In recent years, the frequent occurrence of non-standard defaults of local government financing vehicle (LGFV) has aggravated the risk of local government implicit debt.

Innovation is the primary driving force behind development. In the Internet era, innovation knowledge spillover is faced with two paradoxes: One is the increasing frequency of ‘online communication’ and the decreasing opportunity of ‘offline communication’, and the other is the insufficient innovation effect of ‘codified knowledge’ and the limited communication channel of ’tacit knowledge’.

Innovation is the primary driving force behind development. In the Internet era, innovation knowledge spillover is faced with two paradoxes: One is the increasing frequency of ‘online communication’ and the decreasing opportunity of ‘offline communication’, and the other is the insufficient innovation effect of ‘codified knowledge’ and the limited communication channel of ’tacit knowledge’.