Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems. The requirement to establish a modern fiscal, tax, and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems. This paper, based on a comprehensive analytical framework for fiscal influence on the monetary system, explores the institutional foundation, transmission channels, and regulatory capabilities through which the fiscal authorities affect monetary circulation. There are three findings. First, the Treasury Single Account (TSA) system, the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks, and the fiscal credit system endow fiscal authorities with the ability to influence money creation. Second, fiscal authorities exert a significant influence on the monetary market: With regard to money supply, treasury deposits are a vital factor influencing the broad money, and the impact of treasury deposits on money supply exhibits significant cyclical characteristics; And in terms of public financial product production, over the past decade, the proportion of fiscal credit relative to commercial credit has been on the rise, with 11.04% to 31.29% of loans from financial institutions in 2022 categorized as fiscal credit. Third, relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures, have utilized structural monetary policy tools in conjunction with fiscal production of public financial products, expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor, and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.

New quality productive forces emphasize disruptive technological revolutions, industrial transformation and upgrading, and the innovative allocation of production factors. These forces not only reshape the landscape of industrial and supply chains but also bring unprecedented challenges. Amid this wave of transformation, disruptive technological revolutions drive industrial upgrading, deeply integrated new business forms propel the evolution of industrial chains toward a networked structure, and the application of new generation factors facilitates the intelligent transformation of supply chains. The rise of emerging models, such as digital platforms, further spurs profound changes in the organizational forms of supply chains. Simultaneously, new quality productive forces impose new demands on the security of industrial and supply chains across three dimensions: entity, structure, and environment. The accelerated development of new quality productive forces, as well as the safety and stability of industrial and supply chains, relies on a solid fiscal foundation and robust support. Against this backdrop, the authors explore the priorities of fiscal and taxation policies in promoting coordinated industrial development, driving corporate innovation and integration, ensuring unimpeded chain circulation, building a unified national market, optimizing the business environment, and attracting the inflow of new-generation factors. A systematic analysis is also conducted on the existing shortcomings and deficiencies in current fiscal and taxation policies. To address these issues, fiscal and taxation policies should be designed from seven perspectives: new front, new transition, new foundation, new paradigm, new circulation, new environment, and new coordination, aiming to achieve the strategic goal of synergistic progress between the security of industrial and supply chains and the development of new quality productive forces.

Promoting a green and low-carbon transition in the economy and achieving Chinese “dual carbon” goals require precise support from fiscal and monetary policies. This paper constructs a seven-sector stock-flow consistent model that includes heterogeneous household sectors and heterogeneous capital goods production sectors. It conducts a simulation analysis of the impact of fiscal and monetary policy tools, including green bonds and differentiated green loan interest rate pricing, on China’s “dual carbon” goals, economic growth, and other key economic indicators from 2020 to 2060. The findings reveal that fiscal policy plays a fundamental role in addressing the negative externalities of green and low-carbon transition, while monetary policy provides critical support for the gradual replacement of brown assets by green assets. Compared to the baseline scenario or reliance on fiscal policy alone, the combined efforts of fiscal and monetary policies yield more effective outcomes for green and low-carbon transition objectives. Moving forward, it is essential to optimize the coordination between fiscal and monetary policies, continuously enhance their efficacy in supporting the green and low-carbon transition, and remain vigilant about inflation and economic growth fluctuations during this transition.

The financial system serves as a fundamental institutional pillar for China’s economic and social development. Financial system reform constitutes a critical component of China’s comprehensive deepening reforms, a key link in advancing Chinese modernization, and an essential requirement for modernizing China’s governance system and capabilities. Deepening the financial system reform is urgently needed to accelerate the building of a financial powerhouse, modernize financial governance systems and capabilities, uphold the approach of financial development with Chinese characteristics, serve the real economy, foster new quality productive forces at a faster pace, improve the macroeconomic governance system, balance development and security, and gain strategic initiative in major-power competition. To deepen financial system reform, Chinese people must be guided by the new development philosophy and thoroughly recognize the political and people-centered nature of financial work. To build a financial powerhouse and the mission of promoting high-quality financial development, China should persistently enhance the systematic, holistic, and coordinated nature of financial reforms, accelerate the establishment of a modern financial system with Chinese characteristics, and continuously meet the growing financial needs of economic and social development as well as Chinese people.

The Beijing-Tianjin-Hebei region, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area and other urban agglomerations are emerging as important drivers of high-quality economic development. This paper establishes an evaluation indicator system to assess the levels of high-quality economic development in these urban agglomerations based on the new development philosophy. Utilizing the CRITIC-Entropy weight method and kernel density estimation method, this paper measures and compares the levels of high-quality economic development in the three urban agglomerations from 2011 to 2020 and analyzes the factors influencing their high-quality development. The findings indicate that all three urban agglomerations exhibit a stable upward trend in high-quality development, with diminishing relative differences among them. From a dimensional perspective, each agglomeration has unique strengths and weaknesses in terms of high-quality economic development. The innovation and entrepreneurship level, urbanization, advanced industrial structure, environmental regulation, marketization, and transportation infrastructure play significant roles in fostering high-quality economic development.

Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development. It has played a significant role in promoting economic growth, stabilizing employment markets, and facilitating economic transformation. As the economy progresses, advancing financial system reform to adapt to and promote high-quality financial development has become imperative and urgent. Deepening financial system reform is not only a requirement for synchronizing financial development with Chinese modernization but also a key measure to overcome institutional and systemic barriers constraining high-quality financial development. In the context of Chinese modernization, the priorities for deepening financial system reform include upholding the centralized and unified leadership of the Central Committee of the Communist Party of China (CPC), improving the modern central banking system, establishing an efficient financial regulatory framework, developing the “Five Key Financial Areas” (i.e., sci-tech finance, green finance, inclusive finance, pension finance, and digital finance), harmonizing the investment and financing functions of capital markets, and advancing high-standard financial opening up. Through continuously deepening financial system reform, high-quality financial development can be elevated to a new level, thereby providing robust financial guarantee and abundant momentum for building a highstandard socialist market economy and serving Chinese modernization.