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.
Data-Intensive Innovation and the State: Understanding China’s AI Leadership
Martin Beraja, David Yang, Noam Yuchtman, Sep 23, 2020China has become a world leader in the development of artificial intelligence (AI), a data-intensive technology with the potential to transform the global economy. We argue that the Chinese state’s collection of data and provision of data to commercial firms contribute to China’s AI leadership. We provide supportive evidence from China’s facial recognition AI sector and develop a macroeconomic model that illustrates how the Chinese state's surveillance interest aligns with promoting AI innovation, but potentially at the expense of privacy.
Carry Trade with Chinese Characteristics
Yi Huang, Ugo Panizza, Richard Portes, Jun 13, 2018International borrowing by Chinese nationals has increased rapidly over the past 10 years. Some of this borrowing seems to be motivated by carry trade activities. Regulatory arbitrage may have played a role in this trend.
Household Finance in China
Russell Cooper, Guozhong Zhu, Sep 20, 2017We study household financial choices in China and compare them with those in the US. We estimate a structural model where the two countries differ in terms of preferences and institutional arrangements. In the structural estimation, we take into account the effects of important structural changes in the Chinese economy between 1990-2000.
An Empirical Overview of Chinese Capital Market
Grace Xing Hu, Jun Pan, Jiang Wang, Jun 29, 2022We 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.
