ZHANG Hongyong

ZHANG Hongyong

ZHANG Hongyong

Senior Fellow

Policy Advisor

Personal website Hongyong ZHANG (google.com)

Activities at RIETI


International Trade, Chinese Economy, Applied Microeconometrics

Research Projects


2013 Ph.D., Economics, Kyoto University
2010 M.A., Economics, Kyoto University
2008 B.A., Business Administration, Kwansei Gakuin University
1998 B.A., Foreign Languages, Qingdao Ocean University


2020 Senior Fellow, RIETI
2019 Research Fellow, Graduate School of Economics, Kyoto University
2018 Research Fellow, Research Institute for Oriental Cultures, Gakushuin University
2016 Visiting Scholar, Asian Development Bank (ADB)
2016 Consultant, Organization for Economic Co-operation and Development (OECD)
2013 Fellow, RIETI
2000 Tomen Corporation
1998 Uno Corporation

Selected Publications and Papers

Multinational Firms and Foreign Direct Investment

  • Moving out of China? Evidence from Japanese multinational firms, Economic Modelling, 110, May 2022, 105826. (with Changyuan Luo and Chunxiao Si)
  • Learning and information transmission within multinational corporations, European Economic Review, 143, April 2022, 104016. (with Cheng Chen and Chang Sun)
  • The Impact of COVID-19 on Global Production: Evidence from Japanese Multinational Firms, The International Economy, December 2021, 24: 142-165.
  • Networks of foreign affiliates: Evidence from Japanese micro-data, The World Economy, July 2020, 43(7): 1841-1867. (with Dorothée Rouzet and Francesca Spinelli)

International Trade and Trade Policy

  • The US-China Trade War: Implications for Japan’s Global Value Chains, in Geopolitics, Supply Chains, and International Relations in East Asia, Etel Solingen (Eds.), Cambridge University Press, May 2021.
  • The Margins of Intermediate Goods Trade: Theory and Evidence, The International Economy, July 2020, 23: 105-144. (with Tomohiro Ara)
  • Political connections and antidumping investigations: Evidence from China, China Economic Review, August 2018, 50: 34-41.
  • Markups and exporting behaviors of foreign affiliates, Journal of Comparative Economics, August 2017, 45(3): 445-455. (with Lianming Zhu)
  • Impacts of the WTO accession on Chinese exports, Journal of Chinese Economic and Business Studies, May 2016, 14(4): 347-364. (with Ryuhei Wakasugi)

Uncertainty and Firms

  • Measuring business-level expectations and uncertainty: survey evidence and the COVID-19 pandemic, Japanese Economic Review, July 2021, 72(3): 509-532. (with Cheng Chen and Tatsuro Senga)

Chinese Economy

  • The value-added tax reform and labor market outcomes: Firm-level evidence from China, China Economic Review, 69, October 2021, 101678. (with Yuxiang Yang)
  • Understanding the international mobility of Chinese temporary workers, The World Economy, March 2019, 42(3): 738-758.
  • How does agglomeration promote the product innovation of Chinese firms? China Economic Review, September 2015, 35: 105-120.



American Economic Association, Hong Kong Economic Association, The Chinese Economist Society, Japanese Economic Association, Japanese Society of International Economics