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The Chinese government is continuing its policy to distribute digital currency for the first time in the world, while conducting experiments in pilot areas. The Chinese government is pushing to issue a digital yuan to reduce its dependence on the dollar and to identify capital flows and capital outflows. However, issuing digital yuan requires reform of the existing financial system, so policy, legal modification and supplementation are important. Under this background, the purpose of this study was to first identify the nature of digital yuan and its basic structure for issuance, and to confirm its direction through digital yuan experiments in Shenzhen. The results of the study are as follows. First, the essential issue of digital yuan is whether it is currency or digital assets, and the issue of ownership and security is becoming an issue. Second, digital yuan is regarded as a special copper coin, although it is not a type of copyright. However, in order for digital yuan to secure legal compensation in legal currency, legal supplementation to the nature of the currency is necessary. Third, unlike the existing mobile payment system, digital yuan maintains its properties as a currency and will be used extensively, although certain restrictions are given. The digital yuan experiment in Shenzhen this time was also issued by confusion in payment at the consumption site due to lack of publicity. From the perspective of consumers, it was difficult to recognize the nature of the digital yuan and its distribution structure through the difference between the legal currency properties of digital yuan and mobile payments. However, many issues have still not been resolved because the purpose of the digital yuan's release is linked to the promotion of consumption. The Chinese government announced three experiments during the Spring Festival and is expected to conduct experiments in better demonstration areas. Through this, digital yuan will secure legal currency status and prepare for nationwide distribution. According to this research rule, digital yuan needs to be distributed nationwide to solve the problem of refusal to receive it unlike cash.

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Electronic payments that do not use cash are called by various names such as electronic payment, digital payment, or cashless payment. The amount of China’s electronic payments and the domestic consumption are both on the rise. Consumption is generally regarded as a function of income. If we discover factors that may affect consumption other than income, we can more effectively promote economic growth through boosting the consumption. By empirically analyzing the relationship between electronic payment and consumption, it is possible to find out whether there is a consumption promotion effect of electronic payment, and to predict the effect of building a smart consumption ecosystem in China in the future. In this study, the effect of electronic payments in China on domestic consumption was analyzed through the ADRL model and the panel regression model, using data from both a national time series and a regional panels. Among the studies in China, few studies have performed both a time series analysis using national data and a panel analysis using regional data. This study is meaningful in that simultaneous analysis of the two data can produce better results. As a result of the nationwide time series analysis, it was found that the increase in the amount of electronic payments promoted both total overall consumption and household consumption per capita. The panel regression estimation coefficient, which was analyzed by dividing the country into 31 provinces and cities, yielded similar results to that of the national time series analysis, but different results were derived in the model that analyzed each region again into urban and rural areas and by income level. Consumption was found to be more sensitive to electronic payment in high-income regions than in middle-income or low-income regions, but on the other hand, it was found that the universalization of electronic payments played a role in narrowing the consumption gap between urban and rural areas. The analysis results of this study that the expansion of electronic payments has a positive effect on consumption have great implications for Korea as well. The global trend of protectionism trade and the global recession triggered by Covid-19 are acting as a major obstacle to the growth of the Korean economy, which is highly dependent on foreign countries. Nevertheless, we must find new economic development engines for continuous economic development and improvement of people's living standards, and the digitalization of the economy, including payment methods, can be a breakthrough. If the payment method has a positive effect on consumption, the synergy effect can be expanded by studying the mechanism and path of the effect in more detail, thereby simultaneously promoting the convenience of consumers' economic activities and the possibility of developing the national economy.

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With the rapid development of China’s economy, young parents under heavy work stress do not have sufficient time to look after their children who tend to be raised by elderly grandparents. In this respect, the grandparents who are supposed to be cared for by their children are bound to get additional parenting pressure, which has a great impact on their life satisfaction. The purpose of this study is to explore the impact of grandparents raising their grandchildren on grandparents’ life satisfaction in China. The author used specialized statistics analysis systems, SPSS 21 and Amos 23.0 to execute the data analysis work in this study. According to the research purposes, the author performed Factor Analysis, Reliability Analysis, Analysis of Variance (ANOVA), and Path Analysis. Results: The results are presented as follows: 1) the results of the survey analysis based on the difference analysis of demographic characteristics show that women pay more attention to fulfilling moral education responsibilities to grandchildren, grandparents with high education pay more attention to fulfilling responsibilities of intellectual and spiritual assistance to grandchildren. Grandparents who like playing together with their grandchildren and receive raising fee of their grandparents are having a better relationship with their children; 2) according to the results of the path analysis, only the paths among the main factors of grandparents (self-perceived health status, the quality of the parent-child relationship), the factors of grandparents performing responsibilities (physical support duties), nurturing efficacy and the level of life satisfaction show a positive impact.

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This study combines value and trend investments. According to the returns of the original Piotroski F-Score strategy and the weight distribution method, we find that if the original strategy is copied to the Chinese stock market without any modification, the return rate is not ideal. Therefore, the evaluation index of the strategy is not applicable to China’s A-share market. Hence, this study takes the Piotroski F-Score as a trading strategy and builds a new investment strategy based on the Chinese stock market. The modified version outperforms the China Securities Index (CSI) Smallcap 500 Index and the original Piotroski F-Score strategy. This strategy selects stocks from the CSI Smallcap 500 index and constructs a stock value selection strategy. Through data extraction, the factor effectiveness test, correlation contrast, and redundant factors are used to modify the original Piotroski F-Score strategy and build a new stock selection strategy. To match the actual situation of China’s stock market, 100 stocks with the lowest PB (Price to Book) value are selected as the initial stock pool. Second, after constructing the stock selection model, weight optimization and upgrading are implemented to ensure higher returns and feasibility of the strategy. Finally, the new Piotroski F-Score is used to rank individual stocks and construct a high-scoring stock pool. The loopback testing results show that the improved Piotroski F-Score strategy ensures better earnings and is more applicable to China’s stock market than the original method. This study verifies the effectiveness, applicability, and rationality of the Piotroski F-Score in the context of the Chinese stock market using an improved scoring strategy. It optimizes and upgrades the weight of the stock selection model to ensure higher returns and feasibility of the strategy. Implementation of the loopback testing graph in Python demonstrates the practical significance of the study.

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This study examined the effects of start-up education currently offered in China on university students’ intention to found start-ups. As numerous global countries pay attention to and invest in start-up education, China is more intensively nurturing the start-up field than other countries. This study was conducted on students who had completed start-up education courses offered by Zhejiang University, Wenzhou University, Ningbo University and Zhejiang Ocean University, all located in Zhejiang, China, for two months from October to November, 2019. Out of 450 collected questionnaires, the data from 428 questionnaires, except for 22 incomplete ones, were used for final analysis. The analysis found that start-up education has positive effects on students’ entrepreneurial attitude, subjective norms, and self-efficacy. It was also found that entrepreneurial attitude, subjective norms, and self-efficacy have positive effects on their intention to found start-ups. But start-up education was verified to have no statistically significant and direct effect on their intention to found start-ups. Lastly, with the theory of planned behavior (TPB), it was verified that there is a mediation effect between start-up education and the intention to found start-ups. In conclusion, the results of this study show that substantive start-up education can maximize entrepreneurial attitude, subjective norms and self-efficacy, thus increasing the intention to found start-ups due to mediation effects. The results suggest that if start-up education focuses on practical attitude, norms and confidence, instead of arousing interest through occasional events, it can lead to students’ actions out of their will to found start-ups. This study drew a meaningful implication that start-up education should be designed in connection with students’ growth in phases. Therefore, this study has a great implication for the future direction and policies of start-up education offered at universities in Korea, where start-up education is expanding yet there is a small increase in the number of start-ups.

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This study derives the factors that enable the development of the Chinese start-up ecosystem and the success factors of start-up companies. According to Isenberg's (2011) theory on the components of the entrepreneurial ecosystem, the study examines the Chinese entrepreneurial ecosystem in six aspects: policy, finance, culture, support, human capital, and the market. The study draws the following conclusions. First, in building a startup ecosystem in China, the government played a decisive role by influencing all factors such as policy, finance, culture, support, human capital, and markets. Second, leading companies that have succeeded in start-ups also played an important role in building a start-up ecosystem in China by influencing factors such as finance, culture, and support.

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This study examined the relationship between corruption and economic growth in China for 24 years between 1995 and 2018. As a result of the analysis, the coefficient of corruption perception index, which is a proxy variable for corruption in the model (1), was negative (-), and the more integrity (the smaller the corruption) was, the more negative the economic growth was. In the model (2), the regression coefficient of the square root of the corruption perception index was positive (+), and there was a nonlinear relationship between corruption and economic growth. In model (3) and model (4), the regression coefficients of corruption scale and number of corruption bureaucrats were positive (+), but not statistically significant. In addition, the square root coefficient of the two variables was negative (-), so it would be said that there was a nonlinear relationship with the coefficient sign, but it was not found to be at a statistically significant level. Finally, it is necessary to take care in interpreting the causal relationship between corruption and economic growth, considering that China, which has achieved rapid growth since the reform and opening up, is facing a slowdown in its growth rate in the New Normal era.

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As China is expected to enter a Super-aged society in 2035, there is a growing perception that it will be difficult to prepare for retirement due to the rapid aging of the population and the composition of small families. In terms of demand, there is a phenomenon in which the elderly entered before they became wealthy, and in terms of supply, there is a phenomenon in which the aging of the population progressed without sufficient infrastructure. This research considered that a new market has been established for Korean medical institutions already operating in China and companies related to the elderly care service in Korea. After reviewing the current state of China's Elderly Care Service on the policy side, consumers' side, and suppliers' side, three conclusions were drawn. First, it is necessary to pay attention to cities in the western region with relatively high pension income and cities that have entered the aging society as expansion bases. Second, due to the nature of the Chinese nursing service model, it is necessary to expand nursing care services for the Elderly homecare service of a combination of medical care and nursing services that provide care, medical care, and nursing services. Third, it is necessary to produce professional human resources as soon as possible by entrusting the training of professional care workers to a Foreign Capital vocational education institution that has the advanced educational experience and can combine service education. Therefore, since the elderly homecare service sector was opened to foreign countries in January this year, we propose the need for Korean companies to preoccupy China's Elderly Care Service market as soon as possible.

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In order to promote high-quality growth, China's mass entrepreneurship and innovation policy, which encourages the development of enterprises, faces the dilemma of short survival period of firms. First of all, reviewed the relevant literature, this paper puts forward the hypothesis that the size and productivity of firms have a positive impact on the market survival rate of enterprises, and both of them show nonlinear characteristics, in which the impact of the former is gradually decreasing, and the impact of the latter is gradually increasing. Next, based on the sample data of Chinese manufacturing firms, this paper uses statistical description, Kaplan Meier survival curve, Cox proportional risk regression analysis and other methods to verify the research hypothesis. The results show that: the survival of firm is significantly distributed to the right, and the average life is short; the K-M survival curve of firm size and productivity shows that they can positively affect the survival of firms; and The deposit analysis further verifies the nonlinear relationship between variables and its specific characteristics; the analysis of other control variables shows that the heterogeneity of firms, such as capital intensity, ownership and regional differences, also affect the survival of firms. Finally, this paper concludes with two implications: first, industrial policy needs to pay attention to the size, productivity and market survival of firms and the relationship between them, as well as the measurement of the size of firms, as a key indicator of resource tilt; second, the investment decision-making of firms should not only make adaptive adjustments from the perspective of size and productivity, but also pay attention to the degree of capital intensity, the nature of ownership and the impact of regional differences.

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