Journal Introduction:China Finance Review International

Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.

Investigating Non-Compliance with COVID-19 Vaccination through Hesitancy, Refusal, and Access Limitation: A Community-Based Survey from the Democratic Republic of the Congo

Introduction: Vaccination plays a pivotal role in mitigating the repercussions of the COVID-19 pandemic. However, vaccination campaigns encounter obstacles, especially in developing countries like the Democratic Republic of the Congo (DRC). This study aimed at investigating the roles of vaccine hesitancy, refusal, and access barriers, while identifying individual-level factors associated with non-vaccination in Mbujimayi, DRC. Methods: A community-based cross-sectional survey was conducted in three health districts and included 1496 residents. Attitudes and behaviors related to seeking COVID-19 vaccination were assessed using a standardized questionnaire. Hierarchical logistic regression modeling was used to assess factors potentially affecting non-compliance with vaccination. Results: Among participants (median age = 33, IQR = 23.3, M/F sex ratio = 0.7), 60% displayed misconceptions about COVID-19 or its vaccine, while only 35.2% perceived COVID-19 as a significant health threat. Vaccination coverage was estimated at 49.1% (95% CI: 47.5;52.6), with 71.8% of vaccinated individuals having received one dose. Among the unvaccinated individuals, 50.9% expressed no intention to be vaccinated in the future, citing hesitation (30.4%) or refusal (39.6%) mainly due to side effects or distrust of vaccines. Conversely, 32.7% of the unvaccinated persons expressed access barriers despite willingness to be vaccinated. Misconceptions about COVID-19 and its vaccines were the main drivers of vaccination non-compliance. Conclusion: These findings demonstrate significant vaccine non-compliance driven by hesitancy, refusal, and access barriers. Strategies to enhance vaccination coverage and pandemic preparedness should address misconceptions, sociodemographic barriers, and geographic disparities.

The Impact of Digital Finance on High-Quality Development of the Chengdu-Chongqing Economic Circle

This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.

Synergistic dance of digital economy and green finance on carbon emissions:Insights from China

China has recently implemented a dual-carbon strategy to combat climate change and other environmental issues and is committed to modernizing it sustainably.This paper supports these goals and explores how the digital economy and green finance intersect and impact carbon emissions.Using panel data from 30 Chinese provinces over the period 2011-2021,this paper finds that the digital economy and green finance can together reduce carbon emissions,and conducts several robustness tests supporting this conclusion.A heterogeneity analysis shows that these synergistic effects are more important in regions with low levels of social consumption Meanwhile,in the spatial dimension,the synergistic effect of the local digital economy and green finance adversely impacts the level of carbon emissions in surrounding areas.The findings of this paper provide insights for policymakers in guiding capital flow and implementing carbon-reduction policies while fostering the growth of China’s digital economy and environmental sustainability.

Abdominoplasty, Liposuction and Brazilian Butt Lift (BBL) in Kinshasa in the Democratic Republic of Congo. My Experience in This Aesthetic Plastic Surgery with Black African Women in a Low-Income Country

Background: In low-income African countries, the demand and use of plastic surgery operations including abdominoplasty, liposuction and Brazilian butt lift (BBL) are increasing. The goal of this work is to present my experience and the challenges of this aesthetic plastic surgery among black African women. Material and Methods: A retrospective study was conducted about the abdominoplasties, liposuctions and Brazilian butt lift (BBL) which I operated in public and private hospitals at Kinshasa (Democratic Republic of Congo) in black African women. It covers a period of 13 years, going from December 1, 2010 to December 1, 2023. For this study, I had at least 6 months period (to Juin 1, 2024) to assess the occurrence of early and late postoperative complications. Results: I performed 84 abdominoplasties, 144 liposuctions and 23 Brazilian butt lifts (BBL). The average age at the time of abdominoplasty was 44 years with extremes ranging from 26 to 55 years and a concentration of cases (60.7%) in the age group of 40 to 49 years. The age group of 20 to 29 years old represented the lowest rate of requests for abdominoplasty (4.7%). Patients with a BMI of 30 to 2 were the majority (61.9%), followed by those between 25 to 2 (29.7%). 67.8% of patients were obese (BMI ≥ 30 kg/m2). The average age at the time of liposuction was 41 years with extremes ranging from 21 years to 69 years;and more than half of cases (68%) in the age group between 30 and 49 years. As for Brazilian butt lift (BBL), the average age was 33 years with extremes ranging from 24 to 42 years and a concentration of patients (91.3%) between 20 and 39 years. The immediate postoperative complications of abdominoplasties observed were: seroma in 7% of cases, hematoma and partial infection of the surgical site in 5% of cases. Pathological scars (hypertrophic, keloid) after abdominoplasties were observed in 9% of cases. The most common complication of liposuction was contour deformity. I observed 16 patients (11.1%) with soft-tissue depressions or elevations, skin panniculus or folds. For Brazalian Butt Lift (BBL), complications like asymmetry for 2 patients (8.9%), contour irregularities for 2 patients (8.9%), and excessive fat removal for 6 patients (26%), had observed. I have not recorded any cases of death or pulmonary embolism. Conclusion: I perform aesthetic plastic surgery procedures in black African women with a high socioeconomic standard of living compared to the average of the general population. The renunciation of planned surgery is motivated by the impossibility of paying the cost of the operation as well as by popular and religious perceptions regarding cosmetic surgery. The results of these aesthetic plastic surgery procedures carried out are very satisfactory for them. The challenges to overcome are mainly threefold: the unforeseeable complications of these cosmetic plastic surgery procedures, popular and religious perceptions of cosmetic surgery as well as the poverty of the population.

Research on the Coordinated Development of Inclusive Finance and Financing for Small and Medium-sized Enterprises

As an important force in promoting economic and social development,small and medium-sized enterprises play a crucial role in enhancing China’s economic strength,creating employment opportunities,and promoting industrial structural transformation.However,due to their inherent weaknesses,small and medium-sized enterprises often face difficulties in financing within the traditional financial service system.This makes it difficult for small and medium-sized enterprises to inject vitality into the development of the market economy by expanding their financing scale.Since 2013,China has vigorously developed inclusive finance and extended the services of traditional financial institutions to small and medium-sized enterprises,providing policy guidance,resource support,and technical support to alleviate the financing difficulties of small and medium-sized enterprises.Based on this,this article focuses on the current financing problems faced by small and medium-sized enterprises and specifically elaborates on how to lower the financing threshold for small and medium-sized enterprises and broaden their financing channels through inclusive finance,in order to promote the development of inclusive finance and a virtuous cycle of financing for small and medium-sized enterprises.

The Macroeconomic Impact of Internet Finance

This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovative models for global asset management,capital financing,payments,investments,and intermediary services.While it enhances the accessibility and efficiency of financial services,it also introduces new risks,such as higher credit default rates.This study explores how Internet finance contributes to financial inclusivity and macroeconomic growth yet poses potential threats to traditional financial stability.The dual aspects of Internet finance are analyzed:its application in existing processes and its capacity to generate novel business models.Furthermore,the paper proposes strategic responses to mitigate the negative impacts of Internet finance,mainly focusing on risk management and regulatory improvements to safeguard economic stability.

Green Finance Promotes High-Quality Development of Regional Economy

With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.

Research on the Impact of Digital Finance on Energy Efficiency in China

Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.

A Mechanism for Digital Finance to Drive Green and Low-Carbon Development

Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.

The Logic of Digital Finance in the Age of Digital Economy

This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditional financial services model through factors such as technological innovation,data intelligence,and personalized user experiences,paving the way for new business models and market opportunities.However,the rapid development of digital finance also faces challenges such as competition,security,and regulation.This paper emphasizes the importance of finding a balance between innovation and security in the development of digital finance and discusses the potential of digital finance in promoting financial inclusion and sustainable development.Through comprehensive analysis,this paper aims to provide valuable insights for academic researchers and industry practitioners,promoting the healthy development of digital finance.

Rice vs.Wheat:How Rice Farming Shaped Informal Finance in China

China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.

Contributions of the Measles Follow-Up Vaccination Campaign to Improving the Vaccination Coverage of Children Aged 6 - 59 Months in the Democratic Republic of the Congo in 2019

Background: In accordance with its measles elimination strategic plan 2012-2020, the Democratic Republic of the Congo (DRC) organized a follow-up vaccination campaign against measles from October to December 2019 in 26 provinces. This study aims to establish the contribution of this supplementary vaccination campaign to protecting children against measles. Methods: The survey was carried out in November 2020 among households of the DRC, according to the 2018 revised version of the World Health Organization’s stratified cluster sampling method, using multiple stage sampling. It targeted 280 children aged 6 - 59 months per stratum or province, with 10 children in each of the 28 selected clusters. Data collection using tablets with centralized and real-time data processing was preceded by enumeration to refine the household sampling frame. Clusters and households were selected by random draw. Data collected with CS Pro 7 software were analyzed with SPSS, Epi info 7 and Excel software to determine indicators and make before-after comparisons using the McNemar test, at a precision threshold of 5%. Results: Of the 8535 surveyed children, 89.5% were vaccinatedduring the follow-up campaign and 81.6% were vaccinated before. Only 3.7% had correctly completed campaign vaccination cards. Estimated vaccination coverage increased from 80.8% before the campaign to 92.6% after the campaign (p 0.001). Vaccination coverage after campaign against measles improved in all provinces (p < 0.001) except Bas-Uele and Maniema. Thirteen provinces reached the national coverage target of 95%, compared to five before the campaign. The proportion of zero-dose children dropped significantly after this campaign from 19.2% to 7.4% (p 0.001), and even fell below 1% in six provinces. Conclusion: This measles vaccination campaign improved overall vaccination coverage by 10% and reached more unvaccinated children. Efforts must continue to improve the retention of vaccination card, the adherence of unvaccinated children and the effectiveness of routine vaccination.

The Debate on Democratic Revolution in Japan in the 1920s

Anti-hegemonic movements in Japan had occurred frequently since the early 20th century,and democratic revolution debate in the 1920s was the first significant domestic debate on future development strategy.Various discussions on it from Japanese academia involved state power,absolutism,agrarian revolution,and revolutionary strategy,etc.An analysis of early Japanese scholars’perspectives on the democratic revolution helps to know about the social milieu in Japan at that time,and is of positive significance to comprehend the development process of the current Japanese democratic revolution.

The Digital Inclusive Finance and Enterprise Innovation:Evidence From A-Share Market

In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.

Inclusive Finance,Income Gaps and Common Prosperity

According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.

Dilemmas and Prospects of the World Bank’s Climate Finance

Currently,the World Bank is carrying out a new round of reforms for climate finance.In December 2022,the World Bank released the Evolutionary Roadmap(the Roadmap),in which the proposed climate finance reform program was introduced.In February 2023,then President Malpas,a climate change skeptic,announced that he was stepping down from his post,and Ajay Banga,a former advisor to the Climate Investment Funds(CIFs).

Teaching Reform and Practice of Finance under the Background of New Liberal Arts

Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.

Energy Companies’Green Finance Strategies in the Context of Carbon Neutrality

In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but also social capital investment in green industries.Green financing is also an effective way to promote the low-carbon development of China’s energy companies.In this paper,on the basis of defining green finance,we reviewed the policies of green finance in China,described various tools of green finance,summarized green finance business of energy companies,and made case studies.This research combined macro policy and market,and micro industry and enterprise.

SEIZING GREEN FINANCE DEVELOPMENT OPPORTUNITIES

The China-Singapore(Chongqing)Connectivity Initiative Financial Summit is a landmark achievement of China-Singapore cooperation.The fifth edition was held in Chongqing and Singapore simultaneously on April 20.Twelve main activities and nine themed activities took place with focus on China-Singapore financial cooperation,Belt and Road cooperation,and other issues.At a sub-forum on“promoting reform and innovation in green finance for green and low-carbon development,”financial experts from China and ASEAN countries shared their wisdom and philosophies with the audience.