Research Programs: International Trade and Investment

Micro-data Analysis of the US-China Conflict

Project Leader/Sub-Leader

ZHANG Hongyong

ZHANG Hongyong (Senior Fellow)



In recent years, geopolitical risks have significantly increased due to the US-China conflict and the Russia-Ukraine War. The US-China conflict, uncertainty and risks related to the Chinese economy, and strengthening of economic security policies have a large impact on economic activities and the global economy. This research project empirically examines (1) the impact of the US-China conflict and geopolitical risks on trade and investment, supply chains, and firms; (2) firm responses to the US-China conflict (reshoring, friend-shoring, technology introduction, etc.); and (3) the impact of China's industrial policies ("Made in China 2025" and industrial subsidies) behind the US-China conflict. The purpose of this research is to present new evidence regarding the US-China conflict and geopolitical risks, and to provide implications for trade and industrial policies.

December 1, 2023 - February 28, 2026

(During the research project period, the research activity period is set from December 1, 2023 to November 30, 2025, and the data usage reporting period is set from December 1, 2025 to February 28, 2026.)