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Phone: +86-10-85188858 ext. 3815
Professor of Economics
PhD, Harvard University
Research Areas: Law and Economics, Law and Finance, Political Economics, Development Economics, Transition Economics, Contract Theory and China's Economy
Xu Chenggang is Professor of Economics at Cheung Kong Graduate School of Business.
Dr Xu received his PhD in Economics from Harvard in 1991. He is currently a board member of the Ronald Coase Institute and a research fellow of the CEPR. He has previously taught at the London School of Economics (1991-2009) as a Reader, at the University of Hong Kong (2009-2016) as Chung Hon-Dak Professor in Economic Development and as Quoin Professor in Economic Development, and as Special-Term Visiting Professor at Tshinghua University (2002-). He has also taught and worked at Harvard (1992-2002), the IMF (1997-1999) and the Chinese Academy of Social Sciences (1982-1992). He was the President of the Asian Law and Economics Association (2010-2012) and World-Class University Professor at Seoul National University (2009-2013). He won the Sun Yefang Economics Prize in 2013. In 2016, he won the first China Economics Prize for contributions in understanding government and enterprise incentive mechanisms for the transition economy of China.
He has served as co-editor for 3 major international and national journals in economics, finance and law-and-economics and as a member of editorial boards for more than a dozen major international and Chinese journals in economics, finance and law-and-economics. He has dozens of publications in major journals, such as JEL, JPE, AER, RES and EER, chapters in more than a dozen books, and has published a book. He has delivered invited speeches or keynotes at Econometric Society’s World Congress, International Economic Association (IEA) World Congress, IEA Round Tables, AEA Meetings, EEA Meetings, China Economic Annual Conference, Hong Kong Economic Association Biennial Conference and CEI (Central European Initiative) Summit Economic Forum. He has been invited to provide policy advice by the Chinese State Council, the People's Bank of China, the CASS, the UNDP, the EBRD and the UK Treasury. He has served as a consultant for the World Bank and the IMF. He has been involved in Chinese reform debates since the 1980s.
- Professor of Economics, Cheung Kong Graduate School of Business, 2016-
- Research Fellow, CEPR (Centre for Economic Policy Research), 1999-
- Professor of Economics, University of Hong Kong, 2009-2016
- Reader, senior lecturer, Lecturer, London School of Economics, 1991-2009
- Special-term Visiting Professor, School of Economics and Management, Tsinghua University, 2002-2016
- World-Class University Visiting Professor, Seoul National University, 2009-2013
- Faculty Associate, Harvard Institute for International Development, Harvard University, 1993-2000
- Faculty Research Fellow, Center for International Development, Harvard University, 2000-2002
- Research Associate, Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences (CASS), 1982-1984
- Board member, The Ronald Coase Institute, 2015-
- Director, Ronald Coase Institute of Law and Economics, Shanghai Jiaotong University, 2015-
- Co-editor, Seoul Journal of Economics, 2014-
- Co-editor, Annals of Economics and Finance, 2000-
- Chief-Economist, 《中国改革》（China Reform）， 2011-
- Co-editor, Journal of Asian Law and Economics, 2009-2014
- Xu, Chenggang (2016), “Capitalism and Socialism: Review of Kornai’s Dynamism, Rivalry, and the Surplus Economy,” the Journal of Economic Literature. Forthcoming.
- Guo, Di, Kun Jiang, and Chenggang Xu (2015), “Institution and Managerial Task Allocation: Evidence from Chinese Entrepreneurs,” Journal of Human Capital. Forthcoming.
- Chenggang Xu (2015). “China’s Political-Economic Institutions and Development” Cato Journal. 2015.
- Kim, Byung-Yeon, Jin Wang, and Chenggang Xu (2014),“Development of private sector determines reform and economic development: firm level evidence from all transition economies (私有企业的发展是改革和发展的关键：来自所有转轨经济的企业层面证据),” China Journal of Economics (经济学报), 2014, Vol. 1, No.3: 57-83.
- Guo, Di, Kun Jiang, Byung-Yeon Kim, and Chenggang Xu (2014), “Political Economy of Private Firms in China,” Journal of Comparative Economics, Volume 42, Issue 2, May 2014, Pages 286–303.
- Chenggang Xu, “Institutional Foundations of China’s Structural Problems,” in Masahiko Aoki and Jinglian Wu (eds.), The Chinese Economy: A New Transition, International Economic Association World Congress. Palgrave Macmilla. 2012.
- Chenggang Xu, “The Fundamental Institutions of China’s Reforms and Development,” The Journal of Economic Literature, 2011, 49:4, 1076–1151.
- Svetlana Andrianova, Panicos Demetriades and Chenggang Xu, “Political Economy Origins of Financial Markets in Europe and Asia,” World Development, May, 2011 (Vol. 39, No. 5).
- Chenggang Xu and Xiaobo Zhang, “The Evolution of Chinese Entrepreneurial Firms: Township-Village Enterprises Revisited,” in Wu and Yao (eds.), Reform and Development in China, London and New York: Routledge, 2010; and in Ronald Coase (ed.), China’s Economic Transformation, forthcoming.
- James Kung, Chenggang Xu and Feizhou Zhou, “From Industrialization to Urbanization: The Social Consequences of Changing Fiscal Incentives on Local Governments’ Behavior,” in Joseph E. Stiglitz (ed.), Institutional Design for China’s Evolving Market Economy. forthcoming.
- Julan Du and Chenggang Xu, “What Firms Went Public in China? A Study of Financial Market Regulation,” World Development. 4(37):812-824, April 2009.
- Yan Guo, Jie Gan and Chenggang Xu, “A Nationwide Survey of Privatized Firms in China,” The Seoul Journal of Economics, Vol. 21(2), 2008.
- Julan Du and Chenggang Xu, “Market Socialism or Capitalism? Evidence from Chinese Financial Market Development,” in Janos Kornai and Yingyi Qian (eds.), Market and Socialism (the International Economic Association Conference Volume No. 146), New York and London, Palgrave Macmillan, 2008, 88-109.
- Yingyi Qian, Gérard Roland and Chenggang Xu, “Coordinating Reforms in Transition Economies,” in Erik Berglöf, Olivier Blanchard, and Gérard Roland (Eds.), The Economics of Transition: The Fifth Nobel Symposium in Economics. London: Palgrave Macmillan, 2007. pp. 518-546.
- Yingyi Qian, Gérard Roland and Chenggang Xu,"Coordination and Experimentation in M-Form and U-Form Organizations," Journal of Political Economy, April 2006, vol. 114, no. 2. pp.366-402.
- Katharina Pistor and Chenggang Xu, “Governing Stock Markets in Transition Economies Lessons from China,” American Law and Economics Review, 7(1), 2005. pp.184-210.
- Katharina Pistor and Chenggang Xu, “Governing Emerging Stock Markets: Legal vs. Administrative Governance,” (with Katharina Pistor), Corporate Governance: An International Review, 2005.
- Katharina Pistor and Chenggang Xu, “Incomplete Law,” Journal of International Law and Politics, 2004. pp.931-1013.
- Katharina Pistor and Chenggang Xu, “Beyond Law Enforcement – Governing Financial Markets in China and Russia,” in (Janos Kornai and Susan Rose-Ackerman eds.), Building a Trustworthy State: Problems of Post-Socialist Transition. New York and London: Palgrave, 2004. pp.167-190.
- Katharina Pistor and Chenggang Xu, “The Challenge of Incomplete Law And How Different Legal Systems Respond to It,” Project Le Bijuridisme: Une approche économiq ue.
- Haizhou Huang and Chenggang Xu, “Financial Syndication and R&D,” Economics Letters, 2003. 80(2): 141-146.
- Katharina Pistor and Chenggang Xu, "Managers’ Fiduciary Duty and the Enforcement of Incomplete Corporate Law," in (Curtis Milhaupt ed.), Global Markets, Domestic Institutions, New York: Columbia University Press, July 2003. pp.77-106.
- Katharina Pistor and Chenggang Xu, “Fiduciary Duty in Transitional Civil Law Jurisdictions: Lessons from the Incomplete Law Theory,” Corporate Law: Corporate Governance Law eJournal , 2002 (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=343480).
- Eric Maskin and Chenggang Xu, “Soft Budget Constraint Theories: From Centralization to the Market,” Economics of Transition, 2001. Reprinted in Erik Berglöf, Olivier Blanchard, and Gérard Roland (Eds.), The Economics of Transition: The Fifth Nobel Symposium in Economics. London: Palgrave Macmillan, 2007. pp.12-36.
- Yingyi Qian, Gérard Roland and Chenggang Xu, “Attribute Coordination in Organizations,” Annuals of Economics and Finance, 2(2): 487-518, 2001.
- Yingyi Qian, Gérard Roland and Chenggang Xu, “Coordination in Organizatoins: A Comparative Analsysis,” in (M. Dewatripont et al. Ed.), The Strategic Analysis of Universities: Microeconomic and Management Perspectives, Editions de l’Universite de Bruxelles, 2001. pp. 9-29
- Eric Maskin, Yingyi Qian and Chenggang Xu, "Incentives, Information, and Organizational Form," Review of Economic Studies, 67(2): 359-378, April 2000.
- Haizhou Huang and Chenggang Xu, “Institutions, Innovations, and Growth,” American Economic Review, 89(2): 438-43, May 1999.
- Haizhou Huang and Chenggang Xu, “Financial Institutions and the Financial Crisis in East Asia,” European Economic Review, 43(4-6): 903-914, April 1999.
- Yingyi Qian, Gérard Roland and Chenggang Xu, “Why is China Different from Eastern Europe? Perspectives from Organization Theory,” European Economic Review, 43(4-6): 1085-1094, April 1999.
- Yingyi Qian and Chenggang Xu, "Innovation and Bureaucracy under Soft and Hard Budget Constraints," Review of Economic Studies, January, 65(1): 151-164, January 1998.
- Haizhou Huang and Chenggang Xu, “Financial Budget Constraints and the Optimal Choices of R&D Project Financing,” Journal of Comparative Economics, 26(1): 62-79, March 1998.
- Yingyi Qian, Gérard Roland and Chenggang Xu, “Coordinating Activities under Alternative Organizational Forms,” in Eric Maskin and Andras Simonovits (eds), Planning, Shortage and Transformation -- Kornai’s Festschrift, MIT Press, 1998. pp.57-80.
- Chenggang Xu and Juzhong Zhuang, "Why China Grew: the role of decentralisation," in P. Boon, S. Gomulka, and R. Layard (eds.), Emerging from Communism, MIT Press, 1998. pp.183-212.
- Juzhong Zhuang and Chenggang Xu, "Profit Sharing and Financial Performance in Chinese State Enterprises: Evidence from Panel Data," Economics of Planning, 29(3), 1996. pp.205-222.
- Charles Goodhart and Chenggang Xu, "The Rise of China as an Economic Power," National Institute Economic Review, No.155, February 1996. pp.56-80.
- Martin L. Weitzman and Chenggang Xu, "Chinese Township Village Enterprises as Vaguely Defined Cooperatives," Journal of Comparative Economics, 18(2): 121-145, 1994. Reprinted in (Nove, Alect and Thatcher, Ian D. (eds.), (1994)) Markets and Socialism, Elgar Reference Collection, International Library of Critical Writings in Economics, no.39, Aldershot, U.K.: Elgar. Reprinted in (Roemer, John-E. ed., 1997) Property relations, incentives and welfare: Proceedings of a conference held in Barcelona, Spain, by the International Economic Association. IEA Conference Volume, no. 115. New York: St. Martin's Press; London: Macmillan Press, pages 326-51.
- Yingyi Qian and Chenggang Xu, "The M-form Hierarchy and China's Economic Reform," European Economic Review, April, 1993. pp.541-548. Translated and published by a Bulgarian economics journal, 1993. Translated and published by Shehui Jingji Zhedu Bijiao (Comparative Social and Economic Systems, No.1, 1993.
- Yingyi Qian and Chenggang Xu, "Why China's Economic Reforms Differ: The M-form Hierarchy and Entry/Expansion of the Non-State Sector," with Yingyi Qian, The Economics of Transition, 1(2): 135-170, 1993. This paper was reported as "Reformers tread different roads to capitalism," in Financial Times, 18 October 1993. Related views were reported by Stephanie Flanders in Financial Times, late September 1996. Translated and published as "A Kinai gazdasagi reform sajatos vonasai," in Europa Forum (a Hungarian academic journal), 1995. Translated as "Fei guoyouzhi jingji chuxian he chengzhang de zhidu beijing," in Shehui Kexue Xuebao, Special Issue, 1995.
- Chenggang Xu, A Different Transition Path: Ownership, Performance, and Influence of Chinese Rural Industrial Enterprises, New York and London: Garland Publishing, Inc., 1995.
- Yingyi Qian and Chenggang Xu, "Commitment, Financial Constraints, and Innovation: Market Socialism Reconsidered," in P.Bardhan and J.Roemer (eds), Market Socialism: The Current Debate. Oxford University Press. 1993. pp.175-189.
Selected Working Papers
- Gan, Jie, Yan Guo, and Chenggang Xu (2014). “China’s Decentralized Privatization and Change of Control Rights” (an early version is titled “Privatization and the Change of Control Rights: The Case of China,”) mimeo, CKGSB, PKU and University of Hong Kong, 2014. R&R with the Review of Financial Studies.
- Guo, Di, Kun Jiang, and Chenggang Xu (2015), “The Political Economy of Making an Authoritarian Constitution: The Case of China,” mimeo, University of Hong Kong, 2015.
- Guo, Di, Kun, Jiang, Chenggang, Xu and Xiyi, Yang (2015). “Growth, Inequality and Industrial Clusters in China.” mimeo, University of Hong Kong, 2015.
- Kim, Byung-Yeon, Jin Wang and Chenggang Xu (2015), “Understanding Firms in Transition Economies: China and Central-Eastern Europe Compared,” mimeo, University of Hong Kong, 2014.
- Sheng Li, Zengyuan Sun, Chenggang Xu, Bo Zhao (2015), “Does Financial Regulation Matter? Market Volatility and the US 1933/34 Acts II” mimeo, University of Hong Kong, 2015.
- Sheng Li and Chenggang Xu, “Does Financial Regulation Matter? Market Volatility and the US 1933/34 Acts I” mimeo, University of Hong Kong, 2010.
- Chenggang Xu and Katharina Pistor, “Enforcement Failure under Incomplete Law: Theory and Evidence from Financial Market Regulation,” mimeo, University of Hong Kong and Columbia Law School, 2009.
- Julan Du and Chenggang Xu, “Regional Competition and Regulatory Decentralization: The Case of China,” mimeo, University of Hong Kong, 2010.
- Panicos O. Demetriades, Jun Du, Sourafel Girma and Chenggang Xu, “Does the Chinese Banking System Promote the Growth of Firms?” mimeo, University of Hong Kong, 2009.
- Jian Tong and Chenggang Xu, “Emulation-Based Growth: Technology and Institutions,” mimeo, LSE, 2006.
- Jian Tong and Chenggang Xu, “Financial Institutions and The Wealth of Nations: Tales of Development,” LSE STICERD TE/2004/469; CEPR DP4348.
- Patrick Bolton and Chenggang Xu, "Ownership and Managerial Competition: Employee, Customer, or Outside Ownership,". LSE STICERD Theoretical Economics Working Paper TE/01/412. Revising for Journal of Law, Economics and Organization.
- Haizhou Huang and Chenggang Xu, “Financial Institutions, Financial Contagion, and Financial Crises,” Harvard University CID Working Paper no. 21, July 1999. IMF Working Papers 00/92.
- Haizhou Huang, Dalia Marin and Chenggang Xu, “Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Countries,” CEPR Working Paper.
- Haizhou Huang and Chenggang Xu,“Boundary of the Firm, Commitment and R&D Financing,” WDI Working Paper No. 316.
- Chongen Bai and Chenggang Xu, "Does Employee Ownership Improve Incentives for Efforts?" LSE STICERD Theoretical Economics Working Paper TE/01/413.
- Chenggang Xu, "Risk Aversion, Rural-Urban Wage Differentiation and Migration", Centre for Economic Performance Discussion Paper No. 108. 1992.
Awards and Grants
- Harvard-Yenching Doctorate Fellowship.
- The Second National Prize of Sciences (China) (Co-winner) (for the book History of Science and Technology in the Twentieth Century), 1989
- ESRC (Economics and Social Science Research Council, the UK Government) Award, 1993-1994
- ESRC (Economics and Social Science Research Council) Grant (with A.Hussain and D.Quah), 1995-97
- Phare ACE Programme (European Commission) Grant (with Gerard Roland), 1997-1999
- ESRC (Economics and Social Science Research Council) Grant (with Panicos Demetriades), RES-156-25-0009 “National and International Aspects of Financial Development,” 200,000 GBP (2.7 million HKD), 2005-2008.
- Elected as “the Professor of the Year” for 2007-08, the HKUST International EMBA Program, 2008.
- The "World Class University" program grant, “The Economics of Transition and Catching-up Growth: Institutions, Policies and North Korea,” (grant R32-2008-000-20055-0) for the years of 2010 to 2014 from the Korea Science and Engineering Foundation funded by the Korean Ministry of Education, Science and Technology (joined with with B-Y Kim and Keun Lee of Seoul National University): 9.3 million HKD equivalent (or 1.2 million USD). Associated with this the Korean Ministry of Education, Science and Technology awarded him a title of "World Class University Professor"
- Entry in Who's Who in the World, since 2011 (28th) Edition (the Marquis Who’s Who)
- RGC General Research Fund (Project #: 756711), “Chinese Local Governments, Industrial Clusters, and Regional Disparities,”2011-2014. HK$924,805. As the Principal Investigator.
- RGC Theme-based Research Scheme (TRS) Project on "Enhancing Hong Kong's Future as a Leading International Financial Centre" (T31-717 112-R), HK$15.365 million (including on-cost), from 1 Aug 2012 to 31 Jul 2017. As a co-Principal Investigator and a Managing Committee member.
- 2013 Sun Yefang Prize in Economics (the most prestige prize in economics in China) [2013年孙冶芳经济学论文奖] for The Fundamental Institutions of China’s Reforms and Development（《中国改革和发展的基础性制度》）published in Journal of Economic Literature，Vol. 49, No. 4, Dec. 2011.