List of Publications

• About the Writer
• Disclaimer
• Discussion Papers and Articles
• Academic Publications and Book Chapters

About the Writer

David Chi Zhang is currently an economist at the New Development Bank (NDB). His research interest covers infrastructure investment in China and other emerging markets, development finance, and BRICS cooperation. Besides thematic research, he is also responsible for the monitoring of global economic dynamics and the macroeconomy of Bangladesh and India, which contributes to the NDB Economic Review (a monthly macroeconomic summary to the NDB Board of Directors) and the occasional briefing notes/talking points to NDB’s senior management.

David used to serve as a part-time economist at the IMF China Office, where he conducted research on China’s bond market. Before that, he was an assistant research fellow at the Center for China in the World Economy at Tsinghua University, chaired by Professor David Daokui Li (now merged to the Institute for Chinese Economic Practice and Thinking, or ACCEPT@Tsinghua), where he explored how the opening-up policies helped China achieve industrial upgrading, as well as the macroeconomic monitoring of China’s foreign capital flows.

David obtained his Ph.D. in Economics from Tsinghua University (2019), his Bachelor in Economics and Bachelor in Statistics from Peking University (2015). He was also an inaugural class Schwarzman Scholar, where he obtained a Master of Management in Gloal Affairs from Tsinghua University.

Disclaimer

This is a collection of his academic papers, discussion papers and articles. Those not published in academic journals are under the alias of David Marx (or 马野 in Chinese). They are of the authors’ view only, not those of the institutions he is associated with.

Discussion Papers and Articles

• Impact of the US Reciprocal Tariffs on Emereging Economies: the case of BRICS Posted by David Marx on
  • 美国“国别关税”初探：以金砖国家为例
• A First Take on China’s 2025 Government Wokr Report (in Chinese)
  • 2025年政府工作报告的初读感悟
• Historical Overcapacity in the U.S. Steel Industry
  • 美国19世纪钢铁工业的产能过剩
• The Mission, Principles, and Focus of Multilateral Development Institutions established by Developing Countries
  • 发展中国家多边开发机构的战略使命、战略特征与战略重点
• Reflections on the book ‘The Marshall Plan
  • 读《马歇尔计划》随感
• Intra-BRICS Trade: Production-Orientation, Rise of Capital Goods, and Potential for Further Cooperation
  • 金砖国家间贸易：生产导向、资本品兴起与产业合作潜力
• Construction Machinery Exports, Developing Economies’ Markets, and the Internationalization of RMB
  • 工程机械出口、发展中国家市场与人民币国际化
• Capital Account Opening is Not a Prerequisite for Enhancing RMB’s Role as an International Currency, at Least for Now
  • 推进人民币国际化一定需要开放资本账户么？
• The Plots behind Bretton Woods
  • 布雷顿森林之谋

• A Glimpse at China’s Development Strategies from 2023 to 2027: Economic Implications of the 20th CPC National Congress

• Development Financing via Emerging Market Currencies in A High-Interest US Dollar Environment
  • 探索高息美元环境下的新兴开发性金融筹资货币
• China’s Local Government Project Bonds: Hidden Debt Behind Project Equity May Impair Financing Sustainability
  • 专项债项目需要全口径的财务可持续性分析
• Multilateral Development Financing with Renminbi in a World of Monetary Tapering (in Chinese)
  • 以人民币多边开发性融资推动落实全球发展倡议
• A Tale of Two Mentalities behind China’s Overseas Infrastructure Projects: the Case of Padma Bridge (in Chinese)
  • 帕德玛大桥、“带路”争论与基建出海的舆论心态
• Debt Accumulation Behind China’s Urban Infrastructure Investment Rally: The Case of Lanzhou
  • 兰州的城市基建大跃升及其债务累积
• Platform-Empowered Public-Private Partnership in Infrastructure Investment
  • Public+Private+Platform：第三方基建平台赋能“政府-社会资本合作”
• A Temporary Alternative Trade Settlement Mechanism: Renminbi under a Multilateralism Approach
  • 对俄贸易结算：第三国人民币结算临时机制
• Development finance for the American railway system in the 19th century: Debt, Defaults, and the collaboration of visible and invisible hands
  • 看不见与看得见的手：19世纪美国铁路开发的违约潮及其化解
• Financial Cost of High Speed Rail in China
  • 中国高铁建设的财务成本
• Evaluating China’s anti-COVID policy in 2020 and 2021: life-saving vs. growth-saving (in Chinese)
  • 抗疫两年考：从金砖国家看中国抗疫的经济效果(2020-2021)

• Why Cracking down Education Firms in China?

• Debt Levels, Economic Growth, and Development Policies for Efficient Investment (in Chinese)
  • 债务水平，经济增长与促进有效投资的经济政策
• RCEP Economies as the Global Manufacturing Center (in Chinese)
  • RCEP：全球制造业中心再起航

• Coordination, Supply-Chains, and Manufacturing Relocation

• How to incentivize re-shoring: a summary of historical cases (in Chinese)
  • 产业链协调与制造业回流

Academic Publications and Book Chapters

• Bank Management, 8th Edition, authored by by Koch and MacDonald, translated by XIN Xing, CAO Guangyu, and ZHANG Chi （in Chinese）
  • 《银行管理：第8版》，科克、麦克唐纳著，辛星、曹光宇、张驰译，北京大学出版社，2023
• Sustainabble Development: Asia and the World Annual Report 2023–Puiblic Private Joint Actions in Financing Asia’s Development, Boao Forum for Asia Annual Report
  • Chapter 1 Overview of Development Finance in Asia (Section 1.1-1.3)
  • Chapter 2 Players in Development Finance in Asia: Multilateral Development Banks
  • LIU Hanyong, XU Bing, ZHANG Chi, LIN Yanjun, and Shreyans Bhaskar
  • 可持续发展的亚洲与世界2023年度报告——亚洲发展融资：政府社会共行动 （博鳌亚洲论旗舰报告）
    • 第一章 亚洲发展融资概况（第1.1-1.3节）
    • 第二章 亚洲发展融资参与方：多边开发银行
• New Responsibilities and Challenges of China’s Financial Industry under New Development Landscape (in Chinese)
  • Chapter 1 in Responsibilities of the Financial Industry in a Large-scale Economy
  • 新发展格局下金融业的新使命与新挑战，《大国金融的使命: 金融服务新发展格局的实践路径》 第一章，中信出版集团，2022
  • 肖刚，石锦建，张驰 (Gang Xiao, Jinjian Shi, Chi Zhang)
• Infrastructure Investment for Common Prosperity: Learnings from China’s Experience (in Chinese)
  • 基础设施建设助力共同富裕：中国的经验
  • 中央社会主义学院学报,2021(06):82-92. 人大复印资料《社会主义经济理论与实践》2022年第3期全文转载
  • 张驰 (Chi Zhang)
• Enterprise Ownership and Risk Taking Behavior: Evidence from Foreign Exchange Deposits of Listed Companies in China (in Chinese)
  • “汇改”冲击下不同所有制企业的金融风险承担行为——基于上市公司外汇存款数据的实证分析
  • 中国软科学,2021(03):155-165.
  • 胡汪音,夏广涛,张驰 (Wangyi Hu, Guangtao Xia, Chi Zhang)
• Learning Through Opening Up
  • Chapter 5 in Li, D.D. (eds) Economic Lessons from China’s Forty Years of Reform and Opening-up. Springer
  • Chinese version: 以学习为导向的对外开放, 《中国的经验：改革开放四十年经济学总结》，李稻葵编著，2020，上海三联出版社
  • 李稻葵, 张驰，伏霖，郭美欣，周迪 (David Daokui Li, Chi Zhang, Lin Fu, Meixin Guo, and Di Zhou)
• Tapering Implicit Guarantees
  • Chapter 13 in The Future of China’s Bond Market, edited by Schipke, A., Rodlauer, M., and Zhang, L., International Monetary Fund.
  • Chinese version: 减少债券市场的隐性担保. 中国债券市场的未来, 第十三章，席睿德、任志清和张龙梅编著，2021，中信出版社
  • Ning Zhu, Ding Ding, Chi Zhang (朱宁，丁鼎，张驰)
• Chinese Economic Performance and Possible Contributions to Economic Research （in Chinese）
  • 中国经济的伟大实践何以产生重要的经济学贡献?——基于经济史与经济思想史的分析与思考
  • 经济学报,2018,5(01):1-16
  • 李稻葵、李雨纱、张驰（Daokui Li, Yusha Li, Chi Zhang）
• Does Mis-invoicing Measure China’s Financial Capital Flows? (in Chinese)
  • 进出口伪报能否度量中国的表外金融资本流动?
  • 经济科学,2016(01):76-88.
  • 李连发、张驰（Lianfa Li, Chi Zhang）
• Production Linkage, Capital Goods Import, and Industrial Upgrading in Developing Countries
  • PhD Thesis
  • 工业配套能力、资本品进口与后发国家产业升级（博士论文）
• Capital Heterogeneity, Entrepreneurship, and Two-way Capital Flows
  • International Journal of Economic Behavior and Organization, Volume 7, Issue 4, December 2019, Pages: 64-69
  • Guangtao Xia, Chi Zhang, Ke Gao
• The Valuation Effects of a Nation’s External Wealth: Concepts and Measurements
  •  Journal of Finance and Economics. 2020; 8(6):244-249
  •  Wangyin Hu, Guangtao Xia, Chi Zhang