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HE Aiping, LI Qinghua China Economic Studies    2025, 01 (01): 27-.   Abstract （1599）      PDF （603KB）（1770）       Knowledge map    Marx's profound exposition of the value production process in the era of capitalist industrial economy provides a highly explanatory theoretical perspective for portraying the changes in productive forces and relations of production in the value production process of the digital economy. The value production process of the digital economy consists of two aspects: The first is the transfer of value of data-a key means of production. The two forms of value of data produce different substitution effects in the transfer of value, further dismantling the technological basis of the division of human mental labor; the networked production of data generates a "false social value" of platforms, exacerbating the invisible separation of networked laborers from the conditions of their labor; and capital exerts a different kind of dominance over digital laborers, reflecting the antagonistic relationship between laborers and the digital means of production. The different dominance of capital over the digital worker reflects the antagonistic relationship between the worker and the digital means of production. Second, the value creation of digital living labor. The expansion of the organizational form and labor mode of digital labor has achieved the production of multiple implicit surplus values, and developed node–based network social labor with informal collaborative characteristics; The labor process presents a temporal and spatial overlap of "technology labor process" and "de technology labor process" coexisting; The trend towards data-driven and algorithmic digital labor itself and the process of creating labor value is increasing. Related Articles | Metrics

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LI Dongxu, FENG Xiaochuan, ZHAO Xiaoyang China Economic Studies    2025, 03 (03): 135-.   Abstract （537）      PDF （1626KB）（280）       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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ZHU Mengnan, ZHANG Xingxiang, WANG Xiaojian, HUANG Jingjing China Economic Studies    2025, 01 (01): 1-.   Abstract （513）      PDF （674KB）（620）       Knowledge map    Xi Jinping's important discourse on financial services for the real economy adheres the fundamental principles of Marxist political economy and represents a contemporary development of the Marxist view of finance. The Xiamen Special Economic Zone serves as a key birthplace, incubator, and practice ground for Xi Jinping's thoughts on financial services for the real economy. As a crucial leader, pioneer, and architect during the early stages of the Xiamen Special Economic Zone, Xi Jinping has led a series of forward-looking, innovative, and strategic theoretical advancements and practical explorations in various aspects such as promoting financial system reform in Xiamen, expanding the opening up and development of the financial industry, and deepening economic and trade cooperation between Hong Kong, Macau, Taiwan, and the mainland, fully embodying a top-level design approach of using financial power to promote the development of the real economy. Xiamen International Bank was established as an pivotal bridge and link for attracting investment in the Xiamen Special Economic Zone in 1985.Xiamen International Bank is the first Sino-foreign joint venture bank in New China, and its exploration during the process of reform and development is highly representative, serving as a significant achievement in implementing Xi Jinping's thoughts on financial services for the real economy. Related Articles | Metrics

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YAO Qin, CAI Yang, PAN Wei, CHEN Shuo China Economic Studies    2025, 01 (01): 182-.   Abstract （392）      PDF （662KB）（446）       Knowledge map    The cyclical economic fluctuations of pre-modern China have long been of interest to scholars, but existing explanations lack counterfactual evidence and suffer from endogeneity issues. This study attempts to test the impact of extreme weather on economic development in the Qing Dynasty. Based on the prefecture-level panel data from 1644-1911, we find that extreme weather led to an 8.98% decrease in population density, driven mainly by droughts. This effect remains robust to controlling for other confounders such as technological progress and positive checks, employing alternative proxies for economic development, and time series analysis. Additionally, we find that the population recovery following extreme weather events was consistent with the Malthusian model, and fiscal surpluses could hedge the negative impacts of extreme weather. This study improves our understanding of the role of extreme weather in the economic dynamics of pre-modern China. Related Articles | Metrics

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CHEN Yihui, WANG Yao China Economic Studies    2025, 01 (01): 105-.   Abstract （380）      PDF （863KB）（451）       Knowledge map    This paper takes public health emergencies as exogenous shocks, uses quarterly data of China A-share listed companies from 2017 to 2021 as a sample, and studies the impact of the company's anti-takeover intensity on corporate resilience from the perspective of the establishment of the company's internal charter. The results show that the greater the number of anti–takeover clauses set up in the company's articles of association, the worse the company's resistance and resilience, and the worse its operating performance. Mechanism tests show that the anti–takeover clause is mainly set to reduce corporate resilience by exacerbating the first type of principal-agent costs of the company in crisis scenarios; while the second type of agency costs did not play a role. Heterogeneous analysis finds that the impact of anti-takeover clauses on corporate resilience is more obvious in samples of non–state–owned enterprises with low levels of external supervision, severe epidemic impacts in cities where they are located, and non–state-owned enterprises. Related Articles | Metrics

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Theoretical System of Socialist Political Economy with Chinese Characteristics: Preconditions and System Construction BAI Yongxiu , ZHAO Xinghua China Economic Studies    2025, 02 (02): 1-.   Abstract （366）      PDF （1464KB）（413）       Knowledge map    The scientificity and degree of theoretical system construction is an important sign to measure the maturity of a subject. After reviewing and summarizing the construction ideas of the socialist political economy with Chinese characteristics, it is found that there are three main paths: construction by referring to the more mature theoretical system, construction by gathering major practical problems, and construction by focusing on research mainline, Based on the construction ideas of the above three main paths, this paper takes the ownership structure of the means of production in the primary stage of socialism as the logical starting point, takes the production relations in the primary stage of socialism as the object of study, focuses on the dialectical unity relationship between market efficiency and social equity, takes Marxist political economy as the guidance, and draws on the reasonable components of western economics. In close connection with the practice of economic development in the primary stage of socialism with Chinese characteristics, and in accordance with “an overall-particular-overall” structural arrangement, the seven-part system covering the theory of production mode and basic economic system, production theory, distribution theory, exchange theory, consumption theory, macroeconomic theory and foreign economic theory has been constructed. Related Articles | Metrics

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Hong Yongmiao、LIN Tao、SHI JiuLing China Economic Studies    2025, 03 (03): 1-.   Abstract （360）      PDF （1318KB）（793）       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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An International Comparative Study of National Income Distribution under the Goal of Common Prosperity TANG Ya, XU Xianchun, WANG Yang China Economic Studies    2025, 02 (02): 42-.   Abstract （359）      PDF （1252KB）（327）       Knowledge map    National income distribution is a key issue in the study of how to promote common prosperity through high quality development. This paper conducts an international comparison study on national income distribution based on the data of the adjusted international comparable flow of funds table. This study draws the following conclusions: compared to the foreign countries, (i) within the primary distribution, the total income of the enterprise sector erodes the income of household sector, indicating the capital factor is stronger than the labor one in China; (ii) within the secondary distribution, the adjustment function of social security and tax underplay its role; (iii) within the redistribution in kind, the scale of social transfers in kind in China is relatively lower, and the function of public services is limited in improving households' welfare. We suggest to improve the distribution mechanism based on production factors, improve the system of tax, social security and public services, promoting the realization of common prosperity through high–quality development.  Related Articles | Metrics

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JIN Weidong, YANG Ziqi, LI Shuyue China Economic Studies    2025, 01 (01): 168-.   Abstract （342）      PDF （561KB）（777）       Knowledge map    This paper invested efforts in studying the influence of "delayed employment" on graduates' person-job matching and employment stability. Such a choice does prolong their jobs and constitutes an essential part of them to "stay at" their posts, and found the outcomes. Further mechanism analysis suggested that “delayed employment" shines on equipping graduates with a better understanding of themselves and their occupation, improving demand-supply matching, and lowering the active turnover rate of graduates. In addition, it strengthens their transfer-ability to serve the requirement-ability matching, thereby cutting down the passive turnover rate. Moreover, it also works in promoting the matching of values between graduates and enterprises, enhancing the aforementioned two matching and the effect of “stable" employment. Finally, based on the empirical conclusions, this paper puts forward relevant policy recommendations. Related Articles | Metrics

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ZHANG Guoqing, CHEN Shishuo, CHEN Zifan, CHEN Xiaofeng China Economic Studies    2025, 01 (01): 89-.   Abstract （301）      PDF （597KB）（549）       Knowledge map    The major challenges facing the world are climate change and low-carbon development. The corporate's commitments to better respond climate change are increasingly pushed to the forefront of enterprise decision-making. This research adopts an event study methodology to test the value effect of corporate dual carbon commitment behavior. Based on the 370 sample firms which made dual carbon commitment before December of 2023, this paper uses the event study method to test the value effect of corporate dual carbon commitment behavior. Evidence shows that corporate dual carbon commitment induces negative short–term market reaction, and this conclusion remains stable after a series of robustness tests. The mechanism analysis results show that agency costs are responsible for negative market reaction caused by corporates' dual carbon commitment. Heterogeneity analysis indicates that in firms with high carbon risk, the negative market reaction of corporate dual carbon commitment is stronger; the shareholding of institutional investors can help mitigate the short-term negative market reaction caused by corporate dual-carbon commitments. Furthermore, in the long run, corporates' dual carbon commitment can improve long-term value. This paper examines the value effect of corporate dual carbon commitment from the perspective of market, which helps to solve the driving force dilemma of corporate dual carbon governance. Related Articles | Metrics

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ZHOU Yajun, CHEN Ming China Economic Studies    2025, 03 (03): 57-.   Abstract （300）      PDF （1254KB）（538）       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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HE Xiaogang, GUO Xiaobin China Economic Studies    2025, 01 (01): 41-.   Abstract （289）      PDF （614KB）（332）       Knowledge map    How to integrate the domestic market in order to better utilize the advantages of mega–market scale is crucial to building a new development pattern of double-cycle. This paper systematically examines the impact of bilateral trust on the cross-regional distribution of suppliers using inter–regional bilateral trust data from the China Entrepreneurship Survey System and data on listed companies' off-site suppliers. It is found that both the degree of trust between the location of enterprises to the location of suppliers and the degree of trust between the location of suppliers to the location of enterprises can promote the cooperation between enterprises and off-site suppliers. Mechanistic analyses show that bilateral trust facilitates cooperation between firms and off-site suppliers by reducing search costs, contract costs, and management and monitoring costs. Heterogeneity analyses indicate that bilateral trust facilitates cooperation between firms and off-site suppliers more significantly in the context of high opportunistic risk and economic policy uncertainty. We further find that there is a substitution effect between the impact of bilateral trust and formal institutions on off-site supplier cooperation, and that bi- lateral trust also extends the duration of firms' cooperation with off-site suppliers. Finally, bilateral trust contributes to the realization of inter–regional production division of labor by facilitating suppliers' cross–regional distribution. From the perspective of bilateral trust as an informal institutional arrangement, this paper provides new ideas for China to better promote the construction of a unified domestic market. Related Articles | Metrics

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WEI Xiahai, KE Chengcheng China Economic Studies    2025, 01 (01): 153-.   Abstract （244）      PDF （717KB）（431）       Knowledge map    Enhancing the health of middle-aged and elderly people and stimulating an effective labor supply while harnessing the potential of "silver-hair power" are key initiatives to actively address population aging. This paper uses the Healthy City pilot policy as an exogenous shock and combines data from the China Health and Retirement Longitudinal Study (CHARLS) to theoretically and empirically examine the impact of Healthy City construction on the labor supply of middle-aged and elderly individuals. The study finds that Healthy City construction significantly increases the supply of labor time among local middle-aged and elderly individuals, with a more pronounced effect observed among men, low-educated individuals, older middle–aged and elderly individuals, and those residing in cities with severe air pollution and abundant medical resources. Mechanism analysis reveals that Healthy City construction promotes labor supply by improving physical and mental health, as well as enhancing social integration. Further analysis suggests that Healthy City construction significantly increases the willingness of middle-aged and elderly individuals to delay retirement. This study provides novel policy insights for actively promoting the Healthy China initiative and addressing the challenges of an aging population. Related Articles | Metrics

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HAN Qing, HU Kun, CHEN Ke China Economic Studies    2025, 03 (03): 88-.   Abstract （244）      PDF （1336KB）（824）       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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YANG Siying, BAI Hua China Economic Studies    2025, 03 (03): 167-.   Abstract （236）      PDF （3260KB）（1105）       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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DING Renzhong, LI Ximing China Economic Studies    2025, 01 (01): 16-.   Abstract （231）      PDF （495KB）（508）       Knowledge map    Further deepening the reform in a comprehensive manner is a great decision made by the Communist Party of China (CPC) in light of China's international and domestic situation and the process of socialist modernization with Chinese characteristics in the new era, and it is an important meeting spirit of the Third Plenary Session of the Twentieth Central Committee of the CPC. Economic system reform is the breakthrough of comprehensively deepening reform. Combined with the reform and opening up to date the reform history of China's economic system, this paper believes that the further deepening of the economic system reform in the new era is a deeper and more systematic reform, and it is a reform that undertakes a new task under the guidance of new theories. For this reason, we should insist on adhering to the general tone of seeking progress while maintaining stability to promote the economic system reform in the new era and advance the construction of Chinese-style modernization. Related Articles | Metrics

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ZHOU Mao, CAO Fangzhou, DU Yan China Economic Studies    2025, 01 (01): 73-.   Abstract （221）      PDF （926KB）（396）       Knowledge map    As a combination of science, technology, talent and innovation, higher education is an important factor affecting firms' export innovation. By exploiting higher education expansion, this paper employs difference-in-differences estimation to accurately evaluate the causal effect of human capital expansion on firms' new product exports. We find that:(1) from the perspective of product life-cycle, human capital expansion effectively enhances firms' new product exports, which is robust after many identifying hypothesis tests and other robustness tests. (2) Human capital expansion, through imported intermediate inputs' variety intensity conversion effect and research and development intensity, technology intensity and capital intensity enhancement effects, has promoted firms' new product exports. (3) For foreign-invested firms, resource–concentrated firms, firms in cities with abundant higher education resources, and firms in areas with higher degrees of marketization, the effect of human capital expansion on firms' new product exports is more pronounced. Our study provides strong theoretical evidence for the policy effect of China's higher education on exported product structure and is of great significance for enhancing "high–quality development" and promoting "high–level opening–up". Related Articles | Metrics

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LIU Shenglong, LI Meng China Economic Studies    2025, 01 (01): 137-.   Abstract （221）      PDF （1330KB）（254）       Knowledge map    China's rural transportation infrastructure has achieved tremendous success, profoundly impacting agricultural development and the lifestyles of farmers. This paper utilizes the micro household data from the fixed observation points in China's rural areas from 2009 to 2017, and estimates the impact of improvements in transportation infrastructure on the outworking of rural labor within the framework of the generalized Roy model. The study finds that connectivity to the main traffic arteries increases the income of farmers working outside their hometowns. Further research indicates that there exists essential heterogeneity in the impact of rural transportation on farmers' outworking incomes. In rural areas that are more easily connected to the main traffic arteries, the impacts of such connectivity on outworking income is negative. However, for rural residents with poorer accessibility to transportation infrastructure, connecting to the main traffic arteries significantly increases their income from working outside their hometowns. By simulating the effects of further improvements in future rural transportation infrastructure, the study finds that the income from outworking will noticeably increase for residents of less developed rural areas after connecting to the main traffic arteries. This paper demonstrates that connecting to the main traffic arteries can significantly narrow the income gap between less developed rural areas and more developed regions, thus providing an academic support for the national initiative to achieve access to all villages" in rural areas. Related Articles | Metrics

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LUO Zhen, XIE Peiyu China Economic Studies    2025, 03 (03): 17-.   Abstract （221）      PDF （1434KB）（218）       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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The Theoretical Foundations and Practical Exploration of Constructing a Political Economy Accounting System: A Discussion on the Limitations of the SNA ZHAO Wenrui, LI Bangxi China Economic Studies    2025, 02 (02): 14-.   Abstract （217）      PDF （652KB）（357）       Knowledge map    Under the goal of high–quality development, this article reflects on the SNA and its related indicators ac- counting framework, identifying limitations and issues regarding its compatibility with the characteristics of China's socialist economic activities. From three dimensions—theoretical foundation, methodological basis, and practical basis—the article explores the rationale and importance of constructing an accounting system from the perspective of Marxist political economy. It summarizes the beneficial explorations in indicator accounting frameworks under the current political economic perspective. Finally, the article proposes suggestions for improving data collection and accounting methods to meet the needs of a political economic accounting system. The aim is to establish an accounting system that can reflect China's unique characteristics while also aligning with international standards, providing a scientific basis for relevant indicator calculations and supporting China's high–quality development. Related Articles | Metrics