Academic journal article World Review of Political Economy

PEIXIN YANG'S ECONOMIC THOUGHT AND ITS OUTCOMES IN THE 1980s, EARLY IN CHINA'S REFORM, AND CHINA'S REFORM MIRACLE

Academic journal article World Review of Political Economy

PEIXIN YANG'S ECONOMIC THOUGHT AND ITS OUTCOMES IN THE 1980s, EARLY IN CHINA'S REFORM, AND CHINA'S REFORM MIRACLE

Article excerpt

A Short Introduction to Mr Peixin Yang

Peixin Yang was born in the small town of Baihou in Guangdong Province. He joined the Communist Party of China (CPC) in 1938 when studying in Wuchang's Zhonghua University. In 1943, he worked as a progressive journalist for the Shangwu Ribao ( Business Daily) in Chongqing, later becoming director of its interview department. He availed himself of this position to expose the inflation, soaring prices, and flagrant exploitation of the working class and the peasants under the Kuomintang (KMT ), the corruption of KMT officialdom, and the plight of native industry and commerce. After the outbreak of the Civil War, he worked as Chief Economics Editor for the Wen Hui Bao ( Shanghai Mercury), during which time he published his New Treatise on Money and On Inflation in China. In Hong Kong, he published his Analysis of the Crony Capital of the CC Club, Analysis of the Crony Capital of T.V. Soong, and The Robber Baron Chiang Kai-Shek. After the Wen Hui Bao was closed down in Shanghai, he went to Hong Kong and reestablished the newspaper there.

In 1949, he became Secretary to the first President of the People's Bank of China, Nan Hanchen, and simultaneously worked as Director of the Bank's Propaganda Section. He started the academic journal Chinese Finance and was its chief editor. After the Third Plenum in 1978, he became Deputy Director of the Institute of Finance Research of the People's Bank of China and undertook the empirical research necessary to the impending financial and economic reforms, presenting reform proposals to the Party Central Committee and the State Council. From 1982, he was Research Fellow at the Development Research Centre of the State Council, and thereafter held concurrent positions as Research Fellow at the Institute of Economics of the Chinese Academy of Social Sciences, Professor at Renmin University, Administrative Director of the Finance Association of China, and Consultant to the Capital Steel Group. He is the author of numerous books: Inflation in Old China, The Economic Achievements of China's Five-year Plans since 1949, Finance in China, Bank Reform in China, China's Socialist Bank, China's Monetary Policy, The Russo-Chinese Bank, New Approaches to Economic Reform in China, The Contract System: A Necessary Route to Enterprise Development, Inflation: A Disaster for the People, etc.

Honored with the Prize for Lifetime Achievement in Financial Studies in 2014

On April 19, 2014, an award ceremony for the Prize for Lifetime Achievement in Financial Studies took place at the PBC School of Finance, Tsinghua University. The award for 1914 was conferred on three economists preeminent in their fields: Yongming Yang, Peixin Yang, and Haikuan Zhao. This prize is the highest honor in the field of finance and carries great authority. The ceremony was cosponsored by the Hongru Liu Financial Education Fund, the PBC School of Finance at Tsinghua University, and the Finance Association of China. The Vice President of the People's Bank of China, Hu Xiaolian, presided over the ceremony.

As Deputy Head of the Prize Committee, the President of the Central University of Finance and Economics, Guangqian Wang, delivered the following presentation speech for Mr Yang's award:

Mr. Peixin Yang was born in Dapu County, Guangdong, in 1922. A celebrated Chinese economist, financial expert and educationalist, he made a great contribution to the foundation and development of the financial system and financial studies in China after 1949. For over 70 years, he has dedicated himself to research on economic and financial theory, to institution-building and to establishing finance as an academic discipline. He has encouraged economic and financial theoretical research, economic and financial reform, finance education and the cultivation of talent.

At a very early age, he determined to devote his life to the great mission of strengthening the country and enriching the people. …

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