12th Five-Year Plan Research Articles

Porter in China: A quasi-experimental view of market-based environmental regulation effects on firm performance

This paper exploits a natural Market-based Environmental Regulation (MER) experiment (the 2007 Sulfur dioxide (SO2) Emissions Trading Pilot (ETP) of the 11th five-year plan (FYP)) to assess the empirical relevance of the Porter hypothesis in the context of Chinese firms. MER effects on firms' emissions intensity and innovation performances are quantified by combining a unique sample of 3,198,000 individual firms (including >516,126 SO2 emitting plants) with a Propensity Score Matched Difference-in-Differences (PSM-DID) quasi-experimental framework over the 2001–2014 period. Empirical results show how ETP significantly reduces plant-level SO2 emission intensity while incentivizing polluters to effectively innovate, thus locally reconciling economic and environmental objectives. Findings are robust to replacement variables, restricted samples, parallel trend assumption, and placebo tests, indicating that effective policy and secular smooth time effects are individually captured. Further mechanistic tests suggest that MERs trigger green innovation behaviors of local governments and firms whereas the heterogeneity analysis confirms why large enterprises and regions exposed to strong environmental controls achieve emission reductions more effectively. Implications for global policy are proposed to systematize MER in future environmental planning.

The Impact of Executive Heterogeneity on Firm Performance - Mediating Role Based on Digital Transformation of Firms

According to the "14th Five-Year Plan for Digital Economy Development" issued by the State Council, major enterprises should insist on digital development as the guide to promote the digital transformation of enterprises. The degree of digital transformation of enterprises is affected by the cognitive ability of managers, so the strategic decisions made by executives are crucial to enterprises, which will not only affect the development direction of enterprises, but also further influence the performance. Therefore, this paper selects A-share listed companies in China from 2010-2019 as the research object, and empirically tests the interrelationship between executive heterogeneity, corporate digital transformation, and corporate performance from three dimensions: executive age, financial background, and overseas background, supported by higher-order theory, and the findings show that (1) executive team age heterogeneity, financial background heterogeneity, and overseas background heterogeneity are all significantly and positively related to corporate performance significantly and positively; (2) executive team age heterogeneity is significantly and negatively related to corporate digital transformation, while executive team financial background heterogeneity and overseas background heterogeneity are significantly and positively related to corporate digital transformation; (3) corporate digital transformation is significantly and positively related to corporate performance; and (4) corporate digital transformation shows a partial mediating effect in executive heterogeneity and corporate performance.

Analysis of PM2.5 Synergistic Governance Path from a Socio-Economic Perspective: A Case Study of Guangdong Province

Analyzing the influencing factors of PM2.5 concentration, scenario simulations, and countermeasure research to address the problem of PM2.5 pollution in Guangdong Province is of great significance for governments at all levels for formulating relevant policies. In this study, the ChinaHighPM2.5 dataset and economic and social statistics for Guangdong Province from 2010 to 2019 were selected, and a PM2.5 pollution management compliance path formulation method based on the multi-scenario simulation was proposed by combining the differences in city types and PM2.5 concentration prediction. Based on the prediction model of PM2.5 concentration constructed by the Ridge and SVM models and facing the PM2.5 pollution control target in 2025, the urban PM2.5 pollution control scenario considering the characteristics of urban development was constructed. According to the scenario simulation results of the PM2.5 prediction model, the PM2.5 pollution control path suitable for Guangdong Province during the 14th Five-Year Plan period was explored. The coupling coordination model was used to explore the spatial and temporal pattern evolution of PM2.5 pollution collaborative governance in various prefecture-level cities under the standard path, and the policy recommendations for PM2.5 pollution control during the 14th Five-Year Plan period are proposed. The results showed the following: ① in the case of small samples, the model can provide effective simulation predictions for the study of urban pollutant management compliance pathways. ② Under the scenario of PM2.5 management meeting the standard, in 2025, the annual average mass concentration of PM2.5 in all prefecture-level cities in Guangdong Province will be lower than 22 μg/m3, and the annual average concentration of PM2.5 in the whole province will drop from 25.91 μg/m3 to 21.04 μg/m3, which will fulfil the goal of reducing the annual average concentration of PM2.5 in the whole province to below 22 μg/m3, as set out in the 14th Five-Year Plan for the Ecological Environmental Protection of Guangdong Province. ③ Under the path of PM2.5 control and attainment, the regional coordination relationship among prefecture-level cities in Guangdong Province is gradually optimized, the number of intermediate-level coordinated cities will increase, and the overall spatial distribution pattern will be low in the middle and high in the surrounding area. Based on the characteristics of the four city types, it is recommended that a staggered development strategy be implemented to achieve synergy between economic development and environmental quality. Urban type I should focus on restructuring freight transportation to reduce urban pollutant emissions. City type II should focus on urban transportation and greening. For city type III, the focus should be on optimizing the industrial structure, adjusting the freight structure, and increasing the greening rate of the city. For city type IV, industrial upgrading, energy efficiency, freight structure, and management of industrial pollutant emissions should be strengthened.

Interpretation of 14th Five-Year Plan for National Eye Health (2021-2025)

Eye health is an essential component of physical and mental health, concerning the whole life cycle and all age groups, which is a major public health and social issue related to people's livelihood. With 2020 being the final year of the 13th Five-Year National Eye Health Plan(2016-2020) and the VISION 2020 initiative, under the support of the Bureau of Medical Administration under the National Health Commission, the White Paper on Eye Health in China was prepared, aiming to comprehensively introduce the achievements of eye health in China, as well as the work experience and challenges in the development of eye health. Under the guidance of the "Healthy China 2030" and with the aim to further promote the high-quality development of eye health during the 14th Five-Year Plan period and further improve people's eye health, the National Health Commission formulated the 14th Five-Year National Eye Health Plan (2021-2025). This paper focuses on the interpretation of the core content of the Plan, aiming to better implement the plan and achieve the goals.

Prosects of Agricultural Marketing in India

This study aimed to investigates agricultural marketing and its operation in India. Agrarian marketing in India involves bringing farm-produced goods to consumers, with 70% of workers involved. The 11th Five-Year Plan focuses on improving marketing facilities, market information systems, human resource capacity, and exports and foreign trade. Indian Constitution introduced model farming statutes in 2017, but state implementation delayed, leading to APMC mandis under Central government control. The current study utilized primary data collected through a structured questionnaire consisting of 34 questions from 49 respondents. The research used descriptive statistics and found that (i) the majority of agricultural households lack access to literacy skills. (ii) there is Insufficient awareness about Minimum Support Price (MSP) persists among farmers. (iii) farmers in the agricultural marketplaces have reported issues concerning grading and standardization. Various variables such as occupation and family size serve as the foundation of this study and suggested multiple factors concerning these background characteristics.

Neutrophil infiltration leads to fetal growth restriction by impairing the placental vasculature in DENV-infected pregnant mice

Dengue virus (DENV) infection during pregnancy increases the risk of adverse fetal outcomes, which has become a new clinical challenge. However, the underlying mechanism remains unknown. The effect of DENV-2 infection on fetuses was investigated using pregnant interferon α/β receptor-deficient (Ifnar1-/-) mice. The histopathological changes in the placentas were analyzed by morphological techniques. A mouse inflammation array was used to detect the cytokine and chemokine profiles in the serum and placenta. The infiltration characteristics of inflammatory cells in the placentas were evaluated by single-cell RNA sequencing. Fetal growth restriction observed in DENV-2 infection was mainly caused by the destruction of the placental vasculature rather than direct damage from the virus in our mouse model. After infection, neutrophil infiltration into the placenta disrupts the expression profile of matrix metalloproteinases, which leads to placental dysvascularization and insufficiency. Notably, similar histopathological changes were observed in the placentas from DENV-infected puerperae. Neutrophils play key roles in placental histopathological damage during DENV infection, which indicates that interfering with aberrant neutrophil infiltration into the placenta may be an important therapeutic target for adverse pregnancy outcomes in DENV infection. The National Key Research and Development Plans of China (2021YFC2300200-02 to J.A., 2019YFC0121905 to Q.Z.C.), the National Natural Science Foundation of China (NSFC) (U1902210 and 81972979 to J. A., 81902048 to Z. Y. S., and 82172266 to P.G.W.), and the Support Project of High-level Teachers in Beijing Municipal Universities in the Period of 13th Five-year Plan, China (IDHT20190510 to J. A.).

Research on the Impact Mechanism of Government Subsidies on Green Innovation of Enterprises

Under the background of the China’s Double-Carbon Policy proposed in the 14th Five-Year Plan, promoting the research and development of green innovation is an important way to solve the contradiction between economic growth and environmental sustainability. Based on the panel data of Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2021, we empirically examine the impact of government subsidies on corporate green innovation, as well as the moderating role of financing constraints and market power in this process. The empirical results show that government subsidies can promote enterprise green innovation. However, financing constraints and market power will weaken the positive impact of government subsidies on green innovation. We have great significance to promote the green innovation of listed enterprises and realize the sustainable development of our country's economy.

How China's Great Bay Area Policies Affect the National Identity of Hong Kong Youth-A Study of a Quasi-Natural Experiment Based on the Difference-in-Differences Model.

China's Bay Area policies are important for integrating Hong Kong (HK) and Macao youth into China's overall development. However, their effect on national identity is still mostly theoretical, lacking objective and scientific empirical evaluations. From a cultural adaptation perspective, interactions between social groups with different cultural backgrounds can promote cultural and political identity transformation. Therefore, guided by China's Bay Area policies, which encourage various cross-border exchanges via economic cooperation, HK youth can keep in touch with such Mainland Chinese cultural values as "responsible government", facilitating "political socialization", and political-cultural adaptation, helping to promote their psychological inclusion into society, contributing to a positive attitude towards the mainland government, and achieving the policy effect of building national identity. A quasi-natural experiment based on the regional differences in the first stages of China's Bay Area policies can help to evaluate their effects on HK youth's national identity. This study defines the initial stage of the Bay Area policy implementation as from 2016, when the 13th Five-Year Plan advocated building the "Great Bay Area of Guangdong, Hong Kong and Macao", to 2019, when the Outline was published. The policies issued at this stage were the so-called "early policies". Due to data limitations, it is difficult to obtain post-2019 survey data; therefore, the study mainly focuses on the policy effects at the beginning of the Bay Area's construction. Four groups of cross-sectional data from the World Value Survey 6 (WVS6) (2010-2014) and World Value Survey 7 (WVS7) (2017-2020), with HK and the mainland (the non-Guangdong region) included, are used to examine the policy effect under the Difference-in-Differences (DID) Model. The research shows that the policies significantly enhanced HK youth's national identity, and their trust in the mainland government played an intermediary role in the policy effect mechanism. However, the effect was uneven, benefiting the national identities of HK youth working in the for-profit private sector more than their unemployed or public sector peers. Therefore, this research proposes several policy implications to facilitate policy decision making related to youth in China's Bay Area.

Climate co-benefits of VOC control policies in China based on a cross-scale approach

Volatile organic compounds (VOC) contributing to smog formation, have been an important indicator of atmospheric governance during China's “14th Five-Year Plan”. VOC would be possibly incorporated into the scope of environmental protection tax, but previous studies have seldom explored impacts of VOC control policies at national and regional levels. Here, we design a national uniform VOC control policy, as well as two regionally differentiated policies based on regional disparities in PM2.5 concentrations and energy intensity by using a cross-scale dynamic computable general equilibrium (CGE) model. Our analysis is to assess the impacts of these policies on VOC, CO2, sulfur dioxide (SO2), nitrogen oxides (NOX), and PM2.5 emissions, air quality and environmental equity, and to estimate health benefits, policy costs and net benefits. We find that national and regionally differentiated VOC control policies generally lead to VOC emission reductions and generate co-benefits on emission reductions in CO2, SO2, NOX and PM2.5 at national and provincial levels. However, regional emission leakage exists due to differences in the provincial costs of VOC mitigation. The regionally differentiated VOC pricing policies are found to be more effective to enhance environmental equity than the uniform policy. In particular, the regionally differentiated VOC control policy based on provincial energy efficiency is found to be superior to other policies in terms of improve air quality. Furthermore, the human health benefits associated with VOC pricing policies would partially offset policy costs at both the national and regional levels. Our results suggest that policymakers would pay attention to developing regions with low energy efficiency which have the great emission reduction potential. Advanced producing technology and further end-of-pipe control measures to reduce non-combustion PM2.5 emissions are needed. VOC policy designed based on provincial energy efficiency provides great insights for environmental policy making to accomplish 2035 goal of building a Beautiful China.

Mandatory pollution abatement and firm export product quality

This study investigates the effect of mandatory pollution abatement on the export product quality of firms. Using the chemical oxygen demand reduction targets specified in the 11th Five-year Plan of China as an exogenous shock, we document that firms under stringent environmental regulation experience an upgrading in their export product quality, and our findings remain robust under a battery of tests. Plausible mechanisms are reduced wastewater emissions, the adoption of sewage treatment facilities, and promoted innovation. We show that the effect is highly pronounced in non-state-owned enterprises and firms located in downstream cities. Our findings provide policy implications on unintended consequences of environmental regulation on local firms’ product quality.

Blue Sky Defense for Carbon Emission Trading Policies: A Perspective on the Spatial Spillover Effects of Total Factor Carbon Efficiency

In the pursuit of China’s environmental targets to achieve a carbon peak by 2030 and carbon neutrality by 2060, the carbon emission trading scheme (CETs) has emerged as a critical policy instrument. Since the 14th Five-Year Plan, China has been on a two-wheel drive to prevent pollution and combat climate change and proposes to fight the Blue Sky Defense. Therefore, this study focuses on prefecture-level cities in China and employs a spatial difference-difference (SDID) model to investigate the spatial spillover effects of CETs on urban total factor carbon emission efficiency (TFCEE). Furthermore, a mediating effect model is constructed to explore the channels through which CETs influence carbon emission efficiency. The results show that (1) implementing urban CETs can significantly improve urban itself and the surrounding carbon emission efficiency. (2) The CETs can indirectly promote the improvement of carbon efficiency by optimizing the allocation of labor resources and strengthening the level of green technology innovation. (3) Compared with the cities in central and western China, implementing the CETs has a stronger promotion effect on the carbon emission efficiency of the cities in eastern China.

Research on the “Four-stage Progressive” Childcare Talent Cultivation Model of Higher Vocational Colleges under the “1+X” System

The “14th Five-Year Plan” clearly puts forward the implementation of “1+X” certificate system to further promote the long-term development of vocational and technical education. Therefore, in view of the problems such as the lack of targeted professional talent cultivation program, irrational structure of teacher team and lack of teaching resources in the development of infant and child care service and management in higher vocational colleges and universities, higher vocational colleges and universities should formulate the dual-oriented training objectives of talent demand and “1+X” certificate, construct a step-by-step curriculum system with the core of competency enhancement, promote the diversification of teachers’ sources, and expand the resources of school-enterprise cooperation of “medical and education integration”, so as to build a “four-stage gradual” child care talent cultivation mode and cultivate complex technical and skillful child care talents.

Six principles to guide large-scale carbon capture and storage development

Despite considerable effort, there are few large-scale carbon capture and storage (CCS) projects operating commercially in the world today. The importance of CCS to the world's long-term decarbonization goals, however, has never been greater. The long-term outlooks of the United Nations and individual governments all place considerable reliance on the broad adoption of CCS technology for both power-generation and industrial applications. Recent support includes the passage of the Inflation Reduction Act in the U.S., the U.K.'s Energy Security Bill, and the investments targeted in China's 14th Five-Year Plan. Nevertheless, a “reduction gap” remains between these contributions and governments' goals. We describe six general principles to guide the development of large-scale commercial CCS infrastructure to bridge the reduction gap by capitalizing on these opportunities. We assert that these principles are necessary to help CCS move into widespread large-scale use, and touch on steps that researchers, governments, regulators, and developers can take to encourage the adoption of this important technology. These principles include adopting a portfolio approach to development, encouraging the development of a clean-energy commons, recognizing the value of information and mitigating uncertainty, acknowledging the absence of firm legislative guidance, affirming the roles of multiple stakeholders, and ensuring that basic research can maintain a concurrent track with commercial development.

Interpretation of the coupling mechanism of ecological security and urbanization based on a Computation-Verification-Coupling framework: Quantitative analysis of sustainable development

In recent decades, China's rapid urbanization has produced numerous economic benefits while simultaneously creating substantial risks to ecological security. China's 14th Five-Year Plan and the United Nations Sustainable Development Goals (SDGs) have recently explicitly called for the coordinated development of ecological security and urbanization. Given this context, it is important to explore the mechanism by which ecological security and urbanization are coupled and coordinated to promote sustainable development. In this study, an index of the relationship between ecological security and urbanization was established via high-resolution data, and a "Computation-Verification-Coupling" (CVC) framework was constructed. The accuracy of the ecological security index was verified using a linear regression model, and the coordination level between ecological security and urbanization was analyzed via a coupled coordination model (CCM). The results revealed a steady increase in the ecological security index from 2010 to 2020; the proportion of the area above the medium level increased from 63.1 % to 74.1 %. The urbanization index in core counties exhibited rapid growth, with level V urbanized areas expanding from 5.5 % to 9.9 %. The ecological security verification model produced a coefficient of determination (R²) of 0.75685, indicating a satisfactory degree of predictive capability. From 2010–2020, the coupled coordination improved, with the high coordination area accounting for 48.8 % and the extreme discoordination area decreasing from 1.8 % to 1.0 %. Coordinated development exhibited a stable progression, characterized by a cyclical evolution from initial coupling to antagonistic coupling and finally to coordinated development. This framework can be used not only to investigate the relationship between ecological security and urbanization but also to provide a quantifiable measure of progress toward achieving the SDGs.

The impact of the opening of high-speed rail on the joint innovation of enterprises - Evidence from listed companies

As a link for exchanges between cities, high-speed rail accelerates the flow of factors between different regions, obviously promotes joint innovation of enterprises. This paper uses the data of high-speed rail opening in various regions and the number of patents applied by listed companies from 2015 to 2019 to examine the impact of high-speed rail opening on the degree of joint innovation of enterprises through the least squares model (OLS), and it is found that the opening of high-speed rail has a significant role in promoting joint innovation of enterprises. At the same time, the mechanism analysis shows that the opening of high-speed rail mainly promotes the flow of highly educated talents and promotes joint innovation of enterprises. The heterogeneity test found that for different regions, different urban agglomerations, and enterprises with different innovation intensity, the impact of the opening of high-speed rail on joint innovation was different. This paper studies the relationship between specific forms of innovation and the opening of high-speed rail, pointing out that highly educated talents are an important production factor for joint innovation of enterprises, indicating that the rapid construction of high-speed rail has a significant role in promoting joint innovation of enterprises, and the promotion of high-speed rail for joint innovation is conducive to realizing the development strategy of ranking among the forefront of innovative countries in the 14th Five-Year Plan, and improving the efficiency of innovation and reform . Injected strong strength into the overall economic development.

Long-term spatiotemporal evolution and coordinated control of air pollutants in a typical mega-mountain city of Cheng-Yu region under the “dual carbon” goal

ABSTRACT Clarifying the spatiotemporal distribution and impact mechanism of pollution is the prerequisite for megacities to formulate relevant air pollution prevention and control measures and achieve carbon neutrality goals. Chongqing is one of the dual-core key megacities in Cheng-Yu region and as a typical mountain-city in China, environmental problems are complex and sensitive. This research aims to investigate the exceeding standard levels and spatio-temporal evolution of criteria pollutants between 2014 and 2020. The results indicated that PM10, PM2.5, CO and SO2 were decreased significantly by 45.91%, 52.86%, 38.89% and 66.67%, respectively. Conversely, the concentration of pollutant O3 present a fluctuating growth and found a “seesaw” phenomenon between it and PM. Furthermore, PM and O3 are highest in winter and summer, respectively. SO2, NO2, CO, and PM showed a “U-shaped”, and O3 showed an inverted “U-shaped” seasonal variation. PM and O3 concentrations are still far behind the WHO, 2021AQGs standards. Significant spatial heterogeneity was observed in air pollution distribution. These results are of great significance for Chongqing to achieve “double control and double reduction” of PM2.5 and O3 pollution, and formulate a regional carbon peaking roadmap under climate coordination. Besides, it can provide an important platform for exploring air pollution in typical terrain around the world and provide references for related epidemiological research. Implications: Chongqing is one of the dual-core key megacities in Cheng-Yu region and as a typical mountain city, environmental problems are complex and sensitive. Under the background of the “14th Five-Year Plan”, the construction of the “Cheng-Yu Dual-City Economic Circle” and the “Dual-Carbon” goal, this article comprehensively discussed the annual and seasonal excess levels and spatiotemporal evolution of pollutants under the multiple policy and the newest international standards (WHO,2021AQG) backgrounds from 2014 to 2020 in Chongqing. Furthermore, suggestions and measures related to the collaborative management of pollutants were discussed. Finally, limitations and recommendations were also put forward. Clarifying the spatiotemporal distribution and impact mechanism of pollution is the prerequisite for cities to formulate relevant air pollution control measures and achieve carbon neutrality goals. This study is of great significance for Chongqing to achieve “double control and double reduction” of PM2.5 and O3 pollution, study and formulate a regional carbon peaking roadmap under climate coordination and an action plan for sustained improvement of air quality. In addition, this research can advanced our understanding of air pollution in complex terrain. Furthermore, it also promote the construction of the China national strategic Cheng-Yu economic circle and build a beautiful west. Moreover, it provides scientific insights for local policymakers to guide smart urban planning, industrial layout, energy structure, and transportation planning to improve air quality throughout the Cheng-Yu region. Finally, this is also conducive to future scientific research in other regions of China, and even megacities with complex terrain in the world.

Environmental regulation mitigates energy rebound effect

Improving energy efficiency is frequently viewed as one of the most effective ways to tackle climate warming and environmental degradation. Yet recent studies recognized that producers might take advantage of energy efficiency gains such as substituting capital and labor with energy and expanding production scale, which diminishes the energy-saving effect of energy efficiency improvement. The so-called rebound effect has drawn extensive attention from both academia and policymakers. Nevertheless, the determinants of the magnitude of the energy rebound effect are rarely known. This paper aims to fill some literature gaps. We theoretically rationalize how environmental regulation shapes the energy rebound effect. Taking the environmental policy in China’s 11th Five-Year Plan as a quasi-experiment, we employ the difference-in-difference-in-differences method to estimate the moderating effect of environmental regulation on the relationship between energy efficiency and energy consumption. We document that the rebound effect negatively correlates with the emission reduction mandates. Thus, environmental regulation plays a positive role in limiting the energy rebound effect.

Chinese mining industry: state of the art review

The territory of the present-day People’s Republic of China is rich in mineral and energy resources which stimulate the growth of the extractive industry in the country. China is currently the world leader in the production of 31 commodities (mineral products): molybdenum, tungsten, iron, aluminum, lead, zinc, gold, coal, gypsum, bentonite, and many others. This stimulates the development of the appropriate infrastructure and training of specialists in the mining industry, the development of international links for investment and the exchange of best production practices. The purpose of this work was to study the history of exploration and extraction of natural resources, establish a domestic strategy for the development of the mining and metallurgical sector, and review leading Chinese mining and metallurgical companies. The paper reviewed key domestic processes in China which would affect the domestic and global mining and metallurgical industry. An assessment of natural resource deposits throughout the whole territory of the country was carried out with their brief description, highlighting the prime prospects, and presenting commodity reserves. The paper presents the main challenges for the mining and metallurgical industry to be met in the 14th Five-Year Plan. The development of the industry up to 2025 implies the expansion of extractive capacities with an overall reduction in dependence on imports, enhancing exploration programs, and the reduction of harmful emissions from operating enterprises, etc. Special attention is paid to publicly traded mining and metallurgical companies in China. The leaders in each sector are presented, and their brief economic indicators are given.

Assessing the environmental impacts of renewable energy sources: A case study on air pollution and carbon emissions in China

This study investigates the impact of renewable and non-renewable energy sources on carbon emissions in the context of China's 14th Five-Year Plan (2021–2025). The plan emphasises a “Dual-control” strategy of simultaneously setting energy consumption limits and reducing energy intensity for GDP (gross domestic product) in order to meet the targets of the five-year plan. Using a comprehensive dataset of Chinese energy and macroeconomic information spanning from 1990 to 2022, we conduct a Granger causality analysis to explore the relationship between energy sources and the level of air pollution. Our findings reveal a unidirectional link, wherein renewable energy contributes to a reduction in air pollution, while non-renewable energy sources lead to an increase. Despite the government's investment in renewable energy, our results show that China's economy remains heavily reliant on traditional energy sources (e.g., fossil fuels). This research is the first systematic examination of the interplay between energy usage and carbon emissions in the Chinese context. Our findings provide valuable insights for policy and market strategies aimed at promoting carbon neutrality and driving technological advancements in both government and industries.

The Debt Risk of Economic Downward Pressure and Financial Sustainable Development -- Take Liaoning Province as an Example

With the normal development of covid-19 and the gradual progress of economic recovery in the middle and late stages of the epidemic, large-scale tax and fee reduction is still the focus of fiscal policy in the "14th Five-Year Plan". However, at present, the increasing downward pressure on the economy and the moderating growth of fiscal revenue have brought about the contradiction between revenue and expenditure, which has a profound impact on the sustainability of China's fiscal development. Based on this background, this paper takes the policy of tax and fee reduction and government debt ratio of Liaoning Province in recent years as the entry point to analyze the current state of government finance and debt operation in Liaoning Province, studies its potential pressure and risks, and suggests that while reducing taxes and fees, it should realize the sound and sustainable development of finance through measures such as "open source and reduce expenditure" and construction of debt risk identification and supervision mechanism.