We examine the effect of large-scale administrative reorganization in China, where counties are annexed into cities to accommodate urban growth.
Local fiscal policies have been very effective in China since 2000.
Exploiting China’s WTO accession as a quasi-natural experiment, this study finds that reduced trade policy uncertainty (TPU) in a major destination market promotes domestic entrepreneurial activities in China
Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit.
By comparing business loans made by a BigTech bank with those made by traditional banks, this study finds that BigTech loans tend to be smaller, and the BigTech lender is more likely to grant credit to new borrowers than conventional banks in response to expansionary monetary policy.