Welcome and Opening Remarks

by Césaire Meh

Session 1: Housing Price Fundamentals

Chair: Mark Kruger

Housing Price and Fundamentals in A Transition Economy: The Case of Beijing Market

Presentation: Bing Han

Session 2: Market Distortions, Financial Frictions and Misallocation

Chair: Xiaodong Zhu

Misallocation in a Global Economy

Presentation: Aleh Tsyvinski

Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?

Presentation: Dan Lu

Session 3: Shadow Banking

Chair: Rose Cunningham

Liquidity Regulation and Unintended Financial Transformation

Presentation: Kinda Hachem

What Do We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending

Presentation: Tao Zha

Session 4: Stability in China’s Banking Sector

Chair: Wei Dong

Reserve Requirements and Optimal Chinese Stabilization Policy

Presentation:  Mark Spiegel

Session 5: International Trade and Imbalances

Chair: Chris Hajzler

China's Imbalances: Trade Integration in a Dynamic General Equilibrium Model

Presentation: George Alessandria

Export Expansion, Skill Acquisition and Industry Specialization: Evidence from China

Presentation: Bingjing Li

Session 6: Local Government Debt and Misappropriation of Funds

The Long Shadow of a Fiscal Expansion

Presentation: Chang-Tai Hsieh

The Great Wall of Debt: Corruption, Real Estate, and Chinese Local Government Credit Spreads

Presentation: Jennie Bai

Session 7: Retail Investors and China’s Equity Market

Chair: Don Brean

China’s Model of Managing the Financial System

Presentation: Wei Xiong 

Household Finance in China

Presentation: Russell Cooper