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    Trade Distance and Cross-Border E-Commerce:Literature Review and Outlook
    TANG Hong-tao, ZHU Meng-qi
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 23-35.  
    Abstract515)      PDF (1273KB)(219)      

    Abstract:With the advent of the era of the digital economy,the deep integration of cross-border ecommerce and social and economic activities has increasingly become an important driving force for the construction of a new development pattern. Cross-border e-commerce simplifies trade processes and reduces trade costs in the way of disintermediation. The relationship between cross-border e-commerce and trade distance deserves attention. Clarifying the interaction between the two is of great significance for promoting the quality and efficiency of foreign trade. Based on the existing literature,this paper sys⁃tematically sorts out and discusses the important research conclusions on the trade distance effect in cross-border e-commerce,including the connotation and measurement of three types of trade distancesof geography,culture,and system,the influence mechanism of various types of trade distances on cross-border e-commerce,and the easing effect of cross-border e-commerce on trade distance. Fi⁃
    nally,a summary and outlook are made,in order to provide a reference for the academic community to re-examine the relationship between trade distance and cross-border e-commerce,and to provide ideas for promoting cross-border e-commerce to link domestic and foreign economic cycles as well as better play its role as an engine of foreign trade growth in the post-epidemic era.

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    Research on the Synergy Measurement of Ecological Protection and High-quality Development in the Yellow River Basin
    HAN Jun, WEI Nan-nan, YAN Xiao-feng
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 45-59.  
    Abstract514)      PDF (1371KB)(341)      
    Based on the synergistic mechanism framework of ecological protection and high-quality development in the Yellow River Basin,this paper analyzes the degree of correlation and synergy between the two and preliminarily explores the expansion of the synergistic discussion from qualitative analysis to quantitative research. The results show that ecological protection and high-quality development in the Yellow River Basin promote and restrict each other. The level of correlation between the two is medium or above. The level of ecological protection is generally average,and fluctuates steadily during the sample period with the distribution characteristics of "that in midstream is better than one in upstream and that in upstream is better than one in downstream". The level of high-quality development is not high,and the fluctuations increase slightly during the sample period,and the regional distribution pattern is related to the "Eleventh Five-Year Plan" to the "Thirteenth Five-Year Plan" period,which has obvious phase characteristics. Ecological protection and high-quality development are not coordinated and have been in a low-level coupling stage with a high coupling degree and low synergy. Gansu Province has the highest degree of coupling and the lowest degree of synergy. Shandong Province has the highest degree of synergy. The degree of synergy is closely related to the level of high-quality development and has obvious regional and phase characteristics.
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    Does Business Strategy Affect Goodwill Bubbles?
    TIAN Yuan, YU Fu-bang, SUN Shu
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 1-13.  
    Abstract478)      PDF (1237KB)(206)      
    At present,the prevalence of M&A makes the goodwill valuation bubbles serious and themarket risk intensifies,the goodwill bubble has aroused widespread concern. Taking the non-financiallisted companies in China from 2007 to 2018 as the research object,this paper empirically tests the influence of corporate strategy on goodwill bubble,and finds that:(1)the more aggressive corporate strategy is,the more serious goodwill bubble is;(2)the heterogeneity test shows that among the samples of non-state-owned enterprises,low quality of internal control,high executive power,and overconfidence
    of managers,corporate strategy has a more significant positive impact on the goodwill bubble.
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    Analysis on the Efficiency and Potential of China's Direct Investment in RCEP Member Countries
    CHENG Yun-jie , ZHANG Zhi-fang
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 10-22.  
    Abstract458)      PDF (1333KB)(150)      

    Abstract:RCEP member countries are important destinations for China's outbound investment. In order to promote the deepening and implementation of the regional cooperation mechanism between China and RCEP,based on the panel data of 14 countries from 2008 to 2019,this paper uses the stochastic fron⁃tier gravity model to measure the efficiency and potential of China's investment in RCEP member countries. The results show that China's investment efficiency in RCEP countries is quite different. The average investment efficiency in Australia is the highest,which in New Zealand is the lowest. The average investment potential in New Zealand,Myanmar,and Cambodia ranks in the top three,which in Thailand is the smallest. The economic scale and the bilateral exchange rate of China and the host country have a positive effect on China's direct investment in RCEP member countries. Investment freedom,political stability,corruption control,and government accountability have negative effects on investment efficiency. According to the conclusions of the study,it is proposed that the government should improve theassessment of the political system and investment environment of RCEP member countries,strengthen the linkage and cooperation between the RCEP agreement and the "21st Century Maritime Silk Road",and enterprises should choose investment locations based on their investment objectives.

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    Research on Industrial Structure Transmission Effect of China's OFDIto IFDI——Based on a Test of Spatial Panel Data of China and Countries Along the"Belt and Road"
    ZHANG Ji-feng, WANG Hong-rui
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 1-9.  
    Abstract453)      PDF (1237KB)(77)      
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    Ownership Structure,Economic Policy Uncertainty and Stock Price Crash Risk
    ZHU Zhao-zhen, GUO Yi-jia, CHEN Yue
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 87-100.  

    Abstract:This article uses A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2019 as a research sample to empirically test the impact of ownership structure on the risk of stock price collapse from a micro perspective. The results show that the higher the ownership concentration,the lower the risk of stock price crash and the higher the shareholding ratio of institutional investors,the higher the risk of stock price collapse. Under the influence of economic policy uncertainty,a negative relationship between ownership concentration and the risk of stock price crash has weakened while a positive relationship between institutional investors and the risk of stock price crash has increased. Further analysis shows that ownership concentration in non-state-owned enterprises is more likely to reduce the risk of stock price crash. The boosting effect of institutional investors in state-owned enterprises on the risk of stock price collapse can be alleviated to some extent. The research results expand the research on the factors influencing the risk of the stock price crash,enrich the relevant literature on the ownership structure and the risk of stock price collapse,and have important enlightenment significance for the regulatory authorities to actively guide investors,prevent stock price crash and maintain the stable and healthy development of the capital market

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    Study on the Formulation of a Sense of Gain Metric for Residents and Its Statistical Quantification Mechanism— Taking Gansu Province as an Example
    WANG Jing
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 62-72.  
    Abstract433)      PDF (1301KB)(78)      

    Abstract:With the advent of a new era for socialism with Chinese characteristics,a more substantial,secure,and sustainable people's sense of gain,happiness,and security has been used as an evaluation benchmark for the effectiveness of reform with comprehensively reflecting the substantive level of people's living. In view of this,based on the analysis of the content of the sense of gain in both material and spiritual aspects,an evaluation index system consisting of 30 specific indicators in 5 dimensions is constructed. According to a questionnaire survey data of 14 cities and prefectures in Gansu Province,the paper further explores the factors affecting people's sense of gain and the relationship among them by using
    the structural equation model through descriptive statistics and factor analysis. The study found that the intensity of residents' sense of gain in Gansu Province is at the middle and upper levels. Among the five dimensions that affect the sense of gain of residents in Gansu Province,national and individual factors are the dominant factors,while social factors,personal development factors,and life security factors are secondary factors. Therefore,it is necessary to exert efforts at the national,individual,and social aspects to strengthen the sense of gain of residents in Gansu Province.

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    Local Tax Competition,Capital Factor Flow and Financial Development——Empirical Research Based on 31 Provinces and Cities in China
    ZHAO Shuang, HAO Xiao-wei, XIONG Hui-lin
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 73-86.  
    Abstract433)      PDF (1271KB)(134)      

    Abstract:Based on the empirical data of China’s provincial governments,this study employs fixed-ef⁃fects models to analyze the impact of tax competition and factor flow on financial development and exam⁃ines its internal intermediary effects by using simultaneous equations,Sobel and Bootstrap,and finallyconducts an endogenous and robustness test with the methods of dynamic panel regression and substitution variables. The results show that tax competition can promote financial development,but show an inverted u-shaped relationship with financial development. Capital factors,as an intermediary variable between tax competition and financial development,flow in the same direction as tax competition. There is heterogeneity in the effects of tax competition and capital factors on financial development,that is,tax competition has a stronger effect on jurisdictions with higher initial financial development levels,while capital factors have a stronger effect on jurisdictions with lower initial financial development levels. The research conclusions have important policy implications for the reform of China's fiscal and taxation sys tem and the promotion of financial development and economic growth and important practical significance for the realization of national governance capacity and the modernization of the governance system.

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    Research on the Division Status of Global Value Chain of Digital Service
    ZHANG Hao-yu , ZHOU Sheng-qi
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 36-49.  
    Abstract430)      PDF (1296KB)(103)      

    Abstract:Based on the trade flow decomposition data of WIOD2016 input-output table in UIBE GVC Indicators database,this paper nvestigates the global value chain division position of digital services in 40 countries from 2000 to 2014,and conduct an empirical test on its influencing factors by using crossborder sample data. The results show that the top-ranking countries are mainly developed countries from 2000 to 2014,and China's status of the global value chain division in the digital services presents a first rising and then declining trend. Foreign direct investment,digital technology application,research and development investment,nominal capital stock,and human capital are significantly positively corre⁃ lated with GVC division status in the digital services industry. The test results grouped by income level show that FDI and R&D investment have significantly improved the division status of middle and high in⁃ come countries and the improvement of human capital can also significantly enhance the division status of GVC in low and middle income countries. The regression by sector shows that the level of digital application,R&D investment,and human capital have the most stable influence on the GVC division status of each sector of the digital service industry.
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    Research on Population Aging,Upgrading of Industrial Structure,and Regional Carbon Emissions
    YIN Ying-gang, CHANG Xiang-dong
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 60-74.  
    Abstract428)      PDF (1425KB)(187)      
    Based on China's provincial panel data from 2009 to 2019,this paper analyzes the impact of population aging and upgrading of industrial structure on regional carbon emissions by using spatial econometric methods. The study finds that carbon emissions across China have significant positive spatial correlation and spatial spillover effects. There is a u-shaped relationship between population aging and advanced industrial structure and regional carbon emissions. There is an inverted U-shaped relation⁃ ship between population aging and rationalization of industrial structure. The upgrading of industrial structure has a significant positive impact on promoting regional carbon emission reduction. The current population aging and industrial structure upgrade have a significant positive correlation with regional carbon emission reduction. Technology innovation,human capital,opening to the outside world,the improvement of government public services,infrastructure,and the reduction of the tax burden of local governments will all have a significant negative impact on regional carbon emissions. In addition,the intermediary effect test shows that the aging of the population can have an important impact on regional carbon emissions through the upgrading of industrial structures.

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    Research on the Construction of Mixed Prediction Model of Shanghai Composite Index
    ZHAO Yu, WANG Shan
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 50-61.  
    Abstract425)      PDF (1637KB)(71)      
    Abstract:Based on the operation characteristics of a complex system of nonlinear and non-stationary characteristics of Shanghai Composite Index,the BP neural network(GA-BP)optimized by genetic algorithm,and the support vector machine(PSO-SVM)of particle swarm optimization algorithm,the paper selected the long and short term memory neural network(LSTM)model as the basic models of information classification and extraction. Then an adaptive noise complete integrated empirical mode decomposition(CEEMDAN)was introduced for series combination modeling to optimize the model and improve the adequacy of prediction information extraction. In order to improve the prediction accuracy and strengthen the robustness of the method,the study designed two parallel combined prediction methods of uniform weight and learning weight,and built a hybrid prediction model. By comparing the prediction effects,the paper concludes that the hybrid model can effectively identify information and improve prediction accuracy. Among them,the learning-type weighted hybrid combination prediction model under CEEMDAN modal decomposition was applied to the prediction of the Shanghai Stock Exchange Index,which produced relatively ideal results.
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    Study on the Influencing Factors on the Satisfaction of Tourists and Improvement Strategies of Ice and Snow Tourism——Take Urumqi as an Example
    DENG Lan, LIU Xu-ling, GAO Chao, FENG Jia-yue, LEI-LI Xue-zi
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 111-120.  
    Abstract422)      PDF (1203KB)(125)      

    Abstract:Based on the two-factor theory of tourist satisfaction,this paper constructs a tourist satisfaction model for snow and ice tourism in Urumqi and studies the factors affecting satisfaction by using multiple regression analysis,IPA analysis,and one-factor ANOVA. The results show that(1)There are significant differences among the satisfaction of each index,and the overall satisfaction is high. The highest degree of satisfaction is with the natural environment of ice and snow scenic spots,while the lowest degree of satisfaction is with catering,special services,and activity prices.(2)Each index has a significant positive impact on overall satisfaction. Activity price and catering are of the highest importance to tourists,while scenic service,cultural resources of ice and snow tourism,recreational items and supporting facilities,natural environment of ice and snow scenic areas are of low importance to tourists.(3)The advantage of snow and ice tourism in Urumqi lies in transportation and the natural landscape of snow and ice tourism. Entertainment projects and supporting facilities,scenic spot infrastructure,accommodation,and scenic spot services are acceptable. The cultural resources of ice and snow tourism can be improved. The unfavorable aspects are specific services and the prices of catering and activity.(4)Tourists with different demographic characteristics have significant differences in the satisfaction indicators of ice and snow tourism. Based on this result,relevant suggestions are proposed to provide a reference for the development of ice and snow tourism in Urumqi.

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    Research on the Multi-mediating Mechanism of the Perception of Superior's Trust Enhances Subordinate Voice Behavior
    Journal of Lanzhou University of Finance and Economics    2021, 37 (6): 101-110.  
    Abstract421)      PDF (1272KB)(80)      

    Abstract:Based on affective event theory,this paper explores the mechanism of perception of superior's trust promoting subordinates' voice behavior through a questionnaire survey from the perspective of cognitive evaluation and attribution of emotional responses. The analysis results show that(1)The perception of superior's trust has a direct positive effect on employee voice behavior;(2)Self-efficacy and positive emotions mediate the relationship between perceived superior's trust and voice behavior. The mediating role includes three approaches,namely,the independent mediating role of self-efficacy,the independent mediating role of positive emotions,and the chain mediating role of self-efficacy and positive emotions. Comparing the mediating effects found that the mediating effect of self-efficacy was significantly greater than the chain mediating effect of self-efficacy and positive emotion as well as mediating effect of positive emotion.

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    Research on the Influence of Industry Convergence on the Transformation and Upgrading of the Manufacturing Industry
    YANG Ren-fa, LIU Xuan
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 75-84.  
    Abstract404)      PDF (1206KB)(117)      
    Based on panel data of 30 provinces from 2007 to 2017,this paper analyzes the impact of industrial convergence on manufacturing transformation and upgrading and its mechanism effect. An ISCNFI framework model is used to measure the degree of industry convergence,and the transformation and upgrading level of manufacture from the perspectives of rationalizing and advancement. Using a two way fixed effect model,this study empirically tests the impact of industrial convergence on manufacturing transformation and upgrading and further explores the different ways in which industrial convergence affects the transformation and upgrading of manufacturing in combination with the mediation effect. The results show that industrial convergence can significantly improve the level of manufacturing transformation and upgrading,but the impact is regional heterogeneity. A mechanism analysis shows that technological innovation is the main channel for industrial convergence to advance the manufacturing industry while human capital is an important way for industrial convergence to rationalize the development of the manufacturing industry. Therefore,it is necessary to actively promote the convergent development of industries,break through the traditional limitations of industry development ,and promote the transformation and upgrading of the manufacturing industry.
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    Research on the Influence of Local Government Competition on the Formation of Shareholder Network Relationship under the Background of Mixed Reform
    LUO Dong-liang, DONG Yun-lin
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 14-29.  
    Abstract386)      PDF (1257KB)(120)      
    This paper studies the impact of local government competition on the generation of share⁃holder network relations in China by taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2019 as samples. Empirical research shows that local government competition is significantly related to the shareholder network. Fiscal and tax competition and yardstick competition promote the formation of shareholder network relations,while institutional competition hinders the formation of shareholder network relations. The study of moderating effect shows that institutional competition and yardstick competition have moderating effects on the relationship between fiscal and tax competition and shareholder networks,which is varied by regions.The research mainly analyzes the formation of the shareholder network from the external macro environment,expands the research dimension of the enterprise network,and discovers the formation factors of the shareholder network which are different from that in the western economic and social environment.
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    The Boundary between Personal Information and Personal Privacy and its Legal Significance
    ZHANG Ge-xin
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 114-124.  
    Abstract385)      PDF (1168KB)(132)      
    Personal information and personal privacy are both closely relevant and different.Specifically,both have legal interests of personality and overlap in content while there are obvious differences in legal attributes,content and scope,the value of protection,inherent rights,and the basis and method of protection. The boundary between private information and non-private information in personal information is not very clear. For demarcating both types of information,these factors should be considered such as the degree of damage caused by the disclosure of the information,the degree of importance to social life,the degree of public awareness of the privacy of the information,the level of classification and protection of the information by the present norms,and the occasions in which the information is used. The demarcation between the two is of significance for the establishment of the purpose of personal information protection legislation,the choice of protection mode,the prevention and supervision of personal information protection,the application of law in infringement cases and the determination of in fringement.
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    Hot Topics and Evolution of Research on Sports Intangible Assets Evaluation in China
    HOU Yun-yun, DONG Xiao-yan, XIAO Shu-hong
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 30-44.  
    Abstract383)      PDF (8504KB)(72)      
    With the development of the sports industry and the advent of the digital economy era,the value of sports intangible assets in economic activities has become increasingly prominent. To clarify the research context and trends in the sports intangible asset value assessment,this paper takes 140 works of literature collected from the new Chinese Social Science Citation Index(CSSCI)database and Chinese core journal database(1997—2021)as data samples and uses the CiteSpace scientific literature visualization analysis software to generate knowledge maps of keywords co-occurrence,keyword clustering,and keyword protrusion,visually presenting and interpreting the overview of research on the value assessment of sports intangible assets in China. The research found that first,China began to pay attention to sports intangible assets in 1997,and then the number of studies on sports intangible assets value evaluation has gradually increased. Second,sports intangible asset value evaluation involves multiple disciplines. At present,the main research institutions that conduct intangible asset value assessment in sports are sports universities,and the research cooperation among universities and sports enterprises and other research institutions are loose. Third,the research process is divided into 4 stages,in which hot keywords such as naming rights,human capital,commercial value,evaluation system,sports events,and new media appear one after another. Fourthly,the comprehensive analysis of the literature research content reveals that the research on the value of sports intangible assets has problems such as ambiguous asset scope,chaotic and incomplete classification,weak evaluation expertise,and lack of empirical research. Finally,combined with the background of the new era,this paper provides some directional suggestions for future research on sports intangible asset value recognition and evaluation,to promote the further in-depth study of sports intangible asset value evaluation and provide a reference for evaluation practice.
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    Will Rising Pressure on Housing Price Reduce the Household's Propensity to Consume in China?
    LUO Cheng, YUAN Nan-nan
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 95-104.  
    Abstract373)      PDF (1210KB)(120)      
    In recent years,China's housing price has grown rapidly,and it is increasingly hard for households to buy a house. Will this affect their consumption decisions? This study innovates the house price-to-income ratio index to measure the pressure of household purchase and examines its impact on household consumption. Based on the data of the China Household Finance Survey(CHFS)in 2017,the paper firstly constructs an intertemporal consumption model for household purchases. Empirical research finds that households with high pressure to buy a house tend to have higher consumption propensity,and the robustness of the conclusion is verified by using substitution variables and matching propensity scores. Heterogeneity results show that for rural households,households in central and western regions,and households with better financial knowledge,the pressure to buy a house has a more significant impact on household consumption propensity. The mechanism test shows that the consumption of low-income households will catch up with the consumption of high-income households,and it is found that there is a cohort effect,and an optimistic attitude can restrain the consumption propensity of urban
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    Research on the Connection between Litigations for Environmental Public Interest and Compensation of Ecological Environmental Damage
    ZHI Hui-jie, SHI Yu-cheng
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 105-113.  
    Abstract355)      PDF (1120KB)(94)      
    The litigations for the public interest of the environment and compensation of ecological environmental damage are both judicial activities to protect the interests of the ecological environment. Legally speaking,the system construction of environmental public interest litigation and ecological environmental damage compensation litigation is based on the protection of the overall interests of the ecological environment. The two are consistent in value. However,there are overlaps and conflicts in terms of system design and litigation procedure.From the perspective of Eco-environmental holism,it is appropriate and reasonable for the ecological environment damage compensation litigation to precede the environmental public interest litigation in terms of the setting of the litigation sequence,but there exist insufficient regulations in both. Therefore,it is necessary to improve the two litigation systems in terms of legislation and judicial practice,so that they can be reasonably connected and better realize the protection of the overall interests of the ecological environment.
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    Research on the Construction of Income Quality Attribute and Its Influence on the Consumption Behavior of Rural People——Based on Consumption Theory of the Classical Income Hypothesis
    CHEN Chong, LIU Da
    Journal of Lanzhou University of Finance and Economics    2022, 38 (1): 85-94.  
    Abstract354)      PDF (1212KB)(97)      
    The rural consumption market is of great significance to a stable and high-quality development of the economy. However,China's rural consumer market has been relatively sluggish for a long time. The academic community has not provided a comprehensive explanation. By taking rural residents of China as the research object,this study synthesizes the consumption theory of the classic income hypothesis to construct the measurement system of rural residents' income quality attributes and empirically tests the specific impact of income factors on rural residents' consumption behavior from the level of income quality. The study found that based on an established income,the income quality attribute has a significant impact on the consumption behavior of rural residents,among which income adequacy,income durability,and income uncertainty have a significant positive impact on rural residents' consumption,while income mobility and cost of income have a certain inhibitory effect on rural residents' consumption. In addition,from the perspective of the impact on consumer goods of different type,there is heterogeneity in the impact of each quality attribute of income. The conclusion of this study reveals the causes for the long-term inconsistency between the income growth and consumption growth of rural people in China from a new perspective.
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