20 July 2025, Volume 46 Issue 7

    

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  The Chinese Counterexamples of Mainstream Macroeconomics and the Macroeconomics with Chinese Background

  LI Defu　TANG Xuemei

  New Economy. 2025, 46(7): 5-28.

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  There are some phenomena which cannot be reasonably explained by the mainstream economics in China after the reforming and opening to outside world, such as the “Okun’s law and the Phillips curve do not hold”, the economic mechanism of “soft landing”, the harm of “growth-deflation”, and the “sustained high growth without high TFP increasing”. To this end, the Macroeconomics with Chinese background is developed by extending the mainstream macroeconomics based on Chinese circumstance. Taking the speed of agricultural labor transfer as the core variable, an analytical framework is rebuilt for a developing dual economy,  in a developing dual economy, it proves that the speed of agricultural labor transfer affects both the fluctuation and growth, and puts forward policy that take account of both economic development, growth and fluctuation. Drawing on relevant literature, this paper provides a preliminary systematic introduction to this framework and identifies several key areas for extension, including reconstructing aggregate demand theory based on dual-economy structural transformation, extending the framework to open economies, and applying Dynamic Stochastic General Equilibrium (DSGE) methodologies. The aim is to stimulate scholarly attention and foster its development, ultimately seeking to reconstruct a theoretical framework for analyzing China’s macroeconomic issues.
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  Striving to Build an Independent Economic Knowledge System in China：Attempts of New Structural Economics

  WANG Yong　YU Haichao

  New Economy. 2025, 46(7): 29-47.

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  Since the 18th National Congress of the Communist Party of China, general secretary Xi Jinping has delivered several important speeches on the work of philosophy and social sciences, providing significant instructions for the development goals, focal points, and methodological principles of philosophy and social sciences in China for the current period and the foreseeable future. This article, based on insights from general secretary Xi Jinping’s important speeches and the spirit of the 20th National Congress of the Communist Party of China, examines the construction of an independent knowledge system in economics. Firstly, it outlines the main characteristics of the four stages of economic academic research in China since the founding of the People’s Republic of China. Secondly, it analyzes the importance, urgency, and feasibility of constructing an independent knowledge system in economics. Subsequently, it focuses on the development practice of new structural economics as an example to illustrate the basic situation and development potential of China’s efforts to construct an independent knowledge system in economics. Finally, it objectively analyzes the main challenges faced in this process，to provide inspiration for accelerating the construction of China’s independent economic knowledge system.
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  Institutional Innovation and Global Governance Implications of Cross-Border Data Flow in the Guangdong-Hong Kong-Macao Greater Bay Area

  SHEN Minghao　ZHAO Yu

  New Economy. 2025, 46(7): 48-56.

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  Cross-border data flows represent a core proposition in the transformation of the global governance system in the era of the digital economy. As a frontier testing ground under the special governance framework of “one country, two systems, three jurisdictions,” the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) holds significant demonstrative value for constructing new international data governance rules through its institutional explorations. Starting from the practical circumstances of cross-border data flows in the GBA, this paper systematically examines the region’s construction experiences in institutional innovation, technological breakthroughs, and scenario practices, based on theoretical perspectives of global governance, market-oriented reform of data factors, and technological governance. It further proposes countermeasures to ensure the secure and orderly cross-border data flows in the GBA, including establishing unified regulatory standards, improving data protection and management systems, and formulating rules covering the entire process of cross-border data flows. These proposals contribute a Chinese solution to the formulation of global digital governance rules.
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  Exploration of Data Asset Securitization Model Based on Data Trust

  ZUO Chang　XIE Yunbo　HONG Yuan

  New Economy. 2025, 46(7): 57-73.

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  The securitization of data assets in the digital economy era not only helps promote the development and growth of China’s data factor market, but also contributes new momentum to financial services for the real economy. Compared with traditional asset securitization, data asset securitization faces multidimensional constraints such as asset ownership confirmation and cash flow collection. Based on this, this article proposes a trading structure that connects data trusts, data asset securitization, and data asset real estate investment trust funds to achieve the “separation of three rights” of data assets, clarify the ownership of data assets, and reduce the risk of cash flow mixing. At the same time, introducing data asset management institutions to develop data products further enhances the value of data assets. Based on the research results, in order to accelerate the development and growth of data asset securitization, it is recommended that relevant regulatory departments create a relatively inclusive regulatory environment for market innovation, select some representative enterprises to carry out pilot projects for data asset securitization innovation, and timely launch special regulatory policy documents; at the same time, strengthen cooperation between regulatory departments to promote interconnectivity of data trading platforms.
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  Configurational Research on High-Growth Paths of Technology-Based Entrepreneurial Firms：An Analysis Based on the TOE Framework of 39 Gazelle Enterprises

  LUO Ruoyu　 DAI Zekun　LIU Yunqing

  New Economy. 2025, 46(7): 74-91.

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  As a prominent basic carrier in the process of Chinese modernization, the development of technology entrepreneurial enterprises plays an important role in the innovation-driven development strategy. With the support of various national policies, technological start-ups have achieved rapid development, but they are also facing serious survival crisis in a complex and dynamic environment. Therefore, starting from the TOE analysis framework at the technology-organization-environment level, using the emerging method of combining NCA and QCA, this paper analyzes the configuration paths of high-level enterprise growth of technological start-ups represented by 39 gazelle enterprises. The research finds that: first, any single condition under the technology-organization-environment dimension cannot promote the emergence of high enterprise growth, indicating that the development path of gazelle enterprises needs the synergy of multiple conditions;  second, the configuration analysis found that through the mutual combination of different conditions, there are 4 paths in the two configuration modes that can achieve the high growth level of the enterprise, and the configuration modes are financial dominance-peer restraint and financial dominance-industry restraint; third, through the analysis of different paths, it is found that gazelle enterprises need to strengthen their own financial capabilities in the process of achieving high growth levels, and accelerate the growth of enterprises through a sound financial system and high-quality financial capabilities. The research conclusions provide scientific theoretical guidance and practical enlightenment for Chinese technological start-up enterprises  to break through the survival bottleneck and achieve sustainable development.
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  How can Digitalization of Enterprises Promote the Transformation of Manufacturing Services： Evidence from Listed Manufacturing Companies

  HU Xia　HE Zhaoyang

  New Economy. 2025, 46(7): 92-108.

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  Manufacturing companies’ digitalization positively impacts their level of servitization. This paper analyzes how listed manufacturing firms’ degree of digitalization, measured through text mining of annual reports, affects the composition of their main business revenue over time. Digitalization in manufacturing companies can promote quality improvement and efficiency gains, enabling new business models. It facilitates servitization transition by enhancing innovation capabilities. Higher impacts are seen in high-tech firms, while state-owned enterprises have advantages in leveraging digitalization for servitization compared to non-state firms. Evidence from listed company experience provides economic proof that digitalization strategies play an important role in manufacturing servitization transformation, outlining a practical path. This research focuses on how digitalization, defined through product revenue analysis differing from prior work, raises servitization levels based on economic facts and theory.
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  How Does Corporate ESG Performance Affect Debt Financing Cost?

  ZHONG Yun　GAN Shanshan

  New Economy. 2025, 46(7): 109-123.

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  ESG indicators play an important role in quantifying sustainability performance. Research demonstrates that improved corporate ESG performance can significantly reduce debt financing costs, while the precise transmission mechanisms through which ESG performance influences debt financing costs remain inadequately explored. This empirical study employs a sample of Chinese listed companies to analyze the mechanisms by which corporate ESG performance affects debt financing costs. The findings reveal that enhanced ESG performance reduces debt financing costs through three key transmission pathways: (1) elevating internal control quality, (2) increasing analyst coverage, and (3) reducing financing constraints.
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  How is it Possible to Empower Smart Chain Elderly Care with Digital Technology？Taking the Investigation in Jiangmen as an Example

  HE Linwei　XIAO Minhui　GUAN Xinhua　GUO Zhenhui

  New Economy. 2025, 46(7): 124-134.

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  Utilizing digital technology and artificial intelligence to promote the development of the smart and healthy elderly care industry can help improve the well-being of the elderly and alleviate the pressure of population aging. Smart chain-based elderly care relies on digital technology to link certain themes and integrate eight-in-one elderly care services, including “medical care, rehabilitation, nursing, insurance, housing, learning, and culture”, achieving multi-format integration. Based on field survey data in Jiangmen,  Guangdong, the analysis using CRITIC entropy weight method shows that the overall satisfaction level of elderly care services in Jiangmen is at a moderate level, facing challenges such as cross departmental integration of data, unified technology across the industry, and integration of industry resources throughout the city. In the future, it is necessary to improve the quality of elderly care services and achieve high-quality development of the elderly care industry by implementing linkage measures such as smooth data chain, technology chain empowerment, strengthened industrial chain, improved organizational chain, and regional chain layout.