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"Since the appearance of macroeconomics in the 1940s, economists have created many theoretical frameworks to explain the origin and mechanism of economic fluctuations. However, few of these have managed to gain explanatory power over reality and nor can they solve real-life problems. This book proposes a new macroeconomic paradigm that makes breakthroughs in these areas. Based on a balance sheet approach and macro-financial linkage analysis, this book carries out a comprehensive analysis of the trends within China's macroeconomy in 2020. The author argues that the COVID-19 pandemic created a great degree of uncertainty - so, supply-side structural reform and improved total factor productivity have been promoted to ensure a policy of steady growth. Given the declining economic growth rate in percentage terms, China has needed to adapt to a moderate increase in the leverage ratio while applying more effective fiscal policies to achieve a dynamic balance between stable growth and risk prevention. Scholars and students of economics and finance, especially Chinese economics, will find this book a useful reference."

Chapter 1. Overview: Constructing the Political Economy of Socialism with Chinese Characteristics in New Era -- Chapter 2. Epistemology and Methodology -- Chapter 3. Follow the Logic of the New Normal of Economic Development -- Chapter 4. New Development Concept Leads the New Normal -- Chapter 5. Build a Modern Economic System -- Chapter 6. Chinese Wisdom and Chinese Solutions.

This book focuses on global financial systems. After summarising historical financial institutions, it subsequently uses economic and econometrical models to analyse the strengths and weaknesses of these institutions and their role in the history. Readers, especially international readers, will be introduced to prominent Chinese scholars' ideas and views on these issues. The perspective of this book is, of course, a Chinese one. As such, readers will learn how Chinese people view global financial systems, even those dominated by the West, what they think about future global finance, etc. As such, the book offers intriguing and revealing insights for researchers and a broader readership alike. .--

This book provides a historical overview of Chinese economic reform over the past 30 years. From the genesis of the reform to the gradual improvement of the market system, and then to the re-start of the critical stage of the reform, this book includes not only research on the reform process, but also detailed descriptions of the key areas of reform since the Third Plenary Session of the 18th CPC Central Committee. On this basis, the author develops six logics for Chinese economic reform. Firstly, reform is cyclical, moving between rapid advances and deadlock; this calls upon us to re-examine the common view of reform. Secondly, reform is systematic; it cannot succeed without supporting reforms in other fields. Thirdly, the relationship between reform, development and stability should be properly handled. This "trinity" is quite different from the perspective of western mainstream theory, which puts too much emphasis on efficiency. Fourthly, the success of Chinese reform was not achieved by chance. The reform practice is based on the theoretical logic, and also goes beyond the debate between progressive and radical modes. Fifthly, the Top-level Design should be combined with "crossing the river by moving from stone to stone," i.e., the theoretical basis of reform should be combined with reform practice. Sixthly and lastly, the ongoing reform in China must be understood in the contexts of global competition and reform competition

This book provides a historical overview of Chinese economic reform over the past 30 years. From the genesis of the reform to the gradual improvement of the market system, and then to the re-start of the critical stage of the reform, this book includes not only research on the reform process, but also detailed descriptions of the key areas of reform since the Third Plenary Session of the 18th CPC Central Committee. On this basis, the author develops six logics for Chinese economic reform. Firstly, reform is cyclical, moving between rapid advances and deadlock; this calls upon us to re-examine the common view of reform. Secondly, reform is systematic; it cannot succeed without supporting reforms in other fields. Thirdly, the relationship between reform, development and stability should be properly handled. This ℓ́ℓtrinityℓ́ℓ is quite different from the perspective of western mainstream theory, which puts too much emphasis on efficiency. Fourthly, the success of Chinese reform was not achieved by chance. The reform practice is based on the theoretical logic, and also goes beyond the debate between progressive and radical modes. Fifthly, the Top-level Design should be combined with ℓ́ℓcrossing the river by moving from stone to stone, ℓ́ℓ i.e., the theoretical basis of reform should be combined with reform practice. Sixthly and lastly, the ongoing reform in China must be understood in the contexts of global competition and reform competition.

PurposeThis study highlights the impact of mental accounts on a user's decision-making regarding payment schemes and aims to determine the pricing strategy for the first-enjoy-after-pay service offered by the two-sided media platforms.Design/methodology/approachThis study establishes a game-theoretic model and utilizes backward induction to derive the equilibrium price by maximizing the monopolist's profit.FindingsThe findings indicate that the conditions for a two-sided media platform to offer the first-enjoy-after-pay service depend on the trade-off between pleasure attenuation and pain buffering and the effect of time discounts. Moreover, the authors found that the time discount is a critical factor in determining pricing strategies under various payment schemes offered by the platform.Research limitations/implicationsThis work adopts a uniform pricing strategy for users who opt for either immediate or post-payment schemes. Nevertheless, it is important to note that this approach has limitations in terms of offering discriminatory pricing for those who choose both payment schemes.Practical implicationsThis analytical work provides valuable insights for two-sided media platforms to optimize their payment scheme strategies and pricing considering the influence of a user's mental account.Originality/valueIn a two-sided media platform, the authors provide applicable conditions for the platform to offer first-enjoy-after-pay service considering the effect of mental accounts. Further, the authors show the optimal pricing strategy under different payment schemes provided by the platform.

PurposeThis study highlights the effect of an inductee's altruism on referral reward programs (RRPs) on an online shopping guide platform to determine the optimal RRP and referral reward allocation under a Cashback and Referral RRP.Design/methodology/approachThe authors consider a Stackelberg game with a platform, seller, inductor and inductee, where the inductee's altruism plays a vital role in determining the optimal RRP in equilibrium.FindingsThe authors show that the conditions under which it is optimal to reward the inductor only or reward both inductor and inductee are equal or unequal depending on the degree of the inductee's altruism. Suppose the platform is unable to dynamically decide the commission fee. In that case, the platform may not always be involved in RRPs and will gradually reduce the rewards for inductees as the altruism increases.Research limitations/implicationsThis study focuses on a free-to-consumers model where sellers pay membership fees. Thus, this study has limitations regarding other pricing schemes such as a model in which consumers pay a fee while sellers do not or a model in which both types of users pay fees.Practical implicationsThis analytical work can help platforms optimize referral reward strategies and referral reward allocation considering the influence of an inductee's altruism.Originality/valueIn a Cashback and Referral RRP on a shopping guide platform, the authors provide applicable conditions for the platform to involve in the RRPs when rewarding an equal bonus for the inductor and inductee first. Further, the authors show the optimal referral reward strategy and referral reward allocation when giving the different bonuses to the inductor and inductee.

AbstractThis article examines the role of reform in maintaining economic growth in the circumstances in which work‐age is declining more rapidly than total population. Traditional factor‐driven growth can still contribute if reform increases labour force participation, most significantly through easing restrictions on rural–urban migration through reform of the household registration system and other means. The other potential contributor to growth in the new era is reform to raise productivity. This requires more fundamental institutional change, which depends on clear visions of the framework for a modern market economy, encompassing the rule of law and stronger property rights.