Research Summit Initiative: Household Finance Team
Editor’s Note: At the National Conference on Education, General Secretary Xi Jinping emphasized the comprehensive implementation of the strategy for invigorating China through science and education, the strategy of developing a quality workforce, and the innovation-driven development strategy, the promotion of the integrated development of education, science and technology, and professionals. Since the 5th Party Congress of CUEB, the university has actively promoted reforms in the scientific research institutions and mechanisms, conducted organized research, and implemented the “Summit Project” to improve the quality of research. The Publicity Department (News Center) of CUEB will launch a series of “Research Summit” plans to demonstrate how the university’s high-level research teams proactively align with the country’s major strategies and Beijing’s development in the new era, engaging in forward-looking, strategic, and applied research practices.
Household finance, covering aspects such as income, expenditure, assets, liabilities, investments, and risk management, seeks to identify patterns in household economic activities. This research area empowers families to create financial plans, optimize asset allocation, and mitigate risks, thus improving their wealth and quality of life. Additionally, it offers a scientific foundation for governments to develop more targeted economic and financial policies.
CUEB’s Household Finance Team consists of young excellent teachers who have led over 10 national and provincial research projects in recent years, including major and key projects funded by the National Social Science Fund of China (NSSFC). They have published over 50 papers in authoritative journals at home and abroad. Some of the team’s representative research achievements are as follows:
Team members, possessing high academic proficiency, published papers in top journals in the fields of economics and finance at home and abroad, such as the Economic Research Journal, Journal of Management World, and Journal of Economic Behavior and Organization. Some of the representative papers are as follows：
Professor Yin Zhichao, the leader of the team, is an outstanding supervisor in Beijing. In recent years, the team has educated over 20 doctoral students and more than 60 master graduates. Among them, Guo Peiyao, a doctoral graduate of 2021, was awarded an excellent doctoral dissertation at the Beijing Municipal level. Additionally, several doctoral students have received China National Scholarships, academic scholarships, and other honors.
The team has forged a strong partnership with the Survey and Research Center for China Household Finance and collected micro-level household finance data through biennial nationwide surveys. This effort has led to the creation of the China Household Finance Database, enhancing the field’s international presence with a Chinese perspective. Moreover, the team has participated in four rounds of the China Household Finance Survey (CHFS) and the China Household Financial Inclusion Survey (CHFIS) in 2017, 2019, 2021, and 2023. with over 200 faculty and students traveling across China to deeply understand the real situation of Chinese household finance.
The team serves national strategies and the capital’s high-quality development by actively providing policy advice, recognized by provincial and ministerial officials. In 2023, a report by Professor Yin Zhichao and his team, titled “Seize Opportunity to Attract Financial Certification Bodies, Accelerate Global Wealth Center Development”, was endorsed by Beijing’s main leaders and was honored as an “Excellent Public Opinion and Think Tank Special Report of the Year 2023” by the General Office of the Beijing Municipal Government.
Team Leader: Yin Zhichao
Professor Yin Zhichao, Vice President and Member of the Party Standing Committee of CUEB, is a second-level professor and doctoral supervisor, as well as a member of Changjiang Distinguished Scholars of the Ministry of Education. He has been awarded with many honors, including the first batch of “Young Top-notch Talents” under the Ten Thousand People Plan of the Organization Department of the Central Committee of the CPC, the New Century Excellent Talents in University of Ministry of Education of China, the Beijing Young Scholars, and the National Cultural Celebrities and “Four Batches of Talents” of the Publicity Department of the CPC. He has won awards such as the Second Sun Yefang Financial Innovation Award, the Award for Outstanding Achievement in institutions of high education research held by the Ministry of Education, and the Award for Outstanding Achievements in Beijing’s Philosophy and Social Sciences. He has led several research projects, including major, key and general projects funded by NSSFC. He has published over 150 papers in domestic and international academic journals such as the Economic Research Journal, and Journal of Management World.
The Household Finance Team currently consists of over 10 members, bringing together outstanding experts and scholars. Core members are as follows:
Wang Yating
Wang Yating is a professor and doctoral supervisor at CUEB. She was a visiting scholar at Michigan State University and Dominican University. Additionally, she serves as the Vice President of the Insurance Institute of Beijing and an anonymous review expert for core journals. She has led over 10 research projects funded by the National Social Science Foundation of China, the Beijing Social Science Foundation, and the China Insurance Regulatory Commission. She has published over 30 papers in domestic and international core journals and 2 academic monographs. She has won awards such as the First Paper Award in the International Social Security Symposium, and the Second Paper Award in the China Insurance Education Forum. She holds titles such as “Advanced Worker in Social Practice among Universities in Beijing,” CUEB’s “Pioneer in Teacher Ethics,” and is part of Beijing’s “Talent-Powered Young and Middle-Aged Teachers” plan. She has won CUEB’s Second Education Excellent Award, First Prize for “Education and Teaching Achievements”, and consecutive First Prizes for classroom teaching in the “Student Evaluation of Teaching”. She has earned multiple titles such as “Excellent Supervisor,” “Excellent Party Member,” and “Dedicated Worker,” while guiding students to achieve Beijing-level innovation training projects.
Sha Yezhou
Sha Yezhou, Ph.D. in Finance and Risk Management from the University of Nottingham in the UK, is a professor and Doctoral Supervisor at the School of Finance of CUEB. He is also a liaison for the “Financial Technology and Financial Econometrics” Discipline Innovation and Intelligence Introduction Base, the Ministry of Education, and the State Administration of Foreign Experts Affairs. His research mainly focuses on market anomalies, investment funds, and asset pricing issues related to individual and family portfolios. In recent years, he has published over 30 papers in journals such as the Journal of Management Sciences in China, the Journal of Economics Behavior and Organizations, and others. He has led five research projects, including a youth project funded by the National Social Science Fund of China. Moreover, he is the associate editor of the international journal Emerging Markets Finance and Trade, Economic Analysis and Policy, and a reviewer for more than 30 international journals.
Yang Yang
Yang Yang, assistant dean of the School of Finance, is an associate professor and Master’s supervisor at the School of Finance of CUEB. She graduated from Institute of Systems and Information Engineering at the University of Tsukuba and was a visiting scholar at Rutgers, the State University of New Jersey. Her research mainly focuses on household finance, asset pricing, and financial risk. She has led province-level projects and horizontal research projects and has taken part in many NSSFC projects. She has published over 10 papers in journals including Journal of Socio-Economics, Economic Analysis and Policy, and System Engineering – Theory & Practice. Professor Yang has 6 years of work experience in the asset management industry in international financial institutions abroad, such as Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley Technology Group, where she has always provided consultations about investment strategies and the field of risk management for financial institutions.
Zhang Lu
Zhang Lu is an associate professor and Doctoral Supervisor at the School of Finance of CUEB. He earned a Ph.D. from the School of Finance of Nankai University. He also has a Ph.D. earned from the Department of Real Estate of the National University of Singapore. He mainly studied in many areas such as local government debt, household finance, green and climate finance. With one book released, Zhang has published over 10 papers as either the sole author or the first author in prestigious journals including China Industrial Economics, International Review of Financial Analysis, and Journal of Finance and Economics. Zhang also led one National Natural Science Foundation of China. He was once awarded the Qian Xuesen Urban Economics Nomination Award, the scientific research model of the School of Finance of CUEB, and so on.
Zhang Linwan
Zhang Linwan is the lecturer and Master’s Supervisor at the School of Finance of CUEB. Her research mainly focuses on household finance. Zhang has been a visiting scholar at Columbia University and the Einaudi Institute for Economics and Finance (EIEF) in Italy. She led one project funded by the National Natural Science Fond of China (NNSFC) for Young Scholars and one project funded by the NSSFC for Young Scholars. In addition, with one book published, she has also published papers in journals at home and abroad, including Management World, the Journal of Financial Research, the Journal of World Economy, and Emerging Markets Review.
Tian Geran
Tian Geran is an associate professor and Master’s Supervisor at the School of Finance of CUEB. She mainly studies digital finance, household finance, and inclusive finance. She led the one NNSFC project and participated in the NSSFC major project, the NNSFC major project, and the general project. Furthermore, Tian has published over 10 papers in international journals including China Economic Review.