This study identifies an incentive-compatible mechanism to foster individual environmental engagement. Utilizing a dataset comprising 100,000 randomly selected users of Ant Forest—a prominent personal carbon accounting platform embedded within Alipay, China's leading BigTech super-app—we provide causal evidence that individuals strategically engage in eco-friendly behaviors to enhance their credit limits, particularly when approaching borrowing constraints. These behaviors not only illustrate the green nudging effect of BigTech but also generate value for the platform by leveraging individual green actions as soft information, thereby improving the efficiency of credit allocation. Using a structural model, we estimate an annual green value of 427.52 million US dollars generated by linking personal carbon accounting with BigTech credit. We also show that the incentive-based mechanism surpasses green mandates and subsidies in improving consumer welfare and overall societal welfare. Our findings highlight the role of an incentive-aligned approach, such as integrating personal carbon accounts into credit reporting frameworks, in addressing environmental challenges.

This paper develops a network to analyze inter-industry risk spillovers during high and low volatility periods. Our findings indicate that China's Industrials and Consumer Discretionary exhibit the greatest levels of spillovers in both high and low volatility states. Notably, our results demonstrate the "event-driven" character of structural changes to the network during periods of pronounced risk events. At the same time, the economic and financial network exhibits clear "small world" characteristics. Additionally, in the high volatility stage, the inter-industry risk contagion network becomes more complex, featuring greater connectivity and direct contagion paths. Furthermore, concerning the spillover connection between finance and the real sector, the real economy serves as a net exporter of risk. The study's findings can assist government agencies in preventing risk contagion between the financial market and the real economy. The empirical evidence and policy lessons provide valuable insights for effective risk management.

Software and accounting advances have led to a rapid expansion in and proliferation of loyalty tokens, typically bundled as part of product price. Some tokens, such as in the airline industry, already account for tens of billions of dollars and are a major contributor to revenues. An open question is whether, as technology evolves, firms will have a strong incentive to make loyalty tokens tradable, raising regulation issues, including with monetary and banking authorities. This paper argues that for the vast majority of tokens, issuing firms have a strong incentive to make them non-tradable. The core incentive for token issuance here is that an issuer can earn a higher rate of return on the ``float'' (tokens issued but not yet used) than its retail customers can, much like a bank. Our main finding is that an issuer earns higher revenue by making tokens non-tradable even though the consumer would be willing to pay a higher price for tradable tokens. We further show that an issuer with stronger market power tends to allow more frequent token redemption, and its revenue is more token-dependent. We test the model's predictions with data on airline mileage and hotel reward programs and document consistent empirical results that align with our theory.

Owing to the liberalisation of financial markets, the impact of international capital flows on the Chinese stock market has become substantial. This study investigates the effects of economic policy uncertainty (EPU), geopolitical risk (GPR), consumer sentiment (CCI), macroeconomic fundamentals (MECI), and money supply (M2) on the correlations between the stock and exchange rate markets. The negative correlation between these two markets has become more pronounced in recent years. Moreover, EPU, GPR, CCI, and MECI negatively impact long-term stock-exchange rate correlations, while M2 has a positive impact. Portfolios of stock-exchange rates effectively reduce risk, especially when considering structural breaks.

How does information sharing affect consumers' usage of FinTech credit? Using a unique dataset of ``Buy Now, Pay Later (BNPL)" users from a large digital platform and exploiting a credit reporting policy change, we document that consumers significantly reduce their usage of BNPL credit when the BNPL lender becomes subject to credit reporting regulation. This reduction is more pronounced among borrowers with previous default records, who also become more disciplined in repayment behaviors, than those without such records. The decrease in BNPL usage also leads to a reduction in online consumption, supporting the financial constraint hypothesis. Our results suggest that information sharing can help alleviate overborrowing and overspending, with stronger effects observed among younger borrowers, those who previously consumed more, or those with credit cards. We also highlight the synergies between BNPL lending and Big Tech platforms' ecosystems, which imperfectly substitute for formal enforcement institutions.

We investigate the effect of the Consumer Financial Protection Bureau’s 2015 disclosure of complaint narratives on reducing racial disparities in financial services. Employing a triple-differences approach that compares the performance of affected and unaffected financial institutions across communities with varying racial compositions, we find that post-disclosure, minority communities experience welfare enhancements. These include higher savings interest rates (amounting to over $50 million annually), reduced maintenance fees, and lower interest rates on auto loans and credit cards. The research emphasizes the broad impact of service quality disclosure in mitigating racial disparities in savings and lending markets.

In the context of promoting high-quality economic development, using digital technology to empower industrial transformation and upgrading, thus driving consumption growth has become a key problem that needs to be solved urgently. By using data at the prefecture-level cities in China from 2011 to 2020, the paper has discussed the influence of the digital economy on residents' consumption and its internal mechanism. Theoretical analysis and empirical test results have shown that first of all, the digital economy has significantly improved residents' consumption, and this conclusion is still valid after the endogenous test and robustness test. Secondly, mechanism analysis has shown that the digital economy can increase residents' consumption by promoting the upgrading of the industrial structure. Thirdly, the promotion effect of the digital economy on residents' consumption is heterogeneous between urban and rural areas and between different regions. Compared with urban, and eastern and central regions, the digital economy has a more significant incentive for residents' consumption in rural areas and western regions, indicating that its development is beneficial to narrowing the gap of consumption between urban and rural areas and between regions. Finally, the improvement effect of the digital economy on residents' consumption has marginal increment nonlinear characteristics, which is continuously strengthened with the upgrading of industrial structure. The above research conclusions can provide a theoretical basis for further improving the infrastructure of the digital economy, accelerating the integration of the digital economy with traditional industries, and building a consumer Internet.

The development of the wealth management market is based on the needs of investors. The logic of market regulation should also be based on the interests of investors. On the basis of summarizing the regulatory experience of the global wealth management market, suggestions are put forward to improve the system of China's wealth management market . The fundamental driving force for the establishment of a regulatory legal system for the wealth management market comes from the needs of the development of the wealth management market. Moreover, the structure and process of this institutional construction are also closely related to the structure and development of market demand. China's current wealth management market has become a huge financial sector, and the deepening of the market and the diversification of participants all put forward requirements for the construction of a fair and scientific regulatory system. Wealth management business is different from traditional financial business in many aspects such as function, business standard and business model, and its basic legal relationship is also far from traditional business. The commonality of business in China's current wealth management market is in line with the basic elements of the legal relationship of trust. From the perspective of the realistic basis and the nature of the industry, it is appropriate to define the basic legal nature of wealth management business as a trust relationship. Due to factors such as information asymmetry and economic scale, financial investors are in a serious imbalance and imbalance when they trade with financial institutions. Therefore, the financial supervision system should grasp this core contradiction, give investors the status of consumer protection, and establish the concept of protecting wealth consumers. The regulation of wealth management operators should grasp the requirements of the basic trust relationship, take the basic principle of supervising the performance of trustee duties by financial management institutions, and implement a series of rules for trustees to be loyal and prudent in financial management. These rules should focus on risk prevention, and include establishment of access standards for wealth management business, supervision of independent development of wealth management business, supervision of full performance of prudent management duties by wealth management institutions, and guidance for healthy development of wealth management institutions. The experience in the supervision of developed wealth management markets such as the United States, the United Kingdom, Japan, and Singapore shows that the establishment of a legal system for the protection of wealth management consumers is an inevitable result of the development of the financial market, and it is necessary to set up special institutions and mechanisms to implement the concept of wealth management investor protection, and emphasize wealth management products. Providers' fiduciary obligations to investors, and functional supervision based on a unified system in the regulatory system can be used as a reference for China . China's wealth management market regulatory system include inconsistent rules, weak protection, biased guidance, and lack of independence. Due to the separate regulatory system, different game rules apply to homogeneous wealth management business operated by different types of financial institutions, resulting in rule conflicts and market injustice. However, the substantive rights of wealth management investors still exist in a vacuum that cannot be confirmed. At the same time, the status of consumers is far from being officially confirmed, and the consumer protection mechanism cannot truly achieve justice. As regulatory guidance still favors the concept and tools of supervising traditional businesses, wealth management institutions mainly expand extensively by selling products, and wealth management products also present serious "bond-like" characteristics. The "non-neutral " positioning of financial regulatory agencies has externalized into phenomena such as rule conflicts, "policy following suit" and "excessive maintenance of stability". Constructing and continuously improving China's wealth management market supervision system is: the purpose of supervision is to restore the effective operation of the market mechanism. The basic legal relationship in China's wealth management market should be recognized as a trust relationship. This is not only an essential requirement of the wealth management market, but also a practical need to integrate regulatory chaos. It is the trend of financial and economic development that the regulatory system positions the position of wealth management consumers. It should start with legislative policies, make key breakthroughs around consumers' substantive rights and protection mechanisms, and gradually improve investor protection mechanisms. The regulatory system should focus on supervising financial institutions to fulfill their fiduciary obligations, and establish sound access rules, business independence rules, prudent management rules, and strict market exit mechanisms. China's wealth management market supervision system should be based on unified legislation and gradually implement functional supervision in order to achieve effective management and harmonious development of the wealth management market.

Objective: In order to prevent and cure the more and more worse greenhouse effects, climate change impacts and living environment for man kinds, new dangerious factors must be found, identified and prevented. Method: Summarized and research the facts of China as the top consumer of refrigerant. So China is the top consumer and elininater of the Freon and alike chemicals. So call for preventing and curing the worse green house effects, climate change impacts caused by the Freon and alike chemicals. Results: As China is the biggest country in the world with 1.4billions people and top economic power. China should be the leader to control the Freon and alike chemicals, and the green house effect and the global warming. But now, China has been still being the top consumer of the Freon and alike chemicals or the top consumer of refrigerant. We must face squarely what shortcomings we have had. And correct it at once.As the facts tell us the Freon and alike chemicals have been the dangerious factors of the green house effect and the global warming. So we can create new policy and science to reduce and control the Freon and alike chemicals at once. And so on the green house effect and the global warming. Everywhere in China there has been being all air conditioners, ice chestn and refrigerators have been consuming and emitting the Freon and alike chemicals. After China had been producing main part of CFC of Freon in the world. And the CFC of Freon have been banned. China has been changing to HCFC of Freon and HFC of Freon as substitutes. It has been being known to all that every place in China, where people live and work. There must have air conditioners, ice chestn and refrigerators. From family households, factories, government offices, hospitals, tools of transportation, even the spacecrafts have been being equipped with air conditioners, ice chestn and refrigerators. All the air conditioners, ice chestn and refrigerators have been consuming and emitting the HCFC of Freon and HFC of Freon after CFC of Freon. Because the China is the biggest country in the world. The population of China is the much too more than any other country in the world. So the family households, factories, government offices, hospitals, tools of transportation must be much too more than any other country in the world. Therefore, the air conditioners, ice chestn and refrigerators also must be much too more than any other country in the world. At present, China must have been consuming and emitting the HCFC of Freon and HFC of Freon more than other countries. HCFC and HFC of Freon are not green products and environmental protection products Though HCFC of Freon has less effect to deplete the Ozone Layer. But it is not the perfect substances. Some HCFC of Freon have been being banned from usage. Which indicate that the HCFC of Freon are not green products and environmental protection products. While theoretically, the ODP (The Ozone Depletion Potential) of HFC of Freon is 0. But the Global warming potential(GWP) is very high. Therefore, the HFC of Freon are also not green products and environmental protection products. While China has been being the biggest and main producer and consumer of the banned CFC of Freon and the biggest and main producer and consumer of the HCFC and HFC of Freon. So Chinese air conditioners, ice chestn and refrigerators must make more Ozone Depletion and Global warming substances. Conclusion: The concrete policies must be created as soon as possible. Reducing the top consumer and elininater of the Freon and alike chemicals or create new chemicals without the worse green house effects, climate change impacts were China’s and world’s imperative policy.

By using a proprietary real–time daily online sales data collected in China from 10–billion consumer accounts, this paper ffnds that the ffrm–level daily online sales growth (DOSG) can positively predict future one–day to more than three–month cumulative stock returns in the cross section, implying a growth premium in contrast to Lakonishok, Shleifer, and Vishny (1994). A spread portfolio that is long on stocks with high DOSG and short on stocks with low DOSG delivers an abnormal return of around 30 basis points per week. DOSG derives its short–run (e.g., weekly) predictability from investor sentiments, tilting to a behavioral explanation. However, it derives its medium to long–run (e.g., three–month) predictability from fundamentals, voting for a rational explanation. Our further evidence indicates that stocks with high DOSG experience more intensive information acquisition from retail investors and less severe crash risk, implying online sales as a channel for retail investors to get access to daily real–time ffrm fundamentals.