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Capital misallocation is a main obstacle to China's economic development. This paper deploys a quasi-natural experiment formed by the 'Revitalization Plan for Ten Industries' (RPTI) and examines the impacts that selective industrial policies have on capital misallocation. It is found that the RPTI significantly exacerbates capital misallocation and that the effect does not disappear when the RPTI ends. Mechanism analysis indicates that the RPTI significantly increases the capital productivity of firm groups with high capital productivity but significantly reduces the capital productivity of firm groups with low capital productivity. This can be further interpreted by a decrease or an increase of inefficient investment and financial constraints faced by the corresponding firm groups. The documented relationship is stronger in state-owned enterprises and in firms located in areas of high marketization. Our findings advance the understanding of governmental policy intervention in developing countries. [ABSTRACT FROM AUTHOR]

Objective To analyze the effects of different lower extremity arterial disease and tissue microcirculation on negative pressure therapy for diabetic foot ulcer, and to explore the peripheral vascular and tissue microcirculation conditions suitable for the treatment of diabetic foot ulcer with negative pressure wound therapy. Methods A total of 75 patients with diabetic foot ulcer (Wagner grade 2 to 3) who were hospitalized in the Diabetic Foot Treatment Center of Endocrinology and Metabolism Department of Guangxi Zhuang Autonomous Region People's Hospital from November 2015 to November 2019 were selected. According to the results of lower extremity vascular ultrasound, ankle-brachial index (ABI) and percutaneous oxygen partial pressure (TcPO2), the patients were divided into three groups (Group A, Group B and Group C) based on the condition of lower extremity arterial lesions and tissue microcirculation. Each group underwent negative pressure therapy for 2 weeks. Image J graphic analysis software was used to measure the ulcer area and granulation area. Wilcoxon rank sum test and Kruskal-Wallis test were used for comparison between groups. Spearman correlation analysis and multiple linear regression analysis were used to study the correlation and influencing factors of ulcer area reduction value and granulation area increase value at the end of 2 weeks negative pressure therapy. Results The decrease of ulcer area, and the increase of granulation area in three groups (27, 29 and 19 cases respectively) with different lower extremity arterial lesions and tissue microcirculation at the end of 2 weeks treatment were significantly different compared with those before treatment (P<0.05). In the comparison between the three groups, there were statistically significant differences between Group C and Group A, Group B in the value and rate of ulcer area reduction over the end of 2 weeks negative pressure therapy (P<0.05).However, there was no statistical difference between Group A and Group B (P>0.05). Besides, in the comparison between the three groups, there were statistically significant differences between Group C and Group A, Group B in the value and rate of increased granulation area over the end of 2 weeks negative pressure therapy (P<0.05), but there was no statistical difference between Group A and Group B (P>0.05). In addition, the change value of ulcer area at the end of treatment for 2 weeks was correlated with the diabetic duration (r=-0.311), ABI (r=0.394), TcPO2 (r=0.301) and lower limb vascular ultrasound (r=-0.292, P<0.05). The change value of granulation area at the end of treatment for 2 weeks was correlated with TcPO2 (r=0.239, P<0.05) and lower limb vascular ultrasound (r=-0.207, P<0.05).The independent influencing factors of ulcer area reduction at the end of 2 weeks negative pressure therapy were ABI and diabetic course (P< 0.05); the independent influencing factor of granulation area increment at the end of 2 weeks negative pressure therapy was TcPO2 (P<0.05). Conclusions The degree of diabetic lower extremity arterial disease and tissue microcirculation play a role in the efficacy of negative pressure assisted closure technique in the treatment of diabetic foot ulcer. The more severe the lower extremity vascular disease and tissue microcirculation disorder are, the worse the effects of negative pressure wound therapy on ulcer area reduction and granulation growth are. [ABSTRACT FROM AUTHOR]

Promoting green financial reform is an important measure to support environmentally-biased technological progress (EBTP) and achieve sustainable economic and social development. Although China launched a green finance reform and innovation pilot zone (GFRIPZ) policy in 2017, little is known about whether and how such a policy affects EBTP. Based on mathematical deduction, this paper studies the mechanism through which green financial reform influences EBTP. The analysis employs panel data of Chinese prefecture-level cities and a generalized synthetic control method to examine the policy effect of the establishment of GFRIPZ in EBTP. It is found that establishing GFRIPZ significantly promotes EBTP, and that the policy effect shows "ahead-of-policy" and dynamically increasing features. Potential mechanisms reside in the pilot policy's easing of financing constraints and upgrading of industrial structure. Further heterogeneity analyses reveal that great disparities exist in the policy effects of different pilot zones, with a steadily increasing policy effect in Zhejiang and Guangdong, a lagging policy effect in Jiangxi and Guizhou, and an inverse U-shaped policy effect in Xinjiang. Policy effects are much stronger in regions with a higher degree of marketization and a higher level of attention to education. Additional tests of economic performance indicate that the pilot policy, interweaved with its driving effect on EBTP, is conducive to promoting an energy-conservation and low-carbon-energy transition. The findings shed light on applying green financial reform to encourage environment-friendly technological research and development. [Display omitted] • A generalized synthetic control method is applied to evaluate the policy effect. • The green finance reform drives environmentally-biased technological progress (EBTP). • Mechanisms are the easing of financing constraints and upgrading of the industrial structure. • Heterogeneity exists in pilot zones with different policy focuses, marketization degree, and attention to education. • The reform interweaved with its driving effect on EBTP contributes to a low-carbon-energy transition. [ABSTRACT FROM AUTHOR]