The Chinese government has been pursuing economic growth under the guidance of “growth is a hard principle”. In the context of the Chinese political and economic governance system, local governments have employed the overtaking strategy (placing primary emphasis on the development of capital...

The case of China seems to present a counterexample to the literature on economic institutions as its private enterprises have achieved spectacular growth despite poor protection of private properties and difficulties in accessing external finance. In this study, we address this apparent puzzle...

Property rights protection has been found to promote economic growth at the macro level, and affect the incentive for investment at the micro level. What is not clear is whether and how property rights protection affects a firm's allocation of investment across industries for a given size of...