balanced development of digitization in all prefecturelevel cities nationwide，thereby empowering the establishment of a unified national market and leveraging the transformative role of government functions in “digital trade” Thirdly，efforts should be made to enhance the construction of digital infrastructure，gradually eliminate multidimensional “digital divide”，and create favorable conditions for nurturing new advantages in China's export trade during this era characterized by a digital economy

China's regional GDP inequality showed a downward and then an upward trend in 1949—2019, and it also showed a similar trend in the past decade Regional per capita GDP inequality is in a state of horizontal fluctuation, and appears σ convergence in recent years and β convergence in 2019 At present, weak innovation ability, high government debt ratio and low proportion of labor are important reasons for lack of driving force in less developed areas R&D expenditure, capital stock and employment scale are the main reasons for the formation of regional economic inequality, which can explain 889% of provincial level GDP difference and 591% of per capita GDP difference from 1999 to 2019 R&D expenditure and employment scale are the main causes of regional GDP inequality, and R&D expenditure and capital stock are the main causes of regional per capita GDP inequality The spatial econometric analysis shows that the spatial spillover effect of China's regional economic growth is significant, but the spatial spillover effects of R&D expenditure, capital stock and employment scale are different Only R&D expenditure has positive spatial spillover effect on economic growth, and there are certain differences in the spatial spillover effects of the three economic belts in the East, the West and the middle region

Bank competition may either promote or inhibit the financialization of enterprises due to multiple mechanisms of their interactions Based on the panel data of nonfinancial Ashare listed companies from 2007 to 2019，this paper examines the relationship between them empirically The results show that：（1）Competitive banking market structure inhibits the financialization of enterprises（2）Bank competition not only eases the erosion of debt costs on corporate profits，helps to narrow the profit margin gap between the financial sector and entity enterprises，thereby inhibiting profitseeking behaviors of enterprises' financialization，but also promotes corporate innovation by guiding the allocation of credit resources，which exerts crowdingout effect on financial assets allocation in entity enterprises；in addition，bank competition also encourages banks to play the role of monitoring actively，which helps to inhibit the enterprise insiders'opportunistic behaviors of financial speculation（3）The inhibiting effect of bank competition on the financialization of enterprises is more significant in nonstateowned enterprises，small and mediumsized enterprises and enterprises located in regions with lower levels of marketization These results indicate that enhancing the level of bank competition can help to restrain the trend of financialization of enterprises and reverse the situation of the economy “shift from real to virtual”

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

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

The intention of regional integration policy is to enhance residents' sense of gain by weakening barriers of factor mobility and narrowing regional development gap This paper constructs policy indices from four perspectives： transportation connectivity，weakening of administrative barriers，economic cooperation and labor mobility，and studies the policy effects of regional integration strategy at two aspects： narrowing the income inequality among regional residents and improving their sense of gain It is found that：（1）Regional integration policies can enhance residents' sense of gain based on narrowing the income gap among regional residents，and administrative measures are the main policy measures to enhance residents' sense of gain（2）The convergence of regional income inequality is the objective basis for the improvement of residents' sense of gain，and the policy effects of regional integration policies to reduce regional income inequality are heterogeneous at different stages and in different regions（3）Mechanism analysis shows that the transportation measures and administrative measures in the regional integration policy can significantly narrow the income gap of regional residents by guiding capital to spread to undeveloped areas，which is the major way to enhance residents' sense of gain