Index > Scholar Wiki
  • Song Guoqing (宋国青)
    Born : January , 1954Gender : Male

A Jinguang Chair Professor of Economics at the National Development Research Institute of Peking University, and a Special Advisor to Goldman Sachs Gao Hua Securities.


Bachelor of Peking University,

PhD of University of Chicago


From 1982 to 1985, the Chinese Academy of Social Sciences engaged in agricultural economic research.

From 1985 to 1988, the State Economic Reform Commission was engaged in macroeconomic research.

1988-1991, Visiting Scholar, Department of Economics, Princeton University.

1991-1995, Ph.D. student, Department of Economics, University of Chicago.

Since September 1995, he has taught at the China Center for Economic Research at Peking University.

In March 2012, the General Office of the State Council issued the "Notice on Adjusting the Composition of the Monetary Policy Committee of the People's Bank of China" and stated that with the consent of the leaders of the State Council, Song Guoqing was approved to serve as a member of the Monetary Policy Committee.

Notable Works|Publications

Urban and Rural Opening and Peasant Transfer, (Agricultural Economic Issues, No. 07, 1985)

Several Theoretical Issues on Macro Balance and Macro Control Song Guoqing Zhang Weiying (Economic Research Issue 06, 1986)

Some Theoretical Differences in Macroeconomic Discussion Song Guoqing Zhang Weiying Cheng Xiaonong (Economic Research Issue 04, 1987)

Monetary Policy under the Dual Track System (Economic Research, No. 08, 1988)

Interest Rate, Inflation and Savings Tendency, April 1995 (Economic Research April 1995)

Main Opnions

In a relative sense, today's situation is "the rich borrow the money of the poor". The bank's door to savings is always open to the poor and the rich alike, and close to being treated equally; but the door to loans is usually only open to the rich, including the rich of tangible property and the rich.


Song Guoqing believes that the formulation of macro policies should be based on more accurate concepts. These accurate concepts should be m2 (broad money), loan growth rate. "Macroeconomic policies need to manage aggregate demand, and from the actual situation of economic operation, the factors closely related to aggregate demand should be these." And "the current m2 growth rate is very slow, especially the quarter-on-quarter growth is very slow. Low, at present, it can only be said that commercial banks are more willing to lend. "

However, Song Guoqing emphasized that some administrative control policies that directly control investment were implemented not long ago, and the corresponding control effects will be gradually released. For this reason, in the future, "how strong the corporate loan demand is is unknown, The increase in corporate loan demand and the relatively strong willingness of banks to lend to the meaning of actual loan growth is unclear. " In Song Guoqing's view, if the actual growth rate of future loans will not be too fast, the necessity of this policy is very questionable.

Copyright © 2012-2022 ANBOUND