Compared with the real economy, China’s financial sector has experienced relatively rapid growth. A deeper investigation into this phenomenon is both timely and essential under the national strategic goal of "building a strong financial nation." Grounded in typical empirical facts and drawing on the dual-mode theory of finance, this paper proposes a hypothesis of rapid financial sector growth to explain the moderate financialization of real-economy enterprises and high-quality regional economic development in China. Using macro- and micro-level data from 2010 to 2022, we examine the impact of moderate corporate financialization on high-quality economic development. Our findings indicate that it is moderate, rather than excessive, financialization that truly promotes high-quality development—a conclusion that holds after a series of robustness checks and endogeneity discussions. Mechanism analysis reveals that the moderate financialization of real-economy enterprises drives high-quality development through the rapid growth of the financial sector. Heterogeneity analysis shows that while "strong regulation" of the financial sector weakens the positive micro-level effects of moderate financialization, it yields positive outcomes for economic development at the macro level. Accordingly, this paper proposes guiding micro-level enterprises toward moderate financialization, fostering a rational perspective on the financial sector’s rapid growth, and strengthening macroprudential management. These recommendations provide a theoretical foundation for leveraging finance’s "lifeblood" function in serving the real economy.

Public data access is an important measure to promote the marketization of digital elements, and it is of great significance to study the innovation effect of public data access to enhance urban innovation capacity and promote the high-quality economy. Existing literature has largely focused on the role of digital economy policies in shaping urban innovation capacity, yet few studies have examined the impact of public data access policy on urban innovation capacity from a quality enhancement perspective. Based on the panel data of prefecture-level cities and above, this paper evaluates the impact of the implementation of public data access policy on urban innovation capacity and its action path through a multi-period double difference model. The results show that the opening of public data has significantly improved the urban innovation capacity. The analysis of transmission mechanism shows that the opening of public data has significantly improved the urban innovation capacity through the way of "government governance" to increase government expenditure on science and education and the way of "market vitality" to enhance market openness and entrepreneurial activity. Heterogeneity analysis shows that in northern cities, cities with high economic development level, low financial investment and high level, the innovation driving role of public data openness is more significant, and the promotion role of public data access is enhanced with the improvement of urban innovation capacity. This paper enriches the research results of urban innovation from the perspective of public data resources, and provides important policy enlightenment for promoting the reform of public data access, deepening the innovation-driven development strategy and promoting the coordinated development of urban innovation.

The deep integration of new quality productive forces with the high-quality development of the culture and tourism industries is a core issue for industrial upgrading and the transformation of growth drivers. While existing research often focuses on one-directional impact mechanisms, this study employs theoretical analysis and mechanism construction to elucidate the two-way, mutually reinforcing relationship between new quality productive forces and the high-quality development of the culture and tourism industries. On the one hand, new quality productive forces empower the enhancement of quality and efficiency within the culture and tourism sectors through their "Four New" mechanisms: fostering new industrial elements and models, creating new tracks and industries, generating new value and efficiency, and building new systems and structures. On the other hand, as industries central to well-being and people’s livelihoods, the culture and tourism sectors, in turn, cultivate and generate new quality productive forces through their "Four Incubation" mechanisms: incubating innovation environments, catalyzing development conditions, transforming market demand, and activating application scenarios. This interaction forms a "two-way, four-wheel drive" interaction model, jointly promoting industrial upgrading and value creation. This research systematically analyzes the five major characteristics of new quality productive forces manifested within the culture and tourism industries and proposes concrete implementation mechanisms and strategies for two-way empowerment from both theoretical and practical perspectives, providing theoretical support and practical guidance for the synergistic evolution of high-quality cultural and tourism development and new quality productive forces.

In the digital economy era, investigating whether data element marketization can resolve the 'chokehold’ dilemmas in key and core technologies is of great strategic significance. Existing literature predominantly focuses on the R&D input effects of traditional factors, with scant attention paid to the micro-mechanism by which data element marketization empowers breakthroughs in key technologies. Using a sample of Chinese A-share listed companies from 2009 to 2023, this study constructs a multi-period Difference-in-Differences (DID) model to empirically examine the impact of data element marketization on innovation in key and core technologies. The findings indicate the following: First, data element marketization significantly promotes corporate innovation in key and core technologies. Second, the regional innovation ecosystem plays a crucial moderating role. In regions with narrower innovation frontiers and relatively weaker foundations, the marginal promoting effect of data element marketization on corporate innovation in key and core technologies is stronger. Third, the innovation-enabling effect of data element marketization is more pronounced in eastern regions, high-tech industries, and large-scale firms. The conclusions highlight the ecosystem-dependent nature of data element value realization, providing empirical evidence for promoting the synergy between an "effective market" and a "proactive government" in the digital era, and for simultaneously "building the market" and "nurturing the ecosystem."

The green transformation of agriculture is a core path to achieving sustainable development goals. However, the green development of agriculture in our country still faces the dilemma of strong government policy incentives and weak farmer behavior responses. Research from a single perspective is difficult to break through and escape this predicament. This paper, based on grounded theory methods, conducts three-level coding through in-depth interviews with 32 farmers in typical agricultural areas of Guizhou Province, constructing an "external push-pull and endogenous conversion model" to reveal the behavioral logic of farmers’ green production under multi-system interaction. The study finds that the imbalance of the external push-pull system, the fragility of the endogenous capability system, and the failure of the risk reassessment system, through dynamic mutual construction, lead to the attenuation effect of external incentives at the farmer decision-making interface, forming a lagging closed-loop of strong policy-weak transformation-high risk perception, which restricts the choice of farmers’ green production behavior. To alleviate the push-pull imbalance and endogenous lag, and promote the choice of farmers’ green production behavior, feasible collaborative adjustment paths are: first, the precision of government push, second, the endogenization of market pull, third, the collaboration of farmer capabilities, and fourth, the situational unlocking of cognition.

Rural revitalization in underdeveloped areas faces practical challenges such as weak resource endowment, insufficient endogenous momentum, and difficulty in sustaining external support. The core issue lies in the absence of a synergistic mechanism between external inputs and endogenous development. Based on the theory of Neo-endogenous development, this study constructs an analytical framework of "resources-participation-identity-innovation" and takes L County in Y Province as a case to explore the county-level logic of promoting rural revitalization in underdeveloped regions. The study finds that L County has clarified the direction for sustainable resource use by introducing external resources and revitalizing internal stock; established a participatory and cooperative development model to build a multi-agent governance structure, thereby stimulating rural governance vitality; fostered a public spirit in ethnic villages through the relocation-based poverty-alleviation initiative, achieving organic solidarity within the community and shaping the consciousness of the Chinese national community; and, through digital empowerment, innovated local resources and restructured multi-dimensional governance elements, breaking the "low-efficiency dormant state" of indigenous resources and realizing a "self-sustaining innovation" model for rural development.

With the continuous advancement of building a unified national market and the strategic goal of a strong manufacturing country, China urgently needs to promote cross-border capital flows to enhance the siphoning capacity of global factor resources, thus breaking the key blockage of the manufacturing industry’s NVC and the GVC cycle of collaboration, however, at present there is a lack of OFDI to promote the inter-provincial manufacturing industry dual value chain embedded in the relevant theoretical analysis and empirical research. Based on the construction of embedded input-output tables in 2012, 2015 and 2017, this paper measures the value chain dual embeddedness indicators at the provincial sectoral level, and further empirically examines the impact of China’s OFDI on the dual embeddedness of the manufacturing value chain. The results show that, firstly, there is a significant promotion effect of OFDI on manufacturing value chain dual embeddedness. Secondly, the results of the heterogeneity test show that the impact of OFDI on the forward dual embeddedness of the manufacturing value chain is more significant, the impact of OFDI on the dual embeddedness of the manufacturing value chain is more significant in central and western regions, and the impact of OFDI in high-technology-intensive industries on the dual embeddedness of the manufacturing value chain is more significant. Thirdly, OFDI promotes manufacturing value chain dual embeddedness mainly by promoting technological progress and human capital level enhancement. Fourth, the spatial extensibility analysis found that the increase in the level of OFDI in other provinces and the increase in the level of dual embeddedness in the manufacturing value chain both contribute to the increase in the level of dual embeddedness in the manufacturing value chain in this province.

China is currently promoting a higher standard and greater level of financial opening-up to achieve a new type of industrialization by deepening investment in manufacturing financial services. On the other hand, the Third Plenary Session of the 20th CPC Central Committee pointed out that it is necessary to strengthen the financial security mechanism of open conditions, and focus on strengthening the construction of macro-prudential management system. In this context, capital controls will have a greater impact on financial services input to promote the upgrading of manufacturing. Existing literature has explored the promotion impact of financial service input on the status upgrading of manufacturing value chain, but it is generally limited by the early data of WIOD. Meanwhile, few studies have explored the heterogeneous impact of financial service input on the status upgrading of manufacturing global value chain under capital control.Therefore, this paper uses the input-output data of ADB database from 2007 to 2021 to examine the impact mechanism of financial service input on the climb of global value chain in 14 manufacturing industries in 42 countries, and further tests the weakening impact of capital control measures in host countries on the promotion of financial service input to the global value chain of a country’s manufacturing industry.The conclusion shows that financial service input can promote the upgrading of a country’s manufacturing value chain by improving the level of R&D innovation and capital allocation efficiency, while different capital control measures in different countries will have a heterogeneous weakening effect on this promotion effect.

The Comprehensive medical reform pilot policy is a core pillar of China’s deepening healthcare system reform and the implementation of the "Healthy China" strategy. Existing research primarily focuses on analyzing the direct effects of this policy on healthcare service levels and medical costs, with limited attention given to its impact on addressing health opportunity inequality. To address this gap, this study utilizes micro-level data from the 2010-2018 China Family Panel Studies (CFPS) and provincial macro data, employing the difference-in-differences method to empirically test the impact of the comprehensive medical reform pilot policy on health opportunity inequality. The findings indicate that the comprehensive healthcare reform pilot policy significantly reduced health opportunity inequality, a conclusion that remains robust after a series of sensitivity tests. Mechanism analysis reveals that the policy enhances the affordability and accessibility of healthcare services for disadvantaged groups by reducing medical costs and alleviating imbalances in healthcare resource allocation, thereby promoting health opportunity equality among residents. Heterogeneity analysis shows that the policy’s effects are more pronounced among low-income groups, urban residents, non-migrant populations, and residents in the central and western regions. Furthermore, the study finds that the comprehensive healthcare reform synergizes with public health investment, not only improving the overall health level of residents but also resulting in non-health benefits such as reducing family poverty, boosting consumer spending, and increasing educational investment. To further reduce health inequality, it is essential to enhance the demonstrative effect of the comprehensive medical reform pilot policy, optimize the allocation of medical resources, strengthen the primary healthcare service system, and develop an integrated healthcare service model that covers the entire lifecycle.

Green finance is entrusted with the important function of serving the "dual carbon" goals and sustainable development. As its key vehicle, public funds in China that actively sign the UN Principles for Responsible Investment (PRI) have their investment behaviors scrutinized. Whether these behaviors promote corporate sustainable development or exacerbate corporate opportunism still lacks empirical evidence from the Chinese capital market. Compared to existing research focusing on the investment behaviors of PRI signatory fund companies in developed markets, this paper, based on China's capital market, extends the research perspective to investee firms, examining the impact of PRI fund investment on corporate ESG greenwashing behavior. Using data from A-share listed companies from 2017 to 2022, the study finds: (1) PRI fund investment significantly deters corporate ESG greenwashing; (2) The deterrent effect is more pronounced when the commitment to responsible investment is more sustained, the proportion of active funds is higher, and when firms are in heavily polluting industries, face stronger information disclosure regulation, have higher levels of internationalization and reputation, or are located in regions with higher financial development; (3) PRI fund investment primarily deters corporate ESG greenwashing by strengthening ESG supervision rather than relying on the threat of exit; (4) A higher proportion of non-ESG funds and late signatories among the PRI funds weakens their deterrent effect on corporate ESG greenwashing and may even amplify it. The findings provide theoretical support for optimizing the allocation of green financial resources to serve the "dual carbon" goals.

Organizational structure and interpersonal relationship, by making social comparison of individuals, exercise an effect on individual behaviors and further corporate performance, which plays a significant part in optimizing business incentives. However, existing studies lack integration of the paths and effects through which different social incentives impact corporate performance. Therefore, this paper integrates the phenomena and definitions of social incentives, the impact of social environmental factors on social incentives, and the influence of social incentives on corporate performance. Finally, it proposes the key contents for future research: first, to deeply explore the pathways and effects of social comparison on individual behavior; second, to excavate the application of social motivation in organizational structure optimization; third, to analyze the interaction between social motivation and ordinary motivation. The study serves furnishing a theoretic base for incorporation of general and social incentives and also for employing the prospective of social incentives to optimize the organizational composition and information transparency degree of an enterprise.

Digital finance serves as a pivotal engine for achieving the comprehensive green transformation of economic and social development. However, in practice, challenges such as "greenwashing" risks and resource misallocation arising from information asymmetry among the government, banks, and enterprises often constrain the synergistic efficiency of pollution abatement and carbon reduction. Distinct from existing literature that predominantly focuses on macro-policy evaluations or single-indicator assessments, this paper targets the "digital green finance platform"—a micro-level digital infrastructure designed to break information barriers—and explores its governance efficacy from a systems theory perspective. Based on panel data from 287 Chinese cities spanning 2010 to 2023, this study utilizes a MCCD to measure the synergistic level of pollution abatement and carbon reduction. Treating the establishment of 3,731 digital green finance platforms as a quasi-natural experiment, the DML model is employed to robustly identify their causal effects. The findings indicate that digital green finance platforms significantly drive the synergistic effect of pollution abatement and carbon reduction, exhibiting dynamic characteristics that are both immediate and progressively strengthening. Mechanism analysis reveals that at the macro level, platforms enhance synergy by promoting the "quantity expansion and quality improvement" of green credit; at the micro level, they achieve this by mitigating commercial banks’ risk-taking. Heterogeneity analysis further suggests that platforms with higher independence, richer functionality, and more diversified interaction channels yield stronger synergistic effects. These conclusions provide theoretical references and empirical evidence for deepening the construction of Digital China and better coordinating development and security.

Under the background of population aging and "Healthy China", health and wellness tourism industry has ushered in unprecedented development opportunities, however, the academic community has not yet reached a consensus on the construction and assessment of the evaluation system of its development level, the identification of key factors and the exploration of innovative paths. Unlike existing studies that often adopt a single perspective, the study constructs the evaluation index system for the development level of health and wellness tourism based on the dual integrated perspective of suitability and competitiveness, and analyzes it using field survey data. The study finds that the interaction of natural factors, community environment, facility factors and product factors jointly affect the development level of health and wellness tourism industry; the key factors affecting the level of development of health and wellness tourism industry are lodging facilities, cultural and artistic products, service level, consumption level, and safety and order; the development of health and wellness tourism industry at a high level is characterized by two groupings, namely "nature-facility driven" and "community-product driven"; the development at a low level is characterized by three groupings, namely "community-facility-product deficient", "nature-community-facility deficient" and "nature-product deficient". Finally, from the industrial chain, value chain, service chain, the study puts forward the "three chains and six dimensions" innovation path: building a "great health and wellness concept", build strategic portfolio advantage, creating composite health and wellness tourism products, scientific and technological empowerment, cultural integration, and returning to its conditions, with a view to providing scientific guidance for the high-quality development of health and wellness tourism industry.