国际货币基金组织：中国产业政策：量化及其对错配的影响（英文版）

This paper quantifies the size of the main industrial policy instruments in China and estimates their impact on domestic factor misallocation and aggregate productivity. The quantification of industrial policy instruments leverages data from financial reports of listed firms and the land registry. The equivalent fiscal cost of industrial policy through cash subsidies, tax benefits, subsidized credit, and subsidized land for favored sectors (including both private and state-owned firms) is