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20 January 2026, Volume 47 Issue 1
    

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  • ZHANG Lifeng TIAN Xiaochun
    New Economy. 2026, 47(1): 14-29.
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    Data trading platforms, hailed as the key infrastructure for market-based allocation of data as a factor of production, have been entrusted with high expectations but have universally fallen into the practical dilemma of “much acclaim but little adoption.” This paper constructs an analytical framework based on transaction cost theory, which integrates property right theory and contract theory, and employs comparative case study of data trading platforms and consumer/industrial internet platforms, reveals the root cause of this dilemma: data trading platforms fail because they cannot overcome the multi-dimensional high transaction costs associated with property rights definition, quality verification, and supervision enforcement. The research finds that large platforms, by constructing a model of ecosystem-based endogenous utilization, systematically internalize the transaction costs of external markets into manageable organizational costs. Relying on the positive feedback loop of “data-scenario-complementary assets” and a value-co-creation mechanism that shifts from “pricing” to “revenue-sharing,” they achieve an efficient substitution for the traditional paradigm of external market-based transaction. However, this platform-dominant model also gives rise to new risks such as monopoly and algorithmic discrimination. Therefore, the paper proposes that the governance of data factor marketization must shift from building trading markets to constructing a collaborative governance system, strengthening precise regulation based on the optimization of total social costs and promoting responsible platform innovation, so as to balance the goals of efficiency, fairness, and security. The conclusions provide theoretical reference and practical insights for understanding the real path of data value realization and optimizing the national data infrastructure system.
  • JIANG Wansheng LI Yingqi
    New Economy. 2026, 47(1): 30-41.
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    Artificial Intelligence (AI), through its influence on consumption patterns, consumer demand, and market structures, has driven profound transformations in the field of consumption. AI technologies have empowered key areas such as intelligent shopping platforms, digital payment systems, and unmanned retail models, accelerating the intelligent transformation of consumption methods and significantly enhancing both the convenience and personalization of consumers’  shopping experience. Consumer demand has correspondingly exhibited a trend toward diversification, marked by the rising popularity of smart products, the emergence of personalized customization, and the advancement of cultural and experiential consumption. These shifts reflect an ongoing elevation in consumers’ pursuit of higher quality lifestyles. Consequently, the consumption market is undergoing deep restructuring, manifested in the evolution of market competition, the cross-sector integration of consumption scenarios, and the enhanced sovereignty of consumers. These developments signify a transition toward a more open and intelligent consumption ecosystem.
  • LIN Wenyi XU Shuqian
    New Economy. 2026, 47(1): 42-60.
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    Against the backdrop of the digital economy, online consumption has emerged as a core pillar of the consumer market in megacities. The explosive growth of online consumption disputes, however, has posed severe challenges to existing dispute resolution. However, up to now, the research on online consumer dispute resolution mechanisms predominantly focuses on isolated aspects or entities, with insufficient investigation into frontline staff.  Therefore, taking the Consumer Association of City S (hereinafter referred to as “S Consumer Association”) as the case study subject, this paper integrates three methods of case study, semi-structured interviews, and data analysis of typical complaint handling processes, following the workflow of “complaint acceptance-pre-settlement-complaint assessment-mediation and disposal”,  and based on the findings from in-depth interviews with frontline staff involved in these four key processes, systematically analyzes the operational status, core dilemmas, and underlying roots of the online consumption dispute resolution mechanism. The results reveal six major obstacles in resolving online consumption disputes in City S: inconsistent channel standards, delayed response timeliness, simplistic handling methods, poor cross-regional collaboration, difficulties in evidence collection, and weak external coordination. These obstacles originate from multiple factors, including outdated legal norms, insufficient collaborative governance, constraints on the nature of consumer associations, unreasonable process design, and complex transaction scenarios. Based on these findings, optimization countermeasures are proposed from three dimensions: intelligent technology empowerment, multi-stakeholder collaborative linkage, and data-driven governance. This research aims to provide theoretical support and practical pathways for the efficient resolution of online consumption disputes in megacities.
  • CUI Yu LIU Min WEI Yuying
    New Economy. 2026, 47(1): 61-74.
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    With the deepening implementation of China’s regional coordinated development strategy and the accelerated formation of new quality productive forces, cross-regional industrial cooperation is evolving from a pattern of “intra-regional joint development” to “chain-based synergy.” China and Southeast Asian countries possess a practical foundation for industrial cooperation, including geographical proximity and close trade ties. However, existing research still pays insufficient attention to the spatial organization mechanisms and institutional forms of industrial cooperation in transnational contexts. Based on this, this paper first systematically reviews the evolutionary pathways and typical practices of the enclave economy, then expands upon the traditional analytical paradigm of the enclave economy, which primarily focuses on single-point industrial undertaking, by proposing the “enclave relay” mechanism—a cross-regional, cross-stage industrial synergy mechanism, and elucidates the logic for achieving orderly industrial chain transfer and functional continuity under conditions of multi-node spatial layout. Centered on the core logic of “joint development and sharing, gradient undertaking, and collaborative iteration,” the paper constructs a three-level nested analytical framework encompassing the enclave chain structure, synergy governance mechanisms, and the composition of the supporting environment. Furthermore, combined with typical practices of domestic enclave economy, it analyzes the structural constraints faced by the mechanism in the context of China-Southeast Asia industrial cooperation, and accordingly, puts forward the policy suggestion of promoting industrial coordination through “enclave relay”, in order to provide a new explanatory framework for understanding the spatial reorganization of industrial chains and the evolution of regional collaboration mechanisms in transnational contexts.
  • HUANG Liangxiong LEI Dan
    New Economy. 2026, 47(1): 75-87.
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    In the digital economy era, the “reverse enclave” has emerged as an unconventional cross-regional collaboration model. However, it faces constraints in information flow, spatial capacity, and institutional coordination, necessitating the systematic reshaping of its operational framework through digital economy tools.  This paper focuses on how the digital economy can empower the development of reverse enclaves, drawing on the theories of regional innovation system and spatial interaction, analyzes the transmission pathways and risk challenges of the digital economy in driving reverse enclave. The findings reveal that the digital economy, relying on digital infrastructure, data element, digital platform, and digital governance, drives the transition of reverse enclave from physical embeddedness to digital virtual agglomeration by reducing the establishment cost and daily operational expense of enclave, as well as mitigating information asymmetry risk. On this basis, the paper proposes policy recommendations from four dimensions: joint infrastructure development, data circulation, platform ecosystem, and cross-regional governance. These suggestions aim to optimize the construction model of reverse enclave and provide insights for promoting coordinated regional development. This paper not only expands the theoretical understanding of the spatial organization of regional innovation within the context of the digital economy, but also offers decision-making support for local governments in formulating development strategies for reverse enclave.
  • ZHANG Xingxiang QIU Bing
    New Economy. 2026, 47(1): 88-102.
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    A high proportion of the countries participating in the Belt and Road Initiative are Islamic countries, which has given rise to a unique Islamic financial model. Promoting financial cooperation between China and the countries participating in the initiative, seeking common ground while reserving differences between traditional finance and Islamic finance, can not only provide diversified financing channels and improve capital efficiency for infrastructure construction and economic transformation in partner countries, but also contribute to building a stable and sustainable regional financial system, as well as enhancing the international status and influence of the RMB. This paper starts from the policy background and practical needs, combining the characteristics of Islamic finance such as prohibiting interest and opposing exploitation, profit sharing and risk sharing, as well as prohibiting speculation and emphasizing safety, analyzes the realistic foundation of financial cooperation between China and Belt and Road countries. It points out the feasibility of integration in the aspects of globalization development concept, product innovation facing the world financial market, dual supervision system of international finance and regional culture, and digital development. The paper further puts forward the ideas and solutions to promote the financial cooperation of seeking common ground while reserving differences, including strengthening the interconnection of financial infrastructure, deepening the innovation of financial products and services, and improving the coordination of financial supervision and policies. Aimed at strengthening all-round cooperation in the financial field between China and Belt and Road countries through continuous innovation of cooperation models and improvement of cooperation mechanisms, and jointly promoting regional economic prosperity and development.
  • HAN Yonghui CAO Mo
    New Economy. 2026, 47(1): 103-115.
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    Institutional opening-up constitutes a crucial strategic choice for China’s high-quality development. However, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) faces institutional barriers, and promoting regional market integration has become the key to addressing governance dilemmas. As a demonstration zone of all-round cooperation among Guangdong, Hong Kong and Macao in Nansha, Guangzhou, Nansha’s strategic leading role and practical pathways in advancing market integration are worthy of in-depth research. Adopting the theoretical perspective of institutional opening-up, this paper constructs a three-dimensional analytical framework of “policy-platform-governance” , systematically analyzes the status and challenges of market integration in the GBA, focuses on examining Nansha’s innovative practices in key areas such as regulatory alignment, factor mobility, industrial synergy, and cross-regional supervision, and explores the transmission mechanism of promoting regional institutional opening-up in a point-to-area manner. The research finds that by virtue of its unique advantages in geographical location, spatial capacity, functional positioning, and institutional carrying capacity, Nansha has formed a strategic fulcrum for driving the GBA’s market integration through four core pathways: deepening mutual recognition of rules, facilitating factor mobility, innovating collaborative supervision, and building open platforms. It is recommended to optimize policy alignment and regional coordination mechanisms, improve the cross-border circulation systems for data, capital, and talents, formulate unified regulatory standards in key fields and strengthen law enforcement cooperation, and enhance Nansha's function as a hub for the “dual circulation” pattern, so as to drive the upgrading of the GBA’s market integration level.
  • MING Juan LIAO Kaixian ZHANG Yi
    New Economy. 2026, 47(1): 116-137.
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    Against the background of the in-depth advancement of the innovation-driven development strategy and the accelerated construction of an intellectual property power, skill premium, as a core issue of factor income distribution, its correlation mechanism with intellectual property protection has not been fully revealed. This paper takes the policy construction of intellectual property demonstration cities as the entry point, to explore how the legal and policy environment affects the return of the skills market. Taking the national intellectual property demonstration cities gradually established since 2012 as a quasi-natural experiment, the paper uses the sample of Chinese A-share listed enterprises from 2010 to 2020, and constructs a theoretical model and a multi-period difference-in-differences model to evaluate the impact of intellectual property protection on enterprise labor skill premium and its action mechanism. The study finds that the establishment of national intellectual property demonstration cities significantly expands enterprise labor skill premium, and this conclusion remains valid after parallel trend test, placebo test, endogeneity treatment, and robustness tests. Mechanism research shows that on the labor demand side, intellectual property protection promotes skill premium by optimizing the enterprise’s labor skill structure and increasing intangible capital investment, while on the labor supply side, the increase in corporate human capital investment further strengthens this effect. Heterogeneity analysis indicates that the labor skill premium of technology-intensive enterprises and non-state-owned enterprises is more significantly affected by the pilot policy of intellectual property demonstration cities. This study enriches the theoretical system on the relationship between intellectual property protection and skill premium, provides a new perspective for understanding the interactive logic between innovation incentives and income distribution, and also offers useful references and policy implications for balancing innovative development and income distribution equity, as well as advancing the construction of an intellectual property power.
  • LI Wenfei ZHENG Siying CHEN Xueying GUO Liling
    New Economy. 2026, 47(1): 138-159.
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    Digital economy policies constitute an important institutional arrangement for promoting digital entrepreneurship and market dynamism. This paper focuses on digital entrepreneurship, and constructs a theoretical analysis framework of the impact of digital economy policies on digital entrepreneurship from the perspective of entrepreneurial activities, including capital, technology, and talent. Based on the big data of industrial and commercial enterprise registration in China’s prefecture-level cities and above, the paper identifies a sample of digital entrepreneurship enterprises from 2010 to 2022 in 282 cities (4 municipalities and 278 prefecture-level cities), and examines the role of digital economy policies in stimulating the vitality of digital entrepreneurship entities, and further reveals the internal mechanism of how digital economy policies empower digital entrepreneurship.  It aims to provide theoretical and empirical evidence for further improving China's digital economy policy framework and stimulating digital entrepreneurship vitality. The results indicate that these policies significantly enhance digital entrepreneurial activities. Specifically, mechanism analyses show that the effect operates primarily through alleviating financing constraints, promoting digital infrastructure development, and concentrating digital human capital; further analyses reveal that the policy effect is more pronounced in eastern regions and in cities with stronger intellectual property protection; while after distinguishing between policy types, the findings indicate that digital economy policies focused on technological development significantly promote digital entrepreneurship, whereas those focused on application-oriented initiatives exhibit no significant impact. On these grounds, some enlightenment can be gained, including fully leveraging the pivotal role of policies in stimulating digital entrepreneurship vitality, implementing differentiated policies based on regional endowment disparities, and precisely matching policy types according to the developmental stages of regional digital entrepreneurship. 
  • ZHU Jiawei
    New Economy. 2026, 47(1): 160-176.
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    This paper breaks through the traditional perspective of consumer behavior research, which focuses only on the impact of corporate greenwashing on the firm itself. It innovatively examines whether and how corporate greenwashing behavior affects consumers' trust in environmental performance of other competing firms from an inter-firm perspective, incorporating the spillover effect research perspective. Based on research in both greenwashing and spillover effects, this paper constructs a theoretical model of greenwashing , green confusion, inter-firm similarity, and green trust, and then empirically tests the theoretical hypotheses by using structural equation modeling (SEM) based on 207 valid questionnaires.  The findings are as follows: (1) Contrary to the intuition of academia and industry, corporate greenwashing behavior does not significantly affect consumer trust in the environmental protection efforts of competing firms (i.e., green trust), and there is no spillover effect in consumer reactions. (2) Corporate greenwashing behavior negatively affects consumer confusion about the environmental characteristics of competing firms (i.e., green confusion), and green confusion significantly negatively affects green trust. (3) Inter-firm similarity plays a negative moderating role in the relationship between corporate greenwashing behavior and consumer green confusion toward competing firms. Therefore, neither academia nor industry should excessively demonize corporate greenwashing practices or overestimate their detrimental effects on the sector. Meanwhile, companies should prioritize disclosing substantive green information and enhance their distinctive features in environmental practices and product offerings. 
  • ZHU Cuihua LIN Lizhen YU Jingyuan
    New Economy. 2026, 47(1): 177-194.
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    With the rapid spread of digital technology, the impact of internet use on residents’ subjective well-being has garnered widespread attention. Existing studies have primarily focused on urban residents or general populations, while in-depth analysis of internet effects in rural contexts remains limited. Based on micro-level data from the China Family Panel Studies (CFPS), this paper employs an endogenous treatment effect model and an extended Blinder-Oaxaca decomposition approach to explore the influence of internet use on rural residents’ subjective well-being and its underlying mechanisms. The results show that: (1) internet use significantly enhances the subjective well-being of rural residents; (2) mechanism analysis indicates that the positive effects are mainly realized through two channels: the enhancement of social interactions (increasing social activities and support) and improvement of economic opportunities (increasing income levels and employment opportunities); (3) significant heterogeneity exists, with more pronounced effects observed among residents in central and western regions, lower-income groups, and younger cohorts. These findings not only provide empirical evidence for understanding the micro-level welfare impacts of digital technology in rural areas, but also offer policy implications for rural digital infrastructure development within the context of all-around rural revitalization.