Chinese Economy Working Group Meeting
Organized by Lin William Cong, Hanming Fang, Zhiguo He, Shang-Jin Wei, and Wei Xiong
December 17-19, 2026
Room 310, Building B, No.579 Guoquan Road, Yangpu District, Shanghai, China
Hosted by Fudan University’s International School of Finance (FISF).
Thursday, December 17
9:00 am
Welcome
Technology Shaping Decisions
9:15 am

Marketing for Flows, Paying with Alpha: Evidence from Mutual Fund Manager Livestreaming

Silu Cheng, East China University of Science and Technology
Yue Hu, Shanghai Jiaotong University
Linlin Ma, Peking University
Zilu Wang, Fudan University

Discussant:
Darwin Choi, Hong Kong University of Science and Technology (HKUST)

Directionality in AI Advice: Experimental Evidence from Healthcare

Yuyu Chen, Peking University
Hongbin Li, Stanford University
Lingsheng Meng, Stanford University
Xinyao Qiu, The University of Hong Kong (HKU)
Qingxu Yang, Fudan University

Discussant:
Tracy Xiao Liu, Tsinghua University
10:45 am
Break
11:00 am

Talking to AI-Equipped Investors: A Field Experiment

Yupeng Lin, National University of Singapore
Zhenghui Ni, Renmin University of China
Yichen Su, Renmin University of China
Nianhang Xu, Renmin University of China

Discussant:
Bohui Zhang, The Chinese University of Hong Kong, Shenzhen (CUHK-SZ)
11:45 am
Lunch
2:00 pm

Finfluencers and Stock Market Quality: Evidence from TikTok

J. Anthony Cookson, Pennsylvania State University
Qingfu Liu, Fudan University
Yang Song, University of Washington
Chuanjie Wang, Shanghai University of Finance and Economics
Jiaer Yang, Fudan University

AI Sovereignty

Wenxi Jiang, The Chinese University of Hong Kong (CUHK)
Zhenyu Gao, The Chinese University of Hong Kong (CUHK)
Haohan Ren, Fudan University
Kemin Wang, Fudan University
Yuezhi Wu, Fudan University

Learning and Talent Allocation along the Supply Chain

Paola Beltran, International Monetary Fund
Francesco Grigoli, Georgetown University
Nicola Pierri, International Monetary Fund
Marvin Cardoza, Direccion General de Impuestos Internos
3:15 pm
Break
3:45 pm

Data Neutrality, Data Supply and Market Competition

Hanming Fang, University of Pennsylvania and NBER
Soo Jin Kim, Chung-Ang University

AI in the Court

Natarajan Balasubramanian, Syracuse University
Chenyang Pan, Shanghai Jiao Tong University
Jian Xie, Southern University of Science and Technology
Wenjian Xu, Shanghai Jiao Tong University
4:25 pm
Adjourn
Friday, December 18
Chinese Growth Models
9:15 am

A Pendulum Model of Economic Growth

Zhen Huo, Yale University
Xilin Yuan, Yale University
Xiaodong Zhu, The University of Hong Kong (HKU)

Discussant:
Zheng Michael Song, The Chinese University of Hong Kong (CUHK)

Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China

Zhiguo He, Stanford University and NBER
Zehao Liu, Renmin University of China
Xinle Pang, University at Buffalo
Yang Su, The Chinese University of Hong Kong (CUHK)
Kunru Zou, Hong Kong Baptist University (HKBU)

Discussant:
Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen (CUHK-SZ)
10:45 am
Break
11:00 am

Government Guided Funds and the Direction of Innovation

Zhao Jin, Cheung Kong Graduate School of Business
Erica X. N. Li, Cheung Kong Graduate School of Business
Dan Su, Cheung Kong Graduate School of Business
Daniel Xu, Duke University and NBER

Discussant:
Bo Li, Peking University
11:45 am
Lunch
2:00 pm

The Dose-Response of Behavioral Interventions: Evidence from a Large-Scale RCT

Cameron Peng, London School of Economics and Political Science (LSE)
Shang-Jin Wei, Columbia University and NBER
Zhuan Xie, Ant Group

Income Inequality and Digital Platform Size: Evidence from Administrative Data from Chinese Live-streaming Platform

Yang You, The University of Hong Kong (HKU)
Chen Lin, The University of Hong Kong (HKU)
Li Liao, Tsinghua University
Lu Liu, Tsinghua University
Xincheng Wang, The University of Hong Kong (HKU)

Housing Crash, Gold Rush

Zhenyu Gao, The Chinese University of Hong Kong (CUHK)
Wenxi Jiang, The Chinese University of Hong Kong (CUHK)
Haohan Ren, Zhejiang University of Finance and Economics
Kemin Wang, Fudan University
Yuezhi Wu, Fudan University
3:15 pm
Break
3:45 pm

Quality Regulation and Market Access: Evidence from China's Drug Procurement Program

Shengmao Cao, Northwestern University
Karam Kang, University of Wisconsin - Madison and NBER
Anh H. Nguyen, Carnegie Mellon University
Chuan Yu, University of North Carolina at Chapel Hill

When the State Delays Payment: Public Sector Arrears and Firm Behavior in China

Bencehng Wang, Peking University
Xiaobo Zhang, Peking University
4:25 pm
Adjourn
Saturday, December 19
Trade in Geoeconomics
9:15 am

Pricing the Global Trade Vulnerability

Jiatao Liu, Xi'an Jiaotong-Liverpool University
Jun Pan, Shanghai Jiao Tong University

Discussant:
Heiwai Tang, University of Hong Kong

Geopolitics Meets AI War: Stock Market Evidence from China

Lin William Cong, Nanyang Technological University and NBER
Siguang Li, Hong Kong University of Science and Technology (HKUST)
Fan Wang, Hong Kong University of Science and Technology (HKUST)
Yi Zhang, Hong Kong University of Science and Technology (HKUST)

Discussant:
Jincheng Tong, University of Toronto
10:45 am
Break
11:00 am

Beliefs That Predict Returns and Beliefs That Attract Flows: Policy Insights and Sentiment Catering in Mutual Funds

Zhenyu Gao, The Chinese University of Hong Kong (CUHK)
Wei Xiong, Princeton University and NBER
Jian Yuan, The Chinese University of Hong Kong (CUHK)

Discussant:
Dong Lou, London School of Economics and Political Science (LSE)
12:00 pm
Lunch
Short Presentations
2:00 pm

Technology Rivalry and Resilience Under Trade Disruptions: The Case of Semiconductor Foundries

Weiting Miao, The University of Hong Kong (HKU)

Semiconductor Export Controls and Innovation in the U.S.-China Technology War

Haishi Li, The University of Hong Kong (HKU)
Xiaomei Sui, The University of Hong Kong (HKU)
Sifan Xue, Peking University

The Dynamics of Technology Transfer: Multinational Investment in China and Rising Global Competition

Jaedo Choi, University of Texas at Austin
George Cui, International Monetary Fund
Younghun Shim, International Monetary Fund
Yongseok Shin, Washington University in St. Louis and NBER
3:15 pm
Break
3:45 pm

Smarter Courts, Easier Life for Judges? Evidence from China

Hai Ding, Peking University
Jiaqi Liu, Tsinghua University
Li-An Zhou, Peking University
Yuling Zhu, Shanghai University of Finance and Economics

Fiscal Architecture, Local Production Bias, and Aggregate Imbalance in China

Roger H. Gordon, University of California, San Diego and NBER
Wei Li, Cheung Kong Graduate School of Business
Dan Su, Cheung Kong Graduate School of Business
Yi Zhou, Cheung Kong Graduate School of Business
4:25 pm
Adjourn


FORMAT: Morning sessions: Paper presentation: 20 minutes, Discussant’s discussion: 12 minutes, Floor discussion: Balance of the time.

Afternoon sessions: Presentation per paper: 20 minutes.