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Migration and Resource Misallocation in China Xiaolu Li, Lin Ma, Yang Tang, Oct 23, 2024 This article discusses how reducing frictions across Chinese provinces could significantly improve aggregate output, lower spatial inequality, and discourage population concentration in large cities.
How Do Firms Withstand Global Economic Shocks: Evidence from Within-Firm Responses Xiao Cen, Vyacheslav Fos, Wei Jiang, Oct 16, 2024 The article discusses that the adaptation strategies of American firms against the backdrop of China's industrial policies are as follows: Firstly, they carry out strategic shifts within the American market, avoiding direct competition and turning to upstream and downstream areas of the supply chain; secondly, they redistribute production across national borders by directly establishing production bases in China to fully leverage China's policy advantages. These strategies demonstrate the strategic flexibility and strong adaptability of American firms in the face of global economic shocks.
Understanding the Evolution of China’s Production and Trade Patterns Hanwei Huang, Jiandong Ju, Vivian Yue, Oct 09, 2024 The article discusses how capital accumulation has driven China's transition towards capital-intensive industries, while labor-biased productivity growth has helped China maintain a competitive edge in labor-intensive sectors.
Demand for Retirement Insurance: What Do People Want? Cheng Wan, Hazel Bateman, Hanming Fang, Katja Hanewald, Oct 02, 2024 This article discusses the diversity and preference variations in the demand for retirement insurance among urban residents in China, particularly the high demand for health-related insurance such as critical illness (CI) and long-term care (LTC) insurance, and how individual financial circumstances, risk appetites, and bequest motives significantly influence their choice of retirement insurance products.
Interregional Barriers and Economic Growth in China Yi Han, Mingqin Wu, Sep 25, 2024 The article discussess that China's policy reform of integrating counties into larger prefecture-level divisions (che xian she qu) significantly promoted regional economic specialization, reduced interregional market barriers, and played a crucial role in driving economic growth.The article discussess that China's policy reform of integrating counties into larger prefecture-level divisions (che xian she qu) significantly promoted regional economic specialization, reduced interregional market barriers, and played a crucial role in driving economic growth.
Environmental Externalities, Product Attributes, and Market Power: Implications for Government Subsidies Panle Jia Barwick, Hyuk-soo Kwon, Shanjun Li, Sep 18, 2024 The article discusses how attribute-based subsidy (ABS) designs lead to higher product quality and more effectively mitigate market power than uniform subsidies, albeit with a modest environmental cost.
Bonds of Love: Patriotism and the Rise of Modern Banks Yuchen Sun, Wanda Wang, Yuchen Xu, Sep 11, 2024 This article discusses that patriotism could be an alternative source of trust in government and financial institutions, particularly during challenging times.
Cooperative Culture and the Birth of Modern Enterprises in China Yang Cai, Jiong Zhu, Sep 04, 2024
Empowering through Courts: Judicial Centralization and Municipal Financing in China Jiayin Hu, Wenwei Peng, Yang Su, Aug 28, 2024 This article discusses that the judicial centralization reform gradually implemented in China since 2014 has enhanced the independence of the judicial system, limited the intervention of local governments, and reduced court biases in favor of local governments.
The Impact of Hybrid Working on Employee Retention and Performance Nicholas Bloom, Ruobing Han, James Liang, Aug 21, 2024 This article discusses that a flexible hybrid working arrangement significantly enhances job satisfaction and employee retention rates without compromising performance and promotion.
Recent
How Liberalizing Trade with China Led to a Boom in International Students in the US Gaurav Khanna, Kevin Shih, Ariel Weinberger, Mingzhi Xu, Miaojie Yu, Aug 16, 2023 Focusing on China’s accession to the World Trade Organization, we show that Chinese cities with more exposure to trade liberalization sent more students to US universities.
Regional Variation of GDP per Head within China, 1080–1850: Implications for the Great Divergence Debate Stephen Broadberry, Hanhui Guan, Sep 28, 2022 We provide the first regional breakdown of GDP per head for China from the Song dynasty to the Qing, so that regions of similar size can be compared between Europe and Asia to establish the timing of the Great Divergence of living standards.
Combating Cross-Border Externalities Shiyi Chen, Joshua Graff-Zivin, Huanhuan Wang, Jiaxin Xiong, Sep 21, 2022 China implemented a pioneering policy in 2011, the Ecological Compensation Initiative (ECI), which establishes side payments between upstream and downstream provinces in the Xin’an River Basin.
Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence from 1.5 Billion Sales Invoice Zhuo Chen, Pengfei Li, Li Liao, Zhengwei Wang, Aug 31, 2022 We probe the effects of the COVID-19 pandemic and the subsequent containment policies on business activities in China by exploiting big data on 1.5 billion sales invoices. The average drop in sales was between 23% and 35%, depending on firm size, for the 12-week period after the Wuhan lockdown.
Industrial Land Discount in China: A Public Finance Perspective Zhiguo He, Scott Nelson, Yang Su, Anthony Lee Zhang, Fudong Zhang, Jul 25, 2022 Local governments, which serve as monopolistic land sellers in China, face a trade-off when deciding to supply residential land versus industrial land. This trade-off is determined by the different time profiles of revenues from industrial and residential land sales, local governments’ financial constraints, and the extent of local governments’ tax revenue sharing with other levels of government.
Industry/Policy View Omnia Juncta in Uno: Foreign Powers and Trademark Protection in Shanghai’s Concession Era Laura Alfaro, Cathy Ge Bao, Maggie X. Chen, Junjie Hong, Claudia Steinwender, Jul 20, 2022 Trademarks, which identify the source of goods and services, account for the majority of intellectual property filings worldwide. We investigate how firms adapt to the introduction of trademark institutions by exploring a historical precedent: China’s trademark law of 1923, an unanticipated and disapproved response to end foreign privileges in China.
Dollar Funding Stresses in China Laura Kodres, Leslie Sheng Shen, Darrell Duffie, Jul 13, 2022 The need for US dollar funding during the financial stresses of March 2020, as the COVID-19 pandemic shocked markets, was evident in a number of countries (Avdjiev, Eren, and McGuire 2020; Bahaj and Reis 2020).
Serial Entrepreneurship in China Loren Brandt, Ruochen Dai, Gueorgui Kambourov, Kjetil Storesletten, Xiaobo Zhang, Jul 06, 2022 New firms have been an important engine of growth in the Chinese economy (Brandt, Van Biesebroeck, and Zhang 2012). Drawing on data on the universe of all firms in China, we study entrepreneurship and the creation of new firms in China through the lens of entrepreneurs who operate a series of firms over their lifetime, i.e., serial entrepreneurs (SE).
An Empirical Overview of Chinese Capital Market Grace Xing Hu, Jun Pan, Jiang Wang, Jun 29, 2022 We provide an empirical review of the Chinese capital market, focusing on the basic return and risk characteristics of its major asset classes, as well as a comparison to the US market. All major asset classes in China have significant higher volatilities than their counterparts in the US market, but they do not always yield larger returns. Small-company stocks, short-, medium-, and long-term treasury bonds outperform their US counterparts, while large stocks underperform and long-term enterprise bonds yield similar returns.
Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship? Zhiguo He, Bibo Liu, Feifei Zhu, Jun 01, 2022 Our recent study analyzes the use of share pledging funds in the context of China. Survey evidence shows that a majority of the largest shareholders (67.3%) used pledging funds outside their listed firms, including financing their entrepreneurial activities.
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