A Bridge on Economic Issues between China and the World
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VoxChina Covid-19 Forum (Second Edition): China’s Post-Lockdown Economic Recovery
VoxChina, Apr 18, 2020The lockdowns induced by Covid-19 have led to unprecedented challenges to economies across the globe. The second edition of the VoxChina Covid-19 Forum focuses on China’s post-lockdown economic recovery, with three presentations that are based on data analysis of small businesses, consumption, e-commerce, and beyond, each for 15 minutes. There will be 30 minutes of Q&As.
China’s Great Housing Boom
Kaiji Chen, Yi Wen, Oct 11, 2017We provide a theory to explain China’s excessive housing price growth in the most recent decades, despite a high vacancy rate and a high rate of return to capital. We argue that China’s housing prices contain a significant and rapidly growing bubble component. This growing housing bubble generates a substantial degree of welfare losses and resource misallocation in the capital market, which are prolonging economic transition and hindering aggregate economic growth.
China’s Joint Venture Policy and the International Transfer of Technology
Kun Jiang, Wolfgang Keller, Larry D. Qiu, William Ridley, Feb 06, 2019China’s government mandates that foreign investors in certain industries form joint ventures with a domestic Chinese partner. We use a dataset that accounts for all joint ventures in China from 1998 to 2007 to show that this policy is successful in its aim of encouraging technology transfers from foreign investors to domestic operations. We find empirical evidence for the existence of at least three channels through which this transfer takes place.
Wealth Redistribution in the Chinese Stock Market: the Role of Bubbles and Crashes
Li An, Jiangze Bian, Dong Lou, Donghui Shi, Jul 01, 2020Using comprehensive administrative data from China, we document a substantial increase in inequality of wealth held in risky assets by Chinese households in the 2014–2015 bubble-crash episode: the top 0.5% households in the equity market gained, while the bottom 85% lost, 250B RMB through active trading in this period, equating to 30% of each group’s initial equity wealth. In comparison, the return differential between the top and bottom groups in periods of a relatively calm...
The Dark Side of the Chinese Fiscal Stimulus: Evidence from Local Government Debt
Yi Huang, Marco Pagano, Ugo Panizza, Jun 28, 2017China's 4 Trillion Yuan stimulus in November 2008 may have been successful in allowing China to escape from the Great Recession. But the massive increase in local government debt in the implementation of the stimulus package also led to crowd out of the more productive private sector investment. Yi Huang of Graduate Institute in Geneva and his coauthors Marco Pagano and Ugo Panizza discuss this "dark side" of the Chinese stimulus.
