From December 15 to 16, 2023, the NBER Conference on the Chinese Economy 2023 was jointly held by the School of Management and Economics (SME), Shenzhen Finance Institute (SFI), and Shenzhen Institute of Data Economy (SIDE), The Chinese University of Hong Kong, Shenzhen (CUHK-Shenzhen), in partnership with the National Bureau of Economic Research (NBER). As one of the celebrations for the 10th anniversary of the founding of The CUHK-Shenzhen, it gathered many top professors, scholars, and governmental decision-making think tanks at home and abroad in the research field of the Chinese economy with a focus on financial markets, monetary policies, labor market dynamics, political economies, international trade and investment, and other economic hot spots for academic reviews and discussions.

As one of the initiators of the Conference, Shang-Jin Wei, N.T. Wang Professor of Chinese Business and Economy and Professor of Finance and Economics at Columbia University’s Graduate School of Business, delivered an opening speech on behalf of the NBER. He welcomed all guest scholars, expressed his gratitude to the hosts of the Conference, and looked forward to discovering more potential partners to pool together more academic strengths.

Xiong Wei, Academic Dean of the SME, SFI, and SIDE, CUHK-Shenzhen, and Professor of Princeton University, extended his warm welcome to all attendees as the host. He briefly introduced the development of the SME, The CUHK-Shenzhen, to the guests, including its faculty strengths and student admissions.

Ni Zewang, Chairman of the Board of the Shenzhen Capital Group (SCGC), delivered a special speech on Government Guidance Funds: the Status Quo, Problem, and Proposal.

The Conference saw the participation of professors such as Zhang Bohui, Executive Dean of the SME and Associate Director of the SIDE, The CUHK-Shenzhen; Ai Chunrong, Associate Director of the SFI and Fellow of the Econometric Society; Wang Jian, Associate Director of the SFI and Director of FEMBA Programme; and Shu Tao, Professor of Finance at The CUHK Business School and Director of Capital Markets and Asset Management Research Center of the SFI. Associate Professor Ye Haichun, Assistant Professor Huang Zongbo, and Assistant Professor Li Ming of the SME, The CUHK-Shenzhen, shared their research and academic reviews.

The Conference was jointly initiated by Hanming Fang, Joseph M. Cohen Term Professor of Economics at the University of Pennsylvania and Fellow of the Econometric Society; Zhiguo He, Fuji Bank and Heller Professor of Finance, University of Chicago, Booth School of Business and Director of Becker Friedman Institute for Economics in China, University of Chicago; Shang-Jin Wei, N.T. Wang Professor of Chinese Business and Economy and Professor of Finance and Economics at Columbia University’s Graduate School of Business; and Xiong Wei, Academic Dean of the SME, SFI, SIDE, The CUHK-Shenzhen, and Professor of Princeton University.

Friday, December 15

State versus Market：Information Discovery in a Hybrid Economy

Presenter:

Michael Sockin 

University of Texas at Austin

Discussant:

Pengfei Wang

Peking University

Wholesale Funding Runs, Spreads and Central Bank Interventions

Presenter:

Yabin Wang 

Norwegian University of Science and Technology

Discussant:

Zongbo Huang

The Chinese University of Hong Kong, Shenzhen

The Regime-Switching Policy for the RMB

Presenter:

Sihao Chen 

Fudan University

Discussant:

Vivian Yue

Emory University

Labor Market Integration and Entrepreneurship

Presenter:

Ming Li 

The Chinese University of Hong Kong, Shenzhen

Discussant:

Zheng Michael Song

The Chinese University of Hong Kong

Does Digitalization Widen Labor Income Inequality?

Presenter:

Jilei Huang 

Shandong University

Discussant:

Wenlan Qian

National University of Singapore

Strategic Choices of Local Politicians in China: The Interplay of Economic, Political Activities, and Promotion Prospects

Presenter:

Hong Ru 

Massachusetts Institute of Technology

Discussant:

Yifan Zhou

Fudan University

Tickets to the Global Market: First U.S. Patents and Chinese Firm Exports

Presenter:

Stephen T. Sun

City University of Hong Kong

Discussant:

Loren Brandt

University of Toronto

Saturday, December 16

Government Deleveraging and Corporate Distress

Presenter:

Jiayin Hu  

Peking University

Discussant:

Yi Huang

Fudan University

The Cost of Capital Market Distortions: Evidence from Chinese Overseas IPOs

Presenter:

Guiying Laura Wu 

Nanyang Technological University

Discussant:

Yiming Qian

University of Connecticut

From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks

Presenter:

Grace Xing Hu

Tsinghua University

Discussant:

Haichun Ye

The Chinese University of Hong Kong, Shenzhen

Policy Uncertainty Reduces Green Investment

Presenter:

Mengyu Wang

Tsinghua University

Discussant:

Wenxi Jiang

The Chinese University of Hong Kong

Transmission of Quantity-Based Monetary Policy Through Heterogeneous Banks in China

Presenter:

Dan Luo

The Chinese University of Hong Kong

Discussant:

Kaiji Chen

Emory University