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LI Dongxu, FENG Xiaochuan, ZHAO Xiaoyang China Economic Studies    2025, 0 (03): 135-.   Abstract （1215）      PDF （1626KB）（700）       Knowledge map    The rapid development of digital platforms in recent years has played an important role in improving the efficiency of the industrial economy; however, the growth of some leading companies such as Alibaba, while promoting the development of the platform economy, has raised issues of market equality.This study employs a case study of Alibaba, using fruitful hand–collected qualitative materials and financial information, and analyzes the commercial logic of how this online platform became the world's largest digital giant. Then we discuss the legal foundation of the antitrust enforcement that has recently been imposed on this digital giant. Meanwhile, we provide first-hand evidence about the effects of antitrust enforcement on market reactions and financial performance of other online platforms. We argue that there can be tacit collusion among Chinese digital platforms,which provides supportive empirical evidence for the recent antitrust enforcement.In addition, we find that after receiving antitrust punishment, Alibaba has encountered significant declines in profit margins and R&D expenditures, indicating that diminished monopolistic rents discourage the tech giant from engaging in innovative activities. Based on these findings, we argue that antitrust enforcement on digital platforms should be accompanied by a series of policies ensuring platforms' innovation motives, and leading platforms should be encouraged to work with middle–to–small platforms to achieve high–quality development of the digital industry.  Related Articles | Metrics

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PEI Changhong China Economic Studies    2025, 0 (04): 1-.   Abstract （661）      PDF （716KB）（1792）       Knowledge map    The "Two Integrations"-a fundamental experience of the Party's theoretical innovation summarized in the report of the 20th CPC National Congress and a key concept emphasized by General Secretary Xi Jinping, who has also elaborated on the significance of the "Second Integration"-represent a profound synthesis of Marxist principles with China's realities and cultural heritage. Our party's economic thought that emerged during the New Democratic Revolution period represented the first theoretical innovation integrating Marxist political economy with both the practice of the Chinese New Democratic Revolution and China's excellent traditional culture. It carried forward and developed the Chinese nation's fine tradition of resisting oppression, while innovatively advancing new ideologies against imperialism and feudalism through the civilizational DNA of opposing exploitation embedded in Chinese civilization. This theoretical innovation, forged through the integration of Marxist theory with Chinese revolutionary practice, crystallized China's original theoretical and ideological constructs that provided Sinicized Marxist solutions to the agrarian question and the national bourgeoisie issue. These developments gave birth to the New Democratic political economy, which constituted one of the three fundamental economic programs guiding China's New Democratic Revolution. As the first indigenous innovation in Marxist economic theory to emerge in China, it stands as an exemplary success of the “Two integration" principle –synthesizing Marxist fundamentals with both China's concrete realities and its civilizational essence. Related Articles | Metrics

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Hong Yongmiao、LIN Tao、SHI JiuLing China Economic Studies    2025, 0 (03): 1-.   Abstract （587）      PDF （1318KB）（3069）       Knowledge map    As a foundational and strategic resource, data possesses unique natural and economic attributes. Its role as a key driver of digital economic development lies not only in its ability to continuously enhance productivity, but also in its intrinsic role in fostering the development of new quality productive forces, the reshaping economic structures, and the modernization of governance capabilities. However, the full realization of data's utility value must be built on the scientific measurement of its value and the effective establishment of trading mechanisms--both of which pose urgent demands for the construction of a robust data factor market. This paper provides a systematic economic analysis of the basic attributes, value formation, and market construction of data as a factor of production. First, it elucidates the formation logic of data's economic characteristics from the perspective of its natural attributes. Second, drawing on Marx's labor theory of value, it systematically examines the processes of value creation and value transfer related to data. Third,it analyzes the key challenges in building a data factor market in terms of data ownership clarification, data circulation, data transactions, and data governance, and offers policy recommendations for advancing a data factor system with Chinese characteristics. Finally, it explores the broader significance of establishing a discipline of data economics within the framework of developing an independent Chinese economic knowledge system. Related Articles | Metrics

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HAN Qing, HU Kun, CHEN Ke China Economic Studies    2025, 0 (03): 88-.   Abstract （542）      PDF （1336KB）（2577）       Knowledge map    Common prosperity has always been a key focus of the Central Committee of the Communist Party of China. This paper uses panel data from the China Family Panel Studies (CFPS) from 2012 to 2020 to analyze the impact of household asset structure on income and income inequality. The study finds that various household assets have a significant positive effect on both labor and property income, with real estate significantly boosting future property income, while financial assets show no significant effect. Additionally, the impact of asset structure on property income varies significantly across regions and households with different endowments. Based on these findings, the paper suggests that stabilizing the real estate market, enriching long–term financial asset allocation options, encouraging wealth management institutions to expand into long–tail markets, providing financial support for households in shrinking counties to purchase homes in high– density areas, and accelerating the high-quality development of REIT's will help comprehensively increase property income and promote the realization of common prosperity.  Related Articles | Metrics

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ZHOU Yajun, CHEN Ming China Economic Studies    2025, 0 (03): 57-.   Abstract （500）      PDF （1254KB）（1605）       Knowledge map    Whether the vulnerability of household finance can be alleviated is related to the realization of the goal of our country's common prosperity. Based on the data of Chinese Family Panel Studies (CFPS) in 2014, 2016, 2018 and 2020, this paper empirically studies the impact of the digital divide on household financial vulnerability. The results show that the widening of the digital divide increases household financial vulnerability, and the digital usage gap plays a key role. Mechanism analysis shows that the widening of digital divide reduces household income diversification and increases household financial vulnerability. Further analysis of the mechanism shows that cognitive ability moderates both the direct effect and the indirect effect of the digital divide on household financial vulnerability. Heterogeneity analysis shows that the impact of bridging the digital divide on alleviating family financial vulnerability is particularly obvious in rural households and households with high–risk preference.  Related Articles | Metrics

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YANG Siying, BAI Hua China Economic Studies    2025, 0 (03): 167-.   Abstract （421）      PDF （3260KB）（3492）       Knowledge map    Promoting supply chain digitalization is crucial for enhancing the modern supply chain system and supporting dual domestic and international circulation. This study treats the government's "National Supply Chain Innovation and Application" policy as a quasi–natural experiment, analyzing data from Chinese A –share listed companies from 2009 to 2022 to assess the impact of supply chain digitalization pilot on corporate supply chain efficiency. Results indicate that the supply chain digitalization pilot significantly enhances supply chain efficiency. The mechanism analysis identifies four channels: increasing corporate supply chain bargaining power, optimizing efficiency, accelerating digital transformation, and enhancing reputation. Further analysis shows that national industrial support policies and regional infrastructure development amplify these effects. Digitalization pilot can also compensate for insufficient internal conditions, particularly under low corporate information transparency and high economic uncertainty. The findings provide reliable evidence and policy insights to improve modern supply chain governance and foster new competitive advantages.  Related Articles | Metrics

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LUO Zhen, XIE Peiyu China Economic Studies    2025, 0 (03): 17-.   Abstract （383）      PDF （1434KB）（865）       Knowledge map    This paper builds upon Shaikh's analysis based on the national income identity by introducing the wage-profit rate curve, and derives the duality of total factor productivity (TFP, or Solow residual) in terms of technology and distribution. That is to say,TFP is not only a reflection of production efficiency but also influenced by income distribution. Through decomposition, it is found that the labor-capital distribution mainly affects the overall level of TFP, but has a relatively small impact on the changes in TFP. Changes in TFP can reflect improvements in economic efficiency. However, due to differences in types of technological progress and labor-capital distribution among countries, it is not appropriate to make horizontal comparisons across countries. Finally, by integrating the technological factors that determine TFP, this paper finds that China generally exhibits a Marx-biased type of technological progress, characterized by increasing labor productivity and decreasing capital productivity. However, the process behind the technological changes does not conform to the mechanism of Marx-biased technological change. This is because China's technological progress had primarily focused on the introduction and absorption of Western technologies, reflecting the path of technological progress in Western countries. Therefore, in the process of independent innovation, we need to balance the production efficiency of labor and means of production, develop a new type of productive forces, and achieve sustained improvement in TFP.  Related Articles | Metrics

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QIN Wenyu, JIANG Dianchun China Economic Studies    2025, 0 (03): 152-.   Abstract （357）      PDF （1328KB）（571）       Knowledge map    Based on the data of cross–region investment of listed enterprises in the Beijing–Tianjin–Hebei region from 2008 to 2020, this paper studies the impact of the "Beijing-Tianjin-Hebei coordinated development" strategy on cross-region investment of enterprises in 2014 by using multiple difference method. It is found that the regional coordinated development policy promotes the cross-region investment of enterprises in the Beijing-Tianjin-Hebei region, and this conclusion is still valid after a series of robustness tests. Mechanism analysis shows that industrial policy, transportation integration, institutional environment will have an impact on the policy effect.Heterogeneity analysis shows that, on the one hand, the policy effect is more obvious for cities with higher government efficiency; On the other hand, after the implementation of the policy, enterprise investment is more focused on consumer manufacturing and service industry rather than equipment manufacturing. Further research shows that the policy does not produce the transfer of enterprise investment between regions, but has a certain net growth effect. Meanwhile, the amount of investment and the viability of subsidiaries of private enterprises were significantly higher than that of state-owned enterprises after the implementation of the policy, indicating that the policy stimulated the market vitality.In addition, the flow of enterprises' cross-region investment between regions is not balanced, and the industrial spillover effect of central cities is still insufficient. The findings of this paper have important policy implications for understanding the policy impact of the coordinated development of the Beijing–Tianjin–Hebei region from the micro level,and provide empirical evidence for evaluating the construction performance of relevant policies.  Related Articles | Metrics

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Will Canceling Drug Price Markup Reduce Medical Expenses: Outpatient Evidence from County-Level Public Hospitals in Multiple Urban Areas DING Jihong, LIAO Ruoqi, QI Yanling China Economic Studies    2025, 0 (05): 142-.   Abstract （326）      PDF （2911KB）（698）       Knowledge map    The cancellation of drug price markup and the elimination of "relying on drugs to support medicine" are key parts of the reform of public hospitals in China. Analyzing the implementation effect of the zero markup policy on drugs in urban public hospitals provides a unique perspective for studying physician's induced demand. Based on the data of medical insurance reimbursement in five cities from 2013 to 2017, this paper uses the multi-time difference-in-difference model to study the impact of the drug zero markup policy on outpatient medical expenditure in district and county public hospitals, and to study the effect differences in medical insurance types and hospital levels. The results indicate that: After the implementation of this policy, outpatient drug costs, non-drug costs, and total costs are all significantly increased; Although the cost of Western medicine has decreased, the significant increase in the cost of traditional Chinese patent medicines has brought about an increase in drug costs; The significant increase in non-drug costs is caused by the increase in diagnostic and treatment service costs; The increase in total outpatient costs is more prominent for urban employee medical insurance, female, non-elderly, and tertiary hospital patients. Related Articles | Metrics

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ZHENG Xuemei, ZOU Fenju China Economic Studies    2025, 0 (05): 79-.   Abstract （322）      PDF （1262KB）（472）       Knowledge map    Amid the complex and dynamic global landscape, the increasing threat of supply chain disruption poses a risk to the sustainable and robust development of China's economy. In today's digital era,the digital economy presents new opportunities for bolstering the resilience of manufacturing supply chains. This study empirically estimates the effects of the digital economy on supply chain resilience utilizing data from listed manufacturing companies between 2011 and 2021. Our findings reveal a positive relationship between the digital economy and supply chain resilience. This result remains significantly robust across a series of robustness checks. The channel test demonstrates that the digital economy facilitates supply chain resilience by ensuring the effective flow of information, funds, and logistics within the supply chain operations. Heterogeneity analysis reveals that the role of the digital economy in enhancing supply chain resilience is more significant in enterprises with higher risk management levels, and in enterprises in areas with advantages in the development environment of the digital economy. Finally, based on the research findings of this article, corresponding policy recommendations are proposed. Related Articles | Metrics

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ZHONG Lingna, WANG Feng, XIE Fang China Economic Studies    2025, 0 (03): 120-.   Abstract （311）      PDF （1361KB）（845）       Knowledge map    In China, local government behaviors, which significantly influence the coordinated growth of regional economies,are profoundly shaped by government performance evaluations. Shifting government performance evaluation from a “standardized" approach to a “differentiated" one may encourage mutually beneficial partnerships between governments across various regions, thereby contributing to the coordinated development of regional economies. Using county-level data from 2003 to 2019, this article examines the impact of differentiated performance evaluations based on main functional areas on the coordinated development of regional economies. Empirical results show that differentiated performance evaluations have increased economic coordination levels between different types of regions by an average of 16.4%, compared with regions of the same type. The main mechanisms include promoting factor mobility and guiding industrial division. The findings of this article contribute to a better understanding of the relationship between China's local government evaluation system and coordinated regional economic development.  Related Articles | Metrics

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LI Jiahui, YANG Qiming China Economic Studies    2025, 0 (04): 53-.   Abstract （301）      PDF （819KB）（418）       Knowledge map    Based on data from Chinese cities spanning the years 2016 to 2022, we examine the impact of digital economy policy on the high–quality development of urban economies. Utilizing the establishment of National–level Pilot Zones for Innovation and Development of Digital Economy in 2019 as a quasi–natural experiment, our findings robustly indicate that the construction of pilot zones facilitates high-quality economic development through mechanisms such as factor activation, shifts in kinetic energy, governance empowerment, and infrastructure-driven effects. Building upon this study, we find that the effect of pilot zone is particularly pronounced in cities characterized by non-resource-based , favorable R&D environments, larger scales, and higher levels of economic development. However, no significant heterogeneity is observed concerning geographic location. Spatial analysis reveals that the spillover effects generated by pilot zone construction surpass polarization effects and can effectively drive high–quality development in economically proximate cities. The insights presented in this paper contribute new perspectives and empirical evidence toward a nuanced understanding of the intricate relationship between digital economy policies and high–quality economic development. Furthermore, they offer innovative ideas and references for policy optimization and enhancement. Related Articles | Metrics

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WANG Shouyi, CHI Yaoxian China Economic Studies    2025, 0 (03): 30-.   Abstract （292）      PDF （1425KB）（690）       Knowledge map    The labor of platform content production exhibits certain typical "new quality" characteristics. Workers need to master technologies and creativity, and use devices such as computers to create virtual information products. In this production model, content producers assume the triple identities of boss, supervisor, and worker. Although there is no traditional employment relationship, they are closely linked to the interests of the platform. Research indicates that the freedom" of platform content producers is actually the "freedom" of capital. On the one hand, the platform mitigates labor-capital conflicts by expanding the number of content producers to create a labor reserve army and transferring the performance appraisal power, and differentiates and divides platform content producers. On the other hand, due to the overlap of their multiple identities, content producers achieve the endowment of subjective significance, internalizing the logic of platform capital accumulation and expansion as their own creative drive.Ultimately, it presents the scene of the platform, as a dependent entity, being “dependent". Analyzing the increasingly concealed yet effective control of platform capital over content creators is crucial to resist the replacement of human needs by capital logic, harness the institutional strengths of socialism with Chinese characteristics, and recalibrate the relationship between creators and capital.  Related Articles | Metrics

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SONG Yanli China Economic Studies    2025, 0 (03): 183-.   Abstract （291）      PDF （1400KB）（536）       Knowledge map    The dissemination of classic literature of Marxist political economy in China during the period of New Democratic Revolution can be divided into three stages. The first stage, spanning from 1919 to 1927, was the initial stage of translation and introduction of Marxist economic literature. It presented a multi–channel transmission including newspapers, periodicals, books, translations, speeches, etc. Newspapers and periodicals were the primary channels for the dissemination of Marxist classic literature around the May Fourth, and later became more systematic and popular works, with the emergence of translated classics. The second stage, spanning from 1928 to 1938, formed a climax of translation and dissemination. Translations of classic literature of Marxist political economy burst out, and four Chinese translations of Capital appeared, bringing about a new round of popularization attempts, academic research, and popular derivation. The third stage, spanning from 1938 to 1949, was a stage of systematic dissemination and acceptance, including systematic translation, systematic popularization, and systematic study and research. Related Articles | Metrics

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YANY Decai, JIANG Yuqiu , WANG Ming China Economic Studies    2025, 0 (03): 41-.   Abstract （288）      PDF （1732KB）（741）       Knowledge map    The effective provision of public goods remains a challenge for most developing countries. However, the People's Republic of China has managed to achieve relatively effective public goods provision with extremely limited resources. This paper focuses on the impact of clans on rural education supply, investigating the role of informal institutions under changing institutional environments. Using census data, the study employs a difference–in–differences model constructed based on the impact of the fiscal decentralization reform and birth cohorts. The study finds that when government provision of public goods is insufficient, local clans can enhance public goods supply through channels such as promoting the development of township enterprises, thereby extending the years of schooling for the local rural population. However, as the government expands its investment in rural education, the influence of clans becomes insignificant. The findings suggest that informal institutions can serve as a supplement when formal institutions are inadequate, though the effects are time-bound and conditional. Related Articles | Metrics

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WANG Lili, ZHOU Jianfeng China Economic Studies    2025, 0 (04): 24-.   Abstract （279）      PDF （1402KB）（409）       Knowledge map    This paper proposes an innovative research approach that integrates the system dynamics method with Marx's theory of social reproduction. Based on a dynamic analysis of the processes of capital accumulation and social reproduction, a system dynamics model of Marx's two major divisions of reproduction is constructed. Through simulation analysis, the interaction mechanisms between Division I and Division II under different modes of production are revealed. The results show that the accumulation rates of the two divisions constrain each other and are closely related to the organic composition of capital. Under the socialist mode of production, prioritizing the development of Division II to meet people's needs is essential, but it must be coordinated with the development of Division I. Proper regulation of the accumulation rate in Division IⅡ can effectively prevent economic fluctuations and ensure the stable operation of the reproduction process. The coordinated promotion of accumulation policy and technological progress is an important means to achieve sustained and healthy economic development. The findings provide theoretical support for building a high-level socialist market economy. Related Articles | Metrics

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RONG Zhaozi China Economic Studies    2025, 0 (04): 14-.   Abstract （278）      PDF （491KB）（406）       Knowledge map    Socialist political economy with Chinese characteristics is the guiding ideology and theoretical foundation of China's autonomous knowledge system in economics. It is the result of the integration of Marxist political economy with China's specific realities and with the excellent traditional Chinese culture. Socialist political economy with Chinese characteristics is not merely an applied science that uses Marxist theory to solve China's problems, but rather a contemporary Marxist political economy that has been gradually formed through distillation and summary from China's actual conditions, in the process of upholding the orthodox and innovating. It has its own unique theoretical system and academic norms, representing not only a creative reconstruction of Marxist political economy but also a completely new version of modem economics. According to this disciplinary positioning, the theoretical construction of socialist political economy with Chinese characteristics must meet the following two requirements. First, it must respond to all basic and common theoretical issues in economies, providing scientific answers suitable for the practice of socialism with Chinese characteristics; second, it must build a conceptual network based on "original and distinctive concepts", creating a scientific and rigorous, logically coherent theoretical system. In the theoretical construction, disciplinary construction, curriculum construction, and textbook construction of Chinese economics, it is a fundamental premise to clearly define the core status of socialist political economy with Chinese characteristics. Related Articles | Metrics

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China Economic Studies    2025, 0 (06): 1-.   Abstract （271）      PDF （1337KB）（337）       Knowledge map    Related Articles | Metrics

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WANG Hongjian, LIU Liwen, GU Shusheng China Economic Studies    2025, 0 (03): 103-.   Abstract （262）      PDF （1310KB）（1142）       Knowledge map    During the process of economic transformation, the operational risks of enterprises have sharply increased. Exploring the healthy development of high–risk enterprises is crucial for resolving financial risks and protecting the interests of creditors. This article takes the establishment of bankruptcy courts as a quasi natural experiment and constructs a triple difference model to explore the impact and underlying mechanism of enhanced creditor protection on short–term loans and long- term investments of high risk enterprises. Research has found that the establishment of bankruptcy courts significantly exacerbates the more aggressive short–term lending and long-term investment behavior of high bankruptcy risk enterprises. Mechanism analysis shows that the establishment of bankruptcy courts significantly enhances the long-term investment and short–term financing of high bankruptcy risk enterprises, thereby exacerbating the degree of short–term loans and long–term investments of enterprises. Heterogeneity analysis shows that the establishment of bankruptcy courts exacerbates the effect of short–term loans and long–term investments, which is more significant in samples of low governance level enterprises, over- confident management,"two highs and one surplus" industries, and regions with low financial development levels; Com- pared to bankruptcy liquidation courts, independent bankruptcy courts have a greater impact on short–term loans and long- term investments of high-risk bankruptcy enterprises. Economic analysis reveals that the short–term loans and long–term investments of high-risk bankruptcy enterprises increase the probability of default, which may ultimately harm the interests of creditors.This study reveals the economic effects of creditor protection in China from the perspective of high bankruptcy risk enterprises, which has certain reference value for the design of bankruptcy system and financial risk prevention.  Related Articles | Metrics

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REN Li, HUANG Wenyi China Economic Studies    2025, 0 (05): 32-.   Abstract （255）      PDF （1362KB）（662）       Knowledge map    In his wage theory, Marx scientifically revealed the law of labor value, discussing the influence of labor value, labor supply and demand, and labor-capital relations on wages and their interconnections. Building on this theoretical framework, this article uses relevant statistical data to depict the real dynamics of wage movements in China in the new era, and concludes that the law of labor value provides a strong explanation for China's wage dynamics. Based on this, a simultaneous equation model is constructed to empirically examine the determinants of wage movements in China. The findings show that labor value, labor supply and demand, and labor-capital relations all exert significant impacts on wages. Among them, labor value explains about 50% of wage variation. Labor supply and demand, measured by the unemployment rate, contributes to downward wage pressures to some extent. Meanwhile, labor disputes and recourse to third-party arbitration have become effective short–term mechanisms for Chinese workers to safeguard their interests. Therefore, improving workers' wage levels requires coordinated efforts across multiple dimensions and systematic policy measures. Related Articles | Metrics