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  • Xu Xiaonian (许小年)
    Gender : Male

Professor of economics and finance, CEIBS


In 1975, received his bachelor degree in electrical engineering from Xi'an Jiaotong University;

In 1981, graduated from Renmin University of China with a master's degree in industrial economics;

In 1991, graduated from the University of California with a doctorate in Economics.


1981-1985, researcher of development research center of the State Council

1991-1995, assistant professor, Amherst College, Massachusetts, USA Consultant of the world bank in 1996

1997-1998, senior economist of Merrill Lynch Securities in Asia Pacific Region

In 1999, he joined China International Finance Co., Ltd. and was employed as the general manager of the board of directors and the head of the research department

In February 2004, he left CICC and joined CEIBS as a professor of economics and finance. In April of that year, when asked whether central Europe is a long-term choice or a transition, Xu Xiaonian replied, "there is a well-known 'random walk principle' in the capital market, and I am also a 'random walk'".

In April 2005, Beijing Gaohua Securities Co., Ltd., founded only a few months ago, announced to appoint Xu Xiaonian as the head of research department and resident in Beijing. In December, Xu Xiaonian was promoted to vice chairman of Gaohua.

In early November 2006, he joined Harvest Fund as a consultant and continued to serve as a professor in Central Europe.


He has won the “Sun Yefang Economic Science Award”, the highest award in China's economic circle.

Notable Works|Publications

《There's never been a savior》

《Freedom and market economy》

Main Opnions

So far, such structural measures have been taken to achieve immediate results. For example, the domestic economic structure has been over invested. In 2011, more than 900 billion bank loans, with financial funds, most of them have been invested again, making the economic structure unbalanced and further deteriorated. Measures should be taken to stimulate private consumption, which can have immediate effects. Such as tax cuts, or fiscal wealth can be put into social security. Why don't Chinese people consume? Because they are afraid that there will be no guarantee in the future, it means that our public service is not in place, our finance is rich, we can put that money into social security, release the savings of the common people, and it can become consumption, which can have an immediate effect in the short term. There is no need to rely on the government's money to pull investment, and the result of pulling investment is overcapacity, which is inevitable in the future and will be converted into bad debts.


Xu Xiaonian denied that this round of stock market in China was caused by the appreciation of RMB. In his view, the valuation of assets has nothing to do with the value of the currency. Most investors invest and spend, and the asset portfolio is RMB. Therefore, the appreciation of RMB should not cause the readjustment and reallocation of assets. Only when investors hold dollar assets will cause such an adjustment.

To alleviate the problem of excess liquidity, we need to increase the supply of non-bank assets, such as real estate, such as private equity funds, such as insurance products, such as corporate bonds and primary market issuance of stocks. "Real estate should not only not be suppressed, but also be vigorously developed to speed up the supply, instead of suppress prices. If such a problem cannot be solved, money will still be squeezed into the banking system. " Xu Xiaonian said.

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