The 2008 financial crisis spurred China to promote the use of renminbi (RMB) in international transactions in order not to be trapped deeper in a US “dollar trap”. The launch of cross-border RMB trade settlement marked the start of RMB's internationalization. Early on, China had to choose between fully liberalizing capital flows and maintaining capital control for the sake of financial stability. It opted for a gradualist policy approach. RMB internationalization has made progress, with gains in international usage, foreign exchange reserves, international payments, and global trade finance. Yet, it still lags way behind the US dollar and the Euro. The US dollar's dominance has contributed to the existing monetary system's drawbacks that include global currency instability, deflationary bias in global aggregate demand due to the accumulation of currency reserves by developing countries to deal with the instability, and inequality in the international allocation of resources in the sense that the value of exports from developing countries to developed countries exceeds that of their imports from developed countries. Among the various reform proposals for the international monetary system, more feasible would be a multi-polar system whose core currencies include the US dollar, RMB, and the Euro competing with each other. It would make the global currency market more stable, reduce the global aggregate demand's negative bias, and make the international resource allocation more equitable. RMB internationalization still has a long way to go to match China's relative economic size and share of international trade. With China's economic growth, the extent of RMB internationalization may rise much further, thus contributing to the formation of a multi-polar international monetary system.

With the rapid development of China's artificial intelligence industry, the lack of institutional protection for legal safeguards of AI-generated content has become increasingly evident. According to traditional legal principles, artificial intelligence is not recognized as a legal subject and therefore cannot constitute an author as defined by copyright law. From a legal hermeneutics perspective, AI-generated content also struggles to meet the originality requirement stipulated by copyright law, which means that the rights and interests associated with such content cannot be protected under the current copyright framework. Article 18 of the Draft Amendment to the Anti-Unfair Competition Law of the People's Republic of China stipulates that “the legitimate rights and interests of business operators in commercial data shall not be harmed.” Although this provision primarily addresses commercial data, it can also be interpreted to apply to AI-generated content. Granting limited rights to AI-generated content through the Anti-Unfair Competition Law would not only maintain the stability of the copyright legal system but also align with the law's function of providing “complementary protection” for intellectual property. Furthermore, it would effectively mitigate the risk of “misattribution”, thereby establishing a legal development pathway for the artificial intelligence industry.

This paper focuses on the high-context cultural text “Bai Yuyu” in Liaozhaizhiyi. By comparing “The History of Woo-Tsing-Yen”, published in Fraser's Magazine in 1835, and “Bai Yuyu”, included in Zhang Qingnian's 1997 translation Strange Tales from the Liaozhai Studio, we explore the commonalities and particularities in how translators from different cultural backgrounds interpret the same source text. The findings show that both translations adopt the strategies of clarity and omission to transform and interpret the original text, reflecting the translators' active participation and intervention. The similarity in the use of clarity strategies also demonstrates that the translators across different periods were motivated by a common desire to introduce Chinese culture and literature in-depth. At the same time, the translators' distinct cultural identities and cognitive orientations give rise to interpretive individualities: the English native translators tend to use poetic and purified interpretations, guided by the intervention of the translators' self-consciousness and values, while the Chinese native translators favor a concise and realistic interpretation of the text, which is faithfully rooted in the historical context of the original text.

The intricacies of identity within Miguel Street have consistently captivated scholarly attention, with a predominant focus on identity loss. Remarkably scarce are analyses delving into the characters' mimicry and development. Employing Homi Bhabha's theories of mimicry, hybridity, and “unhomeliness”, this paper articulates a dynamic evolutionary framework for the identity of the colonized in Miguel Street. It argues that the characters progress through and interact with three stages: spiritual unhomeliness, mechanical mimicry, and hybrid progression, thereby demonstrating how the postcolonial individuals evolve their strategies of identity construction. The analysis reveals Naipaul's emphasis on the colonial subjects' ongoing and active agency. They are not passive victims of fate; instead, they actively shape their dignity through cultural synthesis, along a non-linear but discernible trajectory of development.

This paper, situated within the context of international Chinese education and country-specific studies, adopts the framework of third language phonetic acquisition theory (TLPA) and employs phonological contrastive analysis and experimental phonetics methods to investigate the production of Mandarin stop consonants by 11 trilingual learners with L1 Spanish, L2 English, and L3 Mandarin. The study analyzes their voice onset time (VOT) in stop production, aiming to identify the main error patterns and underlying causes. The results show that: (1) The learners' production of L3 Mandarin stops is influenced by both their L1 Spanish and L2 English, indicating significant cross-linguistic phonetic transfer. (2) For aspirated voiceless stops p, t, k (/p^h, t^h, k^h/), errors include insufficient aspiration and blurred aspiration/non-aspiration contrasts. For unaspirated voiceless stops b, d, g (/p, t, k/), the main errors involve voicing confusion. Overall, k (/k^h/) and g (/k/) were acquired with relatively higher accuracy, whereas p (/p^h/) and b (/p/) showed lower accuracy. (3) Learners' error patterns and accuracy are closely related to their L3 proficiency and immersion, with higher-level learners producing VOT values closer to those of native speakers. This study fills a research gap on Spanish-speaking trilingual learners of Mandarin, revealing their characteristic error features and proposing targeted teaching strategies and suggestions to inform both pedagogy and further research.

With the gradual spread of Mandarin across different levels of education in Madagascar, phonetic instruction has become increasingly important in the local promotion of Mandarin. Tone perception is a crucial indicator of whether learners can effectively acquire the Mandarin phonological system. To investigate the Mandarin tone perception of Malagasy learners, this study conducted two perception experiments with ten intermediate-level learners, focusing on their recognition of both monosyllabic tones and disyllabic tone combinations. The analysis of perception accuracy and reaction times revealed learners' weaker performance in perceiving T2 and several disyllabic tone combinations, including T3+T1, T3+T4, T1+T2, T4+T3, and T4+T2. These results suggest that learners have not yet fully established distinct categories for Mandarin tones. Further examinations of the learners' error patterns showed that they tended to confuse T2 and T3 in perception, which was closely related to factors such as tonal category, tone combinations, and the position of a tone within a given combination. Moreover, it is argued that their tone perception was affected by the stress patterns of Malagasy, especially the “high-low” stress template, making them more sensitive to Mandarin T1 and T4. At the same time, learners' second language, French, also appeared to influence their tone perception performance.

In the contemporary market environment with intense competition, service organizations are forced to continuously renew their processes and offerings to obtain competitive advantages and maintain business sustainability. How to further improve employees' service innovative behaviors has become critical to organizations' survival and success. Servant leadership, as a leadership style characterized by serving others, is closely related to employees' service innovative behaviors. Therefore, in order to investigate the influence mechanism of service leadership on employee service innovation behavior, this study aims to establish a theoretical framework to construct a moderated mediating model based on the mediating role of prosocial motivation and the moderating role of team emotional climate. This paper collected 788 valid questionnaires from 89 teams (89 leaders and 394 employees) and used SPSS 27.0 and Mplus 6.0 to test the hypothesis. The findings revealed that (1) servant leadership positively influences service innovative behaviors, (2) prosocial motivation plays an intermediary role between servant leadership and service innovative behaviors, and (3) team emotional climate positively or negatively moderates the relationship between servant leadership and service innovative behaviors. These novel findings contribute to the literature and help company managers in enhancing employee innovation and performance. From the perspective of practice, some suggestions for how to motivate employees' service innovation behavior in the new environment and maintain the core competitiveness.

In modern society, travel and video games serve as important means for alleviating life stress. This study aims to explore whether players' gaming experiences can transcend virtual boundaries and extend into the real world, thereby triggering travel intentions to visit the real-world prototypes of game settings. Taking the phenomenal game Black Myth: Wukong as the research object, this game not only draws inspiration from the natural landscapes of multiple Chinese provinces, but also deeply integrates elements of traditional Chinese culture into its game design. Based on the Stimulus-Organism-Response (SOR) theoretical framework, this study systematically examines the influence mechanisms of spatial presence and social presence as stimulus variables, and cognitive image and affective image as mediating variables, on players' travel intentions. Analysis of 459 valid questionnaires revealed that presence positively influences players' cognitive and affective images, with cognitive image significantly driving travel intention. This study not only verifies the intrinsic mechanisms through which video games enhance tourism intent, but also provides crucial insights for the development of various cultural IP tourism initiatives. The findings offer empirical support for destination marketing strategies while proposing concrete pathways for cross-sector collaboration between game companies and tourism authorities, thereby providing universal guidance for deepening the integration of digital entertainment with the real economy.

The significant differences in information disclosure standards between listed companies in Shenzhen and Hong Kong, the lack of interoperability for ESG information, the absence of regulations for third-party verification bodies, and the insufficient collaborative regulatory mechanism are currently hindering market integration and international development in the Greater Bay Area. To address these issues, the Shenzhen Stock Exchange should further improve its rules by clarifying the scope of mandatory disclosure, specifying quantitative disclosure requirements, and implementing measures to ensure the authenticity of disclosures. The Hong Kong Exchange needs to enhance its rules by differentiating disclosure standards across industries, regulating third-party verification bodies, and reducing the disclosure burden on small and medium-sized enterprises. Additionally, coordination and alignment of ESG information disclosure rules for listed companies in the Greater Bay Area can be achieved by establishing unified ESG information disclosure standards, creating an ESG information disclosure data platform, and developing a collaborative regulatory mechanism. Macao can also align its corresponding rules to achieve its sustainable development goals.

The imminence and necessity requirements are common conundrums in the adjudication of self-defense, both of which are prominently manifested in the context of defense within dwellings. The Castle Doctrine is a doctrinal achievement that addresses these two issues. Originating from the Anglo-American legal system, the Castle Doctrine had the broadest defensive right in the common law period, but was progressively limited in the statute period, yet both phases pertain to the interpretation of criminal law rather than its amendment. The Castle Doctrine is also reflected in the cases in China, and while drawing from it, we should distill indigenous expressions within the context of Chinese law. In terms of legal doctrines, the “reasonable belief” of the Castle Doctrine is equivalent to the “ordinary person standard” in China. In specific application, the imminence requirement for self-defense is satisfied upon an illegal entry into the dwelling, while the necessity requirement for the use of deadly force is met when the occupants' personal safety is threatened with serious violence.

To date, research on second language reading ability has predominantly employed qualitative analysis methods, with relatively insufficient attention to quantitative analysis. This study establishes a descriptor corpus based on nine domestic and international language proficiency standards. Through term frequency statistics, n-gram extraction, and word position analysis, we reveal the characteristics of the descriptor corpus and construct a fundamental framework for second language reading ability. The framework comprises 6 dimensions with 83 indicators: scope of reading materials, range of topics, cognitive level, linguistic elements, reading speed, and degree of comprehension. The construction of this second language reading ability framework yields three key insights: emphasizing the description of learners' cognitive levels, prioritizing the specification of linguistic element scopes, and enhancing quantitative and level-based descriptions in reading ability descriptors. This study actively explores the application of language information processing techniques in the development of standards for International Chinese Language Education, offering new perspectives for research on various standards in this field.

Teacher's identity is the core and important driving force in teacher's professional development. Employing a narrative inquiry approach, and drawing on reflective journals, classroom observations, and in-depth interviews, this study explores the trajectory of identity transformation experienced by an international Chinese teacher within the multilingual-teaching-reform virtual teaching-research community. It is found that teacher identity changes from marginal participants to active participants, from theoretical adherents to theory-informed practitioners, from skilled teachers to teaching researchers. The construction of teacher identity was shaped by teachers' development needs and agency, the environment of virtual teaching-research community, and the interaction between teaching theory and practice. The conclusions of the study offer insights for the construction of virtual teaching-research community and for the professional development of international Chinese language teachers.

Contemporary cross-media Intellectual Property (IP)-based creative practices have posed significant challenges to traditional paradigms of literary criticism, chiefly because IP creation links textual works with commercial product chains, thereby requiring criticism to confront non-textual yet literature-related creative outputs. In response to these new forms of criticism, non-textual phenomena may be reconceptualized as forms of narrative phenomena that remain semantically affiliated with the textual work. This non-textual narrative phenomenon may be interpreted through the concept of “narrative performance”. However, the concept only summarizes the non-textual narrative of a single segment within an IP production chain. A comprehensive understanding of the entire chain necessitates the perspective of “narrative event combination”, which integrates non-textual narrative processes with textual creation. Building upon this framework, this article proposes the notion of Dynamic Narrative Aesthetic. This idea not only constitutes a critical response to IP literature creation, but also offers a forward-looking reflection on AI-generated art as an emergent technological and aesthetic trend.

This paper explores the issue of developing countries catching up with developed nations. It points out that most developing countries have fallen into the poverty trap or middle-income trap since World War II due to the influence of mainstream theories such as structuralism and neo-liberalism, while some East Asian economies and China have achieved rapid development. The paper proposes the theory of New Structural Economics, emphasizing that economic structure is endogenous to factor endowment structure. Development should follow comparative advantages, requiring the coordination of an effective market and a proactive government, supplemented by appropriate industrial policies. This theory not only explains the failure of previous mainstream development ideas but also aligns with the common characteristics of successful economies, providing new theoretical guidance and practical paths for developing countries to achieve sustainable growth and catch-up by leveraging their own endowments and latecomer advantages.

As centers of economic activity, cities face pressures from population growth, resource depletion, and pollution. The Circular Economy (CE) provides a greener alternative to the traditional model, facilitating the achievement of the Sustainable Development Goals (SDGs). However, blindly pursuing circularity may undermine long-term sustainability. Compared to advanced economies, the CE remains sparsely implemented in emerging economies. There is still controversy surrounding the relationship between urban CE and sustainability. This study analysed the CE principles adopted in developing countries, aiming to monitor and assess the consistency between urban circularity and the SDGs. The findings suggest that the number of CE principles mentioned in definitions has increased over time. Environmental indicators closely align with various SDGs, while economic indicators are linked to SDGs 8 and 9, and social indicators to SDGs 2 and 3. Furthermore, the study notes that digital technologies have great potential to improve efficiency and advocates a multi-dimensional approach. The novelty of the research lies in deepening the insight of urban circularity, identifying linkages between indicators and SDGs in emerging economies, and spotlighting the key role of digital technologies.

The May Poetry Society is the first literary group in Macau to actively champion modernism, disseminate modern poetic theories, and promote the practice of modernist composition. When reflecting on the historical position of the May Poetry Society, discussions often focus on its role in introducing and disseminating modernist trends, while rarely delving deep into how its members, who carried different cultural backgrounds, incorporated their unique poetic pursuits into a shared literary ideal. The members of the May Poetry Society often wandered between “encouraging creativity” and “pursuing avant-garde”. Although caught in this paradox, they remained unshaken due to their passionate pursuit towards Macau's literary image. Through the efforts of the May Poetry Society, the “City of Poetry” gradually took shape. By describing the literary practices of the May Poetry Society, this article seeks to highlight the overlooked aspects of the modernist poetry movement in Macau.

Before the mid-20th century, the Macao Peninsula faced a scarcity of freshwater resources, making wells the core infrastructure that sustained the functioning of society and influenced the urban industrial layout and community patterns of Macao. This article elucidates the reliance on wells in certain social and civil industries, such as the water-carrying vendors, tea houses and eateries, slaughterhouses, and laundry services. It also illustrates that wells were not only a source of daily water for the populace at the time but also the foundational guarantee for the social and industrial development of the Macao Peninsula during the pre-industrialization period. The traditional well system in Macao underwent a triple value transformation, evolving from a means of livelihood to a factor of production, and ultimately into a cultural symbol. This approach to sustainable utilization of historical spaces through functional repurposing rather than simple preservation can serve as a paradigm for the conservation of cultural industrial heritage in micro-cities.

In International Chinese Language Education, the teaching of Chinese culture and characters holds significant importance. This study focuses on the 32 insect-related characters denoting agricultural and forestry pests presented in the Chong Radical of Shuowen Jiezi, exploring the ecological culture of early China reflected in these characters and offering interpretations. The objective is to examine their pedagogical value for cultural instruction and character teaching in International Chinese Language Education. The findings reveal that grain pests and tree pests were prevalent in early China. The imbalance between cereal and arboreal ecosystems, resulting from the development of agriculture, led to significant pest problems. By contrast, pests affecting bamboo were rare, primarily due to the stability of the bamboo ecosystem. In early China, locust plagues were predominantly associated with grain locust plagues, triggered by the East Asian migratory locust, while bamboo-related locust plagues, caused by the yellow-spined bamboo locust were almost absent, a phenomenon closely related to the prevailing ecological conditions of that era. Despite the presence of the system of environmental protection in early China, the system was barely effective in regulating cereal and arboreal ecosystems, while providing some degree of protection for bamboo ecosystem. Moreover, the stability of the ecosystem and the environmental protection system exerted a bidirectional influence on each other. The characters for agricultural and forestry pests in the Chong Radical not only document ecological changes in early China, but also offer textual evidence for the transmission of and reflection on ecological culture. The findings of this study enrich the content base for cultural and character instruction, thereby providing valuable support for the development of teaching resources and the enhancement of teaching practice.

From ancient Rome to modern times, Cicero’s natural law philosophy has profoundly influenced global legal development and philosophical thought through its core concepts: “goodness” and “responsibility”, “reason” and “truth”, “justice” and “patriotism”. The pursuit of goodness naturally fosters a sense of responsibility, the quest for truth calls for rationality, and upholding justice requires courage and patriotic spirit. This article examines the theoretical and practical significance of Cicero’s natural law philosophy for China’s judicial practice, legal development, and social governance by integrating contemporary Chinese social realities. Its ideas of goodness, equality, and patriotism offer valuable insights for cultivating civic virtues in the new era.

In the context of globalization, the religious linguistic practices of diaspora communities have become a crucial site for the negotiation of power relations and identity. This study combines Margaret Berry’s Exchange Structure model within Systemic Functional Linguistics (SFL) with Foucault’s microphysics of power to analyze how the preacher and interpreter dynamically negotiate power relations through linguistic strategies in bilingual sermons of Putian dialect and Mandarin at Hinghwa Methodist Church in Singapore. The findings reveal that religious authority is not statically bestowed but is constructed moment-by-moment through the control of turn allocation, the configuration of moves, and the negotiation of knowledge-power mechanisms. The preacher predominantly occupied the “primary-knower” (k1) position, controlling propositional agendas and doctrinal exegesis. By deploying micro-power techniques such as hierarchical observation and examination, the preacher regulated discursive power while simultaneously negotiating both institutional religious authority and personal authority. The interpreter covertly participated in power negotiation through the realization of semantic adjustments and shifts in agency and recipiency. Enacting as “secondary knowers” (k2), the interpreter reconfigures religious logics and reinforces collective identity. Our findings demonstrate that religious discourse is not merely a medium for expressing faith but a critical arena for the operation of micro-power and the construction of identity. This study provides an alternative theoretical lens for understanding language-power interactions and identity construction within Chinese diaspora communities, offering implications on the sustainability of overseas Chinese dialect preservation.

Hong Kong and Macau, as Special Administrative Regions of China, play a significant role in the country’s development. In recent years, with national support, both regions are expected to actively integrate into national development, promote international exchanges, and serve as a bridgehead for the country’s dual opening-up strategy. Macau is committed to becoming a “World Tourism and Leisure Center” and a “China-Portuguese-speaking Trade Cooperation Service Platform” working alongside Hong Kong to form a vital force for international cooperation. Hong Kong and Macau possess significant advantages in terms of openness and internationalization, having accumulated rich experience in market economic development. Compared to the mainland, their experience in market rules and capital operations is more mature, enabling them to effectively address issues faced in the mainland’s marketization process, such as real estate cycles and market regulation. Additionally, there is unique potential for innovation in branding and standards. Although China has quality products like grape wines and tea, it lacks internationally recognized brands. This necessitates innovation in marketing and brand development to enhance the competitiveness of Chinese products in the global market. Moreover, Hong Kong and Macau have demonstrated innovative potential in establishing a modern trade platform for traditional Chinese medicine (TCM). As an international trade center, Hong Kong can leverage its rule of law and credibility to create an independent and professional TCM trading platform that promotes transaction transparency and ensures product quality. In terms of social and cultural exchanges, both regions have also played an important role, as highlighted by President Xi Jinping regarding their unique contributions to cultural exchange and fostering mutual understanding. In summary, the innovation of Hong Kong and Macau extends beyond the economic realm to encompass social, educational, and international cooperation. By strengthening collaboration along the industrial chain, both regions can better leverage their advantages to assist national high-quality development and play an indispensable role in the Greater Bay Area’s growth.

The Hong Kong cultural periodical Pangu was published from March 1967 to July 1978. Amid the leftist cultural fervor of the 1970s, Pangu centered its intellectual discourse on “anti-independence” and “return”, embodying the idealist passion of the overseas Baodiao (Defend Diaoyu Islands Movement) generation. Firmly rooted in Chinese cultural essentialism, the periodical resisted the Westernizing tendencies of modernist trends in Taiwan and Hong Kong while critically reflecting on the ideological biases of the New Asia spirit. Poetically, Pangu emphasized the application of expressive and pragmatic theories in Chinese New Poetry criticism; historically, it rediscovered and carried forward the cultural legacy of early modernist poets such as He Qifang and Bian Zhilin, as well as the Nine Leaves School. Amid the trend of “Fang Ren Guan Zheng” (global vision; national identity; social concern; rights advocacy), Pangu’s fellows demonstrated a youthful commitment to critiquing capitalism and serving marginalized communities. These literary and social movements collectively functioned as an intellectually independent historical intermediary, supplementing and enriching the mainstream currents of 1970s Chinese culture.

Based on prospect theory and service recovery theory, this study investigates the impact mechanism of service recovery on tourist satisfaction and revisit intention within the context of Macau gaming tourism. Key variables such as tolerance, loss aversion, and sensation-seeking personality trait are incorporated into the research framework. A questionnaire survey was conducted among 470 tourists who participated in gaming activities, and the data were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that service recovery (including procedural justice and interactional justice) significantly enhances tourist satisfaction. Both tolerance and loss aversion exert significant positive effects on satisfaction, which in turn positively predicts revisit intention. Furthermore, the sensation-seeking personality trait strengthens the relationship between satisfaction and revisit intention. The findings provide theoretical support and practical implications for designing service recovery strategies in gaming tourism, highlighting the importance of differentiated management considering tourists’ psychological traits and financial loss contexts.

The Historic Centre of Macao bears the imprint of over four centuries of cultural exchange between China and foreign nations. Its linguistic landscape, blending historical and contemporary multicultural connotations, holds significant and unique value as a sample. This study employed fieldwork methods to collect 160 signage samples across five sampling sites within the Historic Centre of Macao. Utilizing the entity dimension of the three-dimensional analysis model, the study described and analyzed the code distribution patterns, variations across sampling sites, and contrasts between official and unofficial signage within the language landscape of the Historic Centre of Macao. Furthermore, the study examined code usage patterns within the language landscape through the lens of place semiotics theory. The findings reveal that the current linguistic landscape of the Historic Centre of Macao is characterized by a salient multilingual profile, with Chinese as the primary dominant code, while maintaining the Sino-Portuguese bilingual policy, making Portuguese a mandatory code. To align with English’s status as an international lingua franca, the linguistic landscape of Macao’s Historic Centre primarily employs English as the main auxiliary code alongside Chinese and Portuguese, with Japanese serving as a secondary auxiliary East Asian code. The researcher also identified a small number of Latin samples during the investigation, representing the lowest proportion of the total sample. Regarding code placement, Chinese consistently serves as the most salient code on signage, with the multilingual code hierarchy being: Chinese, Portuguese, English, Japanese, Latin. Techniques such as “vertical placement with font variation”, “vertical placement with font variation and cultural information”, and “horizontal placement with directional variation” are employed to reinforce the prominence of salient codes spatially, visually, and conceptually. The historical layers of the linguistic landscape in the Historic Centre of Macao are profoundly rich, densely reflecting nearly five centuries of temporal elements within a limited spatial scope. It achieves a linguistic landscape characterized by the continuous dialogue between history and the contemporary, as well as the diverse yet mutually integrated cultural origins, thereby realizing a culturally inscribed narrative brought about by high space-time cohesion.

The year 2024 marks the 50th anniversary of the establishment of diplomatic relations between China and Brazil. As major developing countries and key emerging markets, the two nations have achieved fruitful outcomes through pragmatic cooperation. With President Xi Jinping’s successful state visit to Brazil in November 2024, China-Brazil relations have entered the next “Golden 50 Years”. Against this backdrop, this study focuses on China-Brazil educational cooperation and exchange, as well as the development of Confucius Institutes. Field research was conducted in Brazil, and relevant data were collected through questionnaire surveys and participant/workplace-based observation. Through analysis and review, the study provides an overall picture of the development status and future trends of China-Brazil higher education cooperation and exchange facilitated by Confucius Institutes. Additionally, selected individual case studies are examined in detail, showcasing replicable practices and strategic pathways for future development.

Breach of contract insurance in overseas investment insurance is a type of political risk insurance that guarantees against the breach of contract risk by the host country. Its scope of coverage is relevant to both safeguarding China’s overseas interests and improving the political risk insurance system. However, there is no unified international standard regarding its coverage, and further clarification is needed in this regard. Although China has introduced breach of contract insurance, its triggering conditions are strict. Insurance claims depend on the favorable judgment obtained by investors, yet fails to cover scenarios where investors have no means of seeking compensation or where judicial injustice occurs, thereby limiting the insurance protection function of the insurance. To address this, Sinosure should incorporate denial of justice into its political risk insurance framework. Specifically, denial of justice should be clearly defined as a core triggering condition within the existing breach of contract insurance structure. This would help improve China’s political risk insurance system and strengthen risk protection for investments under the “Belt and Road” Initiative.