Abstract:As an important part of Chinas national governance, business environment governance is an important symbol of the modernization of the national governance system and governance capacity, as well as an outstanding performance of Chinese path to modernization in the economic field, highlighting the modernization level of national governance. Therefore, firmly grasping the development direction of business environment, we should adhere to the guidance of Xi Jinping Thought of Socialism with Chinese Characteristics for a New Era and the spirit of the 20th National Congress of the Communist Party of China, take Chinese path to modernization as the goal, and take the achievements and experience of Marxism sinicization as the basis, and transform the institutional advantages of the business environment into national governance effectiveness. Guided by Chinese path to modernization as the direction of business environment governance, and supported by the theories of economic development of major countries, new-new trade theory and Marxist political economy, this paper deeply analyzes the internal mechanism of business environment governance in the perspective of building a new development pattern. That is, the economic theory of major countries starts from modernization with a huge population scale. From the realistic perspective of population size diversity and market diversity, it reveals the importance of building a strong domestic market. The Chinese path to modernization goals of common prosperity, harmony between material civilization and spiritual civilization and harmonious coexistence between man and nature are consistent with the logic of new-new trade theory based on enterprise heterogeneity, exploring enterprise potential, paying attention to enterprise participation and social responsibility, and finally realizing the overall benefits of the industry. Marxist political economy pursues the goal of national economic benign circulation, from the angle of domestic and international dual cycles, interprets the political economy connotation of peaceful development road. Secondly, based on three theoretical bases, this paper analyzes the multi-dimensional dynamic logic of business environment governance to promote economic development from the perspective of new development pattern, namely, the logic of market-oriented allocation of elements based on the theory of major country economic development, the logic of upgrading industrial chain and supply chain based on the new-new trade theory, and the logic of modern circulation system construction based on Marxist political economy. Finally, this paper integrates the multidimensional dynamic logic of business environment governance into the objective orientation and strategic choice of Chinas building of a new development pattern, and puts forward a market-oriented reform path, innovation-driven path and delegating power, improving regulation and upgrading services path of business environment governance from the perspective of building a new development pattern. The three action paths complement each other and work together. Institutional innovation will inject a steady stream of vitality into the economic system of the new development pattern.

Abstract:Since General Secretary Xi Jinping put forward the formation of a new development pattern with domestic and international dual cycles as the main body and mutual promotion of domestic and international dual cycles, dual cycles have become a hot issue. The studies show that:1) The US-China economic and trade frictions overlapped with the global spread of COVID-19 have caused Chinas economic and trade development to encounter a quadruple dilemma, namely, peer-to-peer countermeasures, pandemic shock, lack of trust, and political frictions. The new development pattern, which promotes the mutual promotion of domestic and international dual cycles, is a new era strategy to break through the four dilemmas. 2) The relatively limited domestic effective demand in China determines the more need to promote the domestic and international dual cycles to achieve real mutual promotion. The ineffective supply of some domestic products and the insufficient effective supply of some high-end products determine that China needs to actively expand effective market demand and effective product supply under the pandemic. 3) We need adhere to the market-oriented allocation of factors and optimize the business environment, so as to make the market intersection of domestic and international dual-cycle mutual development bigger and stronger. 4) It is necessary to adopt multi-policy measures, such as building a dual-cycle overseas hub, supporting central city radiation, and implementing regional gradient complementary strategy, etc., to coordinate the promotion of full opening up, and to accelerate the formation of a large market with market-oriented allocation of factors, mutual promotion of domestic and international dual cycles, and orderly competition and integration to support sustainable economic growth in China.

Abstract:Faced with the global economic downturn and the continuous spread of COVID-19 epidemic, the uncertainty and instability of the international political and economic situation has increased. Based on theoretical logic and historical experience, it is not only the irreversible trend but also the inherent requirement of Chinas sustainable development of economy to build a new domestic and international dual cycle development pattern with domestic cycle as the main body, emphasizing linkage cycle, active cycle and dynamic cycle. In essence, the key to the formation of the new pattern lies in building a dual cycle endogenous power and fostering new advantages in international cooperation and competition. Specifically, it is to rely on the national strategy, take advantage of Chinas super large-scale market, multi-level consumer market and unified large market, to create a dual cycle endogenous market power. This need coordinated work which includes independent innovation as the core, and manufacturing service as the competitive new advantages, and the digital economy as a new opportunity to create a dual cycle industry support role. Moreover, it is important to improve the business environment, foster a dual cycle corporate dominant position, and form a high-level dynamic balance with higher quality supply and more dynamic domestic demand.

Abstract:Overseas mergers and acquisitions (hereafter called M&A) by Chinese enterprises are an important component of outer circulation under the dual cycle strategy, which not only actively layouts for international circulation, but also introduces advanced technology, expands overseas markets, and ensures the supply of raw materials for domestic circulation. This paper studies the short-term and long-term performance of overseas mergers and acquisitions of Chinese A-share listed companies from 2014 to 2018 by using the event study method, cumulative average excess return and accounting indicator method, and combining with China overseas Investment National Risk Rating System (CROIC-IWEP). The study finds that country risk, political risk, economic risk and financial risk all have a negative effect on the overseas M&A performance of Chinese enterprises, and political risk negative effect is most obvious. A good relationship with China can have a positive effect on the overseas M&A performance, among which the countries or regions with the second-best relationship with China have the most significant impact on the abnormal return rate after M&A. Further research shows that enterprises can increase the success rate of M&A through their overseas subsidiaries. Meanwhile, financial institutions and intermediaries can alleviate the information asymmetry between acquirer and its target firm in the process of M&A, which is helpful to improve the success rate and scale of M&A. Therefore, some countermeasures and suggestions are put forward, such as establishing national risk identification, early warning and control mechanism, establishing overseas investment risk sharing mechanism, and constructing economic community.

Abstract:Faced with the increasingly complex situation of global economy, China’s pattern of economic globalization needs a drastic change in direction from focusing on away market to home market. The new pattern of economic globalization performs greater connectivity of domestic and foreign markets based on expanding domestic demand, and drives domestic enterprises to participate in the dual cycle of domestic and foreign markets with the development and growth of the domestic market. The key to China’s economic globalization in home market is to use domestic demand as a strategic basis, increase the input of advanced production factors, and transform the global value chain into a global innovation chain that can promote industrial upgrading. This need coordinated work which includes the theory of dynamic comparative advantage as guidance, the domestic value chain as support, the modern industrial clusters as carriers, the Internet Plus digital economy as opportunities, and the Belt and Road Initiative as links. Moreover, the most important basis and precondition is to make the domestic market unified, open, competitive and orderly as soon as possible. Its specific policy directions are resolutely protecting the vitality of market entities, building economic platforms to expand domestic demand and paying more attention to opening up internally.