A Bridge on Economic Issues between China and the World
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How Do Zombie Firms Affect Innovation? Evidence from China’s Industrial Firms
Yun Dai, Wei Li, Yongqin Wang, May 08, 2019Zombie firms are insolvent firms that continue to operate due to continued access to financing at extremely low costs. Nie et al. (2016) find that in the year 2013 about 14 percent of Chinese-listed firms and 7.5 percent of Chinese manufacturing firms are defined as zombie firms. The large amount of financing subsidies distributed to insolvent zombie firms...
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.
The Data Privacy Paradox of Alipay Users
Long Chen, Yadong Huang, Shumiao Ouyang, Wei Xiong, Jul 07, 2021We find that there is no relationship between the self-stated privacy concerns of a sample of Alipay users and their number of data-sharing authorizations with third-party mini-programs on Alipay. We explain this data privacy paradox by a curious finding that users with stronger privacy concerns tend to benefit more from using mini-programs, which further suggests that consumers may develop data privacy concerns as a by-product of the process of using digital applications, not because such concerns are innate.
The Collateral Channel of Monetary Policy: Evidence from China
Hanming Fang, Yongqin Wang, Xian Wu, May 13, 2020As a quasi-natural experiment to estimate the causal impact of the collateral-based unconventional monetary policy, we exploit the expansion of the collateral for the Medium-Term Lending Facility (MLF) in the interbank bond market on June 1, 2018 by the People’s Bank of China. We also consider that many bonds are dual-listed in a largely segmented exchange market. We find that the policy reduced the spreads of the newly collateralizable, dual-listed bonds in the treatment...
Will robots replace workers? Lessons from China
Osea Giuntella, Yi Lu, Tianyi Wang, Aug 06, 2025Robot adoption has skyrocketed in China in the last decade. New research finds that this exposure has led to a decline in employment and wages, influencing workers’ training and retirement decisions. How can developing countries prepare themselves for the artificial intelligence revolution?
