A Bridge on Economic Issues between China and the World
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China’s “Great Leap Forward” in Science and Engineering
Richard B. Freeman, Jun 20, 2017From "Made in China" to "Innovated in China" can occur only if China produces a large number of scientists and engineers. Richard B. Freeman of Harvard University documents China's "Great Leap Forward" in science and engineering in the past decades in the number of engineers and scientists, the number of scientific papers, patents and innovations.
Underestimated Role of Banks in China’s Bond Market
Marlene Amstad, Zhiguo He, Jul 17, 2019The role of banks in the Chinese bond market, the third largest in the world, is greatly underestimated when proxied only through the share of issuance. For the future growth and deepening of the Chinese bond market it will be important to lower reliance on banks in order for the bond market to play its intended role as a spare tire of the financial system.
Air Pollution, Health Spending and Willingness to Pay for Clean Air in China
Shanjun Li, Deyu Rao, Nahim Bin Zahur, Panle Jia Barwick, Aug 23, 2017A study shows that reducing PM2.5 in China can lead to significant health benefit. A reduction of PM2.5 by 10 μg/m3 (about 20% from the current level) could result in an annual saving of 75 billion Yuan (or over 2%) in healthcare expenditure. The benefit from improved air quality proposed by recent national policies in China could justify large investment in cleanup activities.
Shadow Banking Activities of Non-Financial Firms in China
Julan Du, Chang Li, Yongqin Wang, Jul 19, 2017The re-lending business is a particular activity of shadow banking in China, in which some non-financial firms borrow in order to lend, acting as de facto financial intermediaries. Julan Du and Chang Li from the Chinese University of Hong Kong and Yongqin Wang from Fudan University document this type of shadow banking in China using three different identification strategies. They also explore the factors that influence the firms' re-lending activities.
US–China Tensions
John Rogers, Bo Sun, Chris Webster, Apr 28, 2021We construct a US–China Tensions index (UCT) and examine its economic transmission effects. The index spikes notably around the 2008 unrest in Tibet and the China military buildup, the 2018 arrest of a Huawei executive, and the 2018–2019 trade disputes. The index reaches its peak at the onset of the 2020 global pandemic. We interpret such tension as reflecting both the realization of new barriers between the two countries and the risk of existing barriers escalating. We show that heightened US–China Tension has adverse economic effects...
