Current Position: Boya Chair Professor of Economics
Address: National School of Development (Chengze Campus),
Peking University, Beijing 100871, China
Office: Room 413
Phone: 86-13501098029 (Cell); 86-10-6275 8988 (Office)
Fax: 86-10-6275 8988; 6275 1474
Website: http://www.nsd.pku.edu.cn
E-mail: wyzhang@nsd.pku.edu.cn
Education
1992-1994 D. Phil. in Economics, Oxford University (Nuffield College)
1990-1992 M. Phil. in Economics, Oxford University (New College)
1982-1984 M. A. in Economics, Northwest University at Xi’an, China
1978-1982 B. A. in Economics, Northwest University at Xi’an, China
Academic Positions Held
2014.7- Professor of Economics, National School of Development, Peking University
1997-2014 Professor of Economics, Guanghua School of Management, Peking University
1995-1997 Professor of Economics, China Center for Economic Research (CCER), Peking University
1994-1995 Associate professor of Economics, China Center for Economic Research (CCER), Peking University
1984-1990 Research fellow, the Economic System Reform Institute of China under the State Commission of Restructuring Economic System, China
Administrative Positions
2006-2010 Dean, Guanghua School of Management, Peking University
1999-2006 Executive Associate Dean, Guanghua School of Management, Peking University
2002-2013 Assistant President, Peking University
Research Interests
Industrial Organization and Theory of the Firm; Game and Society; Corporate Governance; Economic Transition in China; Law and Economics; Entrepreneurship and Innovation; and Philosophy of Economics.
Teaching (Include Undergraduate, MBA/EMBA since 2003)
2013- Undergraduate Program: Principles of Economics
2012- Undergraduate Program: Game and Society
2004-2010 Undergraduate Program: Game and Society
1999-2011 EMBA Program: Managerial Economics
1999-2010 Master Program: Theory of the Firm
1999-2010 MBA Program: Socialist Economics: Theory and Practice (joint course)
2003-2008 EMBA Program: Incentive and Corporate Governance
Professional Activities
I. Editorial Positions
Member of Advisory Committee, China Economic Quarterly (since 2001)
Member of Advisory Committee, China Economic Review (2002-2005)
Associate Editor, Journal of Restructuring Finance (since 2008)
II. Organizations
International Association for Chinese Management Research, Founding Vice President (2002-2004), and Advisory Board (since 2004)
National Advisory Committee for MBA Education, Vice Chairman (2008-2014)
Co-founder of Chinese Economic Association (CEA, UK) (1992)
III. Affiliations
Member of American Economic Association
Member of Chinese Economists Society
Member of International Association for Chinese Management Research
Business Experience
Chief Economist, China Entrepreneurs Forum (since 2001)
Advisor, China Entrepreneurs Club
Advisory Board Member, Samsung Electronic China (since 2006)
Independent Director, Asiainfo Limited (2004-2007)
Independent Director, Home World Co. (2003-2006)
Independent Director, Pudong Development Bank (2010-2016)
Awards & Honors
World Bank Scholarship (1990-1993)
Nuffield Scholarship, Oxford (1992-1994)
Lionel Robbins Memorial Scholarship (1992-1994)
The George Webb Medley Prize for the best thesis, Oxford University (1992)
Special Award in Social Science Publication, Easter China Area, for Game and Information Economics (1997)
2nd National Higher Education Research Award (second rank) in Social Sciences and Humanity for Entrepreneurial/Contractual Theory of the Firm (1998)
National Natural Sciences Foundation Award for Outstanding Young Scholar (2000)
3rd National Higher Education Research Award (third rank) in Social Sciences and Humanity for Theory of the Firm and Chinese Enterprise Reform (2002)
Ten Persons of Year in Chinese Economy by CCTV (CCTV年度经济人物，2002)
Reform Star by China Reform (2003)
4th National Higher Education Research Award (second rank) in Social Sciences and Humanity for Information, Trust and Law (2006)
Presidential Award of the Academy of International Business (2006)
30 People of Economic Reform in China for the 30 years by China Economic Reform Association (中国改革三十年经济30人, 2008)
The 2011 China Economic Theory Innovation Award (中国经济理论创新奖)
The Most Influential Economist of Year 2013 (Netease Finance, 网易财经)
Twice on the Hayek Prize Finalist (2016 and 2017，for The Logic of the Market)
Academic Impact
According to Report on Academic Impact of Chinese Books in Humanity and Social Sciences published recently (2012), top 3 books in citation in management of past 10 years are all Weiying Zhang’s books: No.1: Game Theory and Information Economics; No.2: The Theory of the Firm and Chinese Enterprise Reform; No.3: An Entrepreneurial/Contractual Theory of the Firm. In economics citation ranking, his books Game Theory and Information Economics, and The Theory of the Firm and Chinese Enterprise Reform are ranked No.1 and No.6 respectively. His insightful and provocative opinions about China’s reform have been widely reported both in China and in international media (such as WSJ, FT and NYT).
Selected Publications
I. Selected and referred journal publications
Zhang, Weiying. 2021. “A paradigmatic change is needed for understanding the real market.” China Economic Review, 66, 101602.
Zhang, Weiying. 2021. “Market economy and China’s ‘common prosperity’ campaign.” Journal of Chinese Economy and Business Studies, 20(4), 323-337.
Zhang, Weiying. 2019. “The China Model View is factually false.” Journal of Chinese Economy and Business Studies, 17(3), 287-311.
Chen, Yongwei, Jiawei Pang, and Weiying Zhang. 2018. “A study of volatility and externality compensative return of internet financial products in the case of Yuebao.” Emerging Markets Finance and Trade, 54(4), 761-773.
Zhang, Weiying. 2018. “Six understandings of corporate governance structure in the context of China.” The European Journal of Finance, 24(16), 1375-1387.
Shapiro, Daniel, Yao Tang, Miaojun Wang, and Weiying Zhang. 2017. “Monetary incentives and innovation in Chinese SMEs.” Asian Business & Management, 16(3), 130–157.
Zhang, Weiying. 2017. “China’s future growth depends on innovation entrepreneurs.” Journal of Chinese Economic and Business Studies, 15(1), DOI:10.1080/14765284.2017.1287540.
Shapiro, Daniel, Yao Tang, Miaojun Wang, and Weiying Zhang. 2015. “The effects of corporate governance and ownership on the innovation performance of Chinese SMEs.” Journal of Chinese Economic and Business Studies, 13(4), 311-335.
Zhang, Weiying. 2015. “The power of ideas and leadership in China’s transition to a liberal society.” Cato Journal, 35(1) (Winter 2015).
Zhang, Weiying. 2015. “Reflections on economics: market failure or market theory failure?” China Economic Journal, 8(2).
Zhang, Weiying. 2013. “Norm entrepreneurs and confucian social norms.” Journal of Peking University (Philosophy and Social Sciences) (in Chinese), 50(1), 16-35.
Li, Haiyang, Yan Zhang, Yu Li, and Weiying Zhang, Li-An Zhou. 2012. “Returnees Versus Locals: Who prforms better in China’s technology entrepreneurship?” Strategic Entrepreneurship Journal, 6, 257-272.
Todo, Yasuyuki, Weiying Zhang, Li-An Zhou. 2011. “Intra-industry knowledge spillovers from foreign direct investment in R&D: Evidence from China’s ‘Silicon Valley’.” Review of Development Economics, 15(3), 569-585.
Hou, Chengqi, Liutang Gong, and Weiying Zhang. 2011. “Core inflation: A theoretical model and empirical analysis.” Economic Research Journal (in Chinese), Issue 2 (2011), 4-12.
Zhang, Weiying, W. W. Cooper, Honghui Deng, Barnett R. Parker, and T. Ruefli. 2010. “Entrepreneurial talents and economic development in China.” Socio-Economic Planning Sciences, 44(4), December 2010, 178-192.
Todo, Yasuyuki, Weiying Zhang, and Li-An Zhou. 2009. “Knowledge spillovers from FDI in China: The role of educated labor in multinational enterprises.” Journal of Asian Economics, 20(6).
Yang, Juzheng, Weiying Zhang, and Li-An Zhou. 2008. “The substitution and complementarity between
reputation and regulation: Evidence from online trading.” Management World (in Chinese), Vol.7.
Wang, Miaojun, Weiying Zhang, and Li-An Zhou. 2007. “The productivity performance of IT investment and its determinants: Evidence from Zhejiang firms.” China Social Science (in Chinese), Vol. 6.
Zhou, Li-An, Weiying Zhang, Quanlin Gu, and Miaojun Wang. 2006. “The age and cohort effects of firm productivity.” Economics Quarterly (in Chinese), Vol. 6, No.4.
Zhou, Li-an, Weiying Zhang, Quanlin Gu, and Yi Shen. 2006. “The value of reputation: Evidence from online auctions.” Economic Research Journal (in Chinese), Vol. 12, 2006.
Wang, Miaojun, Weiying Zhang, and Li-An Zhou. 2006. “Information technology, organizational change and performance.” Economic Research Journal (in Chinese),Vol.1.
Zhou, Li-An, Weiying Zhang, Quanlin Gu, and Ye Jiang. 2006. “The dynamics and decomposition of the aggregate productivity in the Zhongguancun Science Park: 1995-2003.” Journal of Economics (in Chinese) Vol. 2, No. 1.
Zhang, Weiying. 2006. “China’s SOE reform: A corporate governance perspective.” Corporate Ownership and Control, 3(2), 132-150, (Summer 2006).
Zhang, Weiying, Li-An Zhou, and Quanlin Gu. 2003. “The mechanism of firm exit in economic transition.” Economic Research Journal (in Chinese), Vol. 10, 2003.
Zhang, Weiying, and Feng Deng. 2003. “Information, incentive and joint liability: An analysis of Chinese history.” China Social Science Quarterly (in Chinese), 2003, No.3.
Li, Shuhe, and Weiying Zhang. 2001. “Optimal assignment of principalship in teams.” Journal of Economic Behavior and & Orginzation, 44(1), 105-127.
Zhang, Weiying. 2000. “Why entrepreneurs are liquidity-constrained? ” Annals of Economics and Finance, 1(1), 165-188.
Li, Shuhe, Shaomin Li, and Weiying Zhang. 2000. “The road to capitalism: Competition and institutional change in China.” Journal of Comparative Economics, 28(2), 269-292.
Zhang, Weiying. 1998. “A Principal-Agent Theory of the Public economy and its application to China.” Economics of Planning, 31, 231-251.
Zhang, Weiying. 1997. “Decision rights, residual claim and performance: A theory of how China’s state enterprise reform works.” China Economic Review, 8 (1), 67-82, JAL Press.
Zhang, Weiying. 1996. “Owership, corporate governance and the Principal-Agent problem.” The Economic Research Journal (in Chinese), No.9.
Zhang, Weiying. 1989. “On the line of thoughts in Price Reform guided chiefly by the notion of ‘Letting Go’.” Chinese Economic Studies, Spring, 22(3), 50-66.
II. Managerial Publication
Zhang, Weiying. 2018. “Positive selection and adverse selection in organizational promotion.” Harvard Business Review (Chinese Edition), Issue 10.
Zhang, Weiying. 2013. “Beijing must seize this fleeting chance to reform.” Financial Times, March 8.
Zhang, Weiying. 2012. “Ideas will determine China’s future.” Wall Street Journal, August 2.
Cheng, Yuan, Zhixue Zhang, Weiying Zhang, and Jiaqing Zheng. 2006. “What leadership styles Chinese entrepreneurs need.” Harvard Business Review (Chinese Edition), No.4.
Zhang, Weiying. 2004. “Industrial integration: A new driving force for economic growth in China.” Harvard Business Review (Chinese Edition), No.4.
Zhang, Weiying. 2004. “New challenges for Chinese entrepreneurs.” Harvard Business Review (Chinese Edition), No.8.
Zhang, Weiying. 2004. “Business environment and social responsibility of Chinese economists.” China Entrepreneurs, No.9.
(numerous articles published in Economic Observer, China Entrepreneurs and other newspapers and magazines.)
III. Books
Zhang, Weiying. 2022. Reunderstanding Entrepreneurship (in Chinese) （《重新理解企业家精神》）. Hainan Press.
Zhang, Weiying. 2021. Information, Trust and Law (3rd edition) (in Chinese)（《信息、信任与法律》）. SDX Joint Publishing Company.
Zhang, Weiying. 2020. Ideas for China's Future. Cambridge, USA: Palgrave Macmillan.
Zhang, Weiying, and Yong Wang. 2019. Entrepreneurship and Chinese Economy(in Chinese)（《企业家精神与中国经济》）. CITIC Press.
Zhang, Weiying. 2018. The Origin of the Capitalist Firm: An Entrepreneurial/Contractual Theory of the Firm.
Singapore: Springer.
Zhang, Weiying. 2018. Game Theory and Society. London and New York: Routledge.
Zhang, Weiying. 2017. The Road Leading to the Market. London and New York: Routledge.
Zhang, Weiying. 2015. The Logic of the Market—An Insider's View of Chinese Economic Reform. Washington DC: Cato Institute.
Zhang, Weiying. 2014. The Power of Ideas (in Chinese)（《理念的力量》）. Xi’an: Northwest University Press.
Zhang, Weiying. 2014. Market and Government (in Chinese)（《市场与政府》）. Xi’an: Northwest University Press.
Zhang, Weiying. 2014. New Enlightenment for Reform(in Chinese)（《改革新启蒙》）.CITIC Press.
Zhang, Weiying, and Sheng Bin. 2014. The Entrepreneurs: King of Economic Growth (3rd edition) (in Chinese)（《企业家：经济增长的国王》）. Shanghai Renmin Press.
Zhang, Weiying. 2014. Understanding Company: Property rights, Incentives and Governance(second edition) (in Chinese)（《理解公司：产权、激励与治理》）. Shanghai Renmin Press.
Zhang, Weiying. 2014. Lectures on Game and Society (in Chinese)（《博弈与社会讲义》）. Peking University Press.
Zhang, Weiying. 2013. The Game and Society ( in Chinese)（《博弈与社会》）. Peking University Press.
Zhang, Weiying. 2012. The Logic of the Market(updated version) (in Chinese)（《市场的逻辑》）.Shanghai Renmin Publishing.
Zhang, Weiying. 2012. The Road to Market (in Chinese)（《通往市场之路》）.Zhejiang University Press.
Zhang, Weiying. 2012. What Changes China (in Chinese)（《什么改变中国》）. CITIC Publishing.
Zhang, Weiying. 2010. The Logic of the Market (in Chinese)（《市场的逻辑》）. Shanghai Renmin Publishing.
Zhang, Weiying (ed.). 2009. Thirty Years of Chinese Reform (In Chinese)（《中国改革30年》）. Peking University Press.
Kagermann, Henning, Weiying Zhang, and Hubert Osterle. 2008. Business Models 2010 (in Chinese)（《2010商业模式》）.China Machine Press.
Zhang, Weiying. 2006. Price, Market and Entrepreneurship (in Chinese)（《市场、价格与企业家》）. Peking University Press.
Zhang, Weiying. 2006. Core Competence and Growth of the Firm (in Chinese)（《竞争力与企业成长》）. Peking University Press.
Zhang, Weiying. 2006. (2004 first edition), The Logic of the University (in Chinese)（《大学的逻辑》）. Peking University Press.
Zhang, Weiying. 2005. Ownership, Incentive and Corporate Governance (in Chinese)（《产权、激励与公司治理》）.Economic Science Publishing.
Zhang, Weiying. 2003. Information, Trust and Law (in Chinese)（《信息、信任与法律》）. Sanlian Publishers House.
Zhang, Weiying. 1999. The Theory of the Firm and Chinese Enterprise Reform (in Chinese)（《企业理论与中国企业改革》）.Peking University Press.
Zhang, Weiying. 1996. Game and Information Economics (in Chinese)（《博弈论与信息经济学》）.Shanghai Renmin Publishing.
Zhang, Weiying. 1995. An Entrepreneurial-Contractual Theory of the Firm (in Chinese)（企业的企业家-契约理论）. Shanghai Renmin Publishing.
IV. Book Chapters
Zhang, Weiying. 2021. “System reform, competition, and innovation in China.” In: Fu, Xiaolan, Bruce McKern, and Jin Chen(eds.), The Oxford Handbook of China Innovation. New York: Oxford University. DOI: 10.1093/oxfordhb/9780190900533.013.13.
Zhang, Weiying. 2014. “The future of private and state-owned enterprises in China.” In: Fan,
Shenggen, and others(eds.), The Oxford Companion to the Economics of China.(Oxford, 2014; online edn, Oxford Academic, 18 Dec. 2014), https://doi.org/10.1093/acprof:oso/9780199678204.003.0046.
Zhang, Weiying. 2012. “Price Reform.” In: Wang, Mengkui(ed.), Thirty Years of China’s Reform. Abingdon, Oxon; New York, NY:Routledge.
Zhang, Weiying. 2008. “Is state ownership consistent with a market economy/ Chinese experience.” In: Kornai, Janos, and Yingyi Qian(eds.), Market and Socialism. Palgrave Macmillan.
Gu, Quanlin, Hongbin Li, Weiying Zhang, and Li-An Zhou. 2006. “Firm dynamics in economic transition: Evidence from a Chinese science park.” In: Li, Haiyang(ed.), Growth of New Technology Ventures in China’s Emerging Market. Edward Elgar.
Ke, Rongzhu, and Weiying Zhang. 2004. “Contract disputes and court verdicts involving Chinese private enterprises.” In: Garnaut, Ross, and Ligang Song(ed.), China’s Third Economic Transformation. London and New York: Routledge Curzon.
Zhang, Weiying. 1999. “Development in Chinese corporate finance and its implication for ownership reform.” In: Brouwer, Gordon de, and Wisarn Pupphavesa(eds.), Asia Pacific Financial Deregulation. Routlegde: London and New York.
Zhang, Weiying, and Gang Yi. 1997. “China’s gradual reform: A historical perspective.” In: Tisdell, C. A., and J. C. Chai(eds.), China’s Economic Growth and Transition. New York: Nova Science Publishers, Inc.
Zhang, Weiying. 1997. “The reform of state-owned enterprises: Whither to go.” In: Wen, G.J., and D. Xu(eds.), The Reformability of China’s State Sector. World Scientific Press.
V. Unpublished Manuscripts
Li, Haiyang, Yan Zhang, Li-An Zhou, and Weiying Zhang. 2009. “Performance differentials between returnee and home-grown entrepreneurs: Evidence from China’s technology industries.” Best Paper Proceedings of This Year's Academy of Management.
Zhang, Weiying. 2008. “Reallocation of entrepreneurial talents and economic development in China.” Guanghua School of Management.
Zhang, Weiying, Kevin Zhu, and Yi Sheng. 2005. “The value of IT to firms under different ownership structures: Extending the resource-based theory to a transitional economy.”
Li, Hongbin, Weiying Zhang, and Li-An Zhou. 2005. “Ownership, efficiency, and firm survival in economic transition: Evidence from a Chinese science park.” September, 2005, revised and resubmitted (third round revision), Journal of Comparative Economics.
Li, Haiyang, Weiying Zhang, and Li-an Zhou. 2005. “Institutional embeddedness and strategic choice: Survival of technology ventures in China's transition economy: 1995-2002.”submitted to Academy of Management Journal.
Ma, Jie, and Weiying Zhang. 2003. “Ownership distortion, lower-level technology, and excessive competition.” Guanghua School of Management, Peking University.
Zhang, Weiying, and Rongzhu Ke. 2003. “Trust in China: A cross-regional analysis.” William Davidson Institute Working Paper No. 586, June 2003, University of Michigan Business School.
Zhang, Weiying, and Li-an Zhou. 2000. “Incentive pay and power struggle inside the firm.” Guanghua School of Management, Peking University.
VI. Academic Conference Presentations (very incomplete)
2022. “Re-understanding entrepreneurship and innovation.” Keynote speech, 14th CEA (EUROPE) & 32nd CEA (UK) Annual Conference Programme, Edinburgh (online).
2021. “China’s marketization and income distribution.” Keynote speech, 13th CEA (EUROPE) & 32nd CEA (UK)Annual Conference Programme, Edinburgh(on line).
2014. “The power of ideas and leadership in China’s transition to a liberal society.” Presented at the Mont Pelerin Society General Meeting 2014, September 1-5, Hong Kong.
2014. “Ideas, uncertainty and forecasting.” Keynote speech, International Conference on Financial Engineering and Risk Management, Central University of Finance and Economics, Beijing.
2013. “Understanding corporate governance.” Keynote speech, International Conference on Corporate Governance, National University of Singapore.
2010. “Understanding the Chinese economic trajectory.” Keynote speech at the 3rd Conference on Cross-boarder M&A, New York University, October 19, 2010.
2008. “Re-allocation of entrepreneurial talents and economic development in China.” Presented at the
Conference on China's Economic Transformation, held at the University of Chicago, July 14-18, 2008, and organized by Professor Ronald Coase.
2007. “Which brand dominate Chinese Markets: Domestic or foreign?” Keynote speech at the Strategic Management Society Conference, May 28-29, 2007, Shanghai.
2006. “Competitiveness of Chinese enterprise in the global era.” Keynote speech at the Annual Conference of Academy of International Business, June 23-25, 2006.
2006. “IT and internet development in China.” Presented at Yale Conference on China Industries, Yale University, April 21-22, 2006.
2005. “Is state ownership consistent with market economy?” Presented at the International Economic Association Roundtable on Market and Socialism, in the Light of the Experiences of China and Vietnam, Hong Kong University of Science and Technology, January 14-15, 2005.
2001-2012. Keynote speeches at Annual Meetings of China Entrepreneurs Forum.
