Modern Economic Development Research Articles

Research on the Integration of Green Finance and Rural Revitalization Assisted by Banks: A Case Study of "Village Huizhou"

In recent years, China the country has issued several policies to increase the support of commercial banks for rural revitalization. In addition, Huizhou architecture belongs to intangible cultural heritage. Therefore, the Mount Huangshan Branch of the Agricultural Development Bank of China proposed the "Village Huizhou" project, mainly to drive the development of the local economy and increase people's income to finally achieve rural revitalization. According to the PEST model analysis, this scheme is feasible. The bank helps the development of culture and tourism, which not only drives the economy of Mount Huangshan but also promotes the repair and protection of villages. It is also a reference for other regions. At present, the project is gradually expanding, so the bank needs to continuously strengthen cooperation with the government and conduct research on local green finance needs. In the future, banks can increase their credit support and loan issuance efforts, further strengthening their support for rural revitalization strategies. With the joint efforts of the government, banks, enterprises, collectives, and villagers, this project aims to achieve financial empowerment for rural revitalization, integrating the protection of traditional culture with modern economic development. The "Mount Huangshan Model" formed by the project can continue to expand the province and even the whole country in the future, to accelerate the process of national rural revitalization.

SUSTAINADILITY AS A BASIS FOR THE ECONOMIC DEVELOPMENT OF ENTERPRISE

The modern economic development of enterprises is impossible without enhancing their level of sustainability, which ensures success in overcoming globalization challenges and achieving socio-economic growth objectives. This underscores the relevance of researching the types of sustainability in business entities. The aim of this article is to specify the types of sustainability in enterprise economic activity. Research methods: logical analysis, generalization. Based on a literature review, this article specifies the types of sustainability in enterprise economic activity that collectively define sustainable enterprise development. These include economic sustainability, financial sustainability, production sustainability, resource sustainability, marketing sustainability, social and psychological sustainability, environmental sustainability, organizational and managerial (including functional) sustainability, innovation sustainability, and risk sustainability. Such systematization of enterprise sustainability types allows us to represent the entire system of interactions among sustainability elements. Clarifying the types of sustainability in enterprise economic activity, as identified in the scientific literature, is essential for further consideration when forming strategic development perspectives for business entities.

How Digital Innovation Ecosystems Facilitate Low-Carbon Transformation of the Economy Based on a Dynamic Qualitative Comparative Analysis

The digital innovation ecosystem is an important driving force for building a modern economic development system. It is of great significance to explore the multiple configuration paths of digital innovation ecosystems affecting the development of the low-carbon transformation of the economy to facilitate the green and sustainable development of the economy. We have found through our research that the types of configuration that lead to the development of a high-level low-carbon economy are ‘subjects-resource-environment linkage’ and ‘subjects-environment driven’. The former is the key configuration path that leads to the development of a high-level low-carbon economy. In both models, a high-level digital environment is the core condition that facilitates the development of a high-level low-carbon economic transformation. Moreover, in the spatial dimension, there is a significant difference in the types of configuration that achieve low-carbon economic transformation in the eastern, central, and western regions of China. The findings of this study reveal how the three major subsystems of the digital innovation ecosystem synergistically affect the low-carbon transformation of the economy. It not only helps to improve the relevant theories, but also brings certain references for improving the ‘synergy’ between low-carbon development and economic growth.

Research on Strategies for High-Quality Development of Digital Economy Innovation in the Context of High-Level Opening-Up: A Case Study of Wenzhou, Zhejiang

n the context of high-level opening-up, the digital economy has become a key driver of economic growth and industrial upgrading, emerging as a central issue in China's modern economic development. This study explores the significance of digital economy innovation in this context and addresses the challenges it faces, such as the need for technological advancement, incomplete legal frameworks, and a shortage of relevant talent. Strategies to enhance technological innovation, improve legal systems, and streng1hen the cultivation and attraction of digital economy talent are proposed. The feasibility of these strategies is validated through a case study of Wenzhou, Zhejiang, providing insights for the development of China's digital economy in the new era.

Muamalah Kontemporer dan Fatwa Ulama: Dinamika dan Implementasi di Indonesia

This study aims to examine the dynamics of fatwas issued by Islamic scholars in addressing contemporary Muamalah issues in Indonesia and to identify the roles, challenges, and potential alignment between fatwas and positive legal regulations. Fatwas issued by scholars play a crucial role in providing legal guidance for Muslims in Indonesia, particularly in the context of technological and modern economic developments such as e-commerce, sharia fintech, and digital investments. Using a qualitative approach with literature study, this research analyzes various fatwas issued by the Indonesian Ulema Council (MUI) and the factors influencing the scholars' decisions, including technological advancements, societal needs, and globalization. Furthermore, this study identifies obstacles in the implementation of fatwas, such as limited public understanding and potential conflicts with government regulations. The research finds that, despite the challenges, there is significant potential for aligning fatwas with positive legal regulations in Indonesia. Collaboration between scholars, religious institutions, and the government is essential to ensure the effective implementation of fatwas and create an inclusive and just legal system for Muslims. The synergy between fatwas and regulations is expected to support the sustainable development of the Islamic economy and contribute to the building of a more prosperous and harmonious Indonesian society.

Sacrificing sustainability for a higher GDP growth rate

Striving for positive GDP growth often comes at the expense of sustainability indicators, highlighting a crucial dilemma in modern economic development. This empirical study delves into the intricate relationship between sovereign sustainability indicators and GDP growth by using panel data that spans across 15 years for 100 countries and sheds light on the complexities of economic progress in the context of sustainability. Analysis reveals a negative bidirectional relationship between SDG scores and GDP growth rate, prompting further exploration into the determinants of these variables. Notably, GDP growth tends to rise following deteriorations in sustainability, while improvements in certain sustainability indicators, such as quality education and renewable energy consumption, correspond to enhanced GDP growth. However, the interplay between GDP growth factors and SDG scores unveils nuanced patterns, with both positive and negative associations observed across various determinants. These findings underscore the multifaceted nature of the relationship between sustainability and economic growth, challenging the notion that GDP growth alone signifies economic well-being. Considering these insights, policymakers are urged to adopt a holistic approach to sustainable development, integrating diverse econometric metrics, decoupling economic growth from environmental degradation, and bolstering data collection and analysis efforts. By embracing comprehensive strategies that prioritize sustainability alongside economic prosperity, policymakers can pave the way for inclusive and resilient development pathways.

Family Welfare of Women Entrepreneurs in the Context of Local Wisdom: A Literature Review

Family welfare is not only determined by the income of the head of the family, who is mostly male, but also by other family members including their spouses. The purpose of this study is to conduct a literature review related to the family welfare of women entrepreneurs in the context of local wisdom. Women have the ability to improve the quality of life and raise the standard of living of their families based on existing resources and potential. One form of local wisdom that is believed from generation to generation as a cultural value that is closely related to religious culture, in this case Hinduism, is Catur Purusa Artha. The values of this Hindu teaching are four goals that must be travelled in life today. The teaching of Catur Purusa Artha has been able to create harmony in modern economic development without losing its identity and traditional values. Through these spiritual values in Balinese culture, it can help women entrepreneurs achieve holistic abundance in realising family welfare.

The application of a panel PLS-SEM model to determine the relationship between the institutional factors and the innovativeness of EU economies

The ability of domestic enterprises to invent, introduce and diffuse innovations has been a driving force of the development of modern economies. This paper focuses on the institutional determinants of innovativeness of European Union economies. Institutions are defined as a universal, relatively persistent set of social norms rooted in society, shaping both human behaviour and all relations in the economy. The institutional factors seem to be especially significant nowadays, in an era dominated by the open innovation model. The aim of the study discussed in the article is to measure the quality of institutions and the level of innovativeness of EU economies (26 EU economies, excluding Greece due to data deficiency) and to identify the relationship between these directly unobservable categories. The research applies the partial least squares structural equation modelling (PLS-SEM) method. On the basis of data for the years 2010 and 2020 extracted from Eurostat, Freedom House, the Fraser Institute, the Heritage Foundation and the Legatum Institute, a panel PLS-SEM model was constructed and an empirical analysis was performed. The latter demonstrates that the correlation between the quality of institutions and the level of innovativeness of EU economies was positive, strong and statistically significant both in 2010 and in 2020. Taking into account the theoretical aspects and the results of research of other scientists, this relationship might be considered not only as correlational, but also as causal.

Evaluation of financial strategies for balancing the investment climate in Ukraine

Introduction. Evaluation of financial measures to stabilize the investment climate in Ukraine is an extremely important topic in the conditions of modern economic development of our country. Investments play an important role in strengthening our economy. However, in order to achieve stable economic growth, effective financial strategies are needed, which will contribute to the improvement of the investment climate and its balance. The purpose of this paper is to study financial strategies for balancing the investment climate in Ukraine. To achieve the goal, the following tasks were performed in the research process: the concepts of investment and investment climate were considered; the main financial strategies for balancing the investment climate in Ukraine were investigated. Results. It is noted that the country’s investment climate is a set of political-legal, financial-economic, social, institutional, infrastructural, innovative and other conditions affecting investment activity. Creating a favorable investment climate is a key factor for attracting investments and ensuring further economic growth of the country. It was also noted that investments are the main tool for forming both microeconomic and macroeconomic proportions that determine the rate of economic growth. Availability of a sufficient volume of investments in vital areas is a guarantee of effective development and increase of the country’s investment attractiveness. In order to improve the investment climate in Ukraine, it is necessary to implement balanced and transparent financial strategies that will contribute to the stability of the economic environment, reduce risks for investors and ensure the efficient use of resources. It is critical to improve the regulatory environment by reducing bureaucratic barriers and increasing the transparency of procedures. Ensuring reliable protection of investors’ rights and fighting corruption is the basis for creating a trusting investment environment. Fiscal stability, including inflation control and effective public debt management, are important to maintain investment attractiveness. The development of financial markets, support for innovations and technological start-ups, as well as attracting international financial assistance will contribute to the stabilization of the economic environment and the reduction of risks for investors. Conclusion. Implementation of these strategies can help Ukraine increase its investment attractiveness even in difficult current conditions and ensure sustainable economic development in the long term.

Features of the innovative approach in the formation of regional industrial policy

The article is considering the phenomenon of blurring boundaries between economic sectors, the merging of various stages and functions within the production process occurs, which is a distinctive feature of modern economic development. The authors emphasize imbalance in the distribution of capital: in conditions of excess financial resources throughout the national economy, there is a shortage of funds allocated for innovative projects. A key aspect of this problem is the lack of a long-term perspective and development strategy among economic entities. It is substantiated that insufficient attention to the development and implementation of risk management strategies leads to underestimation of the value of innovations with a long-term perspective, and in order to effectively overcome innovation shortsightedness, necessary an integrated approach that includes not only improving corporate culture and developing innovation infrastructure, but also improving legal and regulatory environment. The concept of innovative short-sightedness is considered, which reflects the underestimation of future benefits and the narrowing of the planning horizon of economic agents. Attention is focused on the fact that government policy and regulation can also have a significant impact on innovation activity; an imperfect legal framework in the field of intellectual property or unpredictability of tax policy creates uncertainty for entrepreneurs and investors, which can discourage investment in innovative projects. It is argued that in the context of industrial policy formation, the most significant aspects are the establishment and support of economic entities. It is emphasized that industrial policy should be focused on stimulating the primary links of production; it can be aimed at ensuring the development of high-tech sectors of the economy, which can become the driving force of innovative growth and increasing the competitiveness of national producers in world markets. In the realm of investment strategies, significant attention is directed towards crafting standards for utilizing approaches that simplify the integration of intellectual assets into economic systems, all while considering the expected duration of product viability.

The Power of Digitalization, the Hainan Free Trade Port, and Regulations for Modern Economic Development in Turkmenistan Are Significant

This study examines the effects of digitization on economic growth in Turkmenistan, emphasizing the legal framework and real-world applications. The definition of “digitalization”, an analysis of its impact on the nation’s economy, and a focus on its unique features are presented first. It then explores several critical issues regarding Turkmenistan’s digital economy’s progress, such as assessing its current economic situation, significant trends, innovation, and challenges. It examines the financial results of implementing the Concept for the Development of the Digital Economy for 2019–2025 and the impacts of these policies. The report’s conclusion offers some recommendations and a breakdown of the challenges Turkmenistan faces as its digital economy expands, and how technology developments, digitization, and regulatory agendas affect Turkmenistan’s and the Hainan Free Trade Port’s economic growth in Turkmenistan. It examines the possible benefits of using digital technologies to promote trade facilitation and regional economic expansion. The potential and state of the country’s digital economy are better understood. The investigation also emphasizes how vital digital technologies are to advancing society and creating jobs, and this research emphasizes the need for digitization as a successful tool for economic growth and highlights the need for a market economy based on a solid legal framework. One of the central tenets of Turkmenistan’s economic strategy is the development of emerging digital technology. Considering China’s experience, the paper examines Turkmenistan’s digital economy’s legal approach to technology use. Turkmenistan can benefit from this experience just by starting its digital transformation journey.

Analisis Fenomena Warung Madura 24 Jam Dalam Perspektif Solidaritas dan Pembangunan Ekonomi Modern di Desa Tegalboto, Sumbersari, Jember.

24-hour Madura stalls have become part of the economic life of local communities in many cities in Indonesia. This research aims to analyze the role of 24-hour Madura food stalls in strengthening local community solidarity while adapting to the dynamics of modern economic development. Warung Madura 24 hours plays an important role in strengthening local community solidarity by providing employment opportunities for local communities and being a vital place for social interaction. However, Madura stalls have their own challenges, namely competition between modern stalls and minimarkets that offer similar products on a larger scale. In our research we concluded that 24-hour Madura warungs have a significant role in strengthening local community solidarity while remaining relevant in modern economic development.

Programming and Debugging of Multi-layer Elevator with Teaching Function

With the development of modern economy and urban life, elevator has become an indispensable means of transportation in people's daily life. The traditional relay elevator control system greatly reduces the reliability and safety of the elevator system due to the large mechanical and electromagnetic inertia of the relay itself. In order to ensure that the elevator operation is efficient, energy-saving, safe and reliable, the elevator control mode must be improved. Programmable logic controller (PLC), developed according to the needs of sequential logic control, is an electronic device for digital operation specially designed for industrial environment application. PLC has fast processing speed and high reliability, which can ensure the normal, safe and reliable operation of the elevator. The elevator controlled by touch screen is convenient and operable, which has become the choice of more and more high-end elevators. Traditional elevator control methods often rely on physical buttons, which are prone to wear and failure after a long time of use, affecting the normal operation of the elevator. The touching screen control mode is more durable, and the operation is more intuitive and easy. Passengers can quickly select their destination floor with just a touch of the screen, greatly enhancing the elevator experience.

International comparison of China's digitalization level and its enlightenment.

The global digital wave has flourished in recent years, and the digital technology revolution has emerged. Digitalization plays an undeniable role in promoting modern economic and social development in multiple aspects such as economy, society, innovation, public services and sustainable development, China's digitalization application is also developing rapidly. In order to better measure the current situation of China's digitalization development level, this paper constructs a comprehensive evaluation index system of digitalization development from four dimensions of talents in the digital field, digital infrastructure construction, digitalization innovation ability and international competitiveness, and tests the index system. The entropy method is used to measure the level of digitalization development between China and the United States, the United Kingdom, France and other major developed countries in the world, and the coefficient of variation method, kernel density estimation and Dagum Gini coefficient method are used to analyze the temporal and spatial characteristics and regional differences of digitalization development level of seven countries. This paper makes a comparative analysis between China and major developed countries from the historical perspective of the evolution of the techno-economic paradigm. With a view to summarizing and exploring from it and drawing on the advanced experiences accumulated by the developed countries over a long period of time, so as to provide China with useful insights and bases for further enhancing its digitalization development level.

Analysis and Forecasting of Energy Data and GDP Based on Pearson Correlation Analysis-Random Forest Algorithm

The relationship between energy data and GDP is an important economic issue because energy is the foundation that supports modern economic development. This paper examines the relationship between energy data and GDP and uses Pearson correlation analysis to calculate the relationship between each variable in energy data and annual GDP for 52 regions. The results show that total electricity consumption is the factor with the highest degree of influence on GDP, followed by natural gas consumption, biomass consumption, hydroelectricity consumption, LPG consumption and geothermal energy consumption. This indicates that there is an extremely strong correlation between local energy data and GDP. To further explore this correlation, this paper attempts to predict the GDP of the locality based on the local energy data using a machine learning approach.The Random Forest algorithm is chosen as the machine learning model, and the training, validation and test sets are divided according to the ratio of 6:2:2. By using MSE, RMSE, MAE, MAPE and R to evaluate the model, it is found that the random forest machine learning algorithm can predict the local GDP well.The predicted value of GDP and the actual value of GDP are very close to each other, meanwhile, the value of MSE is 62.779.These findings show that the local energy data are closely related to economic development. The impact of energy factors on the economy should be taken into account when formulating economic policies. In addition, machine learning algorithms can provide strong support for economic forecasting and provide more accurate information for decision makers.

ТЕХНОЛОГИЧЕСКИЕ И САНКЦИОННЫЕ ВЫЗОВЫ В РЕГИОНАЛЬНОМ РАЗВИТИИ (КЕЙС СЕВЕРНОГО МОРСКОГО ПУТИ)

The article is devoted to the study of the features of regional development under the influence of sanctions and technological (digital) challenges. The analysis was carried out using the example of such a specific territorially determined economic system as the Northern Sea Route. The purpose of this article is to analyze the features of the influence of digital and sanctions challenges and threats on the functioning and development of the Northern Sea Route. The study assessed the impact of digitalization on modern economic development, showed the positive and negative features of this impact, and systematized the risks that digitalization poses for the Northern Sea Route. Directions and specific digitalization measures are proposed that are appropriate for implementation in the formation of the digital infrastructure of the Northern Sea Route. The study also examined the mechanisms of influence of anti-Russian sanctions on the economic system of the Northern Sea Route. Particular influence is given to the implementation of oil and gas projects in the Arctic zone of the Russian Federation, which are a source of both domestic and export cargo flows. The article shows that new challenges give rise to instability and instability in the functioning and development of socio-economic systems. At the same time, in addition to the negative impact of these challenges on the development and functioning of the Northern Sea Route, they provide new opportunities that can be used to create new growth points in the Arctic macroregion.

Revealing the evolution of global energy trade patterns amidst the COVID-19 epicenter storm

As the driving force of modern economic development, the evolution of the global energy patterns during major emergencies deserves attention. This study aims to uncover changes in global energy patterns during the COVID-19 epicenter storm. The results reveal concentrated energy trade volume in a few flows, with high-income countries holding greater influence. Amid the epicenter storm, there was a contraction in global energy trade volume, and trading patterns underwent significant shifts: (1) the global natural gas trading center shifted from the Middle East to western Africa initially, then to the United States and Russia; (2) Brazil, a crucial crude oil exporter, saw a weakened position in global crude oil exports; and (3) in the coal trading network, Australia and Russia maintained their position as trading centers throughout the storm. Swift policy adaptation is crucial for resilience and stability amid evolving global energy patterns.

Evaluating the Impact of Financial Literacy on Investment Decisions: A Case Study of Balochistan, Pakistan

Contemporary financial technologies have reshaped the global financial markets by contributing to the development of modern economies. During the past decade, the transactional complications and the risks associated with the use of and investments in emerging financial products & services have made it challenging for salaried individuals and young investors to make effective investment decisions. Thus, financial literacy is important for understanding the risks and returns associated with various financial investment options. This study examines the impact of four dimensions of financial literacy (Financial Knowledge, Financial Awareness, Financial Behavior, and Financial Attitude) on the investment decisions among the salaried class of Balochistan province of Pakistan under the moderating influence of their risk perception. By employing quantitative research, the data were collected via online surveys from 350 employees of different public and private organizations in the province. Statistical software tools were utilized for data analyses. The results revealed that all four dimensions of financial literacy had a positive and significant impact on the investment decisions of the salaried individuals of Balochistan. The results contribute to the current literature by offering an increased understanding of how to build and promote a culture of financial literacy among these individuals and thus help them make effective investment decisions. In addition to the salaried class, this study also offers valuable insights for individual investors, young entrepreneurs, and the federal & provincial governments as the policy makers so they could play their active role in their capacities and contribute to the overall economic growth of Pakistan.

The New Development Economics as a Methodological and Ideological Discipline

The article is devoted to the description of a fundamentally new configuration of the discipline "Development Economics", offered as a theoretical understanding of modern transformation processes in the world economy. The discipline is designed for master's programs of economic directions of training, although it is built on the basis of an interdisciplinary approach. It is shown that the traditional courses on development economics, formed in the West in recent decades, were aimed at explaining the economic backwardness of developing countries and developing recommendations for overcoming the lag in the framework of globalization logic of the world economy development. The problems of developing countries and recipes for economic modernization have been presented in the format of macroeconomic models and institutional explanatory schemes, which do not reflect the much deeper causes of underdevelopment. At the beginning of the 21st century, the topics of Western courses were supplemented with global challenges of human development – inequality and poverty, environmental pollution, the UN Sustainable Development Goals, the "green agenda", and so on. However, these problems are also treated within the framework of the devalued globalist agenda. The ongoing deglobalization and the search for a new world economic order have devalued the theoretical background of traditional development economics. In the proposed new discipline, the problem of modern economic development is revealed with the help of geographical, geo-economic, long-term technological, institutional factors, with the involvement of the latest research in the framework of economic theory and related scientific directions of both domestic and foreign authors. The authors propose a competitive non-equilibrium paradigm of economic processes as the basic ontological concept of the course, in contrast to the implicitly existing equilibrium paradigm in the standard versions of the course "Development Economics".

Evaluation of the impact of export restrictions on the upgrading of China’s energy industry based on the Kuznets curve

The EI is an important pillar of modern economic development and a key factor in ensuring national strategic energy security. The upgrading of China’s Energy Industry (EI) faces a series of problems and challenges, such as excessive energy production, difficulty in energy technology innovation, and low energy efficiency. The significance of this study lies in its endeavor to tackle these challenges by focusing on several facets, including the promotion of innovation in energy technology and the enhancement of energy management. Utilizing the Kuznets Curve (KC) theory and considering energy export restrictions (ER) as a constraint, the study analyzed the impact of China’s EI upgrading. It analyzed the relationship between changes in indicators such as EI resource utilization rate, degree of ERs, export proportion, and resource allocation proportion of energy enterprises and the impact of China’s EI upgrading. According to the experimental results, it can be concluded that when the resource utilization rate was between 30% and 60%, the energy export volume showed a significant growth trend. As it gradually approached saturation, the contribution of energy production growth began to weaken and showed an inverted U-shape. Examining how the expansion of Economic Relations (ERs) affects the enhancement of China’s Economic Infrastructure (EI) within the framework of the Knowledge Capital (KC) can provide valuable insights. It offers guidance on striking a balance between exports and domestic demand in China’s economic development, facilitating the formulation of export policies, supporting structural adjustments and advancements in China’s EI, and contributing to the promotion of sustainable development (SD). Additionally, this analysis aids in preventing potential issues and safeguarding both the ecological environment and the interests of citizens.