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David Dollar, Country Director for China and Mongolia, World Bank; Shang-Jin Wei, Assistant Director and Chief of Trade and Investment Division, Research Department, International Monetary Fund. The authors wish to thank Jahangir Aziz, Chong-en Bai, Marcos Chamon, Chang-Tai Hsieh, Cui Li, Anil Kashyap, Yingyi Qian, Raghu Rajan, and seminar/conference participants at the NBER and IMF, especially Galina Hale, for helpful comments, and Yuanyuan Chen, Chang Hong, Xuepeng Liu, and Eric von Uexkull for excellent research assistance.