Affiliation: Senior Fellow, Research Institute of Economy, Trade and Industry (RIETI), Japan

Address: RIETI, 11th floor, Annex, Ministry of Economy, Trade and Industry. 

1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo, 100-8901 JAPAN

E-mail: zhang-hong-yong @ rieti.go.jp

CV: January 2026 (PDF) 

Research Interests: 

• International Trade and Investment, International Finance and Macroeconomics

• Chinese Economy, Political Economy, Economic History 

Selected Papers:

• Multinationals and Structural Transformation, 

with Vanessa Alviarez (IDB), Cheng Chen (Clemson U), Nitya Pandalai-Nayar (UT Austin), Liliana Varela (LSE), and Kei-Mu Yi (Houston U), February 2026. 

Revise and Resubmit, Journal of Monetary Economics

• Remembering Li Keqiang: Policy Divergence in Zhongnanhai and Its Economic Consequences, 

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin), 

The China Quarterly, Cambridge University Press, June 2025. 

• The impact of export controls on international trade: Evidence from the Japan-Korea trade dispute in the semiconductor industry, 

with Ryo Makioka (Hokkaido U), 

Journal of the Japanese and International Economies, December 2024.

• Uncertainty, imperfect information, and expectation formation over the firm’s life cycle, 

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU), 

Journal of Monetary Economics, November 2023.

Previously circulated as "Uncertainty, Imperfect Information, and Learning in the International Market"