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The Impact of the COVID-19 Pandemic on Consumption: Learning from High Frequency Transaction Data
Haiqiang Chen, Wenlan Qian, Qiang Wen, May 26, 2021Based on daily transaction data in 214 cities and the difference-in-differences method, we document that daily offline consumption fell by 32%, or 18.57 million RMB per city, during the twelve-week period after China’s COVID-19 outbreak in late January 2020. This implies that China’s offline consumption decreased by over 1.22 trillion RMB in the three-month post-outbreak period, or 1.2% of China’s 2019 GDP. Our estimates suggest a significant economic benefit...
QR Code-Based Mobile Payments and Financial Inclusion
Thorsten Beck, Leonardo Gambacorta, Yiping Huang, Zhenhua Li, Han Qiu, Nov 09, 2022By means of a unique dataset of around half a million Chinese firms, we investigate the link between the use of a QR code-based mobile payment system and financial inclusion.
Doing Business in China: Parental Background and Government Intervention Determine Who Owns Business
Ruixue Jia, Xiaohuan Lan, Gerard Padró i Miquel, May 19, 2021The children of cadres have a higher likelihood of owning business in China, and this relationship varies greatly with government intervention in the economy. Connections with government are likely to be the explanation behind this pattern.
The Economic Impact of Distributing Financial Products on Third-Party Online Platforms
Claire Yurong Hong, Xiaomeng Lu, Jun Pan, Feb 26, 2020The emergence of third-party online platforms in intermediating financial products has been a new and exciting development in FinTech. We find that, in China post-platform, fund flows become markedly more sensitive to fund performance, and the net flow to the top 10 percent–performing funds more than triples their pre-platform level. In response, fund managers increase their risk taking to enhance...
The Impact of Intranational Trade Barriers on Exports: Evidence from a Nationwide VAT Rebate Reform in China
Jie Bai, Jiahua Liu, Feb 19, 2020It is well known that various forms of non-tariff trade barriers exist within a country. Empirically, it is difficult to measure these barriers as they can take many forms. We take advantage of a nationwide VAT rebate policy reform in China as a natural experiment to identify the existence of these intranational barriers due to local protectionism and study the impact...
