NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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In the Shadows of the Government: Relationship Building During Political Turnovers

Hanming Fang, Zhe Li, Nianhang Xu, Hongjun Yan

NBER Working Paper No. 25300
Issued in November 2018

---- Acknowledgments ----

We would like to thank participants in the NBER Chinese Economy Working Group Conference (April 2018, Cambridge, MA), Penn-UCSD Conference on Chinese Political Economy (June 2018, Beijing), China International Conference in Finance (July 2018, Tianjin), Central University of Finance and Economics, and Zhejiang University for helpful comments and suggestions. We are particularly grateful to Thomas Fujiwara and Tao Shu for detailed discussions and comments. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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