The authors thank participants in the American Economic Association meetings in 2017, the National Bureau of Economic Research (NBER) China workshop in 2016, the Asian Bureau for Financial and Economic Research conference in 2016, and the NBER-China Center for Economic Research workshop, especially Hanming Fang, Ray Fisman, and Margarita Tsoutsoura, for helpful suggestions and Joy Glazener for editorial assistance. The paper represents the personal views of the authors and does not necessarily reflect the views of the institutions with which they are affiliated or of the data provider. All remaining errors are the authors’ responsibility.