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Industry/Policy View Assessing China’s Financial Risk: Evidence from the Stock Market

Hao Zhou, Haibin Zhu, Xiangpeng Chen, Jul 14, 2017

VoxChina welcomes views from industry reports and policy reports.This piece summaries the views about China’s financial risk from - Hao Zhou, the PBC School of Finance at Tsinghua University, Haibin Zhu, J.P. Morgan and Xiangpeng Chen, the PBC School of Finance at Tsinghua University.

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, 2017

A 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.

A New Perspective on China’s Credit Boom

Kinda Hachem, Michael Zheng Song, Jun 20, 2017

What caused the enormous credit boom in China? This column by Kinda Hachem and Michael Song offers an unexpected explanation of stricter liquidity regulations on banks leading to a credit boom through competition between small and big banks and their heavy use of shadow banking investment instruments.

Long-run Trends in China’s Urban Unemployment and Labor Force Participation

Shuaizhang Feng, Yingyao Hu, Robert Moffitt, Jul 19, 2017

Official unemployment rate in China is based on registered unemployment figures, but the official figures are likely underestimates of the true unemployment rates because many unemployed people are not qualified to register with government agencies and even those who are qualified may choose not to for various reasons. Shuaizhang Feng of Jinan University, and Yingyao Hu and Robert Moffitt, both of Johns Hopkins University, discuss their new effort to provide the first comprehensive picture of China’s labor market for the period 1988-2009 using Urban Household Survey (UHS) data administered by the National Bureau of Statistics of China.

Shadow Banking: China’s Dual-Track Interest Rate Liberalization

Hao Wang, Honglin Wang, Lisheng Wang, Hao Zhou, Jul 26, 2017

Professors Hao Wang and Hao Zhou, both of Tsinghua University, Honglin Wang formerly of Hong Kong Institute for Monetary Research (HKIMR) and Lisheng Wang of Chinese University of Hong Kong, argue that the shadow banking explosion in China may constitute a dual-track reform mechanism to liberalize the country's rigid interest rate policy.