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This paper exploits the universe of credit- and debit-card transactions in China during 2013–2015 and provides the first nationwide analysis of the health care cost of PM2.5 for a developing country. We leverage spatial spillovers of PM2.5 from long-range transport to generate exogenous variation in local pollution, and we employ a flexible distributed lag model to capture semiparametrically the dynamic response of pollution exposure. We find significant impacts of PM2.5 on health care spending in both the short and medium terms. A 10 g/m decrease in PM2.5 would reduce annual health care spending by over $9.2 billion, about 1.5% of China’s annual health care expenditure.

Journal Publisher
The Review of Economics and Statistics
Authors
Shanjun Li

Stanford University
Encina Hall, Room E301
Stanford, CA 94305-6055

650-723-9741
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Wang and Chen Senior Fellow in Taiwan Studies at the Freeman Spogli Institute for International Studies
pei-chia_lan.jpeg PhD

Pei-Chia Lan is the Wang and Chen Senior Fellow in Taiwan Studies at the Freeman Spogli Institute for International Studies and the director of the Taiwan Program at the Walter H. Shorenstein Asia-Pacific Research Center. As a qualitative sociologist, she studies the complexity of intersecting social inequalities in everyday life, shaped by macropower dynamics such as globalization and international migration. 

Before joining Stanford in September 2026, Lan was a distinguished professor in the Department of Sociology at National Taiwan University, where she was the founding director of the Global Asia Research Center and recipient of five teaching awards. 

Her scholarly articles have been published in Ethnic and Racial Studies, International Migration Review, The Sociological Review, and Comparative Migration Studies, among others. She is also the author of several books in Chinese and English, the latter including Raising Global Families: Parenting, Immigration and Class in Taiwan and the US (Stanford University Press, 2018), which examines how ethnic Chinese parents in Taiwan and the United States negotiate cultural differences and class inequality to raise children in the contexts of globalization and immigration; and Global Cinderellas: Migrant Domestics and Newly Rich Employers in Taiwan (Duke University Press, 2006), which won a Distinguished Book Award from the Sex and Gender Section of the American Sociological Association and ICAS Book Prize: Best Study in Social Science from the International Convention of Asian Scholars.

Lan received her doctorate in sociology from Northwestern University, and her bachelor’s and master’s degrees in sociology from National Taiwan University. She was a 2024-2025 Stanford-Taiwan Social Science Fellow at the Center for Advanced Study in the Behavioral Sciences, Stanford University; a 2011-2012 Yenching-Radcliffe fellow at Harvard University; a 2026-2007 Fulbright scholar at New York University; and a 2000-2001 postdoctoral fellow at the Center for Working Families, University of California, Berkeley. She also held visiting positions at the Waseda Institute for Advanced Study, Kyoto University, Tubingen University, and IIAS at Leiden University.

She has actively engaged in international professional networks, serving as deputy editor of the journal Gender & Society and an editor or board member for other esteemed journals. Her research cultivates critical dialogue between academia and the public, and her expertise is sought by local government agencies and global organizations alike, as demonstrated by her role on the advisory board of UN Women.

Director, Taiwan Program at the Walter H. Shorenstein Asia-Pacific Research Center
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Logan Wright Book

Economic competition between the United States and China has been a defining issue of the twenty-first century. But after years of rapid growth, China's economy has faltered. How did its long-term economic outlook change so quickly? And can Beijing change course and preserve China's political ambition for global economic primacy?


Join Logan Wright, author of Broken China: How the Economic Miracle Shattered and What it Means for the World, for a book talk exploring these questions and more co-hosted by the Stanford Center on China's Economy and Institutions and the Hoover History Lab. More details to come as the event date nears.



About the Speaker
 

Logan Wright Photo

Logan Wright is a Partner at Rhodium Group and leads the firm’s China Markets Research work.  He is also a Senior Associate of the Trustee Chair in Chinese Business and Economics at the Center for Strategic and International Studies. Previously, Logan was head of China research for Medley Global Advisors and a China analyst with Stone & McCarthy Research Associates, both in Beijing.

Logan’s research focuses on China’s financial system and credit conditions in shaping outcomes within China’s economy, as well as the policies of China’s central bank. He is the author of the forthcoming book Broken China: How the Economic Miracle Shattered and What it Means for the World, as well as three reports on China’s financial system and the country’s longer-term economic trajectory: Credit and Credibility (2018), The China Economic Risk Matrix (2020), and Grasping Shadows (2023).

Logan holds a Ph.D. from the George Washington University, where his dissertation concerned the political factors shaping the reform of China’s exchange rate regime. He graduated with a Master’s degree in Security Studies and a Bachelor’s degree in Foreign Service from Georgetown University. He is a member of the Council on Foreign Relations. He is based in Washington, DC, after living and working in Beijing and Hong Kong for over two decades.



Questions? Contact SCCEI at sccei-info@stanford.edu
 


Shultz Auditorium, George P. Shultz Building, Hoover Institution

Logan Wright, Partner, Rhodium Group
Lectures
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Seeing Like a State: The Organizational Logic of China’s Corporate Social Credit System

 

The digitization of surveillance has expanded the capacities of the government to monitor corporate behavior. Using panel data of listed firms in Zhejiang Province from 2021 to 2023, we examine the organizational logic of China’s Corporate Social Credit System (CSCS), a digital governance instrument designed to assess the “trustworthiness” of firms. By design, more “trustworthy” firms will be subject to less government monitoring and have better access to government contracts and market financing. The empirical evidence shows that the CSCS rewards organizational characteristics associated with regulatory compliance and political embeddedness, while firms with more independent boards are less likely to gain points through Social Responsibility activities such as charity and government awards. This pattern reflects a broader logic of rendering firms administratively legible to the state. Cross-sectional analysis suggests that the channels of political embeddedness shift over time, from latent personal political ties to the more recent, formal Party-building provisions adopted across the largely non-SOE sample. The evidence also supports a behavior modification effect, with lower-rated firms improving their scores over time, mainly by paying back taxes and administrative fines, while top-rated firms remain stable. In addition, variation in scores across firms is driven mainly by persistent, firm-level differences rather than by changes in firm characteristics over time. Our findings reveal the logic of CSCS in institutionalizing a hierarchical order of corporate “trustworthiness” through which corporate activities become administratively legible, thereby advancing a distinct state-centric model of corporate governance.



About the Speakers 
 

Lauren Yu-hsin Li new

Lauren Yu-Hsin Lin (J.S.D. ’10) is a Professor of Law at City University of Hong Kong, President of the Asian Law and Economics Association (AsLEA), and a Research Member of the European Corporate Governance Institute (ECGI). A former corporate attorney, her empirical research explores Chinese corporate governance, securities regulation, and state-market institutions—focusing on political influence, party-building in enterprises, and regulatory developments in China. Her scholarship is published in leading journals, including the Journal of Legal Studies and The China Quarterly, cited by the U.S. SEC and U.S.-China Economic and Security Review Commission, and featured in The Wall Street Journal and The Economist.

 

Curtis J. Milhaupt Photo

Curtis J. Milhaupt is an internationally recognized expert on comparative corporate governance, the legal systems of East Asia (particularly Japanese law), and state capitalism. He is a Fellow of the European Corporate Governance Institute (ECGI) and an elected member of the American Law Institute.

In addition to numerous scholarly articles, he has co-authored or edited seven books, including Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism (Oxford, 2016), Law and Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development Around the World (Chicago, 2008) and Transforming Corporate Governance in East Asia (Routledge, 2008). His research has been profiled in The Economist, the Financial Times, and the Wall Street Journal and has been widely translated. He is the 2024 recipient of the Cleary Gottlieb Prize for his ECGI working paper, “The (Geo)Politics of Controlling Shareholders.”

 

Scott Rozelle New Headshot

Scott Rozelle is the Helen F. Farnsworth Senior Fellow at the Freeman Spogli Institute for International Studies and Stanford Institute for Economic Policy Research at Stanford University. He received his BS from the University of California, Berkeley, and his MS and PhD from Cornell University. Previously, Rozelle was a professor at the University of California, Davis and an assistant professor in Stanford’s Food Research Institute and department of economics. He currently is a member of several organizations, including the American Economics Association, the International Association for Agricultural Economists, and the Association for Asian Studies. Rozelle also serves on the editorial boards of Economic Development and Cultural Change, Agricultural Economics, the Australian Journal of Agricultural and Resource Economics, and the China Economic Review.

His research focuses almost exclusively on China and is concerned with: agricultural policy, including the supply, demand, and trade in agricultural projects; the emergence and evolution of markets and other economic institutions in the transition process and their implications for equity and efficiency; and the economics of poverty and inequality, with an emphasis on rural education, health and nutrition.



Questions? Contact SCCEI at sccei-info@stanford.edu
 


Goldman Conference Room, Encina Hall, E409

Lauren Yu-hsin Lin, Professor of Law, City University of Hong Kong
Curtis J. Milhaupt, Professor of Law, Stanford University
Scott Rozelle, Senior Fellow, Stanford University
Seminars
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About the Student Seminar Series


Our Student Seminar Series offers emerging China scholars an opportunity to engage directly with interdisciplinary faculty and peers from across campus to discuss and receive feedback on their research. Each seminar features one or several PhD students presenting their latest empirical findings on issues related to China’s economy. Past topics have included college major selection as an obstacle to socioeconomic mobility, the effect of a cooling-off period on marriage outcomes, and factors contributing to government corruption. Faculty and senior scholars provide comments and feedback for improvement. This event series helps to build and strengthen Stanford’s community of young researchers working on China.

Student Seminars are held on select Fridays from 12 - 1 pm. Lunch will be provided! 

Visit the Student Seminar Series webpage for more information on the content and format of the series and to learn how to sign up to present. 

Learn More About the Student Seminar Series

Goldman Conference Room, Encina Hall, E409

Seminars
Date Label
-

 


About the Student Seminar Series


Our Student Seminar Series offers emerging China scholars an opportunity to engage directly with interdisciplinary faculty and peers from across campus to discuss and receive feedback on their research. Each seminar features one or several PhD students presenting their latest empirical findings on issues related to China’s economy. Past topics have included college major selection as an obstacle to socioeconomic mobility, the effect of a cooling-off period on marriage outcomes, and factors contributing to government corruption. Faculty and senior scholars provide comments and feedback for improvement. This event series helps to build and strengthen Stanford’s community of young researchers working on China.

Student Seminars are held on select Fridays from 12 - 1 pm. Lunch will be provided! 

Visit the Student Seminar Series webpage for more information on the content and format of the series and to learn how to sign up to present. 

Learn More About the Student Seminar Series

Goldman Conference Room, Encina Hall, E409

Seminars
Date Label
-

 


About the Student Seminar Series


Our Student Seminar Series offers emerging China scholars an opportunity to engage directly with interdisciplinary faculty and peers from across campus to discuss and receive feedback on their research. Each seminar features one or several PhD students presenting their latest empirical findings on issues related to China’s economy. Past topics have included college major selection as an obstacle to socioeconomic mobility, the effect of a cooling-off period on marriage outcomes, and factors contributing to government corruption. Faculty and senior scholars provide comments and feedback for improvement. This event series helps to build and strengthen Stanford’s community of young researchers working on China.

Student Seminars are held on select Fridays from 12 - 1 pm. Lunch will be provided! 

Visit the Student Seminar Series webpage for more information on the content and format of the series and to learn how to sign up to present. 

Learn More About the Student Seminar Series

Goldman Conference Room, Encina Hall, E409

Seminars
Date Label
-

 


About the Student Seminar Series


Our Student Seminar Series offers emerging China scholars an opportunity to engage directly with interdisciplinary faculty and peers from across campus to discuss and receive feedback on their research. Each seminar features one or several PhD students presenting their latest empirical findings on issues related to China’s economy. Past topics have included college major selection as an obstacle to socioeconomic mobility, the effect of a cooling-off period on marriage outcomes, and factors contributing to government corruption. Faculty and senior scholars provide comments and feedback for improvement. This event series helps to build and strengthen Stanford’s community of young researchers working on China.

Student Seminars are held on select Fridays from 12 - 1 pm. Lunch will be provided! 

Visit the Student Seminar Series webpage for more information on the content and format of the series and to learn how to sign up to present. 

Learn More About the Student Seminar Series

Goldman Conference Room, Encina Hall, E409

Seminars
Date Label
-

 


About the Student Seminar Series


Our Student Seminar Series offers emerging China scholars an opportunity to engage directly with interdisciplinary faculty and peers from across campus to discuss and receive feedback on their research. Each seminar features one or several PhD students presenting their latest empirical findings on issues related to China’s economy. Past topics have included college major selection as an obstacle to socioeconomic mobility, the effect of a cooling-off period on marriage outcomes, and factors contributing to government corruption. Faculty and senior scholars provide comments and feedback for improvement. This event series helps to build and strengthen Stanford’s community of young researchers working on China.

Student Seminars are held on select Fridays from 12 - 1 pm. Lunch will be provided! 

Visit the Student Seminar Series webpage for more information on the content and format of the series and to learn how to sign up to present. 

Learn More About the Student Seminar Series

Goldman Conference Room, Encina Hall, E409

Seminars
Date Label
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