A Bridge on Economic Issues between China and the World
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Employee Output Response to Stock Market Wealth Shocks
Teng Li, Wenlan Qian, Wei A. Xiong, Xin Zou, Sep 27, 2023Exploiting individual-level data linking worker performance and stock investment, we show that a 10% increase in stock investment returns is associated with a decrease in the same investor’s work output by 3.8% in the following month.
Growing Apart: Declining Within- and Across-Village Risk Sharing in Rural China
Orazio Attanasio, Costas Meghir, Corina Mommaerts, and Yu Zheng , May 25, 2022China has embarked on an ambitious campaign to close income gaps, address regional inequality and unfair social welfare provision, and make solid progress toward common prosperity by 2035. This marks a shift in focus from overall growth to promoting equitable and balanced growth.
Microgiving with Digital Platforms
Xiheng Jiang, Jianwei Xing, Jintao Xu, Eric Zou, Nov 30, 2022“Microgiving,” a new model of fundraising made possible by digital technologies, is premised on the notion that charities can raise substantial funds by soliciting minuscule donations from many individuals.
The Pre-Announcement Drift in China: Government Meetings and Macro Announcements
Jun Pan, Qing Peng, Mar 20, 2024Confirming Chinese equity market is policy-driven, this study reveals a significant pre-Govt return before top government meetings, akin to the US pre-FOMC drift. It highlights the market's anticipation of these events and their impact on asset pricing, underscoring the centralized financial system in China.
Industrial Policy and Retaliatory Protection under the WTO:Lessons from China
Yusheng Feng, Haishi Li, Siwei Wang, Min Zhu, Aug 13, 2025Industrial policy is increasingly implemented worldwide, with many policymakers and researchers highlighting its benefits (Juhász et al. 2024). However, the cost of industrial policy remains less understood. Using Chinese firm-level data, we show that higher industrial subsidies raise the likelihood and severity of foreign anti-dumping and countervailing duties at each investigation stage (Feng et al. 2025). These retaliatory tariffs wipe out roughly a quarter of the firm revenue growth the subsidies would otherwise create. Neglecting this channel may lead governments to overstate the net benefits of industrial policy and fuels deeper trade frictions and geoeconomic fragmentation.
