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  • Cao Yuanzheng (曹远征)
    Gender : Male
Scholar
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Occupation

Deputy Executive President and Chief Economist of the Bank of China International Holdings Limited

Education

In 1996, as a visiting scholar in department of finance, University of Southern California;

1990-1992, study in department of economic engineering, Technical University of Darmstadt, Germany;

1983-1986, Ph.D. in world economic direction, Department of economics, Renmin University of China;

1978-1981, master's degree in international finance, Department of economics, Wuhan University;

1972-1975, bachelor's degree, English Department, Xi'an Institute of foreign languages.

Experience

Dr. Cao has been with the BOC since 1998, taking director and chief economist of BOC International (China) and chief economist of BOC. Before, he was head of the Bureau of Chinese Economic System Reform, SCRE (now known as the State Commission for Economic System Restructuring). He is also the vice-chairman of China Society of Macroeconomics with National Development and Reform Commission, vice president of the Latin American Association of China,vice-chairman of ILAS CASS, member of Chinese Economists 50 Forum and China Finance 40 Forum, board member of Boyuan Foundation, former director of BOC International Holdings Ltd. and executive vice president, chief economist, chief economist at bank China. He also holds academic positions such as doctoral supervisor of Renmin University of China, visiting professor at the University of Southern California, professor at Tsinghua University and Beijing University, and deputy general secretary of the China Society of Macroeconomics. Vice chairman of the Pacific Economic Cooperation Commission. Dr. Cao has profound experience on China’s economic reform. He was the expert for World Bank, Asian Development Bank and the United Nations Develop Programme, and governmental economic adviser for transition countries such as Vietnam, Mongolia, Czech Republic, Kazakhstan, Kyrgyzstan, and Uzbekistan. He is now the economic adviser for several domestic provinces. Dr. Cao obtained his post-doctoral qualifications in technical economics from Darmstadt University in Germany and a doctorate of economics from Renmin University of China. He also holds a master’s degree in economics from Wuhan University and a bachelor’s degree from Xi’an Foreign Language Institute.

Contribution

“Ask for the national balance sheet”

“The sub debt crisis cannot be a global financial crisis”

“Set up a large fluctuation emergency mechanism and stabilizing policy expectation”

“Set up the emergency mechanism of stock market's large fluctuation”

“It will take three to five years for prices decline”

“Investment becomes normal for Chinese Residents”

Notable Works|Publications

《International transmission of inflation》

《The relationship between the developed and the underdeveloped in the world economic system》

《Reform: the challenge and choice we meet》

《The secret of East Asia rising》

《China's economy: future oriented development and challenges》

《China's economic system reform for 2020》

《Privatization: Chinese experience》

《The development of Chinese private sector economy》

Main Opnions

In the dialogue program of Guangzhou Daily on April 7, 2008, Cai put forward his view on China's real estate market: "a reasonable housing market is a market dominated by rent". Reduce insurance business tax.

At the 2013 annual meeting of 50 Chinese economists forum, Cao Yuanzheng, chief economist of the Bank of China, proposed to carry out interest rate reform, expand the floating range of deposits by establishing deposit insurance system, completely liberalize the floating range of deposit interest rate within three years, finally cancel the benchmark interest rate of deposits and loans, and realize interest rate marketization.

Cao Yuanzheng also suggested that indirect tax reform should be carried out at the same time. In the main service industries, the business tax rate of banking and insurance industry should be reduced from 5% to 4%. In the social security system, Cao Yuanzheng suggested that the shares of state-owned enterprises should be transferred to the social security system. Within three years, 20% to 30% of the shares of listed state-owned enterprises held by the government should be transferred to the social security system. After the transfer The dividend of shares has become a sustainable source of income for social security, which provides experience for the future more large-scale transfer and promotion of social reform of state-owned capital.

Cao Yuanzheng believes that at present, the government should control prices and resources through macro means. On the one hand, only by further improving the market price system and forming the mechanism can we eliminate the price distortion, which is also the direction of the socialist market economy; on the other hand, only through the reform of public sector expenditure and tax reform can we alleviate the expansion of the gap between income and wealth distribution and promote social harmony.

Controversy

April 2011, Fitch worries China's housing bubble burst and lowers China's related credit rating.

Cao Yuanzheng, chief economist of Bank of China International, thinks that the actual risk is far less serious than Fitch's estimate: Cao Yuanzheng: “There is a risk in China’ Fast, the third Banking Regulatory Commission now requires a provision of 2.5% of the total loan. In this sense, the banking industry is still sound.

 

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