Abstract: In recent years, many localities in China have set up “on-exchange” (venue-based) data trading institutions. In practice, however, their operating performance has been broadly disappointing. With little genuine transaction volume, some institutions inflate figures by “transferring” or “padding” transactions to create the appearance of activity. This study finds that today’s data trading market suffers from a form of market failure rooted in market immaturity, which manifests in five r

Abstract: Stablecoins, serving as a critical bridge between traditional finance and decentralized finance, embody inherent tensions in their attempt to reconcile the decentralized, borderless nature of cryptocurrencies with the stability of fiat currencies. This fusion presents opportunities for financial innovation alongside formidable regulatory challenges.From a comparative law perspective, the United States operates a dual-track regulatory framework involving federal and state authorities, t

Abstract: The risks potentially arising from artificial intelligence have become a fundamental point of discussion in AI safety studies. However, academic perspectives diverge regarding the issues triggered by super-intelligence—a prospective form of advanced AI. Three representative concepts have been proposed: the “existential problem” in philosophy, “ontological risk” in the social sciences, and “catastrophic risk” in the sciences.In response to catastrophic risks, four scientific approaches

Abstract: What compels states to show explicit alignment strategies during great power competition?Building on the balance of threat theory and hedging literature, we argue the primary trigger is not the rise of a great power or rivalry itself, but Negative Alignment Statecraft (NAS): the use of economic or security coercion by a great power to limit a third state’s engagement with its rival.We contend that NAS creates an Alignment Dilemma and forces targeted states to clarify their positions. T

Abstract: China has made remarkable progress in the development of inclusive finance over the past decade. The government has further proposed the goal of building a “high-quality inclusive finance system.” At present, the development of inclusive finance in China remains primarily policy-driven and faces legal challenges, such as difficulties in achieving systemic empowerment of financial consumers and unclear delineation of responsibilities between the government and financial institutions.Fro

Abstract: Artificial intelligence has increasingly reached a consensus as an augmentation tool—for example, large-model applications enabling knowledge and reasoning enhancement, and wearables and exoskeletons enabling physical enhancement. In this sense, intelligent augmentation is a normative category that reflects, through AI tools, on how intelligent technologies augment humans and how such augmentation relates to the construction of new-type relations of production. If AI exists primarily a

Abstract：With the rapid development and global deployment of artificial intelligence (AI), regional organizations have exhibited distinctly different cooperation models when addressing this common challenge. This study analyzes how the dual characteristics of AI technology generate diffusion–strategic tensions, complexity–timeliness tensions, and competitiveness–inclusiveness tensions in regional cooperation.We find that regional organizations face a structural “trilemma”: they cannot simultaneo

Abstract: AI large-scale models, exemplified by GPT and DeepSeek, have had a profound impact on the global order. Extending the “system-lifeworld” theory to large language models not only reveals how two technological trajectories—closed-source hegemony and open-source cooperation—differently construct the global order, but also enables a paradigmatic shift of the theory from a critique of modernity to an interpretation of the global digital order.Closed-source large models epitomized by GPT are