Hongsong Zhang
Prof. Hongsong ZHANG
经济学
Associate Director, Institute of China Economy
Associate Professor

2859 2780

KK 906

Academic & Professional Qualification
  • Ph.D., Pennsylvania State University
  • M.A., Peking University
  • B.A., China Youth University for Political Sciences
Biography

Hongsong Zhang is an associate professor of economics at the HKU Business School. He serves as the associate director of the Institute for China Economy at the University of Hong Kong. His research covers Empirical Industrial Organization and International Trade, with a focus on productivity, buyer-supplier linkages, and firm dynamics. He is interested in how trade and industrial policies influence economic growth and resource allocation. He has served as an Associate Editor of the International Journal of Industrial Organization (IJIO) since 2020, a Co-Editor for a special issue of IJIO on “IO and Industrial Policy”, and a Co-Editor for China Economic Review since 2025. His research has been published in leading Economics journals such as RAND Journal of Economics, Economic Journal, Review of Economics and Statistics, International Economic Review, Journal of Development Economics, and European Economic Review. Dr. Zhang received his Ph.D. in Economics from the Pennsylvania State University in 2013.

Research Interest
  • Empirical Industrial Organization
  • International Trade
  • Productivity, Supplier Network and Firm Dynamics
Selected Publications
  • How Do Large Epidemics Redistribute Market Power: Evidence from the 2003 SARS Shock
    in China”, with Yating Jiang. Review of Economics and Statistics, accepted, July 2025.
  • “Technology Training, Buyer-Supplier Relationship, and Quality Upgrading in an Agricultural
    Supply Chain”, with Sangyoon Park and Zhaoneng Yuan. Review of Economics and Statistics. 2025, 107 (3), 711-727.
  • “Input Prices, Productivity, and Trade Dynamics: Long-Run Effects of Liberalization on
    Chinese Paint Manufacturers”, with Paul Grieco and Shengyu Li. RAND Journal of Economics, Vol. 53, No. 3, 2022, pp. 516-560.
  • “Does External Monitoring from Government Improve the Performance of State-Owned
    Enterprises”,​ ​​​with Shengyu Li. Economic Journal, Volume 132, Issue 642, February 2022, Pages 675-708.
  • “What You Import Matters for Productivity Growth: Experience from Chinese Manufacturing
    Firms”, with Jiawei Mo, Larry Qiu, and Xiaoyu Dong. Journal of Development Economics, Volume 152, September 2021, 102677.
  • “Non-Neutral Technology, Firm Heterogeneity, and Labor Demand”, Journal of Development Economics, Volume 140, Pages 145-168, Sep. 2019.
  • “Productivity or Unexpected Demand Shocks: What Determines Firm-Level Investment and Exit Decisions?”, with Pradeep Kumar, International Economic Review, Volume 60, Issue 1, Pages 303-327, Feb. 2019.
  • “Static and Dynamic Gains from Costly Importing of Intermediate Inputs: Evidence from Colombia”, European Economic Review, Vol 91, page 118-145, Jan. 2017.
  • “Production Function Estimation with Unobserved Input Price Dispersion”,
    with Paul Grieco and Shengyu Li, International Economic Review, Vol 57-2, page 665-690, May 2016.
Selected Working Papers
  • “Output Quality, Productivity, and Demand Advantage: Evidence from the Chinese Steel
    Industry”, with Jing Li and Shengyu Li, July 2025. 2nd Round R&R at The RAND Journal of Economics.
  • “Returns to Scale, Productivity, and Markup: Revisit the Export Premium”, with Xing Hu
    and Yating Jiang, 2025. Submitted.
  • “Marketing and the Growth of Young Manufacturing Firms: Evidence from a Tax Incentive
    Policy”, with Yating Jiang, June 2024.
  • “Market Access through Production Networks: The Impact of Highway Development on Firm
    Performance”, ​with Guojun He, Xing Hu, and Shengyu Li.
  •  “The Risk of International Sourcing: Evidence from Chinese Export during COVID-19”, with
    Jiawei Mo and Larry Qiu, June 2024.
  • “Industrial Clustering with Production Networks: Micro Evidence and Aggregate Implications
    in China”, with Zexi Zhou, 2025.
  • “Special Economic Zones, Industrial Dynamics, and Regional Economic Growth with Production Networks”, with Zexi Zhou, 2025.
  • “Market Access through Production Networks: The Impact of Highway Development on Firm Performance”, with Guojun He, Xing Hu, and Shengyu Li, 2025. (Draft available upon request)
Recent Publications
Technology Training, Buyer-Supplier Relationship, and Quality Upgrading in an Agricultural Supply Chain

This paper examines the impacts of technology training and buyer-supplier relationship on technology adoption and quality upgrading. We randomly varied subjects of each training group across farmer–exporter clusters—farmers, exporters, both, or none—and provided training on Good Agricultural Practices (GAP). We find that training farmers enhances technology adoption and quality upgrading. Yet, the effects are much stronger when farmers and exporters are trained together. We document a plausible mechanism to explain this finding: joint training improves buyer-supplier relationship, which facilitates contract trade between farmers and exporters. We find no effect of GAP certification eligibility on technology adoption.

政府外部监管能否改善国企绩效?

通过分析中国各地监管政策力度的变化和中国企业的地理分布,我们研究了政府外部监管对国有企业绩效的影响。该研究利用结构化的分析方法,使用常用的企业级别生产数据,估算出企业的生产率和中间投入品价格。研究显示,加强外部监管是提高企业治理的关键,可大幅消减中间投入品的采购价格并大幅减少生产管理中的懈怠现象。结果表面,政府监管可以成为改善国有企业绩效的有效政策工具。

Does External Monitoring from Government Improve the Performance of State-Owned Enterprises?

Dr Hongsong Zhang of HKU Business School and Dr Shengyu Li of University of New South Wales discussed in this VoxChina piece their investigation of the impact of external monitoring from the government on state-owned enterprise performance, using the variation in monitoring strength arising from a nationwide policy change and firms’ geographic location in China. We utilize a structural approach to estimate input prices and productivity separately at the firm level using commonly available production data. We show that enhanced external monitoring, as a key component of corporate governance, can substantially reduce managerial expropriation in procurement and shirking in production management. The results suggest that government monitoring can be an effective policy instrument to improve state-owned enterprise performance.

从中国制造商看进口商品的类别对生产率增长的影响

本文研究资本品进口和中间品进口对促进企业生产率增长的不同效果,并量化分析关税结构对发展中国家贸易自由化的重要性。团队经过审视大量中国制造企业的数据,证明相比中间品进口,资本品进口能更大的提升企业生产率。虽然两类进口都能即时提高进口企业的生产率,但唯独资本品进口能产生动态生产力效应。另一方面,我们发现资本品进口和研究开发有显著的协同效应和诱导效应:资本品进口不仅能和研究开发协同产生更大的生产率效应,而且更能诱导更多的研究开发。但未有证据证明中间品进口也能产生类似效果。团队还研究了中国因加入世界贸易组织而下调投入品进口关税对企业生产率的影响。我们发现,由此带来的生产率效应中,18%可以归结为关税结构的改变。

政府外部监管能否改善国企绩效?

通过分析中国各地监管政策力度的变化和中国企业的地理分布,我们研究了政府外部监管对国有企业绩效的影响。该研究利用结构化的分析方法,使用常用的企业级别生产数据,估算出企业的生产率和中间投入品价格。研究显示,加强外部监管是提高企业治理的关键,可大幅消减中间投入品的采购价格并大幅减少生产管理中的懈怠现象。结果表面,政府监管可以成为改善国有企业绩效的有效政策工具。