Senior Research Scholar, SCCEI, Stanford University
Chenggang Xu
Political economist on China's communist regime, specializing in institutional economics, economic reform, and the political economy of transition.
Biography
China's EconomyContract TheoryDevelopment EconomicsEconomic ReformLaw and EconomicsLaw and FinancePolitical EconomicsTransition EconomicsDigital Economy & AI
Chenggang Xu is a political economist on China's communist regime. He is a Senior Research Scholar at SCCEI, Stanford University and a Board Member of the Ronald Coase Institute. Before retiring from the University of Hong Kong, he was the Chung Hon-Dak Professor of Economics there, a Special-Term Professor at Tsinghua University, and a World-Class University Professor at Seoul National University.
He served as the president of Asian Law and Economics and also as a consultant for the World Bank and the IMF. He has frequently appeared in the media to analyze or comment on China's political economy. He obtained his PhD from Harvard in 1991. He was a recipient of the 2013 Sun Yefang Prize and the first recipient of the Chinese Economics Prize (2016).
Books
Xu, Chenggang. Institutional Genes: The Origins of China's Institutions and Totalitarianism, 2025. Cambridge University Press (English version).
Xu, Chenggang. Institutional Genes: The Origins of China's Institutions and Totalitarianism, 2024. Taiwan University Press (Chinese version).
Xu Chenggang's Collected Works, Volume 1, 2021. CITIC Press Corporation.
Xu Chenggang's Collected Works, Volumes 2–5, forthcoming.
Degrees: Ph.D. (Economics), Harvard University, 1991 · MSc (Engineering), Tsinghua University, Beijing, 1982
Academic Positions
Full-time
Senior Research Scholar
Stanford Center on China's Economy and Institutions
2022–present
Professor of Economics
Cheung Kong Graduate School of Business (CKGSB)
2016–2020
Chung Hon-Dak Professor & Professor of Economics
University of Hong Kong
2008–2016
Reader, Senior Lecturer & Lecturer
London School of Economics
1991–2008
Research Associate
Institute of Quantitative and Technical Economics, CASS
1982–1984
Visiting & Part-time
Visiting Professor, Finance
Imperial College London
2021–2023
Visiting Fellow
Hoover Institution, Stanford University
2021–2022
Polonsky Visiting Professor
Hebrew University of Jerusalem
2016–2017
Special-term Professor
Tsinghua University
2002–2017
World-Class University Professor
Seoul National University
2009–2013
Visiting Scholar
Department of Economics, Harvard University
2002
Selected Publications
- Di Guo and Chenggang Xu, "Why China Can't Win the AI-Led Industrial Revolution." Project Syndicate, Dec 2025.
- Albert Bo Zhao, Sheng Li, and Chenggang Xu. "Does Securities Regulation Matter? Mandatory Disclosure, Excess Stock Volatility and the U.S. 1934 Securities Exchange Act." Forthcoming, Journal of Law and Economics.
- Guo, Di, Kun Jiang, Chenggang Xu and Xiyi Yang (2023). "Geographic clusters, regional productivity and resource reallocation across firms: Evidence from China." Research Policy, 52(2).
- Guo, Di, Kun Jiang, Chenggang Xu and Xiyi Yang (2022). "Industrial Clustering, Income and Inequality in Rural China." World Development, 154.
- Guo Di & Chenggang Xu, "Is Today's China Yesterday's Soviet Union?" Project Syndicate, Dec 2022.
- Chenggang Xu, "The Origin of China's Communist Institutions." In The Cambridge Economic History of China, ed. Debin Ma and Richard von Glahn. Forthcoming.
- Guo Di, Haizhou Huang, Kun Jiang, Chenggang Xu (2020). "Disruptive innovation and R&D ownership structures." Public Choice, 2020.
- Guo Di, Kun Jiang, Chenggang Xu and Xiyi Yang (2020). "Growth, Inequality and Industrial Clusters in China." Journal of Economic Geography, 2020.
- Chenggang Xu (2019). "The Pitfalls of a Centralized Bureaucracy." Acta Oeconomica, 69(1), pp. 1–16.
- Gan, Jie, Yan Guo, and Chenggang Xu (2017). "China's Decentralized Privatization and Change of Control Rights." Review of Financial Studies, 2017.
- Xu, Chenggang (2017). "Capitalism and Socialism: Review of Kornai's Dynamism, Rivalry, and the Surplus Economy." Journal of Economic Literature, 2017.
- Guo, Di, Kun Jiang, and Chenggang Xu (2017). "Institution and Managerial Task Allocation: Evidence from Chinese Entrepreneurs." Journal of Human Capital, 11(3).
- Chenggang Xu (2015). "Political and Economic Institutions of China and Their Influences." Cato Journal, 2015.
- Kim, Byung-Yeon, Jin Wang, and Chenggang Xu (2014). "Development of private sector determines reform and economic development." China Journal of Economics, 1(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, 42(2): 286–303.
- Chenggang Xu (2012). "Institutional Foundations of China's Structural Problems." In Aoki and Wu (eds.), The Chinese Economy: A New Transition. Palgrave Macmillan.
- Chenggang Xu (2011). "The Fundamental Institutions of China's Reforms and Development." Journal of Economic Literature, 49(4): 1076–1151.
- Svetlana Andrianova, Panicos Demetriades and Chenggang Xu (2011). "Political Economy Origins of Financial Markets in Europe and Asia." World Development, 39(5).
- Chenggang Xu and Xiaobo Zhang (2010). "The Evolution of Chinese Entrepreneurial Firms: Township-Village Enterprises Revisited." In Wu and Yao (eds.), Reform and Development in China. Routledge.
- Julan Du and Chenggang Xu (2009). "What Firms Went Public in China? A Study of Financial Market Regulation." World Development, 37(4): 812–824.
- Yan Guo, Jie Gan and Chenggang Xu (2008). "A Nationwide Survey of Privatized Firms in China." Seoul Journal of Economics, 21(2).
- Julan Du and Chenggang Xu (2008). "Market Socialism or Capitalism? Evidence from Chinese Financial Market Development." In Kornai and Qian (eds.), Market and Socialism. Palgrave Macmillan.
- Yingyi Qian, Gérard Roland and Chenggang Xu (2007). "Coordinating Reforms in Transition Economies." In Berglöf et al. (eds.), The Economics of Transition. Palgrave Macmillan.
- Yingyi Qian, Gérard Roland and Chenggang Xu (2006). "Coordination and Experimentation in M-Form and U-Form Organizations." Journal of Political Economy, 114(2): 366–402.
- Katharina Pistor and Chenggang Xu (2005). "Governing Stock Markets in Transition Economies: Lessons from China." American Law and Economics Review, 7(1): 184–210.
- Katharina Pistor and Chenggang Xu (2004). "Incomplete Law." Journal of International Law and Politics, pp. 931–1013.
- Haizhou Huang and Chenggang Xu (2003). "Financial Syndication and R&D." Economics Letters, 80(2): 141–146.
- Eric Maskin and Chenggang Xu (2001). "Soft Budget Constraint Theories: From Centralization to the Market." Economics of Transition, 2001.
- Yingyi Qian, Gérard Roland and Chenggang Xu (2001). "Attribute Coordination in Organizations." Annals of Economics and Finance, 2(2): 487–518.
- Eric Maskin, Yingyi Qian and Chenggang Xu (2000). "Incentives, Information, and Organizational Form." Review of Economic Studies, 67(2): 359–378.
- Haizhou Huang and Chenggang Xu (1999). "Institutions, Innovations, and Growth." American Economic Review, 89(2): 438–443.
- Haizhou Huang and Chenggang Xu (1999). "Financial Institutions and the Financial Crisis in East Asia." European Economic Review, 43(4–6): 903–914.
- Yingyi Qian, Gérard Roland and Chenggang Xu (1999). "Why is China Different from Eastern Europe?" European Economic Review, 43(4–6): 1085–1094.
- Yingyi Qian and Chenggang Xu (1998). "Innovation and Bureaucracy under Soft and Hard Budget Constraints." Review of Economic Studies, 65(1): 151–164.
- Haizhou Huang and Chenggang Xu (1998). "Financial Budget Constraints and the Optimal Choices of R&D Project Financing." Journal of Comparative Economics, 26(1): 62–79.
- Juzhong Zhuang and Chenggang Xu (1996). "Profit Sharing and Financial Performance in Chinese State Enterprises." Economics of Planning, 29(3): 205–222.
- Charles Goodhart and Chenggang Xu (1996). "The Rise of China as an Economic Power." National Institute Economic Review, No. 155: 56–80.
- Martin L. Weitzman and Chenggang Xu (1994). "Chinese Township Village Enterprises as Vaguely Defined Cooperatives." Journal of Comparative Economics, 18(2): 121–145.
- Chenggang Xu (1995). A Different Transition Path: Ownership, Performance, and Influence of Chinese Rural Industrial Enterprises. Garland Publishing.
- Yingyi Qian and Chenggang Xu (1993). "The M-form Hierarchy and China's Economic Reform." European Economic Review, April 1993: 541–548.
- Yingyi Qian and Chenggang Xu (1993). "Why China's Economic Reforms Differ: The M-form Hierarchy and Entry/Expansion of the Non-State Sector." Economics of Transition, 1(2): 135–170.
- Yingyi Qian, Gérard Roland and Chenggang Xu (1998). "Coordinating Activities under Alternative Organizational Forms." In Maskin and Simonovits (eds.), Planning, Shortage and Transformation. MIT Press, pp. 57–80.
- Chenggang Xu and Juzhong Zhuang (1998). "Why China Grew: the role of decentralisation." In Boon, Gomulka, and Layard (eds.), Emerging from Communism. MIT Press, pp. 183–212.
- Yingyi Qian, Gérard Roland and Chenggang Xu (2001). "Coordination in Organizations: A Comparative Analysis." In Dewatripont et al. (eds.), The Strategic Analysis of Universities. Editions de l'Université de Bruxelles, pp. 9–29.
- Katharina Pistor and Chenggang Xu (2002). "Fiduciary Duty in Transitional Civil Law Jurisdictions: Lessons from the Incomplete Law Theory." Corporate Law: Corporate Governance Law eJournal.
- Katharina Pistor and Chenggang Xu (2003). "Managers' Fiduciary Duty and the Enforcement of Incomplete Corporate Law." In Milhaupt (ed.), Global Markets, Domestic Institutions. Columbia University Press, pp. 77–106.
- Katharina Pistor and Chenggang Xu (2004). "Beyond Law Enforcement – Governing Financial Markets in China and Russia." In Kornai and Rose-Ackerman (eds.), Building a Trustworthy State. Palgrave, pp. 167–190.
- Katharina Pistor and Chenggang Xu (2004). "The Challenge of Incomplete Law and How Different Legal Systems Respond to It." Project Le Bijuridisme: Une approche économique.
- Katharina Pistor and Chenggang Xu (2005). "Governing Emerging Stock Markets: Legal vs. Administrative Governance." Corporate Governance: An International Review.
- James Kung, Chenggang Xu and Feizhou Zhou. "From Industrialization to Urbanization: The Social Consequences of Changing Fiscal Incentives on Local Governments' Behavior." In Stiglitz (ed.), Institutional Design for China's Evolving Market Economy.
- Yingyi Qian and Chenggang Xu (1993). "Commitment, Financial Constraints, and Innovation: Market Socialism Reconsidered." In Bardhan and Roemer (eds.), Market Socialism: The Current Debate. Oxford University Press, pp. 175–189.
Working Papers
- Sheng Li, Chenggang Xu, Bo Zhao (2020). "Does Financial Regulation Matter? Manipulation, Stock Volatility and the U.S. 1933/34 Securities Acts." Working paper.
- Guo, Di, Kun Jiang, Chenggang Xu and Xiyi Yang (2019). "Geographic Clustering and Resource Reallocation Across Firms in Chinese Industries." Mimeo, CKGSB.
- Xiaohui Cui, Xinyu Fan, Di Guo, Zhao Jin, Rong Xiao, Chenggang Xu (2021). "China AI Index, 2020." Forthcoming.
- Mai, Xiaoting and Chenggang Xu (2016). "Land Rights and the Limits on Government: Cross-Country Historical Evidence." Mimeo, University of Hong Kong.
- Guo, Di, Kun Jiang, Yutong Wang, and Chenggang Xu (2019). "The Political Economy of Making an Authoritarian Constitution: The Case of China." CKGSB.
- Guo, Di, Kun Jiang, Chenggang Xu and Xiyi Yang (2019). "Productivity and Resource Allocation in Industrial Clusters in China." Draft mimeo.
- Li, Weijia, Chenggang Xu and Bo Zhao (2019). "Multi-task Incentives in Bureaucracy: Theory and Evidence from China." Draft mimeo.
- 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.
- Sheng Li and Chenggang Xu. "Does Financial Regulation Matter? Market Volatility and the US 1933/34 Acts." Mimeo, University of Hong Kong, 2010.
- Chenggang Xu and Katharina Pistor. "Enforcement Failure under Incomplete Law: Theory and Evidence from Financial Market Regulation." Mimeo, 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 TE/01/412.
- Haizhou Huang and Chenggang Xu. "Financial Institutions, Financial Contagion, and Financial Crises." Harvard CID Working Paper no. 21, 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 TE/01/413.
- Chenggang Xu. "Risk Aversion, Rural-Urban Wage Differentiation and Migration." CEP Discussion Paper 108, 1992.
Awards & Honours
- 2016First recipient of the China Economics Prize for contributions in understanding government and enterprise incentive mechanisms for the transition economy of China.
- 2013Sun Yefang Prize in Economics (the most prestigious economics prize in China) for "The Fundamental Institutions of China's Reforms and Development," Journal of Economic Literature, 49(4), 2011.
- 2012RGC Theme-based Research Scheme (TRS), "Enhancing Hong Kong's Future as a Leading International Financial Centre," HK$15.365 million, 2012–2017. Co-Principal Investigator.
- 2011RGC General Research Fund, "Chinese Local Governments, Industrial Clusters, and Regional Disparities," HK$924,805. Principal Investigator.
- 2011Entry in Who's Who in the World (Marquis Who's Who), 28th Edition onwards.
- 2010"World Class University" Program Grant, Korea Science and Engineering Foundation, ~USD 1.2 million, 2010–2014. Awarded title of "World Class University Professor" by the Korean Ministry of Education.
- 2008Elected Professor of the Year, HKUST International EMBA Program, 2007–08.
- 2005ESRC Grant (with Panicos Demetriades), "National and International Aspects of Financial Development," £200,000, 2005–2008.
- 1997Phare ACE Programme (European Commission) Grant (with Gérard Roland), 1997–1999.
- 1995ESRC Grant (with A. Hussain and D. Quah), 1995–97.
- 1993ESRC Award, 1993–1994.
- 1989Second National Prize of Sciences (China) (Co-winner) for History of Science and Technology in the Twentieth Century.
- 1985Harvard-Yenching Doctorate Fellowship.
Contact
Get in Touch
Senior Research Scholar, Stanford Center on China's Economy and Institutions, Stanford University.