NBER

Chong-En Bai, Chang-Tai Hsieh, Zheng Michael Song

Bibliographic Information

NBER Working Paper No. 25839
Issued in May 2019
NBER Program(s):DEV, EFG, IFM, ITI, POL

Published: Special Deals with Chinese Characteristics, Chong-en Bai, Chang-Tai Hsieh, Zheng Song. in NBER Macroeconomics Annual 2019, volume 34, Eichenbaum, Hurst, and Parker. 2020

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Abstract

Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive personal benefits, either political or monetary, from providing special deals. Competition between local governments limits the predatory effects of special deals.

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