In 2018, the Institute of New Structural Economics (INSE) at Peking University launched its PhD program in Economics. Each year, outstanding undergraduate students are selected for the direct-entry PhD programthrough the recommendation-based exemption mechanism. This program entails a five-year curriculum. Postgraduate students who have already obtained a master's degree can apply for the regular PhD programthrough the application-assessment system, which normally requires four years to complete. Upon fulfillment of all requirements, including course work, think tank practice, as well as the completion and successful defense of a doctoral dissertation, the degree of Doctor of Philosophy (PhD) in Economics from Peking University is conferred.