Table of Content

15 October 2026, Volume 0 Issue 10

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Theoretical Economics

Institutional Opening-up, Green Financial Supply and Corporate Green Development

Ye Chusheng, Wang Ruijiao, Li Xiaoyu

2026, 0(10):  3-15. 

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The traditional credit model centered on collateral preference is a major cause of financial resource misallocation and the path dependence of“high credit, high pollution”. In contrast, the institutional opening of the financial sector, through the introduction of foreign banks, generates competitive effects and technological spillovers, driving a shift in domestic banks’ credit allocation from reliance on static collateral toward a dynamic assessment focused on future cash flows and technological potential. Using the gradual opening of China’s banking sector as a quasi-natural experiment and employing Chinese industrial firm data combined with information on foreign bank entry, we find that foreign bank entry significantly reduces firms’ sulfur dioxide emissions while also achieving output growth and efficiency gains. Mechanism analysis confirms that the emission reduction effect operates mainly through two channels: promoting technological innovation and optimizing firms’ asset structures, which verifies the central role of the credit allocation shift. This effect is more pronounced among technology-intensive firms and those with strong traditional financial advantages (e.g., large firms and state-owned enterprises). These findings provide theoretical and empirical support at the micro-mechanism level for coordinating high-level financial opening with a green transformation of development patterns, demonstrating that institutional opening centered on the alignment of rules and standards is an important pathway to enhance the green efficiency of financial resource allocation.

Effectiveness of Local Government Subsidies for New Energy Vehicles under Policy Overlap

Nie Hongguang, Yu Huiru

2026, 0(10):  16-29. 

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New energy vehicles have received broad social acceptance owing to their significant low-carbon and environmental benefits. Policies including purchase tax reductions and exemptions, license plate priority, and fiscal subsidies have offered crucial economic and institutional support for the sustained diffusion of new energy vehicles. At present, national-level subsidies have been phased out, and local governments have gradually introduced new subsidy policies to sustain market support. Taking Beijing as a case, this study employs a binary Probit model to examine the effects of local government subsidies, purchase tax reductions and exemptions, and license plate priority policies on consumers’ purchase intention after the withdrawal of national subsidies. The findings show that each policy individually exerts a significant positive effect on purchase intention, whereas their joint implementation enhances the overall policy impact, the effect of local subsidies becomes insignificant. Heterogeneity analysis indicates that women and low-income groups exhibit stronger positive responses to license plate priority, whereas among married and high-income groups, both purchase tax reductions and exemptions and license plate priority have significant positive impacts. Further evidence suggests that in cities where license plate priority and purchase tax reductions and exemptions are jointly implemented, the marginal effect of local subsidies is extremely limited, while removing license plate priority and retaining only purchase tax reductions and exemptions and local subsidies allows local subsidies to remain effective in promoting purchase intention. Based on these findings, it is suggested that the three policies be coordinated in line with local conditions, with an orderly withdrawal of local subsidies in cities with overlapping policies and short-term retention in cities that only implement purchase tax reductions and exemptions.

Does Deep Integration of Digital and Real Economies Promote Inter-city Collaborative Innovation?

Liu Fengshuo

2026, 0(10):  30-42. 

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The deep integration of digital and real economies (digital-real deep integration) provides new momentum for cross-regional joint technological research through digital technology's penetration, transformation, and empowerment of real economies. Based on the panel data of 284 Chinese cities from 2005 to 2023, this paper examines the impact and mechanism of the deep integration of digital and real economies on inter-city cooperative innovation. The research finds that the deep integration of digital and real economies can significantly promote inter-city cooperative innovation. The mechanisms include enhancing the willingness for cooperative innovation, reducing the spatial similarity of patent technologies, and improving the economic resilience of cities. The heterogeneity analysis results show that, in terms of patent types, the deep integration of digital and real economies promotes collaborative innovation in invention patents, utility model patents, and design patents. In terms of regional differences, this promoting effect only exists in non-central cities and cities with lower AI levels, and has no significant effect on central cities and cities with higher AI levels. Further, the quantile results confirm that the promoting effect of the deep integration of digital and real economies on inter-city cooperative innovation has a diminishing marginal effect. Therefore, relying on the deep integration of digital and real economies, we should proactively deploy new infrastructure, establish a dynamic demand matching mechanism for innovation among cities, and implement differentiated and precise empowerment strategies. This will help break down various barriers that hinder the free flow of factors and promote cooperative innovation to a higher level, greater depth, and broader scope.

Fiscal and Financial Affairs

Local Government Debt Management in China from a Resilience Perspective

Bi Xuejin, Ma Jinhua

2026, 0(10):  43-55. 

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The Fourth Plenary Session of the 20th CPC Central Committee emphasized the need to resolve local government debt risks in an active yet prudent manner. Facing the increasingly complex external environment of the “15th Five-Year Plan” period, local government debt serves not only as a source of fiscal pressure but also as a mechanism for intertemporal adjustment to absorb shocks. Adopting a resilience perspective helps explain the underlying mechanisms that allow local debt management to maintain critical functions under stress. Since the launch of reform and opening-up, local government debt management has evolved from spontaneous adaptation to institutionalized regulation, forming a closed-loop operational cycle—comprising risk triggering, centralization, absorption, and experience accumulation—that exhibits inherent resilience; this resilience is characterized by the ability to seamlessly transition between risk identification, resource coordination, stress mitigation, and rule updating, thereby offering a new analytical lens on the evolution of central-local fiscal relations. However, issues persist in some localities, such as a lag between risk triggering and cash-flow pressure, a lack of procedural rigor in coordination and centralization mechanisms, unclear sequencing in the use of risk-absorption tools, and insufficient accumulation of experience; furthermore, management objectives are sometimes narrowly interpreted as mere control over debt volume. Future efforts should shift from simple scale reduction toward stabilizing critical functions and ensuring adaptive adjustments. By proactively addressing risks, coordinating and centralizing management across administrative levels, absorbing risks through structured approaches, and continuously evolving institutional frameworks, a long-term government debt management mechanism compatible with high-quality development can be established, thereby enhancing the fiscal system’s capacity to withstand uncertainty-driven shocks and its resilience in recovery.

How Do Capital-Biased Tax Incentives Affect Labor Skill Premium: An Empirical Test Based on the Accelerated Depreciation Policy for Fixed Assets

Liu Zhizhong, Mu Guoting

2026, 0(10):  56-69. 

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Labor skill premium is a critical determinant of income distribution. Investigating the impact of capital-biased tax incentives on labor skill premium is of great importance for designing tax policies that can simultaneously promote enterprise development and improve income distribution. Using the accelerated depreciation policy for fixed assets as a quasi-natural policy setting, this study examines the impact of capital-biased tax incentives on labor skill premium based on a sample of Chinese A-share listed firms in Shanghai and Shenzhen from 2011 to 2023. The results show that the accelerated depreciation policy for fixed assets significantly increases firms’ labor skill premium. This effect is more pronounced among firms with higher financial risks, stronger market power within their industries, and lower regional tax enforcement intensity. Mechanism analysis reveals that the accelerated depreciation policy for fixed assets raises labor skill premium through two channels. First, by enhancing capital-skill complementarity, the policy alters the structure of labor skill demand and increases the relative demand for skilled workers, thereby widening the labor skill premium. Second, by inducing skill-biased technological progress, the policy improves the productivity of high-skilled labor, increasing their marginal output relative to low-skilled labor and consequently expanding the labor skill premium. Therefore, policy efforts should not only strengthen vocational training to enhance the employment competitiveness of low-skilled workers and promote the coordination between tax system optimization and labor market efficiency, but also implement differentiated regulatory strategies based on firm heterogeneity, improve antitrust oversight and tax administration mechanisms, and ultimately foster employment equity and advance common prosperity.

Liquidity Stratification of the Banking System and Investment-Financing Maturity Mismatch of Private Enterprises

Wu Huaqiang, Cai Guowei

2026, 0(10):  70-83. 

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Maturity mismatch between investment and financing among private enterprises is a common fact in China, which may be caused by the liquidity stratification in the banking system. Based on the data of interbank certificates of deposit issued by small and medium-sized banks and private enterprises listed on the National Equities Exchange and Quotations in China, this study empirically analyzes the impact of bank liquidity stratification on the maturity mismatch between private enterprises’ investment and financing. Empirical results show that liquidity stratification of the banking system intensifies the investment-financing maturity mismatch of private enterprises. An increase in the number of branches of small and medium-sized banks serves as an important moderating factor, which can weaken the positive effect of the liquidity stratification on private enterprises’ maturity mismatch between investment and financing. From the perspective of mechanism, liquidity stratification has reduced the long-term credit and the proportion of long-term debt of private enterprises, which compels them to engage in rolling short-term loans for investments and exacerbate the maturity mismatch between investment and financing. Heterogeneity analysis shows that the effect of liquidity stratification on maturity mismatch is greater and more significant in enterprises with higher growth opportunities and lower debt. Therefore, it is necessary to facilitate the liquidity transmission mechanism within the banking system and maintain sufficient liquidity in small and medium-sized banks. These measures can provide a favorable financial environment for alleviating the private enterprises’ maturity mismatch between investment and financing, thereby supporting the development and growth of the private economy in China.

Intelligent Economy

Computing Power Deployment and the Governance of Corporate Involutionary Competition: From the Perspective of Intelligent Computing Centers

Liu Zhiwei, Cheng Feiyang, Zhang Qiusheng

2026, 0(10):  84-96. 

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Strengthening industry self-regulation and preventing involutionary competition are essential requirements for building a new development pattern. Using data on A-share listed firms in Shanghai and Shenzhen from 2007 to 2023, this paper examines the governance effect of intelligent computing centers on corporate involutionary competition. The results show that intelligent computing centers can alleviate corporate involutionary competition. Mechanism analyses indicate that intelligent computing centers can improve resource allocation efficiency, promote firms’ adoption of artificial intelligence technologies, and enhance the corporate information environment, thereby alleviating involutionary competition. Further analysis shows that the alleviation can improve firms’ economic performance. Accordingly, it is necessary to improve the supply system for computing power infrastructure, reduce the institutional costs faced by firms in accessing computing resources, encourage firms to deeply integrate intelligent computing centers into R&D and production activities, and optimize the allocation of computing resources, so that firm-level computing power infrastructure can effectively serve as technological support for the governance of involutionary competition.

Research on AI-Empowered Inventory Turnover Decision-Making in Enterprises

Zhang Lu, Ji Tianzheng, Hu Xueping

2026, 0(10):  97-108. 

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Artificial intelligence (AI) provides technical support for corporate inventory decision-making. Drawing on a sample of Chinese A-share listed companies from 2010 to 2024, this study applies the BERT language model to conduct an in-depth semantic analysis of corporate annual reports, constructs a firm-level measure of AI adoption, and empirically examines the effect of AI adoption on inventory turnover. The findings indicate that AI adoption significantly improves inventory turnover. Mechanism tests reveal that AI adoption strengthens supply chain coordination and resilience while enhancing the quality of analysts’ earnings forecast, both of which contribute to higher inventory turnover. Extension analyses confirm that the inventory turnover gains driven by AI adoption translate into greater economic benefits. Accordingly, firms should accelerate their digital transformation, strengthen AI innovation and application, and embed inventory turnover into strategic planning over the medium and long term. The government should provide fiscal subsidies and tax reductions or preferences for corporate AI innovation and application, adopt targeted and context-specific policies, and tailor policy support to local conditions so as to promote inventory management optimization and foster a robust industrial ecosystem.

Industry & Trade

Productivity Improvement, Capital Deepening and Digital-Intensive Industry Development

Song Pei, Li Lin, Ai Yang, Chen Xiaoying

2026, 0(10):  109-122. 

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The development of digital-intensive industries is an important way for China to build a modern industrial system. The paper constructs a multi-sectoral general equilibrium model to explain the mechanism of productivity improvement and capital deepening to promote the transformation of industrial structure from non-digital-intensive to digital-intensive, and carries out quantitative evaluation. The results show that: First, productivity improvement is an important driving force for China’s industrial structure transformation. From 2000 to 2014, the slowdown in total factor productivity of China’s digital-intensive industries led to a decrease of 1.61 and 1.63 percentage points in its employment share and output value share, and an increase in the total factor productivity of non-digital-intensive industries led to an increase of 0.24 percentage points both in its employment share and output value share. Second, due to the higher capital output elasticity and capital intensity of digital-intensive industries, capital deepening can significantly promote the development of digital-intensive industries. From 2000 to 2014, the increase in China’s investment rate led to an increase of 1.64 and 1.68 percentage points in the share of employment and output value in digital-intensive industries. Third, reducing labor market friction will help promote industrial structural transformation. From 2000 to 2014, the decline in labor market friction led to an increase of 10.59 and 0.71 percentage points in the share of employment and output value in digital-intensive industries. In this regard, to vigorously develop digital-intensive industries in the future, it is necessary to improve total factor productivity, strengthen investment momentum, optimize investment structure, and break down factor market barriers.

Research on Inter-country Technology Dependence in Global Production Networks：Structural Evolution and Driving Mechanisms

Ge Haiyan, Ding Xiaoqiang

2026, 0(10):  123-136. 

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Disentangling inter-country technology dependencies within global production networks provides an important foundation for identifying national technological strengths and clarifying the direction of industrial upgrading. Based on the global input-output tables at constant prices prepared by the Asian Development Bank, this paper constructs an inter-country technology dependence network and quantitatively analyzes its structural characteristics and driving mechanisms. The research findings are as follows: The technology dependence relationship between countries has become increasingly close. The inter-country technology dependence network has the characteristics of“core-periphery”, China, USA and Germany have always occupied the central position of the network. The influence and control of China and the United States in the inter-country technology dependence network are both among the top three, and China’s control and influence have consistently maintained a leading position globally. There is a reciprocity effect, a structure dependence effect and a temporal dependence effect in the inter-country technology dependence network, that is, reciprocity, convergence, transfer, closure and path dependence are obvious. In addition, exogenous mechanisms such as common language, territorial borders, technological complementarity, friend-shoring, and digitization can increase the probability of the formation of countries’technology dependence relationships, but economic distance and tariffs generate an inhibitory effect. Therefore, it is necessary to strengthen bilateral economic and trade cooperation, accelerate digital transformation, and promote high-level institutional opening-up to promote the construction of a mutually beneficial transnational technology division of labor system.

Management Science

Supply Chain Common Shareholders and Corporate Diversification

Yu Nutao, Chen Kejin, Yang Zhangmeng

2026, 0(10):  137-151. 

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According to the resource dependence theory, resources serve as the basis for enterprises to undertake economies of scope, while social relationship networks constitute an important channel for enterprises to acquire resources. On this basis, with non-financial listed companies in Shanghai and Shenzhen A-share markets from 2008 to 2023 as the research subjects, an empirical test was conducted to examine the influence of the supply chain social relationship network with shareholders as the hub on the diversified operations of enterprises. The research reveals that common shareholders in the supply chain can significantly facilitate the diversified operations of enterprises, and the promotion effect on related diversified operations is more pronounced. The influencing channel lies in the fact that common shareholders of the supply chain provide the information and financial resources necessary for enterprises to engage in diversified operations. The heterogeneity analysis indicates that when the geographical distance between supply chain enterprises is shorter, the degree of marketization in the location of enterprises is higher, and the redundant resources are scarcer, the facilitating effect of common shareholders of the supply chain on diversified operations, especially on related diversified operations, is stronger. The exploratory analysis discovers that when common shareholders of the supply chain hold enterprises in the same industry, the holding direction is the upstream enterprise, and the holdings are symmetrical, the facilitating effect of common shareholders of the supply chain on the diversified operations of enterprises, particularly on related diversified operations, is stronger. Accordingly, enterprises should actively establish common shareholder linkages with upstream and downstream partners in the supply chain, prioritize connections with enterprises in the same industry and upstream suply chain, build two-way symmetric equity ties, and leverage the information and capital advantages brought by common supply chain shareholders to better realize economies of scope.

“Chain Leader System”and Firms’ Labor Income Share

Wang Kefan, Wang Wei, Liu Deyu

2026, 0(10):  152-164. 

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Promoting innovation in industrial chain policies is essential for enhancing national economic resilience, safeguarding industrial security, and gaining a competitive edge in the global arena. It also serves as an accelerator for fostering common prosperity. Using a difference-in-differences model and data from Chinese A-share listed companies from 2010 to 2023, this study investigates the impact of the“Chain Leader System”policy on firms’ labor income share. The empirical results reveal that the“Chain Leader System”policy significantly increases firms’ labor income share. The analysis identifies the upgrading of human capital structure and improvements in resource allocation efficiency as key underlying mechanisms. Heterogeneity tests show that the“Chain Leader System”policy has a more pronounced impact on firms facing high financing constraints, non-state-owned enterprises, those operating in highly market-oriented regions, and firms in non-high-tech industries. Further analysis indicates that compared with senior executives, the“Chain Leader System”policy has a pronounced effect on increasing the labor income share of ordinary employees, thereby narrowing internal wage disparities and significantly improving total factor productivity. To this end, it is necessary to enhance precise policy implementation, increase support for different enterprises, establish a collaborative cultivation mechanism, and strengthen the policy evaluation and feedback mechanism, to promote the increase of the labor income share.