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This paper aims to study largely recent aspects of entrepreneurship and innovation in China. It synthesizes the research in the current special issue (SI) of Multinational Business Review (MBR) on this topic. In addition, this paper differs from other work on this topic in examining entrepreneurship and innovation from a more global standpoint with relevant international effects.

The paper provides an overview of the literature on entrepreneurship, innovation and key related topics such as firm and economic growth, as well as linking this research to related international works. It also summarizes the papers of the SI.

The authors’ analysis suggests that the study of entrepreneurship and innovation should be placed in the context of a country’s economic development and institutional environment as well as the firm internationalization trajectories and business models. In addition, the authors believe that a good understanding of economic growth in a transition economy like China (which is a key goal of China’s recent emphasis on innovation) is facilitated by understanding the comparative advantages and disadvantages of an economy with respect to the global innovation system.

The authors’ study explores the local-global and parent-subsidiary connectivity and co-evolution of firm strategies and the institutional environment in entrepreneurship and innovation in emerging and transition economies. The authors summarize and synthesize the papers in this SI to provide the results as well as some directions for future research in the domain of entrepreneurship, innovation and new venture creation, which is believed to be a key engine of economic growth in the coming years.

The multisource uncertainties, including material dispersion, load fluctuation and geometrical tolerance, have crucial effects on fatigue performance of turbine bladed disks. In view of the aim of this paper, it is essential to develop an advanced approach to efficiently quantify their influences and evaluate the fatigue life of turbine bladed disks.

In this study, a novel combined machine learning strategy is performed to fatigue assessment of turbine bladed disks. Proposed model consists of two modeling phases in terms of response surface method (RSM) and support vector regression (SVR), namely RSM-SVR. Two different input sets obtained from basic variables were used as the inputs of RSM, then the predicted results by RSM in first phase is used as inputs of SVR model by using a group data-handling strategy. By this way, the nonlinear flexibility of SVR inputs is improved and RSM-SVR model presents the high-tendency and efficiency characteristics.

The accuracy and tendency of the RSM-SVR model, applied to the fatigue life estimation of turbine bladed disks, are validated. The results indicate that the proposed model is capable of accurately simulating the nonlinear response of turbine bladed disks under multisource uncertainties, and SVR-RSM model provides an accurate prediction strategy compared to RSM and SVR for fatigue analysis of complex structures.

The results indicate that the proposed model is capable of accurately simulate the nonlinear response of turbine bladed disks under multisource uncertainties, and SVR-RSM model provides an accurate prediction compared to RSM and SVRE for fatigue analysis of turbine bladed disk.

The purpose of this study is to investigate whether the corporate environmental, social and governance (ESG) performance of enterprise is influenced by the enterprise digital transformation. In addition, this study explains how enterprise digital transformation affects ESG performance.

The sample covers 4,646 nonfinancial companies listed on China’s A-share market from 2009 to 2021. The study adopts the fixed-effects multiple linear regression to perform the data analysis.

The study finds that enterprise digital transformation has a significant inverted U-shaped impact on ESG performance. Moderate digital transformation can improve enterprise ESG performance, whereas excessive digital transformation will bring new organizational conflicts and increase enterprise costs, which is detrimental to ESG performance. This inverted U-shaped effect is more pronounced in industrial cities, manufacturing industries and enterprises with less financing constraints and executives with financial backgrounds. Enterprise digital transformation mainly affects ESG performance by affecting the level of internal information communication and disclosure, the level of internal control and the principal-agent cost.

The government should take multiple measures to encourage enterprises to choose appropriate digital transformation based on their own production behaviors and development strategies, encourage them to innovate and upgrade their organizational management and development models in conjunction with digital transformation and guide them to use digital technology to improve ESG performance.

This study shows that irrational digital transformation cannot effectively improve the ESG performance of enterprises and promote the sustainable development of the country. Enterprises should carry out reasonable digital transformation according to their own development needs and finally improve the green and sustainable development ability of enterprises and promote the sustainable development of society.

This study examines the relationship between enterprise digital transformation and ESG performance. Different from the linear relationship between the two in previous major studies, this study proves the inverse U-shaped relationship between enterprise digital transformation and ESG performance through mathematical theoretical model derivation and empirical test. This study also explores in detail how corporate digital transformation affects ESG performance, as well as discusses heterogeneity at the city, industry and firm levels. It is proposed that enterprises should take into account their own characteristics and carry out reasonable digital transformation according to their development needs.

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.

This paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.

At the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.

The establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.

Currently, China’s economy is in the critical phase of transforming economic development patterns and replacing old growth drivers with new ones. Whether it can successfully overcome the “middle-income trap” has become a significant issue attracting wide attention.

Driven by underlying digital technologies such as artificial intelligence, blockchain, cloud computing and big data, the fourth industrial revolution featuring the booming digital economy has provided significant opportunities for China’s economy to “overtake” and overcome the “middle-income trap”. The transformation of economic development pattern, the optimization of industrial structure, and the change of growth drivers, brought by the deep integration of digital and real economies are the keys to leaping over the “middle-income trap”.

From the supply side, the digital economy can improve the quality and efficiency of the supply side and promote the supply-side structural reform and economic growth from the following three aspects: First, promote the quality, efficiency and diversification of the supply system; second, promote networking, opening-up and synergy in the innovation system and third, promote the socialization, modularization and flexibility of production pattern. From the demand side, the digital economy can boost the new drivers of the “troika” of economic growth consisting of consumption, exports and investment by changing the market investment direction, promoting consumption upgrade and fostering export strengths. However, once these two attributes interact with each other, especially when data is combined with capital, the most adhesive factor in the market economy, a series of new social relations will then be produced based on the technical attribute, resulting in significant adjustments in social relations, involving both positive and negative externalities.

To overcome the “middle-income trap”, it is necessary to adapt to the laws of economic evolution and promote a fundamental change in economic growth drivers; boost the high-quality development of the digital economy by strengthening the support role of data in the digital economy; and accelerate digital industrialization and industrial digitalization to realize the integration of digital and real economies.

The core of the micro–macro paradigm of mainstream Western economics is the assumption that a rational economic man with complete freedom of economic behaviors living in a fully competitive, free-market economy pursues maximum personal benefits. The purpose of this paper is to show the reasons for failure of mainstream Western economics explaining the “mystery of China’s economic growth” and the necessity of understanding the mystery from the paradigm of realm economics.

The system of socialism with Chinese characteristics led by the Communist Party of China (CPC) and the local governments that play a crucial role in the reform and opening-up has the realm attribute. It is necessary to develop a new paradigm for realm economic analysis and promote the creation of new economic globalization and international political and economic order.

According to the fourth plenary session of the 19th CPC Central Committee, “Since the New China was founded 70 years ago, our Party has led our people to create the rarely-seen miracle of rapid economic development and miracle of long-term social stability”. The authors find that it is effective and necessary to explain the miracle of China’s economic growth from the paradigm of realm economics.

As proven by practice, the system of socialism with Chinese characteristics and the governance system of China are guided by Marxism, rooted in China with a deep Chinese cultural foundation, and sincerely supported by the people.

During the Communist Party of China's endeavors over the past century, China has created “two miracles,” namely, large-scale and rapid economic development and long-term social stability.

The causes for China's achieving the “two miracles” lie in the adherence to the Party's leadership as the political guarantee, the scientific theoretical guidance as the ideological guarantee, the socialist system as well as the national governance system as the institutional guarantee and giving full play of people's creativity under the Party's leadership as the driving force guarantee.

From a political economy point of view, the theoretical logic behind the creation of the “two miracles” is that the combination of the state capacity and the scaling up of markets under the Party's leadership contributes to the rapid economic development and further the long-term social stability based on the financial foundation laid by rapid economic development. The historical experience of the “Two Miracles” can be summed up as the cultivation of state capacity under the leadership of the Party, the synergy and complementarity between the central government and local governments, the combination of development planning and market mechanisms, and the coordination of selective, functional and inclusive industrial policies.

It is necessary to judge future development trends from a medium and long-term development perspective, further promote the co-evolution of the state and the market, reshape the growth regime for high-quality development, fully tap the potential of domestic demand and create a “people-centered” economic development model so as to continue the “two miracles” and achieve a miracle of high-quality development in the second century.

This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations.

Socialism can neither bypass the market economy nor “go beyond capital”; capital appears in two historical forms, including the private capital and the public capital. Public capital is the inevitable outcome of the inherent contradictions of public ownership in a socialist market economy.

It represents an economic relationship that compels individual labourers to provide surplus labour for the society. The combination of the strong accumulation function of public capital and the improvement of people's welfare is the main cause of China's development miracle.

The innovation impetus of the public capital and its “immunity” to the capitalist crisis highlight the tremendous power of socialism with Chinese characteristics in breaking free of the shackles of capitalism and continuously developing productive forces. Public capital demonstrates and will continue to demonstrate the historical legitimacy of socialism.