To accelerate the construction of data factor market, activate the 'vitality' of market development and optimize the 'order' of resource allocation. It is urgent to build a multi-level and multi-agent data factor ecosystem and its new mechanism of market incentive and effective supervision and collaborative governance, so as to effectively promote the circulation and utilization of data factors and the release of value, and give full play to the role of data as a new factor of production to empower the development of new quality and productivity. Based on this, the hierarchical structure of the data element market was analyzed, the economic theoretical logic and social welfare effects of data element value creation was explained, and a collaborative governance model for data element value creation with five main entities includin government, supply side, demand side, platform, and data merchant was constructed. Propose to build an ecosystem of "market led, government guided, and supply-demand linkage" throughout the entire process and chain of data element circulation and trading, with multiple linkage and co construction, in order to activate the development vitality of the multi subject and multi-level data element market and achieve high resource allocation efficiency of data resource elements. Explore the regulatory priorities and their shifts at different stages, and clarify the principles of synergy between market incentives and effective government regulation. Finally, propose implementation path suggestions for the process of data element valuation, in order to promote the high standard supply, efficient circulation, high-level application, and effective supervision of data elements, and achieve high-quality development of the data element market.

Traditional industries are a crucial part of the national economy and play an essential role in the development of new quality productive forces. Due to their large scale and major role in the economic structure, these industries face challenges in digital and intelligent transformation. The Industrial Internet platform is key in bridging the gap between old systems and new economic drivers, helping to advance the development of new quality productive forces. A case study of HBIS Group was used to explore the theoretical logic and practical paths of Industrial Internet platforms in this process. The theoretical framework is based on the structure of "data + models + computing power + applications. It focuses on key areas such as factor innovation, technological innovation, industrial upgrading, green development, and industrial park clusters. A three-part empowerment model was created, covering strategic leadership, scenario-driven applications, and ecosystem integration. Five main implementation paths are identified: ensuring independent control and strengthening data foundations, using steel industry strengths to push technological innovation, promoting green development for environmental gains, building an industrial ecosystem for transformation and upgrading, and enhancing industrial park clusters for better collaboration. These insights provide useful guidance and recommendations for developing new quality productive forces in traditional industries.

The involvement of major energy-exporting countries in geopolitical conflicts can easily lead to volatility in international energy markets and have an impact on the world economy. Based on a macroeconomic model and using counterfactual analysis and vector autoregression, the differential impacts of geopolitical conflicts on different economies through the volatility of the energy market was analyzed, and China's response measures based on the perspectives of energy security and national security was put forward. The results show that geopolitical conflicts have negative impacts on different economies through crude oil market volatility, with the European economy, which is more dependent on Russian energy, being affected to a greater extent. It is recommended to pay great attention to the risk of geopolitical conflicts, accelerate the formation of a diversified pattern of crude oil imports and energy consumption, stabilize investor expectations, improve the construction of the capital market and maintain the stability of the RMB exchange rate, so as to prevent the negative impacts that geopolitical conflicts may have on China's energy security.

As the new round of technological revolution and industrial transformation deepens, the integration of the digital economy and manufacturing has become a key force in driving industrial upgrading. The theoretical framework known as the "techno-economic paradigm" refers to the economic patterns that emerge after technological innovation reshapes the macro and microeconomic structures and operational models. It reveals the evolutionary process through which the digital economy empowers the transformation and upgrading of manufacturing, spanning the stages of "technological system-economic structure-social institution." Although the focus of U. S. policies related to the digital economy may differ, they essentially adhere to the evolutionary logic of the "Techno-Economic Paradigm." These policies revolve around digital top-level design, digital technology development, digital talent training and cultivation, digital collaborative innovation, and the digital ecosystem. The ultimate goal is to drive the evolution of enterprises, industries, and economic systems, thereby achieving the digital transformation and upgrading of the manufacturing sector. In light of the current challenges faced by China's manufacturing industry, efforts to empower manufacturing transformation through the digital economy should focus on strengthening top-level design and policy frameworks, enhancing technological innovation and standards development, bolstering digital talent support, promoting collaborative innovation in all aspects, and building a hierarchy of manufacturing enterprises.

Taking technological incentive policy, "notice on the cultivation of specialized, refined, special and new 'Lttle Giant" in 2018, as a quasi-natural experiment, the data of listed enterprises from 2015 to 2021 was adopted to identify the impact of the policy on technological innovation and financing constraints of Little Giant, and then verified the mechanism of the policy on the high-quality development of Little Giant. The results show that the technological incentive policy significantly improves the TFP of Little Giant, with a noticeable time lag. Further analysis verifies that the policy primarily influences the TFP of Little Giant through the interaction of innovation effect and certification effect. Heterogeneity analysis show that the policy has a more significant promoting effect on private enterprises, which extends the microcosmic mechanism of Chinese technological incentive policy to offset financing constraints, deepens the understanding of the effect of incentive policies, and provides theoretical guidance and implementation plans for promoting the high-quality development of Chinese SMEs.

The vigorous development of fintech has provided new ideas for commercial banks to improve financial services for small and micro enterprises (SMEs). Based on 510 commercial bank credit questionnaires for SMEs covering the east, central, west and northeast regions, the impact and mechanism of fintech on precision credit for SMEs was explored. At the same time, the moderating effect of credit supervision environment in this process was examined. The results indicate that fintech can significantly improve the accuracy of credit for SMEs, and this path can be achieved by weakening information distance constraints and improving customer infrastructure. Heterogeneity analysis shows that large commercial banks have more advantages than small and medium-sized commercial banks in improving the accuracy of credit for SMEs. The credit capacity for SMEs from commercial banks in the western and northeastern regions has greater potential for improvement compared to the eastern and central regions. In addition, in areas with poor credit regulatory environments, fintech plays a greater role in improving precision credit. Our findings enriches the theoretical explanation that fintech improves credit for SMEs, and also provides management inspiration for commercial banks to enhance their financial service capabilities for SMEs.

The difference-in-differences model was used to examine the effects of implementing the "three red lines" policy on the debt structure of listed real estate firms. The empirical results indicate that a significant negative impact on current liabilities and a positive effect on long-term liabilities occur due to the "three red lines" policy, leading to an optimized adjustment of corporate debt structure. Further research finds the following. A more pronounced effect on the debt structure adjustment is observed in firms with a higher proportion of fixed assets than firms with a lower proportion. State-owned firms and real estate firms in non-eastern regions experience greater effects from the policy regarding their debt structure. Companies with weaker profitability and higher leverage are more significantly impacted by the policy, resulting in a more effective adjustment of their debt structure. The introduction of the policy accelerates the circulation of working capital in real estate enterprises and promotes the targeted use of long-term debt to replace short-term debt. A causal relationship between the "three red lines" policy and real estate enterprises is identified within the context of the "houses for living and not for investment" policy, elucidating the mechanism of the "three red lines" policy and providing important reference significance for market participants and the improvement of corporate financialization phenomena.

Based on China's Land Economic Survey (CLES) data, empirical analysis was conducted on the impact of internet use on farmers' land transfer behaviors using models such as Eprobit, Eregress, and PSM-DID. The 4-way counterfactual total effect decomposition method was employed to verify the "synergistic" mechanism between the internet and social relationship networks. The research findings are as follows. Internet usage can further optimize land factor allocation and facilitate farmers' land transfer. Mechanism analysis indicates that strong social networks only have an intermediary effect, while weak social relationship networks have both intermediary and interactive effects, implying the transformation of the agricultural land transaction market. Further analysis reveals that the synergy between the internet and weak social relationship networks can effectively promote the transaction connection between small farm entities and new management entities. Internet usage leads to the long-term and contractualization of land market transactions. The results show that internet usage is of significant importance in weakening the constraints of social relationship networks and promoting the effective connection between small-scale agricultural economies and modern agriculture.

In an innovation-driven market environment, creative deviance in employees is increasingly observed in modern enterprises. To explore individual factors influencing creative deviance behavior, a moderated mediation model was constructed grounded in the proactive motivation framework. The study investigated the influence of narcissistic employees on creative deviance through creativity-driven norm-breaking motives. Additionally, the moderating role of employees' sense of occupational calling is explored. Based on 375 survey responses from employees in innovation positions, it was found that narcissism significantly enhances creative deviance. Creativity-driven norm-breaking motives mediate the relationship between narcissism and creative deviance, while the sense of occupational calling positively moderates both the direct effect of narcissism on creativity-driven norm-breaking motives and the mediating effects. The findings provide insights into the literature on creative deviance and offer guidance on directing employee creative deviance.

Taking Chinese A-share listed companies in the new generation of information technology (NGIT) industry as a sample, the incentive effect of government subsidies on technological innovation of NGIT listed companies was empirically tested from three dimensions: technological innovation inputs, technological innovation outputs, and technological innovation behaviors represented by cooperative R&D. The findings indicate that government subsidies promote technological innovation inputs, outputs, and cooperative R&D behaviors of NGIT listed companies. Ex-post subsidies are shown to be more effective in stimulating high-quality technological innovation output. The factors of heterogeneity in the relationship between government subsidies and cooperative R&D are further examined. Results demonstrate that stronger knowledge absorption capacity in listed companies enhances the effect of government subsidies on the willingness, quantity, and quality of cooperative R&D. Additionally, the presence of more colleges and universities in the province where the listed company is located leads to an increase in the quantity and quality of cooperative R&D. Government subsidies are also found to be more beneficial for improving the quality of cooperative R&D when the listed company is part of an innovative industry cluster. Suggestions are provided for optimizing and effectively utilizing government subsidy policies to promote technological innovation in NGIT listed companies.