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  • Xiang Songzuo (向松祚)
    Gender : Male

Member of the Advisory Committee and Research Committee of the official forum of international monetary and financial institutions (omfif), special researcher of China Minsheng Research Institute


He earned his Bachelors in Mechanical Engineering at Huazhong University in 1986, and a Masters and Ph.D. in economics from Renmin University in 1993, and a Masters in International Affairs in 1999 at Columbia University, where he studied under Robert Mundell, a prominent promoter of supply-side economics.


Former: Assistant Professor of Mechanical Engineering, Huazhong University of Science and Technology; Investment Manager, Shenzhen Property Dev. Group; Deputy Chief, Monetary Policy Dept, People's Bank of China, Shenzhen; Visiting Scholar, Judge Institute of Mgmt Studies, Cambridge Univ. Currently: Chief Economist, Agricultural Bank of China; Executive Deputy Director and Senior Fellow, Int'l Monetary Research Institute, Renmin Univ. of China; Deputy Chairman, Advisory Board, Official Monetary and Financial Institutions Forum; Professor, Economics, Huazhong Univ. of Science and Tech.; Editor-in-Chief, Global Finance & Economy.


Author of numerous academic papers and dissertations

Editor and Chinese translator of Selected Works on Economics of Robert A. Mundell

Editor of two book series, Renmin University Publishing House.

Notable Works|Publications

His major works including “Bernanke's Monetary Theory And Policy Philosophy”, “The Crisis of Exchange Rate: The Causes And Consequences of Excess Global Liquidity”, “Don't Play With Exchange Rate”, “Mondale Economics Anthology (6 volumes)”, “Zhang Wuchang Economics”, “Financial Crisis And National Interests”, etc

Main Opnions

Times weekly: at Boao Forum, Zhou Xiaochuan, governor of the central bank, said that after years of quantitative easing, monetary policy has reached the end of this cycle, which means that monetary policy will no longer be a loose policy. How can policy shrink?

Xiang songzuo: My personal research show that after the financial market is stable, the stimulation and promotion effect of continuing to implement unconventional monetary policy for a long time on the real economy is very limited, while the negative effect is very large. The main effect of unconventional monetary policy is to stimulate the investment of financial market, the vicious expansion of virtual economy, the competitive devaluation of exchange rate, the disordered flow of international funds, and the global permission, the debt ratio or leverage ratio of many emerging market countries continues to rise, asset prices have reached new highs, and global financial risks are increasing day by day. Many people are worried that the next global financial crisis is coming, including the debt crisis, the exchange rate crisis, and the banking crisis caused by the bursting of the asset bubble, this worry is not unreasonable.


On December 16, 2018, Xiang gave a lecture in Shanghai, which critiqued currently economic policy and cited an unnamed report from an official institute, claiming that China's economic growth rate may be much lower than official statistics suggest, and that dramatic economic reforms were necessary, such as tax cuts consistent with the lines of supply-side economics of his former academic teacher at Columbia University.

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