The global economic landscape has undergone profound structural changes over the past 50 years, with globalization and digitization reshaping the transnational price system, making it difficult to accurately measure the real output capacity of countries (region) using traditional nominal Gross Domestic Product (GDP) and constant price GDP. To address this issue, based on purchasing power parity (PPP) panel data from 183 economies worldwide, this paper constructs a double deflation analysis framework for converting nominal GDP to real GDP. The global real GDP growth is decomposed into real growth effects, inflation effects, and PPP effects, and the global, regional, and country (region) economic real growth structures are characterized under a unified price system. Research has found that the long-term growth of the global economy is mainly driven by the expansion of real output, but shows a clear phased downward trend. The inflation effect within economics is consistent with the global inflation effect cycle. The PPP effect reflects significant regional differences in cross-country (region) price convergence and divergence. At the regional level, the global economy has formed a high growth pole composed of the Asia Pacific and South Asia regions, a stable pole composed of North America and Europe and Central Asia regions, and a high volatility pole tripartite pattern composed of Latin America, the Middle East and North Africa, and the Sahara region. At the economic level, China and India represent two different catch-up models, while the United States exhibits the price anchoring characteristics of developed economies. The real economic scale adjusted by PPP shows that China’s economic growth model is shifting from quantity expansion to quality accumulation. Based on this, establishing an internationally comparable measurement system based on PPP is an important direction for China to comprehensively enhance its national governance capacity and build an independent statistical knowledge system. During the 15th Five Year Plan period, it is necessary to accelerate the construction of a“PPP - Growth - Statustics”measurement system oriented towards modernization goals.

A comprehensive analysis of the global inter-country capital flow situation is of great significance for evaluating China’s international capital competitiveness and accelerating the construction of a new development paradigm. Under the theoretical framework of the System of National Accounts (SNA), this paper designs and compiles a broad global capital flow statement that covers the exchange of goods and services between countries, distribution flows, and capital and financial transaction flows, depicting the overall landscape of capital exchanges between countries. The study finds that China occupies a pivotal position in global capital flows and has emerged as a major participant in cross-border capital interactions by virtue of its robust performance in merchandise trade. China’s service trade is mainly focused on traditional fields such as construction services, and there is still room for improvement in the high value-added service trade sector. In the global income distribution pattern, China’s share has not yet matched its economic size, indicating significant growth potential. In terms of capital and financial flows, China has shown a net outflow state, with significant room for expansion in both directions. In the future, China should not only enhance the resilience of the global trade network by exploring emerging markets and developing new business models, but also focus on key areas of service trade and enhance the competitiveness of digital and knowledge intensive service trade. In the financial sector, efforts should be focused on optimizing capital structure and improving the cross-border capital flow monitoring and early warning mechanism, in order to enhance the stability and balance of capital flows.

Against the backdrop of the spreading de-globalization and the rising trade protectionism, scientifically assessing the macroeconomic transmission mechanisms of tariff shocks and exploring effective response paths have significant theoretical value and policy relevance. By constructing an open-economy Dynamic Stochastic General Equilibrium (DSGE) model embedded with financial frictions and firm heterogeneity, and utilizing structural estimation based on Chinese industrial enterprise data, this study systematically quantifies the impact of tariff shocks on China’s economic growth and its underlying transmission logic. The findings indicate that the magnitude of the impact depends on the persistence of the shock; specifically, the negative effects of permanent tariff shocks are significantly greater than those of temporary ones. Structurally, tariff shocks exert a more pronounced negative influence on exports than on domestic output. The mechanism analysis further reveals that ignoring financial frictions will lead to a significant underestimation of the negative impact on China’s economic growth. Financial frictions will amplify the adverse effects of tariff shocks through a“financial accelerator”mechanism: declining profits, shrinking net worth, tightened financing constraints, contracting investment. Policy simulations suggest that reducing trade costs, promoting technological progress, and deepening regional economic cooperation can effectively counteract tariff shocks.

From the perspective of the non-rivalrous nature of data, and based on the theoretical models of data’s ability to promote horizontal technological innovation in endogenous industrial structural transformation, this paper conducts a study. The findings demonstrate that data factors will influence sectoral technological innovation through direct data innovation effects and data cost effects, as well as indirect market size effects. The data innovation effect strengthens innovation incentives in sectors with higher data innovation elasticity, while the data cost effect weakens these incentives. These two mechanisms jointly determine the contribution rate of data to technological innovation. Departments with higher data innovation contribution rates experience faster technological progress than those with lower rates. Since the products of the two departments are not substitutes, the relative price effect drives factors toward departments with lower data innovation contribution rates. When data ownership is held by consumers, data privacy costs will restrict data transactions, thereby limiting data’s contribution to technological innovation and economic growth. The above conclusion implies that the government should strengthen data privacy management, improve the design of data ownership structures, and enhance the level of public data sharing to facilitate in-depth development and utilization of the existing data.

The implementation of the Social Insurance Law of the People’s Republic of China in 2011, for the first time, explicitly required all enterprises to pay social insurance premiums for their employees in a legal form, significantly enhancing the enforcement of social insurance contributions by enterprises. The existing studies primarily focus on the impact of this reform at the firm level, while overlooking its transmission effects on the macroeconomic level. Based on the national tax survey data from 2007 to 2015, and using the implementation of the law in 2011 as an exogenous policy shock, this paper constructs a quasi-natural experiment study. The findings show that the enactment of this law has led to a 16.8% increase in total factor productivity among enterprises. The mechanism analysis reveals that the law primarily enhances TFP by incentivizing increased R&D investment, intensifying external competitive pressure within industries, and reinforcing the market-driven mechanism of survival of the fittest. Further analysis indicates that the law’s implementation not only optimizes factor allocation efficiency at the regional and industry levels but also fosters growth in macro-level TFP. The above conclusion indicates that the law, as the core system for regulating social security management, has not suppressed the development of enterprises, and has improved their productivity at the micro level and factor allocation efficiency at the macro level by enhancing their innovation capabilities and optimizing the market competition environment, thereby promoting the overall improvement of total factor productivity.

The openness and transparency of fiscal information is a fundamental requirement of modern budget systems. It is not only a lever for promoting the modernization of national governance capabilities, but also a fundamental support for stimulating urban entrepreneurial vitality. Taking the implementation of the new Budget Law as the starting point, and based on the panel data and industrial and commercial enterprise registration data of China’s prefecture level cities from 2011 to 2023, this paper empirically analyzes the impact of fiscal transparency on urban entrepreneurial vitality. Research has found that the implementation of the new Budget Law has significantly enhanced urban entrepreneurial vitality, indicating that the increase in fiscal transparency has a significant promoting effect on urban entrepreneurial vitality. The mechanism testing shows that fiscal transparency mainly enhances urban entrepreneurial vitality through two ways: improving the level of urban public services and optimizing the urban business environment. The heterogeneity analysis reveals that the stimulating effect of fiscal transparency on urban entrepreneurial vitality is more significant in cities with higher levels of economic development, non resource-based cities, and cities with higher levels of human capital. Therefore, it is necessary to continuously promote budget openness and transparency, establish and improve the budget disclosure system, strengthen the efficiency of public services, create a high-quality entrepreneurial ecological environment, strengthen the construction of the rule of law, and continue to optimize the business environment.

Artificial intelligence technology, as an important driving force for the new round of technological revolution and industrial transformation, is a key engine for promoting industrial upgrading and high-quality economic development. The establishment of the National New Generation Artificial Intelligence Innovation and Development Pilot Zone provides an important platform for the institutionalized promotion and application of artificial intelligence technology. However, research on how this policy affects the market performance of enterprise products is relatively limited. Based on the establishment of artificial intelligence experimental zones as a natural experiment, this paper uses a multi-stage double difference method to analyze the impact and mechanism of the policies on the competitive advantage of enterprise product markets. Research has found that the establishment of experimental zones significantly enhances the competitive advantage of enterprises in the product market, and this effect is mainly achieved through improving their innovation capabilities and optimizing their human capital structure. Specifically, policies help companies accumulate artificial intelligence patent technology and attract high skilled workers, thereby enhancing their competitiveness in the product market. In addition, policy effects exhibit heterogeneity across different industries and regions: the promotion effect is more significant for highly competitive industries, traditional industries, and regions with better business environments. Based on the above research conclusions, the government can further improve the policy support system, focus on enhancing enterprise innovation capabilities and optimizing human capital, in order to promote the sustained enhancement of enterprise product market competitiveness.

The successful cases of“generating profits with righteousness”in the marketing practice of Chinese enterprises go beyond the explanatory scope of the existing marketing theories that focus on pursuing maximum economic profits. Using the classic grounded theory method, this paper selects three companies as samples that can still achieve counter trend growth in traditional marketing failure scenarios to propose and construct the concept and dimensions of“ethical marketing”. Research has shown that adhering to an organic holistic worldview, ethical marketing conceptualizes the relationships between people, between people and society, and between people and nature into three core dimensions: coexistence of human relationships, adherence to social norms, and coexistence of ethical relationships. Ethical marketing not only breaks through the limitations of green marketing, ethical marketing, and other aspects of business level, subjectivity, and individuality, but also realizes the creative transformation and innovative development of ethical thinking in the field of marketing in the context of Chinese culture, promoting the collaborative coexistence of employees, enterprises, society, and nature.

Domestic market connectivity is an important element of unimpeded domestic circulation, and an in-depth understanding of the role of domestic market connectivity in enhancing the welfare of inter-provincial trade from the perspective of the“five unities”is of far-reaching significance to the construction of a strong domestic market. By constructing an asymmetric multi-stage general equilibrium model, this study quantifies the impact of domestic market connectivity on the welfare enhancement of inter-provincial trade, and spatially deconstructs its production characteristics. The findings show that domestic market connectivity in general significantly promotes the growth of inter-provincial trade intensity, but there is still much room for improvement in the promotion of factor resource connectivity. Domestic market connectivity has enhanced the inter-provincial trade welfare, among which the interconnection of goods and services has the most significant effect on improving trade welfare, followed by transportation facilities, market systems, factor resources, and market supervision. The average increase in trade welfare for the eastern and northeastern regions is higher than that for the central and western regions due to the inter-connectivity of the domestic market. Under the multi-stage production mode, the overall average increase in trade welfare for the country is significantly higher than that of indirect production. Local governments should respond positively to the “five unities”initiative in light of the actual situation, promote the coordinated regional development through inter-provincial cooperation, and fully release regional comparative advantages through multi-stage production, so as to help achieve the goal of smooth and greater domestic circulation development and provide practical experience for domestic market connectivity and inter-provincial trade welfare enhancement.

Cross-border mergers and acquisitions serve as a primary pathway for enterprises to rapidly achieve global resource integration and market expansion. With the rapid development of the digital economy, cross-border M&A activities are increasingly focusing on technological innovation, data assets, and global synergy. Examining how the digital economy influences cross-border M&A is of great significance for advancing China’s high-level opening-up. To systematically investigate the impact of digital economy development on corporate cross-border M&A, this study employs the data from Shanghai and Shenzhen A-share listed companies from 2013 to 2019, the Zephyr database, and the city-level macroeconomic data to conduct an empirical study with a two-way fixed effects model. The findings indicate that digital economy development can significantly promote cross-border M&A activities among listed companies. The moderating effect test results show that the management capabilities and integration capabilities of enterprises play a significant positive moderating role in the process through which digital economy development facilitates cross-border M&A. The mechanism test results reveal that digital economy development promotes the implementation of cross-border M&A strategies by enterprises through two pathways: enhancing production efficiency and increasing retained earnings. The results of the heterogeneity test indicate that, for both same-industry and cross-industry cross-border mergers and acquisitions, the development of the digital economy significantly promotes corporate cross-border M&A. However, the promoting effect is more pronounced in the sample of same-industry cross-border M&A. In the sample of provincial capitals and cities at higher administrative levels, the promoting effect of digital economic development on cross-border mergers and acquisitions by enterprises is even more pronounced. Therefore, to further enhance the role of digital economy development in cross-border M&A, it is essential to continuously promote the high-quality growth of the digital economy and implement differentiated digital economy development strategies tailored to local conditions.

Debt financing is the primary means for Chinese enterprises to obtain external funds, the cost of debt financing directly affects the operating efficiency of the enterprises. Taking the publishing of The Minutes of the National Conference on Civil and Commercial Trial Work of Courts in 2019 as a natural experiment, this study empirically tests the impact of the horizontal corporate personality denial system on the cost of corporate debt financing by using the data from Chinese A-share listed companies from 2014 to 2023 with the difference in differences method. The results indicate that compared to enterprises with abnormal horizontal related party transactions, the system of horizontal corporate personality denial significantly reduces the debt financing costs of enterprises with abnormal horizontal related party transactions. The mechanism analysis shows that the system of horizontal denial of corporate personality can enhance the confidence of creditors and reduce the risk of debt default for enterprises. Therefore, the system of horizontal denial of corporate personality can reduce the cost of debt financing for enterprises. The heterogeneity analysis found that in enterprises with actual controllers, enterprises where the actual controller’s control rights deviate from ownership, enterprises with legal background executives, and enterprises in regions with good legal system environment, the horizontal corporate personality denial system has a more significant effect on reducing debt financing costs. To this end, it is necessary to strengthen the promotion of the horizontal legal personality denial system, improve its application conditions and implementation rules, continuously optimize the corporate governance mechanism, strengthen the legal awareness of executives, and enhance the confidence of creditors.

Preventing financial risks of listed companies is crucial for the stable and healthy development of the capital market. By using the quarterly data from Chinese A-share listed companies from 2014 to 2017, this paper constructs a multi temporal DID model to study the impact of large-scale government stock purchases on corporate financial risk. Research has found that large-scale government stock purchases can reduce financial risks for businesses. The mechanism testing shows that large-scale government stock purchases can play a governance role for institutional investors and improve the investment efficiency of enterprises. Therefore, large-scale government stock purchases can reduce the financial risks of enterprises. The heterogeneity analysis reveals that the government’s large-scale purchase of stocks has a more significant effect on reducing corporate financial risks in companies with low information transparency, as well as in companies with long-term holdings of Huijin Corporation. Therefore, when formulating rescue policies, the government should incorporate the prevention and control of corporate financial risks into the policy objective system. The executing entity of government stock purchases should deeply participate in corporate governance, and promote the allocation of enterprise resources towards core businesses and efficient projects.