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	2026 Vol.43 Issue.4 Published 2026-07-25

	Dialogue on Civilization and Cultural Comparison Special Zones and Chinese Road Economic Growth and Financial Innovation Humanities and Chinese Spirit Innovation Economy and Cultural Industry Politics, Law and Social Governance

Special Zones and Chinese Road

	5	The APEC Digital-Intelligent Economic Community: Integrative Transformation and Institutional Arrangements
		TAO Yi-tao
		The study of the integration of the APEC digital-intelligent economic community is, in essence, a study of the institutional evolution and underlying logic of integration within a heterogeneous community. This is because the integration of the digital-intelligent economy is fundamentally premised upon, and sustained by, institutional integration. The term “digital-intelligent economic community” refers to a historically situated expression of regional economic integration in the context of the deep convergence between the digital economy and the intelligent economy. By contrast, the “integration of a digital-intelligent economic community” denotes the process and mechanisms through which such a community takes shape. Since its establishment, APEC’s institutional transformation toward a digital-intelligent economic community has evolved through five stages: emergence, foundation-building, deepening, convergence, and future-oriented development. This five-stage trajectory reveals a gradual evolutionary path and theoretical logic moving from institutional creation to institutional integration. The evolution of the APEC digital-intelligent economic community not only provides a referential model for the transformation of regional economic integration, but also offers broader theoretical implications. First, path dependence can generate paradigmatic transformation through institutional layering, rather than requiring institutional rupture. Second, the institutional effects of critical junctures are characterized by delayed activation rather than immediate determination. Third, the hardening of soft law follows an identifiable gradient path, in which informal and formal institutions evolve through hierarchical nesting and complementarity rather than binary opposition. Fourth, “inclusive efficiency” constitutes the efficiency optimum in the era of network effects, rather than a cost imposed on efficiency. Fifth, the optimal solution for cooperation among heterogeneous regions lies in modular institutions rather than in an all-or-nothing model of integration. Through the institutional resilience of the “Asia-Pacific Way”, APEC offers a middle path for global digital governance.
		2026 Vol. 43 (4): 5-16 [Abstract] ( 28 ) [HTML 1KB] [ PDF 597KB] ( 98 )

	17	Comparative Analysis of Cultural Industry Governance across APEC Economies: Model Typologies and Formation Logic
		GUO Ji-tao, ZHANG Bian-xiu
		Against the backdrop of the deep advancement of digital transformation in the global cultural industry, intensifying international cultural competition, and deepening regional cooperation in the Asia-Pacific, APEC economies exhibit significant national differences and diversified governance models in their cultural industries. Based on comparative analysis across countries and policy content review, this study examines representative APEC cultural industry policies, official statistics, and governance practices through three analytical dimensions: governance actors, governance instruments, and governance objectives. The findings reveal four distinct governance models: the national-strategic steering model which is dominated by national planning and institutional integration; the market-competition driven model which centers on copyright regimes and corporate innovation; the cultural-protection balancing model which focuses on preserving local culture and facilitating industrial transformation; and the open-cooperation embedded model which relies on regional networks and external market linkages. These four governance models represent adaptive governance arrangements shaped by the interplay of institutional structure, industrial development stage, cultural traditions, and position within globalization across different economies. Each model demonstrates comparative advantages such as strategic coordination, market innovation, cultural protection, and external integration, while also facing governance limitations including administrative dependency, platform monopolies, insufficient transformation, and external reliance. To optimize its cultural industry governance, China should leverage its institutional strengths, rich cultural resources, and vast market scale to build a more integrated, open, and resilient hybrid governance system that better coordinates strategic leadership, market incentives, copyright protection, platform regulation, cultural subjectivity preservation, and regional collaboration within the APEC framework.
		2026 Vol. 43 (4): 17-28 [Abstract] ( 41 ) [HTML 1KB] [ PDF 571KB] ( 132 )

Dialogue on Civilization and Cultural Comparison

	29	On the Digital Survival and Cultural Paradigm Transformation of Folklore
		HUANG Zhong-shan
		With the rise of the wave of cultural digitalization, digital technologies and digital environments have been deeply integrated into the protection and inheritance of folk culture, providing folklore with a new living space and mode of continuation. Folklore shifts from physical space to virtual space and undergoes reconstruction, forming a dynamic spectrum between its original forms and digitalized forms, thereby reshaping folk subjects and the humanistic environment. At the subject level, the digital extension of traditional folk subjects, the rise of digital natives, and the hybrid form generated by the integration of humans and technology constitute a multi-layered subject structure. At the humanistic level, shared discourses, collective rituals, and behavioral conventions emerging in virtual spaces give rise to a new humanistic landscape. Digital technology drives the paradigm of folk culture from static preservation to living transmission centered on dynamic interaction and meaning negotiation, enabling folklore to maintain an open, emergent, and continuously constructive vital quality in digital space. Digitalization has profoundly transformed the survival logic of folklore, triggering a series of structural problems and challenges. These include the migration of folklore’s living space from the tangible to the virtual, the gradual dissolution of local boundaries within the borderless network, and intergenerational transmission, which not only faces the risk of rupture caused by the digital divide, but also generates new transmission mechanisms through cultural feedback. Against the backdrop of the national cultural digitalization strategy, it is essential to adopt an open attitude, make good and flexible use of digital technology, and maintain a balanced tension between digital transformation and cultural preservation, thereby constructing a digital cultural ecology of folklore that connects past and present and integrates urban and rural areas, so that folklore can sustain the coherence of its cultural lineage through living transmission and radiate enduring vitality.
		2026 Vol. 43 (4): 29-38 [Abstract] ( 29 ) [HTML 1KB] [ PDF 570KB] ( 467 )

	39	The Formation of Identification with Chinese Cultural Values: The Mechanism of Spatial Translation in Guofeng Games
		LI Peng-fei
		Guofeng games, defined as digital games centered on Chinese cultural values and designed to generate experience through rule-based and interactive structures, have increasingly become a significant medium for embedding Chinese culture into digital environments. Cultural values do not inherently possess experiential qualities; such qualities emerge only when abstract concepts are transformed into actionable structures.“Spatial translation” refers to the reconstruction of the value relations and behavioral logics of Chinese culture into situational conditions, rule systems, and choice frameworks within game space, enabling them to directly shape player actions. On this basis, an experience formation mechanism is established. It is structured around spatial configurations and driven by iterative action loops: within immersive contexts, culture enters experience in perceptual form; within rule systems, it is transformed into actionable logics that players can infer; and through sustained practice, it is continuously validated and accumulated via behavioral outcomes.The avatar functions as a key mediator, integrating operations into a process of action grounded in subjectivity, thereby endowing feedback with emotional significance and allowing it to become stabilized as experiential structures over time. Consequently, cultural identity no longer derives primarily from symbolic representation or narrative transmission, but emerges through the iterative cycle of “perception-action-feedback.” Spatial translation thus constitutes an intermediary mechanism linking Chinese cultural values with individual identity, transforming culture from visible representation into actionable experiential practice.
		2026 Vol. 43 (4): 39-47 [Abstract] ( 52 ) [HTML 1KB] [ PDF 544KB] ( 311 )

Innovation Economy and Cultural Industry

	48	The Generation Logic, Potential Risks and Collaborative Governance of New Mass Literature and Art
		ZHAN Shao-wen, SUN Jia-yi, LIU Yan-jun
		In the era of digital intelligence, technologies such as Mobile Internet and artificial intelligence have profoundly changed the ecology of literary and artistic development. New mass literary and artistic formats such as AI short videos and mini-dramas have risen rapidly, and the cultural production model has also shifted to a new form of deep public participation. The vigorous development of new mass literature and art is the result of the triple logic of technology, market and society: the innovation of technology constantly lowers the threshold of creation and reshapes the communication system; the market mechanism transforms public expression into a large-scale platform industry; the social level stems from the public’s general demand for“participatory culture” experience and emotional value resonance. As a result, the new mass literature and art presents the characteristics of digitalization of production, popularization of creators, and coexistence of “decentralization and re-centralization ” of communication paths. The innovation ability of the whole people’s literature and art is stimulated, and the value innovation and efficient communication are realized. However, there may be hidden worries behind the traffic boom. Platform content distribution rules can easily lead to imbalances in information distribution, inducing potential risks such as content homogenization, aesthetic degradation and value yaw. The development of new popular literature and art should build a collaborative governance framework covering institutional governance, platform governance, cultural governance and subject governance: at the institutional level, the bottom line should be drawn and innovation should be encouraged. At the platform level, the responsibility of algorithm to be good and benefit sharing should be implemented. At the cultural level, the value orientation and good ecological conservation should be clarified. At the subject level, the creator’s quality and behavior norms should be improved. Through multi-party coordination, we can fully stimulate the vitality of literary and artistic creation while sticking to the bottom line, so as to promote the new mass literature and art to the road of high-quality development, and truly become the deep power to nourish people’s hearts and gather consensus.
		2026 Vol. 43 (4): 48-59 [Abstract] ( 38 ) [HTML 1KB] [ PDF 895KB] ( 916 )

	60	From Collection to Knowledge Production: The Authenticity Paradox of Museum Objects
		SONG Hou-peng
		Museums take “authenticity preservation” as their core mission, making authenticity the logical starting point for objects to enter their collections. However, once objects are admitted, they are continuously reconstructed through the successive operations of collection, knowledge production, and digital translation as times change, leading their authenticity into a threefold paradox of promise, reconstruction, and suspension. Throughout the entire life history of museum objects, the collection stage establishes the material promise of authenticity at the cost of decontex-tualization; the knowledge production stage, through professional discourse, achieves the meaning reconstruction of authenticity while reducing it to operable authentication standards and internalizable cultural capital; the digital translation stage, through technological reconstruction, tends toward the suspension and “hauntologization” of authenticity, giving rise to a new form in which the physical and the virtual are deeply intertwined. This evolution reveals a fundamental dilemma: museums commit themselves to “authenticity preservation”, yet in their own operations continuously undermine the certainty of authenticity. The paradox of museum object authenticity is not a simple dissolution of traditional authenticity, but rather the result of the mutual penetration and interplay of museum practices, cultural governance, and technological logic. It pushes authenticity studies beyond the static dichotomies of the physical and the simulacrum, the material and the informational, presence and absence, redirecting attention to the constitutive, processual, and relational dimensions of “objects” in the process of musealization, thereby providing a key perspective and necessary theoretical reference for grasping the ethical dilemmas and cultural mission of contemporary museums.
		2026 Vol. 43 (4): 60-69 [Abstract] ( 28 ) [HTML 1KB] [ PDF 605KB] ( 95 )

Economic Growth and Financial Innovation

	70	The Impact of Climate Warming Risks on Financial Resilience and Corresponding
		HUANG Ping, WANG Chen-chen
		Financial resilience is the core cornerstone for achieving the goal of building a strong financial nation, and climate risks are currently among the major factors constraining the development of the financial system. Based on China’s city-level panel data, this paper constructs a comprehensive financial resilience index from three dimensions: stability, recovery, and renewal, and systematically examines the impact degree, mechanism, and mitigation measures of climate warming risks on financial resilience. The results indicate that the risks of climate warming significantly inhibit regional financial resilience. Structural decomposition reveals that the risks of climate warming reduce the stability and renewal of the regional financial system. Mechanism analysis reveals that climate warming risks reduce agricultural and industrial output in the real world sector, exacerbate unemployment in the household sector, and worsen the financial situation of households, and intensify the imbalance between local fiscal revenue and expenditure, thereby inhibiting regional financial resilience. The analysis of adaptive measures indicates that enhancing the resilience of the real economy, such as improving regional green innovation capabilities and promoting the development of the digital industry can mitigate the negative transmission effects of climate warming risks. Therefore, it is necessary to enhance climate risk management capabilities and build a modern economic and financial system with climate resilience in order to facilitate the construction of a financial powerhouse.
		2026 Vol. 43 (4): 70-82 [Abstract] ( 34 ) [HTML 1KB] [ PDF 584KB] ( 113 )

	83	How Does Sci-Tech Finance Affect Urban Green Total Factor Productivity from the Perspective of Regional Disparities
		HUANG Qing-hua, WANG Hao-li
		In the process of digital transformation, sci-tech finance has become a key force supporting the construction of urban green innovation systems. Based on a sample of 279 prefecture-level cities in China from 2006 to 2022, this study constructs urban green total factor productivity and its intra-provincial relative disparity indicators using the undesirable-output SBM-GML model combined with stochastic frontier methods. Furthermore, it employs the multi-period DID and spatial DID models to identify the effects and spatial spillover effects of sci-tech finance pilot policies on green TFP and its regional development disparities. The findings are as follows: (1) Sci-tech finance pilot policies significantly improve urban green TFP and narrow the regional development disparities of green TFP within provinces, with the policy effects exhibiting a dynamic characteristic of strengthening over time. (2) The strengthening of fiscal investment and the expansion of green funds are important transmission channels through which sci-tech finance pilot policies enhance urban green TFP and promote the narrowing of intra-provincial regional development disparities. (3) The enhancing effects of sci-tech finance pilot policies on green TFP are more prominent in old industrial cities, non-resource-based cities, and cities in the central region, while the convergence effects on regional development disparities in green TFP are more apparent in non-old industrial cities, non-resource-based cities, and cities in the central region. (4) The policy effects of sci-tech finance pilots have significant spatial spillover effects, which can not only promote the growth of green TFP in neighboring regions but also drive the convergence of regional development disparities in green TFP over a broader scope.
		2026 Vol. 43 (4): 83-94 [Abstract] ( 34 ) [HTML 1KB] [ PDF 713KB] ( 157 )

Politics, Law and Social Governance

	95	“Being Moved” in the Context of Political Psychology: Characteristics, Functions, and Mechanisms
		MIAO Hong-na
		In the context of deep medialization and the rise of affective publics, being moved—as a positive emotion triggered by the sudden intensification of social bonds—has demonstrated significant value in strengthening group identity, enhancing political legitimacy, and mitigating political polarization. In contrast to Western psychology’s focus on the affective attributes and neural mechanisms of being moved, political science approaches examine how this emotion is absorbed by political systems and participates in the construction of political order. In the Chinese context, the politics of being moved exhibits a distinctive composite structure: it encompasses not only the horizontal social bonds described by Kama Muta theory, but also integrates vertical moral sublimity and the value order of the “familial-state isomorphism”, forming a “moral-political” model of emotional governance. Accordingly, being moved can be dis-tinguished into two ideal types—“spontaneous being moved” and “constructed being moved”—which are both interdependent and in constant tension within political mobilization. Through the emotional mobilization of symbols, rituals, exemplary narratives, and collective memories, the state narrates and amplifies the spontaneously emergent feelings of being moved among the public, elevating them into emotional identification with the political system. This process constitutes a dual interaction of bottom-up emotional resonance and top-down narrative response. Overly instrumentalized construction may lead to “compassion fatigue” and the risk of emotional manipulation; effective emotional governance requires a balance between narrative construction and public emotional autonomy to achieve the sustainable production of political legitimacy.
		2026 Vol. 43 (4): 95-104 [Abstract] ( 29 ) [HTML 1KB] [ PDF 590KB] ( 136 )

	105	“Fingertip” and “Face-to-Face”: The Practical Tension, Bidirectional Adaptation and Collaborative Path of Rural Digital Governance
		LI Hui
		In the context of digital rural development, the practical tension between “fingertip governance” and “face-to-face governance” has become the core bottleneck restricting the improvement of governance efficiency. Based on Giddens’ structuration theory, a process analysis framework of “tension-adaptation-collaboration” is constructed. Taking C Town of A City in Eastern Zhejiang Province as a case, this study systematically examines the evolution process of the two governance models from tension to adaptation and then to collaboration. The findings reveal that the tension between the two governance models stems from the structural conflict between the instrumental rationality of digital governance and the value rationality and interaction rationality of traditional governance. “Bidirectional adaptation”, as the core mechanism for resolving practical tensions and driving bidirectional synergy, consists of two dimensions: rule-based adjustment and resource-based complementarity. The former refers to the digital system absorbing the rural context through measures such as adding flexible processes, adjusting assessment indicators, and expanding information channels; the latter refers to the feedback from rural wisdom to the digital system, as well as the informational, scheduling, and inheritance empowerment that digital technologies provide to traditional governance. Through sustained practice, ongoing bidirectional adaptation gradually transforms from ad hoc expediency into institutionalized synergistic pathways, manifesting specifically as functional synergy characterized by the division of labor between platform-based rapid resolution and offline breakthroughs, organizational synergy through the normalization of joint consultation mechanisms, and knowledge synergy through the summarization and sharing of governance experience. To enhance the effectiveness of rural digital governance, it is necessary to promote the dynamic adjustment between the digital system and local society at both the rule and resource levels, relying on the functional complementarity of the two governance modes across temporal and spatial dimensions, thereby forming a sustainable new normal of governance.
		2026 Vol. 43 (4): 105-114 [Abstract] ( 26 ) [HTML 1KB] [ PDF 759KB] ( 110 )

	115	From “Building Foundations” to “Strengthening Integration”: Path Selection and Enhancement Strategies for the High-Quality Development of Digital Villages at the County Level
		GUO Shi-ying, GAO Xia
		Digital rural construction is a crucial lever for advancing comprehensive rural revitalization and accelerating agricultural and rural modernization. Drawing on the “Technology-Organization-Environment” (TOE) analytical framework and taking China’s top 100 counties as research subjects, this study employs the fuzzy-set Qualitative Comparative Analysis (fsQCA) method to explore the multiple factors and their synergistic effects that contribute to variations in the digital rural development among counties. The findings reveal that the performance of county-level digital rural development is not determined by a single factor, but rather depends on the synergistic alignment of multiple conditions across technological, organizational, and environmental dimensions. The study identifies four synergistic pathways that drive high-quality development of county-level digital rural construction: (1) the “direct production-to-consumer linkage” pathway, which relies on digital marketing and digital consumption to achieve export-oriented sales; (2) the “internal circulation enhancement” pathway, which activates local production-consumption loops through digital supply chains; (3) the “comprehensive synergy” pathway, which fully integrates production, supply chain, and marketing capabilities to form a full-chain synergistic system linking both internal and external dynamics; (4) the “inclusive access” pathway, which focuses on infrastructure coverage and accessibility of basic services. The configurational analysis also indicates that the lack of a digital production system that is data-driven, subject to standardized control, and capable of interfacing with the market serves as key bottleneck preventing county-level digital rural development from reaching a high-quality stage. To sustain and advance high-quality development of county-level digital rural initiatives, priority should be given to consolidating the foundation of digital agricultural production, implementing differentiated and category-based promotion strategies, strengthening cross-departmental coordination and resource integration, and enhancing the resilience and endogenous momentum of county-level digital rural development.
		2026 Vol. 43 (4): 115-123 [Abstract] ( 18 ) [HTML 1KB] [ PDF 551KB] ( 106 )

Humanities and Chinese Spirit

	124	The Guiding Logic and Overall Structure of XI Jin-ping’s Thought on Party Building
		CHEN Ke-lin
		As the chapter on Party building within XI Jin-ping’s Thought on Socialism with Chinese Characteristics for a New Era, XI Jin-ping’s Thought on Party Building is a Marxist ideology for Party building that seeks to strengthen the Party to lead the nation. Centered on the major contemporary question, this ideology incorporates the comprehensive and strict governance of the Party into the overall layout of state governance; it prioritizes the Party’s political development over all other aspects of Party building; it resolves the challenges unique to a large ruling party through the Party’s self-revolution; and it refines the long-term mechanisms for managing and governing the Party through institutional governance and rule-based governance. Its development process is characterized by a progressive sequence of problem identification, the establishment of foundational principles, the formation of a central thread, the expansion of the theoretical system, and its maturation and consolidation; Its logical thread lies in taking the building of a Marxist ruling party that governs for the long term as the fundamental proposition; upholding the Party’s comprehensive leadership and safeguarding the centralized and unified leadership of the Party Central Committee as the political prerequisites; exercising full and rigorous Party self-governance as the strategic guideline; relying on the Party’s self-revolution as the internal driving force; and directing the Party’s governance, revitalization, and strengthening toward the construction of a great nation and national rejuvenation as the practical orientation; Its structure is framed by the “Fourteen Adherences,”, forming a system in which political leadership, values and spirit, organizational implementation, discipline and purification, and institutional accountability are interconnected.
		2026 Vol. 43 (4): 124-131 [Abstract] ( 16 ) [HTML 1KB] [ PDF 494KB] ( 466 )

	132	The Concept of Practice in XI Jin-ping’s Thought on Party Building: Orientation, Purpose, and Strategy
		TAO Li-ye
		XI Jin-ping’s Thought on Party Building constitutes a rigorous theoretical system integrating fundamental substance with practical application and achieving the unity of principle and practice. In terms of its inherent logical framework, the Fourteen Insistences highly distill the core connotations of this thought and present an overall structural configuration of “2 + 12”. Embedded within this theoretical framework is its concept of practice, a theoretical integration centered on “building a Marxist party exercising long-term governance” that encapsulates contemporary Chinese Communists’ practical values and methodological approaches. As an indispensable core component of the foundational theoretical achievements of XI Jin-ping’s Thought on Party Building, this concept of practice serves as a pivotal dimension reflecting the original theoretical contributions of the thought. An in-depth theoretical review reveals that this concept of practice comprises three internally consistent and logically complementary components: the orientation of practice, the purpose of practice, and the strategy of practice. When discussing the orientation of practice, XI Jin-ping’s Thought on Party Building contains a foundational orientation of “consolidating the Party’s fundamental roots”, a realistic orientation of “eliminating intra-party maladies”, and a developmental orientation of “breaking new ground in Party building practice”. In terms of the purpose of practice, the thought embodies unified value norms and goal orientations: tempering the Party’s inherent political nature, strengthening its political role, and enhancing the Party’s capacity for long-term governance. Regarding the strategy of practice, adhering to problem-oriented thinking and a systemic perspective, the thought constructs a complete action system and institutional normative framework for full and strict Party self-governance, alongside a synergistic linkage mechanism featuring coordinated multi-pronged efforts. Rooted in this scientific concept of practice, the Party has achieved remarkable outcomes in Party self-governance throughout the New Era, identified the second answer to breaking out of the historical cycle of rise and fall, and significantly advanced the Sinicization and modernization of Marxist theories on Party building.
		2026 Vol. 43 (4): 132-140 [Abstract] ( 24 ) [HTML 1KB] [ PDF 536KB] ( 176 )

	141	From Algorithmic Power to Algorithmic Fetishism: The Emergence and Sublation of Digital Labor Alienation
		CHEN Yan-bo, ZHANG Qian
		Algorithmic fetishism represents a profound contemporary transformation of commodity fetishism. In the digital-intelligence era, algorithms have evolved from auxiliary management tools into covert systems of power, giving rise to new forms of labor alienation. No longer mere technical instruments for efficiency optimization, algorithms now function as invisible social forces that autonomously formulate rules, allocate resources, and assign value. Labor alienation, likewise, has transcended external surveillance in physical spaces, embedding itself deeply into the foundational structures of individual cognition, behavioral choices, and self-identity. By predetermining architectural frameworks, algorithms dissolve labor autonomy; through data surveillance, they enact predictive control; and via platform monopolies, they fracture labor relations into fragmented units. Human social relationships are reductively translated into ostensibly scientific, “optimal” technical computations, while capital’s power is concealed beneath the veneer of technological neutrality. This creates a structural rupture between the highly socialized and public nature of digital labor production processes, and the privatized platform control over the appropriation and distribution of labor outcomes. Consequently, the alienation of labor products extends beyond material spheres into cognitive, emotional, and relational domains, breeding algorithmic fetishism. More insidiously, platforms internalize performance metrics as workers’ value standards through gamified labor mechanisms, escalating Marx’s “dead labor dominating living labor” into cognitive exploitation where “code captures consciousness.” Whether digital-intelligent technologies deepen human subjugation or pave the way for free, holistic development hinges on the social relations governing technology. Only by liberating digital tools from capital’s logic can alienated digital labor be reclaimed as genuinely creative human praxis.
		2026 Vol. 43 (4): 141-150 [Abstract] ( 30 ) [HTML 1KB] [ PDF 581KB] ( 439 )

	151	A Historical-Materialist Interpretation of Patient Capital
		YANG Hua
		Patient capital is a specific form of capital that has emerged in response to the requirements of the development of new-quality productive forces. Compared with traditional capital, which pursues rapid turnover and short-term returns, patient capital is characterised by long-term investment, risk-sharing and intertemporal returns and is better suited to the operational patterns of high-tech industries, which are characterised by long R&D cycles, high capital immobilisation and significant uncertainty. From the perspective of historical materialism, the emergence of patient capital is not a coincidental policy arrangement, but rather an adjustment made by the relations of production to adapt to changes in productive forces. Its essence lies in the fact that, under the pressures of profit, technological change and long-cycle innovation, capital forms an operational model serving long-term innovation by restructuring its turnover methods, risk-bearing mechanisms and value evaluation logic. The development of patient capital is driven by a combination of factors, including national strategic guidance, the evolution of market mechanisms, the upgrading of social demand, and the pressures of international competition. To strengthen patient capital, efforts should focus on refining mission-oriented top-level institutional design, improving incentive-compatible mechanisms, reconstructing a multi-dimensional value evaluation system, and fostering open and collaborative innovation clusters. This will ensure that capital allocation better serves scientific and technological innovation, industrial upgrading, and the construction of Chinese-style modernisation.
		2026 Vol. 43 (4): 151-160 [Abstract] ( 27 ) [HTML 1KB] [ PDF 577KB] ( 174 )

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