Business Activities Of Enterprises Research Articles

Sources of Intellectual Capital Acquisition

Research related to intellectual capital (IC) concerns its use and impact on the selected results achieved by enterprises. IC is analysed as a single stream of enterprises’ internal resources. Since IC is used in the business activities of enterprises, it must also be acquired. However, research conducted so far does not cover the area of IC acquisition. The purpose of this paper is to present the results of research undertaken in a relatively new area of IC acquisition that has not been scientifically explored over a research period of several years. The research covered innovative small and medium enterprises (SMEs) that were developing software in Poland from 2005 to 2019. The data series allowed the use of dedicated analysis tools, including the dynamic changes over time, multidimensional comparison and cluster analysis. The primary conclusions revealed that the acquisition of IC is a process that takes place simultaneously and continuously in two independent streams—internal and external—and that the external sources of IC were more important for SMEs covered by the research. Continued research will allow comparative analyses between various branches or sectors of the economy to bring new knowledge about the importance of IC to the business activities of enterprises.

Оцінка фінансового забезпечення функціонування та розвитку сільськогосподарських підприємств

Abstract. Introduction. The main results of the study of the problem of financial support of agricultural enterprises are outlined. The importance of financial support of agricultural enterprises as one of the important levers of ensuring effective financial and economic activity is substantiated. A thorough analysis of the dynamics of financial support for the functioning of agricultural enterprises of the Vinnytsia region was conducted, the results of which are structured according to the following aggregated components: assessment of the economic efficiency of enterprises and the use of their resource potential; analysis of funding sources; monitoring and diagnosis of liquidity and solvency; analysis and determination of the level and type of financial stability of enterprises; assessment of the level of business activity of enterprises; definition and retrospective analysis of the integrated indicator of financial support. Purpose. The purpose of the article is to conduct a thorough analysis of the financial support for the functioning of agricultural enterprises of the Vinnytsia region based on the results of monitoring indicators of the economic efficiency of enterprises and the use of their resource potential; analysis of funding sources; diagnostics of liquidity, solvency, financial stability and the level of their business activity. Results. The results of the analysis of the general indicators of the efficiency of production activity and the level of financial support of agricultural enterprises were formalized using the calculation and comparison of the ratios of the rates of change in their profit, revenue from sales and change in capital. It was established that, despite the steady trend of profit, the productivity of agricultural enterprises of Vinnytsia region does not meet the "golden rule of ratio" and requires the development and implementation of mechanisms to increase the efficiency of the use of their financial resources. Conclusions. The main problematic aspects of the financial support of agricultural enterprises of the Vinnytsia region are identified and the possible directions for their elimination in modern business conditions are outlined.

Some Theoretical and Practical Issues on International Supply Chain Cooperation of Vietnamese Seafood Enterprises

International supply chain cooperation increasingly affirms the important role in the development of the supply chain and in the business activities of enterprises. With the aim of analyzing and evaluating the process of international supply chain cooperation of Vietnamese seafood enterprises, the article analyzes and evaluates the situation of international supply chain cooperation of Vietnamese seafood enterprises in recent years. Since then, the article has proposed a number of solutions for state management agencies, the Vietnam Association of Seafood Exporters and Producers (VASEP) and enterprises to improve the ability to cooperate in the international supply chain for Vietnamese seafood enterprises. Keywords: Cooperation, supply chain, international, fisheries, Vietnam DOI: 10.7176/EJBM/14-10-02 Publication date: May 31 st 2022

A Framework for the Assessment of Fiscal Consequences of Global Trade Wars

The article is devoted to topical issues of assessing the consequences of trade wars for the fiscal space of third countries. The main preconditions and causes of the trade conflict between the United States and China were studied. The main models for assessing the consequences of global trade wars were analyzed. Particular attention is paid to the global integrated monetary, fiscal and global trade models, which are based on the principles of general economic equilibrium and are widely used to assess the economic consequences of global challenges, including trade wars. It was found that the global integrated monetary and fiscal model, other macroeconomic models were aimed at determining the economic consequences and effects and cannot be directly used to assess fiscal risks and likely budget losses due to global trade wars. The aim of the article is to deepen the principles of assessing the fiscal consequences of trade wars in the conditions of uncertainty in foreign economic policy and directions of restructuring of the world value chains. The economic consequences of the conflict and the channels of their spread to third countries were identified taking into account the deepening globalization processes. The direct and indirect dependence of exports and imports, GDP, investments, factor productivity level and tax revenues on changes in foreign trade, tariff increases, increasing uncertainty in world trade in the short, medium and long term is highlighted. The estimates obtained by different models are summarized. The fiscal consequences of the trade conflict between the United States and China for Ukraine as a country with a small, open and predominantly commodity economy were quantified. The inclusion in fiscal risks of probable losses of foreign trade from global trade wars, arising due to various reasons, which may decrease the tax revenues or increase the expenditures on the public support of enterprises, is justified. Changes in the methodology for assessment of fiscal risks are proposed, enabling to estimate the cost impact of fiscal risks on the public budget of Ukraine. Proposals for improvements in the statistical monitoring of business activity of enterprises, to form an appropriate information base for monitoring foreign economic activities, assessing fiscal risks and making decisions to ensure the sustainability of public finance and public support for enterprises in the conditions of global trade wars, are substantiated.

ДІЛОВА АКТИВНІСТЬ ПРОМИСЛОВИХ ПІДПРИЄМСТВ УКРАЇНИ

The main purpose of this work is to determine the peculiarities of the business activity of industrial enterprises of Ukraine in modern realities and to find ways to increase it. The main interpretations of the concept of "business activity", its main quantitative and qualitative characteristics have been studied. It was determined that business activity is a complex characteristic of the efficiency of the external and internal activity of the enterprise, which is built on the basis of its quantitative and qualitative indicators and reflects the efficiency of the use of all available resources (financial, material, intangible, labor), position on the market, its image and economic potential enterprises. The relevance of research in modern realities, the need to assess business activity is revealed. The impact of business activity on the functionality of enterprises, the main external and internal factors that affect the level of business activity are determined. The essence of the "golden rule of economics", its influence on the level of business activity of the enterprise is considered. It was determined that the higher the rate of growth of net income from the sale of products at the enterprise than the rate of growth of the value of assets, the higher the level of business activity will be. The methodological aspects of the analysis of business activity were studied, the analysis of the level of business activity of industrial enterprises of Ukraine for the years 2016-2020 was carried out, using asset turnover ratios. The business activity of the enterprise in the financial aspect is primarily manifested in the speed of rotation of its liabilities, assets and their components. The importance of turnover indicators is explained by the fact that turnover characteristics largely determine the level of efficiency and profitability of the enterprise. The main problems that can cause a decrease in the level of business activity have been identified. It was revealed that the main problem of ensuring business activity is military operations as a result of the Ukrainian-Russian war, the influence of the factor on the functionality of enterprises was investigated. The main ways of ensuring the business activity of the enterprise in modern conditions have been determined on the basis of surveys of entrepreneurs and the plan of economic recovery of Ukraine proposed by the Ministry of Economy.

Assessment of business activity and ways to increase it, on the example of an agro-industrial complex enterprise

One of the most important factors in the formation of an effectively functioning market of agricultural products is the business activity of market players. High competition in the market of agricultural products forces producers to clearly formulate their tasks and the necessary resources for their implementation. The article gives an assessment of the business activity of the agro-industrial complex enterprise. It is established that insufficient effective use of fixed and working capital, as well as insufficient effective personnel management. It is possible to recognize the business activity of an agro-industrial complex enterprise and profitability as satisfactory but having a negative trend. To increase the business activity of the enterprise in question, calculations of profitability and business activity indicators were performed. Based on the analysis of business activity and profitability, the company’s management has been given appropriate recommendations to improve the efficiency of management.

Research on the Development of Feed Enterprises Based on Financial Risk Control

With the deepening of global economy and the development of China's economy, feed enterprises are in a high-speed economic environment, and in the new economic period, feed enterprises are facing more severe tests while there are more development opportunities. There are various financial risks in the business activities of enterprises, and financial personnel should establish financial risk awareness. This paper analyzes the financial management and risk control of feed enterprises based on the types of financial risks and the current situation, and puts forward corresponding suggestions, so as to inspire the sustainable development of feed enterprises.

THEORETICAL ASPECTS OF THE BUSINESS PROCESSES CONCEPT, ITS CLASSIFICATION IN THE ACTIVITIES OF ENTERPRISES

Purpose. The purpose of the article is an in-depth study of the theoretical aspects of the business processes concept, its classification and the need for further development in the competitive environment of Ukraine. Methodology of research. General scientific and special methods were used in the research process, in particular: induction and deduction – at the stage of collecting, systematizing and processing the necessary information; analysis and synthesis – to combine various components of the business process; dialectical – to learn the nature, content and essence of the enterprise's business processes; monographic – to study the scientific experience of constituent business processes of enterprises; abstract and logical – to form theoretical conclusions, tables and figures. Findings. The theoretical aspects of the business processes concept, its classification and further development in the conditions of a competitive environment are summarized. It was found that in the conditions of Ukraine, it is necessary to clearly organize business processes, to manage them in the direction of innovative improvement of the structural restructuring of the domestic economy by introducing technological changes in the renewal of management, preparing enterprises for activities in the conditions of the European Union and international competition. There were deepened the concept of business processes in the enterprise, its classification, organization and management of business activities aimed at achieving the main goal - increasing the amount of profit of the business entity and improving the business result to satisfaction of consumer needs. Originality. There was further development of the business process interpretation, its classification, organization and management in the competitive environment of the enterprise. Practical value. The use of the proposed classification and clear organization of business processes will contribute to increasing the economic efficiency of the enterprise's business activities. Key words: concept, organization, classification, business processes, activity, management, efficiency, enterprise.

Supporting businesses recovery after Covid-19 through social insurance exemption and reduction mechanisms: Legal barriers need to be removed

While participating in social insurance is a legitimate right of employees, it is also an important cost in business’s operation. During an economic crisis, this cost becomes much more costly for enterprises. According to a survey report prepared by the Board of Research on Private Economic Development (also known as Board IV, which belongs to the Prime Minister's Advisory Council for Administrative Procedure Reform) on the impact of the Covid-19 epidemic on production and business activities of enterprises conducted in 2020, the immediate supporting solution that companies proposed the most and expect the Government to prioritize and focus on is: Implementing particular policies on taxation and also social insurance exemption and reduction during the epidemic period for businesses heavily affected by Covid-19. However, according to current legal regulations, the mechanism to amend the rate of social insurance premiums still has many problems to be solved. In this article, the author focuses on studying the impact of Covid-19 on businesses in Vietnam and legal barriers related to social insurance exemptions and reductions, and then proposes solutions to the problems posed.

ИНВЕСТИЦИОННАЯ ПОЛИТИКА ГОСУДАРСТВА КАК ИНСТРУМЕНТ ЭКОНОМИЧЕСКОГО РОСТА

The article defines the role of the state's investment policy as an instrument for the effective development of the leading sectors of the economy, the stable functioning of the basic infrastructure, achieving macroeconomic stability and stimulating economic growth. The object of the study is the investment policy of states. The subject of the study is the mechanisms of economic growth of the country. The purpose of the study is to identify and scientifically substantiate the role of investment policy in the economic growth of the country. A detailed analysis of the share of capital investments in GDP, the index of investments in fixed assets for 2017-2021 is presented, and the investment policy determining the state of developed countries and developing countries is also evaluated. The methods of correlation and regression analysis used made it possible to determine the relationship between real GDP, the share of industrial production in GDP and the index of investment in fixed assets in countries with a transforming economy. It is established that in the vast majority of countries, an increase in investments in fixed assets contributes to the acceleration of economic growth, and the level of economic growth determines the investment potential of countries. It is determined that the heterogeneity of the impact of investments on the level of economic growth in countries with transformational economies is due to their raw orientation, insufficient level of validity and predictability of the implemented investment policy of the state. It is proved that the investment policy of the state is an important tool for ensuring macroeconomic stability and stimulating economic growth in a recession. It is proposed to create conditions for the macroeconomic balance that contribute to the increase of business activity of enterprises due to the purposeful influence of state investment policy on economic processes by ensuring qualitative transformation and innovation of the national economy. The results obtained show that the level of influence of public investment in relation to the level of economic growth varies significantly depending on the level of development of financial institutions in the country and the infrastructure of the financial market

Стратегічні напрями розвитку соціальної відповідальності бізнесу

The article is aimed at theoretical-methodological substantiation of the problems of formation and development of recommendations on strategic directions for the development of social responsibility of business. The article substantiates the need to create a favorable business environment in society on the basis of the formation of a holistic system of social responsibility and consistency of interests of all economic entities. It is determined that in the process of increasing business activity of enterprises, focusing only on economic problems, humanity loses other important issues, in particular: spirituality, social justice, lean attitude to the environment, etc. It is specified that the social responsibility of business is based on making effective managerial decisions in the process of meeting the needs of consumers with high-quality goods and services, providing appropriate working conditions for employees, interaction with stakeholders, preserving the environment, etc. Attention is focused on improving the level of corporate reputation of business, which consists in refusing to discriminate against employees on the following features: limited physical capabilities; sexual orientation; gender identity and sexual characteristic. In particular, the findings of an assessment of the level of corporate reputation demonstrate a strong positive connection between the results of financial and economic activities of business structures and their ability to effectively integrate efforts from the sphere of corporate social responsibility into the management system of the corporation. Strategic guidelines for further development of social responsibility of business, which is based on the implementation of the conception of sustainable development of society in terms of social, economic and ecological components, are proposed. Prospects for further research are the formation of corporate social responsibility as a component of the management system in corporations

ЕКОНОМІЧНИЙ АНАЛІЗ ДІЯЛЬНОСТІ ПІДПРИЄМСТВ ВЕТМЕДИЦИНИ, ЯК ЧИННИК ЗАБЕЗПЕЧЕННЯ ЕФЕКТИВНОСТІ ЇХ ФУНКЦІОНУВАННЯ

Economic reforms and changes in the ownership form pose specific tasks to veterinary medicine enterprises of Ukraine - to ensure the production of high-quality and safe products for veterinary medicine and animal husbandry, which would satisfy consumer demands based on the effectiveness of their application. In these conditions, the most important thing is to determine the available resources and the possibilities of ensuring their effective implementation, while comparing the market positions with other manufacturers regarding the competitiveness of their products. The experience of the leading enterprises of veterinary medicine of Ukraine, namely Ukrzoovetprompostach PJSC, Brovapharma LLC, Vetsintez LLC, Inter-Syntez LLC, Biopharm PJSC, etc., shows that in order to implement the strategy and policy of the enterprises, and approaches to managing available resources, including financial, raw material, energy, technical, informational, etc., are being improved. The development of business activity of enterprises should also include the improvement of personnel potential. Therefore, an assessment of its level should be important in ensuring the efficiency of enterprise activity. As the practice of the mentioned enterprises shows, the assessment of their activity is based on self-assessment data and general analysis, the results of which are used in the planning of production activities with an orientation to the market and consumer needs. Processes of analysis of enterprise activity are not limited to internal assessment, but cooperation with external organizations is also analyzed. At the same time, strengths and weaknesses are determined, as well as the effectiveness of external partnership management. Therefore, the system of analyzing the activities of enterprises should be considered as an economically justified step in the process of their development and improvement. The systematic and independent analysis is aimed at determining the compliance of enterprises with the planned measures, including strategic, as well as to determine the possibility of their implementation to achieve the set goals. And perhaps the most important benefit associated with the systematic analysis of the activities of enterprises is compliance with the requirements of current legislation, a timely assessment of the state and available production and financial advantages, and, therefore, determining the position on the market of products for veterinary medicine. Therefore, the systematic analysis of the activities of enterprises is aimed at improving their activities, developing the necessary recommendations regarding the expediency of using the results of the conducted analysis.

Теоретичні постулати оподаткування юридичних осіб суб’єктів малого бізнесу

The aim of the study is to substantiate the theoretical postulates of the simplified taxation system. In the course of scientific research, to achieve the goal, it is planned to solve the following tasks: to examine the function of the mechanism for administering the single tax on small businesses; to determine the scope of the possibility of paying a single tax; to distinguish the stages of taxation by a single tax of legal entities. As a result of the study, it is defined that the simplified taxation system has become the most effective instrument for strengthening the business activity of enterprises, and the development of new tax instruments and the construction of a comprehensive system for taxation of small businesses will allow small businesses, including legal entities, to pay tax liabilities at the lowest cost. Taxation of small business enterprises can be considered in different interpretations: political (development of territories), sociopolitical (revival of the middle class), social (increase in jobs and incomes), and economic (creation of GDP). Thus, the interpretation of the essence of taxation of small businesses can be considered from the standpoint of a triune approach that characterizes it as a phenomenon, process, and system. It is argued that the organization of taxation through the payment of a single tax by a legal entity can be divided into six stages which include: choosing the form of taxation and submitting an application for registration; determining the amount of income that provides an opportunity to become a single tax payer; obtaining a permit document – an extract from the register; declaration and payment of a single tax for the formation of the revenue part of the local budget. It is stipulated that the formation of the tax control system and its periodicity depends on the degree of risk of the activities of single tax payers.

Financial risk management in the accounting system

The article is devoted to the study of financial instruments in conditions of economic uncertainty. Based on a study of national and international statistics and theoretical resources related to the restructuring of socio-economic and geopolitical ties, due to the rapid spread of the COVID-19 pandemic, its implications for accounting for financial instruments and disclosure of financial statements in accordance with International Financial Standards Reporting.
 A combination of factors such as rising unemployment, falling demand for goods, bans and restrictions on doing business, severance of international ties, reorientation of markets to domestic consumption, rising risks of bankruptcy and default have led to the formation of economic uncertainty, which is most threatened by business initiative. Economic uncertainty, which gradually changes from sudden to prolonged, has a direct impact on the business activity of enterprises, in particular, on their financial instruments.
 The pandemic caused by the COVID-19 virus has become a great challenge for participants in economic relations, who during the years of stability have managed to get used to stable market relations. The pandemic, which humanity has been struggling with for almost two years, has affected the entire system of social relations. At the beginning of the deployment of anti-epidemiological measures, the world economy was not ready to distance the production process. Economic indicators, which are an indicator of the development of individual states, demonstrate the vulnerability of sustainable socio-economic relations that existed before the COVID-19 pandemic.
 The potential impact of the coronavirus outbreak on financial instruments has been assessed in such areas as increased expected credit losses, modification of financial assets and liabilities, losses under financial guarantee agreements accounted for in accordance with International Financial Reporting Standards, and reduced hedge effectiveness.

From economic assumption to ecological assumption: Game analysis of enterprises’ pollution treatment behaviors

We analyzed both the “economic human” and the “ecological human” assumptions from economic and ecological perspectives. Some limitations of the economic human assumption were found; however, these limitations can be overcome by the ecological human assumption. The pollution problems caused by the business activities of enterprises are rooted in the enterprise’s pursuit of the goal of economic profit maximization. Therefore, the ecological human assumption was introduced on the basis of major revisions to the economic human assumption. We justified that the ecological human assumption is more suitable for the sustainable development of the social economy and we applied game theory to analyze and compare the economic human and ecological human assumptions. The results showed both similarities and differences between these two assumptions. The ecological human assumption can act as a supplemental and optimized assumption based on the economic human assumption. The enterprise pollution treatment problem could be more effectively solved under the ecological human assumption, which provides theoretical support for long-term sustainable development strategies for enterprises.

Ефективність господарського механізму взаємодії учасників молочного ринку та функціонування молокопереробних підприємств

The purpose of the article is to carry out the complex analysis of efficiency of the economic mechanism of mutual relations between participants of the dairy market and indicators of functioning of the dairy processing enterprises with the substantiation of the directions of further increase. Research methods. In the process of research a number of methods were used: abstract-logical - to formulate conclusions; comparative analysis - to compare indicators of efficiency of milk processing enterprises and identify trends in their change; tabular - for a visual representation of the results of the study; coordinate matrix - in determining the total integrated indicator of the efficiency of the economic mechanism of dairy enterprises; settlement and constructive - to calculate indicators of economic efficiency, liquidity and solvency, financial stability and business activity of enterprises; monographic - when detailing current trends in the functioning of dairy enterprises; factor analysis - to determine the factors influencing the net financial result of enterprises. Research results. The modern transformation processes taking place in the market of milk and dairy products of Ukraine are studied, the scale of reduction of the general demand and supply is established. The current state of the raw material base of milk processing enterprises of Ukraine is studied (dynamics of milk purchase prices, quality monitoring, retrospective of milk purchases by dairies). The efficiency of the economic mechanism of functioning of milk processing enterprises of the group of companies "Dairy Alliance" was monitored. The elemental structuring of the analysis of efficiency of the economic mechanism of functioning of the milk processing enterprises is offered and tested. The total integrated indicator of the efficiency of the economic mechanism of milk processing enterprises is calculated on the basis of structuring the set of priority indicators of economic efficiency, liquidity and solvency, financial stability and business activity. The main directions of increasing the efficiency of milk processing enterprises are proposed. Scientific novelty. Methodological and practical aspects of a comprehensive study of the effectiveness of the economic mechanism of functioning of dairy processing enterprises of Ukraine and substantiation of directions for its improvement have been further developed. Practical significance. These approaches and the results of the study can be used by public and sectoral authorities in the organization of monitoring and development of priority measures to improve the efficiency of domestic dairy industry. Tabl.: 3. Figs.: 1. Refs.: 21.

The Effective Factors on Continuity of Corporate Information Security Management: Based on TOE Framework

In the Fourth Industrial Revolution era, data-based business management activities among enterprises proliferated are mainly based on digital transformation. In this change, the information security system and its operation are emphasized as essential business activities of enterprises the research aims to verify the relationship among the influence factors of corporate information security management based on the TOE framework. This study analyzes the effects of technical, organizational, and environmental factors on the intention, strengthening, and continuity of information security management. To this, a survey was conducted on professional individuals who are working in areas related to information security in organizations, and 107 questionnaires were collected and analyzed. According to major results of the analysis on adopted hypotheses. In results, as to the intention of information security management, organization and environment factors were influential. In the other side, technology and environment factors were affected to the strengthening of information security management. Hence this study pointed out that the environmental factors are most significant for the information security administration of an organization. In addition, it turned out that the strengthening of information security management was influential on the continuity of information security management more significantly than the intention of information security management.

Business activity of enterprises as a factor in accelerating technological progress in the economy

The article deals with the problems of increasing the commercial activity of machine-building companies in post-crisis conditions, the solution of which should contribute to a fairly rapid return to previously developed plans for their expansion. The relevance and novelty of the problem lies in an integrated approach to the category of commercial activity of companies, which involves investigating various areas of their activities and generalizations from the theoretical and practical point of view. The objective of the study is to identify possible ways to increase the commercial activity of companies to enter the development stage. The methodological basis of the study is based on work in the field of economics, management and finance of companies and the possibility of its use in modern conditions. The main directions of research into the commercial activity of companies are analyzed: ensuring planned growth and improving the material and technical base of production; balance and steady increase in financial results; increase in the efficiency of the use of all types of resources of the company and its work in general; effective policy of deepening specialization and diversifying production; and growth of innovative potential in all areas of activity.

Application of Mathematical Models to Assess the Impact of the COVID-19 Pandemic on Logistics Businesses and Recovery Solutions for Sustainable Development

The logistics industry can be considered as the economic lifeline of each country because of its role in connecting production and business activities of enterprises and promoting socio-economic development between regions and countries. However, the COVID-19 pandemic, which began at the end of 2019, has seriously affected the global supply chain, causing heavy impacts on the logistics service sector. In this study, the authors used the Malmquist productivity index to assess the impact of the pandemic on logistics businesses in Vietnam. Moreover, the authors used a super-slack-based model to find strategic alliance partners for enterprises. The authors also used the Grey forecasting model to forecast the business situation for enterprises during the period 2021–2024, in order to provide the leaders of these enterprises with a complete picture of their partners as a solid basis for making decisions to implement alliances that will help logistics enterprises in Vietnam to develop sustainably. The results have found that the alliance between LO7 and LO10 is the most optimal, as this alliance can exploit freight in the opposite direction and reduce logistics costs, creating better competitiveness for businesses.

Improvement of Service Quality in the Supply Chain of Commercial Banks—A Case Study in Vietnam

The outbreak of the Covid-19 pandemic caused a serious impact on the business activities of enterprises and households, affecting the operation of banks around the world, especially for capital mobilization from those with savings deposits at commercial banks. In face of the unpredictable developments of the pandemic, many services of banks in Vietnam were also affected, so it has been necessary to make a plan to maintain business operations and respond effectively to these difficulties. In this study, the authors used three research models to form a three-dimensional frame of reference (past, present, and future) to identify, analyze, and evaluate the factors affecting the service quality of commercial banks’ savings deposit mobilization, and to suggest solutions that can minimize risks and improve customer satisfaction for savings deposits at commercial banks, improve service quality to avoid potential long-term risks, as well as maintain sustainable growth and social stability in the future.