Table of Content

16 September 2023, Volume 43 Issue 9

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NEW STRUCTURAL ENVIRONMENTAL ECONOMICS：NEW FRAMEWORK AND NEW INSIGHTS

LIN Yifu, FU Caihui, ZHENG Jie

2023, 43(9):  4-17. 

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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 MACROECONOMY CONSOLIDATES THE FOUNDATION OF RECOVERY

RUC Research Group of Macroeconomic Analysis and Forecast

2023, 43(9):  18-38. 

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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


HOW CHINA‘S NEW ENERGY VEHICLE INDUSTRY ACHIEVED SUCCESSFUL DEVELOPMENT—— An Analysis Based on New Structural Economics

WANG Yong, XU Wan, ZHAO Qiuyun, LIU Changzheng

2023, 43(9):  39-54. 

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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


WHY DO MUNICIPAL INVESTMENT BONDS CONTINUE TO GROW——An Empirical Analysis Based on the Local Government Network Game

YANG Jidong, ZENG Yunqi, WEI Ran

2023, 43(9):  55-68. 

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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


MARKET SEGMENTATION AND THE ECONOMIC DEVELOPMENT IN BORDER REGIONS OF PROVINCES

DONG Xuebing, CUI Ning

2023, 43(9):  69-84. 

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The border region of provinces has always been the area where the contradictions are more prominent in the regional coordinated development Subject to administrative barriers between regions，the border region of provinces forms “lowlying land” in regional development From the perspective of administrative barriers hindering market integration，this article uses the retail price index of commodities to calculate the market segmentation between neighboring provinces and explores the impact of administrative divisions on the regional economy This article finds that：the border effect has a negative impact on the economic development of the border area，and it intensifies as the degree of market segmentation increases Evidence from manufacturing companies shows that the border effect is not conducive to the improvement of industrial concentration and specialization in the border area，and it is difficult to form the favorable conditions required by the agglomeration economy，which further restricts the economic development of the border area The research in this paper suggests that accelerating the formation of a unified national market is the key to promoting the economic development of border regions of provinces


FOREIGN OWNERSHIP AND BANK LIQUIDITY CREATION UNDER HIGHLEVEL OPENING

LI Zhen, SONG Ke, XU Lei

2023, 43(9):  85-98. 

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This paper uses the data of 36 Chinese listed banks from 2007Q1 to 2020Q2 to examine the impact of foreign ownership on bank liquidity creation The result shows that：First，foreign ownership reduces bank liquidity creation，which is mainly reflected in the inhibiting effect on the assetside and liabilityequityside bank liquidity creation，and in the promoting effect on the offbalance sheet bank liquidity creation Second，foreign ownership reduces bank liquidity creation mainly through the funding channel that replenishes bank capital，the governance channel that improves bank internal governance，the knowledge channel that enhances bank financial innovation，and the technology channel that improves bank digitalization Third，with the increase of foreign ownership，stateowned commercial banks and jointstock commercial banks increase liquidity creation，urban commercial banks reduce liquidity creation，while rural commercial banks show no significant changes on liquidity creation Fourth，foreign ownership promotes bank liquidity creation when economic policy uncertainty rises and during highlevel opening period


ARTIFICIAL INTELLIGENCE AND THE INTRAENTERPRISEWAGE GAP：TASK BIAS OR SKILL BIAS

YAO Di, CHEN Dong, ZHENG Yulu

2023, 43(9):  99-112. 

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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”