A Bridge on Economic Issues between China and the World
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The Rise of China as an International Lender
Zhengyang Jiang, Dec 16, 2025In the past decade, China has become the largest creditor to developing countries, surpassing the IMF, World Bank, and Paris Club countries. This column discusses how China's overseas lending interacts with US monetary policy – another key driver of the global financial cycle. It finds that Chinese and US policies jointly influence the level and the distribution of risk exposures in developing countries. As a result of China's expanding role in international lending, the architecture of global financial intermediation is also undergoing a fundamental transformation, carrying important implications for the stability and functioning of the international monetary system.
Robots as Guardians: How Automation Has Made Chinese Workplaces Safer
Wei Luo, Lixin Tang, Yaxin Yang, Xianqiang Zou, Feb 03, 2026Industrial robots are often discussed primarily in terms of their employment effects. New evidence from China shows that automation has also delivered substantial improvements in workplace safety, with sharp reductions in accidents and fatalities.
Visible Hands: Professional Asset Managers’ Expectations and the Stock Market in China
John Ammer, John Rogers, Gang Wang, Yang Yu, Jun 11, 2025Mutual funds have become an important type of private institutional investor in Chinese security markets, with assets under management exceeding $3 trillion. We study how Chinese fund managers’ growth expectations affect their equity investment decisions, and in turn, the effects on stock prices. We identify a strong short-run causal effect of growth expectations on stock returns. We also find that fund investment helps bring prices in line with firms’ longer-run earnings prospects.
Place Prosperity vs People Prosperity: Migration and the Intergenerational Transmission of Knowledge
Carol H. Shiue, Wolfgang Keller, Apr 23, 2025The trajectory of an economy's development can often be better understood through the historical experiences of its populace. Long before the availability of comprehensive official data, Chinese family genealogies are a valuable resource for reconstructing economic evolution over time, as the following shows.
How Do Firms Withstand Global Economic Shocks: Evidence from Within-Firm Responses
Xiao Cen, Vyacheslav Fos, Wei Jiang, Oct 16, 2024The article discusses that the adaptation strategies of American firms against the backdrop of China's industrial policies are as follows: Firstly, they carry out strategic shifts within the American market, avoiding direct competition and turning to upstream and downstream areas of the supply chain; secondly, they redistribute production across national borders by directly establishing production bases in China to fully leverage China's policy advantages. These strategies demonstrate the strategic flexibility and strong adaptability of American firms in the face of global economic shocks.
