Order Description

please ensure that your final draft has the following layout. The abstract was also missing in the current version.

Abstract
Table of contents (it should include the lists of all the section and sub-section highlighted in red and in bold – see below)
List of tables
List of figures (if any)
List of Appendices (if any)
Introduction
Literature Review
Data and Methodology
Empirical Analysis
Conclusion
References
Appendices
The current version (section 2, 3 and 4) should be discussed under chapter 2 and renamed as section 2.1, 2,2 and 2.3 respectively. Data and Methodology section should be chapter 3

Each chapter/ section needs to be clearly highlighted. The introduction section needs clear and detailed discussion on research motivation. It is not clear from this section as to why the governance study on China is relevant.

The results discussion is very short. You need to discuss this in detail. The conclusion section s missing. The pre- and post-crisis analysis would have been useful rather than doing Granger causality test as robust checks. This checks should be supported with relevant studies.