A Bridge on Economic Issues between China and the World
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Trading Suspensions, Liquidity, and Information Acquisition in the Chinese Stock Market
Clemens Sialm, David X. Xu, Mar 18, 2026We study the implications of mutual fund liquidity creation by examining frequent trading suspensions in China, which eliminate market liquidity in affected stocks and cause significant mispricing of mutual funds due to inaccurate valuations of their illiquid holdings...
Paying to Pollute: How Carbon Offsets Actually Raised Emissions in China
Qiaoyi Chen, Nicholas Ryan, Daniel Xu, Oct 29, 2025How do we cut carbon emissions without slowing economic growth? One way is through offset markets: markets to buy reductions in emissions from parties all over the world. Offsets are meant to incentivize projects that cut emissions. Instead of reducing emissions themselves, firms or countries can pay others to do so on their behalf. This trade in abatement can potentially lower the costs of bringing emissions down.
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.
Does Farming Culture Shape Household Financial Decisions?
Fang Yu, May 01, 2024This article discussing the collectivist culture from traditional rice farming in China leads households to prefer stock market investments and lottery purchases while reducing their need for insurance. This demonstrates the strong influence of cultural heritage on modern financial decisions and highlights the need to consider cultural factors in financial policy making.The collectivist culture from traditional rice farming in China leads households to prefer stock market investments and lottery purchases while reducing their need for insurance. This demonstrates the strong influence of cultural heritage on modern financial decisions and highlights the need to consider cultural factors in financial policy making.The collectivist culture from traditional rice farming in China leads households to prefer stock market investments and lottery purchases while reducing their need for insurance. This demonstrates the strong influence of cultural heritage on modern financial decisions and highlights the need to consider cultural factors in financial policy making.
AI Patents in the United States and China: Measurement, Organization, and Knowledge Flows
Hanming Fang, Xian Gu, Hanyin Yan, Wu Zhu, Jun 16, 2026ebates about artificial intelligence (AI) often ask whether the United States and China are technologically decoupling. Using a new high-precision measure of AI patents, we show a more nuanced picture. AI innovation in the two countries is converging in scale and technological direction, but remains highly asymmetric in institutional organization, geographic diffusion, and cross-border knowledge dependence. Chinese AI patents rely heavily on US frontier technologies, while US reliance on Chinese innovation is more limited.
