A Bridge on Economic Issues between China and the World
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The Impact of Hybrid Working on Employee Retention and Performance
Nicholas Bloom, Ruobing Han, James Liang, Aug 21, 2024This article discusses that a flexible hybrid working arrangement significantly enhances job satisfaction and employee retention rates without compromising performance and promotion.
Production Networks and Firm Value: Evidence from the US-China Trade War
Yi Huang, Chen Lin, Sibo Liu, Heiwai Tang, Mar 25, 2020This paper discusses the effects on the financial markets of the several rounds of tariff hikes during the 2018–19 US-China trade war. It illustrates that US firms that are more dependent on exports to and imports from China have lower stock prices around the announcement date, while the expectation of weakened Chinese import competition due to US tariffs plays an economically minimal role. Firms with indirect exposure to US-China trade through domestic supply chains also...
Trade-Policy Dynamics: Evidence from 60 Years of US-China Trade
George Alessandria, Shafaat Khan, Armen Khederlarian, Kim Ruhl, Joseph Steinberg, May 04, 2022International trade depends on the effects of past trade policy and expectations of future trade policy. Disentangling these two forces is difficult, but the US-China trade relationship is ideally suited for study. A large, and largely unexpected, trade liberalization in 1980 kicked off a long, gradual expansion of Chinese exports to the United States. Until China’s accession to the World Trade Organization (WTO) in 2001, these low tariff rates were relatively easy to revoke, generating time-varying uncertainty over their future values.
Trading Restriction as a Channel of Financial Contagion—Evidence from China’s Stock Market
Laura Xiaolei Liu, Jiajie Xu, Ninghua Zhong, Oct 18, 2017China’s stock market imposes various trading restrictions such as daily price limits and trading suspension rules, which are intended to stabilize the market during turmoil. During China’s stock market crash in the summer of 2015, these trading restrictions made many highly valued stocks non-tradable and consequently caused mutual funds facing redemption pressure or with precautious concerns to sell other tradable stocks, exacerbating their price drops.
Trade Liberalization and the Performance of China’s Manufacturing Sector
Loren Brandt, Johannes Van Biesebroeck, Luhang Wang, Yifan Zhang, Dec 27, 2017China’s entry into WTO resulted in a significant reduction in tariffs on imported manufactured goods into China. We examine the effects of market liberalization on firm and industry performance. Tariff cuts on outputs and intermediates had highly complementary effects on productivity, and explain in upwards of forty per cent of the productivity gains between 1998-2007. The effects on mark-ups were largely offsetting, however lower tariffs on inputs helped to provide additional resources for productivity-enhancing investments.
