A Bridge on Economic Issues between China and the World
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Does ESG Travel around the World? Evidence from Multinational Firms in China
Dongxu Li, Xiaoxue Hu, Oct 20, 2021Using a sample of 3,770 Chinese listed firms during 2015–2020, we find that firms’ ESG ratings increase with foreign sales ratios. The higher-rated multinationals have more foreign subsidiaries located in countries with better ESG conditions, and their equity shares are held to a greater extent by institutional investors, especially by foreign institutions. The multinationals’ higher ESG ratings can be justified by...
Rebalancing in China: Progress and Prospects
Longmei Zhang, Aug 02, 2017This paper develops a framework for China’s rebalancing, reviews past progress, and discusses medium-term prospects. China has advanced well in reducing its excessive external surplus and moving towards consumption and services, while still lagging behind in reducing credit reliance, environmental pollution, and income inequality. Going forward, the economy will continue rebalancing in many dimensions, while credit will remain China’s Achilles heel unless decisive corporate restructuring and SOE reforms are implemented.
Does External Monitoring from the Government Improve the Performance of State-Owned Enterprises?
Shengyu Li, Hongsong Zhang, Nov 03, 2021We investigate the impact of external monitoring from the government on state-owned enterprise performance, using the variation in monitoring strength arising from a nationwide policy change and firms’ geographic location in China. We utilize a structural approach to estimate input prices and productivity separately at the firm level using commonly available production data. We show that...
Government as Venture Capitalists in AI
Martin Beraja, Wenwei Peng, David Yang, Noam Yuchtman, Nov 06, 2024This article discusses that government venture capital funds in China are more geographically dispersed than private venture capital, particularly in inland and less developed areas, and they are more inclined to invest in AI companies with weaker ex-ante productivity signals.
When Industrial Policy Meets Comparative Advantage: Lessons from “Made in China 2025”
Xiuping Hua, Yong Wang, Junjie Xia, Haochen Zhang, Jan 28, 2026In this paper, the authors contribute to this debate through the lens of a novel perspective: the congruence between firm’s factor input structures and local endowment structures.
