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Economic Survey
2026 Vol.43 Issue.1
Published 2026-01-10
3
Market Integration and Patent Technology Transfer: An Empirical Test Based on the Urban Economic Coordination Conference of the Yangtze River Delta
LI Ying, FAN Dongmei, HUANG Xinfei
This study selects the Yangtze River Delta City Economic Coordination Council, a government collaboration mechanism, as an intervention event for market integration. Based on patent transfer data among 41 cities in the Yangtze River Delta region from 2001 to 2018, a multi-period difference-in-differences model is employed to examine its impact on patent technology transfer. The results demonstrate that market integration has significantly promoted inter-city patent technology transfer, which is clearly manifested in the rising number of patent assignments. Further mechanism tests reveal that market integration under governmental coordination primarily operates through two channels: reducing technology transaction costs via information sharing and fostering a favorable environment of social trust, while also laying a more solid market foundation for technology transactions by deepening inter-city industrial specialization and reducing similarity in industrial and innovation structures among member cities. Heterogeneity analysis shows that the effect of market integration is more pronounced in cities with stronger innovation foundations and higher levels of marketization. Moreover, membership in the Council not only significantly expands the number of entities participating in the technology transaction market but also markedly increases the frequency of cooperation among different entities. Therefore, it is essential to continuously advance the process of market integration, with emphasis on strengthening cross-regional information platform construction and industrial coordination planning, to systematically reduce technology transaction costs and enhance regional complementary advantages.
2026 Vol. 43 (1): 3-16 [
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Can New Infrastructure Achieve Synergistic Effects of Pollution and Carbon Reduction: Evidence from UHV Transmission Projects
ZHANG Mengyu, MA Xiaoyu
Based on panel data from 277 prefecture-level cities in China from 2006 to 2022, this study employs a multi-period difference-in-differences approach to examine the impact of ultra-high voltage transmission projects on the synergistic effects of urban pollution and carbon reduction. The results indicate that ultra-high voltage transmission projects can achieve synergistic effects of pollution and carbon reduction. This conclusion holds robust after a series of rigorous tests. The mechanism analysis reveals that ultra-high voltage transmission projects can promote urban synergistic pollution reduction and carbon mitigation through the effects of energy structure optimization, green technology innovation, industrial agglomeration and talent concentration. The heterogeneity analysis indicates that ultra-high voltage transmission projects help enhance the synergistic pollution and carbon reduction levels in terminal cities, endpoint cities and the central-eastern regions, while the policy effects are not significant in starting cities and the western regions. Compared with ultra-high voltage DC projects, non-key transmission channels, and areas with low electricity dependency, the synergistic effects of pollution and carbon reduction are stronger in ultra-high voltage AC projects, the 12 key transmission channels and areas with high electricity dependency. The extended analysis reveals that, on the one hand, ultra-high voltage transmission projects can drive neighboring cities to achieve synergistic pollution reduction and carbon mitigation through spatial spillover effects, which exhibit a decay pattern with increasing geographical distance. On the other hand, these projects demonstrate comprehensive economic and environmental benefits, enabling the coordinated advancement of carbon reduction, pollution control, green expansion and economic growth. The research findings not only enrich the literature on infrastructure construction and pollution reduction and carbon reduction, but also provide valuable insights for governments to advance new infrastructure policies in an orderly manner.
2026 Vol. 43 (1): 17-31 [
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How Does Cultivated Land Fragmentation Affect Grain Production in China?
LYU Qiuhang
Based on nationwide panel data of rural micro-households, this study empirically examines the impact of cultivated land fragmentation on grain production and analyzes its underlying mechanisms. The study shows that cultivated land fragmentation significantly reduces grain yield. This conclusion remains robust after addressing potential endogeneity and conducting robustness tests. Heterogeneity analysis further reveals that the inhibitory effect of land fragmentation on grain yield is more pronounced in non-major grain-producing areas, under excessively large or small operational scales, and within households characterized by a high degree of aging. The results of the mechanism analysis indicate that cultivated land fragmentation can affect farm household grain yield by increasing the degree of part-time farming and promoting a “non-grain” shift in the planting structure. Further analysis reveals a single threshold effect based on fertilizer application intensity in the impact of land fragmentation on grain yield. Therefore, to safeguard farmers’ rights and interests, promote agricultural modernization and strengthen the foundation of food security, measures should be implemented through improving the functioning of the farmland transfer market, enhancing the comparative returns of grain production, and advancing the reduction and efficiency improvement of chemical fertilizers and pesticides.
2026 Vol. 43 (1): 32-43 [
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How Does Network Infrastructure Construction Drive Integrated Urban-Rural Development?
WANG Yuan, ZHANG Bingbing, CAO Lijuan
From the perspective of interactive coordination between new-type urbanization and rural vitalization, this study establishes an evaluation index system for urban-rural integrated development at the prefecture-level city scale, clarifies the internal mechanism through which network infrastructure construction affects such development, and employs a double machine learning approach to examine its impact effects and pathways. The study shows that network infrastructure construction can significantly promote urban-rural integrated development. This conclusion remains robust after a series of robustness checks, including replacing machine learning algorithms, altering the measurement methods for independent and dependent variables and excluding outliers. Heterogeneity analysis reveals that the promotive effect of network infrastructure construction on urban-rural integrated development is more pronounced in regions with a lower degree of aging and a higher proportion of tertiary industry. Mechanism analysis indicates that network infrastructure construction advances urban-rural integrated development by enhancing innovation and entrepreneurship capabilities and fostering the development of digital inclusive finance. Further analysis shows that new industrialization characterized by digitalization, ntellectualization and ecologicalization can significantly strengthen the promoting effect of network infrastructure on urban-rural integrated development. The research findings provide useful insights for developing new infrastructure, enhancing the level of urban-rural integrated development, and thereby advancing Chinese modernization to achieve common prosperity for all.
2026 Vol. 43 (1): 44-56 [
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U.S. Export Controls to China and Enterprise Human Capital Upgrading
ZHOU Shen, LI Qilin
Using data on employees and the U.S. Entity List for A-share listed companies from 2011to 2022, this study employs a multi-period difference-in-differences ( DID ) model to examine how U.S. export controls affect the upgrading of corporate human capital. Empirical results indicate that being added to the Entity List significantly reduces the proportion of high-skilled labor within firms, thereby hindering the upgrading of human capital. Moreover, this adverse effect exhibits a persistent and intensifying trend over time. Mechanism tests reveal that the Entity List primarily negatively impacts the human capital structure of restricted firms through two channels: strengthening the financing constraints effect and weakening the market competition effect. Heterogeneity analysis further shows that the negative impact on human capital structure is more pronounced for non-innovative firms, firms located in regions with lower levels of openness, state-owned enterprises, and firms whose board directors lack overseas experience. This study enriches micro-level impact studies on U.S. export controls toward China and provides policy insights for mitigating the negative effects of trade frictions on employment structures.
2026 Vol. 43 (1): 57-70 [
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Data Sharing and Enterprise Export Technology Complexity: Empirical Evidence from Public Data Openness
DU Ran, FANG Qiyun, LIU Ke
Using the construction of public data openness platforms by local governments a quasi-natural experiment, this study employs a multi-period double difference model to empirically test the impact of the impact of public data openness on the enterprises’ export technology complexity and its underlying mechanism. The results reveal that public data openness significantly enhances firms’ export sophistication. Mechanism analysis reveals that open public data enhances the enterprises’ export technology complexity through government governance effects and technological innovation effects. Heterogeneity tests further show that the positive impact of public data openness is more pronounced for technologyintensive and capitalintensive firms, nonstateowned enterprises, and firms with a higher degree of digital transformation. Moderating effect results suggest that well-developed financial systems, digital infrastructure and institutional environments can significantly strengthen the enabling effect of public data openness on firms’ export sophistication. This study provides new insights for improving public data openness policies and promoting highquality development of exporting firms.
2026 Vol. 43 (1): 71-85 [
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Research on the Mechanisms through which OFDI Enhances the Export Product Quality of Domestic Enterprises
LIU Yuwei, WANG Hongqing
Based on matched data from the Chinese Industrial Enterprise Database, the Customs Import and Export Database and the Directory of Outward Investment Enterprises, this study examines the mechanisms and effects of firms’ OFDI on the quality of domestic export products. The results indicate that OFDI significantly promotes the improvement of export product quality, and this effect exhibits a dynamic lag characteristic, displaying a nonlinear pattern of “ initially rising, then declining, and rising again.” The promoting effect is most pronounced with a five-year lag. Mechanism tests reveals that OFDI promotes export product quality mainly through the innovation promotion effect, the value chain embedding deepening effect and the intermediate goods import expansion effect, while the mediating role of the industrial agglomeration effect in enhancing export product quality is relatively weaker. Heterogeneity analysis shows that, compared to corresponding samples, the effect of OFDI in enhancing export product quality is more pronounced in technology-seeking firms, firms in growth and maturity stages, private enterprises, Sino-foreign joint ventures and capital-intensive firms. Further research finds that the higher the productivity of enterprises, the more pronounced the effect of OFDI on improving export product quality. The study provides empirical evidence and decision-making reference for China to optimize its OFDI layout to achieve “ high-quality growth ” in exports.
2026 Vol. 43 (1): 86-103 [
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Research on the Impact of Government Digital Procurement on the Development of Urban Digital-Real Economy Integration
WANG Hengxu, YUAN Xiaoling, ZHAO Kai
Based on government procurement contract information and patent application databases, this study employs text analysis and patent co-classification analysis to measure the scale of government digital procurement and the development level of digital-real economy integration across 285 cities from 2006 to 2021, investigating the impact of government digital procurement on such integration and its underlying mechanisms. The results indicate that, through the “ nest-building ” effect of promoting digital infrastructure construction and the “ phoenix-attracting ” effect of accelerating the cultivation of digital market entities, government digital procurement has significantly advanced the development of digital-real economy integration. This impact exhibits heterogeneity depending on the type of procurement and city characteristics. Local procurement demonstrates a stronger promoting effect on digital-real economy integration, while the policy effect is more pronounced in cities with high government digital attention, well-developed institutional environments and comparative industrial advantages. Economic consequence tests reveal that the promoting effect of government digital procurement on digital-real integration can facilitate the development of new quality productive forces. The research conclusions not only help compensate for the shortcomings of demand-side research in the digital-real integration policy system, but also provide theoretical basis and practical reference for maximizing the policy effects of government digital procurement.
2026 Vol. 43 (1): 104-117 [
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How Does Financial Literacy Affect Household Consumption?
WANG Zhili, WANG Haiyan
Based on the China Family Panel Studies (CFPS) databases in 2014 and 2018, this study employs ordinary least squares (OLS) and mediation effect models to examine the impact of financial literacy on household consumption and its underlying mechanisms. This study yields the following main findings: First, improved financial literacy promotes household consumption, and this positive effect survives rigorous tests for endogeneity and robustness. Second, dimensional analysis reveals that financial literacy not only boosts survival-oriented consumption but also facilitates development-and enjoyment-oriented consumption, thereby promoting the upgrading of consumption structure. However, while basic financial literacy shows a significant consumption-promoting effect, advanced financial literacy does not exhibit a statistically significant effect. Third, mechanism tests indicate that financial literacy positively influences household consumption primarily through three channels: alleviating liquidity constraints faced by households, reducing household uncertainty and guiding households to formulate longterm financial plans. Fourth, heterogeneity tests demonstrate that the impact of financial literacy on household consumption is asymmetric across urban and rural areas, genders, age groups and income strata. The consumption-promoting effect of financial literacy is more pronounced among women in urban areas, households with members under 60 years old and middle-income groups.The policy implication of the study lies in cultivating residents’ financial literacy to fully unleash consumption potential.
2026 Vol. 43 (1): 118-132 [
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ESG Performance and Corporate New Quality Productivity
CAO Siyu, WANG Qinggang
Based on data from non-financial A-share listed companies in Shanghai and Shenzhen from 2011 to 2023, this study systematically examines the impact of corporate ESG performance on the development of new quality productive forces and its underlying mechanisms. The results show that corporate ESG performance significantly promotes the development of new quality productivity, and this conclusion remains robust after a series of tests addressing endogeneity and verifying robustness, including alternative variable measures, instrumental variable approaches and propensity score matching. The mechanism analysis indicates that ESG performance primarily promotes the development of new quality productivity by optimizing workforce structure, upgrading production technologies, and improving internal management, thereby reshaping the three core elements of “ personnel-technology-management. ” Further research reveals that the impact of ESG performance on new quality productivity is more pronounced in state-owned enterprises, capital-intensive firms, enterprises operating in highly competitive markets and those located in the eastern regions of China. The research conclusions reveal, from a micro-level perspective, the important pathways through which ESG empowers new quality productivity. They construct a “ Three-Benefit and Three-Upgrade ” framework for Chinese enterprises, wherein ESG performance fosters new quality productivity, thereby providing theoretical support and practical references for accelerating the formation of new quality productivity within the context of high-quality development.
2026 Vol. 43 (1): 133-146 [
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Enterprise Digitization, Relationship Network Position and Enhancement of Supply Chain Resilience
SUN Wenjie
Based on the top-five supplier/customer data of A-share listed companies from 2007 to 2023, this study constructs supply chain networks and social relationship networks among firms, and examines the impact of enterprise digital transformation on supply chain resilience from the dual perspectives of these two types of interfirm networks. The results show that enterprise digital transformation not only directly enhances supply chain resilience, but also interacts with interfirm supply chain networks and social relationship networks, generating a reinforcing effect that collectively promotes supply chain resilience through indirect mechanisms. Mechanism tests indicate that digital transformation and interfirm networks form a synergistic effect, which enhances supply chain resilience through three channels: the information search mechanism, the supplydemand matching mechanism and the knowledge spillover mechanism. Further analysis reveals that when firms occupy a core position in the supply chain network, exhibit high dependency on supply chain intermediaries, or have a larger scale, the effect of digital transformation and interfirm networks in enhancing supply chain resilience becomes more pronounced. These findings unveil a novel mechanism through which enterprise digital transformation enhances supply chain resilience by strengthening network connectivity and spillover effects within the supply chain, offering insights for improving the resilience and security of domestic supply chains.
2026 Vol. 43 (1): 147-160 [
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