Shujie Yao

Executive Director, Centre of Inclusive Finance (People’s Bank of China, Ningbo, and University of Nottingham) Director, Confucius Institute, University of Nottingham University of Nottingham, Ningbo, China (UNNC) Founding Head of the School of Contemporary Chinese Studies, University of Nottingham, UK Professor of Economics

Nottingham University Business School China
Staff Profile Portrait Image



Room 410, Trent Building


University of Nottingham Ningbo China


199 Taikang East Road, Ningbo, 315100, China


+86 (0)574 88180000 ext. 2218


PhD (University of Manchester)

MA (University of Manchester)

BSc (University of Tropical Agriculture)


After completing his PhD in Economics from the University of Manchester in 1989, Shujie Yao worked at the Universities of Oxford, Portsmouth and Middlesex as research fellow, lecturer, Professor and Head of Economics Department before joining The University of Nottingham as Professor of Economics and Chinese Sustainable Development in August 2006.
Subsequently appointed as the first Head of the School of Contemporary Chinese Studies at Nottingham in January 2007, Prof. Yao is an expert on economic development in China. In August 2015, Prof. Yao took up the post of Assistant Provost in the University of Nottingham Ningbo China. He has published 11 research monographs, edited books, as well as produced more than 90 refereed journal articles. He was ranked eighth among the world's China scholars specialising in the study of the Chinese economy in a recent article published in the Journal of Asian Economic Literature.

Professor Yao has published widely in many top economics and development journals in the world, including the Journal of Political Economy, Journal of Comparative Economics, Economic Development and Cultural Change, World Economy, China Quarterly, and the Journal of Development Studies, China Economic Review, among others. He is founding editor of Journal of Chinese Economic and Business Studies, chief economics editor of Xi'an Jiaotong University Journal (Social Sciences), editorial member of Journal of Comparative Economics (2006-2010), Food Policy (1992-2011) and Journal of Contemporary China (from 2010).
Prof. Yao is also coordinator of the China and the World Economy programme at the Globalisation and Economic Policy Centre at Nottingham and special chair professor of economics of Xi'an Jioatong University. He has had a wide range of consultancy experience with major organisations including the UNDP, FAO, World Bank, ADB, DFID, EU and the UNCDF, working in many less developed and transitional economies in Africa, Asia and Eastern Europe.


2006 - Present Professor of economics and Chinese sustainable development, University of Nottingham

2001-2006 Professor of economics, chair of economics, University of Middlesex

1999-2001 Professor of development economics, University of Portsmouth

1992-1998 Lecturer/senior lecturer/reader in economics, University of Portsmouth 

1990-1992 Research fellow, Queen Elizabeth House, University of Oxford

1989-1990 Research fellow, Institute of Economics, University of Oxford

1983-1985 Lecturer, Department of Economics, South China University of Tropical Agriculture

Research interests

  • China’s outward foreign direct investments and impact on the world economy.
  • Energy security and environmental protection in China.
  • Corporate social responsibility of Chinese listed companies.
  • Labour mobility and urbanization in Western China, Funded by the Chinese National Social Foundation.
  • Reforms of state-owned commercial banks in China. This is funded by a Leverhulme Trust research grant for two years from 2005 to 2007. It aims to investigate how current
  • reforms of state commercial banks will change their performance and efficiency as compared to non-state banks, including private and foreign invested banks in China.
  • EU-China Financial Services Co-operation Project, this is a large multi-national cooperation project to study the incentives of foreign banking investing in China under the WTO agreement and a comparative study to compare the performance between Chinese and major foreign banks in the EU. Experts are invited from China (9), Germany (3) and the UK (6) for work for a period of nine months from March to November 2006. I am leader of a small subject team of 3 experts based in London but we have to spend up 20 days in China. My team is responsible for a comparative study on the technical and financial efficiency of Chinese and European banks.
  • Impact assessment and monitoring mechanism for the EU-China ADS tourism agreement. This project is to investigate how the Approved Destination Status (ADS) given by the European States to Chinese tourists may affect the economies in both China and the EU and how this agreement may also lead to some potential immigration risk imposed on the EU states. I am leader of a team of four different European experts from the UK, France and China. A 90-pages technical report has been produced to the European Commission. This report sets a useful policy foundation for the next stage of tourism development between China and the EU. The consultancy report has provided rich materials for academic publications in the next stage of research.
  • Measuring rural poverty in China. This is funded by a Canadian International Development Research Centre grant for two years from 2005 to 2006. This is jointly conducted between Middlesex and a group of researchers in the China Agricultural University in Beijing.
  • Foreign direct investment (FDI) and regional economic growth in China. This project is funded by an internal research grant from 2003 to 2007. It aims to study how FDI influences economic growth in China and how income inequality may have been induced by economic growth, FDI and exports.
  • Economic growth and accession to WTO within a framework of a computable general equilibrium model. It will investigates how openness induced by WTO accession may have led to a structural change in the Chinese economy and how such a change may affect income distribution and poverty reduction.
  • Income inequality and poverty. This is supported an internal research grant with two full-time Ph.D students working in this programme. Large rural and urban household survey data from China have been collected to study how economic growth may have led to a divided nation, and how such a divided nation affects the efforts of government to reduce poverty. 

Honorary positions

2015 - Present Executive Director, Centre of Inclusive Finance (People’s Bank of China, Ningbo, and University of Nottingham), Director of Nottingham University Confucius Institute

2007-2014 Head, School of Contemporary Chinese Studies, University of Nottingham, Nottingham, UK

2001-2006 Head of Economics Department, Middlesex University, London

1994-2001 Director, Development Economics Research, University of Portsmouth

1993-1994 Director, Postgraduate Programme, Dept of Economics, University of Portsmouth

1997-1998 President, Chinese Economic Association (UK)

1998-2008 Executive director, Chinese Economic Association (UK)


• Cambridge Journal of China Studies, Editor-in-Chief, from 2013

• Palgrave (MacMillan) China Policy Book Series Editor (jointly with Steve Tsang), from 2011.

• Journal of Comparative Economics, Member of Editorial Board from 2006-2009 (US)

• Food Policy, Member of International Editorial Board from 1995-2011 (UK)

• Journal of Contemporary China (US), Editorial Member, from 2010

• Journal of Chinese Economic and Business Studies, Editor from 2001 (UK)

• The Panoeconomicus, Editorial Member, from 2015

• Journal of Modern Economic Sciences,《当代经济科学》,Chairman of Academic Board, from 2015 (China)

• Journal of Xian Jiaotong University, Social Sciences, 《西安交通大学学报(社科版)》 Member of Advisors of the Editorial Board, and Chief Editor of the Economics Column (Xi’an Jiaotong University, China), from 2004

• Fudan Economics Papers, 《复旦经济文汇》,Academic Member from 2007 (Fudan University, China)

• Economic Research Journal 《经济研究》,Member of Editorial Board, from 2013 (Chinese Academy of Social Sciences, China). This is the best economics journal in China.


Books (monographs)

  • Yao, Shujie; Chunxia, Jiang (2016), Banking Reform and Development in China, Palgrave-MacMillan, forthcoming. 
  • Yao, Shujie; Wang, Pan (2014), China’s Outward Foreign Direct Investments, Palgrave, Palgrave-MacMillan, (273 pages, ISBN, 978-1-137-32109-1.
  • Yao, Shujie; Zhongwei, Han; and Dan, Luo (2010), Efficiency Analysis of the Insurance Industry in China under Economic Reforms, Edward Elgar (300 pages, ISBN 9781847203816).
  • Lei, Chun Kwok; Shujie, Yao (2009) Economic convergence of greater China, RoutledgeCurzon (Oxford, New York, 234 pages), ISBN10: 0-415-43581-1; ISBN13: 978-0-415-43581-9.
  • Yao, Shujie (2005) Economic growth, income distribution and poverty reduction in China under economic reforms, RoutledgeCurzon, ISBN 0-415-33196-X.
  • Yao, Shujie (1994) Agricultural Reform and Grain Production in China, Macmillan Press (London), ISBN 0-312-12370-1.
  • Hay, Donald; Derik, Morris; Guy, Liu; and Shujie, Yao (1994) Economic Reform and State-owned Enterprises in China 1979-87, Oxford University Press (Oxford), ISBN 0-19-828845-X.
  • Yao, Shujie; Wang, Pan; Song, Lin (2015) Foreign Direct Investment and Economic Development in China, Chinese academy of social sciences academic press (Beijing).

Books (edited)

  • Yao, Shujie; Maria Jesus Herrerias (2014), Energy efficiency and sustainable economic growth in China, Palgrave-MacMillan (330 pages, ISBN, 978-0-230-36922-1).
  • Yao, Shujie; Jian, Chen (2013) Globalisation, competition and growth in China, RoutledgeCurzon (new paperback version), ISBN10: 0-415-35197-9; ISBN13: 9-78-0-415-35197-3. 
  • Yao, Shujie; Bin, Wu and Jian, Chen (2013), New Perspectives on China’s Development in the Post-Crisis Period, RoutledgeCurzon (Oxford and New York, 263pages), ISBN 978-0-415-66567-4 (hbk), 978-0-203-55223-0 (ebk).
  • Greenaway, David; Chris, Milner; Shujie Yao (2010) China and the World Economy, Palgrave (Basingstoke, UK; New York, USA; 250 pages), ISBN 978-0-230-52152-0.
  • Yao, Shujie; Bin, Wu; S. Morgan; and D. Sutherland (2010), Sustainable reform and development in post-Olympic China, RoutledgeCurzon (Oxford, New York, 244 pages), ISBN: 978-0-415-55956-0.
  • Yao, Shujie; Jian, Chen (2006) Globalisation, competition and growth in China, RoutledgeCurzon, ISBN10: 0-415-35197-9; ISBN13: 9-78-0-415-35197-3. 
  • Yao, Shujie; Ximing, Liu (2003) Sustainable economic development in China into the 21th century, RoutledgeCurzon.
  • Cook, Sarah; Shujie, Yao; and Juzhong, Zhuang (2000) Chinese Economy under Transition, Macmillan Press, ISBN 0-333-71502-0.

Refereed Journal articles (English Journals)

  • Ou, Jinghua; Shujie, Yao*; Pan, Wang; Jing, Zhang (2016), The dynamic relationship between China’s inward and outward foreign direct investments, China Economic Review, accepted for publication.
  • Chen, Chuanglian; Shujie, Yao* (2016), Exchange rate dynamics in a Taylor Rule framework, International Journal of Financial Market, Institutions and Money, acceptance subject to minor changes.
  • Chen, Chuanglian; Shujie, Yao* (2016), Optimal exchange rate management mechanism in an international perspectives, China Economic Review, accepted for publication.
  • Chuanglian, Chen and Shujie,Yao* (2016), The optimization of government spending and public debts, The Panoeconomicus, second revision. 
  • Wang, Limin; Shujie,Yao; Jinming, Wang; Jinghua, Ou (2016), The pawn-broking industry and SME financing in China, Journal of Chinese Business Economics, in print.
  • Hongbo He, Shou Chen, Shujie Yao (*), Jinghua Ou (2015) Stock market interdependence between China and the world: A multi-factor R-squared approach, Finance Research Letters, 13, 125-129.
  • Yao, Shujie and Pan, Wang (2014), Has China Displaced the Outward Investments of OECD Countries? China Economic Review, 28(1), 55-71. 
  • Hongbo, He; Shou, Chen; Shujie, Yao (*) and Jinghua, Ou (2014), “Financial liberalisation and international market interdependence: Evidence from China’s stock market in the post-WTO accession period’, Journal of International Financial Markets, Institutions & Money, 33, 434-444.
  • Luo, Dan; Shujie, Yao and Jianling, Wang (2014), Housing Development and Urbanisation in China, The World Economy, 37(3), 481-500.
  • Jiang, Chunxia; Shujie, Yao and Genfu, Feng (2013), Bank ownership, privatization, and performance: evidence from a transition country, Journal of Banking and Finance, 37, 3364-72.
  • Yao, Shujie and Liu, Change (2012), Trade Policy Review for China: Continuing Globalisation Amidst the World Financial Crisis (December 2012). The World Economy, 35(12), 1645-1661. 
  • Yao, Shujie; Dan, Luo and Lixia, Loh (2012), On China’s Monetary Policy and Asset Prices, Applied Financial Economy, 23:5, 377-392.
  • Chen, Chungliang; Guobin, Chen and Shujie, Yao (2012), Do Imports Crowd Out Domestic Consumption? A Comparative Study of China, Japan and Korea. China Economic Review, 23(4), 1036-1050.
  • Yao, Shujie; Dan, Luo; Tyler, Rooker (2012), Energy efficiency and economic growth in China, Asian Economics Papers, 11(2), 99-121.
  • Yao, Shujie; Xiuyun, Yang (2012), Airport development and economic growth in China, a panel data approach, Asia-Pacific Journal of Accounting and Economics, 19(3), 318-29. 
  • Song, Lin; Jianling,Wang; Shujie, Yao; Jian, Chen (2012), Market Reactions and Corporate Philanthropy: a case study of the Wenchuan earthquake in China, Journal of Contemporary China, 21(74), 299-315.
  • Yao, Shujie; Jing, Zhang (2011), On new economic theory of financial crisis and recovery, The World Economy, 34(5), 764-777.
  • Sutherland, Dylan; Shujie, Yao (2011), Income inequality in China over 30 years of reforms, Cambridge Journal of Economy and Society, 4, 91-105.
  • Luo, Dan; Shujie, Yao; Jian, Chen and Jianling, Wang (2011), Financial crisis and the rise of China’s state-owned banking sector: a DEA and FSA analysis, The World Economy, 34(5), 805-825.
  • Wu, Bin and Shujie, Yao (2010) Openness of the Chinese Society after Three Decades of Reforms, Guest Editors, Journal of Contemporary China, 67(19).
  • Yao, Shujie; Dylan, Sutherland and Jian, Chen (2010), China’s outward FDI and resource-seeking strategy: a case study on Chinalco and Rio Tinto, Asia-Pacific Journal of Accounting and Economics, 17(3), 313-326.
  • Yao, Shujie; Dan, Luo (2010), World financial crisis and emergence of Chinese commercial banks, Applied Financial Economics, 20(19: 1515-30.
  • Yao, Shujie; Dan, Luo and Stephen, Morgan (2010), Bank share prices and stock market integration in Greater China, Journal of the Asia Pacific Economy, 15(4), 388-95.
  • Yao, Shujie; Bin, Wu; Fang, Su; and Jianling, Wang (2010) The impact of higher education expansion on social justice in China: a spatial and inter-temporal analysis, Journal of Contemporary China, 19 (67), 837-54.
  • Yao, Shujie; Dan, Luo; Stephen, Morgan (2010), Impact of the US credit crunch and housing market crisis on China, Journal of Contemporary China, 19(64), 401-17.

Refereed Journal articles (selected top Chinese Journals)

  • 姚树洁 (2016),中国经济发展与“马阵越阱”理论,《重庆大学学报(社科版)》,2016年1月。
  • 姚树洁 (2015),中国经济新常态下的经济理论研究,《经济研究》,2015年12月, 第22至24页。
  • 姚树洁,韩川 (2015). 从技术创新视角看中国如何跨越“中等收入陷阱”,《西安交通大学学报(社会科学版)》, 2015,5:1-6. 
  • 欧璟华,姚树洁,武斌 (2015). 中国“空巢村”:陕北农村案例研究,《当代经济科学》,2015,7:72 -80. 
  • 欧璟华,姚树洁,罗丹,张帆 (2015). 变革中的地方财政风险控,《西安交通大学学报(社会科学版)》, 2015,7:1-9.
  • 姚树洁,冯根福,王攀,欧璄华(2014),中国是否挤占了OCED成员国的对外投资?《经济研究》2014年第11期,第43-57页。
  • 李锋,姚树洁(2014),结构性减税下微小企业税率调整分析模型, 《中国管理科学》,22(5),24-32。
  • 姚树洁, 刘畅(2013), 中国贸易政策审议: 世界金融危机下的继续全球化, 《中国软科学》,2013年第3期第9-19页。
  • 姚树洁,冯根福,姜春霞 (2011)中国银行业效率分析,1995-08,《经济研究》2011年第8期,第1-14页。
  • Yao, Shujie (2010),On Economic Theory of Financial Crisis and Economic Recovery, 《华中农业大学学报( 社会科学版)》,2010年第1期 , 第7-11页.
  • Yao, Shujie; Desheng, Zhang; Dan Luo (2010) , Chinese Economy 2009: Leading the World Economy out of Crisis, 《西安交通大学学报(社会科学版 ) 》,2010年第7期,第14-20页.
  • Yao, Shujie; Yijia, Liu; Dylan Sutherland (2010), China`s Outward FDI and Resource-Seeking Strategy: A Case Study on Chinalco and Rio Tinto, 《西安交通大学学报(社会科学版 ) 》,2010年第3期,第41-49页.
  • YAO, Shujie; Bin Wu; Lin Song (2010) ,“ Empty Villages”in Poor Areas of China: A Case Study of Rural Migration in North Shaanxi, 《当代经济科学》,2010年第4期,第66-73页.

Selected newspaper and policy journals articles

  • 姚树洁,汪锋. 激励干部为民干事的制度考量 [J],人民论坛,2016, 7: 34-35. 
  • Yao Shujie, China has set ambitious and encouraging targets [N], China Daily, 2016-3-7
  • Yao Shujie, Why doom predictors always get it wrong when it comes to China [N], China Daily, 2016-2-1.
  • 姚树洁,汪锋. 决定未来中国命运的先进思想体系——新常态下落实“四个全面”路径初探[J],人民论坛,2015,13: 6-16
  • 姚树洁,汪锋. 应对老工业基地衰退的两种做法 [J],人民论坛,2015,31:30-31.
  • 姚树洁. “英雄诋毁说”的本质及应对 [J],人民论坛,2015,19:56-61. 
  • 姚树洁. 亚投行:中国撼动世界地缘政治的里程碑 [J],人民论坛,2015,12:55-57.
  • 姚树洁. 对“反腐并不会影响经济发展”的科学解析 [J],人民论坛,2015,9:24-27. 
  • 姚树洁. 官商新常态建构任重道远 [J],人民论坛,2015,7:36-37. 
  • 姚树洁. 中国如何摆脱中等收入陷阱魔咒——李克强达沃斯讲话解读 [J],人民论坛,2015,4:52-53. 
  • 姚树洁. 中国发展充满希望 [N],人民日报,2015年6月4日
  • 姚树洁. 反腐有利于经济可持续增长 [N],新华日报,2015年3月25日 
  • Yao Shujie, AIIB shows center of world economic gravity moving east [N], China Daily, 2015-6-30
  • Yao Shujie, Wang Feng, Anti-corruption campaign will boost economy [N], China Daily, 2015-3-9
  • Yao Shujie, Premier proposes ‘double engines’ to help China escape middle income trap [N], China Daily, 2015-1-23
  • 姚树洁. 法治中国突出特征与治理机制 [J] ,人民论坛,2014,31:62-64. 
  • 姚树洁. 官员作为与中国兴衰[J] ,人民论坛,2014,21:41-43. 
  • 姚树洁. 告别“好好外交”一位海外学者眼中的习式外交攻略 [J],人民论坛,2014,6:46-47. 
  • Yao Shujie, Economic and social outlook of China in 2015 [N], China Daily, 2014-12-8。
  • Yao, Shujie (2013) ‘Hello 2013: Fighting corruption in China must fight the causes of corruption’, Financial Times, 14 January 2013.
  • Yao, Shujie (2013) ‘2012 Nobel economics prize winners’ theories and Chinese ‘left-over’ girls’, Financial Review 《金融博览》,p18, January, 2013.
  • Yao, Shujie (2012) ‘2012 is the year when China will shift from a low quality but fast growth to a high quality but a slow growth model’, South China Metropolitan, 1 November 2012.
  • Yao, Shujie (2012) ‘New QE policies in the EU and the US challenge the wisdom of China’s decision makers’, South China Metropolitan, 28 September 2012.
  • Yao, Shujie (2012) ‘The effectiveness of house taxation policy in China will depend on the credibility and ability of government officials’, South China Metropolitan, 14 September 2012.
  • Yao, Shujie (2012) ‘Flaws in China's economy mean tough times ahead’, South China Morning Post, 25 July 2012.
  • Yao, Shujie and Mike, Bastin (2012) ‘Brand positioning - an experiential perspective’,  China Daily, 18 August 2012.
  • Yao, Shujie (2011) ‘China’s ‘go global’ strategy is picking up pace’, Financial Times, 8 June 2011.
  • Greenaway, David and Shujie, Yao (2011) ‘Globalization of Knowledge’, China Daily, 19 March 2011.
  • Yao, Shujie (2010) ‘Innovate or slip down value chain’, China Daily European Weekly, 31 Dec 2010.
  • Yao, Shujie (2010) ‘If China sneezes, rest of the world has a migraine’, Daily Telegraph, 20 March 2010. 
  • Yao, Shujie (2010) ‘Sino-US love-hate relation’, China Daily, 19 Feb 2010.
  • Yao, Shujie (2010) ‘Government Housing Policies Have Failed to Hit the Root Problem’, China Daily, 4 May 2010.
  • Yao, Shujie (2010) ‘China should speed up industry restructuring’, China Daily, 16 July 2010.
  • Yao, Shujie (2010) ‘Solid basis for innovation’, China Daily, 10 Nov. 2010.

Conference presentations

  • Yao, Shujie (2013), Energy security and alternative energy sources in China, paper presented at the IFCCS6 and the Joint East Asia Chinese Studies Associations Conference, 5-7 September 2013, University of Nottingham.
  • Yao, Shujie (2012), China’s economic performance and prospects after the 18th CCP Congress, keynote speech to the 6th Annual Conference of China’s Soft Sciences Association, 10-12 December 2012, Beijing.
  • Yao, Shujie (2012), China and the world economy by 2020, lecture given to EMBA students and teachers, Xi’an Jiaotong University Business School, Xi’an, China, 7 December 2012.
  • Yao, Shujie (2012), Does China’s OFDI displace that of the OECD countries? Paper presented to the 4th GEP/Korea University Joint Conference on International Trade and Economic Policy, Seoul, South Korea, 2 November.
  • Yao, Shujie (2012), How does China manage its economic transformation amidst the world financial crisis? Lecture given to Ph.D students and young scholars at the Chinese Academy of Social Sciences, Beijing, 10 August. 
  • Yao, Shujie (2011), Public Lecture on ‘Energy Efficiency and Sustainable Growth in China’, Central University of Finance and Economics, Beijing. 27 Oct.
  • Yao, Shujie (2011), Public Lecture on ‘Local Government Finance, Housing Market and Bank Non-Performing Loans in China’, Graduate School, Chinese Academy of Social Sciences, Beijing, China. 28 Oct.
  • Yao, Shujie (2011), Keynote address, ‘China and the World Economy: Credit Crunch and Sino-EU Relation’, EU FP7 Project Concluding Conference, Chinese Academy of Social Sciences, Beijing, China. 29 Oct.
  • Yao, Shujie (2011), Public debate ‘China Choice’, organised by Lionel Barber, Editor, Financial Times, at the FT headquarters in central London. 29 September. 
  • Yao, Shujie (2010), China’s OFDI and resource-seeking strategy in the world financial crisis, keynote paper presented at Hong Kong City University. May 2010. 
  • Yao, Shujie (2010), Chinese housing market bubble, presented at the 3rd annual conference of IFCCS, September, Xi’an Jiao University, China. 
  • Yao, Shujie (2010), On the theory of housing bubble and implications on economic growth in China, keynote paper presented at the Jinan University, Guangzhou, China. November 2010. 
  • Yao, Shujie (2010), China’s economic growth and income inequality, keynote paper presented at the South China Normal University, Guangzhou, China. December 2010.