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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.

Marx suggested that it is infeasible and wrong to arrange the economic categories according to the order by which they have worked in history. Their order is determined by their interrelationship in the modern bourgeois society, which is in contrast to their natural sequence or that which is in accordance with the course of history. Sometimes, a logical sequence is precisely opposite to the historical sequence. There are many efforts to be done in the study of China’s economic and social issues with Marxist logical and historical methods. The paper aims to discuss these issues.

When reading Das Kapital, we can clearly see the historical materialism methods. Another method of Marxist political economics is the scientific abstract method.

This is based on the new development idea to carry out scientific and technological innovation and change the focus of development from quantity to quality. With regard to the supply side structural reform as the main focus, people’s ever-growing demand for a better life can be satisfied and the higher level dynamic supply–demand balance can be kept.

In fact, measures to remedy unbalanced and inadequate development of the social principal contradiction have been plainly indicated in the report delivered at the 19th National Congress of the Communist Party of China. This is based on the new development idea to carry out scientific and technological innovation and change the focus of development from quantity to quality.

In the process of reform, although every landmark theoretical breakthrough is marked by the speech of the highest leadership of the Communist Party of China (CPC) or the decision of the CPC National Congress, each breakthrough is attributable to the theoretical contribution made by the academia of political economy. Notably, these theoretical breakthroughs invariably embrace innovations in the discourse system of political economy. The paper aims to discuss this issue.

The innovations and breakthroughs thereof have led to the political economy of socialism with Chinese characteristics.

The success of China’s economy highlights the superiority of the socialist economic system and development path with Chinese characteristics.

These major breakthroughs are accompanied by breakthroughs in relevant theories, which constitute a synthesis of a series of major theoretical innovations in political economics.

What is the relation between the land system with Chinese characteristics and the country's high-speed economic growth in the past decades? There is a lack of rigorous academic research based on the general equilibrium theory of macroeconomics on this issue.

By building a multisector dynamic general equilibrium framework with land system, this paper explores how the land supply mode with Chinese characteristics affects China's economic growth as well as its transmission mechanism.

This paper confirms the importance of land system with Chinese characteristics in explaining the mystery of China's high-speed economic growth. Counterfactual analysis shows that if China adopts a land system similar to that of other developing countries, GDP will drop 36% from the current level under the baseline model.

As the industrial sector shrinks relatively and the output elasticity of infrastructure decreases, this inhibitory effect will become more apparent. China should improve its land supply mode, especially expand the supply of commercial and residential land and reduce the cost of land in the service sector. This can promote better economic development in the future and thus improve household welfare and the structure of aggregate demand, replace “land-based public finance” and thus inhibit the “high leverage” risks of local governments.

This article addresses the problem of air traffic service (ATS) pricing over a domestic air transportation system with either private or public ATS providers. In both cases, to take into account feedback effects on the air transportation market, it is considered that the adopted pricing approaches can be formulated through optimization problems where an imbedded optimization problem is concerned with the supply of air transportation (offered seat capacity and tariffs for each connection). Under mild assumptions in both situations the whole problem can be reformulated as a mathematical program with linear objective function and quadratic constraints. A numerical application is performed to compare both pricing schemes when different levels of taxes are applied to air carriers and passengers.

The construction of a modern economic system is a symbolic and strategic choice for large developing economies on the path toward high-quality economic development. The paper aims to discuss this issue.

The overall framework aims to adhere to “One Policy and One Mainline” to build an innovation-driven, synergistic industrial system and a “with three-qualities” economic system (with efficient market mechanisms, energetic micro-agents and appropriate macroeconomic regulation).

The strengthening of the real economy and construction of a modern industrial system constitute the material basis for supporting this system and framework. As major decision making and theoretical innovation in empirical practice, building a modern economic system can also contribute substantially toward developing the applied economic theory of socialism with Chinese characteristics.

Building a modern economic system in China necessitates, without exception, the construction of various subsystems encompassing industrial, market, distribution, regional development, green development, open and economic institutional aspects.

We study here the effects of FTA on demand, consumer surplus, dealer profit, and tariff revenue depending on the degree of substitution between two goods and import competition structure in a two country’s static model. We consider monopolist dealer, and perfect competition in imports market. The base model is with a positive tariff and we compare the equilibrium with a zero tariff under FTA. The rankings in the consumer utility are such that it is i) the highest under perfect competition with FTA or without FTA, ii) second highest under monopoly with FTA, and iii) the lowest under monopoly without FTA.

This study empirically investigates the relationship between goodwill assets and capital structure (i.e. debt ratio) of firms and the moderating effect of financial market development on the relationship between goodwill assets and capital structure.

This research applied a quantitative method. The article collects large samples of listed firms from 23 developing and nine developed countries and applied the panel data techniques. This research used firm-level data from the DataStream database for both developed and developing countries. The study uses 4,912 firm-level data from 23 developing countries and 4,303 firm-level data from nine developed countries.

The findings reveal a significant positive relationship between goodwill assets and capital structure in developing countries, but goodwill assets have a significant negative relationship with capital structure in developed countries. Moreover, financial market development positively moderates the relationship between goodwill assets and the capital structure of firms in developing countries. The results inform firm managers that goodwill assets serve as additional collateral to secure debt financing. Moreover, policymakers should formulate a debt market policy that recognizes goodwill assets as additional collateral for the purpose of obtaining debt capital.

The study has several implications. First, goodwill assets are identified as a factor of capital structure in this study. Fixed assets have been identified as one of the drivers of capital structure in previous research, although goodwill assets are seldom included. Second, this article shows that along with demand-side determinants, supply-side determinants also play an important role in terms of the firms' choice about the capital structure. Therefore, firms should take both the demand-side and supply-side factors into consideration when sourcing for external financing (i.e. debt capital).

The study considered goodwill as a component of capital structure. The study analysis includes a large sample of enterprises, including 4,912 big firms from 23 developing countries and 4,303 large firms from nine industrialized or developed countries, which adds to the current capital structure information. Furthermore, a large sample size increases the results' robustness and generalizability.

Motivated to know more about the internal means through which accountability for sustainability takes shape within organisations (in what ways and by whom), this paper aims to explore how accountability for sustainability is constructed within an organisation during a process of establishing a control system for sustainability.

This paper adopts a qualitative case study approach of a decentralised industrial group, operating mainly in Scandinavia, between 2017 and 2020. Both primary and secondary data are used (e.g. document analyses, semi-structured interviews, informal conversations and site visits) to inform the findings and analysis.

The findings reveal a multi-faceted path towards accountability for sustainability that involves several concerns and priorities at organisational and individual levels, resulting in a separate sustainability control systems within each subsidiary company. Although hierarchical structures for accountability exist, socialising accountability activities are needed to (further) mobilise sustainable accounts.

Successful sustainable control systems require employees making sense of formalised accountability instruments (e.g. policies and procedures) to establish their roles and responsibilities in organisations.

This paper proposes socialisation processes as important for driving forward sustainability solutions.

This study elaborates on the internal accountability dynamic for the construction of sustainable accounts. Its novelty is built upon the interaction of hierarchical and socialising accountability forms as necessary for establishing a control system for sustainability. It furthermore illustrates the relationship between the external and internal pathways of accountability.