A Bridge on Economic Issues between China and the World
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The Effect of Computer-Assisted Learning on Students’ Long-Term Development
Nicola Bianchi, Yi Lu, Hong Song, Feb 17, 2021We examine the effect of computer-assisted learning on students’ long-term development. We explore the implementation of the largest ed-tech intervention in the world to date, which connected China’s best teachers to more than 100 million rural students through satellite internet. Exposure to the program improved students’ academic achievement, labor performance, and computer usage for at least ten years after program implementation. These findings indicate...
Mapping U.S.-China Technology Decoupling, Innovation, and Firm Performance
Pengfei Han, Wei Jiang, Danqing Mei, Dec 01, 2021We develop measures for technology decoupling and dependence between the U.S. and China based on combined patent data. The first two decades of the century witnessed a steady increase in technology integration (or less decoupling), but China’s dependence on the U.S. increased (decreased) during the first (second) decade. Decoupling in a technology field predicts China’s growing dependence on U.S. technology, which, in turn, predicts less decoupling further down the road...
Optimising Production: Industrial Policies in Networks
Ernest Liu, Mar 13, 2019Many developing countries adopt industrial policies favoring upstream sectors. Liu (2018) shows these policies might enhance aggregate production efficiency. When sectors form a production network, market imperfections generate distortions that compound through input demand linkages, accumulating into upstream sectors and creating an incentive for...
Centralization or Decentralization? The Evolution of State-Ownership in China
Franklin Allen, Junhui Cai, Xian Gu, Jun Qian, Linda Zhao, Wu Zhu, Apr 05, 2023We developed an SOE index for all 40 million firms in China from 1990 to 2017 based on the dynamic EquiNet. This quantitative index is solely based on equity investments and thus clears up the mysteries of other self-report measures.
Overpricing in China’s Corporate Bond Market
Yi Ding, Wei Xiong, Jinfan Zhang, Nov 27, 2019In China’s corporate bond market, the yield spread of newly issued bonds at their first secondary-market trade is on average 5.35 bps higher than the issuance spread. This overpricing is robust across bond issuances with different credit ratings, maturities, issuance types, and issuer status. Evidence suggests that competition among underwriters drives this overpricing through two specific channels—either through rebates to participants in issuance auctions or through direct auction bidding by the underwriters for themselves or their clients.
