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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 （825）      PDF （2911KB）（1846）       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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China Economic Studies    2025, 0 (06): 1-.   Abstract （716）      PDF （1337KB）（1721）       Knowledge map    Related Articles | Metrics

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ZHENG Xuemei, ZOU Fenju China Economic Studies    2025, 0 (05): 79-.   Abstract （687）      PDF （1262KB）（994）       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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On Unconventional Strategies for Addressing Serveral Major Issues in China's Economy Yang Bin China Economic Studies    2026, 01 (03): 1-.   Abstract （646）      PDF （556KB）（343）       Knowledge map    China’s economy has a solid foundation, many advantages, strong resilience, and great potential. The supporting conditions and fundamental trend for its long-term sound development remain unchanged. However, it also faces major challenges, externally from suppression by the United States and the West, and internally from population decline, insufficient effective demand, and imbalanced development. In addition to adopting general guidelines and policy measures, it is necessary to formulate unconventional strategies based on China’s real advantages and to solve problems by looking beyond the problems themselves: Carry out robust supportive policies for fertility, so as to stabilize the number of newborns, turn population growth from negative to positive, and address the lack of development momentum and confidence caused by sustained negative population growth; coordinating economic and social policies to forcefully promote the recovery of the real estate market in central cities, thereby boosting consumption and investment demand; establishing a mechanism through which the people as a whole share the returns on state-owned assets, creating a common pension, and building a uniquely Chinese mixed pension system, which would not only substantially narrow the excessively large benefit gaps among different basic old-age insurance schemes—an important manifestation of imbalanced development—but also expand domestic demand and spur economic growth. By adopting such unconventional strategies to overcome the major obstacles to China’s economic and social development, upholding the expansion of domestic demand as a strategic basis, and boosting the dynamism and reliability of the domestic economy, China can maintain favorable long-term expectations and development momentum. Related Articles | Metrics

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What is Unequal Exchange: A Critical Reflection on the Theory of International Unequal Exchange MENG Jie, YAN Jiehua China Economic Studies    2026, 01 (03): 11-.   Abstract （644）      PDF （611KB）（178）       Knowledge map    Since the era of the Second International, Marxist economics has been developing the theory of international unequal exchange. In the 1960s, Emmanuel published Unequal Exchange, in which he proposed a novel theory based on the theory of price of production. Premised on the international immobility of labor, his work explored the formation mechanism of international production prices and the resulting international transfer of value. Emmanuel’s theory has sparked extensive debates and given rise to some new research. So far, the study of unequal exchange based on production prices has become the mainstream in the literature. Despite their respective contributions, these theories have the following weaknesses. First, they tend to equate unequal exchange with value transfer, while neglecting the exploration of the differences between them. Second, they interpret unequal exchange merely on the basis of production price, without deeply exploring the intrinsic connection between unequal exchange and monopoly which is a structural feature of modern capitalist economies. Further development of the theory of unequal exchange requires reflection on what unequal exchange is, and a clear definition of the criteria for identifying unequal exchange. Related Articles | Metrics

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ZHAO Shaoyang, LIANG Yunjia, ZHOU Bo China Economic Studies    2025, 0 (05): 154-.   Abstract （632）      PDF （1747KB）（738）       Knowledge map    This paper uses hospitalization data of disabled applicants in Chengdu, a pilot city of long–term care insurance, to examine the catering effect and health effect of cash–subsidized long–term care insurance. We find that: (1) The dynamic DID estimation results show that cash–subsidized long–term care insurance has a catering effect before application, that is, the disabled increase their possibility of receiving cash subsidies through low-cost excessive hospitalization before applying. (2) The further constructed dynamic DDD model indicates that the health effect reduces the hospitalization rate of the disabled by 5.8 percentage points, and the total monthly hospitalization cost by 52.3%. (3) Heterogeneity analysis finds that the health effect is more pronounced among disabled groups with home care providers, lower levels of disability, and lower income levels. Our results test the shortcomings and advantages of cash–subsidized long-term care insurance, providing empirical evidence for improving the design of long–term care insurance benefits in China. Related Articles | Metrics

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CHEN Lei, ZHANG Jilong China Economic Studies    2026, 01 (01): 153-.   Abstract （629）      PDF （697KB）（1280）       Knowledge map    Digital inclusive finance expected to play an important role in the process of activating county-level endogenous development capacity and advancing common prosperity. This paper first theoretically analyzes the inherent consistency between the development of digital inclusive finance and county-level endogenous development capacity, as well as the mechanisms through which digital inclusive finance activates endogenous development capacity. Then, based on county-level data from 2014 to 2023, a comprehensive evaluation index system for endogenous development capacity is constructed using machine learning methods, and the impact and heterogeneity of digital inclusive finance on such capacity are empirically examined. The research results show that the development of digital inclusive finance can effectively activate county-level endogenous development capacity, thereby contributing to the realization of common prosperity. Mechanism analysis reveals that digital inclusive finance promotes endogenous development capacity through the integration of the digital and real economies and the return of labor force. Further analysis indicates that the construction of digital infrastructure has a positive moderating effect on the activation of endogenous development capacity by digital inclusive finance. Heterogeneity analysis further shows that in regions with weaker provincial capital spillover effects, higher fiscal expenditure levels, and better–developed financial infrastructure, the promoting effect of digital inclusive finance on endogenous development capacity is stronger. This paper provides new evidence for activating county–level endogenous development capacity and offers a new perspective for achieving common prosperity with Chinese characteristics. Related Articles | Metrics

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Aging Population Structure, Industrial Transformation, and Economic Growth LV Yang, GA0 Ziming China Economic Studies    2026, 01 (03): 181-.   Abstract （609）      PDF （690KB）（273）       Knowledge map    This article introduces population structure factors into a two-sector neoclassical non-balanced growth model, and theoretically demonstrates the impact of ageing population structure on the transformation of industrial structure to service-oriented and economic “structural deceleration” through the mechanism of demand transfer. Secondly, empirical research based on panel data from 287 prefecture level and above cities in China from 2003 to 2020 shows that for every 1% increase in the proportion of urban residents aged 65 and above, the degree of industrial structure servitization will increase by 0.025 units, leading to a decrease of 0.445 percentage points in the growth rate of per capita real GDP. After decomposing the effects of different demographic factors, we find that the aging of the urban registered residence population also leads to economic slowdown by promoting the service-oriented transformation of industrial structure; population inflow can slow down the process of service-oriented transformation of urban industrial structure, thereby promoting its economic growth, and has a certain diluting effect on the impact of the service-oriented transformation of industrial structure and economic slowdown caused by the aging of the registered residence population. Further analysis also shows that the sustained improvement of productivity growth in the service industry and the transformation and upgrading of the internal life service industry to productive service industry can help weaken the “structural slowdown” impact of the service-oriented transformation of the industrial structure; and accelerate the accumulation of human capital to achieve the transformation from “population dividend” to “talent dividend”, which can also alleviate the negative impact of population aging on economic growth. The conclusion of this article can provide certain experience and reference for China to adapt to the current trend of population s Related Articles | Metrics

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REN Li, HUANG Wenyi China Economic Studies    2025, 0 (05): 32-.   Abstract （599）      PDF （1362KB）（2095）       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

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Reassessing China's Developing Country Status :A Hypothesis on the Structural Transformation of Factor Competitiveness in National Income Growth under Economic Globalization ZHENG Jianghuai, DUAN Yicheng China Economic Studies    2026, 01 (03): 27-.   Abstract （582）      PDF （3799KB）（226）       Knowledge map    China’s economic development has achieved remarkable results, yet its status as a developing country has become a focal point of international debate. Existing classification methods for developing countries, represented by per capita Gross National Income (GNI), exhibit significant limitations. The relative levels and sources of differences of GNI and Gross Domestic Product (GDP) reflect a nation’s factor competitiveness and structural characteristics, which jointly determine its economic development level. This study innovatively proposes a theoretical framework of “structural transformation of factor competitiveness,” offering a dynamic analytical paradigm for evaluating developing country status within the global division of labor. By combining transnational panel data with case studies, this paper reassesses China’s developing country status. The findings reveal: (1) Long-term net inflows of factor income driven by capital factor competitiveness serve as the core indicator for transitioning from a developing to a developed country. Despite fluctuations in China’s capital competitiveness, its total factor income remains in a persistent net outflow state, indicating an incomplete transition. (2) A negative feedback loop between foreign capital dependency and insufficient domestic capital accumulation traps developing countries in a “factor competitiveness structure trap,” hindering effective enhancement of capital competitiveness. Although China’s per capita capital stock has significantly increased, it still lags behind developed countries at comparable stages. (3) As trade scales expand, factor income shares rise in developed countries but decline in developing ones. Despite being the world’s largest goods trader, China’s factor income share remains substantially lower than that of developed economies. This study elucidates the core challenges faced by developing countries in transitioning to developed status under economic globalization, emphasizing the critical role of synergizing capital accumulation with technological innovation, reinvesting foreign capital profits, promoting industrial upgrading along the value chain, and constructing autonomous factor circulation networks to overcome developmental bottlenecks. Related Articles | Metrics

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Research on the Impact of Institutional Opening-Up on the Key Core Technology Breakthroughs of Enterprises Chen Fang, Qiu Bin China Economic Studies    2026, 01 (03): 107-.   Abstract （579）      PDF （702KB）（442）       Knowledge map    Making breakthroughs in key core technology is not only a key measure for high-level scientific and technological self-reliance and self-improvement, but also an effective way to enhance the international competitiveness of a country under high-level opening-up. Based on the panel data of China’s A-share listed companies from 2009 to 2023, this paper investigates the impact of institutional opening-up on enterprises’ key core technology breakthroughs and its mechanism by constructing a staggered difference-in-differences model. The study finds that institutional opening-up has significantly promoted enterprises to achieve breakthroughs in key core technology, which is realized by reducing institutional transaction costs, increasing the proportion of patient capital, enhancing the aggregation of digital resources and improving the level of industry-university-research collaborative innovation. Further analysis shows that the effect of institutional opening-up on key core technology breakthroughs is different in terms of enterprise attributes and external environment. At the same time, the government innovation subsidy and the local digital economy development level strengthen the positive effect of institutional opening-up. In addition, institutional opening-up promotes some enterprises to take the lead in achieving key core technology breakthroughs of “point” and then drives other enterprises in the same city and industry to achieve key core technology breakthroughs of “area”, and gradually shifting from “follower” to “leader” in international technical standards. Related Articles | Metrics

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XIAO Yacheng, ZHANG Zenghui, FANG Huliu China Economic Studies    2026, 01 (01): 182-.   Abstract （576）      PDF （599KB）（3225）       Knowledge map    Enhancing the employment quality of the rural labor force serves as a micro-level lever for achieving common prosperity, while digital literacy acts as a pivotal enabling factor in the digital era. Drawing on theoretical analysis and utilizing data from the China Family Panel Studies (CFPS), this paper empirically investigates the impact of digital literacy on the employment quality of rural laborers and its underlying mechanisms. The results show that digital literacy exerts a significant positive effect on employment quality, with improvements in digital literacy effectively promoting better employment outcomes. Heterogeneity analysis reveals that, at the micro level, the benefits of digital literacy are more pronounced among youth aged 16-35, workers engaged in non–agricultural sectors, and non-entrepreneurial households. At the macro level, the positive influence of digital literacy is stronger in regions with advanced digital village development and in the eastern and central parts of China. Further mechanism analysis identifies the expansion of social networks and enhanced credit accessibility as key channels through which digital literacy improves employment quality. In addition, the effect of digital literacy exhibits significant heterogeneity across different quantiles of the employment quality distribution. Related Articles | Metrics

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Digital Economy Agglomeration and Enterprise Innovation LI Jianjun, TAN Yixuan China Economic Studies    2026, 01 (03): 154-.   Abstract （572）      PDF （636KB）（296）       Knowledge map    Accelerating the development of the digital economy to establish China as a technologically advanced nation constitutes a strategic imperative for high-quality development. This study investigates the intrinsic relationship between the digital economy and technological innovation. Based on big data from industrial and commercial registrations, we measure digital economy agglomeration and examine its mechanisms on regional enterprise innovation. Empirical results demonstrate that digital economy agglomeration significantly promotes enterprise innovation output. Mechanism analysis reveals that knowledge spillover effects and cost-saving effects serve as primary channels through which agglomeration fosters innovation. The innovation-enhancing effect is more pronounced for smaller enterprises, non-state-owned enterprises (non-SOEs), and those operating in regions with lower market segmentation. This research validates the critical value of digital economy development and agglomeration from an innovation perspective, offering significant policy implications for enhancing, optimizing, and expanding the digital economy while advancing innovation-driven development. Related Articles | Metrics

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Center Cities’ Technological Innovation and the Development of Modern Industrial Systems in Urban Clusters: A Knowledge Spillover Economics Perspective ZHOU Jingkui, CAl Yunkun China Economic Studies    2026, 01 (03): 122-.   Abstract （556）      PDF （609KB）（207）       Knowledge map    Can the geographical proximity of cities within a urban cluster to the knowledge pool of technological innovation in the central city effectively translate into a driving force for advancing their modern industrial systems? This study empirically examines the impact of technological innovation in central cities on the development of modern industrial systems in city clusters, grounded in the theoretical framework of knowledge spillover economics. Evidence reveals that knowledge spillovers from central cities’ technological innovation accelerate inter-city technology transfer and collaboration, mitigate technological development imbalances within the cluster, and alleviate technological rigidity constraints. Consequently, this drives the modernization of industrial systems in non-central cities, particularly within clusters characterized by optimized development gradients and those aligned with the inland-oriented national strategy. Enhancing digital infrastructure, strengthening judicial protection of intellectual property rights, increasing government innovation preferences, and elevating fiscal decentralization levels can effectively amplify the positive effects of central cities’ technological innovation. These findings offer practical insights for government departments in advancing innovation-driven development strategies. Related Articles | Metrics

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Synergistic Mechanisms and Synergistic Multiplier Effects of the“Three-Dimensional Drive" of Data Factors on Economic Growth: An Endogenous Growth Model Based on the Micro-Foundations of the Data Value Chain WU Chen, DU Xinyong China Economic Studies    2026, 01 (03): 167-.   Abstract （553）      PDF （934KB）（232）       Knowledge map    This paper constructs a multi-sector endogenous growth model with a micro foundation of the data value chain. Theoretically, it reveals how data, through the synergistic effects of three mechanisms—accumulation of factors, promotion of technological progress, and driving of economic structural transformation, multiplies the effect on economic growth. The study finds that: (1) the synergistic interplay of the three mechanisms contributes approximately 1.73 percentage points of additional growth rate, accounting for 31.1% of the total endogenous growth dynamics, thereby constituting a significant output synergistic multiplier result; and (2) among individual mechanisms, structural transformation (29.1%) and technological progress (21.8%) are the primary drivers, yet relying solely on any single mechanism cannot explain the high-speed growth of China’s digital economy; the positive feedback loop among the mechanisms is key. This provides a new theoretical perspective and quantitative basis for understanding the growth dynamics of China’s digital economy and for formulating relevant policies. Related Articles | Metrics

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Fair Market Competition, Local Goal Constraints, and GovernmentCross-Regional Procurement:Perspectives from Cross-Provincialand Cross-Municipal Analyses ZHANG Hui, YUAN Ruidi China Economic Studies    2026, 01 (03): 91-.   Abstract （547）      PDF （653KB）（355）       Knowledge map    As a vital mechanism for interregional trade, government cross-regional procurement plays a significant role in establishing a unified national market. However, limited research has explored how market competition environments influence this practice. Utilizing Chinese government procurement order data from 2015 to 2022, this study examines the impact of market competition fairness on cross-regional procurement through dual lenses of inter-provincial and intra-regional municipal transactions. The findings reveal that fair market competition significantly promotes inter-provincial procurement but shows no substantial effect on intra-provincial cross-city procurement. These conclusions remain robust after addressing endogeneity concerns. Further analysis demonstrates that local governments’ environmental objectives and economic growth target constraints weaken the positive correlation between market competition fairness and inter-provincial procurement. This research not only provides novel theoretical insights into government cross-regional trading behaviors but also elucidates the implementation pathways for breaking administrative barriers and refining competition policies to facilitate interregional trade liberalization and domestic market integration. The study offers critical implications for advancing factor marketization reforms in the new era. Related Articles | Metrics

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PENG Qiao, XIAO Yao, YANG Yunyu China Economic Studies    2025, 0 (05): 126-.   Abstract （545）      PDF （606KB）（1352）       Knowledge map    Based on the perspective of labor skill characteristics, this paper analyzes the impact mechanism of digital technology development on the income disparity between high and low-skill industries. Empirical tests are conducted using panel data from 136 prefecture-level cities in China spanning 2013 to 2022. The research indicates that digital technology development widens the income gap by promoting skill-biased technological progress while simultaneously narrowing it through increasing the supply of high–skill labor and enhancing industry interconnectivity. The net effect demonstrates that digital technology significantly exacerbates the income gap during the sample period, exhibiting a lag effect. Heterogeneity analysis reveals that market integration, institutional segmentation, government education investment, as well as regional and temporal disparities all differentially modulate digital technology's impact on the income gap. This study offers new research perspectives and policy insights for promoting common prosperity and reducing inter-industry income inequality. Related Articles | Metrics

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The Construction of a Unified National Market and the Improvementof Total Factor Productivity of Private Enterprises HUA Guihong, CHEN Yujia, WU Fuqiang China Economic Studies    2026, 01 (03): 59-.   Abstract （542）      PDF （638KB）（290）       Knowledge map    Under the context of China’s new development paradigm, the construction of a unified national market provides substantial institutional guarantees for dismantling market access barriers and fostering a fair business environment. Evaluating its impact on the high-quality development of private enterprises is of significant practical relevance. Using panel data from Chinese privately listed firms and prefecture-level cities from 2005 to 2022, this paper empirically examines the influence of unified national market building on the total factor productivity (TFP) of private enterprises. The findings indicate that the development of a unified national market significantly enhances the TFP of private firms. Specifically, the removal of local protectionism, the innovation effect, and the regional coordination effect serve as the primary channels through which the unified national market boosts private firms’ TFP. The effect is more pronounced among non-exporting firms, enterprises lagging in digital transformation, labor-intensive industries, as well as in cities outside major urban clusters, with lower population density, and less healthy government-business relations. Further analysis reveals that urban spatial connectivity leads to positive spillover effects, whereby the advancement of the unified national market in neighboring regions also improves local private firms’ TFP. This study provides empirical evidence and practical insights for promoting the growth and strengthening of the private economy. Related Articles | Metrics

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The Impact of Unemployment Insurance Benefits on Corporate Innovation :Evidence from the Heterogeneity of Exploratory and Exploitative Innovation FAN Hongzhong, ZOU Nan, WANG Kui, HU Feng China Economic Studies    2026, 01 (03): 75-.   Abstract （541）      PDF （674KB）（220）       Knowledge map    This paper examines the effect of UI on corporate innovation. The findings reveal that UI promotes corporate innovation, primarily by stimulating exploratory innovation, while its effect on exploitative innovation is not significant. Mechanism analysis indicates that UI enhances firms’ innovation investment—particularly in higher-risk exploratory innovation—through a cash flow effect and a labor allocation effect. Heterogeneity analysis shows that the innovation-promoting effect of UI is more pronounced in firms with better employee care. Furthermore, UI not only at the surface level increases innovation output but also strengthens firms’ independent and breakthrough innovation capabilities. This study contributes to the literature on labor market institutions and innovation. Related Articles | Metrics

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Bank-Firm Relationships,Credit Inertia, and the Information Effect of Monetary Policy ZHANG Yun, SUN Zhenhua China Economic Studies    2026, 01 (03): 43-.   Abstract （541）      PDF （814KB）（237）       Knowledge map    Clarifying the impact of the information effect of monetary policy is crucial to improving the effectiveness of monetary policy. This paper constructs a DSGE model incorporating credit inertia and the information effect of monetary policy, theoretically reveals the moderating role of long-term bank-firm credit relationships on the information effect of monetary policy, and conducts an empirical test using bank credit line data of Chinese listed enterprises. The results show that a positive information effect of monetary policy promotes the growth of corporate credit; bank-firm credit inertia restrains this effect and exerts a negative moderating effect. Heterogeneity analysis indicates that such restraining effect is more pronounced among smaller banks with weaker risk-bearing capacity, as well as among private enterprises and enterprises with lower financing constraints. The conclusions of this paper provide theoretical support and empirical evidence for further enhancing the effectiveness of monetary policy. Related Articles | Metrics