The Institute of New Structural Economics at Peking University (INSE) hosted the Fifth Symposium (Winter Camp) on New Structural Economics (NSE) from December 15 to 18, 2019 in Beijing. Inaugurated in 2015, the annual symposium demonstrates the theoretical framework, latest research and database construction outcome, and future research prospects of NSE. This 5th edition of the symposium brings together well-known economists and young researchers at home and abroad to discuss issues related to NSE to deepen NSE research.

The symposium consisted of eight keynote speeches, five academic sessions (macroeconomics, trade, finance, other application of NSE, and a session for young scholars), three policy practice sessions (with focus on international development, high-quality innovative development in manufacturing industry and enterprise development), Data Session and NSE Case Contest. Justin Yifu Lin, Professor and Dean of INSE at Peking University; Zhiyong Dong, Professor and Dean of the School of Economics at Peking University; Shouying Liu, Professor and Dean of the School of Economics at Renmin University of China; Yang Yao, Cheung-Kong Scholar and Boya Chair Professor and Dean of National School of Development at Peking University; Michele Boldrin, J.G. Hoyt Distinguished University Professor at Washington University in St. Louis; Kiminori Matsuyama, Professor of Economics at Northwestern University; Jianjun Miao, Professor of Economics at Boston University and Gerard Roland, E. Morris Cox Professor of Economics and Professor of Political Science at University of California, Berkeley delivered keynote speeches.

Opening Ceremony & Keynotes

The Symposium opened with a brief opening ceremony chaired by Yong Wang, Academic Deputy Dean at INSE, who noted that the symposium offered an exceptional opportunity for participants to engage in discussions regarding NSE research and policy practices, and to push forward theoretical innovation with the aim of "understanding the world and change it for the better". This year’s symposium, he noted, also marked the final winter camp hosted by INSE, as members of NSE Research Consortium Council will host the symposium in rotation thereafter.

Professor Justin Yifu Lin, Dean of INSE, delivered a keynote speech titled “Seventy Years’ of China’s Development and Structural Revolution in Modern Economics”. Professor Lin argued that China’s miracle in the past decades has sparked “a call for structural revolution” in modern economics research. He further introduced NSE framework from economic development, transformation and operation perspectives, and encouraged participants to take the opportunity of theoretical innovation and contribute to the well-being of society.

Professor Zhiyong Dong, Dean of the School of Economics at Peking University, delivered a keynote speech themed “Review and Prospect on Western Economics over the Last Seven Decades”. He discussed the characteristics of China’s local economics, and three development stages of western economics in China. To conclude, he summarized emerging trends and existing challenges facing China's economic research.

Professor Shouying Liu, Dean of the School of Economics at Renmin University of China, delivered a keynote speech titled “The Nature of Structural Transformation”, illustrating the institutional arrangement, structural transformation model and rural transformation of China, and analyzed approaches of structural transformation in rural area. He concluded his speech with a brief reflection on China's historical transformation and rural-urban characteristics.

Academic Sessions and Keynotes

Michele Boldrin, J.G. Hoyt Distinguished University Professor at Washington University in St. Louis and Member of the INSE Academic Advisory Council, opened the Macroeconomics Session with a keynote speech themed “Technological Change: Appropriability and Inequality”. Rongsheng Tang, Assistant Professor at Shanghai University of Finance and Economics; Jing Hang, Assistant Professor at Lingnan (University) College of Sun Yat-Sen University; Zhe Fu, Assistant Professor at School of Finance at University of International Business and Economics and Ruiqi Sun, Ph.D. candidate at PBC School of Finance at Tsinghua University presented their research findings respectively. The session concluded with Yong Wang, Associate Professor and Academic Deputy Dean of INSE, who presented an overview on industrial upgrading from NSE perspective.

The Trade Session began with a keynote speech titled “Reconsidering the Market Size Effect in Innovation and Growth”, delivered by Kiminori Matsuyama, Professor of Economics at Northwestern University and Member of the INSE Academic Advisory Council. Angus Chu, Professor at University of Liverpool; Zhimin Li, Assistant Professor at Peking University HSBC Business School; Jingman Cao, Research Assistant at University of Hong Kong; Fan Zhang, Ph.D. candidate at National University of Singapore presented their research findings respectively. Jimmy Xu, Assistant Professors at INSE, presented research progress in international economics under the framework of NSE.

Jianjun Miao, Professor of Economics at Boston University, opened the Finance Session with a keynote speech titled “China's Housing Bubble, Infrastructure Investment, and Economic Growth”. Pengfei Han, Assistant Professor at Guanghua School of Management of Peking University; Yan Liu, Assistant Professor of Department of Economics and Management of Wuhan University; Yilin Zhang, Associate Professor at School of management of Sun Yat-sen University presented their research findings. Jiajun Xu, Assistant Professor and Executive Deputy Dean of INSE and Zirong Yang, Assistant Researcher at Institute of World Economics and Politics at Chinese Academy of Social Sciences, introduced major research focus and future research prospects of New Structural Financial Economics.

Gerard Roland, E. Morris Cox Professor of Economics and Professor of Political Science at University of California, Berkeley and Member of the INSE Academic Advisory Council, opened the “Session on NSE Applications in Other Fields” with a keynote speech titled “The Deep Historical Roots of Modern Culture: Comparative Economic in Historical Perspective”. Zhifu Mi, researcher at University College London; Min Li, Ph. D candidate of School of Economics and Finance of Xi’an Jiaotong University; Fuguo Ma, lecturer at Lanzhou University and Yong Tao, lecturer at Southwest University presented their research findings respectively. Jianye Yan, Associate Professor at INSE introduced literature review and progress of applications in other NSE fields.

Yang Yao, Cheung-Kong Scholar and Boya Chair Professor at National School of Development at Peking University, delivered a keynote speech titled “Chinese Selection System” at the Young Scholars Session. Haipeng Xing, Professor at State University of New York at Stony Brook, presented his recent research on economic equilibrium and policies’ transmission mechanism. Jiandong Ju, Unigroup Chair Professor of Finance, PBC School of Finance at Tsinghua University; Wu Li, Associate Professor at School of Economics at Shanghai University and Xiaoguang Yang, Research Fellow at Institute of Systems Science, Academia Sinica served as discussants. 6 young scholars from top tier universities - Mengxue Wang and Yue Yu, Ph.D. candidates at Columbia University; Zhiyuan Chen, Ph.D. candidate at Pennsylvania State University; Chunzan Wu, Assistant Professor at University of Miami; Jiangang Zeng, Ph.D. candidate at University of Texas at Austin; Yang Wang, Ph.D. candidate at University of California at San Diego presented their research findings respectively.

Policy Practice Sessions

The International Think Tank Session was chaired by Dr. Jia Yu, Director of the International Development Cooperation Department of INSE. Dr. Jia Yu opened the session by introducing the working philosophy as well as the past and ongoing projects of the International Think-Tank Team. Dr. Jiajun Xu, Deputy Dean of INSE and Dr. Wen Chen, Research Fellow of INSE, jointly launched the GReCEST report titled “Estimating the Scale of Relocation of Labor-intensive Manufacturing in China: Facts and Potentials”. This session also invited many experienced industry practitioners and experts (e.g., China National Textile and Apparel Council, China Leather Industry Association, China Association of Development Zones) to share their views and thoughts on issues related to China's industrial development, investment promotion of industrial parks as well as the “Going Out” strategy of Chinese enterprises.

INSE and CEPREI co-hosted a symposium themed “High-quality Innovative Development in Manufacturing Industry ". Dr. Bin Huang, Director of the domestic think tank department at INSE, moderated the session and presented key findings of “Prospective Research on Transformative Industrial Innovation Policies”. Offering opening remarks were Justin Yifu Lin, Dean of INSE and delegate from Ministry of Industry and Information Technology. Dr. Huang and lead-off speakers from Ministry of Industry and Information Technology, the Development Research Center of the State Council and Duke University delivered keynotes. INSE team also launched a research proposal, co-conducted with CEPREI; and organized a round-table discussion for representatives from enterprises.

The enterprise development department of INSE held a seminar on "Industrial Transformation and Enterprise Development from the Perspective of NSE". The session was moderated by Dr. Qiuyun Zhao, Researcher at INSE. Dr. Changzheng Liu, Director of the Enterprise Development Department of INSE and 5 acclaimed entrepreneurs offered remarks on the development paths and trends of specific industries, before discussing strategies and paths for industrial transformation and development in NSE in a round-table discussion.

Data Session

The Data Session was hosted by Junjie Xia, Assistant Professor at INSE. Yibing Ding, Professor of the School of Economics at Jilin University; Xin Fan, Associate Professor of the School of Economics of Jilin University; Lianfa Luo, Associate Professor at Wuhan University Institute of Quality Development Strategy; Shuo Liu, Lab Director of Center for Data Research at Peking University joined the academic research team of INSE and other scholars for a discussion on enterprise research cooperation and data platform co-construction.

NSE Case Contest

On December 18th, Jiajun Xu, Executive Deputy Dean at INSE delivered opening remark on the Second NSE Case Contest, and presented awards to the winning teams of the inaugural competition. Qingtian Liu, Deputy Director of the Liberal Arts Division of Higher Education Press; Caihui Fu, Director of the Research Center for Textbooks, Case studies and Flagship Reports at INSE, illustrated the importance of case studies in teaching and research practice. 12 teams from Peking University, Tsinghua University, Wuhan University, Shanghai University, Lanzhou University, Xi 'an Jiaotong University, Guangdong University of Foreign Studies, Sun Yat-Sen University and Guizhou University presented their studies.

On closing ceremony, Professor Justin Yifu Lin extended his gratitude to distinguished guests, participants, INSE staff and volunteers. and called on participants to join hands and drive forward NSE research. The final Symposium on NSE hosted by INSE successfully concluded thereafter.