Enhancing the stability of the global industrial chain is essential for promoting high-quality economic development. The impact of tariff shocks on the stability and resilience of industrial chains were examined by integrating tariff data (WITS), the International Federation of Robotics (IFR), and OECD-ICIO data. The results find that tariff shocks increase industrial chain volatility and reduce stability. Furthermore, incorporating manufacturing intelligence can reduce industrial chain volatility and enhance stability despite the impact of tariff shocks. Mechanism tests indicate that tariff shocks significantly undermine economies of scale, technological innovation and human capital levels, thereby increasing industrial chain volatility and reducing stability. Heterogeneity tests reveal that tariff shocks reduce industrial chain stability in high-, medium-high-, and medium-tech manufacturing industries. Manufacturing intelligence, under the influence of tariffs, is shown to enhance industrial chain stability in these sectors, exerting a stabilizing effect. Further analysis reveals that while tariff shocks slow the development of manufacturing intelligence, they fail to deter sustained intelligent innovation in high-tech manufacturing industries. The research provides important theoretical support for a deeper understanding of trade protection measures such as tariffs and the "AI+" initiative. It also offers a scientific basis for a comprehensive understanding of global industrial chains and building a modern industrial system, which thus holds important policy implications.

Digital intelligence, as a core driving force leading the new round of scientific and technological revolution and industrial transformation, is regarded as an important lever for promoting coordinated regional development. Based on panel data from 279 Chinese cities spanning the period from 2011 to 2023, the impact effects and underlying mechanisms of digital intelligence on coordinated regional development were empirically examined using a double machine learning model. It is found that digital intelligence significantly promotes coordinated regional development, and this overall effect is notably stronger than the individual effects of digitalization or intelligence alone. Mechanism tests reveal that digital intelligence indirectly facilitates coordinated regional development by enhancing regional innovation capacity and optimizing regional industrial structures. Moderating effect analysis indicates that government intervention contributes to mitigating the digital divide, thereby strengthening the positive effect of digital intelligence on coordinated regional development. Heterogeneity tests demonstrate that the promotional effect of digital intelligence is influenced by geographical conditions and socioeconomic development levels, and it is found to be more pronounced in the eastern region, the western region, and areas with relatively lower levels of economic development. Further analysis shows that digital intelligence not only promotes overall regional economic growth but also helps narrow the development gap between "core" and "peripheral" cities. The above study reveals the internal logic of empowering coordinated regional development through digital and intelligent transformation, providing empirical evidence and policy references for advancing such transformation in a context-specific manner, optimizing government regulation methods, and addressing regional development imbalances. It holds significant theoretical value and practical implications for achieving high-quality regional economic development.

Enhancing digital governance capabilities constitutes a pivotal approach to advancing the modernization of China's governance system and capacity. Based on transaction cost theory, real options theory and signaling theory, the theoretical logic and mechanisms through which government digital governance influences urban innovation were clarified. Employing the "national information benefiting people pilot" policy as an exogenous shock, a difference-in-differences model was utilized for empirical testing. The findings reveal that digital governance significantly promotes urban innovation, a result that holds after a series of robustness tests. Moderation mechanism analysis demonstrates that the innovation-enhancing effects of digital governance are more pronounced in regions with higher information integration capacity and information transparency, indicating that digital governance facilitates information aggregation and disclosure, thereby fostering urban innovation. Mediating mechanism tests reveal that the government's digital governance have enhanced the emphasis on innovation and increased support for research and development, thereby elevating the city's innovation level. Heterogeneity analysis conduct within the "effective market, proactive government, and robust rule-of-law" framework reveals stronger innovation effects in regions with: higher marketization levels, stricter intellectual property protection, greater human capital endowment, and strategic innovation contexts. These findings enrich the theoretical framework of digital governance's impact on urban innovation, providing novel mechanistic insights, empirical evidence, and practical rationale for understanding how digital governance drives urban innovation.

Promoting the integration of the real economy and the digital economy is an important approach to drive the transformation and upgrading of the real economy and seize the commanding heights of international competition. The Integration of the real economy and the digital economy emphasizes "taking the real economy as the foundation and the digital economy as the support". Based on the real economy, comprehensive, all-angle and whole-chain transformation of traditional industries is carried out through digital technologies, which can promote profound changes in production modes and innovation modes. The realization of business value through enterprise innovation is the source of motivation for enterprises' sustainable innovation and the fundamental for creating a sound innovation ecological environment. In-depth research on the effect and mechanism of the integration of the real economy and the digital economy on the realization of business value through enterprise innovation is of great practical significance for promoting the high-quality development of the real economy, enhancing enterprises' core competitiveness and international discourse power at the current stage. The realization of business value through enterprise innovation was measured by the stochastic frontier model based on the idea of the innovation value chain. Chinese A-share listed companies from 2013 to 2023 were taken as the research objects, and the impact of the integration of the real economy and the digital economy on the realization of business value through enterprise innovation was empirically tested. The results show that the Integration of the real economy and the digital economy significantly promotes the realization of business value through enterprise innovation. Mechanism analysis shows that the integration of the real economy and the digital economy promotes the realization of business value through enterprise innovation by improving the utilization level of data elements, optimizing supply chain efficiency and enhancing agile responsiveness. Heterogeneity analysis finds that the promoting effect of the Integration of the real economy and the digital economy on the realization of business value through enterprise innovation is more significant in high-tech industries, regions with better intellectual property protection, higher level of digital infrastructure construction and better business environment. The above conclusions provide theoretical support and policy enlightenment for how to promote the realization of business value through enterprise innovation by the Integration of the real economy and the digital economy.

Against the backdrop of the deep integration of the digital economy and the real economy, new quality productive forces are being cultivated at an accelerated pace. The data factor has become a core factor of production driving industrial upgrading and high-quality economic development. Data assetization is regarded as a critical pathway for transforming data resources into factors of production and for realizing a closed value loop. It serves as core strategic support for advancing the in-depth development of the digital economy, empowering enterprise innovation and upgrading, and fostering new quality productive forces. Based on data from A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, "specialized, refined, distinctive and innovative" enterprises were taken as the research subjects. A quantitative analysis was conducted on the impact of corporate data assetization on innovation output and its underlying mechanisms. A significant enhancement of innovation output was observed as a result of data assetization. This conclusion remained valid after a series of robustness checks, including endogeneity treatment and core variable replacement. Two channels were identified through which data assetization improves innovation output: the alleviation of financing constraints and technological empowerment. A significant boundary difference was found in this innovation incentive effect through further heterogeneity analysis. The effect was more pronounced in non-state-owned enterprises and in regions with higher levels of fintech development. The relevant literature on the economic effects of data factors and enterprise innovation was enriched by these findings. Solid empirical evidence and decision-making references were provided for the government to advance the market-oriented reform of data factors, as well as for enterprises to unlock the value of data assets to foster new quality productive forces.

As population aging continues to deepen and economic pressure intensifies, flexible employment is increasingly adopted by manufacturing firms as a substitute for formal employment to reduce labor costs and cope with operational pressure during economic downturns. The impact of flexible labor costs on the performance of manufacturing firms was examined. The average wage of part-time recruitment for manufacturing positions in the city where firms are located was used as a proxy variable for flexible labor costs. It is matched with data of listed manufacturing firms to construct a firm-level panel dataset. The empirical results show that an increase in flexible labor costs has a significant negative effect on firm performance. Specifically, a 1% increase in the average wage of flexible labor in urban manufacturing is associated with a decrease of about 0.032 percentage points in return on assets. After endogeneity is addressed and a series of robustness tests are conducted, the conclusion remains valid. Mechanism analysis shows that rising flexible labor costs increase financing constraints and reduce R&D investment, which leads to a decline in firm performance. Heterogeneity analysis indicates that the negative impact is more pronounced in small firms and labor-intensive firms. It provides empirical evidence to inform firms in formulating rational employment strategies and offers policy guidance for governments to improve labor market regulations and promote high-quality development in the manufacturing sector.

When faced with injustice, revenge is an alternative to acceptance. Although illegitimate tasks have been studied as a specific form of perception of injustice, the mechanisms underlying their triggering of retributive behaviors remain inadequately examined. The present research aims to investigate how illegitimate tasks influence two types of passive counterproductive work behaviors (interpersonal/organizational) among employees. As unreasonable or unnecessary task assignments from employees' perspective, illegitimate tasks convey a sense of perceived injustice that can directly weaken the trust between employees and their supervisors, which in turn provokes covert retribution in the form of passive resistance. Drawing on retributive justice theory, it is proposed that employees' affective trust in supervisors mediates this process while power distance orientation moderates the mediating effect. Based on a three-wave survey of 488 employees, it was found that employees' perception of illegitimate tasks undermined their affective trust in supervisors which in turn led to an increase in passive interpersonal counterproductive work behaviors (passive CWBI) and passive organizational counterproductive work behaviors (passive CWBO). Furthermore, it was also found that power distance orientation moderated this indirect effect. Specifically, the positive relationship between illegitimate tasks and passive counterproductive work behaviors (interpersonal/organizational) mediated by employees' affective trust was attenuated among employees with higher power distance orientation.

ESG (environment, social and governance) is an important breakthrough to achieve high-quality development at the micro enterprise level, and is also a micro-resource allocation method to accelerate response to the sustainable development agenda. Based on Shanghai and Shenzhen A-share listed companies as research samples, the relationship and interaction mechanisms between corporate ESG and sustainable innovation were analyzed. The results show as follows Firstly, firm ESG performance contributes to the improvement of firm sustainable innovation, and the conclusion is still valid after a series of robustness tests. Secondly, the results of the mechanism test show that ESG performance can promote sustainable innovation by stimulating R&D investment, alleviating agency costs, and alleviating financing constraints. Thirdly, the regulatory mechanism test results show that government subsidies, as a resource enabling mechanism, can improve the positive effect of firm ESG and firm sustainable innovation. Fourthly, the results of ESG fractal dimension test show that environmental responsibility and social responsibility have a more obvious effect on promoting corporate sustainable innovation, and the incentive effect of ESG on corporate sustainable innovation has a heterogeneity effect in overseas experience of corporate executives. It provides management insights and policy references for accelerating the construction of corporate ESG information disclosure systems and continuously improving the sustainability of corporate innovation.

Rapid developments in technological innovation and industrial policy practices are observed globally. How credit interest subsidies can more effectively alleviate the financing constraints of strategic emerging industries (SEIs) is recognized as a critical issue in building China's modern industrial system. A profit-sharing mechanism and an endogenous linkage mechanism of credit interest subsidies were innovatively incorporated into a DSGE analytical framework. A DSGE model was constructed to include heterogeneous firm financing constraints and profit-sharing. The differentiated pathways and effects of exogenous versus endogenous credit interest subsidy policy mechanisms were analyzed. It is found that the endogenous subsidy mechanism with dynamic linkage between "interest subsidy and credit scale" can significantly reduce the crowding-out effect of SEI technological progress on traditional industries by triggering an automatic stabilizer function. The necessity of shifting policy design from fixed ratios to precise dynamic adjustments is thus confirmed. An "intensity paradox" is identified in credit interest subsidies, whereby excessive subsidies weaken long-term effectiveness through fiscal negative feedback loops. Quantitative evidence is provided for identifying the optimal intensity boundary for policy effectiveness. The state-owned enterprise profit-sharing mechanism is internalized as a funding source for interest subsidies. A virtuous cycle of "technological progress→profit growth→fiscal revenue increase→subsidy expansion→industrial development→subsidy sustainability" is thereby established. Through phased dynamic adjustments of profit-sharing ratios, the dilemma between short-term incentives and long-term sustainability is effectively resolved. It addresses the "industrial misallocation" and "entity misallocation" contradictions in China's credit allocation, and puts forward policy recommendations to construct a dynamically adjusted profit-sharing mechanism and a linkage mechanism between "interest subsidy and credit scale", providing a solution for optimizing credit allocation, resolving the financing dilemma of strategic emerging industries, and promoting industrial synergy.

Against the dual background of the continuous optimization of China's financial institution system and the improvement of foreign trade quality and efficiency, the effect of changes in banking structure on export product quality has become a key issue in this field. Enterprise-level data from the China Innovation Survey Database and geographic information on bank branches were used. The number of bank branches within a certain radius around each enterprise is calculated as a proxy for the spatial expansion of banking institutions. The effect of such expansion on firms' export product quality was identified at the micro level. It is found that the spatial expansion of banking institutions significantly inhibits the improvement of export product quality. The result remains robust after multiple robustness tests. Mechanism analysis indicates that this inhibitory effect is generated through two channels. Firstly, enterprise entry thresholds are lowered. Consequently, the proportion of new entrants with lower productivity and poorer quality is increased, which reduces overall export quality. Secondly, enterprise financialization is intensified. Productive investment is crowded out, and incentives for R&D input and technological upgrading are weakened. As a result, the improvement of export product quality is suppressed. Heterogeneity analysis shows that the negative effect is more pronounced in small and medium-sized enterprises and private enterprises. A higher share of joint-stock banks strengthens the inhibitory effect, whereas a higher share of agriculture-related banks weakens it. Policy implications are provided for optimizing the spatial distribution of banking institutions, improving the efficiency of financial resource allocation, and promoting the improvement of China's foreign trade quality and efficiency.