Band 10, Heft 1

The smooth operation of the financial system can promote economic growth by absorbing risks, while the risks breaking out in the financial system will drag down economic development through risk spillovers and amplification. On this basis, this paper uses secondary industry indices to build a risk spillover network between the real economy and the financial system, and discusses the risk absorption and amplification role of the financial system in China’s economy and finance from the perspective of industry. First, on the whole, the source of risks in China’s economic and financial system lies in the real economy. The financial system plays a role of risk absorption in China’s economic and financial system, demonstrating the professional risk management functions of the financial system. The risk absorption of the financial system is positively correlated with the risks in the real economy, and negatively correlated with the risks in the financial system. Second, from the perspective of the correlation between the financial sub-industry and the real economy, the banking sector has the closest relationship with the real economy and the lowest risk absorption capacity. Third, from the perspective of the internal correlation of the financial system, the internal network correlation of the financial system is asymmetric. Diversified financial industry has stronger risk spillover effect on the banking industry and the insurance industry, while the insurance industry has stronger risk spillover effect on the banking industry. These results are essentially related to the functioning of the financial system, the internal relationship of the financial system and the relationship between the financial system and the real economy.

As the level of social credit burden rises, to ease the liquidity constraint for residents is currently an important way to boost the domestic demand in China. This paper uses the panel data of Chinese provincial-level administrative units in 2007−2017 and adopts the panel regression model and panel quantile regression model to empirically analyze the relationship between debt burden level and average propensity to consume (APC). The result shows that increase in the level of macro debt burden can significantly improve the APC of residents; the marginal promoting effect of macro debt burden for the APC is in a V-shaped structure; such marginal influence differs evidently in different areas, with the marginal promoting effect turning out most prominent in the northeast of China. Accordingly, it’s suggested for government to keep refining the credit market, increase residents’ income in multiple means, guide supply of liquidity towards the real economy and promote equalization of basic public services, so as to realize the expansion and upgrade of consumption.

In this paper, the characteristics of digital trade in services of China are measured and revealed from the perspective of digitalization of trade in services. A digital global value chain is constructed and comprehensively analyzed at the three levels of path decomposition, two-way digital connection and bilateral connection. The study finds that the digital added value of China’s services driven by domestic demand outweighs that driven by foreign demand, and most countries engage in digital trade in services with China through simple participation; the role of China’s services in the digital global value chain is shifting from “digital value input” to “digital value output”, but its relative position is still low; China’s dependence on the import of digital intermediate products from developed countries has been significantly reduced, and the country has become the main source of digital intermediate imports for most countries, acting as a “hub” in the digital global value chain. This study comprehensively evaluates the strategic positioning and paths of integrating China’s services into the digital global value chain in multiple dimensions under the unified accounting framework. It provides the reference for further improving the statistics accounting framework of China’s digital trade and promoting the high-quality development of the digital economy.

The global economic uncertainty is mounting. Governments need to respond with supporting measures for long-term external environment changes as they lower tax burden to attract working capital. Based on the asymmetric tax competition theory, this paper constructs a theoretical model of tax burden, institutional transaction costs and FDI flow. It is found that one country’s strength of institutional environment makes its equilibrium tax rate higher than that of another within certain limits of market size. Based on the data of 199 countries and regions from 2005 to 2018, this paper conducts an empirical analysis, proving that favorable institutional environment narrows the negative impact of tax burden on FDI flow. Moreover, it is showed that in small-market, low-income countries and regions, tax burden level has a larger negative impact on foreign direct investment (FDI) when institutional environment produces no positive impact; in large-market, high-income countries, the negative impact of tax burden is relatively weak but the institutional environment shows largely positive impact. This paper contributes some policy recommendations on how to make use of and improve institutional environment to meet challenges and impacts of the international economic climate.

Industry integration is a significant trend in modern economic system and industrial development. It has been proved by both theory and practice that choosing the path of integrated development is the inevitable course for expanding the modern industrial system, extending the industry boundary and improving industry competitiveness. The modern service industry and advanced manufacturing industry with the core feature of innovation and development under the leadership of technology need to satisfy the high standard and requirement of development quality, comprehensive competitiveness, demand shift and green development. Under the development trend of “integration of two industries”, profound changes have taken place in the status, industrial form and agglomeration mode of producer services. New models are emerging in the integrated development of advanced manufacturing and modern service industries in the aspects of innovation, input, output, demand and region. To accelerate the in-depth development of “integration of two industries”, under the precondition of respecting the choice of market supply and demand and industrial development trends, the government needs to exert targeted force in supporting key integrated areas, organizing working mechanisms orderly and standardizing market access regulations, and fostering diversified integration development entities and establishing talent systems.

The outbreak of coronovirus-19 epidemic has an unprecedented impact on economic and social development. Many traditional industries have stopped at one time, but the platform economy which is based on digital technology has accelerated its development and become a new driving force of China’s economic growth. As a new type and mode of business, live broadcast has grown rapidly with unique transmission advantages in this special environment, which not only meets the “no contact” demand during the epidemic situation, but also promotes the integration of online and offline. The development of live broadcast platform not only energizes the traditional industry, but also opens up the new growth space of China’s economy, expands the new field of labor and employment, and plays an important role in rural revitalization and overcoming poverty. As a new form and model of business in recent years, the live broadcast platform needs the active guidance and support of the government, and needs to strengthen supervision and governance to promote its healthy, orderly and sustainable development.

In recent years, the risks and challenges at home and abroad have increased significantly, and the downward pressure on the economy has increased, especially the implementation of larger-scale tax and fee cuts under the proactive fiscal policy, while the rigidity of local fiscal expenditure has not been reduced, and the sustainable development of local finance is facing greater challenges. In particular, the COVID-19 pandemic has had a serious impact on the already stressed local finance, which has led to the intensified contradiction between local fiscal revenue and expenditure. This paper analyzes the challenges to the sustainable development of local finance under the impact of COVID-19 from four angles: the greater economic downward pressure combined with larger-scale tax and fee cuts, the fiscal relationship between the central and local governments, land finance, and transfer payment, then puts forward the corresponding policy recommendations.