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In the continuous development of the Chinese economy, the desire for common prosperity among the people has become increasingly strong. However, the complex domestic and international situations, along with the economic uncertainties post-pandemic, have introduced significant uncertainties into government economic policies. In the long term, this uncertainty has a profound impact on intra-enterprise common prosperity, affecting society at large. This paper focuses on non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2020, examining the negative effects of economic policy uncertainty on intra-enterprise common prosperity. The results indicate that economic policy uncertainty has a significant adverse impact on intra-enterprise common prosperity, and this impact is more pronounced in state-owned enterprises, those in the growth life cycle, and companies with poor innovation capabilities and limited external support. Companies enhancing social responsibility and overall factor productivity can help mitigate these negative effects. Furthermore, in dynamic features, as the level of intra-enterprise common prosperity increases, the negative impact of economic policy uncertainty gradually diminishes, while the positive effects of overall factor productivity and corporate social responsibility on enterprises become more evident., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Yang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The global attention on industrial policy's effectiveness spans across various sectors, particularly in international trade where the focus is on enhancing the quality of foreign trade, which is crucial to understand how research hotspots and key issues can synergize. We consider the 2018 "new round" of Sino-US trade friction as an external event and analyze panel data from 2009 to 2022 comprising 1141 Chinese A-share listed enterprises. Our empirical research unequivocally demonstrates that industrial policy has significantly propelled China's foreign trade towards high-quality development by 1.8240%. We conducted rigorous tests for robustness, heterogeneity, and endogeneity. Additionally, our results reveal that inhibitory influences arising from industrial policy on total assets or R&D investment attenuate this promotion effect; There exists a diminishing promotion effect between total assets and R&D investment. Our paper provides valuable insights into understanding their logical relationship while offering guidance for enterprises, markets, and governments in overcoming challenges collectively., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Leihua, Fan. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Throughout, the effects of related-party transactions (RPTs) have been a hot topic in financial markets and corporate governance research. This paper analyzes the theoretical foundation of the effects of RPTs and constructs a new indicator, the quasi-profit margin, to assess the effects of RPTs by studying their impact on the quasi-profit margin. Based on the information asymmetry between transaction parties and the information screening theory, the paper proposes the buying inferior to selling theory, systematically explaining the impact of transaction direction on the effects of RPTs. Subsequently, using panel data from Chinese A-share listed companies from 2016 to 2021, the paper constructs fixed-effects models and conducts empirical studies from both exogenous and endogenous perspectives, employing estimation methods such as high dimensional fixed effects method, two-stage least squares method, and three-stage least squares method. The research indicates that RPTs of Chinese A-share listed companies generally exhibit a tunneling effect, and the transaction direction significantly affects the effects of RPTs. The higher the proportion of RPTs conducted as sellers to the total RPTs, the smaller the overall tunneling effect of the RPTs. This study has implications for reducing the tunneling risk of RPTs and improving corporate governance for listed companies, as well as providing some references for financial regulatory authorities to identify and rectify illegal RPTs., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Li, He. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Today, with a growing emphasis on sustainable economic development, corporate environmental, social and governance (ESG) performance is attracting increasing attention and favor from investors. This triggers a question: can good ESG performance of listed companies mitigate the "up and down" of the stock market by drawing investor attention? This paper utilizes the data from China's A-share listed companies from 2011 to 2020, with investor attention as a mediating variable, to explore how the ESG performance of listed companies influences abnormal stock price volatility. The findings suggest that stronger ESG performance of listed companies significantly reduces abnormal stock price volatility, in which investor attention plays a partial mediating role. This paper confirms the robustness of the findings through multiple robustness and endogeneity tests. Heterogeneity analysis reveals that listed companies with good ESG performance during the growth period are more likely to significantly mitigate abnormal stock price volatility. Similarly, firms that maintain commendable ESG performance in bear markets significantly reduce abnormal stock price volatility. These findings enrich the theoretical research on the impact of ESG performance on abnormal stock price volatility, provide empirical evidence for listed companies to emphasize ESG investment and encourage investors to consider ESG ratings. Additionally, the study provides a new perspective for government agencies to utilize corporate ESG performance to maintain the sound development of the capital market., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

As a significant trade item on the ancient Silk Road, the evolution of mug shapes represents a confluence of Eastern and Western economic history and cultural-artistic exchanges, also reflecting the flourishing export culture of Guangzhou. This paper analyzes the functional and social factors influencing the morphological changes of Lingnan mugs from 1616 to 1949 from the perspective of quantitative typological analysis. The overall design trend of these mugs transitioned from complex to simple, enhancing user comfort, while variations in mug scale reflect the diversity of consumer classes and regional drinking cultures. Among the 30 mugs analyzed, the average capacity was 356ml, with a range of 1588ml. Common shapes included cylindrical bodies and ear-shaped handles. Morphologically, the belly of the mugs transformed from arc-barrel bodies (emphasizing heat retention) to bulbous bodies, and eventually to cylindrical bodies (combining heat retention, practicality, and economy), with handles also showing signs of East-West integration. The analysis of the mug body' s inclination, with handle-side junction angles ranging from 34° to 53° and wall-side junction angles from 50° to 90°, indicates that these features are associated with stability in placement, aesthetic design, and practicality in liquid containment. These morphological evolutions reflect genuine responses to market demands and advancements in production technology, manifesting as products of market orientation and societal needs. By measuring changes in morphology, scale, volume, and external contour curves, this paper addresses how social factors shape material morphology in an academic context., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Ao et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Pilot Free Trade Zones (PFTZs) are a crucial new platform for China to build a more open economic system. Existing literature primarily focuses on the 'Bring In' effect of PFTZs, often overlooking the importance of 'Going Out' aspects. To bridge this gap, this paper uses data from China's Shanghai and Shenzhen A-share listed enterprises from 2007 to 2021 and constructs a time-varying difference-in-differences (DID) model to test the impact of establishment of PFTZs on international expansion of enterprises. The study finds that establishment of PFTZs can significantly promote international expansion of enterprises, with a more pronounced effect on the scope of international expansion than on its depth. Mechanism analysis reveals that PFTZs can facilitate international expansion of enterprises by driving digital transformation, enhancing total factor productivity and management efficiency, and alleviating financing constraints. Notably, senior managers with overseas work experience play a crucial role in enhancing this relationship. Further, PFTZs not only have a linkage effect with the Belt and Road Initiative but also a radiation effect on neighboring cities. This study provides an analytical perspective and empirical evidence for evaluating policy effects of PFTZs and offers valuable insights that will enable PFTZ policies to be refined and facilitate successful implementation of the 'Going Out' strategy., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Jing et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Under economic globalization, countries are linked through trade and investments. This economic interdependence creates vulnerabilities. The indirect vulnerability induced by interdependent networks of trade and investments can put a country's economy at risk, but this risk has yet to be systematically quantified and investigated. In this paper, we developed the novel Potential Indirect Vulnerability Index (PIVI) to capture how interdependencies between networks of trade and foreign direct investment (FDI) may induce economic vulnerabilities. The model consisted of three main components: a target country (the importer of goods), an investing country (the exporter of FDI), and the intermediary countries that export commodities to the target country and receive FDI from the investing country, serving as conduits of the vulnerabilities caused indirectly by the investing country. The PIVI quantifies the indirect vulnerabilities based on the product of two fractions: 1) the dependency of the target country on commodities from each intermediary country; and 2) the dependency of each intermediary country on FDI from the investing country. We demonstrated the utility of PIVI by examining the US economy's vulnerability to China using 2019 trade and FDI data. Several Asian countries and a mix of agricultural products and raw materials were identified as conduits through which China could potentially influence the US economy. Vietnam was a sizeable risk because, while it has been a primary source of many US imports, it also received about 30% of its FDI from China. The US policy makers might opt to increase diversity in trade partners or to promote investment in countries such as Vietnam. We also applied the PIVI analysis to critical minerals, identifying cobalt, tungsten, and copper as the most vulnerability-inducing among them. PIVI is a flexible metric than can be aggregated and modified to provide a more nuanced and focused assessment of an economy's vulnerability., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Pourshahabi et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Vietnam's agricultural exports to China have remained strong, with the country maintaining its position as the top destination for Agri-products. This article primarily utilizes the Revealed Comparative Advantage (RCA) Index, and Trade Complementarity (TC) index to examine the trade comparative advantage, and the complementary of twenty major agricultural products between China and Vietnam from 2012 to 2021. The study results showed that Vietnam and China frequently exchange agricultural products. Vietnam has more stronger competitiveness than China in terms of agricultural products. China's exports to Vietnam were highly complementary to Vietnam's imports in category 0 whiles Vietnam's exports to China showed strong complementarity with China's imports in category 2. This paper analyzes the complementarity and comparative advantages of agricultural trade between China and Vietnam, and proposes informed suggestions for policy-making to promote agricultural trade between the countries. The proposed suggestions aim to expand agricultural trade between the two countries, reduce the trade imbalance, and achieve mutual benefit and win-win results., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Tian et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Ports are critical centers of international trade and global logistics now that economic globalization has taken hold. The efficiency performance of port logistics is crucial to building an emerging pattern of development in which domestic and foreign dual cycles are complementary for China. This paper examines the efficiency performance of 19 ports within five major economic circles in China. It explores how their efficiency is distributed, and the configurations of efficiency improvement during the new normal of China's economy. First, the DEA-BCC model is employed to calculate the technical efficiency performance and distribution of each port from 2011 to 2020. Then, fuzzy-set qualitative comparative analysis (fsQCA) was applied to integrate and analyze the influencing factors. The results show as follows: (1) Each port group performed differently on efficiency rankings, as well as regional distributions. Among these, the port groups of the Bohai Rim region, the Yangtze River Delta region, and the Bohai Rim region continue to rank highly. (2) From the perspective of configuration analysis, the results suggest that government support is not necessary for port logistics with better economic endowments. However, it is critical for backward ones. (3) A rational industrial structure can enhance levels of infrastructure, openness, and information technology, improving port performance. The findings can provide theoretical and practical references for better promoting the development of Chinese port management.al references for better promoting the development of Chinese port management., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Xie, Hu. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Industrial technological progress, as an essential industrial-technological and institutional phenomenon, brings with it the possibility of high profits for firms but also implies new norms and rules of competition, which affect the willingness and propensity of firms to bear the costs of undertaking venture capital projects. This study empirically investigates the causal impact of industrial-technological progress on corporate risk-taking and the mechanism of digital financial growth on the relationship between the two, based on data from China's A-share listed businesses from 2011 to 2020. This paper finds that (1) industrial technological progress improves enterprise risk-taking levels. Moreover, digital financial development has an incentive effect on industrial technological progress and enterprise risk-taking levels. (2) Industrial technological progress under digital financial development generates financing constraint relaxation effects, input capital return enhancement effects, and innovation performance incentive effects, increasing enterprise risk-taking. (3) The positive moderating effect of digital financial development on the relationship between industrial technological progress and the risk-taking level of enterprises in the eastern regions and enterprises in the high-tech industry is more prominent. The study's findings provide a theoretical foundation and policy insights on the crucial elements of industrial-technological progress and enterprises' increased ability to take risks throughout the development of digital finance., Competing Interests: The authors have declared that no competing interests exist, (Copyright: © 2024 Wu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper theoretically analyzes and empirically examines the impact and mechanisms of automated machines on employment in manufacturing enterprises, drawing on task-based model and using micro data from listed Chinese manufacturing enterprises between 2012 and 2019. Our findings reveal that: (1) Automated machines in manufacturing enterprises leads to a substitution effect on the total labor force, with a substitution effect on low-skilled labor and a creation effect on high-skilled labor in terms of employment structure. (2) Further analysis indicates that automated machines primarily have a positive effect on R&D and technical staff, a non-significant effect on sales staff, and a negative impact on production, administrative, and financial staff. (3) The primary influencing mechanisms of automated machines on employment in manufacturing firms are productivity effects and output scale effects, based on the mediation effect model. (4) Considering the industry linkage effect, we employ the input-output method and the Input-Output Table and find that automated machines for upstream (downstream) manufacturing enterprises will result in a substitution effect on employment for downstream (upstream) enterprises. The novelties and research contributions are as follows: (1) we conduct a structural decomposition of total employment, and further decompose employment positions into production, R&D, sales, finance, and administration. (2) We try to investigate the industry linkage effect about the impact of automated machines on the employment of upstream and downstream enterprises. (3) We use data from listed manufacturing companies, and the data of existing research are about provincial and industry-level data., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Jiang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Foreign Direct Investment (FDI) is an important part of China's new "double-cycle" development pattern. Among the many factors affecting FDI, will the aging population have an impact on manufacturing, the key industry for FDI? This paper examines the direct and indirect effects of an aging population on FDI using panel data from 27 manufacturing sub-industries in China between 2005 and 2020. It is found that (1) the deepening of the population's aging negatively affects FDI inflows and this result continues to hold after a series of robustness tests. (2) Using labor quantity and labor cost as mediating variables, it is found that the population's aging indirectly affects FDI by reducing labor quantity and increasing labor cost. (3) The heterogeneity analysis study finds that the deepening of the population's aging significantly inhibits FDI in labor-intensive and capital-intensive industries among manufacturing sub-industries, and the inhibitory effect on FDI in technology-intensive industries is not significant. This study provides meso-evidence to support the findings of existing studies and provides suggestions and insights for the government to formulate relevant policies to actively cope with aging., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Li et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Multinational enterprises frequently divest their foreign assets in the current economic environment. Existing research, based on friction theory, has mainly focused on the impacts of political and economic disparities on foreign divestment while neglecting the nuanced influence of cultural factors. To address this gap, this paper draws on the cultural friction perspective to capture the diverse cultural resistance faced by each enterprise and explore the relationship between cultural friction and foreign divestment. Data from Chinese publicly listed enterprises engaged in foreign investment are leveraged, and a dual-level analysis is conducted using Logit panel regression and Cox survival analysis to examine the relationship between cultural friction and foreign divestment from both the viewpoints of the parent company and the overseas subsidiary. Additionally, the paper examines the marginal factors that affect the relationship between them from an institutional perspective. The findings reveal that cultural friction has a positive influence on the propensity of multinational enterprises to divest from foreign markets. Interestingly, a "formal institutional distance paradox" is demonstrated in our study, and politically connected enterprises are found to be more vulnerable to foreign divestment due to the "curse of political affiliations"., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Xu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the rapid development of information technology, internet enterprises have sprung up, bringing about huge power consumption due to constantly expanding enterprise scale, which in turn leads to significant carbon emissions. Additionally, the large influence of internet enterprises on the public and other businesses makes it particularly necessary to pay attention to their carbon emission reduction efforts. To explore the evolution path and patterns of carbon emission reduction among internet enterprises under the carbon neutrality goal, this paper constructs an evolutionary game model for internet enterprises to enter the carbon emissions trading market based on Externality and Sustainable Development Theories, while considering constraints from the carbon market, financial institutions and the public. The model utilizes Python 3.8.2 software for numerical simulations, aiming to push internet enterprises towards low-carbon development. The research findings indicate that: (1) Carbon emission reduction behavior of internet enterprises exhibits significant externality, and when constraints are weak or incentives are not evident, the motivation for enterprises to reduce carbon emissions is insufficient. (2) The carbon market can effectively promote carbon emission reduction among internet enterprises, and the strategy of entering the carbon market becomes the preferred option for these enterprises gradually. (3) Multiple constraints, including emission reduction costs, penalty for non-compliance, government subsidies, financing costs, opportunity losses, and reputation losses, can force internet enterprises towards low-carbon development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Zhou, Qian. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The evolution of Internet technology is closely mirrored by the innovative business and profit models emerging within the platform economy. Integrating this economic framework, online video platforms are dynamically refining their pricing strategies to optimize profit margins. This paper, anchored in the theoretical construct of second-degree price discrimination, selects the Chinese online video platforms iQiyi and Tencent Video for in-depth case studies. It charts the progression of its pricing strategies and juxtaposes these with those of prominent international online video sites to highlight both congruities and divergences. The synthesis of theoretical models with real-world case studies culminates in strategic recommendations to foster the growth of Chinese online video platforms in the global Internet arena., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Zhang, Phoong. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Economic policy uncertainty has had an important impact on trade and sustainable economic development. Especially in some specific industries, uncertainty has increased dramatically. The extant related literature mainly analyzes the nexus between uncertainty and trade across different industries and focuses less on a specific industry. Using Chinese customs data on HS 8-digit products over the period of 2000-2013, this paper first investigates the impact of both foreign economic policy uncertainty (EPU) and domestic intra-industry trade on China's mechanical and electrical product exports to 23 trading partners and applies pooled OLS regressions to conduct an empirical study. This paper finds that EPU has a significant inhibition effect on mechanical and electrical product exports; conversely, intra-industry trade can both significantly promote exports and alleviate the inhibition effect of EPU. In addition, the export impact of EPU varied with different trade patterns. It can significantly inhibit processing exports, while it has no effect on ordinary exports. The results of this paper indicate that in the context of increasing uncertainty, our findings could have far-reaching policy implications for China to build a new development pattern of domestic and international dual circulation., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Carbon price prediction is of great importance to regulators and participants in the carbon trading market. It is the basis for developing policies related to the carbon trading market and stabilizing that market. Considering the numerous factors that influence carbon prices in China, dimensionality reduction is needed to improve the prediction accuracy and efficiency. However, the traditional dimensionality reduction methods fail to fully consider the role of influencing factors, which has certain limitations. In this paper, a new dimensionality reduction method, namely scaled principal component analysis (s-PCA), is employed to improve the prediction accuracy of carbon prices. Firstly, a factor library that influence carbon prices is constructed from three perspectives: technical indicators, financial indicators and commodities indicators. Then, the s-PCA method is used to reduce the dimensionality of factors influencing carbon price. Next, two different methods are used to predict carbon prices, including traditional regression method and Long Short-Term Memory (LSTM) method. Finally, the economic value of the s-PCA method is examined by constructing investment portfolios. The empirical results of the Hubei Emissions Exchange show that the s-PCA model outperforms other competing models both in- and out-of-sample. In addition, the LSTM model could improve the performance of the s-PCA model in carbon price prediction. From a market timing perspective, investors can achieve a greater return and a larger Sharpe ratio using the s-PCA method than using other comparative methods and buy-and-hold strategy. Therefore, the s-PCA method is effective and robust in predicting carbon price., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wei, Ouyang. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

In this paper, the stochastic frontier gravity model is applied to analyze the trade potential between China and Nepal and the prospects of Lanzhou-Kathmandu South Asian rail-road freight trains (LKSARFT). Based on the statistical data, we test the Exports Efficiency (EE), Bilateral Trade Efficiency (BTE), Exports Trade Potential (ETP), Bilateral Trade Potential (BTP), Extended Exports Trade Potential (EETP), Extended Bilateral Trade Potential (EBTP), Improved Exports Trade Potential (IETP) and Improved Bilateral Trade Potential (IBTP) between China and Nepal, the following analysis results can be found: for the bilateral trade model, the bilateral non-efficiency factor decreasing at a rate of 0.057 with time increasing, bilateral trade increasing at a rate of 0.057 with time increasing. For the exports model, the exports non-efficiency factor increasing at a rate of 0.004 with time increasing, exports trade decreasing at a rate of 0.057 with time increasing. The BTE between China and Nepal increases when time changes, the EE from China to Nepal remains constant changing during the 18 years. The changing range of BTE is 0.002-0.05; the changing range of EE from China to Nepal is over 0.1, larger than the BTE. The BTE and EE ranking among the eight South Asian countries are ranking fifth and fourth during the 18 years. exports trade resistance from China to Nepal is larger than bilateral trade resistance; The import trade potential from Nepal to China is huge, the focus of bilateral trade between China and Nepal may be changed, there are more goods may be exported from Nepal to China, and China may become trade deficit when trading with Nepal. Then, the development bottlenecks of the LKSARFT are analyzed. Finally, we give policy directions to boost bilateral trade efficiency and tap the potential of bilateral trade between China and Nepal., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Fei Tian. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Under the goal of " carbon peaking and carbon neutrality," how to create a low-carbon and green development path for cities is an urgent problem in China. One of the effective ways to solve this problem is through industrial collaborative agglomeration. In this paper, panel data of 276 prefecture-level cities in China from 2010 to 2020 was selected to investigate the relationship between the collaborative agglomeration of manufacturing and producer service and carbon emission intensity by using a fixed-effects model, intermediary model, and SDM in multiple dimensions. The study found that the collaborative agglomeration of manufacturing and producer service industries significantly influences carbon emission intensity with an inverted U-shaped curve, and the agglomeration of manufacturing and producer service industries can influence carbon emission intensity through technological progress. In addition, the inverted U-shaped impact of collaborative agglomeration of manufacturing and producer services on carbon emission intensity has a spatial spillover effect, and the spatial spillover effect generated is stronger than the impact on the local area. Moreover, from the perspective of industry heterogeneity, compared with low-end producer services, the agglomeration of manufacturing and high-end producer services can play a better role in carbon emission reduction. Regarding regional heterogeneity, compared with the central and western regions, the impact of manufacturing and production services agglomeration on carbon intensity is far more obvious in the more economically developed eastern regions., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the development of non-performing assets market and the requirement of maintaining national financial security and stability, asset management corporations (AMC) have set up in recent years, facing the dilemma of governance reform and competitiveness improvement. This paper puts forward the Governance-Performance-Competitiveness theory of asset management corporations, and constructs the comprehensive competitiveness evaluation index system of based on internal and external governance mechanisms, and studies the factors and degrees of internal and external governance affecting competitiveness by combining principal component analysis method and grey correlation analysis method. The empirical results show that the asset scale and profitability of asset management corporations directly determine their competitiveness level to a large extent, and the correlation between external governance mechanism and competitiveness is stronger than that of internal governance mechanism. Clustering and grouping are conducted based on the size of competitiveness, and China's local asset management corporation system presents a diamond structure. China's local financial asset management corporations should strengthen the top-level design of internal governance, attach importance to external governance, expand and strengthen the asset scale, and carry out full-chains business while implementing a differentiated development model to achieve sustainable development when adhering to the principal business of non-performing assets., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Huang, Su. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Improving the innovation quality of manufacturing companies has currently received increasing attention in the transformation from "Made in China" to "Created in China". Equity restriction is now one of the most talked about issues in China's corporate governance structures, but we have a limited understanding of the impact of equity restriction on innovation quality. This paper empirically analyzes the relationship and intrinsic mechanism between equity restriction and innovation quality using all A-share listed manufacturing companies in China from 2007 to 2021 as the research sample. First, the Tobit regression model is used to analyze the impact of equity restriction on innovation quality, and the Heckman two-stage model is used for the endogenous test. Then, the three-step regression model with mediating effects is used to validate the intrinsic mechanism of equity restriction to promote innovation quality from two paths, namely equity incentives and R&D investment. The research results show that equity restriction has a significant positive impact on innovation quality; equity incentives and R&D investment play a mediating role between equity restriction and innovation quality. This paper enriches the research on the influencing factors of innovation quality and provides a theoretical basis based on equity restriction for the transformation of manufacturing towards high-quality innovation, and explores the intrinsic mechanisms by which equity restriction affects innovation quality., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Chang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Innovation is the first driving force to lead development, how to improve manufacturing innovation performance has become a hot topic. Based on 47 listed companies in the computer, communication and other electronic equipment manufacturing industry in the A-share market, this paper adopted the Fuzzy set qualitative comparative analysis (fsQCA) to explore the influencing factors of technology, organization and environment on the innovation performance of manufacturing industry and the improvement path. The findings are as follows: (1) A single condition is not a necessary condition for high innovation performance in manufacturing industry, but government support plays a key role in improving innovation performance in manufacturing industry. (2) There are two improvement paths for high innovation performance in manufacturing industry, which are specifically explained as "technology-environment dual improvement path" and "technology-organization-environment collaborative improvement path". (3) The improvement of innovation performance in the manufacturing industry is the result of multiple factors, showing the characteristics of "all paths lead to the same destination". Different manufacturing enterprises have different paths to improve innovation performance based on their actual conditions. Based on these findings, this study may provide some implications for the effective improvement of manufacturing innovation performance., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Ma, Cui. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper empirically investigates the impact mechanism of short-term debt for long-term use and the default risk of supply chain firms with the data of Chinese A-share listed firms from 2007 to 2021. The study shows that there is a significant U-curve relationship between short-term debt for long-term use and supply chain firms' default risk, and too high or too low a level of short-term loans and long-term investments will worsen firms' default risk. In addition, firm performance plays an mediating effect in the process of short-term debt for long-term investment affecting the default risk of supply chain firms. Finally, customer effect and firm heterogeneity play a moderating role in the impact of short-term loans and long-term investments on the default risk of supply chain firms, and the U-shaped relationship will be strengthened under the high-intensity customer effect. This study has important theoretical and practical significance for analyzing the impact of default risk contagion in supply chain enterprises., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Shen, Chen. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The integration of rural industries will inevitably lead to new business forms and new models, which put forward new requirements for traditional agricultural finance. The development of digital inclusive finance will provide new momentum for the integration of rural industries. Based on the provincial panel data from 2011 to 2020, the evaluation index system is constructed from three dimensions: industrial integration method, integration subject and integration format, and the development index of rural industrial integration is calculated. This paper establishes double fixed effect model and intermediary effect model to test the effect and path of digital inclusive finance on the integration of rural industries, and further explores the regulatory role and spatial difference of financial support. The results show that: (1) The integration of rural industries shows a growing trend, the eastern region develops more rapidly, while the central and western regions develop more slowly; (2) The digital inclusive finance can promote the integration of rural industries, digitization degree is remarkable, but coverage breadth and using depth are not significant, increasing the rate of per capita electricity consumption and urbanization can promote the integration of rural industries, consumption has limited pulling effect on the integration of rural industries, the per capita investment in fixed assets has no significant effects on the integration of rural industries; (3) The financial availability and the agricultural digitization play a complete intermediary effect; (4) Financial support has a negative moderating effect on the relationship between the two; (5) The eastern and central regions have a significant promoting effect, while the western region has a negative effect., Competing Interests: The authors declare no conflict of interest., (Copyright: © 2023 Huang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Nowadays, the international situation is severe and complex, and the structural issues within the Chinese economy are prominent. Consequently, the financial risks faced by Chinese listed companies continue to escalate. Hence, it is of great practical significance to furnish effective early warnings for financial crises in listed companies. In this paper, we first employ web crawler technology and natural language processing technology to assess four text-linguistic features in the Management Discussion and Analysis (MD&A) section of the annual financial reports of listed companies in China from 2011 to 2020. These features are text tone, forward-looking, readability and similarity. Subsequently, we combine these features with traditional financial indicators and explore thirteen mainstream machine learning models to comparatively analyze their effectiveness in predicting financial crises in listed companies. The empirical findings of this research reveal that MD&A text readability and similarity indicators contribute valuable incremental information to prediction models, whereas text tone and forward-looking indicators exhibit the opposite effect. The latter two indicators can be manipulated more effortlessly by management, as this study's empirical findings indicate no evidence of their contributions in incremental informational value. In fact, the forward-looking indicator even introduces additional noise to the prediction. Finally, by comparing the early warning effects of thirteen machine learning models, it is found that RF, Bagging, CatBoost, GBDT, XGBoost and LightGBM models maintain stable and accurate sample recognition ability. In general, this paper constructs a more effective financial crisis early warning model by exploring the MD&A text-linguistic feature indicators, thereby offering a fresh research perspective for further investigations in this field., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Zhang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Goodwill has been a controversial issue in China since 2007 when the new accounting standards changed the subsequent measurement of goodwill from periodic amortization to impairment testing. Using the change in subsequent measurement of goodwill, this paper examines the impact of goodwill accounting on corporate M&A and industry development. The paper finds that adopting the goodwill impairment test significantly increases firms' M&A incentives, as evidenced by a significant increase in the frequency and probability of M&A and a significant reduction in the time interval between successive M&A at the industry level. From an industrial perspective, the impairment policy has significantly improved industry concentration, total factor productivity, and competitive advantage in international trade across Chinese industries. The positive impact of goodwill impairment policy on M&A is more pronounced among firms with asset-light characteristics or high P/E ratios, and its contribution to industry competitiveness is more pronounced in asset-light or high P/E ratios industries. From the perspective of promoting capital market mergers and acquisitions and industry competitiveness, the article finds that the current goodwill impairment policy can have positive economic consequences. Our study breaks through existing perspectives to provide compelling empirical evidence for the current theoretical and practical controversy over goodwill measurement standards., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Yadi Wen. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This paper explores the impact of artificial intelligence and industrial robots on firms' export behaviour and divides the impact mechanism into the productivity effect and labour substitution effect. It examines the effect of industrial robots on firms' export value by using Chinese Customs data, Chinese Industrial Firm data and robot data from the International Robot Federation (IRF). The main findings are as follows: Firstly, the impact of artificial intelligence and industrial robots on Chinese firms' export value is generally negative, which means the negative labour substitution effect dominates the positive productivity effect. Secondly, the impact of artificial intelligence varies significantly by industry, and the export value of firms from high-tech industries benefits from the use of industrial robots. Thirdly, the impact of artificial intelligence on firms' export value also varies by time; before 2003, the use of industrial robots showed mainly an inhibiting effect on firms' exports, which turned into a driving effect thereafter, and after 2006, industrial robots began to significantly promote firms' export. Finally, the higher the quality of export products, the more likely the use of industrial robots will be to promote firms' export value, and the higher the capital-labour ratio is, the more likely firms' export value will be to benefit from the use of artificial intelligence and industrial robots. On the basis of these findings, this study proposes promoting the productivity effect to dominate the labour substitution effect through technological progress and the improvement of export product quality., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Zhang, Deng. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Enterprise resilience captures enterprises' ability to survive and develop under uncertainties and shocks. Taking the shock of COVID-19 as an example, this paper employs a unique firm-level national survey dataset collected from a sample of nearly 40,000 Chinese private enterprises in 2020 to systematically explore the relation between local business environment and enterprise resilience. Our estimation results using ordered probit model indicate that favorable business environment can significantly enhance enterprise resilience and mitigate the shock of COVID-19 on firm performance. Mechanism analysis further shows that enterprises under better business environment generally have greater resilience as the result of timely and effective government support, reliable supply of production factors and logistics service, and lower levels of financial constraints. Our study deepens the understanding of the economic consequences of business environment and also sheds a new light on enterprise resilience enhancement., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Fu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Enterprise financialization will block the equipment update and technological innovation of enterprises by crowding out the main business funds. The risks and benefits of supply chain concentration will affect the enterprise financialization. This paper selects the panel data of A-share listed companies in China from 2009 to 2021, and uses fixed effect regression to analyze the impact of supply chain concentration on enterprise financialization. The conclusions show: both suppliers and customers concentration significantly promote the financialization of enterprises, and this conclusion is still valid after a series of tests; This kind of financialization effect is heterogeneous in four aspects: the nature of property rights, the scale of enterprises, the intensity of industrial competition and the level of economic development in the region where the enterprises are located; the mechanism analysis show that customer concentration can affect enterprise financialization through upstream commercial credit, but supplier concentration cannot affect enterprise financialization through downstream commercial credit., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 He, Zuo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Objectives: The improvement of the manufacturing industry's total factor productivity depends not only on innovation factor double circulation, but also on cross-border mobility to a large extent., Methodology: This paper constructs a model that demonstrates the impact of innovation factor double circulation and cross-border flow on the manufacturing industry's total factor productivity, and it seeks to estimate this impact by using panel data from China's manufacturing industry taken from the period 2009-2020., Findings: It finds the path dependence of innovation factors significantly increased their double circulation cost, and did not significantly improve the manufacturing industry's total factor productivity., Conclusion: It finds the path dependence of innovation factors significantly increased their double circulation cost, and did not significantly improve the manufacturing industry's total factor productivity. Cross-border flow improves the marginal efficiency of innovation factors, realizes the spatial agglomeration of high-end innovation factors and greatly promotes the double circulation of innovation factors in a way that effectively improves the manufacturing industry's total factor productivity., Implications: These conclusions have profound policy implications: cross-border flows can promote the incremental adjustment of innovation factors; fully release the development potential and toughness of the dual circulation of innovation factors; and are essentially conducive to improving the manufacturing industry's total factor productivity., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Song, He. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The increasing prominence of urban scaling laws highlights the importance of a systematic understanding of the variational scaling rates for different economic activities. In this article, we utilize several datasets to provide the first systematic investigation of the urban scaling of manufacturing industries in China. Most existing literature assumes that the divergence in urban scaling can be explained by returns to agglomeration, with a few exceptions instead highlighting the role of knowledge complexity or a mixture of both. Our main purpose in this paper is to explain the inter-sector variation of urban scaling rates. In doing this, we provide a clearer approach to demonstrating the relations between urban scaling, returns to agglomeration, and knowledge complexity. Our findings are twofold. First, after uncovering the scaling rates (denoted as urban concentration) and returns to agglomeration (denoted as urban productivity) for each sub-manufacturing sector, we prove that, rather than being a positive predictor, returns to agglomeration is slightly negatively associated with urban scaling rates. This finding reveals that urban concentration of manufacturing may not simply be a natural consequence driven by the maximization of performance. We also show that this result of the manufacturing system contrasts with what would be found in other pure knowledge systems such as patents. Secondly, we measure the complexity for each sector and demonstrate that the variation of urban concentration can be largely explained by their complexity, consistent with the knowledge complexity perspective. Specifically, complex manufacturing sectors are found to concentrate more in large cities than less complex sectors in China. This result provides support for the view that the growth of complex activities hinges more on diversity than on efficiency. The findings above can greatly reduce the current level of ambiguity associated with urban scaling, returns to agglomeration and complexity, and have important policy implications for urban planners, highlighting the significance of a more balanced and diversified configuration of urban productive activities for the growth of innovation economy., Competing Interests: There is no related manuscript under editorial review. The authors have declared that no competing interests exist., (Copyright: © 2023 Li, Zhao. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Assessing the trade network connectivity is essential for understanding the trade network structure, optimizing trade development patterns, and improving uneven trade development along the "Belt and Road" (BRI). From the perspective of connectivity, this paper integrates the frontier algorithms in network science and constructs an analytical framework to identify the mesoscale structures, including the community structure, core-periphery structure, and backbone structure embedded in the network, and further explore the structural connectivity of the BRI trade network. The results show that: (1) The BRI trade network represents a trade pattern of "one superpower, many great powers", with three major trade groups in Southeast Asia, the Middle East, and Northern Central and Eastern Europe in terms of geographical space. China is the super core of the BRI trade network, and the most considerable trade links are all centred in China. (2) Five distinctive trade blocs have formed in the BRI trade network. Nevertheless, the structure of the trade blocs shows significant geographical proximity, indicating that geographical distance still plays a vital role in the international trade system at the regional scale. (3) The BRI trade network demonstrates a significant core-periphery structure, with apparent trade clustering among the core countries within the trade network. Among them, nine countries led by China constitute the core structure, and the peripheral structure is large, reaching forty-four. (4) The trade links with China constitute the backbone structure of the whole trade network in the BRI region. In addition, the trade links related to energy trade and re-export trade are also crucial components of the BRI backbone structure. Methodologically, the analytical framework proposed for assessing the network structural connectivity has great potential to be widely applied to other disciplines and fields., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Chen et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Under the dual background of global industrial value chain and low-carbon emission reduction, the green transformation and upgrading of the manufacturing industry is an important way to promote production and promote sustainable economic development. Considering that the green transformation of the manufacturing industry is a typical complex adaptation system, based on the intrinsic relationship between the dynamic theory and the green transformation of the manufacturing industry, this paper takes the endogenous variable of the transformation of manufacturing enterprises as the entry point, simulates the transformation of new and old dynamic energy of green transformation, and explores the mechanism of green transformation and upgrading of manufacturing industry and the conversion process. According to the model, it is concluded that the green transformation of manufacturing enterprises is the result of the multi-stage transformation of enterprises. In this process, the change inertia overcomes old dynamic inertia and promotes the new dynamic to gradually replace the old dynamic. At the end of the article, specific suggestions are given to promote the green transformation of manufacturing enterprises from the aspects of ideology, policy support, digital empowerment, financial service guarantee system and communication and cooperation., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Lu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The production connection is a crucial component of the Inter City Association. An urban network based on the enterprise perspective better reflects the structural characteristics of regional cities. Based on data gathered from the headquarters and branches of the listed manufacturing enterprises in 2020, this paper analyzes the county-level administrative units in the Beijing-Tianjin-Hebei region of China. Using the subordinate connection model and the social network analysis method, this paper examines the spatial structural characteristics and factors of urban networks in the Beijing-Tianjin-Hebei region. The results suggest that resource allocation in the Beijing-Tianjin-Hebei region is unbalanced, with a significant difference in urban radiation and agglomeration capacity. As the administrative centers, Beijing, Tianjin, and Shijiazhuang show a strong ability to allocate resources within the network. The overall network density in the region was shown to be relatively low, with the main links being of low or medium level. The urban network is defined by the network connection led by Beijing and Tianjin with Beijing-Tianjin-Tangshan and Beijing-Baoding-Shijiazhuang as the main axis. These cities exhibit a "dense southeast and sparse northwest" pattern. From a hierarchical perspective, high-level network connections are based mainly on spatial proximity. Analyzing the agglomerative subgroups, the study found that the inner and outer connections of the core subgroups were relatively high. Semi-marginal subgroups generally accepted the radiation of core subgroups, while marginal subgroups had little connection with other subgroups in the region. The results of the QAP analysis show that the administrative relationship, spatial distance, city size difference, economic development level difference, industrial structure difference, and labor cost difference have a significant influence on the urban network of the Beijing-Tianjin-Hebei region., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Wang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the development of economic globalization, the problem of unequal distribution of globalization dividends among and within countries has become increasingly serious, and reverse globalization has a great impact on the national economy and export trade. This paper uses the KOF Globalization Index and the world input-output tables in World Input-Output Database (WIOD), and empirically studies the transformation of a country's export trade and export structure in the context of reverse globalization from the perspectives of world, country, industry, subdivided manufacturing and service industry. The results show that reverse globalization has a significant non-linear negative effect on economic development and export trade. Compared with developed and European Union (EU) countries, the exports of developing and non-EU countries are more affected by reverse globalization shocks. Reverse globalization has the greatest inhibition on the secondary industry exports, followed by the tertiary industry. The suppressive effects on the exports of 12 subdivided manufacturing and 14 subdivided service in China are significantly greater than that of the United States, but most of sub-industry exports in the United States are more sensitive. Besides, China's exports of high-product-complexity industry such as metal products, medicinal chemicals, electrical and optical products and mechanical equipments are greatly affected by reverse globalization, while the exports of water transportation, construction, land transportation are relatively less restrained., Competing Interests: The authors have declared that no competing interests exist.

Due to promote manufacturing enterprises to carry out green technology innovation practice smoothly, achieve the goal of energy conservation and emission reduction, and win green competitive advantage, this paper first divides the green technology innovation path into two types, namely internal independent R&D of green technology (IIGT) and external green technology introduction (EGTI), and analyzes the operation mechanism of these two types of paths. Secondly, a two-agent game model of different types of environmental regulation tools on the choice of green technology innovation path of manufacturing enterprises is constructed. To be sure, the manufacturing enterprises include the leader enterprise A and the follower enterprise B. It is assumed that the two groups of manufacturing enterprises produce the same products or provide the same services in the natural state without considering other influencing factors. Finally, stability analysis and numerical simulation are employed to compare and analyze the heterogeneous effects of different environmental regulation tools on the path selection of green technology innovation in manufacturing enterprises.The simulation shows that when the government adopts or does not adopt environmental regulation means, the system, leader enterprise A and follower enterprise B will eventually choose the path of IIGT or EGTI respectively after a long-term evolution process. However, the effects of subsidy for green technology innovation and carbon tax rate on the path selection of green technology innovation are different among the three parties. Specifically, when the government adopts the means of subsidy for green technology innovation, the leader enterprise A will actively choose the the path of IIGT earlier than the follower enterprise B. On the contrary, when the government adopts the means of carbon tax, the leader enterprise A will actively choose the the path of IIGT later than the follower enterprise B. The research of this paper is helpful to explore the green and sustainable development mode of China's manufacturing industry under the dual constraints of environment and resources, and provides decision support for the relevant national departments to make relevant policies., Competing Interests: The authors have declared that no competing interests exist.

The development of globalization has separated the production and consumption of products spatially, and the international trade of products has become a carrier of embodied carbon trade. This paper adopted the perspective of value-added trade to calculate the amount of embodied carbon trade of China from 2006 to 2015 and perform a structural decomposition analysis of the changes in China's embodied carbon trade. This study found that: (1) China's embodied carbon exports are much larger than its embodied carbon imports, and there are differences between countries. China imported the largest amount of embodied carbon from South Korea, and it exported the largest amount of embodied carbon to the United States. (2) The structural decomposition analysis shows that changes in the value-added carbon emission coefficient during the study period would have caused China's embodied carbon trade to decrease, and changes in value-added trade would have caused China's embodied carbon trade to increase. Therefore, countries trading with China need to strengthen their cooperation with China in energy conservation, emission reduction, and product trade. In order to accurately reflect China's embodied carbon trade, it is necessary to calculate embodied carbon trade from the perspective of value-added trade., Competing Interests: The authors have declared that no competing interests exist.

The risk spillover among financial markets has been noticeably investigated in a burgeoning number of literature. Given those doctrines, we scrutinize the impact persistence of volatility spillover and illiquidity spillover of Chinese commodity markets in this paper. Based on the sample from 2010 to 2020, we reveal that there is a cross-market spillover of volatility and illiquidity in China and also, interactions between volatility and illiquidity in different financial markets are pronounced. More importantly, we demonstrate that different commodity markets have different responsiveness to stock market shocks, which embeds their market characteristics. Specifically, we discover that the majority of the traders in gold market might be hedger and therefore gold market is more sensitive to stock market illiquidity shock and thus the shock impact in persistent. On the other hand, agricultural markets like corn and soybean markets might be dominated by investors and thus those markets respond to the stock market volatility shocks and the shock impact in persistent over 10 periods given the first period of risk shock happening. In fact, different Chinese commodity markets' responsiveness towards Chinese stock market risk shocks indicates the stock market risk impact persistence in Chinese commodity markets. This result can help policymakers to understand the policy propagation effect according to this risk spillover channel and risk impact persistence mechanism in China., Competing Interests: The authors have declared that no competing interests exist.

The pressure upon local governments to redeem their debt could affect government fiscal ability. It could consequently affect their fiscal policies on corporations, which might distort corporate innovation. Based on the data of Chinese Shanghai and Shenzhen A-share listed companies and the local government implicit short-term debt financed by local government financing vehicles (LGFVs) in 31 provinces, this paper shows that local government debt (LGD) negatively affects corporate R&D investment in China, thereby suggesting a strong crowding-out effect. The crowding-out effect is more pronounced when the firm is a non-state-owned enterprise (NSOE), the firm's size is small, the firm's age is young, or the firm is in the lower market competition. This paper provide evidence by interacting the terms that local government actions, such as consumption of fiscal resources, strengthening tax collection efforts, or consumption of credit resources, might partially account for the crowding-out effect. This study illustrates the innovation costs of local government debt., Competing Interests: The authors have declared that no competing interests exist.

Since the 2008 global food crisis, food security vulnerability has been a prominent topic in the food policy debate. However, vulnerability is inherently difficult to conceptualize and is more challenging to operationalize and measure. This study constructs a mathematical model and takes China as a case study to measure the vulnerability and sensitivity of China with its partners in the international grain trade. The results show that 1) the degree of interdependence between China and its grain trading partners is asymmetric, which generates trade vulnerability or economic power; 2) the vulnerability of China's food trade shows a high spatiotemporal heterogeneity among countries: the higher vulnerability zones are concentrated in North America and Northeast Asia, and the scope of the higher vulnerability zones tends to expand; 3) Our results also reveal that China also has different sensitivities to fluctuations in grain markets from different countries, and the higher sensitive zones of the grain trade in China are mainly distributed in America, Europe, and Oceania. The main contribution of this paper is the development of a methodology for food trade vulnerability assessment and examines the influence of international food trade on food security in importing countries, measured using the vulnerability index and sensitivity index. Nevertheless, the conclusions of this study can be considered preliminary, and there remains great potential for future studies to deepen and broaden our analyses further., Competing Interests: No authors have competing interests.

This paper examines the impact of rural e-commerce development on rural households' digital credit behavior at the micro-level by using a multivariate Probit model and propensity score matching method with rural residents in the China Family Panel Studies (CFPS) database. Specifically, we examine the complementary or substitution relationship between digital credit and traditional bank credit and the impact of participation in e-commerce on the scale of digital credit of rural households. The empirical results show that there is a substitution relationship between digital credit and traditional bank credit. Participation in e-commerce has a positive impact on the scale of digital credit and the full scale of credit obtained by farmers, with an increase of $0.922 million and $37.49 million in the scale of digital credit and real credit received by farmers who participate in e-commerce, respectively, compared with those who do not participate in e-commerce. Further tests revealed that the difference in capital endowment was an essential reason for the disparity in the size of digital credit received among e-commerce farmers., Competing Interests: The authors have declared that no competing interests exist.

How to promote corporate research and development is a particularly important issue under the background of the economy being diverted out of the real economy. By selecting samples of 1221 Chinese A-share non-financial listed companies from 2010 to 2019, this paper examines the impact of financialization on research and development through the panel threshold regression model. Then, the moderate range of the impact of financialization on corporate research and development is measured, as well as their heterogeneity is also analyzed. The research shows the following results: first, there is a dynamic relationship and moderate range between financialization and corporate research and development. Financialization has a positive effect on corporate research and development when the level of financialization exceeds 0.4748. Secondly, from further heterogeneous research, financialization has a threshold effect on research and development among enterprises with a high level of research and development. In addition, there is a promoting effect on corporate research and development only when their financialization level exceeds 0.0097 in enterprises with a high level of research and development. Therefore, in order to promote corporate research and development, financialization of non-financial enterprises should make adjustment and regulation according to the action and direction of moderate range., Competing Interests: The authors have declared that no competing interests exist.

Background: In recent years, the price of pork in China continues to fluctuate at a high level. The forecast of pork price becomes more important. Single prediction models are often used for this work, but they are not accurate enough. This paper proposes a new method based on Census X12-GM(1,1) combination model., Methods: Monthly pork price data from January 2014 to December 2020 were obtained from the State Statistics Bureau(Mainland China). Census X12 model was adopted to get the long-term trend factor, business cycle change factor and seasonal factor of pork price data before September 2020. GM (1,1) model was used to fit and predict the long-term trend factor and business cycle change factor. The fitting and forecasting values of GM(1,1) were multiplied by the seasonal factor and empirical seasonal factor individually to obtain the fitting and forecasting values of the original monthly pork price series., Results: The expression of GM(1,1) model for fitting and forecasting long-term trend factor and and business cycle change factor was X(1)(k) = -1704.80e-0.022(k-1) + 1742.36. Empirical seasonal factor of predicted values was 1.002 Using Census X12-GM(1,1) method, the final forecast values of pork price from July 2020 to December 2020 were 34.75, 33.98, 33.23, 32.50, 31.78 and 31.08 respectively. Compared with ARIMA, GM(1,1) and Holt-Winters models, Root mean square error (RMSE), mean absolute percentage error (MAPE) and mean absolute error (MAE) of Census X12-GM(1,1) method was the lowest on forecasting part., Conclusions: Compared with other single model, Census X12-GM(1,1) method has better prediction accuracy for monthly pork price series. The monthly pork price predicted by Census X12-GM(1,1) method can be used as an important reference for stakeholders., Competing Interests: The authors have declared that no competing interests exist.

China's rare earth export trade has developed so rapidly since 1990s that China has gradually occupied a leading position in the international market. However, this fast development was proceeding at the cost of the rare earth energy consumption and environmental devastation. Now China begins to attach great importance to environmental protection, which attracts many researchers. This study aims to analyze the influence of environmental regulation on China's rare earth export trade. And the original study is amongst the few to examine the relationship between environmental regulation and China's rare earth export with the product-level data. Different from previous studies, this paper selects China's rare earth export data from 1995 to 2015 and introduces product heterogeneity based on the rare earth production process. Moreover, this study uses the entropy weight method to measure the intensity of environmental regulation. The core conclusions are as follows: (1) Environmental regulation significantly promotes rather than restrains China's rare earth export. (2) According to the rare earth production process, this paper divides rare earth products into 3 kinds, that is, rare earth raw materials, rare earth useful components and rare earth end-use applications. Then, it is found that rare earth useful component export in processing and smelting is positively affected by environmental regulation. Rare earth raw materials and end-use applications in China's export are hardly affected. (3) Technological innovation has a mediating effect on the impact mechanism of environmental regulation on China's rare earth export, which means that environmental regulation significantly promotes technological innovation of enterprises, and thereby the rare earth export is increased. The findings are helpful for policymakers to resolve the issue of environmental devastation., Competing Interests: The authors have declared that no competing interests exist.

This paper employs the multifractal detrended cross-correlation analysis (MF-DCCA) model to estimate the nonlinear relationship between the money market rate and stock market liquidity in China from a multifractal perspective, leading to a better understanding of the complexity in the relationship between the interest rate and stock market liquidity. The empirical results show that the cross-correlations between the money market rate and stock market liquidity present antipersistence in the long run and that they tend to be positively persistent in the short run. The negative cross-correlations between the interest rate and stock market liquidity are more significant than the positive cross-correlations. Furthermore, the cross-correlations between the money market rate and stock market liquidity display multifractal characteristics, explaining the variations in the relationship between the interest rate and stock market liquidity at different time scales. In addition, the lower degree of multifractality in the cross-correlations between the money market rate and stock market liquidity confirms that it is effective for the interest rate to control stock market liquidity. The Chinese stock market liquidity is more sensitive to fluctuations in the money market rate in the short term and is inelastic in response to the money market rate in the long term. In particular, the positive cross-correlations between the money market rate and stock market liquidity in the short run become strong in periods of crises and emergencies. All the evidence proves that the interest rate policy is an emergency response rather than an effective response to mounting concerns regarding the economic impact of unexpected exogenous emergencies and that the interest rate cut policy will not be as effective as expected., Competing Interests: NO authors have competing interests.

In recent years, China's economic development has advanced by leaps and bounds, but the development of China's rural logistics system is still at its primary stage. Some remote areas with inconvenient transportation are still in a state of serious lack or even blank, and due to the high cost of rural logistics delivery services, the rural logistics business of the enterprise also has a profit problem, which limits the development of rural logistics talent innovation to some extent. The purpose of this paper is to study a new influencing factor model of the Internet rural logistics talent innovation mechanism. This paper innovatively proposes countermeasures to improve the innovation of e-commerce practitioners in rural areas. Through research, the author finds that the innovation of rural e-commerce application talents in China is generally low. The key point of the solution lies in how to improve the level of innovation in rural e-commerce application talents. According to the status quo, identify the factors that hinder the innovation and improvement of rural e-commerce application talents. Combined with the great environment of the development of rural e-commerce industry in China, the paper proposes to improve the countermeasures for improving the innovation of rural e-commerce application talents. Improve the current situation of rural e-commerce application talents mediocrity and promote the innovation of rural e-commerce application talents. Fundamentally promote agricultural development and the building of a new socialist countryside. This paper adopts the literature research method based on fuzzy comprehensive evaluation method, system analysis method and the combination of questionnaire survey and interview. Through big data and information science methods for data processing, using a company's Internet rural talent data set to simulate, the results It shows that with the method of this paper, the recognition rate reaches 98%, the speed increases obviously, and it is 20% faster than others., Competing Interests: The authors have declared that no competing interests exist.

Investor sentiment is a research focus in behavior finance. This paper chooses five proxy variables according to China's reality and uses a two-step principal component analysis to construct an investor sentiment index. The five proxy variables are the number of new stock accounts, turnover ratio, margin balance, net active purchasing amount, and investor attention. In the final part of this study, using the price data from the Shanghai and Shenzhen Security Exchange, this paper investigates the dynamic relationship between investor sentiment and stock market realized volatility based on the thermal optimal path. The empirical results show that when the market fluctuates severely, investor sentiment leads stock market realized volatility over one or two steps. The prediction power is also checked. The results indicate that investor sentiment indeed forecasts the realized volatility. This research supports regulators and financial institutions in taking advanced measures., Competing Interests: The authors have declared that no competing interests exist.

In recent years, China's e-commerce industry has developed at a high speed, and the scale of various industries has continued to expand. Service-oriented enterprises such as e-commerce transactions and information technology came into being. This paper analyzes the shortcomings and challenges of traditional online shopping behavior prediction methods, and proposes an online shopping behavior analysis and prediction system. The paper chooses linear model logistic regression and decision tree based XGBoost model. After optimizing the model, it is found that the nonlinear model can make better use of these features and get better prediction results. In this paper, we first combine the single model, and then use the model fusion algorithm to fuse the prediction results of the single model. The purpose is to avoid the accuracy of the linear model easy to fit and the decision tree model over-fitting. The results show that the model constructed by the article has further improvement than the single model. Finally, through two sets of contrast experiments, it is proved that the algorithm selected in this paper can effectively filter the features, which simplifies the complexity of the model to a certain extent and improves the classification accuracy of machine learning. The XGBoost hybrid model based on p/n samples is simpler than a single model. Machine learning models are not easily over-fitting and therefore more robust., Competing Interests: The authors have declared that no competing interests exist.

Drawing on a recent online survey combined with city-level data, this paper examines the impact of the COVID-19 on consumers' online food purchase behavior in the short term. To address the potential endogeneity issues, we adopt an instrumental variable (IV) strategy, using the distance from the surveyed city to Wuhan as the instrumental variable. We show that our IV method is effective in minimizing potential bias. It is found that the share of confirmed COVID-19 cases increases the possibility of consumers purchasing food online. This is more likely to be the case for young people having a lower perceived risk of online purchases and living in large cities. Despite some limitations, this paper has policy implications for China and other countries that have been influenced by the COVID-19 epidemic. Specifically, government support and regulation should focus on (i) ensuring the safety of food sold on the internet, (ii) protecting the carrier from becoming infected, and (iii) providing financial support to the poor since they may have difficulties in obtaining access to food living in small cities. Moreover, how to help those who are unable to purchase food online because of their technical skills (e.g., the elderly who are not familiar with smart phones or the internet) also deserves more attention for the government and the public., Competing Interests: The authors have declared that no competing interests exist.

With the development of e-commerce, online shopping has become one of the most important consumer channels. However, the lack of government supervision, insufficient review of e-commerce platforms, illegal sales of online sellers and invalid consumer complaints have led to frequent green product quality problems during online shopping. Therefore, this paper considers that the online seller may be driven by interests, colluding with the e-commerce platform and selling low quality green product. At the same time, we introduce consumer feedback, and take the government supervision department, the online seller and the e-commerce platform as actors of the evolutionary game. In this paper, the evolutionary strategy choices of each actor were analyzed, and the influence of different factors on the evolutionary stability results was explored. Research indicates: firstly, consumer complaints play an indirect regulatory role for the online seller; secondly, the enhancement of the loss-sharing relationship between the online seller and the e-commerce platform can promote the legal operation of the two and prevent collusion; thirdly, the impact of consumer complaints on the choice of the e-commerce platform depends on the government supervision department's penalty for the e-commerce platform; finally, the e-commerce platform establishes a reasonable reward system, which can make up for the defects of the online seller using advanced technology to avoid punishment. Our paper uses Matlab 2017 for simulation analysis and provides effective advices on how to urge the government supervision department to effectively supervise, promote the e-commerce platform to enhance review, urge the online seller to legal sale, and encourage consumers to legally defend their rights., Competing Interests: The authors have declared that no competing interests exist.