In June 2024, Professor Lu Yue, the director of the research laboratory, was invited to deliver a keynote speech titled "Does FDI Increase Product Innovation of Domestic Firms? Evidence from China" at the 5th Northeast Asia Regional Cooperation and Financial Innovation International Academic Conference, organized by the Li Anmin Institute of Economics at Liaoning University, with support from the School of Economics and the School of International Economics and Politics. The conference was also attended by Professor Yao Shujie, Dean of the Li Anmin Institute of Economics at Liaoning University, Professor Wang Yongqin from the School of Economics at Fudan University, and other notable experts.

On June 15, 2024, the 5th Northeast Asia Regional Cooperation and Financial Innovation International Academic Conference, along with the "Journal of Digital Economy and Sustainable Development" promotion meeting, was held at Liaoning University (Chongshan Campus) in a grand fashion. The conference, which combined both online and offline formats, was themed "Northeast Asia Regional Cooperation and Financial Innovation, and Digital Economy and Sustainable Development." It was hosted by Liaoning University, organized by the Li Anmin Institute of Economics, and co-organized by the "Journal of Digital Economy and Sustainable Development." The conference attracted over 50 participants, including experts, scholars, faculty, students, and editorial staff from universities across the country.

The conference consisted of an opening ceremony, keynote speeches, research discussions, and interactive sessions between journal editors, publishers, experts, and authors.

I. Opening Ceremony
The opening ceremony was presided over by Professor Yao Shujie, Vice Chairman of the 10th Academic Committee of Liaoning University, Secretary-General of the Center for Urbanization and Regional Innovation Development, a distinguished professor under the National Talent Program of the Ministry of Education, and Dean of the Li Anmin Institute of Economics at Liaoning University. In his speech, Professor Yao introduced the rich history and profound influence of Liaoning University, as well as the basic information about the Li Anmin Institute of Economics. He particularly highlighted the institute's contributions to the comprehensive revitalization of Liaoning over the past three years and the construction of world-class applied economics disciplines at the university. He emphasized that the Li Anmin Institute of Economics plays a key role in advancing discipline development and encouraged the participating scholars to contribute to academic research and the transformation of results, thereby supporting China’s higher-level opening-up initiatives.

II. Keynote Speeches of Conference

Following the opening ceremony was the "Keynote Speech" session, which was divided into four segments, chaired respectively by Professor Yao Shujie (Dean of the Li Anmin Institute of Economics), Professor You Yu (Vice Dean), Associate Professor Tang Rongsheng, and Assistant Professor Wen Hui.

(I) First Session

Professor Liu Qihong from the University of Oklahoma delivered an online lecture titled "Algorithmic Pricing with Protected Characteristics." In recent years, the emergence of algorithmic pricing has garnered significant attention in the marketplace, driven by the availability of rich consumer data and increasingly powerful computational capabilities. This development allowed firms to tailor prices with unprecedented precision. However, not all consumer information (such as race and gender) can be used for personalized pricing. Our paper examines two distinct regulatory frameworks: one is a "prohibition" scenario, where firms can only use unprotected consumer data; the other is an "equality" scenario, where both protected and unprotected data can be used, provided that firms comply with requirements ensuring price distribution equity across different consumer groups. Our analysis shows that, compared to the "prohibition" scenario, incorporating protected characteristics under the "equality" scenario can reduce market mismatches and improve profitability. However, this may lead to suboptimal pricing, thereby reducing profits. The impact on consumers is complex and varies depending on the demographic structure. Our research sheds light on the nuanced effects of incorporating protected characteristics in algorithmic pricing, providing key insights for policymakers and business leaders in this evolving field.

Professor Wang Yongqin from the School of Economics at Fudan University delivered a lecture on " Pillars of National Strength: Government Bonds and the Construction of Financial Power." The shortage of safe assets has led to a series of structural issues, such as U.S. financial hegemony, global imbalances, global financial cycles, low interest rates, and resource misallocation. The construction of a financial powerhouse is a driving force for China's high-quality development and modernization, with the development of safe assets like RMB-denominated government bonds serving as a critical breakthrough point. Nearly all of the "six elements" and "six systems" of financial power building proposed by President Xi Jinping are closely related to the supply of safe assets. Increasing the supply of safe assets in China can alleviate global imbalances, fulfill the responsibilities of a major power, and serve as the foundation for China's financial strength and high-quality economic development. The report concludes with a series of specific policy recommendations for increasing the supply of safe assets and strengthening the construction of financial power.

Professor Ye Zhen, a chaired professor at Xiamen University and an associate professor at University College London, gave a lecture titled "Integration of New and Old Infrastructure and Sustainable Investment and Financing." From the perspective of integrating new and old infrastructure, he proposed the concept of resilient infrastructure. In a narrow sense, this refers to the continuity of essential facilities that provide systemic connectivity in cities and their resilience to major disasters. In a broader sense, it refers to sustainability, ecological and cultural inclusivity, and adaptability of infrastructure development. Resilient infrastructure plays a role in sustainable investment by slowing the rise in long-term capital costs and reducing the risk of bankruptcy due to insufficient expected cash flows in the face of major events. Therefore, it is essential to clarify how new and old infrastructure can be technologically integrated and to sort out the relationship between infrastructure market structure, ownership, and performance improvement. From a financial perspective, we must incorporate low-probability event impacts into the distribution parameters of future cash flows to better predict future debt risks. Furthermore, we must design infrastructure that is more ecologically inclusive and adaptable, thus mitigating the risk of a sharp rise in long-term capital costs in global capital markets due to carbon neutrality goals.

(II) Second Session

Professor Chen Chuanglian, Vice Dean of the Southern Institute of Advanced Finance at Jinan University and Head of the Department of Finance in the School of Economics, presented a speech titled "Asymmetric Economic Psychological Factors and Regional Housing Price Fluctuations in China." Based on behavioral finance theory, a housing price model was constructed incorporating both rational and irrational investors with heterogeneous beliefs. A time-varying method was used to estimate the non-fundamental value of urban housing prices in China from 2009 to 2022, identifying housing price bubbles. The study uncovered three interesting results: (1) Real estate bubbles primarily exist in eastern regions, while many cities in western regions exhibit negative real estate bubbles. (2) Expected returns in most urban real estate markets are driven by housing price bubbles, indicating that speculation is the primary cause of regional housing price increases in China. (3) Both inter-regional and intra-regional spillover effects coexist. The South China and East China regions exhibit net spillover effects, while other regions in China demonstrate strong net absorption effects. The intensity of bubble spillover effects is influenced by economic significance, spatial distribution, and government intervention. The findings hold important policy implications for how national and regional governments can effectively contribute to the healthy development of China's real estate market.

Professor Lu Yue, Executive Dean of the Academy of Global Innovation and Governance at the University of International Business and Economics and Deputy Secretary-General of the Young Scholars Forum, presented a lecture titled "Does FDI Increase Product Innovation of Domestic Firms? Evidence from China." Utilizing China's product output database from 2000-2007 and employing a difference-in-differences estimation based on the 2002 revision of China's "Catalogue for the Guidance of Foreign Investment Industries," the study estimated the causal effect of FDI liberalization on product innovation in Chinese domestic firms. The study yielded the following key findings: First, FDI expanded the product range of domestic firms within the same industry. In industries that experienced FDI liberalization immediately after China’s accession to the WTO, the average product range of domestic firms increased by 5%. Second, FDI impacted product ranges through vertical spillover channels. FDI inflows into relatively upstream industries positively influenced the product range of domestic firms, whereas FDI inflows into relatively downstream industries had the opposite effect. This negative impact is primarily due to the weakening of ties between foreign firms and domestic suppliers in processing trade. Third, there is evidence that the influence of FDI on domestic firms' product innovation primarily occurs through increased R&D investment and reduced technological gaps between domestic industries and global frontiers. Fourth, the positive effects of FDI are limited, as product innovation occurs mainly within industries rather than across industries, indicating that most product innovations are incremental rather than radical.

Professor Wang Linhui from Jilin University gave a presentation on "The Impact of AI Technology and the Direction of Occupational Changes in China." The rapid development of AI technology, particularly generative AI with its powerful capabilities in natural language processing, text analysis, information integration, and dialogue, has stunned the world. It is set to reshape production processes and job tasks, profoundly impacting labor markets. AI technology can facilitate workers' transition from traditional occupations to new and digital professions, while also transforming the nature of job tasks, moving some towards being less burdensome, more streamlined, and freer. The evolving occupational landscape in China confirms this trend. The "de-skilling" and "re-skilling" features of AI will broaden the skill breadth of occupations while reducing the skill depth, promoting upward occupational mobility. However, its impact on income, job stability, and satisfaction differs between high- and low-complexity occupations.

(III) Third Session

Professor Jiang Chunxia, Senior Lecturer (Associate Professor) of Finance and Head of the Department of Accounting, Finance, and Real Estate at the Business School of the University of Aberdeen, delivered a lecture titled "Fintech in the Wealth Management Industry: Robo-Advisors' Investment Strategy and Portfolio Return." The study found: (1) Robo-advisors, based on algorithm-driven technology, achieve higher investment returns compared to other investment methods, including those managed by human investment managers with similar asset allocations, simulated individual investors, and the S&P 500 benchmark index. (2) Robo-advisors that allocate assets to exchange-traded funds (ETFs) yield higher returns than other portfolios, primarily due to their diversified investment strategies optimized by algorithms, and their ability to avoid behavioral biases often seen in professional investment managers, thus achieving more rational investment outcomes. The combination of ETFs and funds managed by human investors is optimal when robo-advisors expand their asset classes. (3) Robo-advisors' overall risk management capabilities are slightly inferior to those of professional investment managers, particularly regarding systematic risk. The advantages of professional investment managers in risk management are especially evident in turbulent market conditions.

Professor Lu Yang from Beijing Technology and Business University delivered a speech titled "Artificial Intelligence: The Transformative Power of AI in Modern Business Practices." Artificial intelligence (AI) has fundamentally transformed business practices by deeply integrating related technologies into various fields, thereby driving efficiency and innovation. This study explores the wide-ranging impact of AI across business sectors, highlighting its role in reshaping modern business practices through automation, intelligent decision-making, and the integration of core business processes. By examining the evolution of AI technology and its applications in industries such as manufacturing, finance, and customer service, this paper demonstrates AI's ability to enhance operational efficiency, foster innovative business models, and drive significant competitive advantages. Moreover, the study addresses the challenges of AI integration, including ethical concerns and labor market impacts, and proposes future research directions to tackle these complex issues. The analysis considers AI’s dual aspects—the automation of tasks that replace human labor and the enhancement of human decision-making. This dichotomy presents both challenges and opportunities for businesses as they integrate AI into their strategic operations. Companies must fully understand AI's capabilities to effectively and sustainably leverage its potential. This analysis outlines AI's transformative impact and frames its evolving role in the business world.

Associate Professor Deng Yue, Vice Director of the Institute for Quality Development Strategy at Wuhan University, delivered a lecture titled "Can the Digital Economy Promote Long-Term Income Growth for Rural Households?—A Perspective of Economic Resilience." The digital economy is a new driving force for the development of agricultural and rural economies, contributing to the sales of agricultural products, the income growth, and narrowing the urban-rural income gap. However, due to the cyclical nature and natural risks of agriculture, as well as misconceptions about "one-size-fits-all" approaches in some rural areas' digitalization efforts, structural issues exist beyond the quantitative growth of farmers' incomes. Can the digital economy sustain and stabilize the income growth for rural households? This paper matches data from the China Household Finance Survey with the Digital Villages Database to analyze the impact of the digital economy on long-term income growth for rural households. Furthermore, economic resilience emphasizes both risk resistance and sustainable development capabilities. The study uses household economic resilience and rural economic resilience as mechanisms by which the digital economy impacts long-term income growth for rural households. Additionally, the paper examines the effects of the digital economy on different rural regions and demographic groups. The findings are as follows: (1) The digital economy promotes long-term income growth for rural households; (2) The development of the digital economy enhances both households and rural economic resilience, thereby promoting long-term income growth; (3) The digital economy contributes to long-term income growth in eastern and central regions, provinces with top 100 digital villages, major grain-producing areas, and highly educated populations. Finally, the paper offers policy recommendations, including the need to advance policies in a categorized manner, improve talent cultivation, and optimize the rural economic development environment.

(IV) Fourth Session

Associate Professor Huang Zongye from the Capital University of Economics and Business presented a speech titled "Assessing Spatial Coordination of Population and Economy: A Case Study of the Beijing-Tianjin-Hebei Region." The literature often uses the ratio of population geographic concentration to economic geographic concentration as an indicator to measure the coordinated development of population and economy. Addressing the nonlinearity and asymmetry issues of this indicator, the paper introduces a logarithmic population-economic inconsistency index and constructs a regional population-economic deviation index along with quantitative decomposition methods. Using this series of quantitative tools, the paper examines the spatial coordination development of the Beijing–Tianjin–Hebei Urban Agglomeration from 2008 to 2020 and finds that the region's overall population-economic deviation index showed a fluctuating upward trend between 2008 and 2017, indicating an increasingly severe imbalance in regional coordination. The coordinated development strategy for the Beijing-Tianjin-Hebei region, proposed by the Central Committee of the Communist Party of China and the State Council, reversed the expanding trend of the population-economic deviation, but the index for Beijing’s central areas showed a rapid increase. Further decomposition of the index reveals that while significant progress has been made in population relocation in central Beijing, adjustments in the industrial structure have not been as effective, resulting in an expanded population-economic deviation. These findings provide crucial empirical evidence for future policy formulation and implementation.

Doctoral student Yang Zhao from the School of International Economics and Politics at Liaoning University presented a lecture titled "The Impact of Digital Economy Development on Corporate Carbon Emission Reduction." This analysis examined the macro-level impact of digital economy development on the micro-level carbon emissions of enterprises, with empirical tests based on global corporate data. The research found that the development of the digital economy significantly promotes corporate carbon reduction, reducing carbon emission levels and intensity by 1.13% and 1.27%, respectively. This conclusion remains robust after replacing dependent variables, lagging independent variables, changing research samples, and incorporating instrumental variables. Mechanism analysis reveals that the digital economy reduces corporate carbon emissions by improving national innovation levels, optimizing energy structures, and enhancing enterprise production efficiency. Heterogeneity analysis shows that at the regional level, the carbon reduction effect of the digital economy is greatest in Europe; at the industry level, the impact is more significant in high-carbon industries; and at the corporate level, the effect is more pronounced in large enterprises. Moreover, the paper finds that higher levels of participation and status in the global value chain strengthen the digital economy's impact on corporate carbon reduction, with the effect being more pronounced in countries with weaker environmental regulations.

Doctoral student Yuan Jieying from the School of Finance and Trade at Liaoning University delivered a lecture titled "Digital Finance, Fiscal Pressure, and the Low-Carbon Transition—Empirical Study Based on Regulation and Threshold Effects." The key issue raised is how to make the best use of limited resources to address these five significant areas. Digital finance, characterized by both inclusive and green attributes, has become a new driving force for regional low-carbon transitions, analyzing its impact on this process. Digital finance significantly promotes local low-carbon transition levels, and this conclusion remains robust after considering endogeneity and variable substitution. Among China's four major regions, the promotion effect of digital finance on low-carbon transitions is more significant in the eastern and central regions compared to the western and northeastern regions. Mechanistically, digital finance promotes regional low-carbon development through industrial structure transformation and upgrading; fiscal pressure negatively moderates the relationship between digital finance and the low-carbon transition, with a dual-threshold effect where increasing fiscal pressure gradually weakens the role of digital finance in promoting low-carbon transitions. Accordingly, the paper provides relevant policy recommendations.

Following the keynote presentations and journal introductions, the attending experts and scholars engaged in lively discussions, exchanging ideas and viewpoints across different research areas. The interaction between domestic and international scholars fostered an active and vibrant atmosphere. During the discussions, many valuable insights and suggestions were put forward regarding "Northeast Asia Regional Cooperation Development and Financial Innovation."

In closing, Professor Yao Shujie, Dean of the Li Anmin Institute of Economics, delivered the conference summary and closing remarks.

Link to the official WeChat account is provided: https://mp.weixin.qq.com/s/d8fTzsgOdcQqL9G12QPwKA