Chinese Economy Working Group Meeting
Organized by Hanming Fang, Zhiguo He, Shang-Jin Wei, and Wei Xiong
December 15-16, 2025
Cho Yiu Conference Hall, University Administration Building, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong
Hosted by The Chinese University of Hong Kong (CUHK)

Monday, December 15

8:00 am

Registration

8:30 am

Opening Remarks: Shang-Jin Wei, Columbia University and NBER
Michael Zheng Song, CUHK

8:35 am

Session Chair: Wei Xiong, Princeton University and NBER

8:40 am

Finance Leases and Capital Allocation Efficiency in China

Kai Li, Peking University
Yuan Wang, University of Toronto

Discussant:
Yan Bai, University of Rochester and NBER

9:30 am

Market for Corporate Control in China: Engine for Growth or Value Destruction?

Franklin Allen, Imperial College London
Jun Qian, Fudan University
Chenyu Shan, Shanghai University of Finance and Economics
Xiaohui Shi, Shanghai University of Finance and Economics
Lei Zhu, Fudan University

Discussant:
Wei Jiang, Emory University and NBER

10:20 am

Coffee/Tea Break

Short Presentations:

10:50 am

High-Speed Rail and China's Electric Vehicle Adoption Miracle

Hanming Fang, University of Pennsylvania and NBER
Ming Li, The Chinese University of Hong Kong, Shenzhen (CUHK-SZ)
Long Wang, Fudan University
Zoe Yang, The Chinese University of Hong Kong (CUHK)

11:10 am

Knowledge Diffusion and Local Innovation: Evidence from China

Yousha Liang, Zhejiang University
Kang Shi, The Chinese University of Hong Kong (CUHK)
Junjie Tang, The Chinese University of Hong Kong (CUHK)
Hanyi Tao, Shanghaitech University
Juanyi (Jenny) Xu, Hong Kong University of Science and Technology (HKUST)

11:30 am

AI Copilots in Real Estate: Evidence from China

Lin William Cong, Cornell University and NBER
Xiang Hui, Washington University in St. Louis
Yushan Zhou, Dalian University of Technology

11:50 am

Floor Discussion

12:15 pm

Lunch

12:16 pm

Session Chair: Hanming Fang, University of Pennsylvania and NBER

1:40 pm

Laboratories of Autocracy: Landscape of Central-Local Dynamics in China's Policy Universe

Kaicheng Luo, Massachusetts Institute of Technology
Shaoda Wang, University of Chicago and NBER
David Y. Yang, Harvard University and NBER

Discussant:
Ming Li, The Chinese University of Hong Kong, Shenzhen (CUHK-SZ)

2:30 pm

The Exchange Rate as an Industrial Policy

Pablo Ottonello, University of Maryland, College Park and NBER
Diego J. Perez, New York University and NBER
William Witheridge, University of Maryland, College Park

Discussant:
Qingyuan Du, Monash University

3:20 pm

Coffee/Tea Break

Short Presentations:

3:50 pm

Earnings Management and Price Informativeness

Zhiguo He, Stanford University and NBER
Wenxi Jiang, The Chinese University of Hong Kong (CUHK)
Wei Xiong, Princeton University and NBER

4:10 pm

The Demand, Supply, and Market Responses of Corporate ESG Actions: Evidence from a Nationwide Experiment in China

Guojun He, The University of Hong Kong (HKU)
Qinrui Xiahou, The University of Hong Kong (HKU)

4:30 pm

Central Bank Swap Lines and Currency Choices in Trade: The Bank Risk Management Channel

Yang Jiao, Singapore Management University
Ohyun Kwon, Drexel University
Saiah Lee, Ulsan National Institute of Science and Technology
Shang-Jin Wei, Columbia University and NBER

4:50 pm

Floor Discussion

5:15 pm

Adjourn

6:00 pm

Reception/Dinner - Yat Heen, Alva Hotel, Shatin, Hong Kong
(shuttle transportation will be arranged)

Tuesday, December 16

Location on Day 2:
LT2, Executive Education Suite, Level 1, Cheng Yu Tung Building, The Chinese University of Hong Kong
(venue is within walking distance of the hotel)

8:29 am

Session Chair: Zhiguo He, Stanford University and NBER

8:30 am

A Machine-Learning Based Measure of Corporate Tax Avoidance

Hui Chen, Massachusetts Institute of Technology and NBER
Yuhan Cheng, Shandong University
Jie Zou, Shandong University

Discussant:
Jialin Yu, Hong Kong University of Science and Technology (HKUST)

9:20 am

Sex and the City: Spatial Structural Changes and the Marriage Market

Min Fang, University of Florida
Zibin Huang, SUFE
Yushi Wang, Peking University
Yu (Alan) Yang, Peking University Guanghua School of Management

Discussant:
Nancy Qian, Northwestern University and NBER

10:10 am

Coffee/Tea Break

Short Presentations:

10:40 am

Risk Sharing and Temporary Migration: The Information Role of Kinship Networks

Xiaoxue Zhao, Wesleyan University

11:00 am

Government Bans, Household Spending, and Academic Performance: Evidence from Private Tutoring in China

Marty Haoyuan Chen, University of Maryland, College Park
Le Kang, Nanjing University
Wei Lu, Hangzhou Normal University
Yi Wei, Peking University
Jingyi Xing, University of Maryland, College Park

11:20 am

The International Spillover of Monetary Policy Shock: New Evidence from Nighttime Light

Kaiji Chen, Emory University
Qichao Wang, Hong Kong University of Science and Technology (HKUST)
Juanyi (Jenny) Xu, Hong Kong University of Science and Technology (HKUST)
Jingbo Yao, Hong Kong University of Science and Technology (HKUST)

11:40 am

Floor Discussion

12:05 pm

Lunch

12:30 pm

Keynote Speech: Boosting China’s Consumption
Haibin Zhu, Executive Director, Hong Kong Monetary Authority

12:31 pm

Session Chair: Michael Zheng Song, CUHK

Short Presentations:

1:40 pm

Public Displays of Alignment

Zi Yang Kang, University of Toronto
Joris M. Mueller, National University of Singapore
Jaya Wen, Harvard University
Cheryl Wu, Yale University

2:00 pm

Political Persuasion in the Information Age: Results from a Field Experiment

Raymond Fisman, Boston University and NBER
Yiying Li, Renmin University of China
Meng Miao, Renmin University of China

2:20 pm

Digital Technology, Legal Reforms, and Bank Lending

Yi Huang, Bank for International Settlements and CEPR
Yuchao Peng, Central University of Finance and Economics
Yangfan Sun, Zhongnan University of Economics and Law
Nanxuan Wang, Central University of Finance and Economics
Bernard Yeung, National University of Singapore

2:40 pm

Floor Discussion

3:05 pm

Concluding Remarks: Shang-Jin Wei, Columbia University and NBER

3:10 pm

Adjourn

Instructions to the presenters and discussants:
Long Presentations: Presentation: 25 minutes, Discussion: 10 minutes (the discussant could skip a summary of the paper if it is not a new way of looking at the issue). Floor discussion: 15 minutes.

Short Presentations: Presentation: 20 minutes per paper, Floor discussion: 25 minutes at the end of each session.