20 May 2026, Volume 47 Issue 3

    

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  Technological Revolution, Institutional Mismatch, and Economic Crisis： An Analytical Framework Based on “Techno-Institutional Tension”

  LI Bin　WANG Wen　ZHANG Jingze

  New Economy. 2026, 47(3): 5-25.

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  Technology features a monotonic increasing property and acts as the fundamental driving force of social progress, yet the realization of its potential hinges on institutional adaptation. To conduct a more systematic and in-depth analysis of the mediating mechanism between technological progress and economic growth, first, this paper constructs the Stock Index-Gold Price Ratio indicator, which uses gold as the valuation benchmark to measure stock indices, strips out disturbances from the long-term evolution of monetary systems, truly reflects capital market risk appetite and systemic stability, and further identifies the process of long-term risk accumulation and crisis inflection points. Second, it establishes a theoretical model of Techno-Institutional Tension, and extracts three crisis transmission mechanisms: capital misallocation and financial fragility, labor and distribution imbalance, and regulatory and national governance failure, providing a unified analytical framework for systemic risk across different historical periods and technological paradigms. Finally, by examining four major crises in the United States, it verifies the logical rationality and historical applicability of the model, and finds that all previous crises stemmed from the intensification of Techno-Institutional Tension. Institutional mismatch has gradually escalated from the basic property rights level to the dimensions of distribution, regulation, and even global governance, with crisis forms evolving accordingly. The study further indicates that the capitalization of cognitive and decision-making capabilities in the artificial intelligence(AI) era has given rise to a new Techno-Economic Paradigm, triggering risk transmissions including capital misallocation and market monopoly, labor and distribution imbalance, and global governance failure. Accordingly, the paper proposes policy recommendations such as cultivating patient capital, reshaping skill-adaptive social security  system, and implementing agile governance and global coordination, so as to provide theoretical support and practical guidance for identifying systemic risks, advancing institutional adaptive innovation, and preventing economic crises in the artificial intelligence era.
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  The Agent Economy: New Paradigm and Future Landscape from an Industrial Economics Perspective

  QU Xiangqin　LIANG Tiancai　CENG Ping　WANG Gangfei

  New Economy. 2026, 47(3): 26-40.

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  The fundamental structure of socio-economic actors is undergoing a historic transformation. The human-machine collaborative agent economy has evolved from theoretical concept to reality, revolutionizing the core logic of production factor allocation and organizational operations within the traditional economic system, and now stands on the brink of explosive growth. To this end, this paper defines the concept of the agent economy, deconstructs its industrial organizational structure, analyzes its core business model innovations and evolutionary logic, as well as its profound macroeconomic impacts and potential risks, thereby establishing an analytical framework grounded in industrial economics principles for this emerging economic paradigm. The agent economy refers to an economic paradigm in which, within a digital infrastructure-supported environment, numerous autonomous artificial agents—endowed with learning capabilities, evolutionary potential, and economic agency—serve as independent economic participants, through complex interactions, collaborations, and competition both among themselves and with humans, these agents allocate resources, create value, and facilitate exchanges. The defining feature of the agent economy lies in the reconfiguration of the allocation mechanism of decision-making rights and execution rights within economic activities, with three core criteria for judgment: economic agency, behavioral autonomy, and value network properties. As large language models, computing infrastructure, and platform ecosystems evolve in tandem, industrial organization is shifting from a firm-centered hierarchical structure toward a networked agent ecosystem supported by the infrastructure layer, platform layer, and application layer. In this process, Agent-as-a-Service (AaaS) and outcome-based payment are emerging as important mechanisms for value realization. The agent economy will not only reshape the pathways of productivity enhancement, firm boundaries, and value distribution, but also herald systematic reconstruction of social trust mechanisms, regulatory frameworks, and organizational forms.
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  Debut  Economy, New Dynamics of Domestic Demand, and Urban Vitality：From the Perspective of “Micro-Meso-Macro” Transmission Mechanism and Strategic Pathways

  MENG Tian　ZHANG Changyu　LU Minfeng

  New Economy. 2026, 47(3): 41-52.

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  The debut economy, an emerging business model in China in recent years, is attracting increasing societal attention. To address the limitations of existing research on the debut economy, domestic demand drivers, and urban vitality—which predominantly focus on isolated dimensions while lacking holistic chain insights, as well as insufficient explanatory power regarding the complex interactions among these three factors, this paper constructs a theoretical model of “drivers-transmission-goals”, an in-depth exploration of the intrinsic mechanisms and implementation pathways through which debut economy stimulating domestic demand and ultimately enhancing urban vitality is carried out. The paper argues that at the micro level, the debut economy relies on the dual drivers of technological and institutional innovation to stimulate domestic demand by creating new supply. At the meso level, the momentum of domestic demand is transformed into urban economic, innovative, social, and environmental vitality through industrial upgrading and spatial governance. At the macro level, institutional safeguards and policy coordination are key to ensuring the smooth realization of this transmission process. The study also emphasizes the need for continuous national encouragement of innovation to provide a sustained driving force for the development of the debut economy. By combining theoretical modeling with empirical validation, this study systematically reveals the core mechanism of the debut economy in “creating demand through supply”, which provides theoretical support and practical guidance for building a domestic demand-driven development model in China.
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  The Reshaping Effect, Internal Mechanisms, and Countermeasures of Channel Control Power on International Economic and Trade Rule-Making Power in the Digital Era

  WU Jinrong　LIN Yueqin

  New Economy. 2026, 47(3): 53-68.

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  The iteration of digital technology is profoundly transforming the operational models of traditional supply chains and triggering changes in international economic and trade rules. Developed countries, represented by the United States, attempt to leverage their control over new types of channels—such as platform algorithms and data—to strengthen their monopolistic position in rule-making, posing challenges for latecomer countries in their participation in reshaping the global digital economic and trade order. In light of this, this paper first defines the core connotations of channel control power and international economic and trade rule-making power, systematically analyzing the rise of new channel controls, including platforms, data flows, and digital infrastructure, and their impact on the traditional rule system. It then examines the generative logic, power attributes, and reshaping effects of channel control power in the digital era, further exploring the transformation and reconstruction of international economic and trade rule-making power driven by channel control power. The paper reveals the intrinsic logic by which channel control power translates into rule-making power through mechanisms such as reducing rule compliance costs, increasing rule subversion costs, and providing rule testing grounds. It also elucidates the reshaping effects in terms of diversifying rule-making entities, shifting the focus of rule content from tariffs to data governance, and transitioning rule-making methods from agreement dominance to technological fact establishment. The study posits that digital technology paradigm innovation and the synergy of diverse national governance are key pathways to enhancing the rule-shaping capabilities of latecomer countries. Finally, policy recommendations are proposed from the aspects of enhancing new types of channel control capabilities, strengthening rule-shaping capabilities, activating the strong synergy of the “state-enterprise complex” in rule shaping, and establishing a risk prevention and control balance system based on resilient supply chains and diversified cooperation, aiming to provide theoretical support and practical references for China’s participation in establishing a fair, inclusive, and sustainable global digital economic and trade order.
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  Research on the Improvement of the Tax-Related Information Sharing System of Online Gig Economy：Taking the Beijing-Tianjin-Hebei Region as an Example

  LI Fei　LI Lunchuan

  New Economy. 2026, 47(3): 69-84.

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  In the context of the thriving digital economy, the issue of tax governance in the online gig economy has become increasingly serious. As tax governance shifts from an invoice-based model to a data-driven one, strengthening cross-regional sharing of tax-related information is key to addressing these challenges. The Beijing-Tianjin-Hebei region is a highly concentrated hub for China's gig economy, the improvement of the legal, standardized, and technological frameworks for coordinated tax governance in this area can provide a replicable model for tax collaborative governance across the country. Yet in practice, the region still struggles with several problems: the scope of information sharing remains unclear, the roles and responsibilities of the different parties involved are ill-defined, and coordination across government departments is weak. All of these factors stand in the way of more effective tax collaboration. To address these issues, it is necessary to clarify the scope and classification standards for sharing tax-related information, lay out the rights and responsibilities of platform enterprises, online gig workers, tax authorities, and other participants, and establish a smooth cross-departmental information flow mechanism through measures such as building a collaborative platform for tax-related information sharing and setting out clear procedural rules. Meanwhile, blockchain technology can be utilized to promote the pilot application of “blockchain + taxation”, which not only enhances the reliability and security of the platform in information sharing, but also safeguards the legitimate rights and interests of internet gig workers and improves the efficiency of tax-related information sharing.
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  The Driving Mechanisms, Underlying Logic, and Implications of Local Government Industrial Guidance Funds in Promoting High-Quality Regional Economic Development

  LIU Danyue　JIANG Le

  New Economy. 2026, 47(3): 85-99.

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  Local government industrial guidance funds are critical policy instruments for advancing high-quality development of regional economies, promoting scientific and technological innovation, optimizing industrial structures and fostering emerging industries. However, such funds still face prominent operational problems, including ambiguous positioning, insufficient marketization, incomplete performance evaluation systems, and lack of regional coordination mechanisms. From the perspective of regional economic development, this paper constructs a trinity analytical framework of driving mechanisms of capital supply, resource allocation, and value creation, adopts the multi-case comparative analysis method, systematically sorts out the practical models and typical experiences of industrial guidance funds in advanced regions including Beijing, Shanghai, Guangdong, Jiangsu, Zhejiang, and Anhui, and extracts the underlying logic for these funds to empower high-quality development of regional economies. The findings show that advanced regions uphold the orientation of market-oriented operation and achieve efficient synergy between government guidance and market-based resource allocation through full-cycle capital supply, industrial chain-oriented capital layout, open resource connection, and ecological supporting systems. By contrast, inland regions have conspicuous shortcomings in fund capacity, policy coordination, and venture capital ecosystem. Accordingly, the paper puts forward optimized paths for industrial guidance funds in inland regions from six aspects: the guidance of state-owned capital, reform of market-oriented mechanisms, full-cycle service support, coordinated regional development, cross-border opening-up and cooperation, and optimization of institutional guarantees. This study provides theoretical references and practical implications for the standardized operation of local government industrial guidance funds and their targeted empowerment of high-quality regional economic development in the 15th Five-Year Plan period.
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  Mechanism Innovation for Fiscal-Financial Synergy in Promoting High-Quality County-Level Economic Development：A Multi-Case Analysis Based on Guangdong’s “High-Quality Development Project for Hundreds of Counties, #br# Thousands of Towns,  and Myriads of Villages”

  LI Zimeng

  New Economy. 2026, 47(3): 100-112.

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  The coordinated support of fiscal and financial resources for the high-quality development of county-level economies holds significant theoretical and practical implications for enriching macro-policy coordination theories, alleviating grassroots resource constraints, and promoting urban-rural and regional coordination as well as comprehensive rural revitalization. Taking Guangdong’s  “High-Quality Development Project for Hundreds of Counties, Thousands of Towns, and Myriads of Villages” as the research focus, this study selects exemplary cases from five key domains—funding guarantee enhancement, direct financing in capital markets, bank credit innovation, equity investment empowerment, and agricultural insurance protection—to explore the mechanisms and pathways of fiscal-financial synergy. Findings reveal that fiscal-financial synergy is fundamentally about functional complementarity rather than mere capital aggregation, generating multiplier effects through credit enhancement and risk-sharing, while Guangdong’s practice has established four foundational synergy mechanisms: resource, credit, risk, and governance, and the innovation of the  collaborative mechanism exhibits four key characteristics: bidirectional fiscal-financial empowerment, institutional innovation-driven asset transformation, market-oriented operations, and full-chain services; The core logic of fiscal-financial synergy supporting high-quality development of county economies involves breaking resource transformation barriers through institutional innovation to align policy objectives with market principles. The study provides a replicable practical model and policy insights for the fiscal-financial synergy supporting high-quality county-level economic development. 
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  Does Social Integration of the Floating Population Promote High-Quality Economic Development?：Evidence from Chinese Cities

  PENG Qiao　HUANG Ying　GUO Ziming　LIU Chang

  New Economy. 2026, 47(3): 113-129.

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  High-quality economic development is a primary task in building a modern socialist country in all respects and is also one of the essential requirements of Chinese modernization. Achieving high-quality economic development requires the orderly migration and social integration of the floating population. However, theoretical research on the social integration of the floating population remains relatively scarce in China. Therefore, focusing on China’s vast floating population, this study employs data from the China Migrants Dynamic Survey (CMDS) of 2011, 2012, and 2017, combined with city-level data, to examine the impact of social integration of the floating population on high-quality economic development and its underlying mechanisms. The results indicate that social integration among the floating population significantly promotes high-quality economic development, a conclusion that remains robust after a series of rigorous tests. Mechanism analysis reveals that social integration drives high-quality economic development by stimulating economic vitality and improving the living environment, while the resource endowment advantages in economically developed regions further amplify the positive impact of social integration on high-quality economic development. Additionally, the moderating effect of floating workers’ labor hours shows that overwork weakens the promoting effect of social integration on high-quality economic development. This study provides an in-depth exploration of the drivers of high-quality economic development and the effects and mechanisms of social integration, offering new perspectives and empirical evidence for policy formulation.
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  Performance Evaluation of Road Traffic Safety Management in China：Based on the Data from 2006 to 2023

  LU Chiwen

  New Economy. 2026, 47(3): 130-148.

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  From 1998 to 2002, the traffic safety situation in China became increasingly severe. In 2004, the Road Traffic Safety Law of the People’s Republic of China was enacted, which has since undergone three revisions, while actively promoting the road traffic safety supervision system. However, the effectiveness of legal improvements and technological interventions in maintaining road traffic safety management order requires empirical evaluation.  For this purpose, this paper establishes an indicator system for evaluating the performance of traffic safety management at the provincial level and analyzes the changes in the number of casualties and direct economic losses from traffic accidents nationwide over the years.  Evaluation results indicate that: From 2003 to 2015, the performance of national traffic safety management significantly improved, and from 2016 to 2023, the performance level of national traffic safety management showed minor fluctuations with a downward trend ; The number of non-motor vehicle traffic accidents has been increasing rapidly in recent years. Based on the research findings, the paper recommends measures to continuously and effectively enhance the performance of road traffic safety management in China, for example, strengthen the organization of national experience-sharing conferences on road traffic safety management, establish a coordinated mechanism for regional road traffic safety management, and with emphasis on optimizing law enforcement measures for non-motorized vehicles in practical implementation. The study aims to provide a basis and reference for China to further enhance its road traffic safety governance capabilities, safeguard the lives and property of the public, maintain orderly road traffic management, and improve overall public safety standards.
  
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  The Fertility Effects of Service Intervention under Low Fertility：A Case Study on the Impact of Postpartum Care Centers on Re-Fertility Intentions and Its Subsidy Effects

  LIU Juan　HUANG Yihua　ZHAO Guochang

  New Economy. 2026, 47(3): 149-168.

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  Against the backdrop of declining fertility rates, fertility support policies need to shift from simple economic incentives to comprehensive service guarantees throughout the childbearing process. This paper focuses on representative regional postpartum care service cases (Yuezi centers), with particular attention to price subsidies and inclusive development strategies. Based on the survey data from Chancheng district of Foshan, China, it investigates the impact of  Yuezi centers on families’ re-fertility intentions and evaluates the effects of price subsidies through a randomized scenario experiment, to uncover the underlying logic of service interventions in boosting fertility motivation. The results indicate that using a postpartum care center significantly increases the probability of re-fertility intention by 10.4 percentage points. This finding remains robust after addressing endogeneity via the Oster test and utilizing alternative measures. Further analysis reveals that a significant misalignment between market pricing and affordability is the primary barrier to service accessibility. The randomized experiment demonstrates that every 10,000 RMB increase in subsidy raises the probability of choosing a postpartum care center by 6.4 to 7.6 percentage points. Heterogeneity analysis shows that private-sector employees, highly educated individuals, and the 20 years old to before 40 years old group are more responsive to price incentives. The paper suggests that reducing the hidden psychological costs of childbirth is as crucial as easing the explicit economic burden. To improve the fertility support system, efforts should be made to promote the transformation of postpartum care center services toward affordability and universal accessibility, and to establish differentiated subsidy mechanisms targeting specific vulnerable groups.
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  How to Move from Watching to Travel Practice：Research on the Rural  Geographical Imagination Path of Short Video Audiences

  LIU Danping　YANG Yu

  New Economy. 2026, 47(3): 169-189.

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  Against the backdrop of the deep integration of the digital economy and all-around rural revitalization, short video platforms have become a core arena for the allocation of attention resources in rural tourism. However, how can the behavior of short-video audiences——rural tourism attention resources——be effectively converted into actual tourism practices through video watching, along with the underlying allocation patterns and transformation logic, remains insufficiently systematically explained. From the theoretical perspective of the attention economy, this paper defines “rural geographical imagination” as a key intermediate output in the transformation of attention resources into rural tourism markets. Using 60 short videos of agriculture, rural areas, and farmers‌ from Douyin and nearly 100000 comments, it comprehensively applies latent Dirichlet allocation （LDA） topic modeling, necessary condition analysis (NCA), and fuzzy-set qualitative comparative analysis (fsQCA) to identify the key content elements and their configurational paths that influence the construction of audiences’ geographical imagination, thereby summarizing the corresponding attention resource allocation patterns. The findings are as follows: (1) User interaction is a necessary condition for activating high-level geographical imagination, with a significant bottleneck effect—to achieve 100% high-level geographical imagination, at least 33.0% ecological practice and 50.7% user interaction are required; (2) There exist 20 different paths for audiences’ rural geographical imagination, which correspond to four typical attention resource allocation patterns, namely, traditional cohesive farming practice, technology-embedded family narrative, subject-interactive projection, and childhood nostalgia-driven type, each having its own combination of rural content elements and audience response mechanisms; (3) The four patterns jointly follow the transformation framework of “algorithmic rules-rural narratives-audience needs-utopian imagination”, forming a systematic pathway from “traffic” to “customer retention”. Using interdisciplinary research methods, taking “attention resource transformation” as the main thread, while the “rural geographical imagination” as the intermediate output of attention transformation, the paper addresses the internal progression of short video audiences from merely watching videos to engaging in actual travel experiences, and ultimately reveals the multiple configurational mechanisms through which short video attention resources are transformed into rural tourism markets, thus providing theoretical foundations and practical references for market activation of rural tourism destinations through platform economy.
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  The Organizational Model and Practical Mechanism of Cooperative Production in Distinctive Agriculture from  the Perspective of “Big Food Concept”: A Case Study Based on Meixian Pomelo Industry in Guangdong

  SUN Jingjing

  New Economy. 2026, 47(3): 190-202.

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  Under the guidance of the big food concept, turning local specialty agricultural products into characteristic industries that ensure food security and drive comprehensive rural revitalization is an important contemporary challenge. This paper focuses on the microlevel organizational interactions and practical mechanisms through which Party leadership specifically drives cooperative production in characteristic agriculture. Focusing on how Party-building leadership specifically drives organizational interactions and practical mechanism at the micro-level of distinctive agriculture, drawing on theories of political potential and collaborative production, this paper develops an integrated analytical framework—political potential release, endogenous transformation of organizational potential, and outward extension of value potential—to examine the collaborative production practices that have enabled the Meixian pomelo industry to evolve from traditional farming into a modern industrial system. The findings show that primary-level Party organizations in Meixian translate national strategies, such as the big food concept, into core local development agendas, thereby releasing political potential downward and generating the initial impetus for collaborative production. Through institutional innovations like the “Party branch + cooperative + farmers” model, these organizations convert the Party’s structural strengths into developmental effectiveness, facilitating the endogenous transformation of organizational potential and the formation of a robust industrial community. Moreover, by integrating diverse stakeholders, shaping brand identity, and channeling market feedback, they foster a value co-creation network that includes producers, consumers, research institutions, and global merchants, thus promoting the outward extension of value potential. These three dimensions are sequentially layered and mutually reinforcing, revealing the underlying logic of Party-led collaborative production in distinctive agriculture: by strategically embedding political and organizational strengths into each link of the industrial chain, Party organizations effectively resolve collective action dilemmas and enable the creative translation of national strategies into local development outcomes. This study offers a Meixian Model that provides actionable insights for ensuring food security and advancing rural industrial revitalization under the big food concept, while also extending the theoretical application of political potential to the agricultural sector.