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  • Theoretical Logic and Practical Paths of East-west Cooperation for Promoting High-quality Development in Ethnic Regions
    GUO Dongmei, YUE Xiaotong, LIANG Yinhe
    2026, 0(3): 5-16.
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    Promoting high-quality development in ethnic regions is vital for China's modernization and national rejuvenation.As a key part of China's regional coordination strategy, east-west cooperation plays an important role.This study explains what high-quality development in ethnic regions means and analyzes its intrinsic correlation with the New Development Philosophy.Based on the innovation, coordination, green development, openness, and sharing, this paper clarifies the theoretical logic between east-west cooperation and high-quality development in ethnic regions.It also shows how this cooperation can activate endogenous growth momentum, improve regional development layouts, and promote common prosperity. For the“15th Five-Year Plan”, China should enhance the empowering impact of East-west cooperation on ethnic regions by focusing on: jointly developing platforms and industries, optimizing infrastructure and resource allocation, balancing eco-governance with green industry growth, merging opening-up platforms with market integration, and strengthening public services for better livelihoods.
  • How Does Green Fiscal Policy Empower Urban Ecological Resilience? Evidence froma Quasi-natural Experiment of“Energy Saving and Emission Reduction Demonstration Cities”
    ZHANG Jingjing, XIE Jiahui, LIU Yimin, ZHANG Bin
    2026, 0(3): 17-34.
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    Urban ecological resilience is the key to supporting ecological civilization construction and urban sustainable development.Based on the panel data of 285 prefecture-level cities in China from 2007 to 2023, this paper uses the progressive difference-in-difference model, double machine learning and a series of robustness tests to study the effect, transmission mechanism and heterogeneity of the pilot policy of“comprehensive demonstration city of energy-saving and emission-reduction fiscal policy”on urban ecological resilience.The study found that:the“energy conservation and emission reduction”policy can significantly improve the urban ecological resilience, and the positive impact of the policy remains robust after multiple tests.The policy effect is transmitted through the three-level path of“central-local coordination, government-enterprise linkage, and government internal drive”,the central-local coordination has the greatest impact, followed by government-enterprise linkage, while the government internal drive is limited by local financial constraints and traditional performance appraisal orientation, and the effect is relatively weak.In the heterogeneity analysis, the policy empowerment effect of cities south of the Hu Huanyong Line, key environmental protection cities and cities with a net population inflow is more prominent.The research provides theoretical support and practical reference for improving the fiscal policy system, optimizing regional ecological collaborative governance, and formulating ecological resilience improvement strategies that adapt to different urban characteristics.
  • The Utility of Environmental Concerns in Government Work Reports: From the Perspective of ESG
    LI Xiaorong, XU Tengchong
    2026, 0(3): 35-48.
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    Sustainable development is a requirement for Chinese-style modernization, and ESG practices are key to realizing sustainable development.Unlike the existing studies on the government's hard environmental regulation, this paper focuses on the soft constraint behavior of the government's environmental concern in the government work report, and examines whether it affects the ESG performance of enterprises. The study finds that government environmental concern significantly improves firms' ESG performance and positively affects all three aspects of E, S, and G.Mechanism analysis proves that government environmental concern improves firms' ESG performance through the two channels of government environmental subsidies and firms' internal control.Heterogeneity analysis shows that government environmental concern can only work under certain conditions, i.e., government environmental concern can only improve ESG performance in non-state-owned enterprises(SOEs), when financing constraints are larger, executives are younger and more female, and officials have weaker promotion incentives and longer tenure.Economic consequence tests show that the improvement in corporate ESG brought by government environmental concern improves the economic performance of the firms.The economic consequence test shows that the improvement of ESG brought by government environmental concern improves the economic performance of enterprises.This paper provides policy insights on how the government can incentivize enterprises to carry out environmental protection management and realize the win-win situation of“reducing pollution”and“increasing efficiency”.
  • Reform of Cross-border E-commerce Comprehensive Pilot Zone and Green Total Factor Energy Efficiency: A Quasi Natural Experiment Based on the Establishment of Cross-border E-commerce Comprehensive Pilot
    YANG Ye, CHEN Bo YING, Chenjie, ZHANG Jun
    2026, 0(3): 49-62.
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    As an important engine driving the new development pattern of“dual circulation”, cross-border e-commerce is facing an urgent need for green transformation in its rapid development.It has become increasingly important to explore whether cross-border e-commerce reform can empower the improvement of green total factor energy efficiency.Based on panel data from 285 cities from 2010 to 2022, we use the difference in differences method to empirically examine the policy effects of the reform of cross-border e-commerce comprehensive pilot zones.We found that:the reform of the cross-border e-commerce comprehensive pilot zone significantly improved the regional green total factor energy efficiency, and this conclusion still holds true after robustness tests such as changing the sample period, excluding relevant policy event interference, replacing the dependent variable, and placebo testing.The mechanism test results indicate that the reform of the cross-border e-commerce comprehensive pilot zone improves green total factor energy efficiency by promoting the agglomeration of production factors, increasing technology budget investment, and accelerating industrial structure upgrading.Heterogeneity analysis found that, in terms of structural characteristics, this effect is more prominent in regions with higher energy consumption, faster productivity improvement, and obvious economic growth advantages; in terms of institutional characteristics, policy effects are more significant in regions with higher tax collection and management intensity and active foreign investment.The research conclusion of the article can provide reference for the government to deepen the reform of cross-border e-commerce and build a green, low-carbon and circular economy.
  • Monetary Policy Transmission Mechanism and Optimization in Production Networks
    WANG Miao, WANG Wenfu
    2026, 0(3): 63-84.
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    This paper reveals the transmission mechanisms of monetary policy through production networks and explores how to optimize monetary policy rules.We build a dynamic stochastic general equilibrium(DSGE)model encompassing 153 sectors.We find that sectoral characteristics within production networks significantly shape the transmission of monetary policy shocks: sectoral variables respond heterogeneously to policy shocles, and the top ten sectors ranked by cumulative consumption and output responses vary with sector-specific characteristics.We also find that, relative to traditional aggregate price-based rules, policy rules that incorporate fluctuations in key sectoral variables substantially reduce welfare losses across multiple measures;among these alternatives, rules that target sectors with high input-output centrality are the most effective.In addition, we find pronounced regional heterogeneity in the transmission of expansionary monetary policy: the central region exhibits the strongest effect, followed by the western and eastern regions, a pattern that mainly reflects differences in regional input-output structures and output sizes, with output heterogeneity playing a dominant role.Based on these findings, this paper recommends deepening the understanding of production networks in monetary policy transmission and paying closer attention to how fluctuations in key sectors shape policy effectiveness.
  • Can Bank Competition Influence Foreign Capital Flight?
    JIN Xiangyi, LYU Wenyan
    2026, 0(3): 85-99.
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    Foreign investment serves as a vital link between domestic and international markets and resources.Maintaining stable foreign investment is of great significance to China's high-quality development. Bank competition plays an important role in stabilizing foreign capital, as it can provide robust financial support to foreign-invested enterprises by improving financial services and enhancing operational efficiency, thereby mitigating the withdrawal of foreign capital.This study combines data on bank financial licenses and Chinese industrial enterprises to analyze the specific effect of bank competition on foreign capital withdrawal.The results show that increased bank competition significantly reduces the likelihood of foreign capital exit, and this effect varies depending on the characteristics of both enterprises and banks.Mechanism tests indicate that bank competition primarily lowers the probability of foreign capital withdrawal by alleviating financing constraints, expanding market demand, and enhancing technological innovation capabilities.This research integrates bank competition into the policy framework for high-level opening-up.By optimizing the allocation of financial resources, it can help stabilize the scale and improve the quality of foreign investment, ultimately contributing to the development of a new dual-cycle economic structure.
  • Cash Dividend Payouts from Associates and Joint Ventures, and the Cost of Equity of Listed Firms
    ZHANG Mingwei, CHENG Xiaoke, ZHANG Zixi
    2026, 0(3): 100-113.
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    Long-term equity investments represent a critical component of a firm's strategic investment and have significant implications for valuation.Among these investments, associates and joint ventures (AJVs) are particularly important, and consequently the quality of the earnings they generate plays a key role in equity valuation.This study examines how cash dividends from AJVs affect listed firms' cost of equity.We find that firms face a lower cost of equity when their AJVs distribute higher cash dividends. This relation operates through two channels: lower downside risk in AJVs investment income and lower information risk regarding the reliability of that income.The negative association between AJVs' dividends and the cost of equity is more pronounced when AJVs investment income accounts for a larger share of the net profit and when AJVs are located abroad.This study extends the literature on long-term equity investments and the cost of equity to the AJVs level and have implications for accounting standard setters regarding the scope of AJVs disclosures and the presentation of financial statements.
  • The Mutual Spillover of Hidden Debt Risks of Local Governments across Departments Based on Complex Network Perspective
    JI Fuxing, LIU Zhaozhang, WANG Xinyu, PAN Pan
    2026, 0(3): 114-130.
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    Implicit local government debt risk is increasingly intertwined with risks across multiple sectors, which has become a key challenge in preventing and mitigating systemic risk.Using bond yield spread data and a LASSO-VAR framework, this paper constructs a risk spillover network linking implicit government debt with the real economy and the financial sector, and examines spillover intensity as well as network structural characteristics.We find that risk spillovers are predominantly driven by the government debt sector and follow a clear cross-sectoral and cross-regional transmission pattern from eastern to western regions.The real economy mainly acts as a risk absorber, while eastern regions serve as net risk transmitters. We also find that policy adjustments and major events continuously reshape spillover intensity and the roles of net spillover and net absorption, thereby increasing risk volatility across connected sectors and regions. In addition, regional-sector spillover networks exhibit four distinct structural patterns characterized by different combinations of high and low spillover intensity, with eastern regions occupying a central position in mutual risk transmission.These findings clarify the spillover characteristics of local government debt risk and provide policy-relevant insights for mitigating systemic risk.
  • Delayed Retirement, Fertility Support and Fertility Rate: Based on Institutional Linkage Effect and Uncertainty of Life Expectancy
    ZHU Minglai, KANG Zhuo
    2026, 0(3): 131-144.
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    Exploring solutions to the problem of aging population and declining birth rate is a key link in achieving population structure optimization and promoting high-quality population development.We integrate the delayed retirement policy and the fertility support policy into the same theoretical analysis framework, construct a generational overlap model of endogenous fertility rate, and explore the synergistic effect of delayed retirement and fertility support system on fertility rate under uncertain life expectancy. Through numerical simulations, we find that there is an inverted U-shaped relationship between delayed retirement age and fertility rate under baseline conditions.Meanwhile, implementing fertility support policies can increase the birth rate.Furthermore, the fertility support policy can shift the turning point where the delayed retirement policy has a negative impact on the birth rate, and even disappear when the fertility support is strong; The policy of delaying retirement can enhance the fertility promotion effect of fertility support policies.We also find that an increase in life expectancy leads to a decrease in fertility rates, and as life expectancy increases, the negative impact of delayed retirement policies on fertility rates shifts back, while the promotion effect of fertility support policies on fertility rates becomes more pronounced.This study provides theoretical support for the coordinated promotion of policies supporting delayed retirement and childbirth.
  • Platform Construction, Ascension of Production Factors and Cultivation of New Quality Productive Forces: A Quasi-natural Experiment Based on the“Mass Innovation and Entrepreneurship”Platforms in the Manufacturing Industry
    LI Jiapeng, ZHANG Bing, LIU Zixu, LIN Song
    2026, 0(3): 145-160.
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    Based on the quasi-natural experiment of the“Mass Entrepreneurship and Innovation”(MEI)platform pilot program in China's manufacturing industry, this study adopts a multi-period difference-in-differences(DID)method to explore the impact effect of manufacturing MEI platforms on the cultivation of enterprises' New Quality Productive Forces(NQPF). The results show that manufacturing MEI platforms significantly improve the NQPF of pilot enterprises, and this improvement is more pronounced in enterprises with fewer slack resources and in cities with a higher development level of digital inclusive finance.Mechanism analysis reveals that manufacturing MEI platforms enhance enterprises' NQPF by promoting the digital upgrading of labor, means of production, and objects of production.This study provides a theoretical basis and practical implications for MEI platforms to empower the transformation and upgrading of the manufacturing industry, as well as for the micro-mechanism behind the cultivation of NQPF.