Bank of Canada-PBCSF-University of Toronto Conference on the Chinese Economy

Bank of Canada Conference BannerFourth Annual
Bank of Canada-PBCSF-University of Toronto Conference on the Chinese Economy

Beijing, November 9-10, 2018


PBC School of Finance, Tsinghua University, Beijing, China



08:30-08:35     Introduction

  • Xiaodong Zhu (University of Toronto and Tsinghua University)        

08:35-09:00     Opening Remarks

  • Min Zhu, Chairman, National Institute of Financial Research, Tsinghua University
  • Rhys Mendes, Managing Director, Bank of Canada

Session 1: Financial and Trade Liberalizations and Resource Allocation

09:00-09:45          Shadow Banking: China’s Dual-Track Interest Rate Liberalization

  • Hao Wang (Tsinghua University)
  • Hongling Wang (Hong Kong Institute for Monetary Research)
  • Lisheng Wang (The Chinese University of Hong Kong)
  • Hao Zhou (Tsinghua University)

9:45-10:30            Misallocation under Trade Liberalization

  • Yan Bai (University of Rochester)
  • Keyu Jin (The London School of Economics and Political Science)
  • Dan Lu (University of Rochester)

10:30-10:45          Coffee Break

Keynote Speech

10:45-11:45          An Unhealthy Trade Surplus


11:45-13:15          Lunch and Keynote Speech by former PBC official (to be confirmed)


Session 2: Trade Linkages and Trade Disputes

13:45-14:30          International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China

  • Kun Jiang (Nottingham University Business School)
  • Wolfgang Keller (University of Colorado Boulder)
  • Larry Qiu (University of Hong Kong)
  • William Ridley (University of Colorado Boulder)


14:30-15:15          Trade Linkages and Firm Value: Evidence from the 2018 US-China “Trade War”

  • Yi Huang (Graduate Institute, Geneva)
  • Chen Lin (University of Hong Kong)
  • Sibo Liu (University of Hong Kong)
  • Heiwai Tang (School of Advance International Studies, Johns Hopkins)

15:15-15:30          Coffee Break

15:30-16:15          Trade Wars along the Global Value Chains

  • Jiandong Ju (Tsinghua University)
  • Hong Ma (Tsinghua University)
  • Zi Wang (Shanghai University of Finance and Economics
  • Xiaodong Zhu (University of Toronto and Tsinghua University)

16:15-16:30          Coffee Break

Panel on Trade Policy

16:30-17:25          Lead Discussion

  • Dan Trefler (University of Toronto)

17:00-17:45          Panel Discussions

  • Loren Brandt (University of Toronto)
  • Jiandong Ju (Tsinghua University)
  • Dan Trefler (University of Toronto)
  • Shang-Jin Wei (Columbia University and Fudan University)

18:30-20:30          Conference Dinner




Session 3:  Connections and Business Networks

09:00-09:45          Serial Entrepreneurs in China

  • Loren Brandt (University of Toronto)
  • Ruochen Dai (Peking University)
  • Gueorgui Kambourov (University of Toronto)
  • Kjetil Storesletten (University of Oslo)
  • Xiaobo Zhang (IFPRI and Peking University)


09:45-10:30          Conglomerate Formation in China

10:30-10:45          Coffee Break

10:45-11:30          Community Networks and the Growth of the Private Enterprise in China

  • Ruochen Dai (Peking University)
  • Dilip Mookherjee (Boston University)
  • Kaivan Munshi (University of Cambridge)
  • Xiaobo Zhang (IFPRI and Peking University)


11:30-12:15      Lunch

12:15-13:15      Luncheon Speeches (private and off-the-record)

  • Timothy Lane, Deputy Governor, Bank of Canada
  • Guofeng Sun, Director General, Financial Research Institute, People’s Bank of China

Keynote Speech

13:30-14:45          Convergence, Financial Development, and Policy Analysis

  • Justin Lin (Peking University)
  • Jianjun Miao (Boston University)
  • Pengfei Wang (The Hong Kong University of Science and Technology)

14:45-15:00          Coffee Break


Session 4: Application of Big Data

15:00-15:45          Can Media and Text Analytics Provide Insights into Labour Market Conditions in China?

  • Jeannine Bailliu (Bank of Canada)
  • Xinfen Han (Bank of Canada)
  • Mark Kruger (Bank of Canada)
  • Yu-Hsien Liu (Bank of Canada)
  • Sri Thanabalasingam (Bank of Canada)


15:45-16:30          Fintech and Firm Selection: Evidence from E-commerce Platform Lending

  • Yi Huang (Graduate Institute, Geneva)
  • Ye Li (Ohio State University)
  • Hongzhe Shan (Shanghai Finance Institute)                                            

16:30-16:45          Coffee break

16:45-17:30          What Do a Billion Observations Say about Distance and Relationship Lending?

  • Haoyu Gao (Central University of Finance and Economics)
  • Hong Ru (Nanyang Technological University)
  • Xiaoguang Yang (Chinese Academy of Science)

 17:30-17:45         Concluding Remarks

  • Hao Zhou, Associate Dean, PBC School of Finance, Tsinghua University


Organizing Committee

  • Mark Kruger, Bank of Canada
  • Walter Steingress, Bank of Canada
  • Xu Tian, University of Toronto
  • Hao Zhou, PBCSF at Tsinghua University
  • Xiaodong Zhu, University of Toronto; PBCSF at Tsinghua University

Previous Conferences

Programs of the conference in previous years can be found below:


  • PBC School of Finance, Tsinghua University


Bank of Canada

Bank of Canada

PBC School of Finance at Tsinghua University

PBC School of Finance at Tsinghua University

Institute for Management & Innovation (IMI)

Institute for Management & Innovation (IMI)