A Bridge on Economic Issues between China and the World
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Excessive Issuance of New Funds in China and Implications for Investor Protection
Shuai Ye, Jinfan Zhang, Kaixuan Zheng, Jun 25, 2025The Chinese mutual fund industry is only one-tenth the size of its US counterpart, but the number of funds in China has surpassed that of the US. Our study shows that such a large number of funds is unhealthy: managers issue new funds repetitively with different custodian banks, resulting in the average manager overseeing 2.7 funds. Managers shift profits to new funds in order to attract more flows. Among funds under the same manager, new funds have higher returns than old funds, spurring concerns over investor protection.
Government-Directed Urban Growth, Firm Entry, and Industrial Land Prices in Chinese Cities
Jan K. Brueckner, Wenhua Liu, Wei Xiao, Junfu Zhang, May 17, 2023We examine the effect of large-scale administrative reorganization in China, where counties are annexed into cities to accommodate urban growth.
The Value of Big Data in a Pandemic
Kairong Xiao, May 05, 2021This article summarizes a study of the economic and public health effects of the Health Code app in China. By exploiting the staggered implementation of this technology across 322 Chinese cities, this study finds that the Health Code app significantly reduced virus transmission and facilitated economic recovery during the COVID-19 pandemic. A macroeconomic susceptible-infectious-recovered (SIR) model calibrated to the micro-level estimates shows...
Window Dressing in the Public Sector: Evidence from China’s Compulsory Education Promotion Program
Hanming Fang, Chang Liu, Li-An Zhou, Nov 15, 2023We document public-sector window dressing behavior in China’s Compulsory Education Promotion Program during the 1990s. Window-dressing behavior has been well-documented in various organizations when an agent faces high-stakes incentives.
Environmentally Inclined Politicians and Local Environmental Performance:Evidence from Publicly Listed Firms in China
Hanming Fang, Honglin Ren, Danwen Song, Nianhang Xu, May 31, 2023We investigate whether and how environmentally inclined politicians (EIPs), i.e., politicians with prior environment-related work experience, affect local environmental performance in China.
