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The Chinese civilization is an important part of the history of mankind. The purpose of this paper is to show that there are project management lessons to be learned from Chinese history, including that relating to the management of the building process in ancient China.

Through a review of the literature, this paper discusses the key management and economic practices in the building process of ancient China and highlights these practices from an important document, the Yingzao Fashi or (“Treatise on Architectural Methods”), that was compared with the modern‐day project management framework.

This paper explains the official systems instituted for public projects; the management of labour, design and planning of construction works; quantity surveying practices; the use, control and recycling of building materials; and inspection of building elements in ancient China.

The study suggests that lessons in the principles of construction project management in ancient China bear many similarities with the nine areas of modern‐day project management body of knowledge relating to integration, scope, time, cost, quality, human resource, communications, risk, and procurement management. An area for future research would be to compare the Yingzao Fashi with modern‐day codes of practice for building works to determine which of its “ancient” provisions relating to quality management are still relevant today.

It was found that much emphasis was placed by the ancient Chinese on the quality aspects of prominent building projects. This is one facet from which modern‐day project managers and clients can draw lessons.

Economic policy uncertainty (EPU) has huge impact and harm on real economy, so the economic logic and other economic effects behind this must be further studied. By constructing the “China Economic Policy Uncertainty Index” to capture the degree of EPU faced by Chinese companies, the authors empirically test whether and how EPU affects the level of executives' perquisite consumption.

This study investigates the relationship between EPU and executive perquisite consumption based on a sample of 3,185 publicly listed firms in China. To examine the relationship between EPU and executives' perquisite consumption, a mixed least squares method was used for regression. To alleviate the problem of missing variables that do not change over time and control the influence of unobservable individual heterogeneity at the firm level, the firm fixed effects model is used for regression.

The study finds that EPU is positively associated with executive perquisite consumption. This positive association is stronger for firms with smaller size, lower management shareholding and higher levels of separation of ownership and control. Effective external governance (i.e., analyst coverage, media coverage, auditor and market competition) can mitigate the relationship between EPU and executive perquisite consumption. Further analysis reveals that EPU increases executive perquisite consumption by holding more cash and decreasing firm risk taking. EPU hurts market value of firms by boosting executive perquisite consumption and tunneling.

In an environment with high EPU, the board of directors should reduce managers' compensation performance sensitivity to ease the agency conflict caused by uncertainty. Firms should improve their governance mechanisms and standard and pay attention to their environmental changes. Policymakers should pay attention to maintaining the continuity and predictability of policies, stabilizing the economic policy expectations of market entities and avoiding frequent changes in policies that can harm economic and firm value. The regulatory authorities should actively guide listed companies to increase active information disclosure during periods of high policy uncertainty.

This study contributes to the research on corporate governance by showing how EPU influences executives' behaviors. The authors advance relative studies by showing that this uncertainty embedded in a firm's external environments influences executive perquisite consumption. This study also contributes to the literature on how internal and external governances influence corporate behavior during uncertainty. These findings extend this line of research by suggesting that effective external governance is an attribute that can alleviate the effect of uncertainty on managers' opportunistic behaviors.

Construction works, which contributed to the built environment of the primitive, slave and feudal societies in ancient China, constitute an important component of Chinese history. This paper discusses the nest and cave dwellings as well as the tools used in the primitive society (before 2100 BC) of China. Construction works in the Slave Society (2100‐500 BC) encompassed the construction of city walls as well as wood and earth structures, covering roofs, wall and floor facing, and drainage facilities. The invention of new building materials and construction tools as well as standardization in working procedures and material consumption are discussed in “Feudal society” (221 BC‐AD 1840). The paper suggests that the more than 5,000 years of rich history of construction works in China should not be ignored.