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25 August 2023, Volume 0 Issue 4 Previous Issue    Next Issue

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Rethinking Tax Policy of Boosting Household Consumption Under New Development Paradigm MA Haitao, WEN Yuchen 2023, (4):  5-14.  doi: 10.16716/j.cnki.65-1030/f.2023.04.001 Abstract ( )   HTML ( )   PDF (829KB) ( )   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. Figures and Tables | References | 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 2023, (4):  15-24.  doi: 10.16716/j.cnki.65-1030/f.2023.04.002 Abstract ( )   HTML ( )   PDF (3272KB) ( )   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. Figures and Tables | References | Related Articles | Metrics

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On Impact of Regional Integration on Green Technology Innovation of Enterprises—A Quasi-Natural Experiment Based on the Expansion of Yangtze River Delta City Economic Coordination Committee ZOU Xiaofeng, CHEN Peng, MA Peimin 2023, (4):  25-36.  doi: 10.16716/j.cnki.65-1030/f.2023.04.003 Abstract ( )   HTML ( )   PDF (932KB) ( )   Save Based on the expansion of regional integration in the Yangtze River Delta region and the green patent application data of A-share listed companies from 2007 to 2019, this paper empirically tests the policy effect of regional integration on enterprise green technology innovation using the propensity score matching double difference model (PSM-DID). Research has found that regional integration can effectively promote green technology innovation in enterprises, and different types of green technology innovation are positively affected; The outer mechanism can promote green technology innovation in enterprises by alleviating labor mismatch, improving regional financial development level, deepening marketization process, and promoting urbanization level. The inner channel can alleviate financing constraints and obtain government subsidies to promote green technology innovation in enterprises. Heterogeneity effects induce green technology innovation capabilities in different attributes, regions, and time spans, with state-owned enterprises, large-scale enterprises, and newly entered cities having a stronger promoting effect. Based on the research findings of this paper, policy recommendations are provided to continuously promote the coordinated development of regional integration, strengthen targeted support for enterprise systems, and promote government enterprise cooperation. Figures and Tables | References | 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 2023, (4):  37-47.  doi: 10.16716/j.cnki.65-1030/f.2023.04.004 Abstract ( )   HTML ( )   PDF (2390KB) ( )   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. Figures and Tables | References | Related Articles | Metrics

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Local Government Debt Risk Assessment and Situation Analysis —Based on 2013-2021 Data ZHU Wenwei, CHEN Leilan, DENG Zuoyong 2023, (4):  48-57.  doi: 10.16716/j.cnki.65-1030/f.2023.04.005 Abstract ( )   HTML ( )   PDF (851KB) ( )   Save Based on the development context of the history, current situation and future trend of local government debt formation, a local government debt risk assessment system was constructed from the four dimensions of debt situation, economic strength, financial strength and financial situation. The entropy method is used to assess the debt risk of 31 provinces, cities and autonomous regions in country from 2013 to 2021, and the situation interval is divided by the principle of the three-time standard deviation. The results show that Guangdong, Shanghai and other provinces and cities are in low-risk areas, most provinces and cities are in medium-risk areas, while a few provinces and autonomous regions such as Tibet and Qinghai have extremely high debt risks, and the government debt risk scores of most provinces, cities, and autonomous regions have been increasing year by year. In this regard, we should be highly vigilant against local debt risks, formulate different debt risk prevention and resolution measures at different levels, increase the intensity of financial transfer payments to economically underdeveloped areas, and strictly control new debts. Figures and Tables | References | 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 2023, (4):  58-69.  doi: 10.16716/j.cnki.65-1030/f.2023.04.006 Abstract ( )   HTML ( )   PDF (2720KB) ( )   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. Figures and Tables | References | 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 2023, (4):  70-80.  doi: 10.16716/j.cnki.65-1030/f.2023.04.007 Abstract ( )   HTML ( )   PDF (2240KB) ( )   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. Figures and Tables | References | Related Articles | Metrics