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Zhang Liqing

Published:2011-06-23  Views:

School of Finance

Central University of Finance and Economics

39 South College Road, Beijing 100081, P. R. China

Tel: (86-10) 62289459



Professor of International Economics; Director of Center for International Finance Studies, Director of Collaborative Innovation Center for Global Financial Governance, Former Dean of School of Finance at Central University of Finance and Economics (CUFE) in Beijing, China.

He is author, coauthor or editor of numerous publications on international economics and finance issues, particularly in the areas of capital flows, exchange rate, financial crisis, financial development and economic globalization. Holding a Ph.D. degree in Economics in Renmin University of China, he was visiting fellows at Harvard University, Columbia University, Tilburg University, Australia National University and Petersons Institute for International Economics. He is vice president of China Society of World Economy and advised many government departments in China, including PBOC and SAFE.

He holds lots of awards, including Distinguished University Teacher Prize by Beijing Municipal Government (2010); New Century National Outstanding Youth Prize by China Ministry of Personnel (2007); Fulbright Scholarship (2004-2005).

Current Positions

Professor of International Finance, School of Finance, CUFE, since 1999

Director of Center for International Finance Studies (CIFS), CUFE, since 2003

Director of Collaborative Innovation Center for Global Financial Governance (CICGFG), CUFE, since 2012

Previous Academic Experiences

Senior Visiting Fellow, Fairbank Center for Chinese Studies, Harvard University, November 2016-May 2017

Visiting Professor, HTW, Germany, September-October 2013

Senior Visiting Fellow in School of Pacific and Asia Studies with Australian National University, February 2009

Senior Visiting Fellow in Petersons Institute for International Economics, Washington D.C., 2004.

Senior Visiting Fellow in Earth Institute with Columbia University, New York, 2005.

Visiting Fellow in School of Economics and Management, Tilburg University, Netherlands, 1996.

Visiting Fellow in Economic Development Institute (EDI), World Bank, Washington D. C., 1995.

Social Services

During 2006-2015, he served as the dean of the School of Finance, the largest school of CUFE, with about 1500 students and 80 faculties and staffs. He initiated major reforms and innovations in undergraduate and graduate education; significantly increased the international exchanges in academic programs and research projects, including the launch of joint PHD program with Tilburg University; increased substantially the revenues by running various training programs and successfully built up a solid financial foundation for the sustainable development of the School; made innovations in faculty recruitments and employments by introducing the Western-style tenure track arrangement. During his tenure, the School expanded at its most rapid rate since the 1980s and highly recognized by the authorities and academic society.

Education Background

PhD in Economics in International Economics, School of Economics, Renmin University of China, 2003. Master of Economics in International Finance, Graduate School of People’s Bank of China, 1987.

Bachelor of Economics in International Economics, School of Economics, Renmin University of China, 1984.

Research Projects (as PL)

PL, Project on “Managing Financial Risks of China’s Capital Account Liberalization”, sponsored by China Ministry of Education, 2014-2017

PL, Project on “European Debt Crisis and its Impacts on Chinese Economy”, sponsored by China National Science Foundation”, 2011-2012

PL, Project on “China’s External Economic Imbalance and Optimal Foreign Exchange Reserves”, sponsored by China National Social Science Foundation”, 2005-2007

PL, Project on “Exchange Rate Regime Reform: International Experiences and China’s Choice”, sponsored by China National Science Foundation”, 2003-2005

Honors and Awards

Distinguished Teacher Prize by Hongru Financial Education Foundation, 2016

Distinguished University Teacher Prize by Beijing Municipal Government, 2010

New Century National Outstanding Youth Prize by China Ministry of Personnel, 2007

Fulbright Scholarship jointly by US and Chinese government, 2004-2005.

Memberships in Professional Associations

Vice President, China World Economics Society

Deputy Secretary in General and Executive Director, China International Finance Society

Executive Director, China International Economic Relation Society

Executive Director, China City Finance Society

Executive Director and Deputy Chairman of Academic Committee, Hongru Financial Education Foundation

Academic Member, International Finance Forum

Chairman, Asia-pacific Forum on Economics and Finance

Director, China Finance Society

Research Interests

Financial Liberalization, Currency Convertibility, International Capital Flows, Economic Globalization, Financial Crisis in Emerging Market Economies, Chinese Economy

Selected Publications and Speeches in English


“Economics of Renminbi Internationalization” (with Kunyu Tao), Asian Economics Paper, MIT Press, 2016, 15(1):104-123.

“Demystifying China's Economic Growth: Retrospect and Prospect” (with Qin Gou) , in “Rethinking Development Strategies after the Financial Crisis”, edited by Dullien Sebastian and others, UNCTAD press, 2015

“Capital Account Liberalization in China” (with Qin Gou), in “China’s Domestic Transformation in A Global Context”, edited by Ligang Song, Ross Garnaut, Cai Fang and Lauren Johnston, Australia National University Press. 2015.

“Reforming International Monetary System and Internationalization of RMB: A Chinese perspective”, in “The International Monetary System, Energy and Sustainable Development” (edited by Sung Jin Kang and Yung Chul Park), Routledge Press, February, 2015

“The Benefits and Costs of Renminbi Internationalization” (with Kunyu Tao), in “Renminbi Internationalization: Achievements, Prospects, and Challenges” (edited by Barry Eichengreen and Masahiro Kawai), Brookings Institution Press and Asian Development Bank, February, 2015.

“China's Financial Sector Development: Understanding the Past and Shaping the Future” (with Xiaofen Tan), in “A New Economic Growth Engine for China” (edited by Wing Thye Woo and others), World Scientific Press, June, 2012

“Regional Financial Cooperation in East Asia: Recent Developments and Prospects” (with Jie Li), German Development Institute, June, 2011, Berlin.

“A Chinese Perspective on Structural Reform in East Asia”, Note for the Asia G20 Roundtable Discussion on “Rebalancing Asian Growth: Challenges of Structural Reform and the Role of Exchange-Rate Policies”, October 4, 2010, Seoul.

“China’s Adjustment in Economic Development Strategy”, conference on “New Growth Strategies for Asian Economies” run by Faculty of Economics & Administration, University of Malaya on, Conference Paper, November 24-25, 2009, Kuala Lumpur.

“Is the Pessimism on Chinese Economy Warranted?”, Article for East Asia Forum, Australia National University, February 20, 2009, Canberra.

“Global Financial Crisis: Causes and its Impacts on China”, Conference Paper, March 22-23, 2009, AEP, Jakarta,

“Reform of the Global Reserve Currency Regime: Some Issues and the Choices for China”, conference on “Toward a World Reserve System”, organized by Initiative for Policy Dialogue in Columbia University and Friedrich-Ebert-Stiftung, Conference Paper, November 6, 2009, New York.

“China’s Policy Responses to the Global Financial Crisis: Efficacy and Risks”, September, Discussion Paper, German Development Institute, Berlin, 2009.

“Effect of China’s Rise on East Asian Economic Integration”, Economic Changes and Restructuring, with Zhixian Sun, Springer, October, 2008

“China’s External Imbalance: Diagnose and Prescription”, Conference Paper, "New Monetary and Exchange-Rate Arrangements for East Asia", May 22-27, 2006, Bellagio, Italy.

"Coping with China's Balance of Payments: Why and How"? World Economy and China, No 4, 2004, Beijing.

"China's Integration into the World Economy: Repercussions of China's Accession to the WTO", Discussion Paper, the Korea Institute for International Economic Policy (KIEP), 2002, Seoul, Korea.

“China’s Capital Account Liberalization: Progress and Policies”, in "Financial Reform in China: Bridging the Gap between Plan and Market", edited by Henk Van Gemert, Shaker Publishing, 2001, Maastricht, Netherlands.

"The Reform of Foreign Exchange Regime in China: Review and Prospect", Conference Paper, 14th Australasian Finance & Banking Conference, December 17-19, 2001, Sydney, Australia.

"Confronting WTO: Thoughts on Further Reform of China’s Foreign Exchange Management System", World Economy and China, No.4, 2000, Beijing.

Keynote Speeches, Open Speeches and Presentations

Speech on “Renminbi Internationalization and China-Korea Economic Cooperation”, at conference “Future of Chinese Renminbi and Korean Economy” run by NEAR Foundation, June 26, Seoul

Speech on “Future of RMB Internationalization and China’s Macroeconomic Policies”, 23rd Annual Reserve Management Seminar, UBS, June12-15, Wolfsberg Center, Switzerland

Speech on “Whither Economic Globalization?”, at conference “A NEW CHAPTER IN THE GLOBAL ECONOMY?” jointly organized by US-Korea Institute at SAIS with John Hopkins University and Reinventing Bretton Woods Committee, April 21, 2017

Speech on “Trump’s Economics Policies and Its Possible Impacts”, Chinese Financial Association (Boston), March 22, 2017

Speech on China’s Capital Account Liberalization and RMB Internationalization”, Open Lecture, Harvard University, March 27, 2017

Speech on “Interpreting the Slowdown of Growth in China since 2011”, CES panel discussion, AEA, January 6, 2017, Chicago

Speech on “Brexit and the Future of European Integration”, International Annual Meeting by Shanghai Institute of Finance and Law, November 2, 2016, Shanghai.

Speech on “Capital Account Management: A New Perspective”, 7th Asia-pacific Forum on Economics and Finance, September 23, 2016, Beijing

Speech on “Demand Management and Economic Growth in China”, “Beijing International Finance Forum, Annual Meeting, 2016”, August 31, Beijing

Open Lecture “Asian Financial Cooperation and The Role of RMB Internationalization August”, International Workshop on “Trilateral Cooperation Youth Forum 2016”,August 14, 2016, Seoul.

Speech on “The Reform of Global Reserve System and Internationalization of Renminbi”, international conference on“ Reform of Global Financial Architecture (GFA): Short Term Measures and Long Term Goals”, July 22, 2016,Chengdu

Speech on “Prospects of Asian Financial Integration”, “The 6th Asia Research Forum” run by CASS, July 1, Beijing

Speech on “The Prospect of China-EU FTA”, International Conference on “EU-China FTA”, May 17, 2016, Brussel.

Speech on “A Global Action on International Capital Management”,International Conference on “G20 and Global Financial Stability” , March 20, Beijing

Speech on “Development Finance: New Opportunity and Challenges”, International Conference “Stronger Global Economic Growth: Policies, Drivers and Institutions”, Feb.28, 2016, Shanghai.

Speech on “MDBs’ Investment in infrastructure: Opportunities and Challenges”,“T20 International Conference: Global Financial Governance and Innovation”, January 27-28, 2016, Shenzhen.

Speech at Conference on “Exploring New Paths for Development: Experiences from Latin America and China”,RUC and Columbia University, Aug 28-29, 2015, Beijing.

Presentation on “Capital Account Liberalization in China”, China Update Annual Conference: China’s Domestic Transformation in A Global Context run by Australia National University, July, 2015

Keynote Speech on “The Future of RMB Internationalization”CESA (Chinese Economic Association in Australia), July, Wollongong University, 2015

Lunch Speech on China’s Macroeconomic Situation and Financial Opening up Policies, jointly run by Shine Wing Australia and Center for China Study with Melbourne University, July 2015

Presentation on “Should China Accelerate Its Capital Account Liberalization?”, 7th International Policy Advisory Group (IPAG) Meeting: Asia’s Growth and Development Challenges after the Global Financial Crisis, run by The Asian Development Bank and the Earth Institute with Columbia University, 3–4 August 2015, Manila, Philippines.

“China’s External Financial Policies: Problems and Prospects”, Note for the workshop “Economic Relations between US and China”, RUC Chongyang Institute, March 31, 2015

Open speech on “Towards a New Norm for China’s Economic Growth: Why and How?”, the 15th International Finance Forum run by Korea Financial News, April 23-24, 2014, Seoul.

Keynote Speech on “Benefits and Costs of RMB Internationalization”, World Finance Conference, June, 2014, Beijing

Presentation on “The Benefits and Costs of Renminbi Internationalization”, workshop on ADB project “Internationalization of RMB”, August, 2014, Tokyo

Presentation on “The Economics of RMB Internationalization”, AEP, September, 2014, Tokyo

Open lecture on “Reform of Global Reserve System and RMB Internationalization”, October 21, 2014, SOAS, London

Presentation on “Internationalization of RMB and Capital Account Liberalization in China”, conference on Chinese Economy run by University of Birmingham and CUFE, Birmingham, November, 2014

Presentation on “Reforming International Monetary System and Internationalization of RMB: A Chinese perspective”, workshop on “The International Monetary System, Energy and Sustainable Development”, November, 2013, Seoul

Lecture on “China’s Financial Reform and its Lessons to Myanmar”, training program for senior officials in Myanmar Central Bank, July 5, 2012.

Presentation on“Prospects of Asian Financial Integration”, the Shadow G-20 Workshop the International Policy Advisory Group,Seoul, Dec 3-4, 2012

Presentation on “Reform of Global Reserve System and China’s Choice”, workshop on “Reforming the Global Monetary System” jointly run by School of Finance with CUFE and the Initiative for Policy Dialogue with Columbia University, March 18-19, 2011, Beijing.

Open speech on “Reforming International Monetary System: A Chinese Perspective”, conference on “International Monetary System: Reforms & Agendas” run by Korean Institute of Finance and Asian Development Bank, March 22, 2011, Seoul.

Open speech on “Global Imbalance and Its Rebalance”, conference on “Trade and Development: Asia’s Turning Point” jointly run by ADB-KIEP-SNU, June 30, 2011, Seoul.

Presentation on “Reforming the International Monetary System: Why and How?”, ADBI-IEA Panel Session “International Monetary and Financial Architecture: Asian Perspective”, The Triennial World Congress of the International Economic Association, Tsinghua University, 4-8 July 2011, Beijing.

Presentation on “Towards a Stable International Financial System”, the Shadow G20 Workshop of the International Policy Advisory Group (IPAG) “Threats to the Global Economy: Debt, Currency, Banking and Structural Change”, jointly run by ADB and Earth Institute with Columbia University, 29-30 October 2011, Reid Hall, Paris

Open speech on “Internationalization of RMB and its Possible Impacts”, Japan Daiwa Institute Panel Discussion, Nov 28, 2011.

Open Speech on “Towards a New Development Strategy in China: Why and How?”, Regional Outlook Forum 2010, Institute of Southeast Asian Studies, January 7, 2010, Singapore.

Presentation on “Towards a New Development Strategy in China: Why and How?”, workshop on “Trade Policies in International Comparison”, organized by DAAD Partnership on Economic Development Studies and University of Jordan, November 2-5, 2010, Amman.

Open Speech on “Global Financial Crisis: Causes and its Impacts on China”, March 22-23, 2009, AEP, Jakarta,

Presentation on “China’s Liberalization of Capital Account: Benefits and Risks”, June 25-26, 2008, International Conference on Regulation, China Task Force, IPD of Columbia University, Manchester.

Lecture on “China's Experience with External Trade Reform”, training program for senior official of Vietnam government (UNDP Project), February 27-28, 2003, Hanoi.


Comment on “A compelling case for Chinese monetary easing”by Guonan Ma,AEEF, December, Tokyo, 2014

Comments on “Rebalancing and Sustaining Growth in the PRC” by Ligang Song, at ADB and CCER Conference on “Middle Income Trap China is Facing With”, February 25, 2011, Beijing.

Comments on “Policy Cooperation in the Euro area after the Global Financial Crisis” by Stefan Collignon, ADBI annual conference, November 2, 2011,Tokyo.

Comments on “Global Economic Slowdown & Debt Sustainability in the US, Europe & Japan” by Sandro Momigliano, Jun Saito and Jacob Kirkegaard, December 9-10, 2011, Seoul.

Comment on “Causes and Remedies of China’ External Imbalances” by Huang Yiping and Tao Kunyu, AEP, March 23-24, 2010, Seoul.

Comment on “The Global Impact of Chinese Growth” by Ippei Fujiwara, Keisuke Otsu and Masashi Saito,AEP, September 12-13, 2010, Tokyo.

Comments on Masahiro Kawai’s Paper at the Reserve Currency Reform Workshop by ADBI and CCIEE, November 26, 2010, Beijing.

Comment on “Optimal Amount of China’s Foreign Exchange Reserves” by Hongzhong Liu, AEP, April 25-26, 2008, Seoul.

Comment on “China: Learning From the Asian Financial Crisis” by Yongding Yu, Conference on “Ten Years after the Asian Financial Crisis: Vulnerabilities of East Asia”, February 26-27, 2007, Bangkok.

Comment on “Financial Liberalization, Crises, and Economic Growth” by Inkoo Lee and Jong-Hyup Shin, AEP, April 9-10, 2007, Washington D.C.

Comment on “Ten Challenges China is Facing with”, December 7-8, AEP, 2007, Tokyo.

Comment on "On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate" by Jeffrey Frankel, AEA meeting, Jan 6, 2006, Boston.

Comment on "What East Asian Countries should do to address global saving-investment imbalances" by Anwar Nasution, AEP meeting, March 20, 2006, Seoul.

Comment on "Whither Should the Asian Financial Integration Go?" by Yong-Chul Park, AEP, September 29, 2006, Tokyo.

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