In 2020, the sudden onset of the pandemic disrupted peoples normal lives, drastically changed the global economy, caused a sharp rise in uncertainty, and presented huge challenges to Chinas financial industry. At the same time, this year also witnessed the emergence of bank wealth management subsidiaries, the peak of fintech empowerment, full force wealth management transformation, and an unprecedented windf

Professor Ju Jiandong, Unigroup Chair Professor at the PBC School of Finance of Tsinghua University,recently said that in the context of the current global disorder, there is an urgent need to build a regional governance system. In the case of Asia, the Regional Comprehensive Economic Partnership (RCEP) is the first step toward establishing a common Asian market, with the ultimate goal of establishing an Asian governance system similar to that of the EU.On November 15, China signed the RCEP alon

AbstractThis paper uses Bayesian method to estimate European (Monetary) Unioneffect on trade. The high dimensionality of the parameter space when estimatinggravity equations with many dummy variables results in standard hypothesis testswith a large Type I (false positive) error. Bayesian methods are able to handlethis problem; they also provide a principled method of model selection that canbe applied to different specifications of the dummy variables. Bayesian modelselection tests prefer our mo

Investigating the Role of Money in the Identification of Monetary Policy Behavior: A Bayesian DSGE PerspectiveBing Li, Qing Liu Pei Pei, (2020), Investigating the Role of Money in the Identification of Monetary Policy Behavior: A Bayesian DSGE Perspective, Macroeconomic Dynamics, published online by Cambridge University Press.This paper estimates an enriched version of the mainstream medium-scale dynamic stochastic general equilibrium model, which features nonseparability between consumption an

Original publisher:Shuimu Financial Observation official WeChat account. Translated here from the original Chinese.The dual circulation strategy, in which domestic circulation is the mainstay while receiving support from international circulation, can be regarded as a revision of the international circulation development model of the 1980s.During the early stages of reform and opening up in the 1980s, China’s southeastern coastal areas relied on export processing industries. Both the raw materia

Abstract: As a result of recent advances in historical national accounting, estimates of GDP per capita are now available for a number of European economies back to the medieval period, including Britain, the Netherlands, Italy, and Spain. The approach has also been extended to Asian economies, including India and Japan. So far, however, China, which has been at the center of the Great Divergence debate, has been absent from this approach. This article adds China to the picture, showing that the

We will provide an outlook for China's role in the world economy over the coming decades, an exercise which would not be possible without an analysis of the prospects for China's continued economic growth. Based on international and historical comparisons, we argue that today's China meets all three key conditions for continued economic growth, including a stable government that is supportive of a market economy; high and increasing quality of human capital, and openness to developed economies.

Macroeconomic policy framework has played a crucial role in the process of the structural transformation of the Chinese economy over the past four decades. It has done so through what can be summarized as a mix of (1) proactive macroeconomic management to maintain economic stability; (2) financial reform to promote financial deepening, channelling savings into investment and ensuring financial stability; and (3) carefully managed capital account liberalization to promote investment, trade, and i