Homemade Foreign Trading

He: Graduate School of Business, Stanford University and NBER, hezhg@stanford.edu; Wang: Central University of Finance and Economics, wangyh@cufe.edu.cn; Zhu: School of Banking and Finance, University of International Business and Economics, xiaoquan.zhu@uibe.edu.cn. For helpful comments, we thank Zhuo Chen, Antonio Coppola, Renxuan Wang, and seminar participants at AEA Meeting (New Orleans) in 2023, the Stanford Center on China’s Economy and Institutions (SCCEI), China Europe International Business School (CEIBS), Center for China Economic Research (CCER) at Peking University, Tsinghua University, Renmin University, and the China Business Research Network (CBRN) at Peking University. We are grateful to the financial support from the Becker Friedman Institute China. He acknowledges financial support from the John E. Jeuck Endowment at the University of Chicago Booth School of Business as the majority of this paper was completed while He was working at University of Chicago. Wang acknowledges financial support from the National Natural Science Foundation of China (Grant No. 72503264). Zhu acknowledges financial support from the National Natural Science Foundation of China (Grant No. 72203035, 72573034). All 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.