A Bridge on Economic Issues between China and the World
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Monetary Policy in China: A Trade-Off Between Transmission and Stability?
Kaiji Chen, Yiqing Xiao, Tao Zha, Sep 24, 2025We explore how China’s shift toward interest-rate-based monetary policy faces an inherent trade-off. When non-state banks turn to wholesale funding, monetary policy easing is transmitted more effectively to productive firms, but the banking system also becomes more fragile in economic downturns. Our findings suggest that China’s regulators must strike a careful balance between achieving policy effectiveness and safeguarding financial stability.
Environmental Externalities, Product Attributes, and Market Power: Implications for Government Subsidies
Panle Jia Barwick, Hyuk-soo Kwon, Shanjun Li, Sep 18, 2024The article discusses how attribute-based subsidy (ABS) designs lead to higher product quality and more effectively mitigate market power than uniform subsidies, albeit with a modest environmental cost.
High-Speed Rail and China's Electric Vehicle Adoption Miracle
Hanming Fang, Ming Li, Long Wang, Yang Yang, Mar 19, 2025We investigate whether high-speed rail (HSR) connectivity influences electric vehicle (EV) adoption, using a quasi-natural experiment from China’s HSR expansion and several identification strategies. Our findings consistently show that, by alleviating range anxiety, the expansion of HSR can account for up to one third of the increase in EV market share and EV sales in China during our sample period from 2010 to 2023, with effects particularly pronounced in cities served by faster HSR lines. These results suggest that transportation infrastructure can play a complementary role in accelerating the transition to electric mobility.
Horizon Risk in Rental Housing: Evidence from a PropTech Rental Platform
Jiayin Hu, Maggie R. Hu, Shangchen Li, Yingguang Zhang, Zheng Zhang, Jul 10, 2024This article discussing that landlords in areas with faster housing price growth tend to offer shorter-term contracts and are less likely to renew expired contracts.
Learning by Investing: entrepreneurial spillovers from venture capital
Josh Lerner, Jinlin Li, Tong Liu, May 22, 2024The experience gained by individual investors from participating in venture capital funds significantly enhances their entrepreneurial capabilities in the high-tech sector.
