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  • Shi Xiaomin (石小敏)
    Born : July , 1950Gender : Male

Vice president of China Economic System Reform Research Association, senior economist, expert member of China Economic 50 forum


Graduated from the Department of economics, Peking University in 1982


1968-1978, worked as a worker and cadre in Dongcheng District metal processing plant of Beijing;

1978-1982, studied in the Department of economics, Peking University;

1982-1983, worked in the theory department of economic daily;

1983-1991, he worked in the State Commission of restructuring, and successively served as deputy director and director;

Since 1991, he has worked in China Economic System Reform Research Association as director, deputy secretary general, secretary general and vice president of the research office.


Research field: macroeconomic operation and economic system reform.

Since 1980, Shi Xiaomin has published more than ten articles in newspapers and magazines, most of which are related to the reform issues in the macro-economy at that time. He has a personal experience and understanding of the complexity, twists and regularity in the process of China's modernization exploration.

Notable Works|Publications

Articles including "Not Only Considering the Future from the Perspective of Dividend", "Alerting to the Balance Sheet Crisis with Chinese Characteristics", "Exploring the Refined Management of Distribution Line Loss under the Condition of Power Marketing Informatization", "Interpreting the Development of Internet Finance from the Perspective of Macro Economy", etc published on 《China Non-Governmental》, 《China reform》, 《Contemporary Economics》,《New Economy》and other journals.

Main Opnions

The era is a choice for a big historical direction. From the perspective of the history of these decades, I think the biggest change is that the thinking of globalization has increasingly replaced the thinking of the cold war. Our peers, including those older and smaller, are discussing China issues, such as the Korean issues, immigration issues and "the Belt and Road" is exactly the argument of the thinking frame of these two periods. It is not conducive to the development of modern society.


In 2006, people's discussion on the reform started with the debate caused by Lang Xianping's questioning of the reform of state-owned enterprises, which extended to many fields such as medical reform and education reform, and more fell into the real estate industry.

Shi Xiaomin pointed out that there are domestic and international reasons for the rise of China's real estate prices. First of all, China is in the great transformation of development mode, especially the urbanization process, which leads to the sum of real estate investment and road investment accounting for more than half of the total investment.

Secondly, the global economic structure is also in the process of adjustment. In 1989, the two camps of socialism and capitalism became one, bringing about real global structural integration. Since then, China's economy is no longer likely to become a closed economy, but rather closely linked and influenced each other with the international community.

In 2001, the U.S. economy, the locomotive of the world economy, began to decline, and the U.S. dollar continued to depreciate, which led to the return of the virtual economy to the real economy. Although China's economy continues to grow at a high speed, due to the pegging of the RMB to the US dollar in the exchange rate system, the RMB has not appreciated for a long time but depreciated with the US dollar. The significant gap between the real exchange rate and the nominal exchange rate makes the real assets priced in RMB rise driven by international investment. The more international cities like Beijing and Shanghai are, the more housing prices are rising fiercely. Therefore, this kind of rise is unstoppable, and it is very difficult for house prices to recover.

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