Acknowledgments

The present Second New Structural Economics (NSE) Development Financing Research Report was authored by a team of researchers from the NSE Development Financing research program and the Agence française de développement (AFD). The team is led by two principal investigators—Jiajun XU, Executive Deputy Dean of the Institute of New Structural Economics at Peking University, and Régis Marodon, the Special Advisor on Sustainable Finance of the Agence française de développement (AFD). The team members include Xinshun RU, the research director, Wanxuan REN and Beina XIA, the project managers, Longyu LI, Vaibhav MISHRA, Yanjie YUAN, and Rui ZHAO, the core research assistants, and several other research assistants.

This report would not have been possible without the essential support of and contributions from research assistants who have expertise in accounting or finance, and are proficient in multiple languages such as Arabic, Chinese, English, French, Portuguese, and Spanish. Research assistants include Quancun CHEN, Shiyu CHEN, Xingru CHEN, Wenhu CHENG, Ziqi CHU, Zihan DONG, Yifan DU, Lei FAN, Xinhong FU, Xuyang FU, Yiran GAO, Xinying GUAN, Jingyi GUO, Lvliang GUO, Yaqi GUO, Jingyi HAN, Jiani HE, Ling HE, Zerui HE, Ruifang HU, Qiuji HUANG, Ruiting HUANG, Tao HUANG, Meiru JIANG, Zhihao JIANG, Yuxin KANG, Tianlin LAN, Yoojung LEE, Di LI, Longyu LI, Qiwei LI, Qianyi LI, Qingyang LI, Xingyi LI, Xingyu LIAO, Yan LIN, Yue LIN, Zekai LIN, Qi LIU, Yihang LIU, Yuqing LIU, Xiwen LUO, Yichen LUO, Yifan LV, Disi MAI, Haoming MAI, Fanyu MENG, Qi MENG, Gujunlin MIN, Vaibhav MISHRA, Xiaotong MO, Boyang MU, Yiqing NING, Deng PAN, Hongyi PAN, Bolun QIAN, Zitong QIN, Jingwen REN, Yanzhao SHANG, SHATAISIYASHCHAOSIN, Bingzhe SUI, Fangyuan TONG, Hongjin WANG, Jing WANG, Liudi WANG, Qichen WANG, Sirui WANG, Zhenyu WANG, Zichen WANG, Jiezheng WEI, Yiting WEI, Jiahui WU, Jingli WU, Linlong XIA, Yuning XING, Gary XIE, Wenqi XIE, Zhiyu XIE, Ran XU, Anni YANG, Hongyi YANG, Rui YANG, Yeshen YANG, Yiyang YAO, Zhaoyu YAO, Mingtian YE, Chenjie YUAN, Yanjie YUAN, Fangming ZHANG, Mian ZHANG, Puzhen ZHANG, Qing ZHANG, Qing ZHANG, Yinzhou ZHANG, Yingzi ZHANG, Zixin ZHANG, Rui ZHAO, Ruijie ZHAO, Siqi ZHAO, Yongfan ZHAO, Zimu ZHAO, Guojun ZHENG, Ruiqi ZHENG, Wenlu ZHENG, Lingyuxiu ZHONG, Huizhong ZHOU, Kunzhuo ZHOU, Minghe ZHOU, Qianqian ZHOU, Yingjie ZHOU, Diyun ZHU, Yilu ZHU, Ziqi ZHU, Mengqi ZOU.

The team has benefited greatly from the constructive feedback from peer experts, whose comments are provided in their personal capacity and do not represent the views of their institutions. The peer experts include (in alphabetical order) Richard CAREY, the former director of the Development Co-operation Directorate at the OECD; Professor Stephany GRIFFITH-JONES, Financial Markets Program director at the Initiative for Policy Dialogue at Columbia University; Professor Deborah J. LUCAS, Sloan Distinguished Professor of Finance at the MIT Sloan School of Management; Dr. Octavio PERALTA, the former secretary general of the Association of Development Financing Institutions in Asia and the Pacific. The team is also very grateful for the support and feedback from Professor Justin Yifu LIN, Dr. Kedi WANG, and other colleagues from INSE.

The present report is sponsored by the Ford Foundation and the International Development Finance Club. The team gratefully acknowledges the financial support.