Circular Economy as a New Stage of Economic Development

Argumentation is presented for the emergence of a new stage in the development of national economies along with the global technology change and the new social and economic performance challenges. Theoretically, this notion is developed applying Hegel’s ideas of economic and social development. In this regard, economic development is defined as a continuous process of change, the quantitative accumulation of which leads to a new stage with а qualitatively different goal, subject and mechanism for achieving it. Arguments for transition to a new stage of economic development are drawn from the analysis of contemporary concepts of innovative development, knowledge economy, circular economy and digitalization of the economy. They are associated with the application of new indicators for targets of economic development and new methodologies for collecting and interpreting new appearances in the real economy. The article also provides arguments for the transition to a new stage of economic development from the practice of the EU concerning the development and monitoring policies for achieving new goals. This is accompanied by rethinking the strategy and developing new alliances. The presented data show an unsatisfactory performance of the development of the Bulgarian economy among the EU member states. Following the above statements, it is assumed that it is necessary to rethink national strategy taking into account the challenges of transition to a new stage of economic development and opportunities, they provide for progressive development based on specifics national economy and identity of the society.

The aim of the article is to contribute to a better understanding of the contemporary development of economic sciences, expressed in the emergence of new concepts for the development of the national economy. Among the concepts discussed are those of the knowledge economy, innovation economy, circular economy and digital economy. Their genesis and development is associated with the accelerated change of the technologies used and a corresponding change in economic relations. To determine these changes within individual concepts, data are used and toolkits developed by the OECD, Eurostat and the World Bank are applied. Based on the application of the little-known Hegelian understanding of the development of the economy and society, it is concluded that in their totality the new concepts characterize the transition to a new stage of economic development, which has a new goal, a subject and a toolbox of achievement. On this basis, as an important direction of future research in the field of economic sciences, the development of a nationally specific long-term strategy for the development of the national economy with an incorporation of modern concepts and an adequate national specifics prioritization of the goals, subjects and mechanisms of development is derived.

Following rapid growth, China's economy is entering a period of high-quality economic growth. High-quality economic development has a profound impact on China's current economic development. It can be said that the improvement of economic quality is an inevitable choice for China's new stage of economic development. From this point of view, promoting high-quality economic development has become an important practical issue in my country's current economic and social development. As the integration and innovation of digital technology and taxation, the blessing of digital technology maximizes integration and precision, which can effectively meet the needs of higher stages of economic development. Perfect and inclusive development has become an important support for sustainable and healthy economic development. At present, behind the rapid economic growth, human economic activities have led to the emergence of an ecological and environmental crisis. The growth mode characterized by high input, high consumption support, and high emissions has resulted in insufficient supply of regional ecological and environmental resources, pollution, and damage to the ecological environment and also intensified. Therefore, this paper first examines the concept of digital finance and its enlightenment to economic development, and believes that digital finance has a good role in promoting economic development. Second, an evaluation model for the relationship between environmental environment and economic development is established, and an evaluation index system is obtained. Finally, through the comprehensive evaluation and analysis of economic development and ecological environment, it is concluded that in the era of digital finance, the level of regional economic development has been greatly improved, and my country's regional economic development has been greatly improved, which is significantly faster than my country's ecological environment improvement level.

Russian economy has encountered the whole range of challenges that weigh on its growth in the long-run: the loss of global competitiveness, unfavorable investment climate, shrinking labor force, limited capacity of fuel export growth, underinvestment in human capital, not growing oil prices, etc. The escalation of the geo-political crisis in 2014 has exacerbated the negative trends, and in essence nudges the country to make its choice. In this research, two main scenarios were considered. Under the first one, which appears to be the more probable, the state role in the economy increases, political power becomes more centralized, expenses on siloviki increase, civil freedoms become curbed, and economic activity (including foreign trade and capital flows) is constrained. Under this scenario, with either tight fiscal and monetary policy or accommodative policy average growth rates in the long-run will remain low. The second scenario envisages economic growth in private sector as trust, law enforcement, and competition strengthen, control becomes more de-centralized, and foreign operations do not fall under regulatory constraints. Only in this case economic growth could accelerate.

China's abundant supply of cheap labor has played an important role in its remarkable economic and social development. Recently, however, China has experienced a labor shortage and rising wages, implying that the country's long‐lasting competitive advantage based on its “unlimited” labor supply and low costs is vanishing. We find that structural demographic changes, regional economic growth disparities and the household registration system may have caused the labor shortage. Furthermore, China's continued low wages, relatively low labor share of gross national income, declining proportion of household consumption to GDP, and productivity improvements as well as increasing unit labor costs can be used to explain the recent wage increases. The dramatic development of its labor market signals that China is entering a new stage of economic development. The country's prior successful model of economic development needs to be adjusted to adapt to the new situation in its labor market to achieve sustainable economic development.

The article analyzes the formation and development of the UAE space sector in the context of the country’s strategic plans. The author draws attention to how large-scale space activities change the existing perception of this country as a state whose economic well-being depends on export of energy resources. The article discusses how modernization has created conditions for transition to a fundamentally new stage of economic development, with space activity being one of its important sectors. The article analyzes in detail the organizational structure and legal acts that regulate activities in the field of space in the UAE. Space programs such as astronaut training, satellite launches, lunar exploration, and the Martian program are examined. All of them are part of Emirati international efforts aimed at space exploration. International cooperation, as the article argues, is a characteristic feature of the UAE space activities. The author acknowledges these colossal shifts that are taking place not only in the economic structure, but also in the social status, and in the minds of the Emirati citizens. The article also touches upon the rapid changes in the status of women, as demonstrated by the example of their participation in space activities. The author also draws attention to the growth in the number of nationally qualified personnel employed in the space sector, which indicates that there must be a reassessment of the established perceptions of the UAE as a traditional country whose citizens, with their well-being provided by the state, do not show interest in improving their education and increasing participation in economic development of their state. UAE space activities reflect the aspirations of the country to make a breakthrough in their economic and social development, as well as to increase their international prestige.

The formation of the economy based on knowledge-based innovative economy, new economy, at the present stage of social development is defining the international concept, according to which knowledge play a primary role, and their production is a source of economic growth and competitiveness. The economy is based on knowledge that provides a smart, sustainable and inclusive development. The purpose of the study. Showing that the implementation of the Strategy «Europe 2020», the main directions of the Fourth Industrial Revolution in the Ukraine will be able to provide smart, sustainable, inclusive development of the regions of Ukraine, will help to overcome the crisis and become a source for economic growth. Research methods. In the process of writing were used scientific methods, methods of analysis and synthesis, method of scientific abstraction. The results of the study. Macroeconomic instability has been transformed at the regional level, which led to the deepening of regions differentiation, particularly as it affected old industrial regions, including Donetsk and Luhansk. The crisis of public finances does not allow attracting of financial resources for economic development. As a result of hybrid war, the outflow of foreign investment amounted to 12.6 billion dollars USA. A significant part of the Donetsk and Luhansk regions is completely destroyed. Along with this, it's perfect conditions in order to abandon the old and build new. There are all conditions to implement actively the European strategy «Europe 2020» and the main directions of the Fourth Industrial Revolution to a new stage of economic development, and ensure smart, sustainable and inclusive development of the regions of Ukraine. Conclusions and discussion position. The future of Ukraine and its regions depends on the activity of the Strategy «Europe 2020» and the main directions of the Fourth Industrial Revolution. In Ukraine, in the regions, the main emphasis is on export-oriented industries: coal, metallurgical, chemical, machine-building industry. Technically they are 3 and 4 technological structures, so they cannot become the breakthrough sectors of the Ukrainian economy, so the main emphasis should be on smart, sustainable and inclusive development.

Broad-scale economic crisis, which led to a number of serious attempts to understand the nature of ongoing social and economic processes and to analyze and evaluate the efficiency of the existing economic systems, is progressively subsiding. In current publications major attention is given to the solution of today’s economic problems. Attempts are undertaken to reveal major trends of a new stage of economic development. Therefore identifying the basic patterns which led to the present-day economic crisis and which determine the pathway of the world economy development and provide a theoretical basis for economic forecasting and strategic planning of national economic development is a topical issue. DOI: 10.5901/mjss.2015.v6n3p646

The increasing role of human capital, knowledge and high technology indicates the formation of a new stage of economic development – the knowledge economy, from which innovation becomes an integral part of business. However, in terms of innovation development, Russia lags behind the western countries several times. At the same time, the development of Russian regions is extremely uneven. First, it concerns mining regions. For analysis, a key mining cluster of Russian Federation was chosen – Kemerovo Region. The article assesses the innovative potential of the region, and identifies the most pressing problems that impede its integration into the knowledge economy. Solving existing problems should be carried out through a set of measures aimed at developing partnerships of government, mining science and mineral resources extracting business, creating conditions for attracting and retaining highly qualified specialists to the mining enterprises, creating an appropriate infrastructure, increasing the region’s investment attractiveness, developing interregional and international cooperation in the field of subsoil extracting management.

Over the quarter of the century that has passed since the beginning of the market reforms, Russia managed to gain a more solid stance in the global economy. However, during that time Russia could not completely abandon archaic social forms like those of power-and-submission or “limited access order”, as in D. North’s concept. The article analyzes how these social patterns, replicating themselves, limit the opportunities for the transition to a new stage of economic development - the one that does not predominantly rely on the access to the oil- and-gas or administrative rent, but is based on productivity and efficiency growth.

China has entered a new stage of economic development, with the economic growth model transforming from the pursuit of “quantity” to an emphasis on “quality”. The economic structure undergoing a continuous process of optimization and adjustment, and the pace of transformation of the economic growth rate accelerating significantly. As an important way of local government financing, local debt is facing a serious imbalance between revenue and expenditure, which poses a substantial challenge to the realization of high-quality economic development in China. This paper adopts a panel data regression analysis framework for the relationship between local debt and high-quality economic development in 30 provinces and cities nationwide during the period from 2017 to 2023. The findings show that the expansion of local government debt scale hinders the process of scientific and technological innovation to a certain extent, which in turn weakens its positive effect on the high-quality development of the economy. In addition, local debt also indirectly contributes to the level of high-quality economic development by profoundly affecting the degree of openness to the outside world. Based on this, this paper puts forward a series of targeted policy recommendations for the current situation of local debt.

In the context of China's new stage of economic development, this study examines the role of higher education in China's high quality economic development (HQED) strategy from a digital perspective. Using panel data of 30 Chinese provinces (municipalities and autonomous regions) collected from 2012-2020, comprehensive evaluations of the level of higher education and HQED are conducted through the entropy method, and a regression analysis is carried out with the fixed effect model. The results show that the level of higher education is positively associated with HQED and is able to achieve this effect through mechanisms that actively promote digital innovation and development. Further, the structure and quality of higher education plays a greater part in facilitating digital development than the scale and quantity. The heterogeneity analysis demonstrates that the impact of higher education on HQED is more significant in the eastern region of China than in the western region. An increase in the proportion of fiscal expenditure to GDP diminishes the impact of higher education on HQED, while an improvement in digital governance level enhances its influence.

The economic linkage of Turkey with Europe is marked by substantial labour flows and comparatively small investment and trade flows. In the late 1990s, a new stage of economic development has been reached. The rapidly growing Turkish economy is in need of skilled personnel, attracting largely second generation migrants of Turkish descent. At the same time the growth rate of commodity trade lost momentum, as skill shortages put a break on the economic growth potential of Turkey. The onset of reciprocal migration flows may be linked to the relocation of low tech production from Europe to Turkey, leading to rising intra-country trade. The direct linkage between migration and trade is, however, muted by the endogenous migration dynamics resulting from family reunion.

Where will China's real estate market go under the economy's new normal?

From 2014, China has been entering into a new stage of economic development with moderate economic growth and progressive social and political reform for establishing a harmonious society. The governments at different levels have already recognized that it is necessary to promote appropriate reforms in social development to match the demands for economic development adjustment. In the public education sector, both the central government and local governments in China have already been taking actions to terminate privileges and balance resource distribution for public secondary education. This chapter will investigate the ongoing practices of Beijing as new solutions in establishing equitable and quality public secondary education at the local level to uncover opportunities and challenges for stakeholders in this process. It will map out a policy framework at the local level for reconstructing an equal and balanced development of public lower secondary education in urban China in order to best meet the needs of Chinese society.