Catching Up to America: Culture, Institutions, and the Rise of China, Cambridge University Press, 2021 (






“Deflating China’s Nominal GDP: 2004-2018” (with Pingyao Lai), China Economic Review, forthcoming.

“Market Facilitation by Local Government and Firm Efficiency: Evidence from China” (with Robert Cull, Lixin Colin Xu, Xi Yang and Li-An Zhou), Journal of Corporate Finance, 42, 460-480, 2017.

"Optimality of the 51: 49 Equity Structure" (with Susheng Wang), Economics Letters, 145, 270-273, 2016.

“How Much Can We Trust China’s Investment Statistics?” (with Fang Liu and Jun Zhang), Journal of Chinese Economic and Business Studies, 14(3), 215-228, 2016.

Reestimating China’s Underestimated Consumption” (with Jun Zhang), Comparative Economic Studies57 (1), 55-74, 2015. (Winner of the Bergson Prize awarded by the Association for Comparative Economic Studies in 2017.)

 “Foreign Direct Investment under a Weak Rule of Law: Theory and Evidence from China” (with Xiaozu Wang and Lixin Colin Xu), Economics of Transition, 20(3), 2012, 401-424.

“Formal Finance and Trade Credit during China’s Transition” (with Robert Cull and Colin Xu), Journal of Financial Intermediation, 18(2), 2009, 173-192.

“Control Allocation, Revenue Sharing and Joint Ownership” (with Susheng Wang), International Economic Review, 46(3), 2005, 895-915.

“Politician Control, Agency Problems, and Ownership Reform: Evidence from China” (with L. Colin Xu and Yimin Lin), Economics of Transition, 13(1), 2005, 1-24.

 “Incentive Intensity, Forbearance Law, and the Governance of Transactions,” Industrial and Corporate Change, Special Issue in Honor of Oliver E. Williamson, 13(6), 2004, 855-866.

“State-Owned Enterprises Going Public: The Case of China” (with Xiaozu Wang and L. Colin Xu), Economics of Transition, 12(3), 2004, 467-487.

“Specific Investments, Flexible Adaptation, and Requirement Contracts,” Economic Inquiry, 41(2), 2003, 299-304.

“Ownership Restructuring in Chinese State Industry: An Analysis of Evidence on Initial Organizational Changes” (with Yimin Lin), China Quarterly, 166, 2001, 305-341.

 “Holdups, Simple Contracts and Information Acquisition,” Journal of Economic Behavior and Organization42(4), 2000, 549-560.

 “Agency and Self-Enforcing Contracts” (with Zhigang Tao), Journal of Comparative Economics28(1), 2000, 80-94.

“Institutional Imperfection and Transition Strategies” (with Xinghai Fang), Economic Systems23(4), 1999, 331-348.

“China’s Corporatization Drive: An Evaluation and Policy Implications,” Contemporary Economic Policy17(4), 1999, 530-539.

 “A Theory of Contract and Ownership Choice in Public Enterprises under Reformed Socialism: The Case of China’s TVEs,” China Economic Review9(1), 1998, 59-71.





 “Investment, Reforms Key to Growth This Decade,” China Daily, January 6, 2020.       




 “Will China's Educational System Strangle Economic Growth?Forbes, May 16, 2016.


“中国增长之谜:是制度还是文化?” 观察者网2015416日。

“中国创新不足吗?” FT中文网20141222日。


 “Abandon the Myth of the Reluctant Chinese Shopper” (with Zhang Jun), Financial Times, January 15, 2013.


被误读的凯恩斯理论” (与张军合著),《经济观察报》,2012924日。




 “An Open Financial Sector Helps China” (with Shan Li), Asian Wall Street JournalApril 30-May 1, 1999.

  “China, Too, Faces Financial Perils” (with Shan Li), Wall Street JournalOctober 28, 1998.