Journal of Jiangxi University of Finance and Economics

The Theoretical Connotation and Core Essentials of the New Security Pattern

CHEN Shi-fa, BI Lei

2023, 0(3): 3-13.

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Since the 18th National Congress of CPC, General Secretary Xi Jinping has delivered a series of important expositions on the issue of national security and put forward the important argument of the New Security Pattern in the report of the 20th National Congress of CPC. Interpreting the theoretical connotation and core essence of the new security pattern from a theoretical perspective and consolidating the theoretical foundation of the new security pattern can provide scientific theoretical guidance for the great practice in the new era and on the new journey. The new security pattern refers not only to the risk society in general sense, but also to the risk complex with special significance formed in the process of modernization in China. The new security pattern has evolved from the traditional security pattern, which is closely fitting China's national conditions and has formed a system of elements based on the“sixteen aspects”and combined with the“five cores”and“five pairs of relationships”. The strategic goal of the new security pattern is to coordinate security and development, promote a healthy balance between high-quality development and high-level security, and safeguard the new development pattern with the new security pattern. To construct the new security pattern, we must always adhere to the core leadership position of the Party, adhere to the co-construction of multiple entities, fully mobilize social forces to play the“collective power”, and effectively deal with the serious tests of the major challenges with high winds, rapid waves, and even turbulent waves.

Open Economic Transformation and the Road to Prosperity of Great Powers

LI Feng

2023, 0(3): 14-25.

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From the glorious achievements of ancient China, the“great divergence”of modernization and development between the East and the West, and the suffering of modern China to a great country with open economy, the law of historical development shows that openness, inclusiveness and mutual learning among civilizations are the only path for a country, especially a major country, to become prosperous and strong. However, in the face of the rapid rise of emerging economies represented by China, the developed countries have set off a new round of anti-globalization wave with the means of the large-scale trade friction and technological blockade against China, the“de-Sinification”of the global industrial chain layout, and the re-formulation of high-standard international economic and trade rules. Thus China's open economic development is faced with a huge test. Therefore, China has comprehensively accelerated the transformation of an open economy by expanding new space for opening-up, accelerating institution-based opening-up, advocating a new type of globalization, and speeding up the interconnected double circulation both at home and abroad. In order to comprehensively promote Chinese style modernization, China should continuously expand its high-level opening to the outside world, constantly enhanceits endogenous growth capacity, pay more attention to the construction of domestic institutions, lay more emphasis on the integration of domestic and foreign resources, and strive for prosperity through both internal and external cultivation.

The Differentiation of Unconventional Monetary Policies in the United States and Europe: Experience and Enlightenment

LU Chang-ping, HUANG Di-yi

2023, 0(3): 26-39.

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Based on the implementation of the unconventional monetary policies by the Federal Reserve and the European Central Bank from 2008 to 2021, this study divides the implementation stages and policy types uniformly, compares the policy tools and transmission mechanisms of the United States and Europe, and uses the TVP-VAR model to compare the policy transmission effects of different channels, so as to explore the time, performance and reasons for the differentiation of unconventional monetary policies in the United States and Europe. The findings show that unconventional monetary policies in the United States and Europe have differentiated in the early stages of crises and the crisis responding stages, exhibiting multi-dimensional differentiation in terms of operation stage, policy tools, policy objectives, and policy effects. The differences in such aspects as economic fundamentals, sources of crisis outbreaks, crisis response methods, and policy implementation effects between the United States and Eurozone countries have led to the multi-dimensional differentiation of unconventional monetary policies between the Federal Reserve and the European Central Bank. Based on the policy characteristics and the basic national conditions, when implementing unconventional monetary policies, China should strengthen risk control and attach importance to international risks, implement strategies timely and precisely, make good use of tool combinations, strengthen policy communication, make clear commitments, grasp the overall economic situation, and coordinate the policies.

A Study of the Relationship between Fiscal Autonomy and Higher Education Resource Allocation Efficiency in the Context of“Double First-Class”Construction in China: Empirical Evidences from the New Fiscal Autonomy Index

CHEN Ping-ze, LIU Xing-yue, LI Yi-xuan

2023, 0(3): 40-56.

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In the context of the“double first-class”construction, it is of great practical significance to study the influence of the central and local fiscal decentralization(represented by the fiscal autonomy) on the efficiency of higher education resource allocation. According to the fiscal decentralization theory and the requirements of the New Budget Law, this paper brings the part of not-specified purpose in the transfer payments from the central to local governments into the local discretionary fiscal resourcesand designs the new-type of refined fiscal autonomy index. By employing the three-stage DEA-Tobit model and the Gini coefficient as well as the subgroup decomposition method, it evaluates the efficiency of the higher education resource allocation of 31 provinces (autonomous regions and municipalities) from 2016 to 2020 in China, points out the differences between the eastern China, central China and western China, and explores the influence of fiscal autonomy on the higher education resource allocation efficiency. The findings show that the allocation efficiency of China's higher education resources presents a trend of fluctuating and rising, and there exists some regional imbalance. The fiscal autonomy is positively correlated to the efficiency of higher education resource allocation. Improving the fiscal autonomy in the western region is most conducive to enhancing the efficiency of higher education resource allocation. The fiscal decentralization is the most important factoramong the dominant factors to promote the higher education resource allocation efficiency. Based on this conclusion, this paper puts forward such suggestions as increasing the proportion of the transfer payments of non specified purpose within the general transfer payment, optimizing the fiscal input mechanism of colleges and universities, promote the integrated industry-university-research cooperation, form the industrial chain with local characteristicand so on, so as to promote the construction of“double first-class”and improve the management level of the higher education.

Industrial Catch-up and Medical Security Level: Theoretical and Empirical Research Based on the New Structural Economics

YAN Hai-ning, ZHANG Gao-fei, ZHAO Qiu-yun

2023, 0(3): 57-70.

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Based on the provincial panel data of China from 2002 to 2020, this paper conducts a theoretic and empirical analysis of the relationship between industrial catch-up and medical security level. The findings show that the industrial catch-up strategy that violates the comparative advantage will limit the improvement of the level of medical security by damaging the viability of enterprises, reducing the level of medical infrastructure and expanding income inequality. The greater the degree of industrial catch-up, the lower the level of medical security, and the more significant the negative impact on the downstream provinces of the industry will be. Further research reveals that both the integration of basic medical insurance for urban and rural residents and the implementation of the “Healthy China”strategy have a significant positive effect on the level of medical security. At the same time, due to the long-term existence of the distorted costs caused by the legacy of the industrial catch-up strategy, the medical security reform has reached the“critical period”and is constantly digesting the distorted costs. Therefore, it is recommended that all the regions should implement the development strategy of dynamic comparative advantages, enhance the overall planning of medical insurance among different regions, and increase the investment in medical insurance in rural areas, so as to make the overall medical security level of China develop in a more balanced and appropriate manner.

The Hierarchical Influence of Social and Economic Security on the Well-Being of the Frail Elderly: The Mediating Effect of Social Status and Psychological Resilience

JIANG Mao-min, TU Ai-xian

2023, 0(3): 71-81.

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In the context of increasing global population aging trend, it is of vital importance to improve the well-being of the frail elderly and create an active aging society. Based on the survey of 31 provinces of China, this paper makes use of the macro data from the“China Statistical Yearbook”and“China Health Statistical Yearbook”from 2017 to 2021 and constructs a cross-hierarchy model (HLM) according to the social quality theory, the self-determination theory and the social class theory, so as to explore the mechanism of the influence of social and economic security on the well-being of the frail elderly. The findings show that: (1) social and economic security, social status, and personal psychological resilience all have a positive impact on the well-being of the frail elderly; (2) psychological resilience partially mediates the relationship between social and economic security and the well-being of the frail elderly, while no such mediating effect exists between social status and the well-being of the frail elderly; (3) both social and economic security and social status have a significant positive moderating effect on the relationship between psychological resilience and the well-being of the frail elderly.

The Impact of Rural Digital Economy Development on Farmers' Income Growth

ZHANG Liang, XU Zhi-ming, LI Cheng-long

2023, 0(3): 82-94.

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Increasing farmers' income not only affects the progress of the rural revitalization strategy, but also affects the realization of common prosperity. Based on the construction of the mechanism model and making use of the data of“China Land Economy Survey”and the econometric method, this paper empirically tests the impact of rural digital economy development on farmers' income. The results show that the development of rural digital economy can significantly improve the income level of farmers. The mechanism analysis shows that the development of rural digital economy has promoted the development of rural non-agricultural industries and improved the human capital and social capital of the farmer households, thus promoting the increase of farmers' income. The development of digital economy in rural areas has not achieved inclusive growth in farmers' income, and the promoting effect on the income of high-income households is greater than that on the low-income households. The grouping regression results show that the development of rural digital economy has a greater impact on the wage income of rural households than the asset income and agricultural operation income, and this impact is more obvious on the income increase of middle-aged households and the households in the economically developed regions. The above research conclusions provide a new research perspective for evaluating the impact of digital economy on farmers' income. It is also suggested to strengthen policy support for the areas with relatively backward digital infrastructure, improve the operating system for the construction of rural digital economy and the publicizing and training system for the rural digital technology, so as to ensure the balanced development of digital economy between the rural and urban areas. We should let digital economy play a better role in narrowing the gap between urban and rural areas and in promoting the realization of common prosperity.

The Impact of Rural Land Mortgage Loans on the Income of Farmers

HUANG Ye-wei, QIU Jun-qin

2023, 0(3): 95-106.

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The rural areas are faced with the most arduous and onerous task of promoting common prosperity. To achieve common prosperity among farmers and in rural areas, it is necessary to make farmers' income grow continuously; however, the lack of access to credit is an important factor restricting the continuous growth of farmers' income. Taking the rural land mortgage loan policy pilots as a quasi-natural experiment and the rural land mortgage loan policy pilot counties in China's 31 provinces from 2014-2019 as the research objects, this study employs the difference-in-difference method to analyze the impact of rural land mortgage loan policy on farmers' income. The findings show that the rural land mortgage loan policy can significantly improve farmers' income. The mechanism analysis reveals that the rural land mortgage loan policy can promote the rural collective economic development and farmer entrepreneurship, so as to increase farmers' income. The result of further adjustment effect analysis shows that the higher the level of the digital inclusive finance, the greater the improving effect of the rural land mortgage loan policy on the farmers' income. Therefore, it is necessary to increase the pilot scope of the rural land mortgage loan policy so that more farmers can enjoy the institutional dividends brought about by the rural land mortgage loan policy, thereby enabling the sustainable growth in farmers' income and promoting the common prosperity among farmers and in rural areas.

The Selection Logic and Intervention Effect Difference of Compelled Changes of Mechanized Straw Returning Technology

LIAO Xiao-jing, ZHANG Jun-yi, NING Ke

2023, 0(3): 107-120.

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Based on the theory of technological changes, this paper discusses the theoretical logic of the path selection of the compelled changes of mechanized straw returning technology, analyzes the differential impact mechanism of different policy interventions on farmers with different operation scales in using mechanized straw returning technology, and conducts an empirical study by making use of the survey data of 679 farmers in the four provinces, i.e., Heilongjiang, Zhejiang, Henan and Sichuan. The findings show that the mechanized straw returning technology has the characteristics of limited short term economic benefits, strong positive externality and easy constraints of institutional environment. Compared with the induced changes, the compelled changes are easier to achieve. Following the compelled change path, there are obvious differences in the effects of different government interventions; and economic incentives and behavioral control have a positive impact on the adoption of mechanized straw returning technology by large-scale farmers and small farmers, respectively. The above conclusion suggests that in order to alleviate the practical dilemma of mechanized straw returning technology being promoted but not widely, it is necessary to implement policy tools that focus on economic incentives for large-scale households and behavioral control on small farmers, so as to improve the effect of mandatory changes in mechanized straw returning technology on one hand; on the other hand, it is also necessary to improve the short-term economic benefits from the aspects of improving land conditions, strengthening technological innovation, and improving the quality of agricultural machinery services, so as to create conditions for the induced changes of mechanized straw returning as much as possible.

CPA's “Full-Time Practice”: Value Measurement and Legislative Choice

WU Zong-li

2023, 0(3): 121-138.

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In the Revised Draft, the provisions on the full-time practice of certified public accountants are newly added, and the certified public accountants who obtain salary income from other institutions will be givenadministrative penalties. The stipulationsabout the“full-time practice”in the Revised Draft does not comply with the reality, which conflicts with the basic logic and the historical tradition. The relative stipulations deviate from the legislative value, and there exist major defects in the legislative choices. The“full-time practice”should refer to“specialized”and“independent”practice of the auditing services which are statutory for CPA's, the Revised Draft should regulate it from the two aspects of“specialized”and“independent”. The legislative provisions of“full-time practice”should learn from the historical tradition, keep a foothold on the reality, take into account the rights and interests of all parties, and give consideration to the freedom of the profession while maintaining the value of the industrial order. In order to weaken the excessive pursuit of the Revised Draft on “specialized”practice, it is suggested to limit the connotation of the“full-time practice”, delete the provision concerning“obtaining salary income from other institutions”, and add professional avoidance of certified public accountants. In order to correct the deviation from the“independent”practice in the Revised Draft, it is suggested to prohibitthe public power from seeking rent in the profession of certified public accountants, and add the occupational prohibition period for the retirees to engage in the profession of certified public accountants.

The Legal and Economic Logic of the Court's Compulsory Approval of Enterprise Bankruptcy Reorganization and the Reconstruction of Debt Repayment Rules

WU Wen-yong, YANG Yu-lin

2023, 0(3): 139-148.

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The court's compulsory approval of enterprise bankruptcy reorganization is actually a denial of the voluntary choice and negotiation value of bankruptcy reorganization by public power by virtue of the vague concept of social public interest, which increases the opportunity cost of creditors, forces most creditors to accept unexpected risks, and transfers the consequences of reorganization failure to creditors. Therefore, the enterprise bankruptcy reorganization legislation should balance the“social public interest”, the“protection of creditors' private rights”and the potential“opportunity cost”to ensure that their rights can be guaranteed through a fair and reasonable debt repayment rule and the repayment standard. The law should fully consider the risks and expected benefits of reorganization, as well as the time value and investment opportunities that creditors lost, and the characteristics of the creditor's industry. The liquidation rules and standards should be set in accordance with the principle of the balance of rights and responsibilities, rather than a general description of principles.

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