A Bridge on Economic Issues between China and the World
Facebook 
Twitter 
Instagram
WeChat 
Email Most Popular
Rise of Bank Competition: Evidence from Banking Deregulation in China
Haoyu Gao, Hong Ru, Robert Townsend, Xiaoguang Yang, Aug 17, 2019This paper documents a novel trade-off of banking deregulation in the context of China by using loan-level big data. We find that following a deregulation in the form of geographically lowered bank entry barriers, the potential benefits such as the lower interest rates for borrowers were mitigated adversely by the worsening credit allocation. The soft budget constraint...
Relocating or Redefined: A New Perspective on Urbanization in China
Li Gan, Qing He, Ruichao Si, Daichun Yi, Mar 18, 2020We study the urbanization process in China during the past decade by deconstructing different sources of new urban residents. We find that around one-third of urban population growth in the past decade has consisted of redefined migrants from communities that have been reclassified from rural to urban, though they do not actually move. We further find evidence that failing to consider the number of redefined migrants and their housing behaviors leads to a high housing vacancy rate in China’s urban areas.
State Versus Market: China’s Infrastructure Investment
Shuoge Qian, Hong Ru, Wei Xiong, Mar 13, 2024In 2005, the Chinese government launched the landmark “36 Clauses” reform, marking a critical step toward forging a more favorable market environment.
Omnia Juncta in Uno: Foreign Powers and Trademark Protection in Shanghai’s Concession Era
Laura Alfaro, Cathy Ge Bao, Maggie X. Chen, Junjie Hong, Claudia Steinwender, Jul 09, 2025Trademarks, which identify the source of goods and services, account for the majority of intellectual property filings worldwide. We investigate how firms adapt to the introduction of trademark institutions by exploring a historical precedent: China’s trademark law of 1923, an unanticipated and disapproved response to end foreign privileges in China.
Brain Drain: The Impact of Air Pollution on Firm Performance
Shuyu Xue, Bohui Zhang, Xiaofeng Zhao, Feb 12, 2020By exploiting the exogenous variation in air pollution caused by China’s central heating policy, we find that air pollution reduces the accumulation of executive talent and high-quality employees. We also find that firms located in polluted areas have poorer performance, especially for firms with greater dependence on human capital.
