BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 15.1//EN BEGIN:VTIMEZONE TZID:Eastern Standard Time BEGIN:STANDARD DTSTART:20251102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Eastern Standard Time TZOFFSETFROM:-0400 TZOFFSETTO:-0500 END:STANDARD BEGIN:DAYLIGHT DTSTART:20250301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Eastern Daylight Time TZOFFSETFROM:-0500 TZOFFSETTO:-0400 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:Caroline Freund on Global Concentration and the Rise of ChinaCa roline Freund\, Senior Fellow\, Peterson Institute for International Econo micsUsing firm level data\, we examine how global concentration has change d over the last decade in light of the rise of China. We find that global concentration has declined in most industries\, is falling on average acro ss industries\, and there is significant churning of firms at the top of t he distribution. The enhanced industrial competition is partly attributabl e to the rising market shares of emerging market firms at the expense of i ncumbent industry leaders. However\, global concentration has risen signif icantly in a number of industries where Chinese state-owned \; enterpr ises dominate\, such as mining\, metals\, real estate and construction. Co ntrolling for mergers and acquisitions and other factors\, we find that th e presence of a Chinese SOE at the top of the firm - size distribution is associated with a 4 percentage point increase in concentration. The result s imply that while the overall impact of China’s rise has been a small but significant increase in global competition\, state-ownership has signific antly distorted global competition in a number of industries. \;Caroli ne Freund\, senior fellow at the Peterson Institute for International Econ omics\, was chief economist for the Middle East and North Africa at the Wo rld Bank (2011–13). Prior to that she has held various important positions at the World Bank\, the International Monetary Fund and the Federal Reser ve Board. Freund works primarily on economic growth and international trad e and also writes on economic issues in the Middle East and North Africa. She has published numerous articles in top economics journals\, including& nbsp\;American Economic Review\, \;Quarterly Journal of Economics\,&nb sp\;Review of Economics and Statistics\, \;Journal of International Ec onomics\, and \;Journal of Development Economics. She holds a PhD in e conomics from Columbia University. \;Sponsored by the Trade Developmen t and Political Economy Program at the Moynihan Institute of Global Affair s DTEND:20161107T220000Z DTSTAMP:20260514T140243Z DTSTART:20161107T210000Z LOCATION: SEQUENCE:0 SUMMARY:Moynihan Trade Development and Political Economy: Global Concentrat ion and the Rise of China UID:RFCALITEM639143497636914828 X-ALT-DESC;FMTTYPE=text/html:

Caroline Freund on Global Concentration and the Rise of China


Caroline Freund\, Sen ior Fellow\, Peterson Institute for International Economics


Using firm level data\, we examine how global concentration has cha nged over the last decade in light of the rise of China. We find that glob al concentration has declined in most industries\, is falling on average a cross industries\, and there is significant churning of firms at the top o f the distribution. The enhanced industrial competition is partly attribut able to the rising market shares of emerging market firms at the expense o f incumbent industry leaders. However\, global concentration has risen sig nificantly in a number of industries where Chinese state-owned \; ente rprises dominate\, such as mining\, metals\, real estate and construction. Controlling for mergers and acquisitions and other factors\, we find that the presence of a Chinese SOE at the top of the firm - size distribution is associated with a 4 percentage point increase in concentration. The res ults imply that while the overall impact of China’s rise has been a small but significant increase in global competition\, state-ownership has signi ficantly distorted global competition in a number of industries. \;


Caroline Freund\, senior fellow at the Peterson Inst itute for International Economics\, was chief economist for the Middle Eas t and North Africa at the World Bank (2011–13). Prior to that she has held various important positions at the World Bank\, the International Monetar y Fund and the Federal Reserve Board. Freund works primarily on economic g rowth and international trade and also writes on economic issues in the Mi ddle East and North Africa. She has published numerous articles in top eco nomics journals\, including \;American Economic Review\, \; Quarterly Journal of Economics\, \;Review of Economics and S tatistics\, \;Journal of International Economics\, and  \;Journal of Development Economics. She holds a PhD in economics fr om Columbia University. \;


Sponsored by the Tra de Development and Political Economy Program at the Moynihan Institute of Global Affairs

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