Table of Content

16 December 2025, Volume 25 Issue 6

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Formation Logic， Main Content and Practical Requirements of XI Jinping's Important Discourse on Tree Planting and Afforestation

XU Lijiang， HAO Yu

2025, 25(6):  1-10. 

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XI Jinping's important exposition on afforestation is not only the inheritance and development of Marx's thought that “man is a part of nature”， but also the inheritance and innovation of the fine tradition of afforestation of the Chinese nation， especially the Communist Party of China， and the response of the times to the problem of land greening. It is rich in connotation and profound in thought， and its main contents include important aspects such as goal theory， position theory， cause theory， subject theory， methodology and institutional theory. The party committees and governments at all levels should be guided by General Secretary XI Jinpings important exposition on afforestation， implement the practical requirements of afforestation in the new era， adhere to the partys leadership as the political guarantee， the peoples main body as the source of power， the innovative concept as the method support， and the improvement of the system as an important guarantee， continuously improve the participation rate of public afforestation， continue to promote land greening， and lay a solid foundation for the construction of a beautiful China.

A ThreeDimensional Analysis of the Fit Between New Quality Productivity and Green Development

LI Guihua， WU Shijie

2025, 25(6):  11-20. 

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Green is a bright color of new productivity. The assertion that “new productivity is itself green productivity” indicates that new productivity advocates synergy， coupling and symbiosis between economic development and ecological protection， which is highly compatible with greenness， longterm and sustainability emphasized by green development. In terms of fit logic， the fit between new quality productivity and green development contains a profound logical mechanism， based on the inheritance and development of the ecological orientation of Marxs productivity theory， overcoming the antiecological nature of capital productivity， and constantly converging on the realistic requirements for realizing highquality development; in terms of fit value， the synergy between the new quality productivity and green development provides an opportunity to satisfy peoples needs for a better life， promote and expand Chinesestyle modernization， and build a community of human destiny; in terms of fit manifestation， the new quality productivity and green development inherently coincide with the three dimensions of “new”“high quality” and “green”.

Research on the Benefit Evaluation Index System of Rural Homestay to Help Rural Revitalization

YU Zhengyong， SONG Zhigao

2025, 25(6):  21-30. 

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As an industry driven by rural advantages， rural homestay was once regarded as an effective starting point for rural revitalization， and it is of great theoretical and practical significance to explore the construction of an evaluation index system for rural homestay to help rural revitalization in the practice guidance of the rural homestay industry and the docking of national strategies. Guided by the realization of the strategic goal of rural revitalization， this study is based on the rural homestay industry， and deeply analyzes the internal relationship and logical mechanism of rural homestay and rural revitalization through analytic hierarchy process， and finds that there is a close relationship between the two to promote each other and develop synergistically. The benefits of the rural homestay industry can positively respond to the five major rural revitalization goals， and the general requirements of the rural revitalization strategy provide a scientific guidance for the practice of the rural homestay industry. Then， the evaluation index system of the benefits of rural homestay to help rural revitalization was constructed， including five criterion layers and twenty program layers such as industrial transformation and upgrading， and the index weight relationship in the evaluation model was clarified， in order to provide useful reference for the healthy and sustainable practice and highquality development of the rural homestay industry from the perspective of rural revitalization.

Evolution， Law and Enlightenment of the Transportation System of the Communist Party of China

WEI Yan， MING Xiaoyu

2025, 25(6):  31-42. 

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The system is the main basis for the Communist Party of China to lead the development of transportation. For more than 100 years， around the work tasks of the Communist Party of China in different historical periods， the transportation system of the Communist Party of China has also experienced the development process of saving the country—building the country—big country—strong country. In the development and evolution of the transportation system， the character of the people is the soul that runs through it， the stage goals and tasks of the Communist Party of China are the core content of the transportation system， and the increasing scientific and normative feature is its trend. To meet the requirements of the strategic development of transportation power， the construction and implementation of the transportation system of the Communist Party of China must continue to adhere to the leadership of the Communist Party of China， firmly establish the main position of the people in the transportation system， plan the content system of the transportation system with a systematic concept， and ensure the effective implementation of the transportation system with the linkage of discipline and law，and through the above measures， provide institutional support for promoting the modernization of transportation to socialist modern power.

Research on the Impact of Transportation Modernization on the Level of Chinese Path to Modernization

WANG Ruiyuan， WANG Baoyi

2025, 25(6):  43-53. 

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With the continuous breakthroughs and development in transportation technology， transportation modernization has increasingly become a key driving force for promoting the process of Chinesestyle modernization. Utilizing panel data from 30 provinces spanning the years 2014 to 2022 as our research samples， this paper empirically examines the relationship between transportation modernization and Chinesestyle modernization. The analysis is conducted by measuring the respective levels of both concepts and employing various models. The results show that transportation modernization can significantly enhance the level of Chinesestyle modernization， and the conclusion remains valid after robustness tests. In terms of mechanisms， innovation capability and industrial structure upgrading are two important channels for transportation modernization to empower Chinesestyle modernization. In terms of regional heterogeneity， the positive impact of transportation modernization on the level of Chinesestyle modernization is stronger in the eastern region compared with the central and western regions. Furthermore， the analysis of spatial spillover effects reveals that transportation modernization not only enhances the modernization level within a given region but also significantly contributes to the modernization of neighboring areas.

Research on the Risk Evolution Game of PPP Project Early Termination under the New Mechanism

YUAN Chen， BI Yanfeng

2025, 25(6):  54-68. 

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Considering the relevant regulations of the new PPP mechanism in China， in order to avoid early termination of PPP projects， a tripartite evolutionary game model of government， social capital， and financing institutions in the risk management process of early termination of PPP projects is constructed to analyze the stability of equilibrium points in the game system.The results indicate that: under the new PPP mechanism， the equilibrium points to avoid early termination of projects are E （strong regulation， opportunism， support） and G （strong regulation， active cooperation， support）; the game can be optimized by increasing the speculative cost of social capital C4， rewarding social capital with active cooperation S， reducing the value of social capitals active cooperation cost C3， and the net profit ΔR of social capital opportunism;finally， using MATLAB simulation to analyze the dynamic evolution process， relevant countermeasures and suggestions are proposed.

Study on the Impact of Digital Infrastructure on the Highquality Development of Foreign Trade A Quasinatural Experiment Based on“Broadband China”

MENG Jing， LI Jiangsong

2025, 25(6):  69-80. 

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As the cornerstone of digital economy development， digital infrastructure plays a critical role in promoting Chinas economic growth and enhancing the quality of foreign trade. Based on panel data from 263 cities in China from 2010 to 2020， this study treats the “broadband China” demonstration city construction policy as a quasinatural experiment and employs a progressive double difference model to analyze the mechanism and impact effect of digital infrastructure construction on the highquality development of foreign trade. The research finds that the “broadband China” demonstration city construction policy significantly promotes the highquality development of foreign trade， and this promotional effect becomes more evident over time， remaining valid after a series of robustness tests. Heterogeneity analysis results indicate that the promotional effect of digital infrastructure on the highquality development of foreign trade varies by region and city size， with a more significant impact on eastern cities and larger cities. Mechanism testing shows that digital infrastructure promotes the highquality development of foreign trade by enhancing urban technological innovation and deepening marketization. Based on these findings， government departments should actively improve urban digital infrastructure construction， enhance urban innovation levels， and build a unified domestic market to support the highquality development of foreign trade.

Dynamic Evolution of Digital Inclusive Finance and UrbanRural Integrated Development under the Background of New Quality Productive Forces

WANG Jiamei1，2， ZHENG Huan1，2

2025, 25(6):  81-88. 

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Digital inclusive finance， as an important component of the digital economy， is a key driver of digital new quality productive forces. This paper， based on the 11 urbanrural integrated development pilot areas of China， constructs an indicator system to explore the interactive mechanism between the digital inclusive finance and the development of urbanrural integration. The result shows that the average value of the digital inclusive finance index in the pilot areas exhibits a steady upward trend in time series evolution， while the urbanrural integration development index follows a “fluctuationdeclinerebound” pattern; the relationship between digital inclusive finance and urbanrural integration development has undergone an evolutionary process from basic coordination to moderate coordination. It is suggested that leveraging the advantages of digital inclusive finance to promote the highquality coordinated development of the two.

How Can the Digital Economy Help Promote Highquality Urban Economic Development An Empirical Test Based on Data from 281 Prefecturelevel Cities in China

HE Cuixiang， ZHOU Wenjian

2025, 25(6):  89-104. 

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The digital economy is the driving force behind achieving highquality economic development in the new era. Based on the new development philosophy and the profound implications of highquality economic development， this study examines the interplay between the digital economy and highquality economic development from the perspective of industrial structure upgrading. Using panel data at the city level from 2011 to 2021 in China， various econometric methods are employed to systematically explore the underlying mechanisms and impact effects between the digital economy and highquality economic development. The results indicate that the digital economy significantly enhances the level of highquality economic development， and this conclusion remains valid after a series of robustness tests; mechanism analysis indicates that after the ‘digitalindustrial decoupling’ phenomenon is effectively alleviated， the digital economy will continuously support the transformation and upgrading of traditional industries， thereby promoting the achievement of highquality economic development. Heterogeneity analysis shows that the digital economy plays a significant driving role in Chinas eastern， central， and western regions， with the central region exhibiting the most prominent driving effect; from the perspective of urban heterogeneity， due to endowments such as firstmover advantages， the digital economys driving force is stronger in class I cities than in class II cities. Additionally， the impact of the digital economy on highquality economic development exhibits nonlinear spillover effects with increasing marginal returns and spatial spillover effects. The digital economy will leverage the combined effects of these factors to support the achievement of Chinas goal of highquality economic development through regional coordination.

Impact of Patent Pledge Financing on Corporate Debt Default Risk Taking HighTech Enterprises

MA Feng, TANG Yunxiang, ZHANG Hongguang

2025, 25(6):  105-115. 

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In order to clarify the risk control mechanism of patent pledge financing, based on panel data of 510 hightech enterprises among Ashare listed companies from 2011 to 2021, the impact of patent pledge pilot on the risk of corporate debt default in 2016 was deeply explored through the differentialindifferential（DID）model. The empirical results indicate that patent pledge financing significantly increases the debt default risk of enterprises, and this conclusion still holds after introducing an instrumental variable to solve endogeneity problems and passing multiple robustness tests. In addition, heterogeneity studies have found that patent pledge financing has a more significant positive impact on corporate debt default risk for companies with high external audit quality, low education expenditure levels in their regions, and a high proportion of the secondary industry to GDP in their regions.

Study on the Impact of Environmental Taxes on Carbon Emissions under the “Double Carbon” Goal

LI Xiaohong, LIU Shuning

2025, 25(6):  116-125. 

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The report of the 20th party congress points out that we should “actively and steadily push forward carbon peaking and carbon neutrality”, and reducing carbon emissions is crucial to achieving the “double carbon” goal. Using Chinas interprovincial panel data from 2012 to 2021, we empirically examine the impact of environmental taxes on carbon emissions using a twoway fixedeffects model and systematic GMM model. The results show: 1） environmental tax helps curb carbon emissions, and the lagged period of environmental tax has a more obvious effect on the curbing of carbon emissions; 2） at present, R&D investment negatively regulates the suppression effect of environmental tax on carbon emission; 3） the regulating effect of R&D inputs has regional heterogeneity, in the eastern region R&D inputs positively regulate the inhibiting effect of an environmental tax on carbon emissions, and in the central and western regions R&D inputs negatively regulate the inhibiting effect of an environmental tax on carbon emissions.

Does Carbon Finance Lead to Corporate “Greenwashing” A Quasi Natural Experiment Based on the Pilot Policy of Carbon Emission Trading

YANG Jie， LING Chuanfeng

2025, 25(6):  126-140. 

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Carbon finance refers to the trading of carbon derivative financial products with carbon emission trading as the core. The development of the carbon finance market provides a new channel for green financing for enterprises. Whether enterprises will use “greenwashing” to attract funds is worth further research. Based on the implementation of carbon emission trading pilot policies as a natural experiment， and using data from Ashare listed companies from 2008 to 2020， the double difference method was used to analyze the mechanism of carbon finance and corporate “greenwashing”. The results show that: in the reality of incomplete development of the carbon finance market， carbon finance has led to corporate “greenwashing”; from the perspective of mechanism analysis， the increased disclosure of environmental information by enterprises has led to the role of carbon finance in causing corporate “greenwashing” while government environmental subsidies have suppressed the role of carbon finance in causing corporate “greenwashing”; through heterogeneity analysis， it was further found that non heavy polluting enterprises and low media attention enterprises are more prone to “greenwashing” under carbon finance policies. Therefore， in order to reduce the “greenwashing” of enterprises， it is necessary to improve the regulatory system of carbon finance market， enhance the enthusiasm of enterprises to participate in the carbon finance market， and fully play the important role of carbon finance policies in promoting energy conservation and emission reduction of enterprises and advancing social sustainable development.