Industrial Policy Module

Lecture Topics

The main lecture each week will consist of a one-and-a-half-hour session. These lectures will usually cover four topics as follows:

Concepts and Practices: slides
Theoretical Justification: slides
Infant-Industry Protection and Trade: slides
Foreign Direct Investment: slides

Reading List

（1）陈钊：《大国治理中的产业政策》，《学术月刊》，2022年第1期。
（2）陈钊、熊瑞祥：《比较优势与产业政策效果——来自出口加工区准实验的证据》，《管理世界》，2015年第08期。
（3）郭斌：《产业标准竞争及其在产业政策中的现实意义》，《中国工业经济》，2000年第01期。
（4）韩乾、洪永淼：《国家产业政策、资产价格与投资者行为》，《经济研究》，2014年第12期。
（5）何晴、刘净然、范庆泉：《企业研发风险与补贴政策优化研究》，《经济研究》，2022年第5期。
（6）江飞涛、李晓萍：《直接干预市场与限制竞争:中国产业政策的取向与根本缺陷》，《中国工业经济》，2010年第09期。
（7）黎文靖、李耀淘：《产业政策激励了公司投资吗》，《中国工业经济》，2014年第05期。
（8）黎文靖、郑曼妮：《实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响》，《经济研究》，2016年第4期。
（9）李建成、陈强远、张莉、宋小宁：《重点产业政策如何影响产业间联合创新?——基于企业专利合作的证据》，《经济学（季刊）》，2025年第6期。
（10）林晨、李宇潇：《全国统一大市场与地方产业政策竞争》，《经济研究》，2024年第12期。
（11）林毅夫、向为、余淼杰：《区域型产业政策与企业生产率》，《经济学(季刊)》，2018年第02期。
（12）刘洪愧、吴茂华、刘灿雷：《重点产业政策与企业信贷资金使用效率》，《金融研究》，2025年第10期。
（13）刘净然、何晴：《企业研发风险、央地选择偏好与政府补贴政策优化研究》，《财政研究》，2023年第4期。
（14）刘乐淋、杨毅柏：《宏观税负、研发补贴与创新驱动的长期经济增长》，《经济研究》，2021年第05期。
（15）刘若鸿、黄玖立：《地方产业政策与债券融资成本》，《中国工业经济》，2023年第6期。
（16）陆国庆、王舟、张春宇：《中国战略性新兴产业政府创新补贴的绩效研究》，《经济研究》，2014年第7期。
（17）千茜倩、钟宜文、寇宗来：《承销商竞争、交叉补贴与债券发行溢价》，《管理世界》，2025年第8期。
（18）任曙明、张静：《补贴、寻租成本与加成率——基于中国装备制造企业的实证研究》，《管理世界》，2013年第10期。
（19）邵敏、包群：《政府补贴与企业生产率——基于我国工业企业的经验分析》，《中国工业经济》，2012年第07期。
（20）宋凌云、王贤彬：《重点产业政策、资源重置与产业生产率》，《管理世界》，2013年第12期。
（21）孙传旺、占妍泓：《电价补贴对新能源制造业企业技术创新的影响——来自风电和光伏装备制造业的证据》，《数量经济技术经济研究》，2023年第2期。
（22）唐诗、包群：《主导产业政策促进了企业绩效的增长吗?——基于外溢视角的经验分析》，《世界经济研究》，2016年第09期。
（23）王克敏、刘静、李晓溪：《产业政策、政府支持与公司投资效率研究》，《管理世界》，2017年第03期。
（24）王永贵、李霞：《促进还是抑制:政府研发补助对企业绿色创新绩效的影响》，《中国工业经济》，2023年第2期。
（25）谢一鸣、黄少卿：《研发竞合模式、补贴政策与企业研发投入结构》，《中国工业经济》，2026年第2期。
（26）姚东旻、董鸿儒、徐傲晗：《财政补贴面向家庭还是面向企业——基于存量—流量一致模型的系统评估》，《中国社会科学》，2025年第5期。
（27）叶初升、张清、马凯榕：《突破“创新悖论”：政府补贴何以有效促进企业创新》，《中国工业经济》，2025年第10期。
（28）余明桂、范蕊、钟慧洁：《中国产业政策与企业技术创新》，《中国工业经济》，2016年第12期。
（29）张杰、陈志远、杨连星、新夫：《中国创新补贴政策的绩效评估:理论与证据》，《经济研究》，2015年第10期。
（30）张莉、朱光顺、李夏洋、王贤彬：《重点产业政策与地方政府的资源配置》，《中国工业经济》，2017年第08期。
（31）张柳钦、李建生、孙伟增：《制度创新、营商环境与城市创业活力——来自中国自由贸易试验区的证据》，《数量经济技术经济研究》，2023年第10期。
（32）赵婷、陈钊：《比较优势与中央、地方的产业政策》，《世界经济》，2019年第10期。
（33）赵婷、陈钊：《比较优势与产业政策效果:区域差异及制度成因》，《经济学(季刊)》，2020年第03期。
（34）周燕、潘遥：《财政补贴与税收减免——交易费用视角下的新能源汽车产业政策分析》，《管理世界》，2019年第10期。
（35）Acemoglu, D., Akcigit, U., Alp, H., Bloom, N. and Kerr, W., 2018, “Innovation, Reallocation, and Growth”, American Economic Review, 108(11), pp.3450~3491.
（36）Adda, J. and Cooper, R., 2000, “Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies”, Journal of Political Economy, 108(4), pp.778~806.
（37）Aghion, P., Barrage, L., Donald, E., Hémous, D. and Liu, E., 2025, “Transition to Green Technology along the Supply Chain”, Working Paper, No.33934.
（38）Aghion, P., Cai, J., Dewatripont, M., Du, L., Harrison, A. and Legros, P., 2015, “Industrial Policy and Competition”, American Economic Journal: Macroeconomics, 7(4), pp.1~32.
（39）Allcott, H., Knittel, C. and Taubinsky, D., 2015, “Tagging and Targeting of Energy Efficiency Subsidies”, American Economic Review, 105(5), pp.187~191.
（40）Bai, J., Barwick, P. J., Cao, S. and Li, S., 2025, “Quid Pro Quo, Knowledge Spillovers, and Industrial Quality Upgrading: Evidence from the Chinese Auto Industry”, American Economic Review, 115(11), pp.3825~3852.
（41）Bajgar, M. and Srholec, M., 2025, “Crowding in or Crowding out? Evidence from Discontinuity in the Assignment of Business R&D Subsidies”, Journal of Public Economics, vol.245, p.105357.
（42）Banares-Sanchez, I., Burgess, R., László, D., Simpson, P., Reenen, J. V. and Wang, Y., 2026, “Ray of Hope? China and the Rise of Solar Energy”, No.w34893.
（43）Bartelme, D., Costinot, A., Donaldson, D. and Rodríguez-Clare, A., 2024, “The Textbook Case for Industrial Policy: Theory Meets Data”, Journal of Political Economy, pp.0~0.
（44）Barwick, P. J., Kalouptsidi, M. and Zahur, N. B., 2025, “Industrial Policy Implementation: Empirical Evidence from China’s Shipbuilding Industry”, Review of Economic Studies, 92(6), pp.3611~3648.
（45）Beraja, M., Peng, W., Yang, D. Y. and Yuchtman, N., 2024, “Government as Venture Capitalists in AI”, Working Paper, No.32701.
（46）Bergeaud, A., Guillouzouic, A., Henry, E. and Malgouyres, C., 2025, “From Public Labs to Private Firms: Magnitude And Channels of Local R&D Spillovers”, The Quarterly Journal of Economics, 140(4), pp.3233~3282.
（47）Bhagwati, J. and Ramaswami, V. K., 1963, “Domestic Distortions, Tariffs and the Theory of Optimum Subsidy”, Journal of Political Economy, 71(1), pp.44~50.
（48）Boller, L., Doyle, C. M. and Suárez Serrato, J. C., 2025, “Tax Avoidance as an R&D Subsidy: The Use of Cost Sharing Agreements by US Multinationals”, Working Paper, No.33805.
（49）Butters, R. A., Dorsey, J. and Gowrisankaran, G., 2025, “Soaking up the Sun: Battery Investment, Renewable Energy, and Market Equilibrium”, Econometrica, 93(3), pp.891~927.
（50）Cao, L., Jiang, H., Li, G. and Zhu, L., 2024, “Haste Makes Waste? Quantity-Based Subsidies under Heterogeneous Innovations”, Journal of Monetary Economics, vol.142, p.103517.
（51）Chen, Z., Liu, Z., Suárez Serrato, J. C. and Xu, D. Y., 2021, “Notching R&D Investment with Corporate Income Tax Cuts in China”, American Economic Review, 111(7), pp.2065~2100.
（52）Choi, J. and Levchenko, A. A., 2025, “The Long-Term Effects of Industrial Policy”, Journal of Monetary Economics, p.103779.
（53）Cingano, F., Palomba, F., Pinotti, P. and Rettore, E., 2025, “Making Subsidies Work: Rules versus Discretion”, Econometrica, 93(3), pp.747~778.
（54）Criscuolo, C., Martin, R., Overman, H. G. and Van Reenen, J., 2019, “Some Causal Effects of an Industrial Policy”, American Economic Review, 109(1), pp.48~85.
（55）De Groote, O. and Verboven, F., 2019, “Subsidies and Time Discounting in New Technology Adoption: Evidence from Solar Photovoltaic Systems”, American Economic Review, 109(6), pp.2137~2172.
（56）Dupas, P., 2014, “Short-Run Subsidies and Long-Run Adoption of New Health Products: Evidence From a Field Experiment”, Econometrica, 82(1), pp.197~228.
（57）Fajgelbaum, P. D. and Gaubert, C., 2025, “Place-Based Policies: Lessons from Theory”, Working Paper, No.33517.
（58）Fan, Y. and Xiao, M., 2015, “Competition and Subsidies in the Deregulated US Local Telephone Industry”, The RAND Journal of Economics, 46(4), pp.751~776.
（59）Fang, H., Li, M. and Lu, G., 2025, “Decoding China’s Industrial Policies”, Working Paper, No.33814.
（60）Fanti, L., Pereira, M. C. and Virgillito, M. E., 2026, “Industrial Policy and Catching-up: State-Owned Enterprises in a North–South Agent-Based Model”, Research Policy, 55(4), p.105428.
（61）Ferrari, A. and Ossa, R., 2023, “A Quantitative Analysis of Subsidy Competition in the U.S.”, Journal of Public Economics, vol.224, p.104919.
（62）Finkelstein, A., 2002, “The Effect of Tax Subsidies to Employer-Provided Supplementary Health Insurance: Evidence from Canada”, Journal of Public Economics, 84(3), pp.305~339.
（63）Gao, Y., Hu, Y., Liu, X. and Zhang, H., 2021, “Can Public R&D Subsidy Facilitate Firms’ Exploratory Innovation? The Heterogeneous Effects between Central and Local Subsidy Programs”, Research Policy, 50(4), p.104221.
（64）Garin, A. and Rothbaum, J., 2025, “The Long-Run Impacts of Public Industrial Investment on Local Development and Economic Mobility: Evidence from World War II*”, The Quarterly Journal of Economics, 140(1), pp.459~520.
（65）Goldberg, P. K., Juhász, R., Lane, N. J., Lo Forte, G. and Thurk, J., 2024, “Industrial Policy in the Global Semiconductor Sector”, Working Paper, No.32651.
（66）Gross, D. P. and Sampat, B. N., 2023, “America, Jump-Started: World War II R&D and the Takeoff of the US Innovation System”, American Economic Review, 113(12), pp.3323~3356.
（67）Hartley, J. S., Hassett, K. A. and Rauh, J. D., 2025, “Firm Investment and the User Cost of Capital: New U.S. Corporate Tax Reform Evidence”, Working Paper, No.33914.
（68）House, C. L. and Shapiro, M. D., 2006, “Phased-In Tax Cuts and Economic Activity”, American Economic Review, 96(5), pp.1835~1849.
（69）Howell, S. T., 2018, “Joint Ventures and Technology Adoption: A Chinese Industrial Policy That Backfired”, Research Policy, 47(8), pp.1448~1462.
（70）Hu, B., Luan, Q., Wang, K. and Zhu, L., 2025, “The Cross-Border Spillover Effect of U.S. Government Subsidies on Firms’ Innovation: Evidence from the Sino-US Supply Chain”, China Economic Review, p.102425.
（71）Hu, Y., Yin, H. and Zhao, L., 2025, “Subsidy Phase-Out and Consumer Demand Dynamics: Evidence from the Battery Electric Vehicle Market in China”, Review of Economics and Statistics, 107(2), pp.458~475.
（72）Ito, K., 2015, “Asymmetric Incentives in Subsidies: Evidence from a Large-Scale Electricity Rebate Program”, American Economic Journal: Economic Policy, 7(3), pp.209~237.
（73）Jiang, Z. and Xu, C., 2023, “Policy Incentives, Government Subsidies, and Technological Innovation in New Energy Vehicle Enterprises: Evidence from China”, Energy Policy, vol.177, p.113527.
（74）Juhász, R. and Lane, N. J., 2024, “The Political Economy of Industrial Policy”, Working Paper, No.32507.
（75）Juhász, R., Lane, N. J., Oehlsen, E. and Perez, V. C., 2025, “Measuring Industrial Policy: A Text-Based Approach”, Working Paper, No.33895.
（76）Juhasz, R., Lane, N., Oehlsen, E. and Pérez, V. C., 2022, “The Who, What, When, and How of Industrial Policy: A Text-Based Approach”.
（77）Kalouptsidi, M., 2018, “Detection and Impact of Industrial Subsidies: The Case of Chinese Shipbuilding”, The Review of Economic Studies, 85(2), pp.1111~1158.
（78）Kleer, R., 2010, “Government R&D Subsidies as a Signal for Private Investors”, Research Policy, 39(10), pp.1361~1374.
（79）Kong, D., Liu, C. and Ye, W., 2023, “Randomized Inspection and Firm’s Government Subsidies: A Natural Experiment in China”, China Economic Review, vol.82, p.102064.
（80）König, M., Storesletten, K., Song, Z. and Zilibotti, F., 2022, “From Imitation to Innovation: Where Is All That Chinese R&D Going?”, Econometrica, 90(4), pp.1615~1654.
（81）Lane, N., 2025, “Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea”, The Quarterly Journal of Economics, 140(3), pp.1683~1741.
（82）Lashkaripour, A. and Lugovskyy, V., 2023, “Profits, Scale Economies, and the Gains from Trade and Industrial Policy”, American Economic Review, 113(10), pp.2759~2808.
（83）Lerche, A., 2025, “Direct and Indirect Effects of Investment Tax Incentives”, American Economic Review, 115(8), pp.2781~2818.
（84）Lin, J., Wu, H. M. and Wu, H., 2021, “Could Government Lead the Way? Evaluation of China’s Patent Subsidy Policy on Patent Quality”, China Economic Review, vol.69, p.101663.
（85）Lin, L. and He, Y., 2025, “Place-Based Policies and Gendered Human Capital Formation: Evidence and Mechanisms”, China Economic Review, p.102446.
（86）Liu, S., Liu, H. and Li, W., 2025, “Global Value Chain Position, Industrial Policy, and Bank Loan Allocation: Evidence from Chinese Manufacturing Firms”, China Economic Review, p.102575.
（87）Liu, Y. and Mao, J., 2019, “How Do Tax Incentives Affect Investment and Productivity? Firm-Level Evidence from China”, American Economic Journal: Economic Policy, 11(3), pp.261~291.
（88）Lu, F., Sun, W. and Wu, J., 2023, “Special Economic Zones and Human Capital Investment: 30 Years of Evidence from China”, American Economic Journal: Economic Policy, 15(3), pp.35~64.
（89）Lu, Y., Wang, J. and Zhu, L., 2019, “Place-Based Policies, Creation, and Agglomeration Economies: Evidence from China’s Economic Zone Program”, American Economic Journal: Economic Policy, 11(3), pp.325~360.
（90）Mitrunen, M., 2025, “War Reparations, Structural Change, and Intergenerational Mobility*”, The Quarterly Journal of Economics, 140(1), pp.521~584.
（91）Moscona, J., Nunn, N. and Robinson, J. A., 2026, “Searching for Fish in Trees (緣木求魚)? Economic Development When Context Matters”, Working Paper, No.34810.
（92）Myers, K. R., Lanahan, L. and Johnson, E., 2025, “Small Business Innovation Applied to National Needs”, Working Paper, No.33945.
（93）Raghunandan, A., “Government Subsidies and Corporate Misconduct”, Journal of Accounting Research, n/a(n/a).
（94）Ricks, M. D. and Kay, O., 2025, “Time-Limited Subsidies: Optimal Taxation with Implications for Renewable Energy Subsidies”, Journal of Political Economy, pp.0~0.
（95）Ruan, J. and Zhang, X., 2025, “A Measure of Industrial Clustering: Considering Relatedness and Scale”, China Economic Review, vol.94, p.102578.
（96）Shin, I. and Kim, H., 2010, “The Effect of Subsidy Policies on the Product Quality Improvement”, Economic Modelling, 27(3), pp.687~696.
（97）Slattery, C., 2025, “Bidding for Firms: Subsidy Competition in the United States”, Journal of Political Economy.
（98）Sugiura, K., “Industrial Policies, Production Networks, and Oligopolistic Competition: Econometric Evaluation of the U.S. Semiconductor Subsidy”.
（99）Tao, P., Gong, F. and Zhu, K., 2023, “Tax Competition among Local Governments: Evidence from the Spillovers of Location-Based Tax Incentives in China”, China Economic Review, vol.82, p.102077.
（100）Thomas, J. P. and Wang, Z., 2017, “Marginal Subsidies in Tullock Contests”, Journal of Public Economic Theory, 19(2), pp.511~526.
（101）Zhang, M., Tang, S. and Ren, J., 2025, “The Impact of Anti-Corruption on Migration and Family Welfare”, China Economic Review, p.102492.
（102）Zhang, Y., Ruan, J. and Zhang, Yuwei, 2025, “Industrial Policies and Development of Grain Clusters: Evidence from China’s Policy in Major Grain-Producing Areas”, China Economic Review, vol.93, p.102505.
（103）Zheng, S., Sun, W., Wu, J. and Kahn, M. E., 2017, “The Birth of Edge Cities in China: Measuring the Effects of Industrial Parks Policy”, Journal of Urban Economics, 100(C), pp.80~103.