Search Results (4,339)

This paper constructs a two-way fixed effects model using data from 4623 Chinese A-share listed enterprises from 2011 to 2022, confirming that firm digital transformation can enhance access to sustainable trade credit. Specifically, for every 1% increase in the standard deviation of digital transformation, the trade credit obtained by enterprises increases by 2.14% in relation to their average value. We employed instrumental variable (IV) and propensity score matching (PSM) methods, utilizing the Broadband China pilot policy as a quasi-natural experiment to conduct a multi-period propensity score matching-difference in differences (PSM-DID) analysis to address potential issues of reverse causality and sample selection bias. Mechanism analysis indicates that the diversification of supplier structures, R&D innovation, and market share facilitated by digitalization are three main channels. This effect is particularly significant in state-owned enterprises, mature enterprises, and those with higher social trust. Finally, the study also found that the spillover effects of digital transformation encourage client enterprises to allocate credit resources to downstream firms, thereby promoting the sustainable development of supply chain finance. Furthermore, the digital transformation primarily alleviates short-term credit challenges for enterprises and reduces their reliance on bank credit. Full article

Quantum technology, a critical 21st-century strategic frontier science, has been a key technological competition between China and the U.S. This study employs natural language processing (NLP) techniques and a technology analytical framework to analyze the quantum technology policies of both countries. While the U.S. emphasized free-market innovation and global technological leadership on quantum technology from 2018 to 2024, China prioritized government-led development and socioeconomic stability. Moreover, the Chinese government adopts a systematic top-down approach characterized by government planning and direct intervention. However, the U.S. fosters innovation through market mechanisms and industry-academia collaboration. U.S. policies have gradually shifted from pure technological innovation to national security considerations. On the other hand, China has moved from breakthrough research to industrial deployment and application. These policy differences reflect distinct political systems and governance models, which may also resonate with their respective cultural traditions and philosophical foundations. Our findings fill a critical gap in comparative quantum technology policy research, offering significant insights for policymakers, researchers, and international stakeholders. Full article

The automotive industry’s shift to a Circular Economy for global sustainability is vital, but it faces challenges when establishing efficient Reverse Supply Chains. Reverse Supply Chain implementation is dependent on multiple barriers and enablers, including eco-nomic, managerial, technological, regulatory, and social domains, thus making single-factor solutions ineffective. The purpose of this review is to conduct a systematic literature review to understand how these interconnected barriers and enablers can collectively shape Reverse Supply Chain implementation and performance, specifically within the automotive sector, which remains little known. The PRISMA framework was utilised, which resulted in 129 peer-reviewed articles being selected for review. Findings showed that the literature focuses primarily on Electric Vehicle batteries within developing economies, particularly China. Reverse Supply Chain implementation is governed not only by isolated barriers but by complex systemic interdependencies between enablers as well. This complex inter-relationship between barriers and enablers can be categorised into five key dimensions: economic and financial; managerial and organisational; technological and infrastructural; policy and regulatory; and market and social. The study reveals two systemic patterns driving the transition: technology–policy interdependence and the conflicting relationship between large-scale production and value extraction. Our findings also presented a research agenda focusing on strategic value creation through material streams of automotive electronics, plastic, and composites with high potential value, and further insights are needed in regions such as the Middle East, Oceania, and the Americas. Organisations should consider Reverse Supply Chain as a strategic approach for securing critical material supplies, while policymakers could leverage the use of digital tools as the foundational infrastructure for subsidies allocation and prevent fraud. Full article

As the participation of photovoltaic–storage systems (PVSS) in the energy and frequency regulation ancillary service markets continues to increase, the market risks caused by photovoltaic output uncertainty will directly affect photovoltaic integration efficiency and the provision of system flexibility, thereby having a significant impact on the sustainable development of power systems. Therefore, studying the risk decision-making of PVSS in the energy and frequency regulation markets is of great importance for supporting the sustainable development of power systems. First, to address the issue where the existing studies regard PVSS as a price taker and fail to reflect the impact of bids on clearing prices and awarded quantities, this paper constructs a market bidding framework in which PVSS acts as a price-maker. Second, in response to the revenue volatility and tail risk caused by PV uncertainty, and the fact that existing CVaR-based bidding studies focus mainly on a single energy market, this paper introduces CVaR into the price-maker (Stackelberg) bidding framework and constructs a two-stage bi-level risk decision model for PVSS. Finally, using the Karush–Kuhn–Tucker (KKT) conditions and the strong duality theorem, the bi-level nonlinear optimization model is transformed into a solvable single-level mixed-integer linear programming (MILP) problem. A simulation study based on data from a PV–storage power generation system in Northwestern China shows that compared to PV systems participating only in the energy market and PVSS participating only in the energy market, PVSS participation in both the energy and frequency regulation joint markets results in an expected net revenue increase of approximately 45.9% and 26.3%, respectively. When the risk aversion coefficient, β, increases from 0 to 20, the expected net revenue decreases slightly by about 0.4%, while CVaR increases by about 3.4%, effectively measuring the revenue at different risk levels. Full article

Under the background of accelerating global transitions towards low-carbon development, digital intelligence transformation (DIT) has become a critical force that helps companies overcome green technological constraints and translate external green pressures into substantive green innovation. Taking the establishment of China’s NAIIDTZs as a quasi-natural experiment, this study investigates the impact of DIT on corporate green innovation (CGI) from an internal decision-making perspective. Based on a panel dataset of 19,440 samples from Chinese A-share listed companies during 2012–2023, our findings show that DIT significantly enhances both the quantity and quality of CGI. Mechanism analyses indicate that DIT promotes CGI’s quantity through increased R&D human capital input, while improving CGI’s quality through managerial myopia reduction. Heterogeneity analyses further reveal that the positive effects of DIT on CGI are particularly pronounced in firms operating under fierce market competition, in high industrial technological intensity, and in eastern regions. Furthermore, we find that CGI exerts a lagged effect on carbon emission reduction performance, while the effect of CGI’s quality is stronger than that of CGI’s quantity. These findings extend the dynamic capacity theory to digitalization and provide practical and policy implications for promoting CGI through digital intelligence development. Full article

The rapid diffusion of electric vehicles (EVs) is reshaping mobility markets and creating new opportunities for embedded financial services. This study examines consumer acceptance of embedded EV insurance, which refers to coverage bundled directly at the point of vehicle sale in Taiwan, China. Using survey data from 400 licensed drivers, we analyze how demographic factors and five psychological drivers—perceived savings, convenience, trust, expected satisfaction, and fairness—shape the likelihood of choosing embedded insurance over traditional stand-alone policies. Welch’s t-tests show that younger drivers perceive greater savings and convenience, while older drivers express stronger fairness concerns. Logistic regression results indicate that convenience (OR = 2.05) and perceived savings (OR = 1.76) substantially increase adoption likelihood, whereas fairness concerns reduce it (OR = 0.71). Theoretically, this study advances consumer behavior research by demonstrating how functional value perceptions (convenience and savings) and fairness evaluations jointly influence decisions in digitally mediated insurance contexts. It also contributes to embedded finance theory by revealing how insurance embedded within EV purchasing ecosystems reshapes consumer decision processes and alters traditional insurer–consumer relationships. These findings offer strategic implications for automakers, insurers, and policymakers designing consumer-centric embedded financial products in emerging mobility markets. Full article

Listeria monocytogenes is a high-risk pathogenic bacterium associated with ready-to-eat foods and poses a potential threat to consumer health. This study aimed to investigate the prevalence, characterization and genetic diversity of L. monocytogenes in ready-to-eat raw salmon and trout products obtained from physical stores and online stores in China. Out of 150 samples analyzed, 23 (15.3%) were positive for L. monocytogenes. Among these positive samples, three (12%) were from Japanese restaurants, four (16%) from farmers markets, one (2.9%) from large supermarkets and fifteen (30%) from e-commerce platforms, and only one sample showed a contamination level exceeding 100 most probable number (MPN)/g. The isolates from positive samples demonstrated a concrete public health risk through several findings: twenty-three L. monocytogenes exhibited varying degrees of cytotoxicity, ranging from 7.6% to 71.8%. Compared with the reference strain ATCC 19115, five of these isolates were highly cytotoxic, a result that was validated by mouse survival rate experiment, which also confirmed their high virulence at tested dose. All isolates were resistant to cefuroxime sodium, ceftriaxone, cefepime and nalidixic acid, and 13% showed resistance to sulphamethoxazole-trimethoprim. Three serogroups were identified, with serogroup Ⅰ.1 (1/2a, 3a) being the most prevalent (65.2%). These isolates were grouped into eight sequence types, with ST8 (34.8%) and ST87 (30.4%) dominating. All isolates carried virulence genes associated with LIPI-1 andmultiple internalin genes (inlA, inlB, inlJ and inlK), confirming their potential pathogenicity. Additionally, the isolates harbored antimicrobial resistance genes lin and FosX. The five highly virulent isolates exhibited the highest genetic similarity to J2-031 (GCA_000438645.1) and C1-387 (GCA_000438605.1). The results provided valuable information for Chinese regulatory authorities to strengthen the risk monitoring of L. monocytogenes in ready-to-eat raw salmon and trout products. Full article

Global agricultural value chains (GVCs) face growing structural risks that threaten long-term sustainability, yet traditional methods often miss these systemic risks. Using complex network analysis and OECD data, this study examines the structural risks in China (Mainland China, Hong Kong, and Taiwan)’s agricultural GVC network from 2001 to 2020. By analyzing both supply and demand sides, we reveal a growing asymmetry in network risks and find that risk sources are shifting from direct trading partners to hidden, indirect ones. On the upstream demand side (imports), we observe that risks have turned into a strong reliance on a few core partners, creating a rigid structure that is difficult to change. In contrast, the downstream supply side (exports) exhibits high volatility, involving frequent shifts across uncertain new markets. These results suggest that agricultural security policies should shift from passive crisis response to active structural optimization. This study aims to provide a practical reference for China and other economies seeking to build a safer and more stable agricultural trade system. Full article

Modular construction (MC) offers significant environmental and efficiency advantages yet maintains low market penetration in China despite substantial government support. This study addresses the critical knowledge gap by systematically analyzing complex barrier interrelationships across project phases and stakeholder groups (university, construction authority, supplier/manufacturer company) to develop a comprehensive MC promotion framework. A four-phase mixed method approach was employed. (1) Grounded theory analysis of MC policy frameworks was performed in Singapore, the United States, and Hong Kong to extract best practice insights. (2) A systematic literature review and multi-round Delphi expert consultations were used to identify 21 core barriers across six project stages (decision-making, procurement, design, production, transportation, and construction acceptance). (3) The DEMATEL analysis reveals causal relationships among barriers based on experts’ perceived influence between factors. (4) Integrated ISM-MICMAC methodology was used to establish hierarchical structures and barrier classifications. Institutional barriers emerged as the primary impediment to MC diffusion, with unclear authority distribution between government administrations and design organizations identified as the most critical factor. The MICMAC analysis categorized the 21 barriers into four distinct groups based on their driving power and dependence characteristics, revealing complex causal relationships among barriers across the six project stages while highlighting the emergent role of higher education institutions in industrial transformation. Successful MC implementation requires market-oriented, context-specific strategies prioritizing institutional framework development, with the findings providing actionable insights for policymakers to address regulatory ambiguities and practical guidance for industry practitioners developing targeted MC promotion strategies in emerging markets. Full article

This study systematically reviews and re-evaluates the international competitiveness and economic sustainability of China’s solar photovoltaic (PV) industry. Based on the PRISMA protocol, it integrates both qualitative and quantitative evidence from 70 core English-language publications published between 2000 and 2025. An analytical framework is developed that combines keyword co-occurrence analysis, thematic clustering, and mechanism pathway mapping. The study identifies three key thematic domains: policy governance mechanisms, economic feasibility and cost structures, and the coupling between technological innovation and environmental performance. The findings reveal a transition in China’s PV development pathway—from early policy-driven expansion to the co-evolution of institutional adaptation and market mechanisms—highlighting the dynamic tension among multi-level variables. Four institutional dimensions and associated variable chains are proposed, uncovering long-term contradictions such as the reliance on subsidies versus structural efficiency and the strategic mismatch between national industrial strategies and global decarbonization goals. The study suggests that future research should prioritize system modeling, feedback mechanism identification, and the theoretical expansion of multi-level governance frameworks. In doing so, this review provides a reusable variable classification framework for analyzing green industrial transformation and offers policy insights for emerging economies engaged in global climate governance. Full article

With China’s accelerated urbanization, road and tunnel lighting demand and its electricity consumption have grown significantly, making energy conservation, and carbon reduction urgent. GB 37478, the core standard for road and tunnel LED luminaires, is crucial for promoting high-efficiency products and the lighting industry’s energy efficiency transformation. This study focuses on its 2019 and 2025 editions, using a bottom-up model, product Stock model, and carbon reduction potential method to analyze the standard’s energy conservation and carbon reduction potential during 2021–2030, alongside international energy efficiency comparisons. The results show that by 2030, GB 37478 will achieve 162 TWh cumulative electricity savings, over 90 million tons of CO₂ reduction. The standard has optimized the market structure: Grade 1 energy efficiency products rose from 5% (2019) to over 60% (2025). China’s energy efficiency requirements for such LED luminaires are internationally advanced. Replacing high-pressure sodium lamps with LEDs (50–60% savings) outperforms LED upgrades (10–20%). Future standards should extend from product to system level, integrating safety, health, and intelligence. This study provides a scientific basis for quantifying the standard’s dual-carbon contribution and references for industry policies. Full article

Understanding the long-term dynamics of global tea production is essential for assessing supply stability, climate sensitivity, and producer competitiveness. This study examines annual tea production data for major producing countries—China, India, Kenya, Sri Lanka, Türkiye, Vietnam, and other producer groups—over the period 1961–2023 and provides production forecasts for 2024–2028 using country-specific ARIMA models. Unlike most existing studies focusing on single countries or short-term horizons, this research offers a unified multi-country and long-term comparative framework that integrates time-series forecasting with market concentration indicators. The results reveal pronounced cross-country heterogeneity in production behavior, with China exhibiting strong structural growth, while other producers display more moderate or climate-sensitive patterns. Forecasts suggest a continued increase in global tea production toward 2028, although projections are subject to uncertainty, as reflected by model-based confidence intervals. Overall, the study contributes robust, statistically validated insights to support evidence-based strategies for sustainable tea supply and international market planning. Forecasts suggest a continued increase in global tea production toward 2028, although projections are subject to uncertainty, as reflected by model-based confidence intervals. These forecasts highlight a robust upward trend in global tea supply due to both technological advancements and market expansion. Full article

China’s dual carbon goals and rural revitalization strategy necessitate innovative models that integrate energy transition with ecological conservation. However, a critical disconnect persists between photovoltaic (PV) promotion and forest carbon sink projects, limiting their collective potential for coordinated urban–rural emission reduction and common prosperity. To bridge this gap, this study pioneers an integrated “cooperation-mutual assistance” framework that synergizes PV and carbon sinks. A system dynamics model encompassing economic, energy, and environmental subsystems is developed to simulate the long-term evolution (2025–2050) of this synergy under multiple policy scenarios. The simulation results demonstrate that this integrated model can achieve substantial co-benefits: It enables a cumulative carbon emission reduction of 17.5 Gt (gigatons of CO₂ equivalent) from 2025 to 2050, boosts regional GDP by 4.8% by 2050 compared to the baseline scenario, and narrows the urban–rural income gap by prioritizing rural resident income growth. The main contribution of this study is the novel integration of PV and carbon sinks into a unified analytical framework, quantitatively verifying its win–win potential. These findings provide a critical scientific basis for crafting integrated policies that combine carbon markets, green finance, and smart grid planning. Full article

Amid the normalization of flexible employment, labor dispatch, as a form of non-standard employment, has become an important component of China’s precarious labor market (PLM). Based on registration data of labor dispatch firms from 2002 to 2022, this paper analyzes the spatial distribution and evolutionary patterns of China’s PLM, using spatial autocorrelation, kernel density estimation, and Gini coefficient methods. Furthermore, it explores its driving mechanisms through a panel negative binomial regression model. The results show that (i) over the past two decades, China’s PLM has undergone four stages: initiation, acceleration, expansion, and adjustment. (ii) Spatially, it has evolved along the trend of “reinforced clustering with concurrent diffusion,” expanding from first-tier cities in eastern China to second- and third-tier cities in central and western China. (iii) Industrial upgrading, market competition, and the overall level of urban development have significantly promoted the growth of the PLM, while improvements in accessibility, proportion of migrant population, and public service provision have somewhat restrained its expansion. Overall, China’s PLM demonstrates both growth potential and structural vulnerability under institutional constraints and external shocks, offering valuable spatial insights for forging sustainable, high-quality employment and coordinated regional development. Full article

This study investigates the valuation dynamics of 30 publicly listed fintech firms across six Asian economies from January 2021 to December 2025. It examines how intrinsic firm-level scale (market capitalization) and extrinsic macroeconomic conditions (GDP growth) jointly influence fintech valuation ratios, as reflected in price-to-earnings (P/E), price-to-book (P/B), and price-to-sales (P/S) measures. It also identifies significant structural heterogeneity and distributional asymmetries in valuation outcomes by implementing a multi-method empirical strategy that includes a Panel Autoregressive Distributed Lag (ARDL) framework, two-way fixed-effects models with interaction terms, and quantile regression. The findings reveal a robust, positive long-run relationship between market capitalization and valuation multiples across all ratios, confirming that firm-level scale as reflected in market capitalization is the primary driver of market value. Critically, the analysis identifies a dual-regime landscape in the Asian fintech sector: developed markets (South Korea, Japan, and Singapore) are fundamentally firm-scale driven, where intrinsic scale is the superior predictor of valuation. In contrast, developing markets (China, India, and Indonesia) are primarily macro-growth driven, exhibiting high sensitivity to GDP growth as a macroeconomic indicator of market expansion. The quantile regression results demonstrate a winner-takes-all effect, where the impact of scale on valuation is significantly more pronounced for highly valued firms in the 75th percentile. These results challenge the efficacy of universal valuation models and provide a context-dependent navigational framework for investors, analysts, and policymakers to distinguish between structural scale and cyclical growth in the rapidly evolving Asian fintech ecosystem. Full article