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  • Zhang Monan (张茉楠)
    Gender : Female

Deputy researcher of world economic research office, economic prediction department, National Information Center


Doctor of management science and engineering, postdoctoral in Economics


Zhang Monan is a deputy researcher of the world economic research office, economic prediction department, national information center and a member of the International Association for China Management Research (IACMR). She also works for many major media, magazines and work as a special contributor such as《Economic Information Daily》, 《China Economic Weekly》, 《Hong Kong China Review》, 《Shanghai Business Daily》, 《China Investment》.

She is mainly engaged in international finance and international capital flow, behavioral finance, economic management engineering, entrepreneurial economic development strategy and policy, etc. She is one of the earliest scholars in China to study entrepreneurial economic theory and policy. The "China's entrepreneurial economic development and policy selection" to be published by people's publishing house is the first systematic exposition of the background of entrepreneurial economy, development model and policy framework in China. This project won the 2008 National Social Science Foundation Award for excellence.


In recent years, she has undertaken 17 national projects such as the National Natural Science Fund, the National Social Science Fund, the China Postdoctoral fund, and the projects of the macro Department of the State Council and the national information consulting expert committee, etc. In macro-economic management, economic participation, comparison of economic and social systems, China Securities Journal, Shanghai Securities Journal,Economic reference, financial times, economic observer, the first financial and economic daily, people's daily of China, Xinhua net, China net, China Economic Net, China financial net and other state-level publications, newspapers and media published more than 100 academic papers, and set up a blog in the Party school theory network of the CPC Central Committee, and set up a theoretical column in the Economic Observer network.

Notable Works|Publications

Zhang focus on study world economy, international monetary system, cross-border capital flows, balance of payments, global economic imbalances, RMB exchange rate and other fields. She has written 《Entrepreneurial Economy Theory》 and 《Zhang Monan said China's Wealth Distribution Revolution》, etc. More than 200 academic papers have been published in dozens of core journals and magazines, such as red flag digest, Xinhua digest, truth seeking, outlook, globe, half moon talk, reform, management world, macroeconomic management, research on international issues, etc., and a large number of work reports and internal research reports have been written. Zhang’s economic view have been widely accepted concern.

Main Opnions

Zhang Monan pointed out in her published article that the problem of RMB exchange rate is not the issue of price at all, but the issue of pricing power. With the two quantitative easing policies of the United States, a large number of US dollar funds continue to flow into China, which leads to the passive investment of RMB base currency. The data shows that the new money supplied by the central bank put into the market, the amount due to the increase of foreign exchange reserves accounts for more than 80% of the weight.

From this point of view, the increase of China's US dollar reserves has determined the amount of new money put in by the central bank, and the issuance right of US currency has seriously affected the issuance autonomy of RMB. Therefore, the pricing power of Chinese Yuan is determined by ourselves. To strengthen the flexibility of RMB, to speed up the reform of RMB exchange rate formation mechanism, to reform the mode of foreign exchange account hedge, and to safeguard the currency sovereignty of RMB are the main directions that China must adhere to.

Marketization reform is the leader of system dividend.

From the proposal of the "reform and opening up" strategy in 1978 to the restart of reform and opening up after Deng Xiaoping's South tour in 1992, these two reforms and opening-up enabled China to develop from a backward economy accounting for less than 2% of the total global economy to the second largest economy accounting for 10.5% of the total global economy, and from a "follower" to a "leader", which is the biggest impact of reform and opening-up on China Benefits.

The most prominent is the housing commercialization reform. In China, real estate represents the distribution of land GDP and its wealth. Because the land property right is realized through the layers of entrustment and hierarchical agent in the land market, the long agent chain and the internal responsibilities and rights of each agent are unclear.

Under the control of administrative power, the price of land supply is rising, the price of residential buildings is also rising, which forms the reverse distribution effect of land income - the low-income class is blocked outside the housing market, and the cost of housing for the middle-income class is increasing. Local governments get a lot of land transfer fees, real estate developers earn excess profits, the main body of land income distribution is seriously misplaced, resulting in resource mismatch, accelerating the polarization of social wealth distribution.

Real estate reform is connected with economy and people's livelihood, government and society. In order to reach the real estate market contradiction in China, we must solve the problem of land finance and form a comprehensive and systematic public policy of the real estate market, which will inevitably involve the readjustment of interests such as land policy, fiscal and tax policy, safeguard policy, financial policy and the redistribution of resources, and it is difficult to achieve the reform without stock. Therefore, China must identify several core areas to seek breakthroughs.


China is facing a huge pension "deficit" problem. How to fill this gap, establish a sustainable pension security system, and effectively prevent debt risk has become a major strategic issue in front of China.

China's pension system arrangement needs to be consistent with the national conditions of "old before rich". To solve the problem of providing for the aged in China at a lower income level, we should not only consider the challenge of aging population to the current pension security system, but also consider how to do according to our ability to prevent the impact on long-term growth.

Therefore, we need to evaluate the reform of China's pension security system from the perspective of sustainability, combine the trend of population aging and the prospect of economic growth, take into account "efficiency" and "equity", and establish a pension security system in line with China's national conditions.

In any case, it is an inevitable trend of social development to broaden the financing channels of pension. We should actively expand the investment of stock investment, bond investment, private fund and sovereign wealth fund on the premise of risk prevention as the first priority, so as to make pension fund stronger and bigger, and make it a "fund pool" for Chinese pension. China must be prepared for a comprehensive response to the pension deficit’s approaching.

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