Ruihui Xu, Ph.D. in Finance, is currently Senior Research Fellow in the Research Institute of the People's Bank of China. She holds Bachelor and Master degrees of mathematics from Xiamen University and the University of Macau, respectively, and completed Ph.D. study in Department of Finance and Business Economics at the University of Macau. During the academic year 2014–2015, she visited the University of California, Berkeley. Her research focuses on macroeconomics, financial markets, and fintech. She has published more than 10 academic papers on SCI, SSCI, and Chinese SSCI (CSSSCI) journals. Dawei Zhao, Ph.D. in Economics, Senior Research Fellow, is currently Deputy Secretary General of the FinTech Research Center of the Research Institute of the People's Bank of China. He holds Bachelor, Master, and Doctorate degrees of economics all from Central University of Finance and Economics. In 2009, funded by China Scholarship Council, he went to the State University of New York as Visiting Scholar. After he has joined into the People's Bank of China Financial Research Institute in 2011, he has won the First Award of the “Youth Research Project 2019, 2020” of the People's Bank of China, the First Award of the “2017-2018 the PBC FinTech Research Project” by FinTech Committee of the People's Bank of China, and the First Award of the “2018 FinTech Youth Thesis” by FinTech Research Center of National Institution for Finance & Development.