The River Chief System (RCS) has evolved from local innovative practices to a national water governance strategy to address the current challenges in China’s water environmental management. In contrast to existing re...The River Chief System (RCS) has evolved from local innovative practices to a national water governance strategy to address the current challenges in China’s water environmental management. In contrast to existing research that focuses on the strengths, weaknesses, and improvements of RCS, this study uses literature study to reveal the dynamic evolution of RCS through three phases, with RCS spreading from developed coastal areas to central and western inland regions. RCS’s diffusion path involves vertical diffusion between central and local levels and horizontal diffusion among local governments. Moreover, RCS has also achieved conceptual spillover, gradually expanding into other governance domains, such as the Lake Chief System, the Field Chief System, the Forestry Chief System, and the integration of multiple chief roles. However, it is essential to scrutinize the phenomenon of applying similar governance mechanisms to different areas, as it may result in challenges such as overburdening local governments, insufficient public participation, oversimplification of differences in natural resource endowments, and limited applicability. This study also provides suggestions on how to address these challenges. The study contributes theoretical insights and policy implications, providing a foundation for practical policy innovation.展开更多
Dear Editor,In this letter,the multi-objective optimal control problem of nonlinear discrete-time systems is investigated.A data-driven policy gradient algorithm is proposed in which the action-state value function is...Dear Editor,In this letter,the multi-objective optimal control problem of nonlinear discrete-time systems is investigated.A data-driven policy gradient algorithm is proposed in which the action-state value function is used to evaluate the policy.In the policy improvement process,the policy gradient based method is employed.展开更多
Autonomous driving has witnessed rapid advancement;however,ensuring safe and efficient driving in intricate scenarios remains a critical challenge.In particular,traffic roundabouts bring a set of challenges to autonom...Autonomous driving has witnessed rapid advancement;however,ensuring safe and efficient driving in intricate scenarios remains a critical challenge.In particular,traffic roundabouts bring a set of challenges to autonomous driving due to the unpredictable entry and exit of vehicles,susceptibility to traffic flow bottlenecks,and imperfect data in perceiving environmental information,rendering them a vital issue in the practical application of autonomous driving.To address the traffic challenges,this work focused on complex roundabouts with multi-lane and proposed a Perception EnhancedDeepDeterministic Policy Gradient(PE-DDPG)for AutonomousDriving in the Roundabouts.Specifically,themodel incorporates an enhanced variational autoencoder featuring an integrated spatial attention mechanism alongside the Deep Deterministic Policy Gradient framework,enhancing the vehicle’s capability to comprehend complex roundabout environments and make decisions.Furthermore,the PE-DDPG model combines a dynamic path optimization strategy for roundabout scenarios,effectively mitigating traffic bottlenecks and augmenting throughput efficiency.Extensive experiments were conducted with the collaborative simulation platform of CARLA and SUMO,and the experimental results show that the proposed PE-DDPG outperforms the baseline methods in terms of the convergence capacity of the training process,the smoothness of driving and the traffic efficiency with diverse traffic flow patterns and penetration rates of autonomous vehicles(AVs).Generally,the proposed PE-DDPGmodel could be employed for autonomous driving in complex scenarios with imperfect data.展开更多
In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a sign...In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a significant policy innovation of macroeconomic management in the Chinese modernization.Although there are notable distinctions between the Western“Keynesian”and the“nonKeynesian”schools of thought,both of these approaches’core policy goals and methodological roots are the same,composing the traditional Western macro-fiscal approach.This approach faces increasing real dilemmas.China’s proactive fiscal policy,however,places greater emphasis on future potential growth rates in addition to equilibrium between supply and demand,achieving a fiscal policy transformation with a new approach.In this paper we argue that with such a new approach,China should reconsider the nature and reasonable level of the fiscal deficit,the function and risk assessment criteria of government debt,the scope and effects of reductions in taxes and fees,its approach and focus of demand management,and the costs and resulting efficiencies of policies in order to develop a new fiscal policy paradigm that is more in line with its stated goals.展开更多
In 2023,China's energy policy primarily focused on deepening systemic and institutional reforms,enhancing energy security capabilities,strengthening energy conservation and carbon reduction,and improving the stand...In 2023,China's energy policy primarily focused on deepening systemic and institutional reforms,enhancing energy security capabilities,strengthening energy conservation and carbon reduction,and improving the standard system.It has laid the foundation for China's policy direction,which is predicated on ensuring energy security,centered on economic construction,and aimed at achieving the carbon peak and carbon neutrality goals on schedule.In the current key tasks,China has accelerated the construction of a big unified electricity market,vigorously promoted upgrading industries for low-carbon,high-end,and intelligent development,and established carbon markets and standard systems aligned with international practices,achieving substantial progress.展开更多
As of March 1,Malaysia,Singapore,and Thailand have all implemented visa-free entry policy for Chinese citizens,allowing stays of up to 30 days.The three Southeast Asian countries have been popular destinations for Chi...As of March 1,Malaysia,Singapore,and Thailand have all implemented visa-free entry policy for Chinese citizens,allowing stays of up to 30 days.The three Southeast Asian countries have been popular destinations for Chinese outbound tourists since the late 1980s and early 1990s.The implementation of the visa-free entry policy is expected to attract more Chinese tourists,especially young people,to travel to Southeast Asia and boost the recovery of the tourism industry in the region.展开更多
The central environmental protection inspection (CEPI) system in China is a significant institutional innova‐tion in national environmental governance. The CEPI applies a joint supervision strategy to address salient...The central environmental protection inspection (CEPI) system in China is a significant institutional innova‐tion in national environmental governance. The CEPI applies a joint supervision strategy to address salient en‐vironmental issues and strictly enforce the environmental responsibilities of local governments. This study col‐lects and organizes CEPI inspection reports covering three stages that encompass the first round, the “look back”, and the second round, applying text analysis to obtain sample data and conduct statistical quantifica‐tion of word frequency in inspection reports and identify notable changes. The study explores the allocation of CEPI attention between policy objectives and the intensity of policy instruments. We determine that in con‐junction with public opinion feedback, the CEPI conducts targeted inspections and focuses more on pollutant governance, which has high severity and can be addressed quickly. The CEPI fills the gap of normalized gover‐nance with a campaign-style governance approach. Regarding the intensity of policy measures, the CEPI pri‐marily uses economic incentive policy instruments, supplemented by command-and-control and public guid‐ance approaches, advancing the sustainability of regulatory effectiveness through economic, social, and politi‐cal activities. This study extends knowledge in the field of CEPI policy priorities and implementation, expand‐ing the literature related to outcomes of environmental policy in developing countries.展开更多
The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the ea...The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the east of the DRC. The study was based on a mixed perspective consisting of objective analysis of quantitative data and interpretative analysis of qualitative data. The results showed that business and strategic intelligence policies have not been established at either company or state level, as this is an area of activity that is not known to the players in companies and public departments, and there are no units or offices in their organizational structures responsible for managing strategic information for competitiveness on the international market. In addition, there is a real need to establish strategic information management units within companies, upstream, and to set up a national strategic information management department or agency to help local companies compete in the marketplace, downstream. This reflects the importance and timeliness of building business and strategic intelligence policies to ensure economic progress and development in the eastern DRC. Business and strategic intelligence provides companies with an appropriate tool for researching, collecting, processing and disseminating information useful for decision-making among stakeholders, in order to cope with a crisis or competitive situation. The study suggests a number of key recommendations based on its findings. To the government, it is recommended to establish the national policy of business and strategic intelligence by setting up a national agency of strategic intelligence in favor of local companies;and to companies to establish business intelligence units in their organizational structures in favor of stakeholders to foster advantageous decision-making in the competitive market and achieve progress. Finally, the study suggests that studies be carried out to fully understand the opportunities and impact of business and strategic intelligence in African countries, particularly in the DRC.展开更多
The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy...The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.展开更多
This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to di...This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.展开更多
This article discusses the impact of central bank digital currency(CBDC)from the perspective of monetary and fiscal policy.We mainly discuss how retail CBDC can improve traditional policy performance.We argue that A C...This article discusses the impact of central bank digital currency(CBDC)from the perspective of monetary and fiscal policy.We mainly discuss how retail CBDC can improve traditional policy performance.We argue that A CBDC helps existing monetary policies to break through the zero lower bound,shorten the policy time lag,realize selective policy interventions,and make possible the price level target policy system.Similarly,the combination of CBDC and smart contracts can directly affect the performance of the fiscal policy.Compared with the convenience and impact of CDBC as a medium of exchange,its impact as a policy tool is more profound.The current monetary policy is facing a zero lower bound.The fiscal policy is facing a huge sovereign debt crisis and the impact of other private digital currencies on fiat money,which makes the importance of CBDC as a new policy tool more prominent.However,the research on CBDC as a policy tool has many fundamental questions that remain to be answered.This paper contextualizes CBDC with global challenges in policies and new technology advances,and the authors rethink CBDC from a policy perspective,which may provide many new thoughts and have implications for the rise of global CBDC.展开更多
Aimed at infinite horizon optimal control problems of discrete time-varying nonlinear systems,in this paper,a new iterative adaptive dynamic programming algorithm,which is the discrete-time time-varying policy iterati...Aimed at infinite horizon optimal control problems of discrete time-varying nonlinear systems,in this paper,a new iterative adaptive dynamic programming algorithm,which is the discrete-time time-varying policy iteration(DTTV)algorithm,is developed.The iterative control law is designed to update the iterative value function which approximates the index function of optimal performance.The admissibility of the iterative control law is analyzed.The results show that the iterative value function is non-increasingly convergent to the Bellman-equation optimal solution.To implement the algorithm,neural networks are employed and a new implementation structure is established,which avoids solving the generalized Bellman equation in each iteration.Finally,the optimal control laws for torsional pendulum and inverted pendulum systems are obtained by using the DTTV policy iteration algorithm,where the mass and pendulum bar length are permitted to be time-varying parameters.The effectiveness of the developed method is illustrated by numerical results and comparisons.展开更多
Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GF...Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.展开更多
The cloud allows clients to store and share data.Depending on the user’s needs,it is imperative to design an effective access control plan to share the information only with approved users.The user loses control of t...The cloud allows clients to store and share data.Depending on the user’s needs,it is imperative to design an effective access control plan to share the information only with approved users.The user loses control of their data when the data is outsourced to the cloud.Therefore,access control mechanisms will become a significant challenging problem.The Ciphertext-Policy Attribute-Based Encryption(CP-ABE)is an essential solution in which the user can control data access.CP-ABE encrypts the data under a limited access policy after the user sets some access policies.The user can decrypt the data if they satisfy the limited access policy.Although CP-ABE is an effective access control program,the privacy of the policy might be compromised by the attackers.Namely,the attackers can gather important information from plain text policy.To address this issue,the SHA-512 algorithm is presented to create a hash code for the user’s attributes in this paper.Depending on the created hash codes,an access policy will be formed.It leads to protecting the access policy against attacks.The effectiveness of the proposed scheme is assessed based on decryption time,private key generation time,ciphertext generation time,and data verification time.展开更多
This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinea...This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinear autoregressive distributed lag(NARDL)model,empirical evidence indicates asymmetric pass-through of exchange rate and monetary policy uncertainty.Moreover,a stronger pass-through effect is observed during depreciation and a negative shock in monetary policy uncertainty,corroborating asymmetric pass-through predictions.Our results further show that a positive shock in energy prices leads to an increase in restaurant and hotel prices.Furthermore,asymmetric causality indicates that a positive shock in the exchange rate causes a positive shock to restaurant and hotel prices.We found feedback causal effects between positive and negative shocks in monetary policy uncertainty and positive and negative shocks in the exchange rate.Additionally,we detected a one-way asymmetric causality,flowing from a positive(negative)shock to a positive(negative)shock in energy prices.Therefore,these findings provide insights for policymakers to achieve low and stable prices in the US restaurant and hotel industry through sound monetary policy formulations.Highlights.The drivers of restaurant and hotel business in tourism destinations are examined.There is asymmetric pass-through of exchange rate and monetary policy uncertainty.A stronger pass-through is observed during appreciation and a negative shock to monetary policy uncertainty.There is asymmetric causality from positive shock in exchange rate to postive shock in restaurant and hotel prices.展开更多
Development zones(DZs)have emerged as a significant policy initiative for promoting regional coordination and facilitating resources allocation.They serve as an organizational framework for fostering industrial agglom...Development zones(DZs)have emerged as a significant policy initiative for promoting regional coordination and facilitating resources allocation.They serve as an organizational framework for fostering industrial agglomeration and driving high-quality development.DZs attract and accommodate resource factors,firms,and projects,thereby functioning as a central catalyst for economic growth.This study utilizes data collected at the“DZ,City and Countrycountry”levels through manual compilation,textual analysis,and innovation measurement.It aims to empirically examine the theoretical rationale and practical preferences for promoting business and investment in China’s DZs.This study considers several factors such as industry attribute,firm attribute,agglomeration theory,and industrial chain layout.Based on our research findings,DZs exhibit distinct preferences.First,industry attribute:DZs align with both national and regional strategic planning and adhere to the industrial endowments of the respective areas.Second,firm attribute:DZs prioritize attracting firms that are productive and innovative,and have an international presence,rather than those that primarily contribute to taxes and job creation.Third,DZs are guided by the agglomeration theory,which suggests that they prefer firms that generate strong agglomeration externalities.Lastly,DZs also consider the industrial chain layout,aiming to attract firms that not only align with their existing industrial strengths but also extend to the upstream and downstream supply chain links.These conclusions are substantiated by the performance of robustness test.The success of DZs in China can be attributed to the five key principles:Adherence to national and regional strategic planning,prioritizing the actual industrial foundation,incorporating the theory of agglomeration externalities,strengthening corporate competitiveness,and expanding industrial chains.展开更多
The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into...The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.展开更多
Internet of Things(IoT)enables devices to get connected to the internet.Once they are connected,they behave as smart devices thereby releasing sensitive data periodically.There is a necessity to preserve the confident...Internet of Things(IoT)enables devices to get connected to the internet.Once they are connected,they behave as smart devices thereby releasing sensitive data periodically.There is a necessity to preserve the confidentiality and integrity of this data during transmission in public communication channels and also permitting only legitimate users to access their data A key challenge of smart networks is to establish a secure end-to-end data communication architecture by addressing the security vulnerabilities of data users and smart devices.The objective of this research work is to create a framework encompassing Ciphertext policy Attribute-based Encryption scheme using block encryption and BLAKE hashing technique.An improved Pairing-Free-Ciphertext policy Attribute-based encryption algorithm has been developed to overcome the aforementioned challenges.Further,a comparative study has been performed between the proposed scheme and the different encryption algorithms.It is found that the proposed scheme scores well over the already existing schemes.The scheme is evaluated in terms of execution time and communication overhead.The robustness of the proposed scheme is also analyzed from the perspective of several security goals.展开更多
Contrary to the approach in judicial practice,Paragraph 1,Article 153,of the Civil Code of the People’s Republic of China,as a rule of invalidity for violating mandatory provisions,does not adopt a dichotomy towards ...Contrary to the approach in judicial practice,Paragraph 1,Article 153,of the Civil Code of the People’s Republic of China,as a rule of invalidity for violating mandatory provisions,does not adopt a dichotomy towards mandatory provisions with effectiveness and administrative characteristics,yet it maintains the legislative philosophy of differentiation.It leaves unspecified whether mandatory provisions that do not explicitly render a juristic act invalid impact the act’s validity,entrusting this determination to the discretion of judges on a case-by-case basis.When judges,under the authority of Paragraph 1,Article 153 of the Civil Code,explore the normative intent of mandatory provisions to assess their effect on the validity of juristic acts,they should engage in legal policy analysis centered on consequence-based argumentation to overcome the limitations of norm typological analysis.This analysis employs a reasoning model predicated on the normative purpose,utilizing a consequencefocused interpretative approach for formulating and arguing propositions of rules applicable to pending cases,thereby arriving at case-specific conclusions.Since the invalidation of juristic acts serves as an auxiliary regulatory tool for the state economy and society,a consequence-oriented interpretation needs to be based on the idea of mutual instrumentalization of public and private laws.This entails predicting the outcomes of negating the validity of a juristic act in industrial regulatory scenarios and assessing these outcomes within the framework of public and private regulatory instruments.展开更多
文摘The River Chief System (RCS) has evolved from local innovative practices to a national water governance strategy to address the current challenges in China’s water environmental management. In contrast to existing research that focuses on the strengths, weaknesses, and improvements of RCS, this study uses literature study to reveal the dynamic evolution of RCS through three phases, with RCS spreading from developed coastal areas to central and western inland regions. RCS’s diffusion path involves vertical diffusion between central and local levels and horizontal diffusion among local governments. Moreover, RCS has also achieved conceptual spillover, gradually expanding into other governance domains, such as the Lake Chief System, the Field Chief System, the Forestry Chief System, and the integration of multiple chief roles. However, it is essential to scrutinize the phenomenon of applying similar governance mechanisms to different areas, as it may result in challenges such as overburdening local governments, insufficient public participation, oversimplification of differences in natural resource endowments, and limited applicability. This study also provides suggestions on how to address these challenges. The study contributes theoretical insights and policy implications, providing a foundation for practical policy innovation.
基金the National Natural Science Foundation of China(61922063,62273255,62150026)in part by the Shanghai International Science and Technology Cooperation Project(21550760900,22510712000)+1 种基金the Shanghai Municipal Science and Technology Major Project(2021SHZDZX0100)the Fundamental Research Funds for the Central Universities。
文摘Dear Editor,In this letter,the multi-objective optimal control problem of nonlinear discrete-time systems is investigated.A data-driven policy gradient algorithm is proposed in which the action-state value function is used to evaluate the policy.In the policy improvement process,the policy gradient based method is employed.
基金supported in part by the projects of the National Natural Science Foundation of China(62376059,41971340)Fujian Provincial Department of Science and Technology(2023XQ008,2023I0024,2021Y4019),Fujian Provincial Department of Finance(GY-Z230007,GYZ23012)Fujian Key Laboratory of Automotive Electronics and Electric Drive(KF-19-22001).
文摘Autonomous driving has witnessed rapid advancement;however,ensuring safe and efficient driving in intricate scenarios remains a critical challenge.In particular,traffic roundabouts bring a set of challenges to autonomous driving due to the unpredictable entry and exit of vehicles,susceptibility to traffic flow bottlenecks,and imperfect data in perceiving environmental information,rendering them a vital issue in the practical application of autonomous driving.To address the traffic challenges,this work focused on complex roundabouts with multi-lane and proposed a Perception EnhancedDeepDeterministic Policy Gradient(PE-DDPG)for AutonomousDriving in the Roundabouts.Specifically,themodel incorporates an enhanced variational autoencoder featuring an integrated spatial attention mechanism alongside the Deep Deterministic Policy Gradient framework,enhancing the vehicle’s capability to comprehend complex roundabout environments and make decisions.Furthermore,the PE-DDPG model combines a dynamic path optimization strategy for roundabout scenarios,effectively mitigating traffic bottlenecks and augmenting throughput efficiency.Extensive experiments were conducted with the collaborative simulation platform of CARLA and SUMO,and the experimental results show that the proposed PE-DDPG outperforms the baseline methods in terms of the convergence capacity of the training process,the smoothness of driving and the traffic efficiency with diverse traffic flow patterns and penetration rates of autonomous vehicles(AVs).Generally,the proposed PE-DDPGmodel could be employed for autonomous driving in complex scenarios with imperfect data.
文摘In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a significant policy innovation of macroeconomic management in the Chinese modernization.Although there are notable distinctions between the Western“Keynesian”and the“nonKeynesian”schools of thought,both of these approaches’core policy goals and methodological roots are the same,composing the traditional Western macro-fiscal approach.This approach faces increasing real dilemmas.China’s proactive fiscal policy,however,places greater emphasis on future potential growth rates in addition to equilibrium between supply and demand,achieving a fiscal policy transformation with a new approach.In this paper we argue that with such a new approach,China should reconsider the nature and reasonable level of the fiscal deficit,the function and risk assessment criteria of government debt,the scope and effects of reductions in taxes and fees,its approach and focus of demand management,and the costs and resulting efficiencies of policies in order to develop a new fiscal policy paradigm that is more in line with its stated goals.
文摘In 2023,China's energy policy primarily focused on deepening systemic and institutional reforms,enhancing energy security capabilities,strengthening energy conservation and carbon reduction,and improving the standard system.It has laid the foundation for China's policy direction,which is predicated on ensuring energy security,centered on economic construction,and aimed at achieving the carbon peak and carbon neutrality goals on schedule.In the current key tasks,China has accelerated the construction of a big unified electricity market,vigorously promoted upgrading industries for low-carbon,high-end,and intelligent development,and established carbon markets and standard systems aligned with international practices,achieving substantial progress.
文摘As of March 1,Malaysia,Singapore,and Thailand have all implemented visa-free entry policy for Chinese citizens,allowing stays of up to 30 days.The three Southeast Asian countries have been popular destinations for Chinese outbound tourists since the late 1980s and early 1990s.The implementation of the visa-free entry policy is expected to attract more Chinese tourists,especially young people,to travel to Southeast Asia and boost the recovery of the tourism industry in the region.
基金supported by National Natural Science Foundation of China[Grant No.72304124]Spring Sunshine Collaborative Re‐search Project of the Ministry of Education in China[Grant No.202201660]+2 种基金Youth Project of Gansu Natural Science Foundation[Grant No.22JR5RA542]General Project of Gansu Philosophy and Social Science Foundation[Grant No.2022YB014]Fundamental Re‐search Funds for the Central Universities[Grant No.2023lzdxjb‐kyzx008].
文摘The central environmental protection inspection (CEPI) system in China is a significant institutional innova‐tion in national environmental governance. The CEPI applies a joint supervision strategy to address salient en‐vironmental issues and strictly enforce the environmental responsibilities of local governments. This study col‐lects and organizes CEPI inspection reports covering three stages that encompass the first round, the “look back”, and the second round, applying text analysis to obtain sample data and conduct statistical quantifica‐tion of word frequency in inspection reports and identify notable changes. The study explores the allocation of CEPI attention between policy objectives and the intensity of policy instruments. We determine that in con‐junction with public opinion feedback, the CEPI conducts targeted inspections and focuses more on pollutant governance, which has high severity and can be addressed quickly. The CEPI fills the gap of normalized gover‐nance with a campaign-style governance approach. Regarding the intensity of policy measures, the CEPI pri‐marily uses economic incentive policy instruments, supplemented by command-and-control and public guid‐ance approaches, advancing the sustainability of regulatory effectiveness through economic, social, and politi‐cal activities. This study extends knowledge in the field of CEPI policy priorities and implementation, expand‐ing the literature related to outcomes of environmental policy in developing countries.
文摘The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the east of the DRC. The study was based on a mixed perspective consisting of objective analysis of quantitative data and interpretative analysis of qualitative data. The results showed that business and strategic intelligence policies have not been established at either company or state level, as this is an area of activity that is not known to the players in companies and public departments, and there are no units or offices in their organizational structures responsible for managing strategic information for competitiveness on the international market. In addition, there is a real need to establish strategic information management units within companies, upstream, and to set up a national strategic information management department or agency to help local companies compete in the marketplace, downstream. This reflects the importance and timeliness of building business and strategic intelligence policies to ensure economic progress and development in the eastern DRC. Business and strategic intelligence provides companies with an appropriate tool for researching, collecting, processing and disseminating information useful for decision-making among stakeholders, in order to cope with a crisis or competitive situation. The study suggests a number of key recommendations based on its findings. To the government, it is recommended to establish the national policy of business and strategic intelligence by setting up a national agency of strategic intelligence in favor of local companies;and to companies to establish business intelligence units in their organizational structures in favor of stakeholders to foster advantageous decision-making in the competitive market and achieve progress. Finally, the study suggests that studies be carried out to fully understand the opportunities and impact of business and strategic intelligence in African countries, particularly in the DRC.
基金This research is supported by the National Natural Science Foundation of China[Grant number.71801190].
文摘The development of the new energy vehicle industry has become a key force driving the goals of carbon peak and carbon neutralization.To better guide future strategies,this study investigates the dual impact of subsidy and dual-integral policies on the performance of new energy vehicle enterprises.This study first theorizes the influential mechanism according to the institutional-based approach and technical innovation theory,and then collects data from listed companies in the new energy vehicle industry from 2016 to 2020.The hypotheses are examined using a two-way fixed-effects model.The findings show that:(1)subsidy policies are can still improve enterprise performance,but not through green technology innovation;(2)the dual-credit policy can improve enterprise performance through green technology innovation;and(3)under current policy conditions,with subsidies declining annually,the interaction effects between the subsidy and dual-integral policies will also decrease.Thus,this study suggests that non-monetary industrial policy,represented by the dual credit policy is a more effective alternative to government subsidies.
文摘This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.
文摘This article discusses the impact of central bank digital currency(CBDC)from the perspective of monetary and fiscal policy.We mainly discuss how retail CBDC can improve traditional policy performance.We argue that A CBDC helps existing monetary policies to break through the zero lower bound,shorten the policy time lag,realize selective policy interventions,and make possible the price level target policy system.Similarly,the combination of CBDC and smart contracts can directly affect the performance of the fiscal policy.Compared with the convenience and impact of CDBC as a medium of exchange,its impact as a policy tool is more profound.The current monetary policy is facing a zero lower bound.The fiscal policy is facing a huge sovereign debt crisis and the impact of other private digital currencies on fiat money,which makes the importance of CBDC as a new policy tool more prominent.However,the research on CBDC as a policy tool has many fundamental questions that remain to be answered.This paper contextualizes CBDC with global challenges in policies and new technology advances,and the authors rethink CBDC from a policy perspective,which may provide many new thoughts and have implications for the rise of global CBDC.
基金supported in part by Fundamental Research Funds for the Central Universities(2022JBZX024)in part by the National Natural Science Foundation of China(61872037,61273167)。
文摘Aimed at infinite horizon optimal control problems of discrete time-varying nonlinear systems,in this paper,a new iterative adaptive dynamic programming algorithm,which is the discrete-time time-varying policy iteration(DTTV)algorithm,is developed.The iterative control law is designed to update the iterative value function which approximates the index function of optimal performance.The admissibility of the iterative control law is analyzed.The results show that the iterative value function is non-increasingly convergent to the Bellman-equation optimal solution.To implement the algorithm,neural networks are employed and a new implementation structure is established,which avoids solving the generalized Bellman equation in each iteration.Finally,the optimal control laws for torsional pendulum and inverted pendulum systems are obtained by using the DTTV policy iteration algorithm,where the mass and pendulum bar length are permitted to be time-varying parameters.The effectiveness of the developed method is illustrated by numerical results and comparisons.
基金supported by the National Natural Science Foun‐dation of China[Grant No.72163018]the Yunnan Philosophy and So‐cial Science Planning Project[Grant No.ZD202206]+1 种基金the Yunnan Col‐lege Students’Innovation and Entrepreneurship Training Program[Grant No.S202310674173]Zhejiang college students’science and technology innovation activity plan and new talent plan[Grant No.2022R408A001].
文摘Can green fiscal policy(GFP)incentivize the proliferation of urban green innovation(GI)and be a novel cata‐lyst for energy conservation and emission reduction within the“dual-carbon”framework?This paper explores GFP ramifications for GI by implementing a difference-in-differences model in a natural experiment centered on the“Comprehensive Demonstration City of Energy Saving and Emission Reduction Fiscal Policies”.The em‐pirical analysis reveals several key findings:(1)GFP exhibits significant augmentation at the GI level,with an observable evolutionary trend of increasing marginal impact.Importantly,these outcomes withstand rigorous robustness tests,including propensity score matching.(2)A mechanism analysis elucidates the dual impact of GFP on GI growth.GFP directly fosters GI advancement indirectly by promoting talent aggregation,expanding scientific and technological investment,and attracting external financial resources.(3)A heterogeneity analy‐sis demonstrates that GFP enhancement of GI is closely associated with the patent category,manifesting a dis‐tinct pattern of“eastern region>other regions”and“non-resource cities>resource cities”.The study’s em‐pirical findings offer crucial real-world insights to guide the Chinese government in formulating a more effi‐cient GFP and facilitating the expansion of innovative endeavors while contributing to environmentally sus‐tainable and high-value development.
文摘The cloud allows clients to store and share data.Depending on the user’s needs,it is imperative to design an effective access control plan to share the information only with approved users.The user loses control of their data when the data is outsourced to the cloud.Therefore,access control mechanisms will become a significant challenging problem.The Ciphertext-Policy Attribute-Based Encryption(CP-ABE)is an essential solution in which the user can control data access.CP-ABE encrypts the data under a limited access policy after the user sets some access policies.The user can decrypt the data if they satisfy the limited access policy.Although CP-ABE is an effective access control program,the privacy of the policy might be compromised by the attackers.Namely,the attackers can gather important information from plain text policy.To address this issue,the SHA-512 algorithm is presented to create a hash code for the user’s attributes in this paper.Depending on the created hash codes,an access policy will be formed.It leads to protecting the access policy against attacks.The effectiveness of the proposed scheme is assessed based on decryption time,private key generation time,ciphertext generation time,and data verification time.
文摘This study examines the exchange rate pass-through to the United States(US)restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01.Using the nonlinear autoregressive distributed lag(NARDL)model,empirical evidence indicates asymmetric pass-through of exchange rate and monetary policy uncertainty.Moreover,a stronger pass-through effect is observed during depreciation and a negative shock in monetary policy uncertainty,corroborating asymmetric pass-through predictions.Our results further show that a positive shock in energy prices leads to an increase in restaurant and hotel prices.Furthermore,asymmetric causality indicates that a positive shock in the exchange rate causes a positive shock to restaurant and hotel prices.We found feedback causal effects between positive and negative shocks in monetary policy uncertainty and positive and negative shocks in the exchange rate.Additionally,we detected a one-way asymmetric causality,flowing from a positive(negative)shock to a positive(negative)shock in energy prices.Therefore,these findings provide insights for policymakers to achieve low and stable prices in the US restaurant and hotel industry through sound monetary policy formulations.Highlights.The drivers of restaurant and hotel business in tourism destinations are examined.There is asymmetric pass-through of exchange rate and monetary policy uncertainty.A stronger pass-through is observed during appreciation and a negative shock to monetary policy uncertainty.There is asymmetric causality from positive shock in exchange rate to postive shock in restaurant and hotel prices.
基金sponsored by the General Project of the National Natural Science Foundation of China(NSFC)(72073093)the General Project of the Scientific Research Fund of Renmin University of China(21XNA008)the Key Project of the National Social Science Fund of China(NSSFC)(20&ZD118).
文摘Development zones(DZs)have emerged as a significant policy initiative for promoting regional coordination and facilitating resources allocation.They serve as an organizational framework for fostering industrial agglomeration and driving high-quality development.DZs attract and accommodate resource factors,firms,and projects,thereby functioning as a central catalyst for economic growth.This study utilizes data collected at the“DZ,City and Countrycountry”levels through manual compilation,textual analysis,and innovation measurement.It aims to empirically examine the theoretical rationale and practical preferences for promoting business and investment in China’s DZs.This study considers several factors such as industry attribute,firm attribute,agglomeration theory,and industrial chain layout.Based on our research findings,DZs exhibit distinct preferences.First,industry attribute:DZs align with both national and regional strategic planning and adhere to the industrial endowments of the respective areas.Second,firm attribute:DZs prioritize attracting firms that are productive and innovative,and have an international presence,rather than those that primarily contribute to taxes and job creation.Third,DZs are guided by the agglomeration theory,which suggests that they prefer firms that generate strong agglomeration externalities.Lastly,DZs also consider the industrial chain layout,aiming to attract firms that not only align with their existing industrial strengths but also extend to the upstream and downstream supply chain links.These conclusions are substantiated by the performance of robustness test.The success of DZs in China can be attributed to the five key principles:Adherence to national and regional strategic planning,prioritizing the actual industrial foundation,incorporating the theory of agglomeration externalities,strengthening corporate competitiveness,and expanding industrial chains.
基金Study on the Path of Promoting the Integration of“Three Societies”and Help Rural Revitalization in Chongqing,Chongqing Social Science Planning Office[Grant number.2019WT13]Study on the Cultivation of Language Service Talents Under the Background of Belt and Road Initiative,Chongqing Social Science Planning Office[Grant number.2021WYZX12].
文摘The innovative city pilot policy(ICPP)is an essential manifestation of China’s construction of an innovative and green-driven development country.We incorporated urban green total factor productivity(GTFP)growth into the evaluation of ICPP.Based on the panel data of 223 cities in China from 2005 to 2020,we used the difference-in-differences model to empirically assess the influence and mechanism of the ICPP on urban GTFP growth.The main results show that(i)The ICPP has maintained an effectively fluctuating promotion on urban GTFP growth,mainly manifested in the urban green technological progress improvement.(ii)The ICPP has urban heterogeneity in promoting GTFP growth in pilot cities,mainly affecting key cities such as provincial capitals.(iii)The interaction between the agglomeration of producer services and the ICPP inhibits GTFP growth in pilot cities.
文摘Internet of Things(IoT)enables devices to get connected to the internet.Once they are connected,they behave as smart devices thereby releasing sensitive data periodically.There is a necessity to preserve the confidentiality and integrity of this data during transmission in public communication channels and also permitting only legitimate users to access their data A key challenge of smart networks is to establish a secure end-to-end data communication architecture by addressing the security vulnerabilities of data users and smart devices.The objective of this research work is to create a framework encompassing Ciphertext policy Attribute-based Encryption scheme using block encryption and BLAKE hashing technique.An improved Pairing-Free-Ciphertext policy Attribute-based encryption algorithm has been developed to overcome the aforementioned challenges.Further,a comparative study has been performed between the proposed scheme and the different encryption algorithms.It is found that the proposed scheme scores well over the already existing schemes.The scheme is evaluated in terms of execution time and communication overhead.The robustness of the proposed scheme is also analyzed from the perspective of several security goals.
文摘Contrary to the approach in judicial practice,Paragraph 1,Article 153,of the Civil Code of the People’s Republic of China,as a rule of invalidity for violating mandatory provisions,does not adopt a dichotomy towards mandatory provisions with effectiveness and administrative characteristics,yet it maintains the legislative philosophy of differentiation.It leaves unspecified whether mandatory provisions that do not explicitly render a juristic act invalid impact the act’s validity,entrusting this determination to the discretion of judges on a case-by-case basis.When judges,under the authority of Paragraph 1,Article 153 of the Civil Code,explore the normative intent of mandatory provisions to assess their effect on the validity of juristic acts,they should engage in legal policy analysis centered on consequence-based argumentation to overcome the limitations of norm typological analysis.This analysis employs a reasoning model predicated on the normative purpose,utilizing a consequencefocused interpretative approach for formulating and arguing propositions of rules applicable to pending cases,thereby arriving at case-specific conclusions.Since the invalidation of juristic acts serves as an auxiliary regulatory tool for the state economy and society,a consequence-oriented interpretation needs to be based on the idea of mutual instrumentalization of public and private laws.This entails predicting the outcomes of negating the validity of a juristic act in industrial regulatory scenarios and assessing these outcomes within the framework of public and private regulatory instruments.
