Journal of Jiangxi University of Finance and Economics

The Logical Framework and Practical Methods for Building a High-Level Socialist Market Economy System from the Systemic Perspective

Ji Rui

2026, 0(2): 3-13.

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As a crucial safeguard for the Chinese path to modernization, a high-level socialist market economy system is the core task in further comprehensively deepening reforms in the new era. From the perspective of overall objectives, the high-level socialist market economy system is theoretically guided by the relevant discussions of classical Marxist writers on future socio-economic forms, evolves along the trajectory of the integration of socialism and the market economy, and is oriented toward the practical requirements such as highly coordinated regulatory mechanisms, highly efficient market mechanisms, and high-level openness. From the systemic logic, the construction of a high-level socialist market economy system should grasp the prospects for high-level transformation of the socialist market economy system by learning from the past and drawing lessons from the present, pursue high-quality development in system construction with a holistic perspective and awareness of the bigger picture, and achieve the systematic construction of a high-level socialist market economy system through coordinated efforts. From the practical approach, the top-level design should be shaped by combining the strengthened Party leadership with respect for the pioneering spirit of the people, the scientific methods should be clarified by integrating goal-oriented and problem-oriented approaches, the structural optimization of internal elements and external mechanisms in the reform system should be advanced, and the interconnection of globally significant aspects and major issues should be realized to enhance overall effectiveness, thereby promoting the systematic construction of a high-level socialist market economy system.

The Path to a Better Life: the Value Implication of Further Comprehensively Deepening Reform

Qi Cheng-shui

2026, 0(2): 14-23.

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Further comprehensively deepening reform is a crucial measure in governing the country in the new era. In the process of promoting people towards a better life, it contains rich implications of life value. At the level of value starting point, further comprehensively deepening reform always revolves around people's living needs. Among them, material needs are a powerful driving force for further comprehensive deepening of reform, spiritual needs play a guiding role in direction, and real life relationships are the practical field for further comprehensive deepening of reform. At the level of value principles, further comprehensive deepening of reform should adhere to the subject status of people in life, stimulate people's awareness of life subjectivity, effectively safeguard people's real life interests, and resolutely defend people's dignity in life. At the level of value practice, further comprehensively deepening reform should expand the natural space of human life, providing a more livable living environment for the people, expand the social space of human life and provide a carrier for practical activities in human life, and expand the spiritual space of people's lives and provide a source of motivation for enriching their spiritual lives. At the level of value orientation, further comprehensive deepening of reform can improve people's quality of life in all aspects by promoting high-quality development, forming reform synergy, upgrading people's livelihood services, and promoting comprehensive human development.

The Growth Mechanism of State-Owned Fission Digital Platform Enterprises: An Exploratory Case Study of CEC Digital Intelligence Technology

Mao Rui-rui, Jiang Bo, Chen Chou-yong, Cao Xin

2026, 0(2): 24-35.

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State-owned fission digital platform enterprises are key entities for optimizing the main business structure of the state-owned enterprises, enhancing the core capabilities, and supporting the implementation of national strategies. However, the growth mechanisms of these enterprises remain unclear. The research findings are as follows: (1) The strategic orientation constitutes the growth motivation of state-owned fission digital platform enterprises, driven by the synergy between the parent company's mission and the subsidiary's objectives, and evolves from technology-oriented to market-oriented through the social dominant logic. (2) The opportunities arising from external demands and internal foundations serve as the intermediary bridge for these enterprises to transition from motivation triggering to capability cultivation. By identifying potential pain points based on existing strengths and exploring potential needs through reconstructed advantages, they provide critical impetus for corporate growth. (3) The dynamic capability is the core driving mechanism for state-owned fission digital platform enterprises to achieve growth. It inherits the resources of the parent enterprise and develops its own resources. Through the enhancement of platform capabilities and the construction of platform capabilities, it promotes the enterprise's growth from dependence to independent extension, achieving sustainable development. The above conclusion deepens the understanding of the dual attributes of state-owned fission digital platform enterprises as parent state-owned enterprises and innovation platforms, enriches the relevant researches on fission enterprise growth and MOA theory, and provides reference for promoting the improvement of state-owned enterprises'main responsibilities and core competitiveness.

The Collaborative Development of Enterprises under the Spillover of National Strategic Technological Forces: From the Perspective of Supply Chain Linkage

Jiang Bin, Ma Chen

2026, 0(2): 36-47.

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Strengthening national strategic scientific and technological forces and developing a national laboratory system are crucial strategic decisions for deepening the reform of the scientific and technological system and advancing the Chinese path to modernization. The interconnection of enterprises through the supply chain is an important form of coordinated development for Chinese enterprises. Taking the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2005 to 2023 as the research objects, this paper manually collates the relevant data of the State Key Laboratory of enterprises, and tests the impact of national strategic scientific and technological strength on the total factor productivity of supply chain enterprises. The findings show that the establishment of enterprises'State Key Laboratories has an asymmetric impact on the total factor productivity of supply chain enterprises. Compared with the enterprises without State Key Laboratory, the total factor productivity of the downstream enterprises of the enterprises with such laboratories has increased by about 12.2%, while the impact on the total factor productivity of their upstream enterprises is not significant. Through the decomposition of total factor productivity, it is found that the State Key Laboratories of upstream enterprises can promote the improvement of total factor productivity by improving the efficiency of resource allocation of downstream enterprises and promoting technological progress. The heterogeneity testing reveals that this impact is more significant in the high-tech industry enterprises, the enterprises with fierce industry competition, the enterprises with close supply chain connections, and the enterprises with relatively strong upstream enterprises. Therefore, it is essential to further optimize the layout of State Key Laboratories in the upstream segment of the industrial chain, encourage collaboration among upstream and downstream supply chain partners, and strengthen the strategic leading role of upstream enterprises. This will fully leverage the role of national strategic scientific and technological strength in enhancing the connected development of enterprises.

How Do Technology Finance Policies Affect the Specialized Division of Labor among Enterprises: Evidences from the Policy of Promoting the Integration of Science and Technology with Finance Pilot Program

Shen Wei-peng, Liu Sheng, Gu Nai-hua

2026, 0(2): 48-59.

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Building an efficient and collaborative industrial chain division system is an inevitable requirement for unblocking the unified national market. Taking the policy of“promoting the combination of science, technology and finance”as a quasi-natural experiment and based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022, this study uses the difference-in-differences model to evaluate the impact of science and technology finance policies on the division of labor level of enterprises. The research finds that science and technology finance policies can significantly improve the level of specialized division of labor of enterprises. The mechanism analysis shows that science and technology finance policies can guide the specialized division of labor of enterprises through two major paths. One is relying on the information interaction effect brought by the policies to strengthen the financial and information exchanges between enterprises and their supply chain partners, which is reflected in the“information transmission mechanism”. The other is seeking help through policy practices such as financial system innovation to reduce external transaction costs represented by searching costs and financing costs, which is reflected in the“transaction cost mechanism”. The heterogeneity analysis shows that the samples of enterprises located in the regions with a low level of financial development, in the competitive industries, or with a lower degree of digital transformation, the promoting effect of science and technology finance policies on their specialized division of labor is more obvious. Therefore, we should continue to promote the deep integration of technology and finance, improve the differentiated technology and finance policies, strengthen the synergy between technology and finance, digital finance, and industrial policies, so as to better leverage the advantages of deepening division of labor in the super large scale market.

Healthcare Consumption among Chinese Residents: Total Expenditure and Inequality — An Analysis from the Income Sources Perspective

Tao Chun-hai, Leng Wen-jie, Wu Shi-mei

2026, 0(2): 60-72.

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Exploring the relationship between residents'healthcare consumption, inequality, and income from different sources from the perspective of income sources is of great practical significance for the implementation of the“Healthy China”strategy. Based on the theory of psychological accounts, this study examines the impact of different income sources on healthcare consumption and inequality among Chinese residents. Research has found that the residents'transfer income and property income have a greater impact on healthcare consumption than their operating income and wage income. The type of work and education level of residents have a moderating effect on their marginal propensity to consume healthcare. In addition, whether the residents'transfer income includes social donations, and whether their property income includes financial investment returns, also have heterogeneous effects on their marginal propensity to consume healthcare. Medical expenses mainly manifest as the depreciation effect of health capital, while healthcare expenses mainly manifest as the income wealth effect. All types of income contribute to narrowing the inequality in healthcare consumption, but the level of inequality within urban residents is still higher than that among rural residents. The government should dynamically adjust the transfer payment standards based on the heterogeneity of income sources and guide the allocation of health financial assets. At the same time, by improving health literacy and optimizing the layout of medical resources, the gap between urban and rural areas should be precisely narrowed to promote consumption equality.

The Impact of Rural Financial Geography Structure on Rural Entrepreneurship Development: From the Perpective of Digital Finance Regulation

Li Hai-yang, Qian Wen-rong

2026, 0(2): 73-86.

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Based on the panel data from 1826 counties in China spanning from 2017 to 2022, this study employs the entropy evaluation method, the fixed effects model, and the threshold model to investigate the impact of rural financial geographic structure on rural entrepreneurship development under the moderating effect of digital finance. Research has found that the geographical structure of rural finance can significantly promote the development of rural innovation and entrepreneurship. Digital finance leverages the external value of rural financial geographic structure through the catfish effect and spillover effect. Under the regulation of digital finance, the impact of rural financial geographic structure on rural innovation and entrepreneurship development shows a trend of “from scratch, exponential increase”. The heterogeneity analysis shows that the geographical structure of rural finance and digital finance in the eastern, central, and western regions are in a state of“complementarity” “filling gaps” and“substitution”, respectively. In addition, the dominant industrial structure and factor endowment determine the systematic differences in rural financial demand, and relying on a balanced development industrial structure can better achieve the regulatory effect of digital finance. Digital finance has a regulatory effect on various sub dimensions of rural financial geographic structure, and special attention should be paid to optimizing the layout of branches and the degree of correlation formed. Therefore, we should have a correct understanding of the mismatch and interaction between the geographical structure of rural finance and digital finance, adjust the supply structure of rural finance according to local conditions, promote the transformation and upgrading of industrial structure based on regional resources and industrial advantages, and focus on improving the level of“coverage”and“network connection”, so as to create a competitive and complementary ecological environment for rural financial supply.

How Occupational Differentiation of Farmers Promotes Horizontal Information Linkages of Rural Financial Institutions: From the Perspective of Comparative Advantage in Information

Chen Xiao-zhi, Deng Wei-hua, Mi Yun-sheng

2026, 0(2): 87-99.

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The occupational differentiation of farmers has transformed the structure of the rural information market from imperfect competition to comparative advantage: the formal financial sector and the private intermediaries have information advantages in farmers'repayment ability and willingness, respectively. In order to cooperate with the national rural revitalization strategy and cope with market development under competitive pressure, the two departments may form a cooperative model of horizontal information connection through information as a carrier. Based on the realistic background of urbanization and rural economic transformation, this paper constructs a theoretical framework for the formation of financial connections through information comparative advantages caused by occupational differentiation of farmers, and conducts an empirical test with the micro survey data. Research has found that the information comparative advantage brought about by the occupational differentiation of farmers can be achieved by reducing the collateral requirements of formal financial institutions for farmers'loans, transmitting signals of farmers'repayment ability to private intermediaries, and promoting the formation of horizontal information connections between the two sectors. Further analysis shows that the information spillover effect brought about by the use of digital finance will strengthen the information advantage of formal financial institutions such as banks, thereby reducing the possibility of horizontal information linkage between the two financial sectors. There is a complementary relationship between the two financial sectors. The horizontal information linkage effect is more significant among entrepreneurs and farmers in the central and western regions. Therefore, in practice, a horizontal information linkage model for rural financial institutions should be constructed based on the information structure of the rural credit market to promote the deep development of the rural financial market.

City Size, Central Urban Area and the Citizenization of Agricultural Transfer Population

Ying Zeng, Huang Kun, Ji Wei-lun

2026, 0(2): 100-111.

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The high-quality promotion of citizenization for agricultural transfer population faces the dilemma of two“barrier lakes”. Based on statistical analysis and empirical study with the multi-source data, it is found that, firstly, the current process of citizenization is slow, and the problem of“semi-urbanization”is severe. Agricultural transfer population is gathering towards the central and western regions, the super and super-large cities and their central urban areas, and shifting towards the tertiary industry. Secondly, the expansion of the city scale and the permanent residence in the central urban area will significantly enhance the urbanization willingness of agricultural transfer population, but at the same time, it will weaken their urbanization ability in dimensions other than public services, and the high-quality public service resources will be concentrated in the central urban area, further exacerbating the agglomeration of population towards the central urban area. Thirdly, there is a significant gap in public service resources between different types of cities, central urban areas and suburbs. Public service resources in super and super-large cities and their central urban areas are expanding rapidly, while public service resources in small and medium-sized cities are idle. In the future, we should accelerate the development of large cities and above in the central and western regions, enhance the human capital level of agricultural transfer population, establish and improve the cost constraint and sharing mechanism for urbanization, and strengthen the comprehensive construction of the non built-up areas in super large cities and the built-up areas in small and medium-sized cities, guiding agricultural transfer population to flow to such areas and achieve urbanization.

A Study of the Impact of Agricultural Socialized Services on the Inclusive Green Growth in Rural Areas

Zhao Dan-dan, Bao Bing-fei

2026, 0(2): 112-123.

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Promoting inclusive green growth in rural areas has become a hot topic that balances rural economic development, social equity, and ecological sustainability. Through specialized division of labor and service innovation, agricultural socialized services provide systematic solutions to solve the structural contradictions of“big country, small farmers”. Based on the provincial panel data from 2008 to 2023 in China, this study measures the level of inclusive green growth in rural areas and empirically examines the impact and mechanism of agricultural socialized services on inclusive green growth in rural areas. The findings show that socialized agricultural services have a positive impact on inclusive green growth in rural areas, and the endogeneity and robustness tests further confirm this conclusion. The mechanism analysis shows that agricultural socialized services indirectly promote the inclusive green growth in rural areas through agricultural technological innovation, land transfer, and agricultural organization. The heterogeneity analysis shows that the promotion effect of agricultural socialized services on inclusive green growth in rural areas is stronger in major grain producing areas, and the impact effect shows a decreasing trend from central to eastern to western. Therefore, various regions should improve the network of agricultural socialized services, optimize the spatial layout of agricultural socialized services, and gradually promote the coordinated development path of inclusive green growth in rural areas that meets the requirements of agricultural modernization.

The Approach Adjustment for Investor Judicial Protection in the Liquidation Deadlock of Contractual Private Equity Funds

Hu Gai-rong, Xiao Zheng

2026, 0(2): 124-136.

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Due to the insufficient supply of the current liquidation system, investors of contractual private equity funds can only obtain relief through judicial channels when facing a liquidation deadlock. However, when judicial authorities handle such cases, they have not yet reached a consensus on whether investors can directly demand compensation from the fund manager and how to define the scope of investors'losses. This makes it difficult for investors to exit the fund by compensating for their losses in the event of a liquidation deadlock. The root cause of the current lack of uniformity in judicial decisions lies in the deviation in the understanding of the fund liquidation system, which has led to liquidation becoming a necessary procedure for determining losses. In this regard, starting from the function of the liquidation obligation, the liquidation deadlock should be transformed into the loss result of“inability to distribute the remaining distribution”, and based on the institutional principle of liability for breach of contract, the compensation liability of the manager should be reasonably determined, with the aim of solving the issue of investor protection.

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