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Economic Survey
2025 Vol.42 Issue.2
Published 2025-03-10
3
Empirical Analysis of Flattening Urban Spatial Structure to Promote Common Prosperity Between Urban and Rural Areas
LI Na, ZHAO Kangjie, JING Puqiu
Using panel data from 270 prefecture-level cities between 2017 and 2021, the paper analyzes the impact and intrinsic mechanisms of a flattened urban-rural spatial structure on common prosperity in urban and rural areas. It also examines the applicability of this structure based on multi-level regional attributes, including geographical location, economic development level and city size. The results show that flattening the urban spatial structure can effectively promote the increase of urban and rural residents’ income levels and narrow the urban-rural income gap and promote the realization of common prosperity between urban and rural areas. Mechanism analysis reveals that the impact of a flattened urban-rural spatial structure on common prosperity between urban and rural areas is primarily transmitted through three effective pathways: enhancing entrepreneurial activity in rural areas, deepening rural industrial integration and expanding the market scope in rural areas. Specifically, the intermediary effects are ranked as follows: entrepreneurial activity in rural areas > market size in rural areas > industrial integration level in rural areas. Moreover, the effect of a flattened urban-rural spatial structure on urban-rural common prosperity varies across different regions. The western and northeastern regions, areas with lower levels of economic development, and small- and medium-sized cities are found to better leverage the common prosperity effect of a flattened urban-rural spatial structure.
2025 Vol. 42 (2): 3-15 [
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A Study on the Impact of Urban Agglomeration Integration on High-Quality Economic Development: A Quasi-Natural Experiment Based on the Approval of the Yellow River Basin Urban Agglomeration Plan
WEI Haohao, LIU Xinyuan
Based on the approval of the Yellow River Basin Urban Agglomeration Plan as a quasi-natural experiment, this study employs a difference-in-differences (DID) model and panel data from 137 Chinese cities during the period of 2005-2021 to examine the impact of urban agglomeration integration on high-quality economic development. The study finds that urban agglomeration integration can significantly enhance the level of high-quality economic development in cities. This conclusion remains valid after a series of robustness tests. The heterogeneous analysis indicates that the policy effects of urban agglomeration integration are more pronounced in cities that entered in the second batch, cities with higher levels of economic development, and central cities. The mechanism test results show that the policy of urban agglomeration integration promotes high-quality economic development in cities through technological innovation, industrial structure upgrading and optimization of resource allocation efficiency. Among these, the pathway of technological innovation has a greater impact on central cities, while the pathways of industrial structure upgrading and resource allocation efficiency have a more significant influence on peripheral cities. The research conclusions not only contribute to a deeper understanding of the role and impact of regional coordinated development strategies, represented by urban agglomeration integration, on high-quality development in China’s new era, but also provide policy support for local governments to fully explore regional economic potential, seize new opportunities for high-quality economic development, and expand new space for economic growth through urban agglomeration integration policies.
2025 Vol. 42 (2): 16-28 [
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Can the Integration of Urban and Rural Medical Insurance Narrow the Income Gap Between Residents? A Study from the Perspectives of Income and Expenditure
LIU Chang
Focusing on the goal of narrowing the income gap between residents and steadily advancing common prosperity, this study takes the integration of urban and rural medical insurance as the entry point. Using data from the China Health and Retirement Longitudinal Study (CHARLS), a multi-period difference-in-differences (DID) model is constructed to evaluate the impact of the integration of urban and rural medical insurance on income inequality among residents. The conclusions indicate that the integration of medical insurance significantly mitigates the trend of widening income gaps among residents. Parallel trend tests demonstrate that the policy’s effects gradually emerge over time. Mechanism analysis proves that the integration of medical insurance benefits low-income groups, especially those in the middle-to-low income brackets, through both income and expenditure channels, effectively reducing the risk of poverty and re-poverty due to illness for these groups. Further discussions reveal that the integration of medical insurance significantly alleviates the medical burden on rural populations. Therefore, in the ongoing process of improving the integration of urban and rural medical insurance, it is essential to more specifically target policy design towards low-income groups, enhance the fairness of benefits, and provide institutional guarantees for achieving common prosperity.
2025 Vol. 42 (2): 29-41 [
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Can Product Differentiation Strategies Enhance Farmers’Bargaining Power in Sales? Micro-Evidence from a Major Kiwi Fruit Producing Area
LI Xinjie, LU Qian
Based on micro-level data from 1,120 households in the major kiwifruit-producing areas of Shaanxi and Sichuan, this study first measures and analyzes the bargaining power of farmers in kiwifruit market transactions using a two-sided stochastic frontier model. Subsequently, employing propensity score matching and mediation effect models, the study examines the impact of product differentiation strategies on farmers’ bargaining power in sales and identifies the underlying pathways through which these strategies operate. The results indicate that differences in bargaining power cause kiwifruit growers to receive a sales price that is 2.3% lower than the benchmark price compared to buyers. Selling kiwifruit through direct sales channels such as WeChat Moments and e-commerce platforms can significantly increase the growers’ surplus and net surplus. Product differentiation achieved through brand sales and product quality certification can enhance the bargaining power of kiwifruit growers by 0.026 and 0.030, respectively. After a series of robustness tests, the above conclusions remain valid. In addition, product differentiation strategies can enhance farmers’ bargaining power in sales by expanding sales channels and increasing premium incentives. Based on the above conclusions, we propose the following policy recommendations: actively guiding growers and operating organizations to implement brand development strategies, promoting the popularization and optimization of quality certification systems, fully utilizing e-commerce platforms to expand sales channels for growers and operating organizations, and establishing a quality information-sharing platform for agricultural products.
2025 Vol. 42 (2): 42-54 [
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Intelligent Transformation, Export Product Competitiveness and Industrial Chain Spillover Effects
ZHANG Zhibin, WANG Dian, HAN Feng
Based on Chinese customs trade data, this paper innovatively constructs an export competitiveness indicator at the “ firm-product ” level from the perspective of market similarity. It investigates the impact of intelligent transformation on the competitiveness of firms’ exported products and its spillover effects along the industrial chain. The results indicate that the intelligent transformation of firms significantly enhances the competitiveness of their exported products. The mechanism analysis reveals that intelligent transformation boosts the competitiveness of exported products by strengthening both price competitiveness and quality competitiveness of the products. The heterogeneity analysis shows that intelligent transformation has a more significant impact on the competitiveness of exported products that are homogeneous, involve processing trade, and are exported to developed countries. Further analysis indicates that intelligent transformation can have a ripple effect on upstream and downstream firms through its impact on a particular segment of the industrial chain, featuring both forward and backward spillover effects along the industrial chain. The extended research finds that intelligent transformation of enterprises not only helps cultivate new momentum for foreign trade but also encourages exporting firms to actively participate in the domestic economic cycle. Its trade expansion effect is conducive to the diversification of exports. Intelligent transformation aids in market penetration and market development for existing export products. However, the “reshaping” effect on competitive advantages for new export products may not yet have been established.
2025 Vol. 42 (2): 55-67 [
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Upstream Degree of Imports and Export Quality of Manufacturers: Theoretical Mechanism and Empirical Evidence
ZHAO Nan, YANG Mengjie, TANG Qingqing
Based on the Chinese Industrial Enterprise Database, the Chinese Customs Database and the World Input-Output Database (WIOD) from 2000—2013, this paper constructs a micro panel data to examine the effect of the upstream degree of import on the quality of enterprises’ exported products. The study finds that there is an inverted U-shaped relationship between import upstreamness and the quality of exported products by manufacturing firms. After introducing instrumental variables and removing the interference of tariff factors and firm-specific factors, the regression results remain robust. Mechanism testing shows that the upstream degree of imports mainly plays a role in promoting and then suppressing the quality of export products through the embedded technical level of imported products, enterprise total factor productivity and R&D efficiency. The heterogeneity analysis indicates that the impact of import upstreamness on the quality of exported products is more pronounced for processing trade firms, foreign-invested firms, firms in high-tech industries and firms located in the eastern region. Moreover, under certain conditions, regional factor mobility can enhance the effect of import upstreamness on the quality of exported products.The conclusion of this study has important reference value for promoting the quality upgrade of export products and promoting the high-quality development of trade from the perspective of import structure.
2025 Vol. 42 (2): 68-79 [
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How Does Local Economic Growth Targets Affect Industrial Carbon Emissions Efficiency?
XIA Shuai, YU Xiang, WANG Yuhao
Based on data from 269 prefecture-level cities and above from 2006 to 2022, this paper discusses the role and mechanism of local economic growth goals on industrial carbon emission efficiency from both theoretical and empirical perspectives. The study demonstrates the following findings: (1) Local economic growth targets have a significant inverted U-shaped impact on industrial carbon emission efficiency; (2) The mechanism test indicates that moderate economic growth targets can stimulate urban innovation, increase the proportion of the secondary industry and strengthen environmental regulations to improve industrial carbon emission efficiency. In contrast, excessive economic growth targets can impede urban innovation, reduce the proportion of the secondary industry, and relax environmental regulations to suppress industrial carbon emission efficiency; (3) Further analysis indicates that the inverted U-shaped relationship is more pronounced in cities with higher per capita gross regional product, stronger innovation capacity and lower marketization levels. It is also more evident in cities in the central and western regions, cities with weaker comprehensive strength, and cities within the Yangtze River Delta urban agglomeration. After the “new normal” economic phase and when economic growth targets are not achieved as planned, the inverted U-shaped curve becomes steeper. The study provides empirical evidence for accelerating the achievement of China’s “ dual carbon” goal and promoting high-quality economic development
2025 Vol. 42 (2): 80-94 [
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The Impact of the Construction of New Industrial Bases on the High-quality Development of Enterprises
GONG Jia, WU Zhenlei
Taking the construction of dominant industries within new-type industrialization bases as the entry point, this paper investigates the impact of new-type industrialization base policies on high-quality corporate development and their mechanisms of action. The study finds that policies for new-type industrialization bases can significantly promote high-quality corporate development. Specifically, these policies facilitate high-quality corporate development by increasing financial support for enterprises, fostering industrial agglomeration and enhancing technological innovation capabilities. From the perspective of the characteristics of new-type industrialization bases themselves, the policy’s positive impact on high-quality corporate development is greater for bases with higher star ratings and those not located within other industrial parks. From the perspective of industry characteristics, the new industrialization base policy is mainly to promote high-quality development in industries with slower manufacturing and technological changes. From the perspective of enterprise characteristics, the new industrialization base policy has a stronger role in promoting the high-quality development of non-state-owned enterprises and large enterprises. Further research finds that the integration of informatization and industrialization has an enhancing effect on high-quality corporate development empowered by new-type industrialization. The policies for new-type industrialization bases have effectively embodied the principles of high technology, high efficiency and low pollution associated with new-type industrialization. The study validates the significant thesis that high-quality development runs through the entire process of new-type industrialization from the perspective of new-type industrialization base policies, providing empirical evidence and policy implications for accelerating the advancement of China’s characteristic new-type industrialization.
2025 Vol. 42 (2): 95-109 [
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The Integration of Digital and Real Industry Technologies and Pollution Reduction in Manufacturing Firms: A Study Based on Patent Citation Information of Listed Companies
CAO Zengdong, YUE Zhonggang, XIA Wenhao
Based on the data of A-share listed manufacturing companies in China, this study measures the degree of integration between digital and real industry technologies by using patent citation information and explores its impact on pollution reduction. The study shows that the integration of digital and real industry technologies can significantly promote pollution reduction in manufacturing firms. This pollution reduction effect is achieved through three channels: economies of scale, resource allocation and green technological innovation. The heterogeneity analysis indicates that, apart from the digital product service industry, the integration of digital product manufacturing, digital technology application and digital factor-driven industries with real industry technologies has a significant impact on pollution reduction. Moreover, this pollution reduction effect is more pronounced for manufacturing firms in high-pollution industries. In terms of policy environment, the Action Plan for Air Pollution Prevention and Control, the National Big Data Comprehensive Experimental Zone and the Broadband China policy can all enhance the pollution reduction effect of the integration of digital and real industry technologies. This indicates that both environmental regulation policies and digital economy policies have a “ Synergistic Effect ” with the integration of digital and real industry technologies. The study reveals the significant role of the integration of digital economy and real economy industry technologies in promoting pollution reduction in manufacturing. It provides policy references for achieving green transformation and enhancing environmental benefits in manufacturing.
2025 Vol. 42 (2): 110-120 [
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The Impact of Institutional Distance on the Business Performance of Overseas Subsidiaries: A Study on the Moderating Role of Parent Company ESG Based on Signaling Theory Perspective
XIAO Ting, CHEN Zhouyong
From the perspective of signaling theory, this study utilizes panel data of overseas subsidiaries of listed companies from 2010 to 2021 to examine the effect of institutional distance on the operating performance of overseas subsidiaries, as well as its mechanism of action, under the positive ESG signaling of the parent company. The results indicate that institutional distance has an adverse impact on the operating performance of Chinese firms’ overseas subsidiaries. Moreover, the negative perceptions of host country residents towards the overseas subsidiaries and the resource allocation from the parent company to the overseas subsidiaries play mediating roles in this relationship. In addition, the positive signals sent by the parent company’s good ESG performance can effectively mitigate the negative impact of institutional distance on the operating performance of its overseas subsidiaries. The mediating mechanism reveals that the parent company’s ESG (Environmental, Social and Governance) practices mitigate the adverse effects of institutional distance partly by reducing the negative perceptions of host country residents towards the overseas subsidiaries and by increasing the parent company’s resource allocation to these subsidiaries. In other words, the parent company’s ESG performance plays a mediated moderating role. Finally, the effect of the parent company’s ESG as a positive signal in alleviating the adverse impact of institutional distance differs across different host countries and firm characteristics. The conclusions of the study provide important policy implications for Chinese overseas subsidiaries to better “ go global. ”
2025 Vol. 42 (2): 121-133 [
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Can Industry Expert Independent Directors Curb the
Shift from the Real Economy to the Virtual Economy
in Real Enterprises?
YAN Jiahao, SU Kun, FAN Yixuan
Based on the data of listed companies in China from 2010 to 2022, this paper studies the impact and mechanism of independent directors of industry experts on the financialization of real enterprises. The findings indicate that industry expert independent directors can reduce financialization, thereby curbing the “ shift from the real economy to the virtual economy ” in real enterprises. The mechanisms through which they achieve this include guiding main business investment and alleviating agency problems. The heterogeneity analysis reveals that the effectiveness of independent directors with industry expertise is more pronounced in firms with higher business environment uncertainty, less experienced chairpersons and overconfident executives. In contrast, a financial background is not conducive to curbing the financialization of real enterprises. In addition, independent directors with industry expertise primarily prompt firms to reduce their allocation to short-term financial assets and mitigate the negative impact of corporate financialization on total factor productivity. This study reveals the underlying logic of the relationship between independent directors with industry expertise and the financialization of real enterprises. It is of great significance for real enterprises to effectively leverage the role of the independent director system and to guard against the “ shift from the real economy to the virtual economy ”.
2025 Vol. 42 (2): 134-147 [
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Can Vertical Integration of the Supply Chain Reduce Audit Fees?
QIN Jie, YANG Qiang, SUN Qian, ZHANG Wenyu
Taking China’s A-share listed companies from 2008 to 2023 as the research objects, this paper examines the impact of vertical integration of supply chains on audit fees from the perspective of vertical integration. The research findings show that vertical integration of the supply chain can significantly reduce audit fees, highlighting the important role of supply chain specialization and integration in enhancing corporate cost-effectiveness. The mechanism test demonstrates that the level of vertical integration in the supply chain mainly exerts a mitigating effect on audit fees through two channels: “ reducing operating risks ” and “ reducing information asymmetry”. The results of the heterogeneity analysis indicate that the mitigating effect of supply chain vertical integration on audit fees is more pronounced when a firm’s external transaction costs are higher or its internal control costs are lower. The study not only deepens the research on the economic consequences of vertical integration in the supply chain, but also further expands the boundaries of research on the determinants of audit fees. Additionally, it provides empirical evidence and theoretical support for enterprises to optimize their supply chain resource allocation and leverage cost advantages in audit fees.
2025 Vol. 42 (2): 148-160 [
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