Life simulation games have increasingly become important spaces for studying how players form emotional bonds with virtual characters. This study looks at Tomodachi Life: Living the Dream as a Mii-based life simulation game that reshapes player engagement from role-playing to what this study calls "relationship-watching". Unlike games centered on direct control of a protagonist, Tomodachi Life asks players to create Mii characters, place them in a shared island environment, and observe how their relationships develop through system-generated events. This study is based on the theory of parasocial relationships, the research of avatars and the previous research about life simulation games such as Sims and Animal Crossing . The research methods are qualitative case studies including game mechanism analysis, interface analysis and theoretical interpretation. It argues that Mii gameplay engenders emotional attachment through three interconnected processes: role projection in character creation, semi-autonomous relationship formation between Miis, and repeated care in everyday island rhythms. The study concludes that the game's parasocial appeal lies less in identifying with a single playable character than in observing, interpreting, and sharing small social events among virtual figures. The concept of relationship-watching offers a useful framework for understanding parasocial experience in interactive entertainment.

In recent years, as countries have attempted to achieve economic development and environmental protection simultaneously, green finance has drawn the attention of many governments and institutions around the world and is now a popular subject of discussion. Review of previous studies on the relationship between green finance, carbon emission reduction and economic growth. First, it will review the interpretations of the concept of green finance in the literature and compare the methods of measurement. Next, the three primary channels for the impact of green finance on environmental performance and economic development are introduced. Most of the current studies have found that green finance can reduce carbon emissions by providing funds for the construction of eco-friendly facilities and fostering the development of green technology. At the same time, it will also promote the long-term development of the economy by driving industrial upgrading and creating new sources of revenue. The results of the studies mentioned in the literature are not the same either; this is mainly because they used different indices, data sources and empirical approaches. Based on the above studies, some deficiencies in the present research have been identified and future directions for study proposed.

China transitions to innovation-driven growth and makes education and technology investment a core component of the policy agenda, yet the economic effect of their combination has not been thoroughly studied. Using the panel data of prefecture-level cities from 1998 to 2020, this research constructs a mean-centered interaction term in the two-way fixed effects framework to examine whether these two investments can strengthen each other when promoting urban growth. The baseline results indicate that investing in a single technology presents an evident negative effect, and the main influence of education is not statistically significant; nevertheless, the interaction term has been consistently positive and rather significant. After multiple tests this finding still remains highly reliable including setting first-order differences and excluding municipalities directly under the central government. Regional analysis further shows that the synergy effect is obviously stronger in the eastern region than in the central and western regions and this difference has been verified through the Wald test. These findings not only challenge the concept that education and the technology can operate independently but also offer support for the policy logic of "cultivating talents first and then seeking innovation".

The swift advancement of digital technologies is exerting a profound reshaping effect on the global trading framework. The present treatise conducts a systematic analysis of the underpinning mechanisms and practical routes via which digital technologies confer empowerment upon cross-border commerce. Digital technologies have brought about a fundamental transformation of the operational logic of cross-border commerce through four core mechanisms: the lowering of transaction expenditures, the restructure of trust-building frameworks, the enlargement of trade scopes, and the advancement of value chains. Drawing upon the theory of dynamic capabilities, this treatise identifies collaborative routes spanning four tiers—enterprises, platforms, industries, and nations—to deliver policy directions for the governance of digital commerce. It uncovers the manner in which digital technologies confer empowerment upon cross-border commerce through four inherent mechanisms: the lowering of transaction expenditures, the restructure of trust-building frameworks, the enlargement of trade scopes, and the advancement of value chains. It additionally identifies that the materialization of these mechanisms calls for coordinated advancement across these four tiers. On the basis of this groundwork and in consideration of the December 2024 conclusion of the WTO Agreement on E-Commerce, this treatise puts forward policy suggestions for the governance of digital commerce.

In the current era, digital technology is rapidly permeating production, distribution channels, and audience consumption of film and television content. The traditional operational model centered on theaters and one-way publicity has been impacted, leading the industry to shift from content creation to full-process operations. This paper focuses on the operational strategies of the film and television industry in the digital age, examining the development environment, current operational status, and optimization pathways. The study employs literature analysis methods, combined with platform dissemination phenomena and industry cases, and summarizes findings across four dimensions: content production, channel dissemination, marketing promotion, and user operations. The results indicate that the industry has now formed a landscape driven by multi-platform collaboration, short video publicity, and algorithmic recommendations, yet issues such as content homogenization, reliance on traffic, insufficient copyright protection, and coarse user operations persist. In response, this paper proposes strategies to optimize topic selection through data analysis, enhance efficiency with omnichannel approaches, strengthen word-of-mouth with refined marketing, and improve user engagement through tiered operations, offering insights for the sustainable development of the film and television industry.

Taking China's regional carbon emissions trading pilots as a quasi-natural experiment, we identify how the carbon market guides public mutual funds to reallocate capital. Based on a multi-period difference-in-differences (DID) analysis of A-share listed firms from 2008 to 2020, the paper finds that the policy effect is almost entirely concentrated in high-polluting firms. After the launch of carbon pilots, the long-term holdings of brown firms by public funds decreased by approximately 0.38 percentage points relative to clean firms, nearly one third of the mean value, while holdings of clean firms remained unchanged. The results are robust under stacked DID, Oster's bounds, and multi-level inference, whereas the average effect is fragile under conservative inference. In terms of mechanisms, the policy enables carbon risk to be recognized and priced through increased analyst coverage, and imposes compliance costs precisely on brown firms. The risk channel follows the same direction but has a limited magnitude. Divestment mainly takes the form of complete fund exit, and is independent of firm size. The debt financing cost of high-polluting firms rises relatively due to divestment, yet these firms increase investment and reduce emissions after the policy. This indicates that the phenomenon reflects repricing in the capital market, and the real capital of brown firms has not been drained. We find no evidence of active increase in holdings of green firms, and the green reallocation of capital takes the form of one-sided brown divestment.