A Bridge on Economic Issues between China and the World
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How Do Workers and Households Adjust to Robots?
Osea Giuntella, Yi Lu, Tianyi Wang, Apr 26, 2023We analyze the effects of exposure to industrial robots on labor markets and household behaviors, exploring longitudinal household data from the China Family Panel Studies.
Do Interest Rates Play a Major Role in Monetary Policy Transmission in China?
Gunes Kamber, Madhusudan Mohanty, Aug 17, 2018We explore the role of interest rates in monetary policy transmission in China in the context of its multiple instrument setting. In doing so, we construct a new series of monetary policy surprises using information from high frequency Chinese financial market data around major monetary policy announcements. We find that a contractionary monetary policy surprise increases interest rates and significantly reduces inflation and economic activity. Our findings provide further support to recent studies suggesting that monetary policy transmission in China has become increasingly similar to that in advanced economies.
The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply: the Case of China
Hui He, Lei Ning, Dongming Zhu, Jun 26, 2019Individuals can use savings and labor supply to self-insure against uncertainties over their life cycle, such as idiosyncratic income shocks and changes in longevity and pension benefits. Using China as a case study, we investigate, both empirically and quantitatively, the impact of rapid aging and pension reform on savings and the labor supply, and the roles...
The Long-Run Trend of Residential Investment in China
Ding Ding, Weicheng Lian, Oct 09, 2019Residential investment has been a key growth engine for China in the last two decades. Total housing investment grew from about 4 percent of GDP in 1997 to a peak of 15 percent of GDP in 2014, with residential investment accounting for more than two-thirds of it. Our analysis indicates that structural changes in the Chinese economy that led to rebalancing toward consumption...
Decoding China’s Industrial Policies
Hanming Fang, Ming Li, Guangli Lu, Jul 02, 2025Industrial policy is often discussed through high-level narratives and flagship initiatives, yet its implementation—particularly at the subnational level—remains opaque. We leverage large language models (LLMs) to systematically analyze over three million government documents from 2000 to 2022, extracting structured policy information to decode China’s industrial policy at various levels of government. Combining these newly constructed granular industrial policy data with micro-level firm data, we document four sets of facts on China’s industrial policies, including the economic and political rationality of the choice of the target sectors, the dynamics of the policy tools, the diffusion and similarity of policies, and the effects on firm entry and productivity.
