China is transforming itself and the world. This article highlights some of the critical issues facing China, which are discussed in detail by leading scholars in the area in this collection of surveys on the Chinese economy.

We explore the reaction of heterogenous consumers to a range of financial and economic news and find asymmetry in the response to news where consumers react to bad news but not to good news. This asymmetry holds uniformly across heterogeneous consumer groups and is consistent with the popular...