The escalation of the United States-China trade war is not merely a sanction against China, but rather a response to the United States' own domestic economic challenges. Faced with persistent trade deficits, mounting national debt pressures, and an employment crisis fueled by manufacturing hollowing out alongside widening wealth disparities, the United States government seeks to boost manufacturing, curb capital outflows, and strengthen domestic employment through tariff hikes—all to maintain its global financial and economic dominance. In a sense, the trade war has become a tool for the United States to alleviate its internal problems. However, the effectiveness of this approach remains to be seen. The resulting restructuring of global supply chains, inflationary pressures, and heightened tensions between China and the United States have also created new challenges and uncertainties for the United States itself. Behind the Sino-American trade war lies the external manifestation of the transformation dilemma facing the United States domestic development model.

This article systematically explores the development mechanism and policy path of emerging bond markets under the framework of financial deepening theory. Furthermore, this study delineates the intricacies inherent in the development of emerging bond markets and their multifaceted impacts, with particular emphasis on the manifold and potential policy orientations they confront. Financial deepening theory has helped to deepen theoretical insights into how bond market development contributes to economic growth, and this article further confirms that there is a bidirectional correlation between economic growth and bond market development, and that market development is a determinant of economic performance. However, emerging bond markets remain constrained by liquidity constraints, lack of appropriate microstructure, default risk and cross-country volatility transmission. In this regard, recent scholarly research has recognized the need for comprehensive, coherent and sustainable bond market development strategies. Sustained institutional development and policy commitment are essential for successfully overcoming existing difficulties and capitalizing on new opportunities.

This article examines the underlying logic of the U.S. TikTok ban and its implications for the international political landscape through the lens of American financial imperialism. It argues that U.S. financial-imperialist capital, extending into the global digital sphere through digital technologies, seeks to preserve its monopolistic dominance in the global digital market. The rise of TikTok is perceived as a threat to Western ideological hegemony. While the U.S. justifies its ban on "national security" grounds, this action has triggered a user migration to the Chinese platform REDnote, accelerating the trend toward digital multipolarity. The article further analyzes the application of the U.S. Hybrid Wars in the digital age, emphasizing its use of digital and cultural hegemony to consolidate global influence. Concurrently, the emergence of Chinese digital platforms not only signifies the expansion of China's influence from the economic into the cultural domain but also offers alternative frameworks for reshaping global digital governance. In the evolving scenario of a digital "Cold War," cultural soft power will become a pivotal factor in international competition.

Chooser options are exotic financial derivatives allowing investors to select be-tween a call and a put option on the same underlying asset at a predefined future date, ad-dressing the limitation that most exotic options require upfront payoff structure determination and making them valuable for investors uncertain about market trends. This study prices Eu-ropean and American chooser options using three core methods: the multi-step binomial tree model, the parity decomposition method and the Monte Carlo method. It compares the bino-mial tree and Monte Carlo methods, finding they converge to similar results with sufficient steps or simulations, while the parity decomposition method aligns with the binomial tree model. Key factors affecting chooser option premiums are clarified: strike price near the as-set’s initial price maximizes flexibility with premiums between single options and straddles, extreme strike prices make its value converge to a put or call option, higher volatility ac-celerates premium growth, European choosers benefit from longer observation periods and American ones from early exercise. This study enriches exotic option pricing literature and aids investors/financial institutions in uncertain markets.

This review systematically examines the transformative impact of quantitative investment technology on global financial markets, with a focus on its development, strategic applications, and evolving relationship with human expertise. It traces the theoretical evolution of quantitative finance from early mathematical models to modern machine learning techniques, highlighting key milestones such as CAPM, APT, and behavioral finance. The paper analyzes core quantitative strategies—including stock selection, market timing, long-only, long-short, and market-neutral approaches—within the context of China’s rapidly growing market. It emphasizes the critical role of alternative data, AI, and rigorous risk management in sustaining alpha generation. Finally, it argues that successful quantitative investing relies not on replacing humans but on deepening collaboration between human intuition and computational power, ensuring adaptability in an increasingly complex and competitive landscape.

This study focuses on the channel development of Procter & Gamble (P&G) in China's retail market. Through case analysis and literature research, it examines P&G's journey from its success in traditional retail to its current predicaments. In the early stages, P&G achieved success in traditional channels by virtue of its in-depth cooperation with Walmart, a well-established dealer network, a strong brand portfolio, large-scale advertising campaigns, and an efficient supply chain. However, with the transformation of China's retail market—marked by the rise of e-commerce and the emergence of new retail formats—P&G has faced challenges such as delayed e-commerce 布局 (layout), weak online marketing, channel conflicts, and slow responses to new retail formats. The root causes of its predicaments include unbalanced resource allocation in offline channels, innovation barriers caused by business inertia, channel interest conflicts, and insensitivity of foreign enterprises to local market changes. In contrast, local brands have achieved a "counterattack" by accurately understanding market needs, responding flexibly, and adopting innovative channel strategies. This study provides insights for corporate channel management, emphasizing the importance of market insight, resource balance, and localized cooperation.

On June 30, 2025, two self-operated stores of Luckin Coffee opened in New York, USA. As the first Chinese coffee brand to enter the United States, analyzing Luckin Coffee's unique strategic resources and marketing mix not only helps understand its operational strategies and competitiveness in the American market, but also holds profound significance for formulating overseas development strategies for other Chinese brands. Based on the resource-based view and VRIN framework, this paper analyzes the two strategic resources of Luckin Coffee in the US market: Digital operation system and Efficient supply chain structure. Meanwhile, this paper analyzes the standardization and adaptation strategies of its marketing mix based on the 4Ps theory. Furthermore, this paper points out the risk of strategic resource substitution, the risk of incompatibility of the fully digital operational model and the long-term reputation risk caused by the fraud scandal of Luckin Coffee in the American market. Ultimately, this paper points out that Luckin Coffee should pay attention to brand reputation as well as legitimacy management, and appropriately increase adaptive marketing methods to better integrate into the American market.

Currently, the global trend of digital transformation and corporate financialization coexist, triggering concerns about the real economy. The focus on the development of the real economy. This article aims to explore the impact of digital transformation of enterprises on financialization. Using Chinese A-share listed companies from 2010 to 2023 as samples, this study employs text analysis to measure digital transformation and optimize financial indicators. Empirical research has found that digital transformation of enterprises significantly promotes financialization, and this conclusion is robust. Heterogeneity analysis shows that this promoting effect is mainly reflected in non-state-owned enterprises, while the impact on state-owned enterprises is not significant. This article provides a new perspective for understanding the evolution of resource allocation in the context of digitalization of Chinese enterprises, and provides policy implications for guiding enterprises to serve the real economy and prevent the risk of "shifting from reality to virtuality"

In recent years, short video platforms such as Douyin have rapidly gained popularity in China, with sports content becoming a major component of online media. Fan culture, traditionally rooted in entertainment, has increasingly permeated sports communities, reshaping the interaction between athletes and their fans. This study investigates how fan culture manifests in Douyin “cut” videos of NBA players LeBron James and Stephen Curry, and how these manifestations contribute to athlete idolization and brand communication. Using content analysis, the ten most-liked videos of each player over the past month were analyzed. Results show that James's videos emphasize competitive highlights, while Curry's focus more on approachable, lifestyle-oriented content. Common fan culture elements—such as emotional comments and participatory engagement—were found to reinforce athlete images and deepen fan loyalty. This study contributes to the understanding of athlete branding in the era of short video and bridges the gap between fan culture and sports communication research.

Under China's "dual-carbon" strategy and the growth of the digital economy, digital transformation together with green innovation has become a pivotal driver of sustainable development. The research relies on panel data collected from companies listed on China's A-share market between 2015 and 2023 to empirically examine the relationship among enterprise digitalization, ESG performance, and green innovation, placing particular attention on ESG's transmission pathway. The results demonstrate that digital transformation represents a pivotal factor in boosting enterprises' ability to pursue green innovation, while ESG performance functions as a partial mediator, transmitting and reinforcing the positive effects of digitalization. Further tests demonstrate that the facilitating role of digital transformation is more accentuated in private corporations, highlighting the varying effects of corporate ownership configuration. By integrating digitalization with ESG governance, this research enriches the understanding of how digital capabilities foster sustainable innovation and provides actionable insights for policymakers and corporate managers. Overall, the findings contribute to both academic debates on digital economy and sustainability, and practical efforts to achieve green transition under carbon neutrality goals.