High-quality Economic Growth Research Articles

Fiscal Decentralisation, Economic Development, and Carbon Emissions: Empirical Analysis Based on the Provincial Static and Dynamic Panel Data

The target 'Carbon Peak' and 'Carbon Neutral' in China is a key strategic choice to promote environmental regulation and high-quality economic growth. Public finance, as the bedrock and pillar of national governance, has a significant influence on China's macroeconomics and policy execution. This paper selects provincial panel data of China from 2010 to 2019, together with a two-way fixed-effect model and a Difference-GMM model, in order to conduct an empirical analysis of the impact of fiscal decentralisation and economic development on carbon emissions. The findings reveal that fiscal decentralisation has a considerable positive impact on carbon emissions, and that economic development and carbon emissions have an inverted U-shaped connection. Furthermore, economic development may reduce fiscal decentralisation's contribution to carbon emissions. In addition, there is a dynamic lag impact associated with carbon emissions. As a result, to achieve green and low-carbon transformation in China, advanced and long-term planning is required, as well as the optimisation of local government evaluation mechanisms and the application of fiscal funds.

Does misallocation of land resources reduce urban green total factor productivity? An analysis of city-level panel data in China

Although the “developing by land” model substantially stimulates industrialization and urbanization, the land-resource-allocation model with “high-cost and low-efficiency” that makes up most of the industry can potentially enlarge resource consumption and intensify environmental pollution. This paper examines the mechanisms of the impacts of land resource misallocation on urban green total factor productivity (GTFP), using a dataset of China’s 277 cities at the prefecture (and higher) level from 2006 to 2013. Fundamental and spatial econometric models are estimated to empirically investigate the effects of land resource misallocation on GTFP and explore the spillover effects as well as regional differences. The results reveal that the misallocation of land resources directly reduces the GTFP of the city and hinders the development of GTFP in neighboring cities. The mismatch of land allocation is a major reason for restricting the improvement of the overall productivity that accounts for energy consumption and environmental degradation, with mechanisms involving the undermined technological innovation and industrial structure upgrading. Regional heterogeneity analysis suggests that the unfavorable effects of land resource misallocation on GTFP are indirect and associated with spillover effects for sample cities in eastern and central regions. The mechanisms involving innovation capacity and manufacturing agglomeration also exhibit substantial regional disparities among eastern, western, and central regions. By optimizing the allocation of land resources, enterprises with strong innovation capabilities and belonging to modern service industries can obtain more land use, enhancing their motivation for technological innovation and optimizing industrial structure and achieving high-quality economic growth and sustainable development.

ASSESSMENT OF THE QUALITY OF ECONOMIC GROWTH IN AGRICULTURE

The issue of economic growth is one of the main macroeconomic problems that have always interested economists. Another aspect of the problem is also manifested in the current macroeconomic situation. That is, nowadays we are talking not only about economic growth, but also about studying factors that determine its quality. However, no specific indicators have yet been found that allow it to be fully measured. In this regard, this article will try to analyze indicators of economic growth in the agricultural sector of our republic. As the main indicators that ensure quality of economic growth in agriculture, such indicators as material return, capital return and labor productivity have been chosen. As a result of the study, we found out that the return on material and capital in agriculture is declining, while the labor productivity index is increasing. In course of presentation of the materials, the definitions given to the concept of economic growth were refined, and statistical indicators that determine the quality of economic growth in agriculture were systematized. The findings obtained in the course of the study make it possible to identify the nature of economic growth and make comparisons with best practices. Specific conclusions and proposals were also made to ensure high-quality economic growth in agriculture in our country.

Development zone policy and high-quality economic growth: quasi-natural experimental evidence from China

ABSTRACT Improving total factor productivity (TFP) promotes high-quality development. This study estimates the TFP of 284 cities in China for the period 2006–18, and constructs a time-varying difference-in-differences (DID) model of the impact of national development zones (DZs) on regional TFP. The findings are as follows: (1) although DZs improve economic performance, they have not created high-quality growth; (2) despite heterogeneous effects on high-quality development, the overall effect remains negative; and (3) the suppression effect is greater in central and western than in eastern cities, and in underdeveloped than in developed cities. Finally, policies should consider the quality of growth, and a framework of classified policy instruments is needed.

The impact of urban housing prices on labour mobility: evidence from cities in China

Urban development relies heavily on labour, while the change in urban housing prices, in turn, has a crucial impact on labour. Therefore, the regulatory policies of housing prices have become a critical content of urban management worldwide for a long time. Based on the theoretical analysis of urban housing prices and labour mobility, we use fixed-effect panel model with the panel data of 281 cities in China from 2002 to 2018. We study the impact of rising urban housing prices on labour and identify the housing price jump as an instrumental variable in solving the endogenous problem. The results are as follows. First, the increase in urban housing prices has a crowding-out effect on labour mobility. Second, there is a moderating effect on different levels of education, urban construction, and income under the impact of urban housing prices on labour mobility. Third, the heterogeneity of the impact is reflected in the housing price-to-income ratios and industrial structures. These conclusions are supposed to have significant enlightenment for controlling the urban housing prices during high-quality economic growth and guiding labour flow more rationally.

Environmental regulation and high-quality economic growth: quasi-natural experimental evidence from China.

The relationship between environmental regulation and economic growth is difficult to reconcile, resulting in the "involutionary" dilemma of local government environmental governance. Using panel data from Chinese A-share listed industrial companies between 2010 and 2019, this paper collected data on environmental protection interview and central environmental protection inspection and empirically investigated the impact of both on high-quality economic growth of companies using the difference-in-difference method. First, both environmental protection interview and central environmental protection inspection significantly promote high-quality economic growth, according to the findings. Second, the two-pronged policy effect of environmental protection interview and central environmental protection inspection is more significant, and the promotion effect on high-quality economic growth is greater than the effect of the two policies separately. Third, the dual policy action significantly promotes high-quality economic growth of state-owned and non-state-owned enterprises; however, non-state-owned enterprise economic growth is more sensitive to the central environmental protection inspection, and policy effects show a heterogeneous pattern in the east, central, and west regions. Therefore, the effective integration of environmental protection interview and central environmental protection inspection should be accelerated so that environmental pollution control and economic growth can be carried out together.

Analysis of the Influence of Economic Complexity on Regional Economic Management Based on Computer Informatization Model

This study adheres to the principle of combining empirical analysis and normative analysis and establishes an analytical framework according to the research ideas from theoretical analysis to empirical analysis to countermeasures. Suggestions for high-quality economic growth in my country and paths for promoting coordinated regional development were made. This study will take the data from 1993 to 2020 as a unit, taking into account factors such as education, consumption, investment, and labor costs and using SAR model, SEM model, and spatial panel data model to measure the degree of economic complexity in my country. For the research on the difference of regional economic growth in my country, this study is refined to the county level to measure the degree of regional economic development and compare and analyze the regional development differences, and we strive to use empirical evidence to scientifically analyze the degree of economic complexity and regional development differences, using the spatial panel model, SAR model, and SEM model to comprehensively consider the impact of my country’s economic complexity on regional economic growth differences; finally, combined with theoretical analysis and empirical test results, based on the perspective of economic complexity, coordinated development provides countermeasures and provides corresponding suggestions for the high-quality development of my country’s economy, the continuous optimization of industrial structure, and the establishment of regional cooperation mechanisms.

The Influence of Robot-Assisted Industry Using Deep Learning on the Economic Growth Rate of Manufacturing Industry in the Era of Artificial Intelligence

The arrival of the era of artificial intelligence (AI) impacts a country’s economic growth. This work was aimed at helping a country achieve high-quality economic growth through AI. First, the penetration effect, boundary extension effect, knowledge creation effect, and self-deepening effect of AI in the process of penetration into the economy and society are analyzed. Then, the labor factors, capital factors, and production technology factors affecting economic growth are discussed. Furthermore, three channels through which AI affects economic growth are proposed: the labor channel, capital channel, and productivity channel. Finally, relevant verifications are carried out. The verification results demonstrate that AI will promote an increase in economic growth rate in the long run but have a specific inhibitory effect in a short time. According to the research results, sound policy suggestions are put forward for the positive impact of AI technology on economic growth, the negative effect on labor employment and income distribution, capital accumulation and capital structure, and the effect on production efficiency. This work has certain reference significance for the research on the economic growth rate of the national manufacturing industry in the era of AI.

Does the Pilot Free Trade Zone Promote the Quality of Urban Economic Growth: An Empirical Research Based on Quasi-Natural Experiment

Whether China’s Pilot Free Trade Zone (FTZ) can force market-oriented reforms and improve the quality of economic growth is a major issue related to sustainable development. This paper uses DID method to test the impact of FTZ on the quality of economic growth. The study found that, first, FTZ has promoted the quality of economic growth. Second, FTZ has promoted China’s market-oriented reform through institutional innovation of high-level opening and provided a strong impetus for high-quality economic growth. Third, FTZs in coastal areas, the Guangdong-Hong Kong-Macao Greater Bay Area and the second batch of FTZs have a relatively greater role in promoting high-quality economic growth. Research shows that China’s high-level open institutional innovation can promote market-oriented reforms and effectively promote the goal of economic transformation from high-speed to high-quality.

THE SPEED AND QUALITY OF CHINA’S ECONOMIC GROWTH DURING THE COVID-19 PANDEMIC

The purpose of this study is to understand the speed and quality of China’s economic growth during the COVID-19 pandemic. This study defines high-quality economic growth as a growth rate with a low variance and adopts quarterly time-series data for China’s real GDP growth rate to analyze its regime switches and structural changes by estimating a conditional Markov chain model. The study further utilizes the estimated parameters to predict the smoothed probabilities of each of four joint states for China’s real GDP growth rate from 2021 Q4 to 2025 Q3. The primary finding of this study is that, during the period from 2020 Q1 to 2021 Q3, the outbreak of COVID-19 shocked China’s economy and its economic growth rate fluctuated dramatically, which resulted in its variance being relatively high. However, China’s economic growth rate is very likely to gradually stabilize (as evidenced by a low variance) and to grow at a medium-to-high speed with high quality during the forecast period.

Research on the Contribution of Electronic Commerce to Economic Development: An Empirical Analysis Based on Artificial Neural Network

Data collinearity, nonlinearity, and even the data itself helped us solve regression of blind areas throughout this study. When it comes to China’s economic change in the new normal era, high-quality development will be an inescapable trend. By capitalizing on the industrial advantages of speed, flexibility, and convenience, e-commerce has given new momentum to the change of industrial structure and created prospects for the times’ high-quality economic growth. Based on a comparison of the changes in provincial panel data from 2013 to 2020, the following conclusion may be drawn: following per capita education and per capita online sales weight in ANN analysis of economic growth is e-contribution commerce’s to economic growth followed by e-commerce volume, express volume, and domain name; other factors are less important.

Impacts of digital inclusive finance on CO2 emissions from a spatial perspective: Evidence from 272 cities in China

As a new proposition under the strategic goal of sustainable development, financial inclusiveness has become an effective way to overcome environmental constraints. Therefore, considering the impact of the development of digital inclusive finance on carbon emissions is the key to promoting China's high-quality economic growth. From a spatial perspective, using China's city-level panel data of 272 Chinese cities from 2011 to 2017, empirically studies the impact of digital inclusive finance on CO2 emissions by using spatial econometric model, and analyzes its direct effect, indirect effect and total effect. At the same time, the instrumental variable method is used to deal with the possible endogenous problems in the model. The results show that from a spatial perspective, the promotion of digital inclusive finance is conducive to reducing urban CO2 emissions. Moreover, there is a significant positive spatial spillover effect on China's urban CO2 emissions. In addition, in cities with developed traditional finance and high degree of industrialization, digital inclusive finance has a stronger effect on CO2 emission reduction. The impact of the development of digital inclusive finance on CO2 emissions in the eastern and western China is negative, but the central is the opposite. Therefore, in order to achieve sustainable development goals, the government should formulate environmental policies with financial inclusion goals consistent with energy consumption behavior.

Dynamic Coupling Trajectory and Spatial-Temporal Characteristics of High-Quality Economic Development and the Digital Economy

This paper takes China’s 2014–2019 provincial data as the observation sample to explore the dynamic coupling law of the digital economy and high-quality economic development. First, using the coupling coordination model, it is found that the coupling coordination degree of the digital economy and high-quality economic growth is on an upward trend, and the coupling coordination degree in the eastern region is higher than that in other regions; then, using Markov chain algorithm, it is found that the coupling coordination degree in the east of region achieves a two-level leap of “antagonism stage-running-in stage-coordination stage”, while the central and western regions accomplish a single level of “antagonism stage-running-in stage” leap. Finally, using the Dagum Gini coefficient decomposition method, it was found that the mean values of inter-regional, intra-regional, and supervariate density differences in coupling coordination contributed 67.60%, 24.03%, and 8.36% to the overall differences, respectively, with highly moderate fluctuations. The general, inter-regional and intra-regional differences all show a decreasing trend, but there is heterogeneity in their corresponding variation characteristics. This paper provides substantial empirical evidence for exploring the inherent laws and provides an essential guarantee for China’s regional economy’s comprehensive, coordinated, and sustainable development.

Supply chain finance and firm diversification: Evidence from China

We establish a link between supply chain finance (SCF) and the diversification of core firms through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that SCF may significantly reduce diversification with a stronger impact on firms of lower supply chain concentration. Our exploration, from the perspectives of resource occupation, innovation incentive and market power improvement, suggests that SCF may allow the core firms to better focus on their major businesses. Further tests suggest that SCF may significantly reduce the diversification by private and non-manufacturing firms, and those of high executive shareholding. It may also lead to reduced agency costs and enhanced production efficiency with positive economic consequences. Our findings may have such policy implications that SCF may significantly serve the real economy and help sustain high-quality economic growth in the Asian Era. JEL Classification: G11, G32, O12

The effect of emission trading system on infant health: evidence from China.

Although existing literature has explored the effect of the emission trading system (ETS) on economic growth and pollution emissions, little is known about the impact of the ETS on residents' heath, especially infant health. Based on a "big sample" data set from 1773 county-level administrative regions in China from 2001 to 2012 and a differences-in-differences (DID) strategy, for the first time, this paper investigates the effect of China's SO2 ETS pilot policy on infant health measured by infant mortality. In particular, from the perspectives of pollution emission reduction and green and high-quality economic growth, we empirically identify the mechanism through which the ETS influences infant mortality. The results show that the implementation of the ETS pilot policy significantly reduces infant mortality, and with the implementation of the pilot policy, such a health improvement effect is strengthened. This finding is consolidated through a series of robustness checks, including employing the method of the propensity score matching combined by the DID, using the thermal inversion strength as the instrumental variable, excluding the impacts of other environmental policies, and conducting a placebo test. In addition, the results of the mechanism analysis indicate that the ETS pilot policy significantly lowers SO2 emission density and PM2.5 concentration and raises energy efficiency and per capita GDP. Therefore, the ETS pilot policy can improve infant health by promoting pollution emission reduction and green and high-quality economic growth. This study provides some empirical evidence for the causal relationship between environmental regulation policies and infant health, as well as some reference for the formulation and improvement of related environmental regulation policies.

Research on Regional Differences and Influencing Factors of Chinese Industrial Green Technology Innovation Efficiency Based on Dagum Gini Coefficient Decomposition

Industrial green technology innovation has become an important content in achieving high-quality economic growth and comprehensively practicing the new development concept in the new era. This paper measures the efficiency of industrial green technology innovation and regional differences based on Chinese provincial panel data from 2005 to 2018, using a combination of the super efficiency slacks-based measure (SBM) model for considering undesirable outputs and the Dagum Gini coefficient method, and discusses and analyses the factors influencing industrial green technology innovation efficiency by constructing a spatial econometric model. The results show that: firstly, industrial green technology innovation efficiency in China shows a relatively stable development trend, going through three stages: “stationary period”, “recession period” and “growth period”. However, the efficiency gap between different regions is obvious, specifically in the eastern > central > western regions of China, and the industrial green technology efficiency innovation in the central and western regions is lower than the national average. Secondly, regional differences in the efficiency of industrial green technology innovation in China are evident but tend to narrow overall, with the main reason for the overall difference being regional differences. In terms of intra-regional variation, variation within the eastern region is relatively stable, variation within the central region is relatively low and shows an inverted ‘U’ shaped trend, and variation within the western region is high and shows a fluctuating downward trend. Thirdly, the firm size, government support, openness to the outside world, environmental regulations and education levels contribute to the efficiency of industrial green technology innovation. In addition, the industrial structure hinders the efficiency of industrial green technology innovation, and each influencing factor has different degrees of spatial spillover effects.

Research on the Impact of Technological Finance on Financial Stability: Based on the Perspective of High-Quality Economic Growth

This paper investigates the relationship between technological finance, high-quality economic growth, and financial stability. Based on data of 30 provinces (including autonomous regions and municipalities) collected between 2004 and 2017, this paper adopts the method of factor analysis to construct comprehensive indexes of technological finance and financial stability before calculating green total factor productivity as the index of high-quality development, using the CRS Multiplicative Model. Then it constructs the spatial SAC model and PVAR model for analyses of the just-mentioned relationship based on the total sample of the nation and regional samples in eastern, middle, and western China, respectively. The results reveal that (1) All samples, whether the total national samples or regional samples of eastern, middle, and western China demonstrate the positive influence of technological finance on high-quality economic development, with an obvious spatial spillover effect. The impact factor is the highest in the eastern region, while the western region holds the lowest factor among the three. (2) Judging by the general national sample, technological finance has an obvious negative shock effect on financial stability within a short period, but the effect gradually dwindles as time goes by. This rule applies to the sample of the eastern region, as its technological finance poses a short-time negative shock effect on financial stability, before gradually diminishing to 0. Neither western nor middle regions have displayed an obvious shock impact on financial stability.

Два главных вызова, стоящих перед Россией: по сокращению катастрофически высокой смертности при восстановлении сохранности народа и переходу к устойчивому социально-экономическому росту

Under consideration are the two main challenges for the socio-economic development of Russia – the reduction of catastrophically high mortality and the restoration of the safety of the people, on the one hand, and the transition from stagnation and crisis to sustainable socio-economic growth as a means of saving the people and raising their well-being. From this point of view, the 30-year path of development of the economy and social sphere of the new Russia is analyzed, highlighting the last decade of stagnation and crisis. The second part of the article substantiates the need for a transition to a new demographic and socio-economic policy aimed at transforming the economy and the social sphere, which is necessary for accelerated and high-quality economic growth, overcoming the gap between our country and the advanced countries of the world and priority increase in the living standards of the population. This requires a technological reequipment of the country's national economy with an increase in economic efficiency by 2-3 times. This can be achieved through the accelerated growth of investment in fixed and human capital while carrying out the necessary structural reforms to create favorable conditions for sustainable development along an innovative path.

Digital Economy’s Spatial Implications on Urban Innovation and Its Threshold: Evidence from China

The digital economy has great potential to sustain China’s high‐quality economic growth and substantially strengthen urban innovation capacity. This paper developed a digital economy index using city‐level data from China and measured the level of urban innovation with patents per capita. We used a spatial econometric model to explore the spatial implications of the digital economy on urban innovation, probed into the mechanism by which the digital economy affects urban innovation, and further measured the spatial spillover distance and threshold of the digital economy on urban innovation. The findings suggest that China’s digital economy and urban innovation are characterized by spatial aggregation, and the spatial distribution varies from region to region. The digital economy, with strong spatial spillover effects on the innovation capacity of cities in China, may not only enhance the innovation capacity of one city but also drive a simultaneous growth of the innovation capacity in peripheral cities. The analysis of mechanisms indicates that the digital economy enhances local innovation capacity directly through promoting human resources and increasing science and technology spending and drives the improvement of the innovation capacity in peripheral cities through the spatial spillover of human resources and science and technology spending. The effects of the latter one outweigh those of the former one. The analysis of heterogeneity shows that the central, western, and northern regions, where the digital economy is relatively less developed, have the latecomer advantage, and the digital economy has more prominent effects on innovation capacity. Calculating the spillover distance and threshold demonstrates that the digital economy influences urban innovation within a spatial spillover range and threshold of approximately 500 kilometers. Within 500 kilometers, the positive spatial spillover effects prevail, while beyond 500 kilometers, the negative siphon effect prevails. Therefore, it is necessary to consider the differences in the impact and role of the digital economy on urban innovation from a spatial perspective.

Research on the Impact Evaluation of Digital Finance on the Synergy between Economic Development and Ecological Environment.

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.