Table of Content

25 January 2022, Volume 0 Issue 1

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Xi Jinping’s Thought on Socialism with Chinese Characteristics in the New Era

The Four-Dimensional Value Orientation of Xi Jinping’s Important Exposition on the Construction of a New Development Pattern of “Dual Circulation”

JIANG Bo, LI Ming

2022, 0(1):  3-11. 

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As an important part of Xi Jinping’s economic thoughts on socialism with Chinese characteristics in the new era, Xi Jinping’s important expositions on the construction of a new development pattern of “dual circulation”have profound value implications. This is embodied in the theoretical innovation value with deepening the understanding of the laws of social development as the logical orientation, the realistically-oriented value of promoting high-quality economic development, the object-construction value of reshaping China’s international cooperation and new competitive advantages, and the world-leading value of injecting new ideas into the recovery of the world economy. Faced with the dilemma of the rising tide of anti-globalization and the continued sluggish growth of the world economy under the influence of the COVID-19 outbreak, the appearance of this ideological system not only provides a fundamental basis for China’s economic development, but also points out the direction of global economic development, which possesses the dual meanings of eliminating domestic development constrains and solving the world’s development problems.

The Core Essence of Xi Jinping’s Important Exposition on the Construction of Political Culture within the Party

LIU Jun-xia

2022, 0(1):  12-20. 

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Xi Jinping has delivered a series of important speeches on the construction of political culture within the Party, which profoundly explained the core meanings of this issue in terms of significance, core connotation, and basic path. Xi Jinping emphasized that strengthening the construction of political culture within the Party can help tighten political activities within the Party, purify the political ecology within the Party, and promote the comprehensive and in-depth development of strict Party governance. Its connotation is very rich, and it is a culture guided by Marxism, with Chinese culture as its internal support, and the Party spirit of the Chinese Communist Party as its essential characteristics. In the new era, we must strengthen the ideological construction to consolidate the foundation of faith, promote the inheritance and innovation of Chinese culture, grasp the“key minority”of leading cadres, and cultivate a positive and healthy political culture within the Party.

Study and Implement the Spirit of the Sixth Plenary Session of the 19th Central Committee of CPC

The Logic, Experience and Direction of the International Image Construction of the Chinese Communist Party over the Past Century

RAO Wu-yuan, LIU He

2022, 0(1):  21-31. 

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The international image of the Communist Party of China over the past century has been generated, refined and shaped during the Party’s struggle and practice. It was established, prospered, and become strong because of the Party; and it has always been closely connected with the cause of the Party and the people. The construction of the international image of the Communist Party of China contains the triple internal logic of the unity of the self-shaped subject and the object shaped by others, the balance of the national interests and the global interests, and the coordination of national strength and international rights. During the historical development process of continuously enhancing the Party’s international reputation, international influence, and international discourse power, it has accumulated experience in building the international image of a great Party as a selfless ruler for the people, a world-minded struggler, and a global governance leader. In the new era, when approaching the spotlight on the world stage, the Communist Party of China need to further coordinate the“two overall situations”to consolidate the objective presentation of the Party’s international image, adhere to internationalism and improve the subjective construction of the Party’s international image, and strengthen the guidance of public opinion and improve the spreading effect of the Party’s international image.

Economy & Management

CSISC and Investor Protection: Evidences from Information Disclosure

XIONG Jia-cai, TONG Da-ming

2022, 0(1):  32-46. 

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Strengthening investor protection is the important foundation for supporting sustainable and quality development of the capital market. The China Securities Regulatory Commission (CSRC) led the establishment of the China Security Investor Services Center (CSISC) in 2014, which is a major institutional innovation to strengthen investor protection in China’s capital market. By making use of the data of A-share listed companies from the first quarter of 2015 to the first quarter of 2017 and employing a DID model, this paper empirically tests the impact of CSISC’s shareholding on corporate information disclosure. The research results show that the CSISC’s shareholding is helpful to lower the level of accrual-based earnings management of enterprises. In the companies with lower executive share holdings or the companies audited by firms without industry specializations, the supervisory role of CSISC is more remarkable. The findings of further analysis show that the shareholding of CSISC also helps to restrain the earnings manipulation behaviors of enterprises based on real activities. The above conclusion indicates that the shareholding of CSISC can help to improve the information disclosure quality of listed companies and further enhance the level of protection of the medium and small investors.

Internally Controlled Information Disclosure and Innovation Efficiency

WANG Ping, BU Hua

2022, 0(1):  47-64. 

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Taking China’s A-share listed companies from 2008 to 2019 as samples, this paper conducts an empirical analysis of the impact of the internally controlled information disclosure (ICID) on innovation efficiency and its action mechanism. The findings show that ICID can significantly improve the rationality of innovation investment, the innovation profit and the innovation allocation optimization. The results of the influencing mechanism test indicate that restraining agency conflicts, alleviating financing constraints, and reducing enterprise risks and disclosure costs are the path mechanisms for ICID to affect innovation efficiency. The results of the heterogeneity test show that, compared with that at the compulsory disclosure stage, ICID at the voluntary disclosure stage has a greater effect on improving innovation efficiency. ICID in the state-owned enterprises has no significant impact on the rationality of innovation investment, while it has a significant positive effect in the private enterprises; but it has a greater effect on improving the innovation profit and innovation allocation optimization in the state-owned enterprises. This study provides additional empirical evidences of the economic consequences of ICID, which has a certain enlightenment for enterprises to improve their innovation efficiency.

Research on the Logistics Service Quality Improvement of Fresh Food E-Commerce under the Normalization of the COVID-19 Epidemic

YI Yi-chen, SHI Yan-xin

2022, 0(1):  65-75. 

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Under the continuous impact of the normalization of COVID-19 epidemic, fresh food e-commerce has quickly become an indispensable business model in people’s daily life. The quality of logistics service is directly related to the trading experience of customers, and it has become an important basis for customers to evaluate their consumption and make their later selection through fresh food e-commerce. This article takes the SERVQUAL model that considers both the customers’ expectation and customers’ perception as the basic framework and optimizes the indexes according to the characteristics of fresh food e-commerce logistics service and the requirements of epidemic prevention, then it determines the five dimensions of specialization, reliability, responsiveness, convenience and security as the main evaluation indexes for the logistics service quality of fresh food e-commerce. It also collects relevant data of the logistics service of fresh food e-commerce enterprise to carry out a specific evaluation. The results confirm that the logistics service quality of fresh food e-commerce needs to be improved. This paper further puts forward the strategies to improve the logistics service quality of fresh food e-commerce under the normalization of COVID-19 epidemic, expecting to play a role in evaluating and optimizing the logistics service quality of fresh food e-commerce.

Insurance and Security

Exploration of Social Pension Model and Prediction on Expenditure Scale under the Background of Population Aging

WANG Yun-duo

2022, 0(1):  76-86. 

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Taking the poverty line defined by the state as the standard for social pension benefits, this paper considers to design a non-contributory social pension system for the urban and rural low-income groups, so as to calculate the expenditure scale of China’s social pension. It makes use of the data of future life expectancy issued by the State Statistics Bureau to estimate the burden of the contemporary labor force population with the alternative welfare schemes from the angle of pay-as-you-go. Given the 6.6 percent of GDP per capita as the poverty line, taking into account China’s ongoing plan to delay the retirement age to 65, and assuming that those with formal pensions are not included, it is estimated that 0.7-1 percent of GDP will be used to balance social pension expenditure every year before 2050. However, the expenditure scale of pension could be as much as 4.5 per cent of GDP, thanks to more generous benefits, a lower retirement age and a lower-than-expected birth rate.

The Health Performance of Social Medical Insurance and Its Regional Heterogeneity

HE Wen

2022, 0(1):  87-97. 

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Based on China’s provincial dynamic panel data from 2002 to 2018, this paper employs the Difference GMM and other methods to empirically test the health performance of China’s social medical insurance system and its regional heterogeneity. The findings show that as an important medical costs sharing mechanism, the medical insurance can improve the health status of residents significantly through its improvement in its popularity, financing scale and reimbursement level. Because there are some differences in the medical service demand elasticity of the residents with different economic positions, the health performance of the medical insurance system presents significant regional heterogeneity; generally, a stronger health protection effect can be found in the underdeveloped areas. Furth analysis from the perspectives of geographical location and insurance type indicates that the medical insurance has a stronger health promotion effect on the residents in the western region, and the basic medical insurance scheme for urban employees with a higher reimbursement level has the same better health performance; meanwhile, it exhibits a greater regional heterogeneity of “pro-poverty”.

Agricultural Researches

The Theoretical Basis and Realization Path of Village Revitalization and Poverty Alleviation Connection：From the Perspective of Industry Development Based on Product Space Theory

ZHANG Qi-zi, WU Ye-jun

2022, 0(1):  98-110. 

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In the connection logic between village revitalization and poverty alleviation, the industrial revitalization is the connecting point and the key. Based on the product space theory, this paper analyzes the industry development models for poverty alleviation and village revitalization, the results proves that poor villages can achieve revitalization through constructing industry ecologic system development model, so as to realize the organic connection between the two. By combining the successful revitalization cases and making use of the multi-case study approach, it extracts the general mechanism and key factors connecting the two, including human capital and the evolution of villagers’ ability, the industry selection based on the resource endowment and industry ecologic system construction, the reasonable profit allocation mechanism, and so on.

Capital Going to the Countryside and the Relationship between Villages and Enterprises in Rural Revitalization: The Problem of Reciprocity and the Dilemma of Cooperation

JIANG Guo-he, JIANG Xiao-ling

2022, 0(1):  111-124. 

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Capital going to the countryside is an important driving force to comprehensively promote rural revitalization and consolidate the basic position of agriculture. In reality, enterprises with capital going to the countryside also encounter various development problems and difficulties. Previous studies have discussed the social basis of capital going to the countryside and the adverse impact of insufficient interaction between foreign capital and local society on the operation and development of enterprises going to the countryside from the perspective of sociology, but its specific process, logic and mechanism have yet to be revealed. Taking the tea industry project of H Company in Z Village with foreign capital as an example, this study conducts an in-depth investigation of the interaction process between villages and enterprises, as well as the behavioral logic and mechanism behind it, so as to understand and explain why it is difficult for the enterprise with capital to the countryside to interact with the villages, why the cooperation between the villages and enterprises would fall into an impasse or dilemma, as well as whose impact on the sustainable development of enterprises. The findings show that there are fundamental differences in the action logic of building the relationship between the villages and enterprises. The foreign capital is mainly the instrumental rationality of the economic man, upholding the power logic and elite orientation; while the village has both the interest oriented instrumental rationality and the value rationality that hopes to build the village well. The two sides can still cooperate during the process of expanding the enterprise. However, when H Company is determined to become stronger and ignores the benefit and emotional sharing of the reciprocity with the village, the rationality of the enterprise capital and the reciprocal and moral needs of Z Village would have difficult differences, and the cooperation between the village and the enterprise would begin to fall into dilemma. In order to solve the dilemma of the village-enterprise relationship faced by the capital going to countryside, it is necessary to take corresponding measures, so as to give better play to the role and contribution of the capital going to the countryside in comprehensively promoting rural revitalization and facilitating common prosperity.

Law & Economy

The Theoretical Development, Practical Inspection and Governance Transformation of Environmental Rule of Law in Administrative Boundary Areas

CHEN Zhen-liang

2022, 0(1):  125-135. 

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In recent years, some regions have actively promoted cross-regional cooperated environmental governance in terms of coordinated legislation, joint law enforcement, and judicial cooperation, trying to solve the shortcomings of the territorial management model. This embodies the spatial turn of cooperated environmental governance and provides a new observation perspective and theoretical development opportunities for the iterative update of the environmental law. Based on the analysis of the characteristics of the spatial particularity, the subjective diversity, the multi-level interests, and the appeal diversity of the environment of the administrative boundary areas, this paper interprets and rethinks the applicable field of the“cooperative rule of law”theory of the environmental governance of the administrative boundary areas, as well as the regional environmental legislation, the law enforcement and the practice of judicial cooperation. From the perspective of environmental governance transformation and governance modernization, the inherent requirements of environmental co-governance in administrative border areas are to strengthen cooperation and co-governance between regional environments. It is necessary to promote the transformation of governance from individualism to ecological holism, from urban and rural justice to regional spatial justice, and from local legal system to the regional rule of law, and it is necessary to improve the institutional system, so as to promote the promotion and sharing of benefits based on environmental improvement and the realization of the people’s right to a better life.

Legal Constitution of Securities Margin Trading in the Civil Code Era: Taking Transferring Guaranty as the Applicable Approach

CHENG Wei

2022, 0(1):  136-148. 

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The securities margin trading guarantee system is an important part of financial legal infrastructure. The accurate description of the securities margin trading guarantee from the perspective of private law can help to clarify the boundary of rights and obligations of the parties, and provides the basis of claim in private law enforcement, so as to reduce the regulatory burden of public law enforcement. The present academic analysis has not determined the legal constitution of the securities margin trading guarantee. The Civil Code has introduced the functionalist guarantee concept, by which the transferring guarantee obtains the legitimacy recognition in the way of atypical guarantee, thus substantial applicable evidences are provided for the legal constitution of the securities margin trading guarantee. In terms of interpretation, the transferring guarantee can establish the account system of the securities margin trading guarantee, the scope of collateral and other specifications, but the absence of registration rules will affect the effectiveness of the forced liquidation. In terms of laws and policies, in order to meet the requirements of unified guarantee registration by the Civil Code, legislators should stipulate that the party registered in securities margin trading has the prefer efficiency, so as to promote the connection between the legal theory and the business practice.