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Published in last 1 year |  In last 2 years |  In last 3 years |  All Please wait a minute... For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails Select County Economy and Its Development Limits in Central and Western China HE Xue-feng Contemporary Finance & Economics    2024, 0 (10): 3-17.   Abstract （63）            Knowledge map    Save China’s urbanization is rapidly advancing, and a key issue in the urbanization of the central and western regions is how to deal with the county economy and county urbanization. In the current situation of China’s densely populated coastal economic belt with huge production capacity, the county-level economy in the central and western regions lacks the scale conditions required for the development of manufacturing industries, and the lack of manufacturing industries in the county-level economy in the central and western regions makes it difficult to provide sufficient employment for migrant workers in cities. The result may be that the central and western regions develop the county economy by expanding their power and encouraging farmers to enter the county towns, however, the farmers who enter the city have to rely more on village agricultural income and income from migrant workers due to the lack of employment, which renders the development of the county economy in trouble. At present, the focus of the development of county-level economy in central and western China should be to provide equal basic public services for farmers in both urban and rural areas. The ultimate destination of farmers’ urbanization is inevitably a regional center city where employment and life are integrated. County towns are only a transitional zone for farmers to enter the city. In a long period of time in the future, farmers cannot leave the land when they go to the city. To retain the right of farmers to return home is not only important in terms of security, but also has important spiritual value in terms of future prospects. Reference | Related Articles | Metrics | Comments（0） Select Construction of Old Revolutionary Base Areas and High-Quality Economic Development ZHAO Man-ru, WU Zhen-lei Contemporary Finance & Economics    2024, 0 (10): 18-29.   Abstract （43）            Knowledge map    Save In the context of entering the new stage of development, promoting the achievement of high-quality economic development in the old revolutionary base areas has become a crucial task for the regional coordinated development in China. Since the 18th National Congress of the Communist Party of China, China has focused on the five major key old revolutionary base areas and successively introduced a series of supportive policies to provide comprehensive support in various aspects, including industry, ecology, and public services. Based on the panel data of prefecture-level cities spanning from 2009 to 2022, this paper conducts an empirical study using a double-difference model. The findings indicate that, firstly, the implementation of the supportive policies for the old revolutionary base areas has significantly promoted the high-quality economic development in these regions. Secondly, these supportive policies for the old revolutionary base areas has a positive impact on the high-quality economic development in those regions through enhancing their innovative capabilities, promoting the green transformation and development, addressing the shortcomings in public services, and optimizing land resource allocation. Notably, digital finance plays a positive regulatory role throughout this process. Thirdly, the high-quality economic development effects brought by the support policies for the old revolutionary base areas exhibit significant heterogeneity, with more favorable outcomes observed in the central and western regions, the areas with lower economic development levels, and the medium to small-sized cities. Consequently, it is necessary to increase policy support for the old revolutionary base areas, optimize the effectiveness of policy support, improve the economic development level of the old revolutionary base areas, thereby help these regions embark on a new journey of comprehensive socialist modernization construction. Reference | Related Articles | Metrics | Comments（0） Select Research on the Formation Logic and Leap Path of New Quality Productivity Based on Intelligent Manufacturing WU Qun, CHEN Qian Contemporary Finance & Economics    2024, 0 (9): 3-12.   Abstract （74）            Knowledge map    Save Intelligent manufacturing is the key lever of the manufacturing industry to realize high-quality development, and also an important form of new quality productivity in the upgrading and development of the manufacturing industry; through intelligent manufacturing the formation of new quality productivity in the manufacturing industry can be accelerated so as to further promote the implementation of the strategy of a strong manufacturing country. The formation logic of new quality productivity based on intelligent manufacturing mainly includes four logics, i.e. the technological innovation driven logic, the production model transformation logic, the production factors integration logic and the collaborative symbiotic development logic, which respectively show the qualitative state of high efficiency, flexibility, networking and self-optimization. With the continuous science and technology innovation and the continuous empowerment of digitalization, the new quality productivity in the future will leap to the tough, knowledge-based, ecological and wisdom-based new quality productivity. Intelligent manufacturing provides a strong driving force for China's manufacturing power strategy, but there are still difficulties in the development of new quality productivity based on intelligent manufacturing, such as the lack of key technologies, the shortage of high-end talents, the poor allocation of resources, and the lower degree of human-machine collaboration. Overcoming key technology difficulties is the basic guarantee for the leapfrogging of new quality productivity, cultivating high-end talents is the supporting condition, optimizing resource allocation is an important driving force, and deepening human-machine symbiosis is the advanced goal. Efforts in these areas will help to form a higher level of new quality productivity based on intelligent manufacturing, thus providing support for the high-quality development of China's manufacturing industry. Reference | Related Articles | Metrics | Comments（0） Select The Impact of Industry Growth and Interindustry Linkages on China's Economic Growth WU Mao-hua, WANG Di-hai Contemporary Finance & Economics    2024, 0 (9): 13-27.   Abstract （46）            Knowledge map    Save Regarding the impact of changes in industrial structure on the growth rate of real GDP, previous studies have often overlooked the role of inter-industry linkages. Industrial growth not only directly affects economic growth, but may also indirectly affect economic growth by influencing other industries. Empirical studies have shown that the growth of industrial real output value can promote the growth of service industry output value, but reduce the growth of agricultural output value; the growth of actual output value in the service industry will suppress the growth of industrial output value and reduce the relative price growth rate of the service industry; the growth of actual agricultural output value will reduce the relative price growth of the service industry. Taking into account the correlation between industries, the decomposition results of the economic growth rate show that the net effect of China's industrial output value growth driving China's economic growth from 1979 to 2022 is 5.72%, of which the indirect effect of affecting the growth of other industries' output value and changes in price structure is 1.2%. The net effect of the growth of service industry output value driving economic growth is 2.49%, of which the indirect effect is -1.18%. Further research shows that the net effect of industrial growth can explain 78% of the differences in actual output growth rates between provincial regions in China. From 1979 to 2022, China's economic growth was mainly driven by industrial growth (contributing 64.1%), which is higher than the direct effect without considering industrial linkages (contributing 50.68%). In addition, the indirect effects of service industry growth have had a significant hindering effect on economic growth. Reference | Related Articles | Metrics | Comments（0） Select Inclusive Environmental Perception and Residential Property Allocation QIN Yu, DENG Xin, BAI Yang Contemporary Finance & Economics    2024, 0 (8): 3-16.   Abstract （57）            Knowledge map    Save Human being is the core element of regional economic and social development. An inclusive regional environment, including culture, institution, working and living, is crucial in attracting talents and facilitating housing allocation. Based on the micro-data from the Inclusive Green Development Follow-Up Survey by the Chinese Academy of Social Sciences, this paper conducts an empirical study. The findings are as follows: firstly, the perception of an inclusive environment has a significant positive effect on residents’ housing allocation. With the number of traditional Chinese brands and the number of imperial examination graduates during the Ming and Qing dynasties used as instrumental variables in the model, a 1% increase in residents’ perception of regional inclusiveness will increase the likelihood of housing allocation in the area by 0.582% and 0.201%, respectively. Secondly, a high level of regional inclusive environment is more conducive to attracting talents to settle and allocate housing. However, it also produces a“crowding out”effect on the relatively disadvantaged groups. The mechanism analysis shows that a more inclusive environment can enhance residents’ confidence in regional economic and social development and asset appreciation, as well as their happiness in life and work, thereby increasing the likelihood of their settling and housing allocation in the area. The above conclusions indicate that the construction of an inclusive regional environment can enhance residents’ willingness to allocate housing locally, which has a positive significance in attracting talents inflow. However, with the improvement of regional inclusiveness and the influx of population, special attention should be paid to the urban integration of relatively vulnerable groups. Reference | Related Articles | Metrics | Comments（0） Select The Siphon Effect and Prisoner’s Dilemma in Regional Economical Development: A Case Study of the Six Central Provinces of China WANG Jun-jie, XU Shu-yun, ZHOU Yi Contemporary Finance & Economics    2024, 0 (8): 17-29.   Abstract （106）            Knowledge map    Save Unbalanced development is one of the primary contradictions currently faced by China, manifesting not only in the imbalances between regions but also within specific areas, such as the differences among the six provinces in central China. As the political, economic, and cultural hubs within their provinces, provincial capitals are the key engines driving regional economic growth, and their development can significantly impact the progress of the entire area. The development divergence among the six central provinces can largely be attributed to the siphon effect and the prisoner’s dilemma phenomenon. The relatively developed provinces, especially those rapidly growing provincial capitals, will tend to siphon resources from those less developed provinces. This will lead to the flow of talents, capital, and materials from less developed regions to more developed ones, adversely affecting the development of the latter. Moreover, as some provinces implement“strong provincial capital”strategies centered on strengthening their capitals, local governments have begun to exhibit the clear characteristics of the prisoner’s dilemma between them. That is, when one province strives to expand the scale and influence of its capital, the neighboring provinces, in order not to lose their competitiveness, are also compelled to adopt the similar strategies to prevent the loss of their resources. The empirical analysis based on the panel data from 80 cities in the six central provinces also confirms the existence of the siphon effect. Particularly in Jiangxi Province, the decline in the primacy of its capital city over the past decade has significantly reduced its ability to attract the key resources such as population, talents, finance, and industry, compared to other provinces, which is a key factor in its relatively lagging economic development. Therefore, in order to narrow the economic gap with their neighboring provincial capitals, the provinces with lower capital city primacy need to enhance the construction of their capitals to gather more resources within their province and, if possible, attract resources from their neighboring provinces. Reference | Related Articles | Metrics | Comments（0） Select The Formation Logic, New Qualitative Characteristics, and Theoretical Elements of New Productive Forces XUE Qin-yuan, SHI Dan, SHI Ke-han Contemporary Finance & Economics    2024, 0 (7): 3-16.   Abstract （49）            Knowledge map    Save The new quality productivity, as an innovative component of Xi Jinping’s economic thought in the new era of socialism with Chinese characteristics, possesses rich theoretical and practical connotations. The theoretical and practical foundations of the new quality productivity stem from the understanding and practice of the laws of productivity development by the Communist Party of China. It is a new productivity theory proposed by the Chinese Communists represented by Xi Jinping based on Marx’s productivity theory, which summarizes the practical experience of the development of productivity in China and guides the high-quality development of the economy under the new development pattern. The“new quality”characteristics are manifested in the productivity development process, where the technological innovation and application are the core elements and main paths. A significant increase in total factor productivity is the central indicator, the“high quality”is the key requirement, the green development is an inherent attribute, and the coordinated development and security are the foundational guarantees. The core components of the new quality productivity include the new quality laborers that are primarily composed of innovators and creators, the new quality means of labor that primarily consist of intelligent tools, and the new quality labor objects that possess more advanced resource forms. To construct the new production relations to adapt to the development of the new quality productivity focuses should lay emphasis on several key areas. In terms of laws and regulations, it involves creating a fairer, more open, and more competitive environment for productivity development. At the level of the scientific and technological system, it requires constructing a more open, flexible, and efficient innovation system. Regarding the economic system, it is necessary to improve the market mechanisms to promote the smooth flow of advanced and high-quality production factors. In the areas of talent and social security, it emphasizes facilitating a virtuous cycle of education, talent, and social security. Reference | Related Articles | Metrics | Comments（0） Select Job Tasks and Income Inequality in the Context of the Changing Information and Communications Technology LI Chao-ting, LI Xue-hui Contemporary Finance & Economics    2024, 0 (7): 17-30.   Abstract （29）            Knowledge map    Save With the rapid development of information intelligence, the job tasks according to the profession of the labor force can be divided into routine tasks and non-routine tasks based on whether the tasks are easier to code and automate. It is a new perspective to understand the changes of income inequality from the reward differences of different tasks. Based on the data from the Chinese General Social Survey (CGSS) and the Occupational Information Network, this paper conducts a study of the reward differences of job tasks and the income inequality. The findings show that the denser the non-routine tasks in the occupations engaged by the labor force, the higher the returns they receive, and that the more intensive the routine tasks are, the lower the returns they receive. The phenomenon of income inequality within different types of work tasks is also not the same. In occupations with intensive non-routine tasks, the income inequality within the profession is higher; while in occupations with intensive routine tasks, the income inequality within the profession is relatively lower. In non-state-owned organizations and in the areas with advanced information technology, the higher returns of non-routine work tasks are more significant, and the problem of income inequality within the professions is severe. A counterfactual decomposition of the changes in the overall income inequality in China from 2002 to 2020 reveals that the difference in returns between non-routine and routine tasks is the main cause of overall income inequality, with an increasing effect on the overall income inequality. The structural changes in non-routine and routine tasks have little impact on the overall income inequality. Reference | Related Articles | Metrics | Comments（0） Select Research on the Changes in the Form of Capital and Its Circulation Processes in the Age of Digital Capitalism ZHANG Xin-wei, LIU Gang Contemporary Finance & Economics    2024, 0 (6): 3-16.   Abstract （229）            Knowledge map    Save In the era of the digital economy, the application of digital technology has driven the transformation of the form of capital and reshaped the process of capital circulation and value proliferation. In terms of the form of capital, the digitalization of currency has increased the amount of funds that can be converted into monetary capital within the economic system, expanding the scope of financing activities for industrial capital. The capitalization of data and the digitization of production capital have further strengthened the control of capital over data as a means of production. Through digital forms and digital marketing channels, commodity capital has accelerated the process of transformation from commodity into money, further enhancing the speed and efficiency of capital circulation. From the perspective of capital circulation and value proliferation, the digitalization of capital forms has made the capital circulation in different industrial sectors exhibit heterogeneity and complexity characteristics, while its value proliferation process is more diverse and secretive. The capital circulation in digital goods and services is reflected in the increase in capital circulation and proliferation speed caused by the use of digital production means. The capital cycle in the integration of data factors and traditional production factors is represented by the gradual separation of the direct material production process and living labor with the participation of materialized data factors, and its capital proliferation tends to be completed in the production process of data factors. In the gig economy dominated by digital platforms, capital circulation is manifested through monopolizing data factors and sales channels to control the realization of value growth, thereby strengthening the exploitation of individual laborers and small producers. Reference | Related Articles | Metrics | Comments（0） Select Human Capital, Technological Progress, and High-Quality and Full Employment of Rural Youth LI Jian-qi, DING Shu-lei Contemporary Finance & Economics    2024, 0 (6): 17-29.   Abstract （176）            Knowledge map    Save In the context of declining population growth and accelerated technological advancement, focusing on enhancing the human capital of rural youth to promote their high-quality and full employment holds significant implications for high quality population development, urban and rural regional coordination and development, and shared prosperity. Taking the Rural Compulsory Education Student Nutrition Improvement Program as an exogenous shock of human capital, this paper conducts a study based on a difference-in-difference model. The findings show that, firstly, the rural youth with higher levels of human capital by health and educational exhibit more sufficient and higher-quality employment compared to their peers. Secondly, the high-quality and full employment effects of human capital expansion are more pronounced in underdeveloped areas, economically disadvantaged households, and among female rural youth. Thirdly, human capital expansion can promote high-quality and full employment among rural youth by improving their employment structure and occupational levels, thus aiding their adaptation to the trends of digitization and industrial intelligence. Therefore, it is suggested to deepen household registration system reforms, optimize the allocation of educational resources, enhance the accessibility of medical services in rural areas, and bridge the urban-rural human capital gap through targeted fiscal policies, so as to promote the high quality and full employment among rural youth. Reference | Related Articles | Metrics | Comments（0） Select Progress, Regional Differences, and Promotion Strategies of China's New Industrialization LI Peng, JIANG Mei-qin Contemporary Finance & Economics    2024, 0 (5): 3-16.   Abstract （106）            Knowledge map    Save New industrialization is the core component and driving force for building a modern industrial system and a powerful modern socialist country. Facing the realistic background of profound changes in the major domestic and international situations, the connotation of new industrialization has taken on new characteristics. This paper constructs a new industrialization index system from six dimensions: people orientation, quality priority, independent innovation, green and low-carbon, digital and real integration, and open and circulation, and evaluates the new industrialization development level of each region during the“13th Five-Year Plan”period. The findings show that during the “13th Five-Year Plan”period, China's new industrialization development level has continued to improve as a whole, but the regional differences are obvious and there is a trend of expansion. Among them, the eastern region is the most important source of the promotion of the level of new industrialization. The results of industrial green and low-carbon transformation are obvious, but there is an expanding trend among the regions; the integration of the digital and the real is insufficient to support the new industrialization, and there are also significant regional differences. The results show that the regional differences in the new industrialization index mainly come from inter-regional differences. The overall regional differences in the independent innovation index are relatively the largest, which is an important focus to promote regional new industrialization synergy in the future. The digital development is undergoing regional differentiation, to which attention should be paid. The flow of cross-regional factors is not smooth, and there is still an obvious problem of regional market segmentation. In the process of promoting the new industrialization and the coordinated regional development, it is required to pay attention to the efficient collaboration between the two. Reference | Related Articles | Metrics | Comments（0） Select Local Government Debt Management System Reform and Corporate Labor Income Share XIONG Jia-cai, HUANG Ling Contemporary Finance & Economics    2024, 0 (5): 17-29.   Abstract （65）            Knowledge map    Save Increasing labor income share is the core of optimizing the income distribution pattern and achieving common prosperity. Utilizing the implementation of the new Budget Law in 2015 as a policy shock on the reform of local government debt management system, this paper examines the impact of local government debt management system reform on the labor income share of enterprises. The findings show that the reform of local government debt management system has remarkably escalated the proportion of labor income attributed to enterprises. In the regions with greater financial pressure or with worse institutional environment, and in the enterprises with stronger financing constraints, the promoting effect of the reform of local government debt management system on the labor income of enterprises is more pronounced. As far as the mechanism is concerned, the reform of local government debt management system can help to reduce the strength of government taxes and non-tax revenue administration and constrain the increase of the implicit debt of local governments, thus helps enterprises to improve their financing availability and alleviate their financing constraints. In this way enterprises will invest more resources into labor factors, thereby increase the share of labor income. Therefore, the central government should continuously improve the regulatory system for local government debt, effectively control the scale of implicit local government debt, and alleviate the competition between the government and enterprises in the credit market. Reference | Related Articles | Metrics | Comments（0） Select A Scale Estimation and Structural Analysis of China’s Data Factor: From the Perspective of Information Value Chain XU Xiang, TIAN Xiao-xuan, LIKE Ao-bo, CHEN Bin-kai Contemporary Finance & Economics    2024, 0 (4): 3-16.   Abstract （141）            Knowledge map    Save Data is a key production factor in the digital economy era. Estimating and analyzing the scale of data elements and their income distribution can help to correctly understand the current level of digital economy development in China and provide a data foundation for the related researches. The existing researches mostly focus on the production cost or market value of data elements, lacking estimation methods constructed from the perspective of the information value chain that fully consider the entire process of data value formation and release. Through improving the existing estimation methods, this paper conducts a calculation of the data element investment in various provinces from 2012 to 2019. The results show that China’s data element investment reached 2.05 trillion yuan in 2019, an increase of 1.35 times from 871.2 billion yuan in 2012, with an average annual growth rate of 13.02%. China’s investment in data elements exhibits such significant characteristics as regional inequality, etc., which may lead to a widening gap in the stock of data elements among the provinces; that is not conducive to the high-quality development of the digital economy. The above results fully demonstrate that the importance of data elements in economic growth and initial income distribution is constantly increasing, and the relevant basic systems and policy measures should be implemented as soon as possible. Reference | Related Articles | Metrics | Comments（0） Select Government Integrity and Enterprise Innovation Quality WANG Yan-wu, MO Chang-wei Contemporary Finance & Economics    2024, 0 (4): 17-29.   Abstract （77）            Knowledge map    Save Establishing an honest government is a primary measure to optimize the business environment and build a friendly and clean relationship between government and business, which has a profound impact on enterprises’ research and development motivation and innovation behavior. Based on the measurement of the regional government integrity level with Baidu Search Index, this study conducts empirical tests on the impact and transmission mechanism of the regional government integrity on enterprise innovation quality by taking listed industrial enterprises in China’s A-share market as samples. The findings reveal the following facts: firstly, the level of regional government integrity has a significant promotion effect on the enterprise innovation quality; secondly, there is significant business heterogeneity in the effect of regional government integrity on the innovation quality of enterprises. To improve local government integrity will significantly promote the innovation quality of small-scale enterprises, non-state-owned enterprises, enterprises in the high-tech intensive industries, low asset specific enterprises and enterprises in the eastern region; thirdly, government integrity affects the innovation quality of enterprises mainly by encouraging enterprises to engage in more complex invention and innovation, independent innovation and reducing transaction costs; fourthly, the level of Internet development will amplify the role of government integrity on the quality of enterprise innovation. The above conclusions suggest that in the Internet era, local governments should pay more attention to the construction of government integrity, improve the level of governance, and consolidate the foundation for the honest society, so as to promote the independent innovation momentum of local enterprises, improve the quality of innovation, and help to achieve the high-quality development of the economy. Reference | Related Articles | Metrics | Comments（0） Select China’s Macroeconomic Tail Risks Evaluation and Interest Rate Rule Optimization DENG Chuang, WU Jian Contemporary Finance & Economics    2024, 0 (3): 3-16.   Abstract （121）            Knowledge map    Save Extreme event shocks often breed macroeconomic tail risks; in order to better integrate development and security, it is of great significance toclarify whether and how tail risk indicators can help to improve the macroeconomic management paradigm in the context of the world’s great changes. This paper assesses China’s macroeconomic tail risks based on the expected probability of downside economic growth and checks the researches on the applicability and superiority of an interest rate rule that takes tail risks into account. The results show that, firstly, China’s macroeconomic tail risks were in a low and stable fluctuation before the financial crisis, which increased during the financial crisis and tended to decline in the post epidemic era; secondly, the deterioration of the economic and financial situations has a significantly larger amplifying effect on tail risks than the mitigating effect of the improvement, and the accelerated divergence of the economic cycle and the the financial cycle has a more pronounced driving effect on the tail risks in the medium to long run under the intertemporal substitution effect, while the tail risks can be used as a monetary policy indicator to help judge the future economic and financial situation; thirdly, the effect of interest rate policy targeting only output and inflation may deviate from the expectation, and the framework of interest rate rules that focuses on the targeting of tail risks is conducive to the better realization of the policy objectives of stabilizing growth, preventing risks, and safeguarding the dual stability of economy and finance. Reference | Related Articles | Metrics | Comments（0） Select Consumption Upgrading Breeds Human Capital Dividend WAN Jian-xiang, WANG Shan-shan, NIE Chang-teng Contemporary Finance & Economics    2024, 0 (3): 17-29.   Abstract （81）            Knowledge map    Save Based on China’s urban level data from 2013 to 2020, this paper conducts an empirical research to explore whether consumption upgrading can affect economic developmentand how. The findings show that firstly, consumption upgrading has a significant and direct promoting effect on economic development, and based on the accumulation of consumption, it can breed human capital dividends for economic development from both the quality and structure of human capital; secondly, in terms of heterogeneity, the human capital dividend nurtured by consumption upgrading is relatively larger in the areas of population inflow and smaller in the areas of population outflow; thirdly, the threshold regression results show that, taking the education level of the labor force as the threshold variable, the threshold years for population inflow and outflow are different, with 12.31 years (vocational high school) and 8.67 years (junior high school), respectively. When the education years are greater than the threshold year, consumption upgradingis more able to promote economic development. Therefore, it is necessary to comply with the trend of consumption upgrading, cultivate growth points for medium to high-end consumption, leverage the accumulation of consumption to achieve human capital accumulation, strengthen talent cultivation, reasonably guide population mobility, and drive economic development. Reference | Related Articles | Metrics | Comments（0） Select Can Machine Replacement Accelerate the Process of Domestic Substitution in the Manufacturing Industry? ZHANG Ben-xiu, WU Fu-xiang Contemporary Finance & Economics    2024, 0 (1): 3-17.   Abstract （87）            Knowledge map    Save In the context of machine replacement, the manufacturing enterprises as innovative entities need to concentrate high-quality resources and work together to achieve breakthroughs in the key technologies and the independent control of core equipment, consolidate market and competitive advantages, and accelerate the process of domestic substitution in the manufacturing industry. Based on the panel data of the manufacturing industry from 2011 to 2019 and incorporating product quality upgrading into the analysis framework of machine replacement and localization substitution in the manufacturing industry, this paper conducts an empirical research. The findings show that machine replacement is beneficial for accelerating the localization substitution process in the manufacturing industry. The quality upgrading of the efficiency enhancing products and the technology optimizing products are their main mechanisms of action. Moreover, the impact of machine replacement on domestic substitution in the manufacturing industry has industrial heterogeneity. The promotion effect of machine replacement is more prominent in labor-intensive and technology-intensive industries, but it is not affected by the heterogeneity of R&D personnel density in the industry. The above conclusion indicates that a reasonable response to the impact of machine replacement is the key to promoting the stable and positive localization substitution in the manufacturing industry. The precise measures for the key industries such as labor-intensive and technology-intensive industries will bring more effective promotion effects in localization substitution. Reference | Related Articles | Metrics | Comments（0） Select Gap and Catch-up of Intelligent Robot Technology: Statistical Measurement Based on Intellectual Property Data ZHOU Song-lan, LI Ling-ling Contemporary Finance & Economics    2024, 0 (1): 18-31.   Abstract （58）            Knowledge map    Save Intelligent robots are increasingly and profoundly influencing human production, life, and innovation paradigms, becoming the core area for countries to strive for new advantages in the future. The new technological revolution has opened a window of opportunity for late-coming economies to catch up with the intelligent robot technology. China has actively responded and proposed a new catch-up strategy of transforming technological innovation towards parallel and leading advancements. To effectively implement the new catch-up strategy, an important prerequisite is to scientifically measure and dynamically track the technological gap between the main competitors in the field of intelligent robots, so as to optimize the innovation routes and overcome the “medium technology trap”. The statistical measurement results based on the intellectual property data such as paper influence and patent influence show that the gap in intelligent robot technology between China and the United States, the European Union, Japan, and South Korea has converged to a narrow range of 10%, with overtaking and anti-overtaking repeatedly shifting positions, presenting the typical characteristics of the parallel running stages. China has overwhelming advantages in the total number of papers, highly cited papers, and the number of patents. But on the whole, China has more patent applications and fewer authorizations. The domestic and international layout structure of China’s patents lack international competitiveness. China’s top ten institutions for intelligent robot patents in the world are all universities, lacking leading enterprises that can compete with the four leading international families. The key and core technologies, software, hardware, and operating systems are still subject to the control of other countries. Reference | Related Articles | Metrics | Comments（0） Select The Productivity Growth Effect of Digital Economy: Dividend or Divide? ZHENG Guo-qiang, WAN Meng-ze Contemporary Finance & Economics    2023, 0 (12): 3-16.   Abstract （136）            Knowledge map    Save The digital economy has become a key force driving the improvement of production efficiency, but the unbalanced development trend of the digital economy may exacerbate the production efficiency gap between regions. The regional coordinated development and common prosperity in the era of digital economy are faced with new problems and new challenges. Based on the panel data of prefecture-level cities in China from 2011 to 2019, this paper conducts an empirical study of the relationship between the development of digital economy and the total factor productivity and the regional heterogeneity. The findings show that digital economy has a significant productivity growth effect, which is mainly reflected in pure technological progress. The digital economy has failed to empower the growth of total factor productivity through the improvements in technical efficiency and scale efficiency. The mechanism analysis reveals that digital economy mainly promotes the growth of total factor productivity through the innovation-driven effect, the entrepreneurial incentive effect, the industrial upgrading effect and other channels, but the impacting effect is only significant in the eastern region. The results of the regional heterogeneity show that the higher the productivity efficiency and economic development level of the city, the more obvious the productivity growth effect of the digital economy, which leads to the“productivity gap”between regions. The results of the threshold effect test reveal that the increasing marginal effect of digital economy and the relative insufficiency of the less developed cities in talent agglomeration, financial development and fixed investment has strengthened the“productivity gap”between regions. Reference | Related Articles | Metrics | Comments（0） Select A Study of the Impact of Digital Economy on Corporate Total Factor Productivity HU De-long, SHI Man-zhen Contemporary Finance & Economics    2023, 0 (12): 17-29.   Abstract （190）            Knowledge map    Save To develop digital economy is conducive to improving the innovation ability of enterprises, realizing economies of scale and scope, and reducing transaction costs. A perfect market economic system is conducive to creating a fair environment and improving the efficiency of social resources allocation at the macro level, stimulating industrial technological innovations and accelerating the diffusion of technology at the meso level, and improving the efficiency of enterprise resources allocation at the micro level. This paper conducts an empirical study based on the index of the development level of digital economy at the city level in China during the period of 2011-2020 and other data. The findings show that the digital economy can significantly improve the total factor productivity of enterprises, but its role will be slightly different according to the differences in ownership, industry, and the city where the enterprise is located. The digital economy can effectively enable the market to play a decisive role in resources allocation, and marketization is an important function mechanism for the digital economy to enhance the total factor productivity of enterprises. Therefore, it is necessary to lead the digital transformation of enterprises by setting the state-owned enterprises as the models, to drive the technological progress with high-tech industries as the leader, to enhance the level of digital inclusion based on the construction of smart cities, and to improve the high-level socialist market economic system by taking the development of the digital economy as an opportunity. Reference | Related Articles | Metrics | Comments（0）