This paper develops an integrated political-economy framework to explain how institutional reforms shape the emergence of New Quality Productive Forces(NQPF)during China’s 15th Five-Year Plan.It argues that two struc...This paper develops an integrated political-economy framework to explain how institutional reforms shape the emergence of New Quality Productive Forces(NQPF)during China’s 15th Five-Year Plan.It argues that two structural constraints—spatial market segmentation and timeinconsistent policy expectations—distort factor allocation,suppress total factor productivity,and delay innovation-driven growth.Drawing on New Institutional Economics and transaction-cost theory,the study demonstrates how unifed-market construction,factor-market modernization,legalised policy commitments,institutional opening-up,and central local incentive realignment jointly reduce transaction costs and stabilise expectations.These reforms form a coherent mechanism through which China can transform institutional advantages into productivity gains.The fndings highlight that NQPF formation is fundamentally an institutional process,requiring predictable,rule-based and nationally integrated governance structures.展开更多
文摘This paper develops an integrated political-economy framework to explain how institutional reforms shape the emergence of New Quality Productive Forces(NQPF)during China’s 15th Five-Year Plan.It argues that two structural constraints—spatial market segmentation and timeinconsistent policy expectations—distort factor allocation,suppress total factor productivity,and delay innovation-driven growth.Drawing on New Institutional Economics and transaction-cost theory,the study demonstrates how unifed-market construction,factor-market modernization,legalised policy commitments,institutional opening-up,and central local incentive realignment jointly reduce transaction costs and stabilise expectations.These reforms form a coherent mechanism through which China can transform institutional advantages into productivity gains.The fndings highlight that NQPF formation is fundamentally an institutional process,requiring predictable,rule-based and nationally integrated governance structures.
