Cao Yuanzheng

Cao Yuanzheng

Cao Yuanzheng, male, doctor of economics, graduated from the Department of economics of Renmin University of China. He is the recipient of state special allowance. He is now the chief economist of Bank of China, the columnist and expert of china.com published by the Information Office of the State Council. He is also the doctoral supervisor of the school of economics of Renmin University of China, the visiting professor of the University of Southern California, the adjunct professor of Fudan University, Shanghai, and China's macroeconomics Deputy Secretary General of the association, member of the "China Economic 50 forum" of the famous economists' forum, and special researcher of China People's livelihood Research Institute.

On September 9, 2019, according to the website of SASAC, Cao Yuanzheng was appointed as the external director of China Chengtong Holding Group Co., Ltd.

Character experience

work experience

Since 1998, vice president and chief economist of Bank of China International Holding Co., Ltd

From 1992 to 1998, he was the first vice president (bureau level) of the Institute of economic system reform of the State Commission for structural reform,

1988-1989, director of the comparative economic system division of the foreign economic system Department of the State Commission for restructuring the economic system,

From 1986 to 1987, he was director of the scientific research department of the China Institute of economic system reform and deputy director of the comparative economic system research office,

From 1981 to 1983, he was a cadre of the foreign economic and Trade Department of the foreign economic and Trade Commission of Qinghai Province,

1975-1978, Secretary of the office of Foreign Trade Bureau of Qinghai Province,

From 1970 to 1972, he was a worker in the first workshop of the first radio factory in Qinghai Province.

Educational experience

In 1996, he was a visiting scholar in the Department of finance, University of Southern California,

From 1990 to 1992, he studied in the Department of economic engineering, Technical University of Darmstadt, Federal Republic of Germany,

From 1983 to 1986, he was a doctor of world economy in the Department of economics, Renmin University of China,

1978-1981, master of international finance, Department of economics, Wuhan University,

From 1972 to 1975, he was a bachelor in English Department of Xi'an Foreign Languages University.

Business experience

Director, vice president and chief economist of Bank of China International Holdings Limited; visiting scholar of School of economics, damstadt University, Germany; doctor of economics, Renmin University of China; Master of economics, Wuhan University. He once served as executive vice president of the Institute of economic system reform of the national economic system reform commission of China, director of the comparative economic system division of the Department of foreign economic system, and deputy director of the Institute of comparative economic system of the China Institute of economic system reform. He is also a doctoral supervisor of School of economics, Renmin University of China, a visiting professor of University of Southern California, a part-time professor of Fudan University, Shanghai, and Deputy Secretary General of China Society of macroeconomics.

Representative works

publish one’s thesis

Cao Yuanzheng: the national balance sheet

Cao Yuanzheng: subprime mortgage crisis can not be a global financial crisis

Cao Yuanzheng: establish a large fluctuation emergency mechanism to stabilize policy expectations

Cao Yuanzheng: setting up an emergency mechanism for large fluctuation of stock market

Cao Yuanzheng: I'm afraid it will take three to five years for prices to fall

Video: Cao Yuanzheng, vice president of BOCI, sends a message to Sina music

Cao Yuanzheng: investment becomes the norm of Chinese Residents

Main works

International transmission of inflation 1981

The relationship between the developed and the underdeveloped in the world economic system, 1986

Reform: our challenge and choice 1987

The mystery of the rise of East Asia

China's economy: development and challenges facing the future

China's economic system reform facing 2020

Privatization: China's experience in 1998

The development of China's private economy in 1999

Character events

real estate

In the dialogue program of Guangzhou Daily on April 7, 2008, he put forward his views on China's real estate market: "a reasonable housing market is a market dominated by rent.".

April 2011

Fitch worries China's housing bubble is down and lowers China's credit rating.

Cao Yuanzheng, chief economist of BOCI, believes that the actual risk is far less serious than Fitch's estimation: Cao Yuanzheng: there is a risk in China's banking industry, that is, the worry about local financing platforms. However, from the current situation, In fact, the risk is not so great, because in China's banking industry, the first is that the bad debt ratio is very low, the second is that the provision coverage rate has increased very fast, and the third is that the CBRC now requires the provision to be 2.5% of the total amount of loans. In this way, it will be enough to resist the possible risks in the future. In this sense, the banking industry is still stable.

Reduce insurance business tax

At the 2013 annual meeting of the "China Economic 50 forum", Cao Yuanzheng, chief economist of Bank of China, suggested that interest rate reform should be carried out. By establishing a deposit insurance system, the floating range of deposits should be expanded, and the restrictions on the floating range of deposit interest rate should be completely relaxed within three years. Finally, the benchmark interest rate of deposits and loans should be cancelled to realize the marketization of interest rate.

Cao Yuanzheng also suggested that the indirect tax reform should be carried out at the same time. In the main service industries, the business tax should be changed into value-added tax, and the business tax rate of banking and insurance should be reduced from the current 5% to 4%. In the aspect of social security system, Cao Yuanzheng suggested that the shares of state-owned enterprises should be allocated to the social security system, and 20% to 30% of the shares of listed state-owned enterprises held by the government should be allocated to the social security system within three years The dividend of shares has become a sustainable source of income for social security, which provides experience for more large-scale allocation and promoting the socialization reform of state-owned capital in the future.

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

Appointment and removal of personages

On June 1, 2015, according to the website of SASAC, after research, Cao Yuanzheng was agreed to resign as an external director of China Guoxin Holding Co., Ltd.

On September 9, 2019, according to the website of SASAC, Cao Yuanzheng was appointed as the external director of China Chengtong Holding Group Co., Ltd.

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Chinese PinYin : Cao Yuan Zheng