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Professor of Economics, National School of Development, Peking University
Office Phone Number:+86-10-6276 7418


Working Experience

2011.8 - Now    Professor of Economics, National School of Development, Peking University
2006.8 - 2011.8   Associate Professor, China Center for Economic Research, Peking University
2008.9 - 2009.7    Visiting Professor, The RAND Corporation
2003.8 - 2006.8    Assistant Professor, China Center for Economic Research, Peking University


1998.9 - 2003.5       Ph.D. in Economics, University of Southern California
1992.9 – 1997.5         Bachelor in Economics, Peking University

Research Interests

Textual analysis, Fintech development in China, Micro-finance, Applied econometrics


Publications in English

1.    “Bubbles or fundamentals? Modeling provincial house prices in China allowing for cross-sectional dependence”, with Guangyu Mao, China Economic Review, February 2019, 53 , 53-64.
2.    “The spillover of macroeconomic uncertainty between the U.S. and China”, with Huang Zhuo, Tong Chen and Qiu Han, Economic Letters, 2018, 171, 122-127.
3.     “Life satisfaction in China and consumption and income inequalities”, with Xiaoyan Lei, James P. Smith and Guangsu Zhou,  Review of Economics of the Household, 2018, 16(1), 75-95.
4.      Xiaoyan Lei, Yan Shen, James P. Smith and Guangsu Zhou,"Fertility, Gender Preference, the Birth Planning Policy, and Life Satisfaction in China", Journal of Population Research, 2018, 35 (1), 23–40.
5.      “Interest Liberalization and the Estimation of Implicit Interest Rate in China’s Banking Sector”, with Wenlong Bian, Asian Economic Papers, 2017, 16 (3), 287-307.
6.     “Sibling Gender Composition’s Effect on Education: Evidence from China”, with Xiaoyan Lei, James P. Smith, Guangsu Zhou, Journal of Population Economics, 2017, 30(2), 569–590.
7.     “China’s Macroeconomic Balancing Act: Shifting to New Drivers of Growth and Sustaining Financial Stability”, with Yiping Huang and Qiuzi Fu, 2017, China’s New Sources of Economic Growth: Human Capital, Innovation and Technological Change, 47-66.
8.     “Evaluating the regulatory scheme for internet finance in China: the case of peer-to-peer lending”, with Jingyi Wang and Yiping Huang, China Economic Journal, 2016, Vol. 9, No. 3, pages 272 – 287.
9.    “Measurement of the new economy in China: big data approach”, with Minggao Shen and Qin Chen, China Economic Journal, 2016, Vol. 9, No. 3, pages 304 – 316.
10.    “Can the Internet Revolutionize Finance in China?” with Yiping Huang, Jingyi Wang and Feng Guo, China’s New Sources of Economic Growth: Reform, Resources, and Climate Change, Australian National University Press, 2016, pages 115 – 138.
11.    "Do Social Networks Improve Chinese Adults' Subjective Well-being?" with James P. Smith, Xiaoyan Lei and Guangsu Zhou, The Journal of the Economics of Ageing, Volume 6, December 2015, Pages 57–67.
12.    “Understanding Wealth and Housing Inequality among China’s Older Population”, with Albert Park, China Economic Journal, 2015, Vol.8, No. 3.
13.    “Inequality in Education Attainment and Expectation: Evidence from the China Family Panel Studies,” with Xiaoyan Lei, forthcoming, China Economic Journal, 2015, Vol.8, No. 3.
14.    “Evaluating the Effectiveness of China’s Financial Reform: The Efficiency of China’s Domestic Banks”, with Cheng Hsiao, Wenlong Bian, China Economic Review, Vol. 35, 2015, pp 70-82.
15.    “The effect of China's agricultural tax abolition on rural families' incomes and production," with Xiaxin Wang, China Economic Review, 2014, Vol. 29, pp 185-199.
16.    “Relying on Whom? Poverty and Consumption Financing of China’s Elderly”, with Albert Park, Yaohui Zhao and John Strauss, Aging in Asia, NAS volume, 2012, pp 148 - 172.
17.    “How Will Fertility Imbalances Affect Human Capital Structure in China? --Evidence from the National Family Planning and Fertility Health Survey”, with Xiaoyan Lei, and Xiaxin Wang, China Economic Journal, 2012, Vol. 1, pp 29 - 45.
18.    “The Effects of Childhood Health on Adult Health and SES in China”, with Jim Smith, Yaohui Zhao, John Strauss, Yang Zhe, Economic Development and Cultural Change, 2012, Vol. 61, No. 1, pp 127 - 156.
19.    “Health Outcomes and Socio-Economic Status Among the Elderly in China: Evidence from the CHARLS Pilot”, with John Strauss, James P. Smith, Albert Park, Yaohui Zhao, Xiaoyan Lei, Zhe Yang, Journal of Population Aging,2010 (3), pp 111 - 142.
20.    “Bank Size and SME Lending: Evidences from China”, with Minggao Shen, Zhong Xu, and Ying Bai, World Development, 2009, Vol. 37, p800 – 811.
21.    “Evaluating the Effectiveness of Washington State Repeated Job Search Services on the Employment Rate of Prime-age Female Welfare Recipients”, with Cheng Hsiao, Boqing Wang, Greg Weeks, Journal of Econometrics, 2008, Vol.145, p 98 - 108.
22.    “Does Grassroots Democracy Reduce Income Inequality in China?”, with Yang Yao, Journal of Public Economics, 2008, Vol.92, p2182 - 2198.
23.     “Grassroots Democracy, Accountability and Income Distribution”, with Yao Yang, book chapter in China, India, and Beyond, the proceedings of the 2007 GDN/Beijing conference.
24.    “Evaluating the Impacts of Washington State Repeated Job Search Services on the Earnings of Prime-age Female TANF Recipients”, with Cheng Hsiao, Boqing Wang, Greg Weeks, Journal of Applied Econometrics, 2007, 453-475.
25.    “Demand for Education in China”, coauthored with Gregory Chow, International Economic Journal, June 2006.
26.    “Money, Price Level and Output in the Chinese Macro Economy”, with Gregory Chow, Asia Pacific Journal of Accounting and Economics, January 2006, pp.91-111.
27.    “Aggregate vs. Disaggregate Data Analysis – A Paradox in the Estimation of Money Demand Function of Japan Under the Low Interest Rate Policy,” with Cheng Hsiao and Hiroshi Fujiki., Journal of Applied Econometrics, Vol. 20, No. 5, 2005, pp. 579-601.
28.    “Foreign Direct Investment and Economic Growth – the Importance of Institutions and Urbanization”, with Cheng Hsiao, Economic Development and Cultural Change, 2003, Vol.51, No. 4, 883 - 896.
29.    “Is There a Stable Money Function Under the Low Interest Rate Policy? – A Panel Data Analysis”, with Cheng Hsiao and Hiroshi Fujiki, Monetary and Economic Studies, 2002, 20 (2), 1 – 23.

Publications in Chinese
30.    “测量中国的金融不确定性:基于大数据的方法”,和黄卓、邱晗、童晨合作,《金融研究》,2018, 461 (11), 30-46。
31.       风险传染的信息识别—基于网络借贷市场的实证,2018, 461(11): 98-118
32.    “银行业竞争度、政策激励与中小企业贷款”, 《金融研究》,2017年第1期。
33.    “利率管制与隐含利率的估算--兼论利率市场化对银行业利差之影响”,和边文龙、徐忠,沈明高合作,《经济学季刊》,2015年第十四卷, 第四期, 1235 - 1254。
34.    “大力发展中小银行缓解中小企业贷款难问题”,《中国经济》,2010年6月。
35.    “企业社会责任意识与企业融资关系研究”,和蔡剑合作,《金融研究》,2010年8月,127-136。
36.    “市场结构与我国银行业绩效:假说与检验”,和徐忠、沈明高,王小康合作,《经济研究》,2009年第十期。
37.    “转型过程中金融发展和开放的作用: 来自中国的经验”,和沈明高、何茵合作,《金融研究》,2008年第十一期,17-31页。
38.    “村庄选举和收入分配:来自中国八省四十八村的证据”(和姚洋合作),《经济研究》2006年第四期。
39.    “就业服务指导对就业率影响研究―美国华盛顿州的经验”, 《数量经济技术经济研究》,2006年第三期。
40.    “中国教育需求分析”(和邹至庄合作),《经济学报》 (China Journal of Economics),2006年第一卷第三辑。
41.    “谁是中国绩效最好的企业?2005年中国上市公司绩效评价和排名”(和沈明高,汪浩等合作),《北大商业评论》, 2006年第1期。
42.    “外国直接投资与经济增长的关系及影响”(和萧政合作) ,  《经济理论与经济管理》 2002年第1期。


Books in Chinese and in English

43.    Study on China’s Rural Finance—Reform, Transition and Development, with Minggao Shen and Zhongxu, Peking University Press, August 2014 (in Chinese).
44.    The Transition and Development of County-level Finance in China—Evidence from Mirodata, Peking University Press, August 2014 (in Chinese), March 2011.
45.     CSR and Market Competitiveness, with Yang Yao, Foreign Language Press (in Chinese), 2010.
46.    “CSR and Competitiveness: The Role of Corporate Social Responsibility in the Competitiveness and Sustainability of the Chinese Private Sector”, with Yang Yao,Foreign Language Press, 2009.


Working Paper

47.    “The Estimation of Implicit Deposit Interest Rate under Interest Rate Regulation in China's Banking Sector”
48.    “Bubbles or Fundamentals—Modeling Provincial Housing Prices in China Allowing for Cross-Sectional Dependence”, with Guangyu Mao.
49.    “Fertility, Gender Preference, the One Child Policy, and Life Satisfaction in China”, with James P. Smith, Xiaoyan Lei, Guangsu Zhou.
50.    “Consumption and Income inequalities, and Subjective Wellbeing of Chinese Residents”, with James P. Smith, Xiaoyan Lei, Guangsu Zhou.


Academic Activities

Vice Director, Center for Human Capital and National Policy, Peking University, Ministry of Education.
Vice Director, Center for Digital Finance of Peking University
Associate Editor, China Economic Journal


Research Grants

1.    China National Science Foundation, No. 71103004,2012 – 2015: The insufficient supply of county-level funds: reasons and solutions
2.    Ministry of Education, key project, 2006-2007: Formal Finance, inform finance, foreign investment and economic growth: causal effects and efficiency.
3.    Hyperion Center for Enterprise Performance Evaluation, 2005,Evaluation of Performance China’s enterprises
4.  Iniating Funds for scholars coming back from overseas: The Impact of FDI on China’s Economic Growth after joining WTO, 2004.
5.  211 Project: China’s Economy after WTO: FDI, 2004.
6.    Research grant, Employment Security Department, Washington State, United States, 2001-2003.

Honors and Awards
2018              Excellent paper, Finance research journal (in Chinese)
2017              Distinguished scholar, Association of Chinese quantitative economics, Academy of quantitative economics in China.
2016              Excellent young research scholar, Caofengqi Finance development fund
2011              Excellent Papers, Third Prize, China
2008-2009     Postdoc fellowship for research in aging, National Institute of Aging, United States
2008               Excellent Faculty, second prize, Peking University
2007               First Prize,    Global Development Awards and Medals Competition, Global Development Network
2002-2003    Dissertation Fellowship, School of Letters, Arts and Sciences, University of Southern California
1996-1997    Research Fellowship, CCER.
1994-1995    Weiming Scholarship, Peking University