A Bridge on Economic Issues between China and the World
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The Great Chinese Inequality Turnaround
Ravi Kanbur, Yue Wang, Xiaobo Zhang, Jul 26, 2017This paper argues that after a quarter century of sharp and sustained increase, Chinese inequality is now plateauing and even turning using various data sources and inequality perspectives. The evolution of inequality is further examined through decomposition by income sources and subgroups. Some preliminary explanations are provided for these trends in terms of shifts in policy and the structural transformation of the Chinese economy.
Industrial Policy: Lessons from China
Panle Jia Barwick, Myrto Kalouptsidi, Nahim Bin Zahur, Sep 18, 2019This paper examines an important industrial policy in China in the 2000s that aims to propel the country's shipbuilding industry to the largest globally. Using comprehensive data on shipyards worldwide and a dynamic model of firm entry, exit, investment, and production, we find that the scale of the policy was massive and boosted China's domestic investment, entry, and world market share dramatically. On the other hand, it created sizable distortions and led to increased industry fragmentation and idleness.
Panda Games: Corporate Disclosure in the Eclipse of Search
Kemin Wang, Xiaoyun Yu, Bohui Zhang, Sep 26, 2018We conduct a textual analysis and exploit an exogenous event — Google’s 2010 surprising withdrawal from the Chinese mainland — which significantly hampered domestic investors’ ability to access foreign information. Following Google’s exit, Chinese firms’ announcements concerning their foreign transactions become more bullish in comparison to similar announcements prior to the exit and to those that involve only domestic transactions. This finding suggests that firms strategically alter their disclosure behaviors when the channel to transmit information is severed.
Faking Trade for Capital Control Evasion: Evidence from Dual Exchange Rate Arbitrage in China
Renliang Liu, Liugang Sheng, Jian Wang, Nov 25, 2020We examine whether firms over-report international trade to evade capital controls for foreign exchange arbitrage, by specifically testing whether the aggregate bilateral trade data gap between trading partners is positively (negatively) correlated with the exchange rate spread when the spread is positive (negative). At the disaggregated level, we also employ Benford’s law to detect trade data manipulations...
From Wall Street to Hong Kong:The Value of Dual Listing for China Concept Stocks
Zhuo Chen, Grace Xing Hu, Ziqiong Xi, Xiaoquan Zhu, Mar 22, 2023The recent cross-border regulation tensions between the US and China have exposed many US-listed China Concepts Stocks to substantial delisting risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange.
