This paper analyzes consumption risk sharing among provinces in the People's Republic of China (PRC) during 1980 - 2007. The analysis finds that 9.4% of shocks to gross provincial product are smoothed by the interprovincial fiscal transfer system. This system also cushions a relatively large...

For developing countries with advanced societies and growing economies, it is essential to accurately assess the technological innovation effect of capital goods imports on regional development quality. This study explores the path of high-quality urban development from the perspective of...

The China-U.S. trade frictions brought about many uncertainties to the Chinese economy. This research investigates whether China's state-controlled media played a role in stabilizing investors' expectations by examining the relations between media tone and Chinese stock market reactions in the...

China's high household savings rate has attracted great academic interest but remains a puzzle. Potential explanations include demographic, policy, and financial causes. Yet a lack of reliable microlevel data on household finances makes it difficult to assess the relative importance of each...

Governments are important financiers of private sector innovation. While these public funds can ease capital constraints and information asymmetries, they can also introduce political distortions. We empirically explore these issues for China, where a quarter of firms' R&D expenditures come from...