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Special Deals with Chinese Characteristics

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

NBER Macroeconomics Annual, 2020, vol. 34, issue 1, 341 - 379

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.

Date: 2020
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