Cen, Xiao; Fos, Vyacheslav; Jiang, Wei - National Bureau of Economic Research - 2024
China's industrial policies ("Five-Year Plans") displace U.S. production/employment and heighten plant closures in the … same industries as those targeted by the policies in China. The impact was not anticipated by the stock market, but U … industries benefiting from the boost, or offshore to government-endorsed industries in China. Such within-firm adjustments offset …