STUDY FOR THE BIFURCATION TOPOLOGICAL STRUCTURE AND THE GLOBAL COMPLICATED CHARACTER OF A KIND OF NONLINEAR FINANCE SYSTEM(Ⅰ)

Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.

STUDY FOR THE BIFURCATION TOPOLOGICAL STRUCTURE AND THE GLOBAL COMPLICATED CHARACTER OF A KIND OF NONLINEAR FINANCE SYSTEM(Ⅱ)

Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country's macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people's understanding of the lever function of all kinds of financial policies.

Research on Measures to Improve the Flexibility of Enterprise Finance System

Measures that can improve the flexibility of enterprise finance system generally involve human, organization, management and technology. This paper probes these measures thoroughly and systematically. It is of important practical value and theoretical significance.

Open banking and inclusive finance in the European Union:perspectives from the Dutch stakeholder ecosystem

In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.

A Review on the Security of the Ethereum-Based DeFi Ecosystem

Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.

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.

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.

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.

Does green finance drive high-quality economic development?-Based on empirical evidence from China

Green finance,as an important branch of modern finance,has far-reaching significance that is not limited to the financial sector.By promoting green investment and optimizing resource allocation,green finance plays a crucial role in reducing environmental pollution and carbon emissions.At the same time,it can also promote the quality of economic growth and achieve the harmonious development of economy,society and environment.Based on China's provincial panel data from 2008 to 2022,the direct impact and indirect transmission mechanism of green finance on high-quality economic development are analyzed by constructing a dynamic panel model and a mediation effect model.It is found that green finance not only directly promotes the high-quality development of the economy,but also indirectly promotes the sustainable and healthy growth of the economy through the transmission channel of technological innovation.This mediating effect of technological innovation is as high as 78.65%,which shows the close connection between green finance and high-quality economic development.In addition,the study also found that the direct promotion effect of green finance on high-quality economic development has significant regional heterogeneity.The results of this study suggest that when formulating relevant policies,it is necessary to fully consider the actual situation of each region and tailor them to the local conditions to ensure the in-depth promotion of green finance and the overall development of the economy.

Reduction effect of carbon emission and optimisation path of green finance

Under the background of"dual-carbon",green finance is an important way to promote carbon emission reduction and realize the development of a low-carbon economy.Using provincial panel data from 2000 to 2020,this paper constructs a basic regression model to study the"carbon reduction"effect,mechanism of action,and heterogeneity of green finance.The study finds that:the development of green finance significantly inhibits carbon emissions and has an obvious"carbon reduction"effect;green technology innovation has a mediating effect on the carbon emission reduction effect of green finance;in regions with a high level of economic development or a high degree of marketization,the"carbon reduction"effect of green finance is significant.

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.

Current Situation of Digital Inclusive Finance in China

Inclusive finance is not only an innovation in financial service concepts but also an institutional arrangement to address the imbalance in social and economic development.Therefore,it is particularly necessary to study the current development status,development level,and challenges of inclusive finance and to conduct research on these issues.Overall,inclusive finance has demonstrated a positive momentum of development,but improvements are still needed in terms of market players,products and services,and the external ecosystem.China’s inclusive finance is still in its infancy,making it essential to accelerate its development and promote inclusive finance in the country.

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.

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.

Thoughts on Accelerating the Construction of First-Class Undergraduate Majors:Taking Finance as an Example

This article analyzes the path to constructing first-class undergraduate majors in finance,using the finance major as a case study.Through analysis,it aims to offer reference and inspiration for enhancing the quality of finance education in China and supporting the healthy development of the financial industry.The article begins by examining the current status of finance majors,followed by an analysis of the necessity for establishing first-class undergraduate programs.Finally,it provides a detailed exploration of the specific methods for building such programs in finance.The findings indicate that accelerating the construction of first-class undergraduate finance majors is a long-term and challenging task that requires the combined efforts of the government,universities,industry,and various social sectors.Through comprehensive and innovative reforms in areas such as training objectives and positioning,curriculum development,teaching teams,and practical instruction,the quality and level of finance education can be effectively elevated,thereby cultivating more high-caliber financial professionals who meet the demands of the times.

An Analysis of Digital Finance in Promoting the Development of New Quality Productivity

As a product of the deep integration of financial technology and the digital economy,digital finance plays a significant role in promoting the development of new quality productivity.This paper first elaborates on the connotations of new quality productivity and digital finance and analyzes the mechanisms by which digital finance promotes the development of new quality productivity from both theoretical and practical perspectives.The aim is to explore the value digital finance brings to the development of new quality productivity,along with the challenges it faces,in order to propose corresponding policy recommendations.

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.

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.

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 High-Quality Development of Agricultural Supply Chain Financial Ecosystem Empowered by Science and Technology

A systematic perspective on agricultural supply chain finance can offer fresh insights into its development.The high-quality development of the agricultural supply chain finance ecosystem is crucial for the comprehensive revitalization of rural areas and the realization of agricultural power.Based on the current state of development of this ecosystem,this paper identifies several bottlenecks,such as insufficient policy and technical support in the macro-environment system,weak incentives for independent circulation within the industrial environment system,and inadequate motivation for stakeholders to participate in the micro-environment system.To address these issues,this paper proposes that the visualization,digitalization,and authenticity characteristics of the“blockchain+Internet of Things”technology architecture can effectively resolve these bottlenecks.Additionally,targeted strategies are suggested to promote the high-quality development of the agricultural supply chain finance ecosystem.