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New industrialization in China, different from its past economic development pattern or patterns in developed nations, is the country's theoretical innovation based on the positive and negative experiences of industrialization at home and worldwide. New industrialization has various novel characteristics, including new sources of efficiency,new factors of production, new organizational forms, and new constraints. In addition,it has certain particularities arising from modernization with Chinese characteristics.This article summarizes the characteristics of new industrialization from the perspectives of people-centered approach, quality-first concept, independent innovation, green lowcarbon economics, digital-real integration, and open circulation. There are four systems for promoting new industrialization: A self-sustained scientific and technological system,a high-end advanced manufacturing system, a green low-carbon circular system, and a division of labor system with domestic and international circulation. The Chinese new industrialization proposes the pathway and policy measures considering the new global situation and the requirements of new goals of strengthening organization and leadership,reducing factor cost, accelerating independent technological innovation, smoothing domestic and international circulation, and optimizing competition environment.
2024年01期 v.19 2-13页 [查看摘要][在线阅读][下载 4569K] - He Dexu;Zeng Min;Zhang Shuonan;
This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of “unarticulated rules” and “articulated rules”. The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing. This conclusion remains valid after a series of endogeneity and robustness tests. Further analysis of the mechanism reveals that stateowned capital participation improves the debt financing of private enterprises through multiple channels: Enhancing their social reputation, mitigating the “statistical bias” they face, optimizing their information quality, and reducing the “shareholder-creditor” agency problems. This paper conceptualizes these benefits as the “complementary advantages of heterogeneous shareholders”. This not only constructs a theoretical framework for “reverse mixed-ownership reform” but also better narrates the Chinese story of “mixed-ownership reform” by adopting a more universally applicable theory of equity structure. Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government's positive role at the microlevel.
2024年01期 v.19 14-42页 [查看摘要][在线阅读][下载 4569K] - Chen Qifei;Yang Jijun;Ye Di;
This paper explores the effects of China's global value chain(GVC) participation on technological progress in trading-partner countries based on estimated data on value-added trade between China and 52 trading partners. We find that, first, although China's exports lowered the total factor productivity(TFP) of its trading partners(competitive effect), its imports greatly increased trading partners' TFP(effect of scale). This implies that China's GVC participation is beneficial to its trading partners' technological progress in the form of a considerable technology dividend effect. Second, China's export dividend effect compensates for the negative effect of Chinese competition on trading partners' technological progress; the innovation effects attributable to China's imports reinforce the positive effects of scale on technological progress. When innovation is factored in, the China dividend thus becomes further reinforced. Third, China's merchandise imports have a diminishing positive effect on technological progress in trading partners as geographical distance increases, but trade in services transcends geographical boundaries, and the positive technological progress effect of China's service imports do not diminish as distance increases. We find that the “China dividend” from China's GVC participation is a significant contributor to technological progress in partner nations, and China's imports are conducive to innovation and technological progress in developed countries in the long run.
2024年01期 v.19 44-57页 [查看摘要][在线阅读][下载 4569K] - Xing Li;Chen Long;
In contrast to the traditional Western approach to macro-fiscal management,China's proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics, is a significant policy innovation of macroeconomic management in the Chinese modernization. Although there are notable distinctions between the Western “Keynesian” and the “nonKeynesian” schools of thought, both of these approaches' core policy goals and methodological roots are the same, composing the traditional Western macro-fiscal approach. This approach faces increasing real dilemmas.China's proactive fiscal policy, however, places greater emphasis on future potential growth rates in addition to equilibrium between supply and demand, achieving a fiscal policy transformation with a new approach. In this paper we argue that with such a new approach,China should reconsider the nature and reasonable level of the fiscal deficit, the function and risk assessment criteria of government debt, the scope and effects of reductions in taxes and fees, its approach and focus of demand management, and the costs and resulting efficiencies of policies in order to develop a new fiscal policy paradigm that is more in line with its stated goals.
2024年01期 v.19 58-74页 [查看摘要][在线阅读][下载 4569K] - Lu Ming;Xiang Kuanhu;Li Pengfei;Li Jiewei;Zhong Yuejun;
In its new development stage, China seeks to derive new dynamism from reform and opening up at a higher level to boost consumption and services. This process coincides with a further differentiation of comparative advantages across regions. Economic activity and population will continue to concentrate in clusters in coastal and central cities amid a continuous outflow of population from remote areas. Development expansion from coastal to interior regions and from central cities to the periphery will promote a new regional development paradigm of “dual centers and periphery”. Therefore, China's regional development strategy should follow the new theory of seeking relative equilibrium amid development, identify regions of population inflow and outflow, and explore a new development path of regional specialization and coordination. By deepening market reforms and increasing central government coordination, the country is poised to improve the spatial allocation of resources and unleash institutional dividends in the process of developing a unified national market.
2024年01期 v.19 76-85页 [查看摘要][在线阅读][下载 4569K] - Yao Peng;Li Jinze;
As part of its efforts to promote a sustainable and high-quality development,China has pledged to reduce water consumption and create a water-efficient society. On the basis of identifying the institutional root causes of excessive capital allocation and excessive water consumption in China's water-intensive industrial sectors, this study elaborates how the national water-efficient cities assessment contributes to optimized capital allocation. Our research shows that national water-efficient cities assessment has motivated local governments to compete for water efficiency. To conserve water, local governments regulated the entry and exit of water-intensive enterprises, discouraged excessive investments in water-intensive sectors, and phased out obsolete water-intensive capacities within their jurisdictions. This approach has resulted in mutually beneficial outcomes, including improved allocation of capital, enhanced water efficiency, and reduced emissions. This paper offers policy recommendations for establishing a water-efficient society throughout the 14th Five-Year Plan(2021-2025) period by presenting empirical evidence on the policy effects of resource efficiency evaluation.
2024年01期 v.19 86-102页 [查看摘要][在线阅读][下载 4569K] - Zhan Wang;
This study employs the generalized method of moments(GMM) and panel vector autoregression(PVAR) models for a multi-factor quantitative dissection of China's poverty reduction process across multiple stages, using provincial panel data from 2000to 2019. According to our research, economic growth and social development are the key drivers of poverty reduction in China, but the trickle-down effect of economic growth is diminishing and marketization is having a lesser pro-poor effect. Public expenditure has failed to provide social protection and income redistribution benefits due to issues such as targeting error and elite capture. Increasing the efficiency of the poverty reduction system calls for adaptive adjustments. Finally, this study highlights China's poverty reduction experiences and analyzes current challenges, which serve as inspiration for consolidating poverty-reduction achievements, combating relative poverty, and attaining countryside vitalization.
2024年01期 v.19 103-126页 [查看摘要][在线阅读][下载 4569K] 下载本期数据