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Special Deals with Chinese Characteristics

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

No 25839, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E02 F00 N00 P0 (search for similar items in EconPapers)
Date: 2019-05
New Economics Papers: this item is included in nep-cna, nep-mac and nep-tra
Note: DEV EFG IFM ITI POL
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Published as 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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