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A Study of the Path of Digital Economy Promoting the Digital Transformation of Xinjiang's Foreign Trade DUAN Xiufang, ZHOU Dufeng Finance & Economics of Xinjiang    2023, 0 (3): 69-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.007 Abstract （428）   HTML （8）    PDF（pc） （821KB）（364）       Knowledge map    Save Since the report of the 19th National Congress of the Communist Party of China proposed the construction of a digital China, China's digital economy has developed rapidly and gradually become an important support for achieving the digital development of China's foreign trade. The report of the 20th National Congress of the Communist Party of China further proposes to "accelerate the development of the digital economy" and "promote digital trade to accelerate China's transformation into a trader of quality". In this context, it is of great practical significance to study how the digital economy supports the digital transformation of Xinjiang's foreign trade. From the perspective of mechanism, the digital economy promotes the digital development of Xinjiang's foreign trade through three aspects: promoting digital industrialization and industrial digitization, bringing digital elements for improving quality and efficiency, and improving the innovation ability of enterprises. At present, Xinjiang's digital trade service platform has been initially established, and the digital transformation of foreign trade has a preliminary industrial foundation. However, restricted by such factors as small scale of digital economy, low proportion of digital economy, low integration of digital industry and traditional industry, insufficient use of digital elements, and insufficient digital technology innovation capability, Xinjiang's foreign trade digital transformation is faced with such problems as low driving force of digital economy. Therefore, this paper proposes paths such as improving digital infrastructure, cultivating and guiding digital industries, improving the level of industry digitization, building a digital factor market, enhancing digital innovation capabilities and talent cultivation, and effectively promoting the digital development of Xinjiang's foreign trade. Table and Figures | Reference | Related Articles | Metrics

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Measurement of High-Quality Economic Development Level in Western Urban Agglomerations and an Analysis of Its Influencing GAO Zhigang, ZHAO Zhenjing, HAN Yanling Finance & Economics of Xinjiang    2023, 0 (3): 5-16.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.001 Abstract （198）   HTML （776）    PDF（pc） （914KB）（79）       Knowledge map    Save Urban agglomerations are the main spatial carriers of China's economic development. Accelerating high-quality economic development in western urban agglomerations is of great significance for narrowing the development gap between the east and west of China and achieving regional coordinated development. The paper takes 9 urban agglomerations in the western region as the research object, constructs an evaluation index system for the high-quality economic development level of western urban agglomerations in China, and measures it. At the same time, based on five dimensions of economy, society, system, population, and environment, it identifies the main driving factors that affect the high-quality economic development of western urban agglomerations. The results indicate that the overall high-quality economic development level of the western urban agglomeration is showing a slow growth trend; There is a significant difference in the high-quality development level of subsystems, with a significant gap between the coordinated development level and the green development level, and the smallest gap in the open development level; The improvement of investment level, consumption level, transportation level, wage income level, and environmental governance level can significantly promote the high-quality development of the western urban agglomeration economy. The degree of government intervention and population agglomeration have suppressed the high-quality development of the western urban agglomeration economy, and various influencing factors are heterogeneous. Based on this, the western urban agglomeration should further fully, accurately, and comprehensively implement the new development concept, and enhance the high-quality economic development level of the urban agglomeration; Adhere to problem oriented approach and accelerate the filling of shortcomings in urban agglomeration development; Optimize resource allocation and promote the integrated development of urban agglomerations. Table and Figures | Reference | Related Articles | Metrics

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Population Mobility, Industrial Agglomeration and Inter-Regional Integration Development—Empirical Evidence from 21 Prefecture-Level Cities in Guangdong Province LI Nan Finance & Economics of Xinjiang    2023, 0 (3): 36-46.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.004 Abstract （147）   HTML （7）    PDF（pc） （873KB）（62）       Knowledge map    Save The paper takes prefecture level cities in Guangdong province from 2000 to 2020 as an example, and based on the introduction of the relative price method to measure the degree of regional integration development, focuses on exploring the impact of population mobility on the integration development between Guangdong regions, and studies the mechanism of population mobility's impact on regional integration development in combination with industrial agglomeration. The study has found that population mobility has a significant promoting effect on the integration and development between regions in Guangdong province; population mobility can promote regional integration and development through both direct and indirect effects, and its indirect effects can be achieved through industrial agglomeration; population mobility, economic openness level, and technological gap all have significant spatial effects on the integration and development of regions, among which the impact of economic openness level on the integration and development of regions has nonlinear characteristics. Based on this, we should break down market segmentation and inter-regional trade barriers, accelerate the formation of the regional interaction and coordinated development model of "one person, one industry, one city", improve the level of economic openness between regions, and promote the integration and development between regions. Table and Figures | Reference | Related Articles | Metrics

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Spatio-Temporal Evolution and Impact Mechanism of Socio-Economic Ecosystem Vulnerability of Tourism in County-Level Areas in Xinjiang SHI Hui, SHI Tiange Finance & Economics of Xinjiang    2023, 0 (4): 58-69.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.006 Abstract （142）   HTML （2）    PDF（pc） （2720KB）（129）       Knowledge map    Save The paper takes 88 county-level units in Xinjiang as an example, and based on the PSR-TSEE evaluation framework, explores the spatio-temporal evolution characteristics and impact mechanisms of the vulnerability of tourism socio-economic ecosystems in Xinjiang county-level areas in 2000, 2010, and 2018. The results indicate that: In terms of time variation, the overall vulnerability of the tourism socio-economic ecosystem in various counties in Xinjiang shows a continuous downward trend, and the vulnerability changes of each subsystem show fluctuating characteristics. Among them, the economic subsystem has the highest vulnerability, the ecological subsystem has the lowest vulnerability, and the social subsystem has a continuous downward trend.In terms of spatial changes, the spatial distribution of the vulnerability of the tourism socio-economic ecosystem in Xinjiang counties is characterized by a "high in the southwest and low in the north", with the vulnerability of the ecological subsystem showing a "low in the southeast and high in the northwest" feature. The evolution pattern of the vulnerability of the economic subsystem is gradually shifting from a global distribution to a "high in the south and low in the north" pattern. The vulnerability coupling degree of each subsystem is relatively high, and the coordination degree of each county and city varies greatly. The vulnerability of each county and city system has spatial auto-correlation, with a slight increase in correlation. The main factors hindering the decline in the vulnerability of the tourism socio-economic ecosystem in Xinjiang counties are population density, the amount of fertilizer used per unit of arable land, and urbanization rate. Counties and cities located in different vulnerability zones have slight differences in their main obstacle factors and degree of impact. The basic conditions of socio-economic ecology, tourism and agricultural development are the main factors that affect the vulnerability of the socio-economic ecosystem in county-level areas in Xinjiang. Table and Figures | Reference | Related Articles | Metrics

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Can Green Credit Promote the Green Transformation and Upgrading of Industrial Structure?—An Analysis Based on Provincial Panel Data in China SONG Qinghua, TAN Xiaoman Finance & Economics of Xinjiang    2023, 0 (3): 29-35.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.003 Abstract （131）   HTML （356）    PDF（pc） （848KB）（360）       Knowledge map    Save At present, the scale of green credit ranks first in the world. Green credit is an important green financial product, which can affect the green transformation and upgrading of industrial structure through technological progress mechanism and squeezing out effect mechanism. Based on the regression analysis of the provincial panel data from 2011 to 2020 using the fixed effect model, it is found that green credit has a significant positive promoting effect on the green transformation and upgrading of China's industrial structure at the national level. From the perspective of different regions, the impact of green credit on the green transformation and upgrading of industrial structure in China's four major regions shows obvious regional heterogeneity. In the future, differentiated green credit policies, innovative green credit products, and incentive and constraint mechanisms of green credit should be implemented, so as to further promote the green transformation and upgrading of our industrial structure. Table and Figures | Reference | Related Articles | Metrics

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Promoting "Three Changes" Reform to Achieve Ecological Civilization and Rural Revitalization WEN Tiejun, LU Hao Finance & Economics of Xinjiang    2023, 0 (6): 5-7.   DOI: 10.16716/j.cnki.65-1030/f.2023.06.001 Abstract （129）   HTML （292）    PDF（pc） （820KB）（285）       Knowledge map    Save Reference | Related Articles | Metrics

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An Analysis of Export Potential of China's Mechanical and Electrical Products to Countries Along "the Belt and Road"—An Empirical Study Based on the Expansion Gravity Model ZHANG Zhibin, CHEN Zhuo Finance & Economics of Xinjiang    2023, 0 (4): 70-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.007 Abstract （116）   HTML （4）    PDF（pc） （2240KB）（518）       Knowledge map    Save Based on the sample data of 61 countries along "the Belt and Road" from 2005 to 2019, this paper analyzes the current situation of China's export of mechanical and electrical products to the countries along "the Belt and Road", and empirically studies the influencing factors and export potential of China's export of mechanical and electrical products to the countries along "the Belt and Road" through the expanded gravity model. The findings are as follows: First, the export scale of China's mechanical and electrical products to the countries along "the Belt and Road" has been growing continuously. In terms of market categories, China's mechanical and electrical products are mainly exported to countries with strong complementarity with China's mechanical and electrical products trade, and in the product category, mainly electrical, electronic, mechanical equipment and other technical mechanical and electrical products. Second, China's GDP, importing country's GDP, importing country's political and social stability have a significant promoting effect on China's export of mechanical and electrical products to countries along "the Belt and Road", while the population size ratio of the two countries has an insignificant inhibiting effect. Third, among the export potential of China's mechanical and electrical products to 61 countries along "the Belt and Road", 28 countries belong to potential re-modeling, 9 countries belong to pioneering potential, and 24 countries belong to great potential. In the future, we should continue to further promote "the Belt and Road" Initiative, strengthen the demonstrated comparative advantages of the electromechanical industry, strengthen the integration of enterprise resources and investment in scientific research, and promote the high-quality development of the Chinese economy. Table and Figures | Reference | Related Articles | Metrics

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The "Double-edged Sword" Impact of Digital Transformation on Green Innovation of Manufacturing Enterprises JING Li, NING Xiongwei Finance & Economics of Xinjiang    2023, 0 (6): 28-39.   DOI: 10.16716/j.cnki.65-1030/f.2023.06.004 Abstract （115）   HTML （5）    PDF（pc） （928KB）（91）       Knowledge map    Save Under the constraints of carbon peaking and carbon neutrality goals, the manufacturing industry urgently needs to rely on green innovation to effectively promote the development of green economy. The paper is based on panel data of A-share manufacturing listed companies in China from 2007 to 2020, and empirically analyzes the impact of digital transformation on green innovation in manufacturing enterprises. The research results indicate that, firstly, there is an inverted U-shaped relationship between digital transformation and the level and quality of green innovation in enterprises; Compared to the level of green innovation, achieving optimal quality of green innovation requires higher levels of digital transformation. Secondly, digital transformation can affect the level and quality of green innovation through cost effects, information effects, and resource effects. Thirdly, the inverted U-shaped relationship between digital transformation, green innovation level, and green innovation quality is more significant in state-owned enterprises, non heavily polluting industry enterprises, enterprises in the eastern region, and high marketization level areas. Based on this, in the future, manufacturing enterprises should promote the rational introduction and development of green technology, further stimulate the innovation vitality of non-state-owned enterprises, and drive green innovation through digital transformation. Table and Figures | Reference | Related Articles | Metrics

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Influence of Public Expenditure Structure on Status of China's International Division of Labor XU Jiexiang, ZHU Yaqiong Finance & Economics of Xinjiang    2023, 0 (6): 17-27.   DOI: 10.16716/j.cnki.65-1030/f.2023.06.003 Abstract （114）   HTML （5）    PDF（pc） （909KB）（31）       Knowledge map    Save Public expenditure can affect a country's human capital, technological level, resource allocation, and corporate competitiveness, thereby affecting a country's trade structure and international division of labor status. The paper analyzes the impact mechanism of public expenditure on international division of labor status, and introduces export technology complexity as a proxy variable for international division of labor status. Based on cross-border panel data from 21 countries from 2009 to 2019, the paper empirically studies the impact of public expenditure on international division of labor status. The research results indicate that, firstly, the expansion of a country's public expenditure scale can promote the complexity of export technology, thereby enhancing status of the country's international division of labor. Secondly, constructive expenditure, social security expenditure, and technology expenditure in public expenditure can significantly promote the increase in export technology complexity. The management expenditure in public expenditure will suppress the increase in export technology complexity. Based on this, in the future, China should appropriately expand the scale of public expenditure, optimize the structure of public expenditure, and improve the efficiency of public expenditure, in order to enhance the status of China's international division of labor. Table and Figures | Reference | Related Articles | Metrics

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The Spillover of Carbon Trading Market， Energy Market and Low Carbon Stock Market—An Empirical Study Based on the Joint Spillover Index Model GONG Zhenting, CHEN Yanbei Finance & Economics of Xinjiang    2023, 0 (5): 16-28.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.002 Abstract （114）   HTML （5）    PDF（pc） （3543KB）（541）       Knowledge map    Save With the gradual acceleration of the construction of a unified carbon trading market across China, scientifically measuring the risk spillover effects between different markets is particularly important for effectively responding to complex and ever-changing market conditions. The paper uses a joint spillover index model to empirically find that there is a risk spillover effect between the carbon trading market, energy market, and low-carbon stock market, and the directional spillover effect and net spillover effect between different markets have obvious time-varying characteristics. Compared with China, the EU carbon trading market has a stronger ability to resist risks. In this regard, a risk warning mechanism should be established between the carbon trading market, energy market, and low-carbon stock market, and the policy system construction of China’s carbon trading market and the information disclosure mechanism of relevant financial institutions should be improved to effectively prevent cross market financial risks. Table and Figures | Reference | Related Articles | Metrics

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A Study of the World Cotton Trade Network and Its Formation Mechanism Based on Dependency Perspective LI Min, CAO Cheng Finance & Economics of Xinjiang    2023, 0 (3): 17-28.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.002 Abstract （111）   HTML （336）    PDF（pc） （5640KB）（166）       Knowledge map    Save Compared with the traditional network index, introducing the concept of "dependency" into the cotton trade network can reveal the characteristics of cotton trade more accurately. Based on the new trade dependence index, this paper constructs the 1999-2019 world cotton trade dependence network, analyzes the import and export trade dependence network of core trading countries in the past two decades, and uses temporal random index graph model to study. The results are as follows: (1) The countries with increased cotton import dependence are mainly distributed in Asia, and the network of export dependence is more concentrated than that of import dependence, and its network centers are mainly concentrated in Europe and America. (2) The rapid increase of China's cotton import dependence is reflected in the diversification of the dependent objects and the deepening of the dependence degree, and the sharp decline of export dependence is mainly due to the separation of low-dependent countries. (3) The formation of cotton trade dependence has the characteristics of ternary transmission, and the establishment of export dependence has the characteristics of "preference connection". A few countries with export dependence can further promote the formation of dependency through the dominant position established in the network. (4) Both the border relationship and the interactive nature of the free trade agreement between the two countries can significantly promote the formation of the cotton trade dependence relationship, but the economic level has a heterogeneous effect on the formation of the dependence relationship. Compared with low-income countries, middle-income countries are prone to import dependence, while high-income countries tend to form two-way import and export dependence. From the perspective of deepening international trade cooperation and optimizing the layout of the cotton industry, we can improve China's foreign dependence on cotton trade in the future. Table and Figures | Reference | Related Articles | Metrics

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The Fluctuation Spillover Effect Between the International Crude Oil Market and the Chinese Stock Market—Measurement Based on Rolling Window VAR Model LIU Jianfeng Finance & Economics of Xinjiang    2023, 0 (4): 15-24.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.002 Abstract （101）   HTML （5）    PDF（pc） （3272KB）（244）       Knowledge map    Save This paper uses the rolling window VAR model to estimate the total volatility spillover index and net volatility spillover index between Brent crude oil index, CSI 300 index and primary industry index during 2011-2021, and studies the volatility spillover effect between international crude oil market and Chinese stock market combined with the time-varying characteristics of volatility spillover index. In general, the spillover effect of volatility between the two markets is relatively small. However, in the period of market crisis, the spillover effect of volatility between markets will increase significantly. During the domestic market crisis, however, the volatility spillover effect between markets is directional, mainly from the international crude oil market to the Chinese stock market. In the period of international market crisis, the spillover effect of volatility between markets is not directional. Based on this, domestic institutions and investors should enhance the diversification of asset portfolios in the future; In the period of international market crisis, the regulatory authorities should pay special attention to the imported financial risks of the international crude oil market to the Chinese stock market. Table and Figures | Reference | Related Articles | Metrics

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Entrepreneurial Ecosystem, Regional Innovation and Entrepreneurial Vitality—Empirical Evidence from 96 Large and Medium-Sized Cities LI Lei, WANG Donglei Finance & Economics of Xinjiang    2023, 0 (3): 57-68.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.006 Abstract （95）   HTML （8）    PDF（pc） （868KB）（77）       Knowledge map    Save In the background of "mass entrepreneurship and innovation era", it is of great significance to explore the impact of entrepreneurial ecosystem on entrepreneurial vitality and its mechanism. The specific composition of entrepreneurial ecosystem is divided into direct participants, indirect participants and entrepreneurial environment, and the corresponding evaluation index system is constructed. Based on the panel data of 96 cities with high innovation and entrepreneurship activity in China from 2015 to 2019, the development level of different components of the entrepreneurial ecosystem is measured, and a spatial econometric model is established to explore the direct and indirect impact mechanism of the entrepreneurial ecosystem on entrepreneurial vitality. The results show that there are obvious differences in the development level of the three components of the entrepreneurial ecosystem in different cities, and the entrepreneurial vitality of cities shows the characteristics of spatial agglomeration. Direct subject participation, indirect subject participation and entrepreneurial environment index all have a significant positive impact on urban entrepreneurial vitality. The evolution and improvement of entrepreneurial ecosystem can directly enhance regional entrepreneurial vitality. On the basis of intermediary effect model test, it is found that the regional innovation effect is an important mechanism for the entrepreneurial ecosystem to indirectly promote entrepreneurial vitality. Table and Figures | Reference | Related Articles | Metrics

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An Analysis and Countermeasures of Trade Statistics Difference Between China and Kyrgyzstan Under the Background of Silk Road Economic Belt HOU Jie, LIU Xuchen Finance & Economics of Xinjiang    2023, 0 (5): 72-80.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.007 Abstract （89）   HTML （4）    PDF（pc） （2893KB）（374）       Knowledge map    Save Since the initiative to jointly build the Silk Road Economic Belt was put forward, China has actively strengthened trade cooperation with countries along it. In recent years, the huge difference in bilateral trade statistics between China and Kyrgyzstan has aroused the high attention of the Eurasian Economic Union. This will have a negative impact on China's deepening trade cooperation with the Union countries. By analyzing the current situation and causes of the trade statistics difference between China and Kyrgyzstan, this paper empirically analyzes two main factors that causes the differences in trade statistics between China and Kyrgyzstan — "differences in trade statistics caliber" and "gray customs clearance", and concludes that "gray customs clearance" is the main reason for the trade statistics difference between China and Kyrgyzstan. On this basis, the paper puts forward policy suggestions such as establishing an effective law enforcement environment, strengthening customs data sharing between China and Kyrgyzstan, ensuring regular customs clearance and encouraging Chinese enterprises to invest in Kyrgyzstan, with a view to providing references for promoting in-depth trade cooperation between China and countries along the Silk Road Economic Belt. Table and Figures | Reference | Related Articles | Metrics

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Rethinking Tax Policy of Boosting Household Consumption Under New Development Paradigm MA Haitao, WEN Yuchen Finance & Economics of Xinjiang    2023, 0 (4): 5-14.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.001 Abstract （89）   HTML （5）    PDF（pc） （829KB）（313）       Knowledge map    Save Expanding domestic demand is the strategic basis of building the new development paradigm, while the tax policy has a deep impact on residents' consumption ability. Based on the province-level panel data from the 2011 to 2020, this paper examines the effects of China's tax policies, which mainly focus on tax reduction and tax structure adjustment, on household consumption since the financial crisis. The results show that with the increase of tax reduction and the implementation of local governments, the growth rate of per capita tax has been slowed down and the consumption rate of local residents has been effectively increased. The optimization of the overall tax structure accompanied by the implementation of the tax reduction policy can play a positive role in the consumption rate of residents by improving the income distribution among groups. In future, we should continue to implement targeted tax reduction policies, further optimize the structure of the tax system, increase the adjustment of intergroup income, boost residents' consumption confidence, and truly release the consumption potential of residents. Table and Figures | Reference | Related Articles | Metrics

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Assessment of Green Innovation Effect on Coordinated Development of Urban Agglomerations in China—Based on the Perspective of the Urban Economic Coordination Association CHEN Xiuying Finance & Economics of Xinjiang    2023, 0 (5): 5-15.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.001 Abstract （87）   HTML （7）    PDF（pc） （1593KB）（93）       Knowledge map    Save The report of the 20th National Congress of the Communist Party of China has pointed out that high-quality development is the primary task of comprehensively building a modern socialist country. Regional green innovation is the essence of high quality development, but there is still a lack of systematic and in-depth research on whether the collaborative development of urban agglomerations can bring about the green innovation effect. Therefore, based on the perspective of the urban agglomeration economic coordination committee, this paper evaluates the impact of coordinated development policy of urban agglomeration on green innovation by the green patent data and the PSM-DID method, and tests the robustness by using different matching strategies and eliminating the interference of urban scale. Results are as follows. The collaborative development of urban agglomerations significantly promotes regional green innovation, and the promotion of invention green patents is stronger than that of utility model green patents. The coordinated development of urban agglomerations shows significant incentive effect on the green innovation of both newly joined cities and existing joined cities. The incentive effect on the green innovation of existing joined cities is more obvious than newly joined cities. The intermediary effect test shows that the coordinated development of urban agglomerations can stimulate the green innovation by strengthening environmental regulation, weakening decentralization competition, promoting industrial upgrading and strengthening information density. The coordinated development of urban agglomerations influences the green innovation of newly joined cities more by promoting industrial upgrading and weakening the decentralized competition, and influences the green innovation of existing joined cities by enhancing environmental regulation and information density.In the future, we should further improve the system and mechanism for coordinated development of green innovation, adopt differentiated policies, strengthen the construction of supporting social public service systems and cultural atmosphere environment, and promote the ecological and green integrated development of urban agglomerations in China. Table and Figures | Reference | Related Articles | Metrics

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Have Policy Incentives Improved the Technological Innovation Efficiency of New Energy Enterprises Under Carbon Peaking and Carbon Neutrality Goals?—An Empirical Testing from Upstream, Midstream, and Downstream Enterprises YUAN Pei, ZHAO Na, DONG Zhiwei Finance & Economics of Xinjiang    2023, 0 (5): 29-40.   DOI: 10.16716/j.cnki.65-1030/f.2023.05.003 Abstract （85）   HTML （3）    PDF（pc） （1122KB）（134）       Knowledge map    Save The new energy industry is of great significance for national industrial security and energy security, and the level of technological innovation determines the international competitiveness of the new energy industry. This paper takes 105 Shanghai and Shenzhen A-share new energy listed companies in China from 2016 to 2021 as the research object, analyzes whether government policies effectively promote the overall technological innovation level of the new energy industry, and explores the sensitivity of upstream, midstream and downstream enterprises to policy incentives. The results show that there are differences in innovation efficiency, innovation willingness and innovation ability in different positions of industrial development. Tax incentives favor upstream and midstream firms for technological innovation, while government subsidies encourage R&D investment for all firms. It also suggested that the future new energy industry policy should be measured by innovation efficiency, design more accurate policy means, and establish differentiated policies for different positions in the industrial chain. Table and Figures | Reference | Related Articles | Metrics

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Flexible Regulation and Stock Price Crash Risk—Study on Intonation of Annual Report Inquiry Letters ZHU Xiaoyan, HUANG Zheng, QIU Jingxuan Finance & Economics of Xinjiang    2023, 0 (3): 47-56.   DOI: 10.16716/j.cnki.65-1030/f.2023.03.005 Abstract （82）   HTML （11）    PDF（pc） （894KB）（127）       Knowledge map    Save As one of the innovative regulatory methods, the Annual Report Inquiry Letter has received widespread attention from both the practical and academic sectors for its regulatory effectiveness. The paper takes listed companies in China from 2015 to 2020 as a sample, and uses Python software to process positive and negative word data from the annual report inquiry letter of the Shenzhen Stock Exchange. It tests the impact of flexible regulation of annual reports on the risk of stock price collapse from the degree of negative tone. The study has found that flexible regulation of Annual Reports can play a role, and there is a significant negative correlation between the negative tone of the Annual Report Inquiry Letter and the risk of stock price collapse of listed companies. After further analysis of the negative degree of different intonation in the Annual Report Inquiry Letter, it was found that when the intonation is low, flexible regulation of the Annual Report can reduce the risk of stock price collapse; However, as the negative tone of voice increases, flexible regulation of Annual Reports becomes difficult to play a role. In the future, exchanges should improve the quality of inquiries, regulatory authorities should improve institutional construction, listed companies should strengthen information disclosure, and investors should pay attention to the tone indicators of Annual Report Inquiry Letter to better play the role of flexible supervision in Annual Reports. Table and Figures | Reference | Related Articles | Metrics

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The Theoretical Logic and Practical Path of Financial Technology Promoting High Quality Economic Development LEI Hanyun, LI Qi, Yusufu·Abulaiti Finance & Economics of Xinjiang    2023, 0 (4): 37-47.   DOI: 10.16716/j.cnki.65-1030/f.2023.04.004 Abstract （81）   HTML （2）    PDF（pc） （2390KB）（160）       Knowledge map    Save This paper theoretically analyzes the mechanism of financial technology on high-quality economic development, and uses the panel data of 30 provinces from 2011 to 2020 for empirical testing. It is found that financial technology has a significant positive role in promoting high-quality economic development, and there are obvious regional differences, which are only significant in the eastern region. Further research finds that financial supervision and financial literacy can strengthen the role of financial technology in promoting high-quality economic development. Hereto the paper puts forward countermeasures and suggestions for the path selection of financial technology to promote the high-quality development of China's economy from the perspective of internal and external environment. Table and Figures | Reference | Related Articles | Metrics

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Chinese Cultural and Tourism Enterprises "Going Global" Under "the Belt and Road" Initiative: Motivation, Dilemma and Strategic Choices YI Kaigang, LIU Xingbao Finance & Economics of Xinjiang    2023, 0 (6): 68-78.   DOI: 10.16716/j.cnki.65-1030/f.2023.06.008 Abstract （80）   HTML （2）    PDF（pc） （4913KB）（22）       Knowledge map    Save Under "the Belt and Road" initiative, Chinese cultural and tourism enterprises "going global" is not only an objective need to meet international competition, but also a strategic requirement to give full play to their competitive advantages and achieve coordinated development with countries alongside "the Belt and Road". This paper adopts a longitudinal multi-case study method, selecting four typical Chinese cultural and tourism enterprises, and deeply analyzing the strategic environment of case enterprises "going global" in different stages from two perspectives of motivation and dilemma, as well as the strategic choices made based on this. The research results indicate that the process of Chinese cultural and tourism enterprises "going global" can be divided into three stages: the initial stage, the growing stage, and the mature stage. There are policy oriented and market oriented motivations for Chinese cultural and tourism enterprises to go global, facing both endogenous and exogenous dilemma. At different stages, the strategic choice of Chinese cultural tourism enterprises "going global" will change dynamically according to the difference of motivation and predicament, and it is necessary to make appropriate strategic choice through specific strategic analysis. In the future, Chinese cultural tourism enterprises should adopt centralization strategy in the initial stage, integration strategy in the growth stage, and platform or diversification strategy in the mature stage. Table and Figures | Reference | Related Articles | Metrics