The Mandarin Model of Growth 

10:00-11:30, Monday, April 2, 2024

703, Duxing Building, DUFE

Zheng (Michael) SONG is Wei Lun Professor of Economics and the Department Head at the Department of Economics, Chinese University of Hong Kong (CUHK). He is a Fellow of the Econometric Society and a Senior Fellow of Asian Bureau of Finance and Economic Research (ABFER). His research focuses on Chinese economy and macroeconomics. His papers were published by leading academic journals including American Economic Review, Econometrica and Journal of Political Economy. He won Sunyefang Economic Science Award in 2013. He is an Associate Editor of Econometrica, Journal of International Economics, and Review of Finance. He is a Co-Director of CUHK-Tsinghua Joint Research Center for Chinese Economy, a Co-Director of CUHK-Zhejiang University Joint Research Center for Digital Economy, a Distinguished Visiting Professor at Tsinghua University and Zhejiang University, and special-term professor at Peking University. He sits on Business Studies Panel of Research Grants Council of Hong Kong (RGC). He is a Currency Board Sub-Committee member of the Hong Kong Exchange Fund Advisory Committee. He is also an academic advisor to Hong Kong Institute for Monetary and Financial Research.

The incentives in the government system play crucial roles for China's hybrid economy. When local governments are constrained from using debt, stronger career incentives help to boost growth. Interestingly, when local governments are allowed to use debt to build infrastructure, their leverage has crowding-in effect at the regional level but a crowding-out effect at the national level. This occurs because local governments compete with private firms for limited capital.

For more information of the seminar, scan the following QR code(s) to join Tencent QQ group (904 544 292) or WeChat group named "IAER Seminar (5)", please.

QQ Group

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(QR code is valid until 2/4/2024)