A Bridge on Economic Issues between China and the World
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The Geography of Market Power: Rethinking Consolidation in China’s Steel Industry
Loren Brandt, Feitao Jiang, Yao Luo, Yingjun Su, May 06, 2026China’s steel industry is the world’s largest, but it is also famously fragmented. For years, policymakers have pushed for mergers and acquisitions to consolidate the sector, aiming to boost efficiency and create a handful of national champions.
Fintech Lending and Cashless Payments
Pulak Ghosh, Boris Vallée, Yao Zeng, May 13, 2026Banks have long dominated lending thanks to their informational advantages over borrowers, but fintech lenders are leveling the playing field by exploiting an unexpected data source: cashless payments.
Subsidising the Supply Chain: How China’s Industrial Policy Shapes Export Competitiveness
Wenyin Cheng, David Liang, Bo Meng, Hongyong Zhang, May 20, 2026As governments expand industrial subsidies in the name of economic security, debate intensifies over whether such policies distort trade or enhance competitiveness. This column presents new evidence from China showing that subsidies do more than support individual firms – they ripple through domestic supply chains, boosting downstream exports and product quality. Industrial policy, it turns out, travels along value chains.
Contract Design and Insurance Take-up
Jing Cai, Apr 22, 2026Offering farmers a menu of insurance contracts instead of a single option significantly increases insurance take-up, by changing how farmers evaluate options within the contract menu.
Industry/Policy View China Subsidy Estimates Depend on an Interest-Rate Yardstick
Yuankun Li, Jul 01, 2026Before subsidy figures are used to justify new trade measures, the benchmark behind below-market borrowing should be made comparable across countries. The central issue is that the OECD/MAGIC treatment makes China's BMB estimate LPR-based, and this can make measured borrowing support several times larger than estimates based on more comparable interbank or government-bond benchmarks.
