With the rapid development and wide application of artificial intelligence technology,the intelligent economy has gradually become an important force driving economic and social pointed out that artificial intelligence is an important driving force for the new round of scientific and technological revolution and industrial transformation,and will have a profound impact on global economic and social development and the progress of human civilization.As an important pillar and leading force of the national economy,how the state-owned economy plays a key role in China's intelligent economy has become an important topic.In view of this,this paper explains the important role of the state-owned economy in expanding China's intelligent economy from four aspects: strategic guidance,new infrastructure,talent cultivation and state-owned asset allocation.

The future industrial cluster is an ever-evolving dynamic and complex economic system composed of various future industries.The factors determining the development of future industries are multifaceted,including not only the complex technological interrelations and industrial chain factors within the future industrial cluster,but also the leverage effect of economic regulation mechanisms,as well as the foundation of scientific and technological innovation and cultural environment.Moreover,the mutual competition and cooperation between major powers play a significant role.Analyzing such a complex system inevitably involves the basic principles of complexity economics.From the perspective of the underlying logic of industrial structure evolution and technologi-cal innovation,generative artificial intelligence is the core force driving the development of future industrial clusters;from the perspective of the economic operation regulation mechanism,the"invisible hand"of an active government is an indispensable economic lever;from the analysis of the international competitive landscape,China and the United States,as two major powers,will share the reins,forming a duopoly pattern.In the face of the intense suppression by the United States,our country must prepare for the future,plan ahead,and build a future industrial cluster ecosystem that is interconnected and mutually promoting,with strong international competitiveness.

The future industry is featured as a forward-looking emerging industry with significant strategic,leading,subversive and uncertain characteristics,and function as the key support for future international economic cooperation and competition.Based on the characteristics and development features of the future industry,this article summarizes the characteristics of the future industrial policies of various countries and regions,focuses on the governance function of the government in cultivating the future industry,and suggests that government should pay special attention to coordinate public capital and other capitals,to catalyze the coo-peration among government,industries,universities and research institutes,to promote technological standards,to extend global technological and market space,and to develop appropriate technologies and industries,for optimizing its industrial policy system.

Accelerating the development of strategic emerging industries,advancing the layout and developing future industries is the most important task to establish and improve the modern industrial system,and it is also the destination of the implementation of new quality productivity.In the seven articles published below,the first three discuss in depth the trends,dilemmas and countermeasures of future industrial development such as meta-universe,future network and emerging city of technology.The fourth involves in green industry in strategic emerging industries,and the last three respectively make beneficial explorations from new perspectives of educational support,financial security and tourism transformation and upgrading.

Improving fiscal and tax policies to support green development is an important issue in the report of the 20th CPC National Congress,among which green tax preferential policies,as a major practice in the field of green finance and taxation,can guide enterprises to pursue economic interests while taking into account environment,social responsibility and corporate governance(ESG)through indirect subsidies.This paper takes Chinese A-share heavily polluting industry listed companies from 2012 to 2023 as samples to study the impact and mechanism of green tax incentives on enterprise ESG performance.It is found that green tax incentives can improve the enterprise ESG performance.Further analyses find that green tax incentives can increase the cash flow,promote the green technology innovation,thus improve the ESG performance of enterprises.The positive effect of green tax incentives on enterprise ESG performance is more significant in enterprises with higher financial risk,lower shareholding ratio of institutional investors,and located in the eastern region.The research conclusion shows that the system design of green tax incentives can provide policy guidance for enterprises to practice the ESG concept,so as to realize the synergy between economic development and environmental protection.

Corporate green technological innovation represents a crucial pathway for market micro-entities to develop green productivity and drive high-quality development.By reducing information asymmetry between companies and investors,ESG (Environmental,Social,and Governance) ratings facilitate corporate green technological innovation through a"bottom-up"mechanism,as opposed to traditional environmental regulations and policy incentives.Using A-share listed companies from 2012 to 2022 as samples,this paper empirically examines the impact and mechanism of ESG ratings on corporate green technological innovation,treating the participation of firms in ESG ratings as an exogenous shock and employing a multi-period Difference-in-Differences(DID)model.The study finds that ESG ratings significantly promotes corporate green technological innovation,and this conclusion remains robust after considering endogeneity issues and passing a series of robustness checks.The mechanism analysis reveals that ESG ratings stimulate green technological innovation through three primary channels:alleviating corporate financing constraints,increasing R&D investments,and mitigating managerial myopia.Heterogeneity analysis shows that the promotional effect of ESG ra-tings on green technological innovation is more pronounced among heavily polluting firms and state-owned enterprises.Theoretically,this paper clarifies the relationship between informal environmental regulation in the form of ESG ratings and corporate green technological innovation.Practically,it provides empirical evidence for the development of domestic ESG rating systems.

With the development of ESG concept in China,the relationship between ESG performance and financing constraints has become a hot topic in the academic circle.This paper takes China's Shanghai and Shenzhen A-share non-financial listed companies from 2013 to 2023 as samples,constructs a moderated intermediary effect model,and empirically analyzes the intermediary role of agency cost between ESG performance and financing constraints,as well as the moderating role of enterprise life cycle.Research shows that good ESG performance can alleviate financing constraints;Improving ESG performance can reduce agency costs,thereby easing financing constraints.Mechanism analysis shows that the improvement of ESG performance of growth-stage enterprises and maturity-stage enterprises can alleviate financing constraints,and the mitigation effect is most obvious in growth-stage enterprises,while the intermediary effect of agency cost is only significant in the growth-stage sample enterprises.The conclusion is still valid after the robustness test with instrumental variable method and system GMM method.This paper provides a new perspective and thinking for studying the relationship between ESG performance and financing constraints.

Our study explores the impact of Environmental,Social and Governance(ESG)performance on firm performance using data from 5110 listed firms of advanced manufacturing in China from 2013~2022,especially exploring the two channels through innovation and debt financing cost.The results indicate that firm performance of advanced manufacturing firms in China could be improved by ESG performance and the results still holds after a series of robustness tests.The mechanism test indicate that ESG performance can improve firm performance by improving innovation.However,the mediating role of debt financing costs does not hold.The heterogeneity test reveals that ESG performance in large-scale,non-state-owned and non-environmentally friendly firms help to improve firm performance obviously.The conclusion of the study provides lesson of advanced manufacturing firms to improve ESG performance and realize sustainable development of advanced manufacturing industry.

This paper uses the data of China's A-share new energy listed companies from 2012 to 2022,exploring the influe-nce of digital transformation on ESG performance.The findings indicate that digital transformation can enhance the ESG performance of new energy enterprises.And digital transformation can improve the ESG performance of new energy enterprises by improving energy utilization,internal control quality and green technology innovation level.The heterogeneity test shows that the role of digital transformation is more significant in state-owned enterprises and new energy enterprises in areas with higher public environmental attention.In addition,digital transformation has the greatest impact on the performance of environmental responsibility,and has a relatively small impact on the performance of social responsibility and corporate governance.Therefore,the government can formulate relevant policies to promote the coordinated development of ESG and digitization.new energy enterprises should strengthen the digital transformation strategy and clarify the direction of digital strategy implementation,so as to improve ESG performance.

In today's global environment,where VUCA features are becoming more prominent,organizational resilience plays a crucial role in helping firms cope with crises and achieve sustainable development.This study aims to investigate the impact of corporate ESG performance on organizational resilience using a sample of non-financial A-share listed companies in China from 2010 to 2023.The empirical results demonstrate that good corporate ESG performance can significantly enhance organizational resilie-nce.Moreover,this positive effect is more pronounced in large firms,firms with executives who possess overseas backgrounds,and non-high-tech firms.The mechanism analysis reveals that ESG performance primarily aids in the enhancement of organizational resilience through three channels:improving firms' innovation abilities,alleviating financing constraints,and reducing agency costs.Furthermore,additional research indicates that media attention positively moderates the contribution of ESG performance to organizational resilience.This paper provides a theoretical foundation for enterprises to actively promote ESG practices and build organizational resilience to achieve sustainable development within the VUCA world of today.

In the context of accelerating green transformation and continuously opening wider to the world,firms' outward foreign direct investment(OFDI)is an important means for green development and industrial upgrading,influencing firms' production profits and environmental performance.Using Chinese listed company data from 2010~2022 and based on a panel fixed-effects model,this study explores the extent and mechanism of how OFDI affects firms' low-carbon transformation.Empirical research finds that OFDI significantly reduces firms' carbon emission intensity and accelerates firms' low-carbon transformation process.Investment in carbon-pricing host countries significantly reduces the corporate carbon emissions and the emission reduction effect of investment in carbon trading host countries is stronger than that of investment in carbon tax host countries.Mechanism testing indicates that OFDI achieves carbon emission reduction by promoting corporate structural transformation and technological upgrading,and investment in carbon-pricing host countries significantly enhances firms' low-carbon technological levels.Heterogeneity analysis finds that the emission reduction effect of OFDI is more significant in large firms,high-tech firms,eastern and central firms.This paper provides micro evidence for the mechanism of how OFDI affects firms' low-carbon transformation,and also provides references for firms to reasonably choose internationalization strategies and promote high-quality development.

In the context of China's ecological civilisation construction,corporate energy consumption intensity is an important criterion to measure the level of corporate sustainable development.Based on the data of China's A-share listed companies from 2010 to 2023,this paper treats the opening of the China-Europe liner train as a quasi-natural experiment,and applies a multi-period double-difference model to study the impact of trade facilitation on the energy consumption intensity of enterprises and the intrinsic mechanism.It is found that trade facilitation significantly reduces the energy consumption intensity of enterprises.The mecha-nism analysis shows that trade facilitation suppresses the energy consumption intensity of enterprises through the effect of technological innovation and optimal resource allocation.Heterogeneity analysis reveals that the suppression effect of trade facilitation on energy consumption intensity is more significant in privately-owned enterprises,ordinary polluting enterprises and central enterprises.This paper enriches the research on the economic effects of trade facilitation policies and provides certain theoretical references for the sustainable development of enterprises.

Based on the dual effects of governance synergy and competitive collusion,cross-owners play an important role in corporate labor cost decisions.And the labor cost decision is directly related to the level of labor cost stickiness,which ultimately has a profound impact on the high-quality development of enterprises.Using the sample of A-share listed companies in Shanghai and Shenzhen from 2013 to 2023,the paper analyzes the influence of cross-ownership on the labor cost stickiness from the perspective of micro enterprises and explores the intermediary effect of cross-ownership on the labor cost stickiness of enterprises.The research finds that there is a negative correlation between cross-ownership and labor cost stickiness,and cross-ownership inhibits labor cost stickiness by reducing corporate agency risk,adjustment costs and management's bias of optimistic expectations.Cross-owners can inhibit the quantity stickiness of labor costs,while they have no effect on the average salary stickiness of labor costs.The inhibitory effect of cross-ownership on labor cost stickiness is more significant in state-ow-ned enterprises,more transparent firms,and firms with a higher degree of industry monopoly.The paper enriches the research on the relationship between cross-ow-nership and labor cost stickiness,which is informative for strengthening cross-owners' governance and making corporate labor cost decisions.

The issue of elevated unemployment rates among individuals aged 16~24 has emerged as a significant economic and social concern throughout the ongoing era of economic recovery,and it is a realistic problem that must be faced with the full implementation of the spirit of the Third Plenary Session of the 20th CPC Central Committee and the improvement of high-quality and full employment promotion.Based on the background of uncertainty shocks caused by the COVID-19 epidemic,this paper constructs a stochastic computable general equilibrium model to study the impact of frictional,structural and cyclical shocks on the employment level of young people with different structures,and simulate the policy effects of their employment.Additionally,it simulates the potential outcomes of employment policies.The study concludes that frictional and structural shocks significantly contribute to the elevated levels of unemployment observed among youth demographics.Younger demographics exhibit greater resilience to cyclical shocks,particularly investment demand-related ones,but are more vulnerable to structural shocks.Furthermore,there are disparities in employment fluctuations among youth groups with varying levels of education in response to epidemic shocks,with those with higher education displaying more excellent resistance to structural and investment demand shocks.Lastly,the results of the policy simulation demonstrate that both the enterprise subsidy and job expansion subsidy policies positively impact the employment rate of young individuals,with the latter policy having a more pronounced effect.Moreover,young individuals with lower leve-ls of education exhibit greater resilience in terms of employment.The policy ramifications of this paper are as follows:firstly,fully utilize the government's role in macroeconomic regulation and integrate short-term and long-term strategies.Additionally,our attention will be directed towards addressing the issue of unemployment among young individuals with little educational achievements.We will prioritize both corporate incentives and personal growth equally.Furthermore,we will fully exploit the benefits of diverse employment strategies to enhance employment rates and protect individuals' well-being simultaneously.

In order to further improve total factor productivity,an empirical analysis was conducted on the impact of industrial integration on total factor productivity in manufacturing and service enterprises in 30 provinces of China from 2014 to 2023.Specifically,total factor productivity was selected as the dependent variable,industrial integration level as the independent variable,and economic development level,human capital level,foreign direct investment level,infrastructure improvement level,and market competition level as control variables.The impact of industrial integration on total factor productivity was verified through descriptive statistics,regression analysis,robustness testing,and heterogeneity analysis.The results show that industrial integration significantly promotes the improvement of total factor productivity,and is significant at the 1% level.Industrial integration first suppresses the improvement of technological efficiency and then promotes it,and is significant at the 1% level.The role of industrial integration in promoting technological progress shows a single positive linear effect;The impact of industrial integration on total factor productivity in the eastern,western,and central regions is the same,all showing a significant positive promoting effect,and significant at the 1% level.On this basis,in order to further promote the improvement of total factor productivity and fully leverage the promoting role of industrial integration,it is proposed to accelerate the process of industrial integration and steadily promote industrial integration;improve the level of economic development and strengthen the construction of talent system;suggestions and countermeasures for improving the level of foreign direct investment and promoting healthy market competition.

Actively cultivating new quality productivity and enhancing the resilience of the innovation ecosystem is one of the important engines for China to achieve high-quality economic development.Based on the panel data of 30 provinces(autonomous regions and municipalities)in China from 2013 to 2023,this paper explores the impact of new quality productivity on the resilience of innovation ecosystems and its mechanism.The results show that the development of new quality productivity can enhance the resi-lience of the innovation ecosystem,and the labor materials have the strongest role in promoting the resilience of the innovation ecosystem.The empowerment effect showed obvious heterogeneity due to geographical location and economic development level,and the empowerment effect was better in the eastern region and the regions with high economic development level.From the perspective of transmission mechanism,new quality productivity can empower the resilience of innovation ecosystem through labor structure optimization,technological innovation and progress,and industrial structure upgrading.In addition,the promotion effect of new quality productivity on the resilience of the innovation ecosystem has the characteristics of stages.The above results deepen the research on the resilience of innovation ecosystems with new quality productivity,and can provide theoretical support and practical guidance for policy formulation.