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International Investment
ZHANG Ming
2012-07-20 14:20:00


  ZHANG Ming

  Ph. D of Economics;
  Senior Research Fellow
  Director, Department of International Investment
  Tel: 86-10-8519-5795
  Fax: 86-10-6512-6105
  E-mail: zhangming@cass.org.cn



Education:
1.Graduate School of Chinese Academy of Social Science, Sept. 2005 – Jul. 2007, Ph. D. in Economics.
2.Beijing Normal University, Sept. 1999 – Jul. 2002, M.A. in Economics.
3.Beijing Normal University, Sept. 1995 – Jul. 1999, B.A. in Economics.

Job Experience:
1.Senior Research Fellow, Institute of World Economics and Politics, Chinese Academy of Social Science, Dec. 2009 up to now.
2.Rajawali Fellow, Ash Center of Harvard Kennedy School, Harvard University, Aug. 2011 to Jul. 2012.
3.Assistant Research Fellow, Institute of World Economics and Politics, Chinese Academy of Social Science, Aug. 2007 to Nov. 2009.
4.Visiting Scholar, Hong Kong Monetary Authority, Aug. 2008 to Sept. 2008.
5.Vice President/Senior Manager in Private Equity Investment, Asset Managers Group (Japan), Dec. 2005 to Dec. 2007.
6.Auditor, KPMG Beijing Office, Aug. 2002 to Sept. 2003.
7.Editor, Journal of China Foreign Exchange, State Administration of Foreign Exchange, Oct. 2000 – Apr. 2002. (Part-time)

Other Professional Positions:
1.Member of council, China Society of World Economics, 2011-.
2.Member of advisory board, the Journal of International Economic Review, 2009- .
3.Member of advisory board, the Journal of Global Business & Finance, 2008- .
4.Anonymous Referee for various academic journals such as China & World Economy, The Journal of World Economy, World Economics and Politics, Studies of International Finance, International Economic Review, Journal of Contemporary Asia-Pacific Studies, etc., 2007- .
5.Associate Professor, Department of International Economics and Politics, Graduate School, Chinese Academy of Social Science, 2009-
6.Associate Professor, School of Banking and Finance, University of International Business and Economics, 2009- .
7.Research Fellow, China Finance 40 Forum, 2009- .

Journal Articles:
1.“Global Currency Swaps: Current Development, Function and the Potential Direction of International Monetary System Reform”, International Economic Review (Guoji Jingji Pinglun), No.6, 2012.
2.“The Onshore – Offshore Arbitraging Phenomenon under the Process of RMB Internationalization”, Studies of International Finance (Guoji Jinrong Yanjiu), No.10, 2012 (With Fan He).
3.“New International Trends of Capital Control and Capital Account Liberalization”, International Economic Review (Guoji Jingji Pinglun), No.5, 2012 (With Yongding Yu).
4.“Review on IMF’s EBA Method to Evaluate Exchange Rate Misalignment”, Economic Perspectives (Jingjixue Dongtai), No.7, 2012.
5.“The Twin Surplus of China’s International Payment: Evolution Prospects and Policy Implications”, Shanghai Finance (Shanghai Jinrong), No.6, 2012.
6.“Development Appraisal, Policy Options and Possible Scenarios of the European Debt Crisis”, Comparative Economic & Social Systems (Jingji Shehui Tizhi Bijiao), No.3, 2012 (With Ying Zheng and Yunchuan Jing).
7.“Are Chinese Investors the Price Stabilizer on US Government Bond Market?” The Journal of World Economy (Shijie Jingji), Vol.35, No.5, 2012.
8.“RMB Exchange Rate Appreciation: Retrospect, Mechanism and Prospect”, Chinese Review of Financial Studies (Jinrong Pinglun), Vol.4, No.2, 2012.
9.“Chinese Stylized Sterilization: The Cost-sharing Mechanism and Financial Repression”, China & World Economy, Vol.20, No.2, 2012.
10.“RMB Internationalization: the Latest Developments and Debates”, Economic Perspectives (Jingjixue Dongtai), No.12, 2011.
11.“Re-measuring International Short-term Capital Flow into China with Varying Methods”, China Economist, Vol.6, No.5, 2011.
12.“RMB Internationalization: the Perspective from Onshore and Offshore”, Finance and Economy (Jinrong Yu Jingji), No.8, 2011.
13.“Hong Kong’s Offshore RMB Financial Markets: Developments, Prospects, Problems and Risks”, International Economic Review (Guoji Jingji Pinglun), No.3, 2011 (With Fan He, Bin Zhang, Qiyuan Xu and Liansheng Zheng).
14.“How should Emerging Economies Handle Capital Inflows: the Case of China”, International Economic Review (Guoji Jingji Pinglun), No.2, 2011.
15.“Different Measures on China’s Short-term Capital Inflow”, The Journal of World Economy (Shijie Jingji), No.2, 2011.
16.“The Reform of RMB Exchange Rate Mechanism under External Appreciation and Internal Depreciation”, Economic Theory and Business Management (Jingji Lilun Yu Jingji Guanli), No.1, 2011.
17.“The Development of Asian Bond Market and the Rise of China’s Status”, Studies of International Finance (Guoji Jinrong Yanjiu), October 2010.
18.“The Change of Investment Behaviors of China’s Sovereign Wealth Fund under Global Financial Crisis”, International Economic Review (Guoji Jingji Pinglun), No.5, 2010.
19.“The Rebalancing of Global Economy: The Role of United States and China”, World Economics and Politics (Shijie Jingji Yu Zhengzhi), No.9, 2010.
20.“A Principal-agent Analysis of China’s Sovereign Wealth Fund: Byzantine by Design”, Review of International Political Economy, Vol. 17, Issue 3, 2010, pp. 481 – 506 (With Sarah Eaton).
21.“Timely Adjustment in China’s Monetary Policy and Exchange Rate Policy”, International Economic Review (Guoji Jingji Pinglun), No.3, 2010 (With He Fan).
22.“The Potential Capital Loss of China’s Foreign Exchange Reserve”, Economic Theory and Business Management (Jingji Lilun Yu Jingji Guanli), January 2010.
23.“The Reform of International Monetary System under Global Financial Crisis”, International Economic Review (Guoji Jingji Pinglun), No.1, 2010.
24.“China’s New International Financial Strategy amid the Global Financial Crisis”, China & World Economy, No. 5, Volume 17, September – October 2009.
25.“Change of Thinking in China’s Foreign Exchange Reserve Management”, International Economic Review (Guoji Jingji Pinglun), September–October 2009.
26.“The Study on the Contagion Mechanism of Sub-prime Crisis”, The Journal of World Economy (Shijie Jingji), August 2009 (With Fu Lichun).
27.“Is the US’s Fiscal Policy Sustainable”, International Economic Review (Guoji Jingji Pinglun), July–August 2009.
28.“The Impacts of Sub-prime Crisis to the Current International Monetary System”, World Economics and Politics (Shijie Jingji Yu Zhengzhi), June 2009.
29.“The Process and Trend of Global Financial Crisis”, International Economic Review (Guoji Jingji Pinglun), May–June 2009.
30.“Structural Changes in Trade and Capital Flows between Hong Kong and China”, Studies of International Finance (Guoji Jinrong Yanjiu), February 2009.
31.“China’s Sovereign Wealth Fund: Weakness and Challenges”, China & World Economy, No. 1, Volume 17, January – February 2009 (With He Fan).
32.“Focus on CDS: Functions, Market and Crisis”, International Economic Review (Guoji Jingji Pinglun), January–February 2009 (With Gong Xunzhou).
33.“Deterioration of Subprime Crisis in the U.S. and China’s Countermeasures”, International Economic Review (Guoji Jingji Pinglun), November–December 2008.
34.“How to View Changes in the Current Appreciating Trend of Chinese Renminbi”, International Economic Review (Guoji Jingji Pinglun), September–October 2008.
35.“How to Estimate the Scale of Hot Money in China at Present”, Journal of Contemporary Asia-Pacific Studies (Dangdai Yatai), July-August 2008 (With Xu Yisheng).
36.“The Transmission Mechanism of Subprime Mortgage Crisis”, International Economic Review (Guoji Jingji Pinglun), July–August 2008.
37.“Focus on CDO: Types, Structures, Ratings, and Market”, Studies of International Finance (Guoji Jinrong Yanjiu), June 2008.
38.“Opportunities and Challenges Brought by the Subprime Debt Crisis to China’s Sovereign Debt Crisis”, International Economic Review (Guoji Jingji Pinglun), May–June 2008.
39.“Sovereign Wealth Fund and China Investment Corporation”, Comparative Economic & Social Systems (Jingji Shehui Tizhi Bijiao), No. 2, 2008.
40.“How Can Foreign Private Equity Avoid Chinese Government’s Regulations”, The Journal of World Economy (Shijie Jingji), March 2008.
41.“Subprime Debt Crisis: It’s Impact on International Financial System and China’s Economy”, International Economic Review (Guoji Jingji Pinglun), March – April 2008.
42.“Measurement, Roots and Risk Implications of Excess Liquidity”, The Journal of World Economy (Shijie Jingji), November 2007.
43.“Slowdown of the US Economy and Depreciation of US Dollar: Their Impacts on China’s Export and Inflation”, International Economic Review (Guoji Jingji Pinglun), November–December 2007.
44.“The Factor Analysis and Mid-term Prospect of Chinese Government Savings”, Finance & Trade Economics (Caimao Jingji), No. 10, 2007.
45.“A Perspective into US’s Subprime Mortgage Crisis and Its Impact on China”, International Economic Review (Guoji Jingji Pinglun), September–October 2007.
46.“Adjustments to Global Imbalances in the Balance of Payments and Implications for the Chinese Economy”, World Economics and Politics (Shijie Jingji Yu Zhengzhi), No.7, 2007.
47.“The Trend of Chinese Domestic Savings, Investment and Trade Surplus”, Finance & Trade Economics (Caimao Jingji), No. 5, 2007 (With He Fan).
48.“Will China’s Foreign Exchange Investment Corporation Bring Shocks to International Financial Market?” International Economic Review (Guoji Jingji Pinglun), May–June 2007 (With He Fan).
49.“New Developments of the Research on Saving Rate after the 1990s”, The Journal of World Economy (Shijie Jingji), April 2007.
50.“Denomination Currency of International Oil Transaction: Why US Dollar?” International Economic Review (Guoji Jingji Pinglun), July–August 2006 (With Guan Qingyou).
51.“The Evolution of International Monetary System: An Analysis from the Resource Flow Perspective”, World Economics and Politics (Shijie Jingji Yu Zhengzhi), No.12, 2005 (With Qin Donghai).
52.“The Factor of US Dollar Hegemony in the Instability of International Monetary System”, Research on Financial and Economic Issues (Caijing Wenti Yanjiu), No. 7, 2005 (With He Fan).
53.“Evaluation of Chiang Mai Initiative”, Studies of International Finance (Guoji Jinrong Yanjiu), July 2005 (With He Fan and Zhang Bin).
54.“The Survey on the Theory of Exchange Rate System Selection”, Economic Perspectives (Jingjixue Dongtai), April 2005.
55.“The Compatibility Analysis on the Evolution of International Monetary System”, Journal of Central University of Finance and Economics (Zhongyang Caijing Daxue Xuebao), No.3 2002.
56.“Scale Estimate and Explanation of China’s Capital Flight”, World Economic Forum (Shijie Jingji Wenhui), No.1 2002 (With Xiu Jing).
57.“The Survey on the Theory of Counterproductive International Monetary Cooperation”, Economic Perspectives (Jingjixue Dongtai), April 2001 (With Zhong Wei).

English Book Chapters:
1.“China’s Capital Controls: Stylized Facts and Referential Lessons”, Regulating Global Capital Flows for Long-Run Development, edited by Kevin P. Gallagher, Stephany Griffith-Jones, and Jose Antonio Ocampo, Boston University, The Frederick S. Pardee Center for the Study of the Longer-Range Future, 2012.
2.“The Transition of China’s Development Model”, G20 Perceptions and Perspectives for Global Governance, edited by Wilhelm Hofmeister, Konard-Adeuauer-Stiftung, Singapore, 2011.
3.“The Impact of the U.S. Subprime Crisis on Chinese Foreign Exchange Reserves and China’s Responses”, Managing Economic Crisis in East Asia, edited by Saw Swee-Hock and John Wong, ISEAS Publishing, 2010.
4.
Chinas Sovereign Wealth Fund: Challenges and Weaknesses, New Perspectives in Sovereign Asset Managementedited by Malan RietveldCentral Banking Publisher, 2008 (With Fan He).
5.“After the CMI: The Future of Asian Monetary Cooperation and China's Role”, Globalization and Economic Growth in China, Series on Economic Development and Growth, Vol.1, edited by Yang Yao and Linda Yueh, World Scientific Publishing Company, Imperial College Press, November 2006 (With Fan He and Bin Zhang).

Books:
1.Dancing on the Blade: The Chinese Economy Facing Global Crisis (Chinese), Zhejiang University Publishing House, Hangzhou, 2012 (With Qingyou Guan, Yong Fu and Shi Cheng).
2.Global Financial Crisis and China’s New International Financial Strategy (Chinese), China Financial Publishing House, Beijing, 2010.
3.A Collection of Zhang Ming’s Financial Notes (Chinese), China Financial Publishing House, Beijing, 2009.
4.China’s High Savings: Stylized Facts and Sector Analysis (Chinese), China Financial Publishing House, Beijing, 2009.
5.The Decline of Wall Street: U.S. Subprime Crisis and China’s Macro-economy (Chinese), China Financial & Economic Publishing House, Beijing, 2009 (With Zheng Liansheng).
6.Focus on Poverty: International Development Finance Research (Chinese), China Financial Publishing House, Beijing, 2006 (With Zhong Wei and Qin Donghai).
7.The Handbook of Asset Securitization (Chinese), China Financial Publishing House, Beijing, 2006 (With Ryoji Fufukawa).

Research Projects:
1.“The Strategies toward the Instability of USD and Euro”, Research on the Weakness and Reform of International Monetary System, sponsored by Research Center of Contemporary Finance, Shanghai Jiaotong University, 2011-2013.
2.“The Short-term Capital Flow of China”, sponsored by the Center of Central Foreign Exchange Operation, State Administration of Foreign Exchange, 2011-2012.
3.“China’s Short-term Capital Flow: Scale, Pulling Factors and Impact”, sponsored by Chinese Academy of Social Science, 2011-2012.
4.“How Foreign Companies and Individuals Hedge off RMB Exchange Rate Risk & The Study on Offshore RMB Position Holding by Foreign Banks”, sponsored by National Natural Science Foundation of China, 2010-2011.
5.“The Comparative Study on Southeast Financial Crisis and Global Financial Crisis & The Asset Bubbles in New Emerging Markets”, sponsored by the International Division of Ministry of Finance, 2010.
6.“The Strategic Research on How to construct China’s Peripheral Financial Order”, sponsored by Ministry of Foreign Affairs, 2010.
7.“The Reconstruction of the New Order of International Finance”, sponsored by China Center for International Economic Exchanges, 2009-2010.
8.“The New Development Strategies after the 17th CPC Meeting and Hong Kong”, sponsored by the Central Policy Unit of Hong Kong Government, 2009-2010.
9.“The Re-thinking on International Financial Crisis and Economic Theories”, sponsored by Chinese Academy of Social Science, 2009.
10.“The Circulation of RMB in Hong Kong”, sponsored by the Center of One Country Two Systems in Hong Kong, 2009.
11.“The Research on the Participation of China in the Mechanism of International Exchange Rate Cooperation”, sponsored by Chinese Academy of Social Science, 2009.
12.“The Global Financial Strategy of China”, sponsored by The Export–Import Bank of China, 2009.
13.“The Research on US Subprime Mortgage Crisis”, sponsored by Chinese Academy of Social Science, 2008.
14.“Global Inflation and China’s Countermeasures”, sponsored by Chinese Academy of Social Science, 2008.
15.“The Roots and Transmission Mechanism of Subprime Crisis”, sponsored by Securities Association of China, 2008.
16.“The World Economic Developments in 2008”, sponsored by The Export–Import Bank of China, 2008.
17.“The Development and Strategies of Chinese Sovereign Wealth Fund”, sponsored by The Institute of Economics and Politics, Chinese Academy of Social Science, 2008.
18.“Global Excess Liquidity and Asset Price Bubbles”, sponsored by The International Division, Ministry of Finance, 2007.
19.“The Evolution and Significance of Financing and Investing Tools”, sponsored by China Development Bank, 2007.
20.“Global Imbalance and Chinese Economy”, sponsored by China Society of Economic Reform, 2006.
21.“The Research of Chinese Macro-economy”, sponsored by Chinese Academy of Social Science, 2006.
22.“The Interaction between Chinese and World Economy”, sponsored by Chinese Economic Research and Advisory Programme, 2005.
23.“The Review of Chiang Mai Initiative”, sponsored by People’s Bank of China, 2005.
24.“The Research on the Restructure of Sovereign Debt”, sponsored by The International Division, Ministry of Finance, 2004.
25.“The Research on the International Development Finance”, sponsored by The International Division, Ministry of Finance, 2004.

Articles in Newspapers and Magazines:
Over 500 articles in various Chinese domestic newspapers and periodicals, such as People’s Daily, China Securities Journal, Shanghai Securities News, Caijing, Financial Times Chinese Web, Wall Street Journal Chinese Web, Chinese Entrepreneur, etc.

International Conferences:
1.“China’s Short-term Capital Flow: the Scale and Driving forces”, International Economic Associations (IEA) Roundtable on Capital Flows and Capital Account Management, Izmir, November 1-2, 2012.
2.“The Development and Stagnation of RMB Internationalization: Pespectives from Onshore-Offshore Arbitraging”, the Seminar on Monetary Power Politics, Brussels Institute of Contemporary China Studies (BICCS), Brussels, October 25, 2012.
3.“RMB Internationalization or Onshore-offshore Arbitraging”, Internationalization of the Renminbi: Its Implications for China’s Domestic Reform and the International System, School of International Relations and Pacific Studies, University of California, San Diego, June 7-8, 2012.
4.“Comments on External Balances Assessment”, Overvew of IMF’s External Balances Assetment and External Sector Report, International Monetary Fund, Washington D.C, April 18, 2012.
5.“The Future of China’s Twin-surplus”, Panel Discussion “In a World of Prolonged Depression” of Harvard China Forum, Boston, April 14, 2012.
6.“An Overview of China’s Macro-economy and Policies”, Central and Eastern Europe Investment Conference: Chian and the CEE- Bridging Investment and Business Opportunities, CFA Romania, Bucharest, April 4, 2012.
7.“China’s Capital Control: Stylized Facts and Referential Lessons”, Task force on Managing Capital Flows for Long-run Development, Boston University, Boston, September 16th, 2011.
8.“RMB Internationalization: the Perspectives from Onshore and Offshore”, the 2nd Asia Research Forum of Asian Development and Global Governance, the Asia Research Center of Chinese Academy of Social Science, Beijing, June 22, 2011.
9.“The Transition of China’s Development Model”, The G20 Process: Perceptions and Perspectives for Global Governance, Konrad Adenauer Stiftung, Seoul, May 26th to 27th, 2011.
10.“Asian Bond Market and China’s Role”, Regional Financial and Regulatory Cooperation – A Chinese – European Dialogue, Central University of Finance and Economics, InWEnt Capacity Building International, German Development Institute, Beijing, September 23rd to 24th, 2010.
11.“Expanding China’s Role in Asian Bond Market”, Institutions for Integration Towards an Asian Economic Community, Asian Development Bank and Institute of World Economics and Politics, Chinese Academy of Social Science, Beijing, July 15, 2010.
12.“Rebalancing the Global Economy”, 2010 SOM-SFOM Workshop on the APEC Growth Strategy, APEC and ADBI, Sapporo, June 1st, 2010.
13.“The Impacts of Global Financial Crisis to the Safety of China’s Foreign Exchange Reserve and China’s Responses”, Managing Economic Crisis in East Asia, Saw Center for Financial Studies, NUS Business School and East Asian Institute, National University of Singapore, Singapore, November 6th, 2009.
14.“Global Financial Crisis: China’s Perspectives”, The East Asian Peace: Explanations and Sustainability, International Peace Research Institute (Oslo) and Institute of World Economics and Politics, Chinese Academy of Social Science, Beijing, May 25, 2009.
15.“Subprime Mortgage Crisis: Lessons for China”,  The Financial Crisis – Financial Supervision and the Role of Supervisory Authorities, Netherlands Organisation for Scientific Research (NWO), Beijing, May 13, 2009.
16.“The Impact of Global Financial Crisis to China and China’s Reactions”, Global Crisis and Sustainablity of East Asia, The Internatioanal Joint Research Center, Hitotsubashi University, Tokyo, March 22th, 2009.
17.“The Adjustment of China’s Growth Strategy and Macroeconomic Stability”, Balanced Clean Development in China, Oxford Institute of Energy Studies, Beijing, November 21st, 2008.
18.“How to Improve Alternative Financing for Development”, APEF Workshop on Alternative Financing for Development: Beyond Debt, Aid and the International Financial Institutions, JS-APMDD, Chinese Academy of Social Science, EURODAD, ATTAC Finland, Beiijing, October 13rd, 2008.
19.“The Opportunities and Challenges of Chinese Sovereign Wealth Fund Posed by Subprime Mortgage Crisis”, the 5th International Symposium of Sino-American Economic and Trade Relations, Macau and Hong Kong, April 24th to 26th, 2008.