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In order to reduce the environmental pollution of economic development, countries around the world pursue high-quality economic development model. However, the relationship between R&D investment agglomeration and high-quality economic development has not been thoroughly revealed in existing studies. Taking 30 provincial-level regions in China from 2009 to 2018 as research samples, this paper empirically examines the relationship between regional R&D investment agglomeration and high-quality economic development by using system GMM method and spatial econometric model. Theoretical analysis shows that regional R&D investment agglomeration promotes regional high-quality economic development by increasing regional knowledge capital, improving innovation efficiency, and promoting knowledge spillovers through scale effect, synergy effect, and spillover effect, respectively. The empirical results show that regional R&D investment agglomeration can significantly promote regional high-quality economic development. The degree of regional integrated innovation can positively adjust the promotion effect of regional R&D investment agglomeration on regional high-quality economic development. Regional R&D investment agglomeration can effectively promote the high-quality economic development of surrounding regions. [ABSTRACT FROM AUTHOR]

Deep decarbonization aims to achieve the profound transformation of energy systems through steeply reducing carbon intensity in all sectors of the economy, which is the only way to achieve the goals of reaching peak carbon emissions and carbon neutrality. It is of great practical significance for China to clarify the research themes and identify the research evolution trend of deep decarbonization. We first analyzed the connotation and characteristics of deep decarbonization, based on which we deeply read the related academic literature and the frontier reports issued by international organizations and research institutions to make a systematic review of relevant research themes. Moreover, based on the identification results of research hotspots and research frontiers of deep decarbonization obtained by bibliometric analysis, we analyzed the evolution trend of deep decarbonization research. The research found that: ① Deep decarbonization is essentially to promote the deployment of carbon reduction, zero carbon, and negative carbon technologies to achieve the transition of the entire energy system from a high carbon emission type to a net-zero emission type through technological, social, and economic policy paths. Compared with normal decarbonization, the characteristics of coverage and path planning determine that deep decarbonization is a more advanced decarbonizing process. ② The research themes of deep decarbonization mainly fall into four categories: challenges faced by deep decarbonization, technological paths of deep decarbonization, policy research oriented to deep decarbonization, and cost and benefit evaluation of deep decarbonization. ③ The evolutionary trend of deep decarbonization research can be divided into two stages. In the initial stage (2015-2018), the framework, including subdivided research fields and research frontiers of deep decarbonization research, was initially formed. In the rapid development stage (2019-2021), more detailed emerging research topics were emerging in the field of deep decarbonization research, and scholars began to turn to new research perspectives. Finally, the implications of deep decarbonization research for China were proposed: In terms of research perspective, deep decarbonization research should be expanded to the micro-subject level and to research on issues such as decarbonization of the corporate value chain and corporate decarbonization potential assessment with an interdisciplinary perspective. In terms of research methods and paradigms, multidisciplinary research methods should be used to better develop comprehensive models supporting accurate decision-making. New paradigms such as big data, machine learning, and simulation can be explored in deep decarbonization research. In terms of research content, this paper suggests the expansion of the current research boundary of deep decarbonization through studying the incentive mechanisms, investment and financing mechanisms, identification of emerging technologies, construction of technology systems, and establishment of cost-benefit evaluation frameworks, models and methods. [ABSTRACT FROM AUTHOR]

In the new era, the Chinese government has implemented a strategic arrangement of high-quality development and a dual circulation development pattern, which injects new content and driving force into China's new urbanization. To reveal these changes, this paper constructs a quadrilateral diamond structure model of urbanization development dynamics of four-dimensional force + institutional force + innovation force, based on the comprehensive connotation of urbanization. Then the standard variance method and global principal component regression model are applied to empirically analyze the urbanization level and its development dynamics for Chongqing, a typical representative city of strategic importance in China, from 2000 to 2018. The results show that the following. (1) The urbanization level and all subsystems in Chongqing have shown a significant growth trend, of which the population and social subsystems have been maintaining relatively high growth rates, mapping the urbanization from a traditional efficiency-first economic growth model to a comprehensive benefit maximization model, focusing on people's livelihood and sustainable development. (2) The urbanization of Chongqing in the new era is an endogenous growth-oriented model driven by administrative, market, intrinsic, exterior, innovational, and institutional forces. This reflects the diversified and contemporary characteristics of the driving forces of urbanization in the new era, as well as the rationality and superiority of the institutional arrangement of the Chinese government. (3) The quadrilateral diamond structure model, which is based on the endogenous growth of the two forces of institutions and scientific and technological innovation, reveals the regional attributes and contemporary characteristics of the driving forces of urbanization in the new era. It can illustrate the Chinese experience for world urbanization research, and provides basic material for the world to understand and explore the characteristics and patterns of China's urbanization development. [ABSTRACT FROM AUTHOR]

• The relationship between industrial agglomeration and air pollution is explored. • The mediating effect of technological innovation on air pollution is explored. • The dynamic spatial panel Durbin model and mediation effect model is used. Based on the panel data of 277 prefecture-level cities in China, this paper empirically analyzes the relationship between industrial agglomeration and air pollution, and the mediating effect of technological innovation by using dynamic spatial panel Durbin model and mediation effect model. The results show that: (1) there is a typical N-shape curve relationship between industrial agglomeration and air pollution, that is, there is a moderate agglomeration interval in which industrial agglomeration can restrain air pollution. (2) Technological innovation is a mediator variable of industrial agglomeration affecting air pollution. Industrial agglomeration not only has a direct impact on air pollution, but also has an indirect impact on air pollution through technological innovation. The non-linear mediating effect is reflected in the typical U-shape curve relationship between technological innovation and air pollution. (3) Air pollution and technological innovation have strong time-space dependent effects. [ABSTRACT FROM AUTHOR]

Promoting rural environmental planning is an important measure to optimize the allocation of spatial resources, balance economic development and ecological protection, and realize the green transformation of agriculture and rural areas. It is a specific starting point to address the current problems that are hindering increasing farmers′ income, and agricultural development and rural stability, in order to realize the coordinated development of living, ecological, and agricultural environments. It is also an inevitable requirement for realizing the rural revitalization strategy and promoting the green and sustainable development of agriculture and rural areas. At present, rural development is subject to the drawbacks of the development of China ′ s urban-rural dual structure, in which long-term industrialization and urbanization have given rise to a series of significant problems, including rural aging, pollution, and emptying, and have become key bottlenecks to green sustainable development. Therefore, in order to achieve the necessary planning requirements, this paper deconstructs all elements of the current rural environmental planning process as a systematic overall plan, defines the development orientation and objectives of the current policy system, elucidates the basic connotation of rural environmental planning, and proposes a theoretical system of rural environmental planning, which includes agricultural, human settlement, and ecological environments. In the context of rural environmental planning alongside green development, our analysis identified problems and shortcomings in current practices, including a lack of connection between different types of rural environmental planning, a lack of scientific and technological innovation, and a lack of understanding with regards to new development concepts. To address these issues, problem-oriented corresponding solutions and management approaches are put forward to provide theoretical and policy support for the better construction of rural ecological environments and the realization of rural green development goals. [ABSTRACT FROM AUTHOR]

This paper constructs a theoretical model of biased production decisions due to the import of environmental intermediate goods. Additionally, it analyzes the influence of these imports on CO2 emissions based on the trade and CO2 emission data of Chinese prefecture-level cities from 2000 to 2016. Furthermore, it empirically explores how environmental intermediate imports affect CO2 emissions. The study found the following: first, the import of environmental intermediate goods can effectively reduce CO2 emissions; this conclusion still holds under robustness and endogeneity tests. Second, the carbon emission reduction effect related to the import of environmental intermediate goods is affected by differences in geographical location, environmental pollution, sustainable development ability and government efficiency. Third, the mechanism test found that the import of environmental intermediate goods exerts emission reduction effects through the green technological innovation and industrial structure upgrading mechanisms. The conclusions of the research in this article provide a reference for coordinating trade development and environmental protection. [ABSTRACT FROM AUTHOR]

Based on the instrumental variable method and a fixed-effects model, this paper uses panel data from 283 prefecture-level cities in China from 2004 to 2016 to analyse the impact of environmental regulation on the international competitiveness of China. The results suggest that (1) the strengthening of environmental regulation hinders the international competitiveness of Chinese cities; (2) technological innovation, resource allocation and government intervention all have partial mediating effects between the intensity of environmental regulation and the international competitiveness of Chinese cities. Nevertheless, if reasonable environmental policies can be formulated to enable the organic coordination of technological innovation, resource allocation and government intervention, it is possible to achieve a win-win situation between environmental regulation and the international competitiveness of Chinese cities. [ABSTRACT FROM AUTHOR]

Land is the spatial carrier and basic condition for guaranteeing regional development, and its regulation effects tend to affect the direction of long-term development and innovation potential of cities. This paper constructed an evaluation index system of land regulation in line with China' s national conditions from the perspective of the land system with Chinese characteristics. In addition, based on panel data for 280 prefecture-level cities in China from 2008 to 2019, this study used the spatial Durbin model and parallel multiple mediation model to empirically estimate the effects and mechanisms of land regulation and its spatial strategy interaction on city innovation. The results showed that: ① The impact of land regulation on city innovation was dynamic and multiplied. In terms of direct effects, land regulation and city innovation presented a typical U-shaped curve relationship with an inflection point of 4.833. Specifically, low-level land regulation significantly reduced city innovation, while high-level land regulation that exceeded the threshold could promote city innovation. ② Due to the strategic interactions of local governments, the impact of land regulation on city innovation had a significant spatial spillover effect. The relationship between adjacent urban land regulation and local city innovation followed a similar U-shaped curve to the direct effect. ③ In terms of indirect effects, the relationship between land regulation and local industrial structure showed an inverted U-shaped curve with an inflection point of 6.214. The spatial spillover effect of land regulation on industrial structures in neighboring cities had the same inverted U-shaped trend. During the study period, the level of land regulation in China had not reached the threshold, and the imbalance of the industrial structure inhibited city innovation. ④ There was an obvious Ushaped curve relationship between land regulation and local industrial agglomeration, and the inflection point value was 5.750. The spatial spillover effect was the same U-shaped trend. During the study period, industrial agglomeration promoted city innovation in China. ⑤ Land regulation had effects on urban innovation through industrial structure changes and industrial agglomeration. The relationship was affected by the multiple effects of mediating variables. Under the mediating effect, land regulation and city innovation showed a Ushaped direct relationship, and the inflection point value was 4.167. The promoting effect of land regulation on city innovation could be realized more quickly through the intermediary mechanism. In order to strengthen the supporting role of land regulation on city innovation, the scope and degree of land management and industrial guidance should be reasonably determined according to the land regulation threshold. At the same time, attention should be paid to spatial interaction and to the co-governance mode across the cities. [ABSTRACT FROM AUTHOR]

Saving energy resources and reducing energy intensity are crucial to promoting China' s major strategic goals of reaching peak carbon emissions and achieving carbon neutrality, and are hence key to the promotion of green transformation and development in the new development stage. As an important practice, the policy of establishing pilot zones for green finance reform and innovations in China aims to promote green finance reform in depth, construct ecological civilization, and realize green economic transformation. Can the policy reduce energy intensity and contribute to energy conservation? What is its impact mechanism? There is a shortage of systematic analysis in academia on these issues. With panel data from Chinese cities from 2007 to 2020 and a generalized synthetic control method, this paper evaluated how the establishment of pilot zones for green finance reform and innovations affected energy intensity and analyzed its impact mechanisms. The results showed that: ① The implementation of the policy significantly reduced the energy intensity of the pilot zones, and the energy-saving effect exhibited 'policy first' and timeliness characteristics. ② The policy-induced energysaving effect was achieved by improving green innovation, easing financing constraints, optimizing industrial structure, and strengthening environmental governance. ③ The policy' s energy-saving effect was more remarkable in areas with better marketization and a higher education level. The findings suggest that the government should fully consider the differences in aspects such as institutional environment and resource endowment among varying regions, design distinct measures to attract more market players to participate in the green finance system oriented by energy efficiency improvement, energy structure transformation, and environmental governance, and create a much better market-oriented environment for green innovation and corporate financing. [ABSTRACT FROM AUTHOR]

China's electric vehicle industry has gained momentum due to multiple factors, but there is still a gap in demand for charging stations. China's subsidy policy for EVs is gradually withdrawing from the market and increasing subsidies for charging facilities to stabilize the growth of EVs. Taking the number of EVs as the decision parameter, this paper proposes a multi-factor combination prediction model of grey correlation and long and short-term memory. The model predicts that the number of EVs in China will reach 1.02 billion by 2030. The importance of factors is discussed qualitatively through scenario setting analysis of EV electricity consumption and power supply. It is found that charging stations in China will show varying degrees of growth from 2021 to 2030. Finally, corresponding suggestions are put forward for charging stations, including charging subsidies, technology R&D innovation policies, and licensing quotas. • Influence degree of influencing factors on charging station construction. • Problems Faced by the Growth of Electric Vehicles. • Electric vehicle's demand for char station. • Policy Suggestions on Charging Station Construction. [ABSTRACT FROM AUTHOR]

Under the influence of the dual policies of sustainable economic development and the national dual-carbon target, the establishment of an environmental protection department for the treatment of heavily polluting industries is imminent, and the country has launched pollution control policies and regulations to restrict the emission rights of heavily polluting industries. Therefore, this paper focuses on whether the restriction of emission rights in key industries has reduced carbon emissions. To achieve this, this paper uses panel data of prefecture-level cities in China from 2006 to 2019 and adopts a two-way fixed-effects DID model to systematically analyze the impact of the key pollution industry governance policies launched by the Ministry of Environmental Protection on CO2 emissions in 2017. And further analyze the role of variables such as green technology innovation patents and energy efficiency using this model, while parallel trend tests and placebo tests, and related policies are used to ensure the robustness of the regression results. This paper reveals that: (1) The heavy pollution industry governance policy implemented in 2017 can effectively reduce CO2 emissions in the cities of the treated group, and the effect is more significant in the year of policy implementation; (2) Green utility patents and energy-use efficiency are the effective mediating mechanisms to reduce CO2 emissions; (3) Over time, the effect of heavy pollution industry governance policy on CO2 emissions gradually decreases; (4) The reliability of the baseline regression results of this paper is proved by the use of parallel trend tests, placebo tests, and tests excluding the influence factors such as relevant policies in the same period. Therefore, the key polluting industries treatment policy launched by China's Ministry of Environmental Protection in 2017 under the recent dual-carbon policy development goals formulated by China, can effectively reduce carbon emissions; however, in the future economic development process, the government should give more consideration to the continuity of the policy impact and its coherence on economic development when implementing the policy. [ABSTRACT FROM AUTHOR]

After the 2008 financial crisis, under the double effects of enterprise value maximization and the decline of real economy marginal profit, the relationship between enterprise financialization and technological innovation is worth exploring in depth. On the basis of testing the impact of non-financial enterprise financialization on technological innovation, this paper explores the impact mechanism as well as the heterogeneity among different types of enterprises. This paper selects non-financial listed enterprises in China from 2007 to 2017 as samples to study the influence of enterprise financialization on technological innovation and its mechanism through panel regression and mediating effect models. Moreover, the heterogeneity among different types of enterprises is further studied. The main conclusions are as follows. First, the financialization of enterprises has a significant "crowding out" effect on technological innovation. Second, the "crowding out" effect of enterprise financialization on technological innovation is formed through capital structure rather than performance. Third, enterprises are faced with different attributes and external environment, thus the influence of financialization on technological innovation is heterogeneous. Fourth, there are significant differences in the impact of financialization on technological innovation between enterprises' attributes and the external environment they face, and the deviation degree caused by attributes is much greater than that caused by the external environment. [ABSTRACT FROM AUTHOR]

Water is the lifeblood of agriculture. Different from land resources, water resources can flow across regions. Based on the perspective of ‘physical water and virtual water’ flow and using the panel data of 31 provinces (autonomous regions and municipalities) in China from 2004 to 2020, this paper used the dynamic spatial Durbin model to estimate the impact of regional grain trade on the pro⁃ portion of grain planting and that of rice, wheat, and corn in the context of inter-basin water transfer. The results showed that: ① For grain output areas, the impact of ‘physical water and virtual water’ flow decreased, the overall proportion of grain planting increased, and the proportion of corn planting among the grains decreased. It showed that the increase of water resource pressure in grain output areas played a greater role in promoting the induced technological change of grain production and strengthening the regional production division than limiting them, and there was a ‘paradox of irrigation efficiency’, that is, the progress of water-saving technology led to the increase of high water consumption crops. ② For grain input areas, the impact of ‘physical water and virtual water’ flow increased, the proportion of grain planting decreased, the proportion of short-term rice and corn planting increased, the proportion of rice (high water consumption crop) planting increased more, the proportion of long-term rice and corn planting decreased, and the proportion of corn (low water consumption crop) planting decreased more. It showed that the regional division of labor and strengthening of grain production reduced the proportion of grain planting in grain input areas, but the internal structure of grain was developing in the direction of more water consumption. ③ Under the current ‘physical water and virtual water’ flow, the grain input areas had a negative spatial spill⁃ over effect on the grain planting proportion in the output areas and the corn planting proportion among the grains, which showed that the reduction of water resource pressure in the grain input areas had a negative impact on the grain production in the grain output areas, and intensified the phenomenon of ‘paradox of irrigation efficiency’ in the internal structure of grain. The grain output areas had no significant impact on the grain planting proportion in the grain input areas. In the short term, the planting proportion of rice and corn was reduced, and the planting proportion of rice, a high water consuming crop, was reduced more, the planting proportion of rice and corn increased in the long term, and the planting proportion of corn, a low water consuming crop, increased more, indicating that the grain out⁃ put areas promoted the development of the internal structure of grain in the grain input areas in the direction of water saving. Finally, this paper puts forward the policy implications of implementing the overall management of ‘physical water and virtual water’, vigorously promoting the development of water-saving agriculture in grain output areas, and establishing regional grain virtual water compensation systems. [ABSTRACT FROM AUTHOR]

The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample of China's listed companies from 2012 to 2021, this paper constructed a quasi-natural experiment and investigated the GFRI policy's effect on firms' total factor productivity (TFP) using the difference-in-differences (DID) method to verify the implementation effect of the GFRI policy. Furthermore, heterogeneity analysis and mechanism analysis were conducted to identify the guidance effect and deep mechanisms of the GFRI policy. The empirical results demonstrated that firms' TFP in pilot zones increased substantially after implementing the GFRI pilot policy, confirming that the policy had a strong incentive effect. The corresponding promoting effect was particularly significant for non-state-owned companies, the eastern and central regions, and firms in the growth stage. Further mechanism analysis revealed that the GFRI pilot policy can stimulated firms' TFP by promoting technological innovation and improving resource allocation efficiency. This paper's empirical findings are essential in improving relevant policies and expanding the pilot zones. [ABSTRACT FROM AUTHOR]

Post‐reform China has experienced rapid urbanization and received much academic attention. However, few studies have focused on the overall characteristics of urban governance from both institutional and practical perspectives. This paper discusses the results of a content analysis of 79 cases collected during the first Awards for Best Urban Governance Practice in the Yangtze River Delta. This region is a pioneer of urban governance practice in China. The coding for the content analysis focused on four variables, including domains, actors, digitality, and duration, which were applied to the application forms for the award selection process. The statistical results demonstrate the characteristics of China's urban governance practices. (1) The government continues to dominate in China's urban governance, but the role of social organizations has become increasingly significant. (2) The content of China's urban affairs has transformed from economic growth to citizen‐oriented issues of livelihoods and livability. (3) New technology and digitality of new opportunities are leading China's urban governance transformation. (4) China's urban governance practices are a durable process for adaptation accumulation of experiences. This paper presents the characteristics and distribution of China's urban governance practices to lay the groundwork for future comparative urban studies. [ABSTRACT FROM AUTHOR]

In recent decades, the role of green energy in realizing green transition and addressing environmental degradation needs to be brought into full play. To promote green energy development in China, this paper examines the relationship among green economic growth, green finance, and green energy (3G) between 2011 and 2019. The heterogeneous, asymmetric, and mediation impact relationship that exists in the 3G nexus is also explored in this study. Accordingly, the results suggest that: (1) Green economic growth and green finance are positively associated with green energy, and the impact is heterogeneous on different types of green energy and in different regions; (2) the impact of green economic growth on green energy are asymmetric, while that of green finance is consistent; and (3) green innovative technology is an effective mediator between green economic growth and green energy, while the investment effect is not significant. This paper contributes to formulating several reasonable policies for improving the green energy industry and achieving sustainable development. It is essential to give full play to the transformation of green achievements to enhance the role of green economic growth in promoting the green energy industry. • This study explores 3G nexus (green economic growth, finance, and energy (GRE)) in China. • The heterogeneity, asymmetry, and mediating mechanism are further analyzed. • Green economic growth and green finance can significantly promote GRE. • The impacts of green economic growth and green finance on GRE are heterogeneous. • Green technological innovation is an effective mediator in the 3G nexus. [ABSTRACT FROM AUTHOR]

In recent years, China' s digital finance has developed rapidly, and its application scope continues to expand, which has a profound impact on people' s production and lifestyle and may affect carbon emissions. On the basis of a literature review, this paper firstly summarized the possible ways of impact of digital finance on carbon emissions and then illustrated the economic principles and impact mechanism of how digital finance affected carbon emissions by introducing digital finance and energy consumption into the production function and introducing the stock of carbon dioxide into the consumer utility function to improve Romer's endogenous economic growth model. The results of the theoretical analysis showed that the development of digital finance would affect carbon emissions by influencing the consumption concepts and behavior of residents, the mode of production activities, and the innovation efficiency of enterprises. Besides, the relationship between digital finance and carbon emissions represented an inverted U-shape, and the digital financial capacity required by the turning point of carbon emissions mainly depended on the existing energy consumption and technological innovation. Then, based on China' s provincial data, this paper analyzed the above inverted U-shape relationship empirically and tested the corresponding intermediary mechanism. The results showed that: (1) The impact of digital finance on carbon emissions could be decomposed into the effects of increasing production and those of saving energy. (2) Under the two comprehensive effects, carbon emissions increased first and then decreased with the development of digital finance, and this inverted U-shape relationship passed the endo-geneity and robustness tests. (3) There were significant structural differences in the impact of digital finance on carbon emissions in terms of breadth, depth, and degree of digitalization. (4) In addition, the results of the impact mechanism analysis also showed that the development of digital finance alleviated the pressure on the financing demand of enterprises, and the production scale under the traditional production mode was thus expanded and the carbon emissions increased, meaning that the impact brought by the development of digital finance was more reflected in the increase of carbon emissions with the expansion of output (yield increasing effect). However, as the development of digital finance deepened and digitalization played a cumulative role in the later stage, the innovation and emission reduction effects brought by the promotion of enterprise R&D and energy-saving technology patents significantly increased, which eventually led to the reduction of carbon emissions (energy saving effect) by reducing the carbon intensity. Based on this, the development of digital finance in China should shift from a mode emphasizing quantity to one emphasizing quality as soon as possible to provide precise support for the country' s low-carbon and energy-saving transformation, digital upgrading of enterprises, optimization of energy industry structures, new energy development and utilization, and continuous innovation of digital carbon financial products. [ABSTRACT FROM AUTHOR]

This paper searches and combs the achievements of grey system theory in the past nearly 40 years based on databases of China national knowledge internet (CNKI) and ISI Web of Science. More than 227 thousands literatures were found by inputting 10 phrases such as grey system‑grey number and sequence operator etc. in CNKI. After entering the 21st century, the number of grey system papers included in CNKI database is increasing rapidly. Since 2008, more than 10 thousands papers have been included per year, and more than 15 thousands papers have been included per year since 2014. The grey system method and model are widely used in natural science fields such as physics, chemistry, and biology, as well as engineering technology fields such as transportation, electric power and machinery, and a large number of valuable results have been achieved. From the large number of documents applying the grey system method and model, which are published by the project team undertaking important national science and technology plans and the double first‑class universities in China, it can be seen that the grey system theory plays an important role in promoting China’s scientific and technological progress, innovation and development, and high-level talent training. [ABSTRACT FROM AUTHOR]

The emergence of foreign-introducing traditional Chinese medicinals ( FITCM) or exotic Chinese medicinals is of historical inevitability in the development of traditional Chinese medicine (TCM). It has become a new field and development direction in the TCM discipline construction under the new situation, and an indispensable part of traditional Chinese medicine. With the deepening of reform and opening up policy, the implementation of the "Belt and Road" initiative and the development of China's economy, its role has become more and more important. The development of FITCM is a practical process of the inheritance and innovation of traditional Chinese medicine theory. Through combing the historical development, it is shown that the key to the research of new FITCM is to endow exotic traditional medicinals with TCM properties. This paper has defined the concept and research content of FITCM, summarized the steps and method of the research on the medicinal properties of FITCM, expounded the "four steps" to explore the medicinal properties of FITCM, constructed the new research paradigm of FITCM, summarized the development status and the current catalogue of new FITCM. This paper also discusses the position and role of FITCM in the construction of traditional Chinese medicine from five aspects: the new direction of discipline development, the new platform of innovative development, the new measures of talent training, the new impetus of social development and the new approaches to international exchange. The research and development of FITCM will inevitably become the new impetus and highlight of the development of traditional Chinese medicine. [ABSTRACT FROM AUTHOR]

This paper takes the 2014 pilot project of accelerated depreciation of fixed assets as a quasi-natural experiment, and builds a Propensity Score Matching–Difference in Differences (PSM-DID) model based on the data of Chinese listed companies from 2000 to 2019 to test the impact of tax preference on enterprise investment efficiency and its mechanism. The results show that the policy inhibits supported enterprises investment efficiency significantly. Heterogeneity analysis shows that the policy causes greater investment efficiency losses for small and medium-sized enterprises, non-state-owned enterprises and asset-heavy enterprises. The mechanism test found the reason why the policy eased financing constraints but inhibited investment efficiency in short-term. After a variety of robustness tests, the above basic conclusions are still valid. Although the accelerated depreciation policy of fixed assets is conducive to expanding the scale of investment, the incentive effect on investment efficiency is not obvious, and even shows a restraining effect. Given the existence of heterogeneity, the design of the policy should not only distinguish industries, but also pay attention to the differences between different enterprises in the same industry. Strengthening research and development (R&D) innovation and improving the matching mechanism between human capital and fixed investment will help give full play to the incentive effect of this policy. The research in this paper helps to deepen the understanding of the microeconomic effects of tax policy and identify the internal mechanism, which not only enriches the relevant literature, but also provides a reference for the government to better use tax policy to promote the high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

Distribution process is the core of logistics enterprise system. Efficient distribution process is the key for enterprises to improve logistics service level, gain competitive advantage, and win customers. In order to reduce the design error of the system and ensure the effective operation of the system, this paper establishes the system model and analyzes the properties of the model through the evaluation and analysis of various resources of the distribution system. The future development of intelligent logistics system is not only the key for logistics enterprises to win competition, but also a new measure to promote China's economic development. This is not only a typical NP hard problem, but also a major challenge for the rational and scientific development of the intelligent logistics industry. Based on the previous theoretical research results, this paper intends to explore the intelligent logistics distribution route selection scheme by using mathematical modeling methods such as particle swarm optimization, so as to provide new technologies and methods for logistics distribution operation and management decision-making. The results show that compared with the traditional genetic algorithm, the accuracy of the improved particle swarm optimization algorithm is improved by 10.36%. This method effectively improves the operation cycle and link efficiency and achieves the purpose of optimization. The improved particle swarm optimization algorithm proposed in this paper is not only more suitable and effective for enterprise decision makers to deal with subjective judgments in an imprecise environment. It is also based on the evaluation sequence of each indicator of the alternative obtained from the evaluation and the comprehensive evaluation of all indicators. By weighting and considering the results, the best solution for enterprise logistics and distribution is selected. [ABSTRACT FROM AUTHOR]

This paper explores the influence mechanism of the marketization process and financial technology on corporate investment preference using panel data from 2013 to 2019 for China's A-share listed companies. The study finds that both the marketization process and FinTech can facilitate increased R&D innovation and foreign equity investment by companies but discourage investment in their fixed assets, and FinTech has a "U-shaped effect" on corporate R&D and innovation. At the same time, the marketization process and FinTech show different threshold effects on corporate investment preferences with government subsidies as the threshold variable. It is found that market-based processes in small-scale enterprises are better able to promote investment in innovative R&D by companies—the marketization process for large enterprises has a greater impact on outward equity investment in the heterogeneity analysis. From the perspective of the nature of property rights, it is found that the marketization process and FinTech have a greater impact on non-state enterprises. As a result, in an era of rapid FinTech development, this paper enriches the relevant research on the impact of the marketization process on corporate investment preferences, which has important practical significance for policy formulation and corporate future development. [ABSTRACT FROM AUTHOR]

As an innovative regulation of environmental governance, the role of environmental protection inspection in green innovation has received limited attention. This paper adopted DID (difference-in-difference) model to address the effect of central environmental protection inspection (CEPI) and explored why and how the CEPI affects corporate green innovation. We further investigated the moderating roles of firm size and firm age as organisation-level factors. With a sample of China's listed companies from 2014 to 2019, the empirical results show that the CEPI is significantly and positively associated with green innovation and that both firm size and firm age strengthen the positive effect of the CEPI on green innovation. We conducted PSM (propensity score matching) model to mitigate the endogenous problem and found our results are robust. This paper contributes to the literature about the CEPI and green innovation, and sheds light on environment policy enactment for the government. [ABSTRACT FROM AUTHOR]

This paper uses panel data on renewable energy in China. Thus, the current analysis fills the gaps by examining the relationship between green technology innovation and renewable energy and CO 2 emissions from 1990 to 2018. The current study examines all concerns connected to panel data analysis with advanced panel estimators, such as cross-sectional dependence, stationarity, variation in slope parameters, and structural break. Our findings show that test results reveal that green technology innovation and renewable energy have a negative and considerable influence on CO2 emissions in the long run. Moreover, the short-run relationship of green technology innovation, on the other hand, is not significant—as evidenced by the findings of robustness tests such as AMG and CCEMG. Other empirical results revealed that GTI, REN and NEN significantly reduced local CO 2 emission, while POP and PI had no obvious reduction effects on CO 2 emissions. Different GTIs had the same spatial "symbiotic effects" on CO 2 emission reduction in the short term, showing positive spatial spillover reduction effects. Lastly, we conclude that the use of green technology innovation has positive externalities. Some policies to assist green innovation technologies and renewable energy resources have been suggested for the Chinese government to enact. • This paper uses panel data on renewable energy in China. • The current study examines all concerns connected to panel data analysis with advanced panel estimators. • The short-run relationship of green technology innovation is not significant. • We conclude that the use of green technology innovation has positive externalities. [ABSTRACT FROM AUTHOR]

• The informal sector can play a role in sustainable development. • Competition from the informal sector can significantly improve the energy efficiency of formal firms, and this result is robust. • Instrumental variable and property score matching method are used to address possible endogeneity issues. • Innovation has a significant mediating effect. Based on micro-evidence, this paper investigates the role of the informal sector in sustainable development. In particular, this paper examines the impact of competition from the informal sector on the energy intensity of firms based on Chinese manufacturing enterprise data. The results indicate that firms reduce their energy intensity in the face of fiercer competition from the informal sector. Competition from the informal sector has a more obvious effect on reducing energy intensity especially for firms with higher energy intensity. The subsample regression results imply prominent regional and enterprise ownership heterogeneity. The mechanism test indicates that competition from the informal sector reduces firm energy intensity by promoting the product innovation, production cost innovation, R&D (Research and Development) activities of formal firms. However, there is no evidence of a crowding-out effect, that is, competition from the informal sector has not been found to squeeze out firms' output and reduce energy intensity. [ABSTRACT FROM AUTHOR]

Climate anomalies are affecting the world. How to reduce carbon emissions has become an important issue for governments and academics. Although previous researchers have discussed the factors of carbon emission reduction from environmental regulation, economic development, and industrial structure, limited studies have explored the carbon emission reduction effect of a city's spatial structure. Based on 108 Chinese cities from the Yangtze River Economic Belt between 2003 and 2017, this paper examines the impact of the city cluster policy on city carbon emissions using the difference-in-differences (DID) method. We find that: (1) The city cluster policy has significantly reduced the cities' carbon emissions by 7.4%. Furthermore, after a series of robust and endogenous tests, such as parallel trend and PSM-DID, the core conclusion still remains. (2) We further identify possible economic channels through this effect, and find that city cluster policy would increase city productivity, city technological innovation, and industrial structure optimization. The conclusions of this paper have important practical significance for China to achieve carbon neutrality and facilitate future deep decarbonization. [ABSTRACT FROM AUTHOR]

By constructing a technology spillover connectedness index and connectedness matrix, this paper studies the technology spillover connectedness among innovation agents in China from the perspective of network topology. An empirical study based on invention patent data finds that there is noticeable technology spillover connectedness among the six innovation agents: central enterprises, other domestic enterprises, universities and scientific research institutes, troops, individuals and other organizations, and foreign-funded enterprises. Other domestic enterprises are the hub of technology spillover connectedness among these agents, while foreign-funded enterprises play a limited role. The study of further subdividing foreign-funded enterprises according to their sources finds that the United States, South Korea, and Japan are the centers of technology spillover connectedness in China. The dynamic evolution of technology spillover connectedness shows that the total technology spillover connectedness among innovation agents presents an obvious downward trend, which is closely related to the complex and changeable international economic situation and the uncertainty of China's economic policy in recent years. This paper concludes with insights into how China uses the spillover connectedness among innovation agents to spur agents' innovation performance and promote the nation's economic growth and competitiveness. [ABSTRACT FROM AUTHOR]

Qin opera culture has a long history in China for thousands of years. It is the ancestor of Chinese opera. However, with the development of modern technology and the rise of new media, the protection and inheritance of traditional Qin opera culture is facing a new challenge and opportunity, its costume culture is the same. This paper analyzes the style and structure of Qin opera costumes, extracts the colors of the costumes, summarizes the costume patterns, and then uses the three-dimensional (3D) virtual visualization technology to virtually restore the Qin opera costume, and innovates the Qin opera costume. In this paper, twelve sets of traditional Qin opera costumes are virtually restored, and on this basis, the digital protection and innovative design of Qin opera series costumes are carried out, and all the restored costumes are displayed digitally in an all-round way. The combination of Qin opera costume and digital protection extends the application scope of virtual visualization technology and enriches the transmission mode of Qin opera costume. This study inherits and protects the traditional Qin opera costume culture better. [ABSTRACT FROM AUTHOR]

To identify the influence of digital transformation on energy consumption, this paper introduces digitalization and energy elements into the multi-sector energy efficiency analysis model. Furthermore, this paper empirically tests the influence of digital transformation on energy efficiency from the micro level. The results show that the digital transformation indeed improves the enterprises energy efficiency, in which enterprises with higher energy efficiency are more affected. The improvement effect of digital transformation on enterprise energy efficiency continues to increase over time. In comparison, digital transformation shows more effective improvement effect on energy efficiency in enterprises that substantive transformation priority, with same group and maturity stage. Mechanism analysis shows that digital transformation can improve the energy efficiency of enterprises by reducing costs, increasing income, improving production efficiency and promoting technological innovation. In addition, the digital inclusive finance, government subsidies, intellectual property protection and service industry opening show positive regulatory effects. This paper proposes that, with the goal of peak carbon dioxide emissions and carbon neutrality, enterprises should actively increase digital investment and strengthen digital management of energy utilization. [Display omitted] • Digital transformation indeed improves the enterprises energy efficiency. • The promotion effect of digital transformation increases over time. • Digital transformation drives efficiency improvement and technological innovation. • Digital transformation contributes to cost reduction and benefit increase. [ABSTRACT FROM AUTHOR]

To cope with global climate risks, promoting energy transformation has become a global consensus. China issued a reform policy in 2010 to promote the convergence of the three major information industries, namely broadcasting and television networks, telecommunications networks and the Internet (TPR policy). However, is the convergence of information industries able to promote energy transition? This study constructs a quasi-natural experimental framework using China's TPR policy as a representative case of industrial convergence. Using city-level panel data between 2003 and 2016 in China and a multi-period difference-in-differences model, this study examines the impact of TPR policy on energy transition. The results show that TPR policy positively contributes to energy transition at a 1% significance level. Extensive robustness tests support this finding. This positive effect is particularly evident in regions with less developed communications infrastructure and stricter environmental regulations. Mechanism analysis suggests that TPR policy promotes energy transition by improving the level of information networks, promoting technological innovation, and optimizing industrial structure. The findings of this paper emphasize the importance of information industry convergence in facilitating energy transformation. • This paper examines the impact of TPR on energy transition by using a DID model. • TPR promotes energy transition at a 1% significance level. • TPR's effect shows heterogeneity in the level of communication and regulations. • Information level, innovation and industrial upgrading play a key role in this process. [ABSTRACT FROM AUTHOR]

To accelerate the realization of the "carbon neutrality and carbon peaking" (dual carbon) goal, the "Opinions on Financial Support for Carbon Neutrality and Carbon Peaking" (the "Opinions") advocates the comprehensive adoption of tax incentives, government procurement and market-diversified investment measures to support the green low-carbon innovation transformation of key industries. Taking China's strategic new energy vehicle (NEV) industry from 2009 to 2021 as a sample, this paper empirically investigates the innovation effect of the measures in the "Opinions" on listed NEV enterprises. The results show that: (1) Both "supply-side" tax incentives and "demand-side" government procurement encourage NEV enterprises to innovate independently, jointly and efficiently, and the "supply-side" tax incentives have a stronger innovation effect. At the same time, compared with joint innovation, government policies are more conducive to independent innovation of NEV enterprise. (2) Market venture capital also encourages NEV enterprises to innovate. Government policy signals to the market can attract venture capital, and the "demand side" government procurement signal effect is stronger. (3) Tax incentives and venture capital, government procurement and venture capital have played an innovative synergistic effect on NEV enterprises. (4) There is an innovation failure in the combination of tax incentives and government procurement, but the innovation effect appears after the introduction of market venture capital. This paper not only supports the effectiveness of the innovative measures in the "Opinions", but also recognizes the continuation of the vehicle purchase tax exemption policy for NEVs. • "Opinions" measures encourage NEV to innovate independently, jointly and efficiently. • "Supply-side" tax incentives have a stronger innovation effect. • "Demand side" government procurement has a stronger signal effect. • Government policy and venture capital play an innovative synergistic effect. • There is an innovation failure in policy mix before venture capital intervention. [ABSTRACT FROM AUTHOR]

Technology-based small and medium enterprises (SMEs) are the driving force behind China's economic and technological development. However, these enterprises often face challenges in financing their research and development (R&D) activities due to limited financing opportunities. Previous research has primarily focused on the resource attributes of government innovation subsidies, which serve as a crucial funding source for these SMEs. This paper aims to explore the impact of government innovation subsidies on firms from a novel perspective, considering the signaling characteristics of these subsidies. The theoretical foundation of this study lies in the asymmetric information theory and the signaling mechanism through which government subsidies send signals about enterprises. The study uses enterprise data from 2012 to 2019 to investigate the effect of government subsidies on the R&D investment of enterprises listed on the SMEs Board in Chinese stock market. The results reveal a significantly positive effect of government subsidies on the R&D investment of SME Board–listed enterprises and verify the mediating role of financing constraints in this effect. The extent to which government subsidies influence the R&D investment of SME Board–listed enterprises is associated with the enterprises' ownership characteristics, debt ratios, and times interest earned ratios. This study contributes to the literature on the SMEs Board market and may provide the Chinese government insights into developing industry policies that maximize the effectiveness of government subsidies. [ABSTRACT FROM AUTHOR]

As an important means of environmental regulation, environmental punishment lacks in empirical evidence on its impact on regional green technology innovation in China. Based on panel data of 30 provinces in China from 2010 to 2020, this paper systematically examines the relationship between environmental punishment and regional green technology innovation. It is found that environmental punishment has the quantity and quality enhancing effects on regional green technology innovation, and the quantity enhancing effect is greater than the quality enhancing effect. There is no significant effect difference between monetary punishment and non monetary punishment on green technology innovation effect, but the effect of punishment on institutions is obviously greater than that of punishment on individuals. And the performance of ecological provinces and provinces with better legal environment is also relatively better. Environmental punishment enhances the quantity and quality of green technology innovation through pressure, and improves the quality of green technology innovation through deterrence. Besides, in China, deterrence promotes regional green technology innovation together with the Central Government's environmental protection inspection, the national green manufacturing strategies and other policies concerned. [ABSTRACT FROM AUTHOR]

The development of the digital economy in China facilitates the transformation of old and new growth drivers. It can greatly promote the upgrading of technological innovation capacity, realize economies of scale and scope, and constantly promote the generation of new industries and new forms of business with the deep integration of digital economy and traditional industries, thereby promoting the high-quality development of China's economy. This paper uses inter-provincial panel data from 2013 to 2020 and a dynamic spatial Durbin model to quantify the impact of the digital economy on regional technological innovation capability (RTIC). The results show that: (1) the digital economy has positive spatial spillover effect and can boost the province's and neighboring provinces' regional technological innovation capability; (2) regional technological innovation capability has obvious spatial and temporal aggregation effects; (3) the impact of the digital economy on RTIC is mainly short-term effects, and there is regional heterogeneity, with the western region experiencing the highest effects and the eastern region experiencing less. Therefore, it is urgent to accelerate the development speed of the digital economy, grasp the law of dynamic economic development, identify the regional heterogeneity of the digital economy development, and deepen inter-regional digital technology cooperation to comprehensively drive the improvement of regional technological innovation capability. [ABSTRACT FROM AUTHOR]

PM2.5 pollution seriously affects the environment, human health and socio-economic development, which has garnered wide-spread attention. Technological innovation plays a great role in PM2.5 concentration. Thus, better understanding of the influence of technological innovation on PM2.5 concentration is necessary. The Yangtze River Delta (YRD) was selected as the study area. This paper explored the spatial characteristic of PM2.5 concentration and technological innovation. Then, bivariate Moran's I was applied to analyzed the spatial correlation between technological innovation and PM2.5 concentration. The geographically and temporally weighted regression (GTWR) model was applied to explore the spatial heterogeneity of the influence of technological innovation on PM2.5 concentration, and geographical detector model was applied to reveal the interactive influence between technological innovation and other factors. The main conclusions were as follows. (1) No city's PM2.5 concentration fell below the standard which is considered harmless to human health. Cities in the northwest of the YRD had higher PM2.5 concentration. (2) Cities in the core region of the YRD had relatively higher technological innovation. (3) There existed negative spatial correlation between technological innovation and PM2.5 concentration, and three local spatial correlation types were found. (4) Technological innovation contributed to the decrease in PM2.5 concentration. The interactive influence between technological innovation and natural factors was generally greater than that between technological factors and socio-economic factors. Comparing to other socio-economic factors, technological innovation and foreign investment had greater interactive influence on PM2.5 concentration. Finally, some policy recommendations were drawn. [ABSTRACT FROM AUTHOR]

The new energy industry helps to meet the challenges of energy exhaustion and environmental pollution. Based on the panel data from 2015 to 2021, this paper uses the BCC model and Tobit model to construct the empirical measurement of technology innovation efficiency of listed new energy enterprises with three-stage DEA technology and uses the convergence model to test the efficiency difference. The results show that: (1) Using the traditional BCC model, the technical innovation level of new energy enterprises is insufficient, and the overall comprehensive efficiency and pure technical efficiency are 0.220 and 0.302 respectively, which need to be improved. (2) The three-stage DEA model was used to control environmental factors and statistical errors, and the overall efficiency of technological innovation of new energy enterprises increased. The comprehensive efficiency and scale efficiency increased to 0.541 and 0.896 respectively. (3) The technological innovation efficiency of new energy enterprises presents temporal and spatial heterogeneity. The coefficient of variation of technological innovation efficiency of new energy enterprises ranged from 0.084 to 1.000 with significant differences. The technological innovation efficiency of new energy enterprises in eastern, central and western China shows a U-shaped fluctuation. [ABSTRACT FROM AUTHOR]

Under the Chinese government's carbon neutral target, digital transformation enabling low-carbon technology innovation has become an innovative starting point to promote the new development concept. We use data from a sample of 270 manufacturing companies in 30 provinces and cities in China, this paper constructs an analysis framework of low-carbon technology innovation in manufacturing driven by digital transformation with knowledge reconstruction as the intermediary variable and knowledge sharing as the regulating variable, and empirically explores the impact of digital transformation on lowcarbon technology innovation. It is found that the digital transformation of the manufacturing industry has a significant positive impact on low-carbon technology innovation, and is an important power source to promote low-carbon technology innovation. Knowledge reconstruction plays a part of intermediary role between digital transformation and low-carbon technology innovation, and plays a key role as a bridge. Knowledge sharing plays a positive role in digital transformation, knowledge reconstruction and low-carbon technology innovation. The research clarified the differences and suitability in the process of low-carbon technology innovation in the digitally enabled manufacturing industry and answered the question of how to effectively use knowledge management to realize digitalization and help the industrial low-carbon innovation and upgrading in the digital economy era, which has important reference significance for guiding the green and high-quality development of the industry. [ABSTRACT FROM AUTHOR]

Trade and the environment are two grave concerns of sustainable development in the new development pattern of the Chinese economy. Reducing corporate pollution intensity (CPI) is an essential means of securing economic sustainability, energy conservation, and emissions reduction, and participating in global value chains (GVCs) is a key driver of CPI reduction. Based on the elucidation of the mechanism by which GVC position affects CPI through technological innovation, this paper used the matching data of the enterprise pollution discharge database, the customs import and export database, the enterprise patent database, and the industrial enterprise database from 2000 to 2014 to empirically test the impact of GVC position on CPI. Furthermore, the robustness of the core conclusions was further verified by using the data of listed companies and manufacturing sub-sectors from 2010 to 2019. The main conclusions were as follows: ① GVC position generally showed a positive environmental effect. GVC position could reduce the pollution emissions per unit of output value of enterprises. This core conclusion still held after robustness tests such as replacement of measurement indicators, replacement of sample data, and endogenous discussions. ② The results of the analysis of the mechanism of action showed that GVC position would reduce CPI through the output effect and technological innovation effect. ③ The results of the heterogeneity analysis showed that, under different corporate ownership types, technical levels, and regional characteristics, GVC position had a more obvious impact on improving the environmental effects of foreign-funded enterprises, high-tech enterprises, and enterprises in China’ s eastern region. ④ The research perspective of the article shifted from the micro-enterprise level to the meso-level industry level. The results of the dynamic decomposition of pollutant emission intensity at the industry level showed that the contribution of the resource reallocation effect to the reduction of industry pollution emission intensity was 55.39%, and it was an important channel for GVC position to pollution intensity. To this end, the study puts forward relevant policy suggestions from the aspects of implementing a more active opening strategy, enhancing the technological innovation capabilities of enterprises, and encouraging the coordinated development of multi-type enterprises and regional coordinated development, providing theoretical support and empirical evidence for promoting high-quality economic development in China. [ABSTRACT FROM AUTHOR]

It is of theoretical and practical significance to study the impact of mixed-ownership reform, the core measure of stateowned enterprise (SOE) reform, on the green innovation of SOEs. Using the data of SOEs listed in the China A-share stock market from 2010 to 2019, this study empirically tested the impact, mechanisms, and heterogeneous impact of mixed-ownership reform on the green innovation of SOEs through a Propensity Score Matching+Difference-in-Differences (PSM-DID) model based on the shareholding ratio of non-state-owned shareholders among the top ten shareholders of state-owned enterprises. On this basis, this paper further explored the spillover effect of mixed-ownership reform on the green innovation of SOEs. The results showed that: ① Mixed-ownership reform could effectively promote the green innovation of SOEs. After using the placebo test and instrumental variable method to alleviate the endogenous problem and replacing the matching basis for the robustness test, the conclusion was still valid. ② The mechanism test showed that the improvement of corporate governance level and the knowledge spillover effect were important channels for mixed ownership reform to promote the green innovation of SOEs. The profit-seeking nature of non-state-owned shareholders might have a dampening effect on the green innovation of SOEs in mixed-ownership reform. ③ The heterogeneity analysis of industry characteristics showed that in competitive industries and environmental protection industries, mixed-ownership reform had a more obvious impact on promoting the green innovation of SOEs. ④ Although the mixed-ownership reform promoted the green innovation of SOEs, it was not the higher the better in terms of the proportion of non-state-owned shareholders. When non-state-owned shareholders accounted for 15% to 30%, the promotion effect on the green innovation of SOEs was most obvious. ⑤ The mixed-ownership reform had a spillover effect on the green innovation of unreformed SOEs, effectively promoting the substantive green innovation of these SOEs in the same industry. Therefore, the study proposes that the important role of mixed-ownership reform in green development should be fully recognized and the mixed-ownership reform of SOEs should be further promoted. We should promote the formation of a mutually balanced equity structure and rationally allocate the proportion of non-state-owned capital. At the same time, we should avoid the ‘one-size-fits-all’ mixed-ownership reform and adhere to the classification and stratification of orderly progress. [ABSTRACT FROM AUTHOR]

How can the enforcement of policies in the past influence a society's future adoption of information communication technologies (ICTs)? In this paper, we tackle this question by exploring how past e‐governance policies influence citizens' willingness to use the health QR code, which is a COVID‐19 tracing app widely used in China's pandemic control. Past policies regarding smart‐city development in China involve two aspects: the construction of electronic infrastructure and the applications of specific technologies. Empirical analysis based on a nationwide dataset in China suggests that past policies exhibit persuasive effects and influence citizens' acceptance of the health QR code. Specifically, e‐governance applications in cities significantly enhance citizens' acceptance through the demonstration of their usefulness. However, the construction of e‐governance infrastructure per se does not have the same impact on citizens' acceptance. By connecting citizens' acceptance of new technology with past e‐governance policies, the study illustrates a nuanced policy feedback mechanism through which past policies can substantially reshape public opinion by policy outcomes. [ABSTRACT FROM AUTHOR]

To explore the technological innovation efficiency of industrial enterprises above designated size and its influencing factors under the China's economic census industry classification, using the stochastic frontier approach to estimates the innovation efficiency of the 34 industry from 2008 to 2018. Taking the sales revenue of new products as the dependent variable, R&D capital stock and R&D personnel equivalent are taken as the independent variable, control variables are reasonably selected. The characteristics and influencing factors of innovation efficiency between industries are analyzed. The results show that the innovation efficiency of all industries in China is steadily improving, and the difference between industries is gradually narrowing. Industries with high innovation efficiency are related to future competition and national economy and people's livelihood, while industries with low innovation efficiency are concentrated in mining and supply industry. The low input and low output industries are in the majority. The influence of innovation capital input on output is greater than that of personnel input. The proportion of state-owned property rights and capital constraints have a negative effect on innovation output, while the sales income has a positive effect on innovation output. Therefore, China should further improve the innovation efficiency of industrial industries, adopt classified policies, and increase the number of industries with low input and high output. The conclusion of the paper is of reference value to the development of China's 14th five-year industry and the medium and long term planning. [ABSTRACT FROM AUTHOR]

Deep changes have taken place in China over the past ten years. The debate increasingly revolves around its new dynamics of accumulation, even questioning under which typology to frame the current Chinese model. In this paper, we propose to correlate the Chinese national system of technological innovations, reemerged in the first years of this century, disruptive technologies such as 5G internet, Big Data and Artificial Intelligence, and the emergence of new and superior forms of economic planning in that country, sowing the seeds for what we call "New Projectment Economy". [ABSTRACT FROM AUTHOR]

The investment in hydrogen-refueling stations (HRS) is key to the development of a hydrogen economy. This paper focuses on the decision-making for potential investors faced with the thought-provoking question of when the optimal timing to invest in HRS is. To fill the gap that exists due to the fact that few studies explain why HRS investment timing is critical, we expound that earlier investment in HRS could induce the first mover advantages of the technology diffusion theory. Additionally, differently from the previous research that only considered that HRS investment is just made by one individual firm, we innovatively examine the HRS co-investment made by two different firms. Accordingly, we compare these two optional investment modes and determine which is better considering either independent investment or co-operative investment. We then explore how the optimal HRS investment timing could be figured out under conditions of uncertainty with the real options approach. Given the Chinese HRS case under the condition of demand uncertainty, the hydrogen demand required for triggering investment is viewed as the proxy for investment timing. Based on analytical and numerical results, we conclude that one-firm independent investment is better than two-firm cooperative investment to develop HRS, not only in terms of the earlier investment timing but also in terms of the attribute for dealing with the uncertainty. Finally, we offer recommendations including stabilizing the hydrogen demand for decreasing uncertainty, and accelerating firms' innovation from both technological and strategic perspectives in order to ensure firms can make HRS investments on their own. [ABSTRACT FROM AUTHOR]

In the context of technological innovation promoting the long-term sustainable development of enterprises, how to better motivate senior executives to create greater value for an enterprise is being widely discussed. In particular, the COVID-19 outbreak has raised concerns about whether companies can deliver more value by holding large amounts of cash. However, although scholars have conducted a lot of research on topics such as innovation and firm value, how differentiated executive compensation incentives regulate the relationship between firm innovation and the value of cash holdings has hardly been explored. This paper selects the balanced panel data of 1470 A-share listed companies from 2012 to 2020 in China to explore the relationship between innovation investment, executive compensation, and the value of cash holdings. It is found that innovation investment has a positive impact on the value of the cash holdings. Based on Herzberg's hygiene motivational factors, different types of executive compensation may have a hygiene effect or a motivational effect, which is different. As a result, the moderating effect of executive compensation on innovation investment and the value of cash holdings are significantly different. Executive equity compensation and in-service consumption are motivational attributes. They have a positive moderating effect on innovation investment and the value of cash holdings. The moderating effect of executive monetary compensation on innovation investment and the value of cash holdings changes with the change in monetary compensation. When monetary compensation is lower than the threshold value, monetary compensation is reflected as a hygiene attribute, so it has no significant positive moderating effect on innovation investment and the value of cash holdings. When monetary compensation is higher than the threshold value, monetary compensation is reflected as a motivational attribute, so it has a significant positive moderating effect on innovation investment and the value of cash holdings. Meanwhile, it is tested that monetary compensation is not manipulated by executive compensation defense behavior when it is reflected as motivational attributes. [ABSTRACT FROM AUTHOR]

The logistics industry and the manufacturing industry are mutually productive factors and service objects, which determines that the two must develop cooperatively. In the increasingly fierce market competition, open collaborative innovation is more conducive to improving the level of linkage between the logistics industry and the manufacturing industry, and promoting industrial development. Based on the patent data of 284 prefecture-level cities in China from 2006 to 2020, this paper uses Gis spatial analysis, spatial Dubin model and other methods to analyze the collaborative innovation between the logistics industry and manufacturing industry. The results lead to several conclusions. (i) The overall collaborative innovation level is not high, and in terms of the evolution cycle, collaborative innovation has experienced three stages: embryo, rapid development and stable development. (ii) The spatial agglomeration characteristics of the collaborative innovation between the two industries are more and more obvious, and the Yangtze River Delta urban agglomeration and the middle reaches of the Yangtze River urban agglomeration play an important role in the collaborative innovation between the two industries. (iii) The hot spots of collaborative innovation between the two industries are concentrated in the eastern and northern coastal areas, while the cold spots are concentrated in the south of the northwest and southwest areas in the late stage of the study. (iiii) The positive influencing factors of local collaborative innovation between the two industries include economic development, scientific and technological level, government behavior, and employment, while the negative influencing factors include information technology level, and logistics infrastructure. Economic development has a negative spatial spillover effect on surrounding areas, while the spatial spillover effect of scientific and technological level is significantly positive. This article aims to explore the current situation and influencing factors of collaborative innovation between the two industries, with a view to proposing countermeasures and suggestions for improving the level of collaborative innovation between the two industries, and also providing new ideas for research on cross industry collaborative innovation. [ABSTRACT FROM AUTHOR]

Environmental protection tax is an important tool for directing environmentally friendly growth in heavily polluting enterprises, but existing research has yet to provide consistent conclusions on whether and how environmental protection tax can promote green innovation in heavily polluting industries. The paper uses a double difference model based on data from Chinese listed companies in heavily polluting industries from 2012 to 2021 to empirically investigate whether environmental protection tax drives green innovation behavior of heavily polluting enterprises. The findings show that the environmental protection tax increases the degree of green innovation in heavily polluting enterprises, primarily through the anti-driving effect, in which an increase in environmental management expenses forces firms to increase their R&D investment, which improves the degree of green technical innovation. Furthermore, the environmental protection tax has a strong promotion effect on heavy polluters' green innovation for state-owned enterprises and those in growing period or located in high marketization regions. However, this promotion effect is insignificant for non-state-owned enterprises and those in recession period, and environmental protection tax hinders green innovation of enterprises in mature period and those located in low marketization regions. Accordingly, it is suggested to improve preferential tax policies, increase investment in corporate green innovation and strengthen the supervision of environmental tax. [ABSTRACT FROM AUTHOR]

By adopting a set of panel data from thirty provinces in China from 2007 to 2017, this paper examines how regional innovation efficiency is influenced by different types of innovation policies from a specific long-range plan ('National Medium- and Long-Term Science and Technology Development Plan (2006–20)'). We incorporate public direct research and development (R&D) grants, R&D tax credits, and intellectual property rights (IPR) protection into our research. We also explore the heterogeneous influences of these factors at different stages in regional innovation development. The results indicate that public direct R&D grants have a significantly negative influence, especially in innovation-catching-up regions. Conversely, the R&D tax credit has a considerably positive impact on innovation-catching-up regions. IPR protection plays various roles according to different innovation development stages. Specifically, IPR protection has a positive impact on innovation-leading regions, while it negatively influences regional innovation efficiency in innovation-catching-up regions. [ABSTRACT FROM AUTHOR]

Enterprise financialization will block the equipment update and technological innovation of enterprises by crowding out the main business funds. The risks and benefits of supply chain concentration will affect the enterprise financialization. This paper selects the panel data of A-share listed companies in China from 2009 to 2021, and uses fixed effect regression to analyze the impact of supply chain concentration on enterprise financialization. The conclusions show: both suppliers and customers concentration significantly promote the financialization of enterprises, and this conclusion is still valid after a series of tests; This kind of financialization effect is heterogeneous in four aspects: the nature of property rights, the scale of enterprises, the intensity of industrial competition and the level of economic development in the region where the enterprises are located; the mechanism analysis show that customer concentration can affect enterprise financialization through upstream commercial credit, but supplier concentration cannot affect enterprise financialization through downstream commercial credit. [ABSTRACT FROM AUTHOR]