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China’s Growing Presence in Tax Havens: Implications for Policy and Research

Chris Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Jul 12, 2023

Chinese firms are increasingly utilizing tax havens like the Cayman Islands, Bermuda, and the British Virgin Islands to raise large sums of capital from foreign investors, accounting for over 60% of total offshore equities by 2020.

The Long-Run Trend of Residential Investment in China

Ding Ding, Weicheng Lian, Oct 09, 2019

Residential investment has been a key growth engine for China in the last two decades. Total housing investment grew from about 4 percent of GDP in 1997 to a peak of 15 percent of GDP in 2014, with residential investment accounting for more than two-thirds of it. Our analysis indicates that structural changes in the Chinese economy that led to rebalancing toward consumption...

The Impact of Rural-Urban Migration on House Prices in China

Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang, Jan 27, 2021

Rural-urban migration is an integral part of the dynamic process of structural transformation. The interplay between population inflows and house prices depends on various geographical differences in the economic and policy climate. In the case of China, we highlight particularly the roles played by location-specific hukou restrictions and local land supply.

Accounting for Urban China’s Rising Income Inequality: The Roles of the Labor Market, Human Capital, and Marriage Market Factors

Shuaizhang Feng, Gaojie Tang, Mar 27, 2019

China has witnessed persistent increases in economic inequality since the early 1990s when the urban labor market began its transformation — from centrally-controlled to market-driven. Using the Urban Household Survey data, this paper (Feng and Tang, 2018) documents the trends...

Corporate Innovation and IPO Interventions

Lin William Cong, Sabrina T. Howell, May 20, 2020

The Chinese government has occasionally suspended IPOs, exogenously creating uncertainty about access to public markets for firms already approved to list. We show that suspension-induced delay reduces corporate innovation activity both during the delay and for years after listing.