Global geopolitical competition is reshaping supply chains. The AI revolution is moving from "building" to "adapting." Chinese manufacturing is expanding beyond the "new three" into AI infrastructure, semiconductors, innovative drugs and otherd frontier sectors. Meanwhile, capital markets are redefining corporate value - technology, resilience and organizational capabilities are replacing scale and profits as new benchmarks for valuation.

At the same time, a new growth logic driven by total factor productivity is taking shape for China's 15th Five-Year Plan period. The rise of direct financing is converging with capital market reform, setting the stage for a systematic revaluation of Chinese assets. A new window for mergers and acquisitions is opening; new market capitalization management rules are taking effect; equity trust instruments are reshaping approaches to family succession; and exchange-rate movements and overseas expansion choices are influencing every major corporate decision. As macroeconomic shifts and near-term changes unfold simultaneously, information has never been more abundant - yet sound judgment has never been scarcer. For entrepreneurs, investors and decision-makers, what is truly needed is not more information, but the ability to cut through the noise and form high-quality judgments.

On August 22, Fudan University School of Management will join hands with the China Chief Economist Forum to present the inaugural China Chief Economist Forum × Fudan SoM Sci-Tech Innovation Forum. Thirteen chief economists will engage in dialogue with professors from Fudan SoM and leading industry figures, connecting the dots from macroeconomic trends to business practice and building a top-down chain of insight.

How will K-shaped divergence reshape the industrial landscape? Can debt resolution help the economy shed its burdens? How should strategic industries underpinning national strength develop amid geopolitical competition? How can Chinese manufacturing win globally amid exchange-rate shifts? How will paradigm changes reshape corporate valuation? Beyond the ultimate bubble, how should new quality productive forces be priced? The forum will also address some of the most pressing questions facing entrepreneurs today—including overseas expansion, M&A opportunities, market capitalization management and family succession.

On August 22, find the answers at Fudan University School of Management.

Time

August 22, 2026 (Saturday)
9:00 a.m.–6:35 p.m.

Venue

Zhengli Campus, Fudan University School of Management
558 Zhengli Road, Yangpu District, Shanghai

Registration

Scan the QR code below,
or click "Read More" at the end of the article to register.

◇ This is a paid event.

For participant benefits and registration details, please scan the QR code.

Agenda

Session I: Global Political Economy and Macroeconomics

9:00 a.m.–1:30 p.m.

Welcome Remarks

Fuqiang Zhang
Dean, Fudan University School of Management
Li Dak Sum Chair Professor

Opening Remarks

Ping Lian
Chairman, China Chief Economist Forum
President, Institute of International Finance
Distinguished Professor, Fudan University School of Management

Keynote: K-Shaped Economy and Industrial Transformation

Jianfeng Yin
Chief Economist, China Zheshang Bank
Vice Chairman, China Chief Economist Forum

Keynote: A New Perspective on Performance: Resolving Debt and Moving Forward with a Lighter Burden

Zhiheng Luo
Chief Economist, Yuekai Securities
Council Member, China Chief Economist Forum

High-Level Dialogue: Business Operations and Industry Choices amid K-Shaped and Macroeconomic Divergence

Moderator

Xuening Qian
Council Member and Secretary-General, China Chief Economist Forum

Panelists
(in alphabetical order by surname)

Zhiheng Luo
Chief Economist, Yuekai Securities
Council Member, China Chief Economist Forum

Guohong Shan
Global Senior Vice President, BeiGene
General Manager, Greater China, Central Asia and South Asia
Alumnus, the Washington University-Fudan University EMBA Program

Jianfeng Yin
Chief Economist, China Zheshang Bank
Vice Chairman, China Chief Economist Forum

Lunch & Guided Tour of Zhengli Campus

Visit exhibitions including:

"Driving Transformation through Sci-Tech Innovation" Thematic Exhibition
"Review of the School's Development Journey" Exhibition
"Imprints of Fudan SoM, Pioneering for Change-Public Seal-Carving Exhibition"

Session II: Industry Trends and Sectoral Transformation

1:30–4:05 p.m.

Keynote: Geopolitical Relations and Strategic Industries of National Importance

Zhongyun Dong
Chief Economist, AVIC Securities
Chairman, AVIC Securities Sci-Tech Innovation Investment Co., Ltd.
Council Member, China Chief Economist Forum

Keynote: Exchange-Rate Equilibrium and Chinese Manufacturing

Tao Guan
Global Chief Economist, BOC Securities
Vice Chairman, China Chief Economist Forum

Keynote: Paradigm Shifts and Value Reassessment

Jian Zhao
Founding President, Xijing Research Institute
Member, China Chief Economist Forum

High-Level Dialogue: Industry Trends and Sectoral Transformation

Moderator

Li Chen
Global Chief Economist, Soochow Securities
Chief Executive Officer, Soochow Hong Kong
Council Member, China Chief Economist Forum

Panelists
(in alphabetical order by surname)

Qianfeng Gao
Co-founder and Vice President, GalaxySpace
Alumnus, The University of Hong Kong-Fudan University IMBA Program

Yu Zhang
Chief Economist, Huachuang Securities
Member, China Chief Economist Forum

Session III: Capital Markets and Asset Allocation

4:05–6:35 p.m.

Keynote: Capital Market Outlook

Hao Hong
Chief Economist, Lotus Asset Management
Vice Chairman, China Chief Economist Forum

Keynote: Beyond the Ultimate Bubble: Identifying the "New Quality 50"

Yu Shao
Chief Economist, Center for Sci-Tech Innovation Management
Fudan University School of Management
Vice Chairman, China Chief Economist Forum

High-Level Dialogue: Capital Markets and Asset Allocation

Moderator

Rong Huang
Assistant Dean, Fudan University School of Management
Li Dak Sum Chair Professor

Panelists
(in alphabetical order by surname)

Yinxin Jiang
Senior Vice President, Advanced Micro-Fabrication Equipment Inc. China
Fudan MBA alumnus

Minwen Wang
Chairman, Hangzhou Lion Electronics Co., Ltd.
Fudan EMBA alumnus

Jian Zhao
Founding President, Xijing Research Institute

Closing Remarks

Xiongwen Lu
Secretary of the CPC Committee and Professor
Fudan University School of Management

Forum Moderator

Liufei Dai
Executive Secretary-General, China Chief Economist Forum

Special Session: Closed-Door Evening Dialogue

6:45–9:00 p.m.

Admission

Access to this session is restricted to participants who selected this session during registration.

Special Guests

Wensheng Peng
Vice Chairman, China Chief Economist Forum

Yuhui Liu
Vice Chairman, China Chief Economist Forum

This session will bring together a number of chief economists and faculty representatives from the School for in-depth professional discussions on key topics.

◇ More distinguished guests are being invited. Stay tuned.

Guest Profiles

(in alphabetical order by surname)

Li Chen

Global Chief Economist, Soochow Securities
Chief Executive Officer, Soochow Hong Kong
Fudan University alumnus

Li Chen currently serves as Chief Economist of Soochow Securities Co., Ltd., Chief Executive Officer of Soochow Hong Kong, and Council Member of the China Chief Economist Forum. A graduate of Fudan University, he has more than two decades of experience in securities research and has held positions at a number of leading institutions, including Shenyin & Wanguo Securities, Harvest Fund Management, UBS Securities and Credit Suisse Securities. Chen has extensive expertise in strategy research. He was ranked No. 1 in strategy research in the "New Fortune Best Analyst" awards for three consecutive years and has received multiple awards for Asian strategy research from institutional investors. Since joining Soochow Securities in 2018, he has worked to promote the internationalization and differentiated development of its research institute, leading the team in expanding overseas business and significantly strengthening both research revenue and market influence.

Zhongyun Dong

Chief Economist, AVIC Securities
Chairman, AVIC Securities Sci-Tech Innovation Investment Co., Ltd.

Zhongyun Dong holds a Ph.D. from the Institute of Finance and Banking at the Chinese Academy of Social Sciences and completed postdoctoral research at the Research Institute for Fiscal Science under the Ministry of Finance. He currently serves as Chief Economist of AVIC Securities and Chairman of AVIC Securities Sci-Tech Innovation Investment Co., Ltd. His research focuses primarily on macroeconomics, geopolitics and capital markets. He also serves as a Council Member of the China Chief Economist Forum and a Distinguished Senior Research Fellow at the National Institution for Finance & Development.With more than 20 years of experience in the securities industry, Dong has extensive experience in investment banking and investment. His research interests include macroeconomics, geopolitics and capital markets.

Tao Guan

Global Chief Economist, BOC Securities

Tao Guan holds a Ph.D. in Economics. He is Global Chief Economist and Managing Director at BOC Securities, doctoral supervisor and Dong Fureng Chair Professor at Wuhan University, Chairman of the Chief Economists (Development Strategy) Professional Committee of the Securities Association of China, Executive Council Member of the China Society for Finance and Banking and the China Society of World Economics, Council Member of the China Society for International Finance, and Vice Chairman of the China Chief Economist Forum.He has long conducted research on macroeconomics, international finance, monetary policy and exchange-rate policy, and participated in the design of a series of major reforms to China's foreign exchange administration system from 1994 to 2014. He has also been invited to attend economic situation symposiums with experts and entrepreneurs chaired by the Premier.From 2020 to 2025, Guan was named Institutional Chief Economist of the Year in the China Financial Value Ranking (CFV) for six consecutive years. From 2023 to 2025, he was named one of Sina Finance's Top 10 Macroeconomists for three consecutive years. His research focuses on macroeconomics, international finance, monetary policy and exchange-rate policy.

Hao Hong

Chief Economist, Lotus Asset Management

Hao Hong is a renowned economist, Managing Partner and CIO of hedge fund Lotus Asset Management, Vice Chairman of the China Chief Economist Forum, Visiting Professor at the Business School of China University of Political Science and Law, and former master's supervisor in finance at Renmin University of China (2020–2022). He previously served as Head of Research at BOCOM International and Chief Global Strategist at CICC, and worked in the London, New York and Sydney offices of international financial institutions including Citigroup and Morgan Stanley.Hong was named a "2024 Person of the Year" by Bloomberg Businessweek; "Best Economist of the Year" by Asian Private Banker in 2022, 2023 and 2025; one of Sina Finance's "Top 10 Most Influential Economists in China" in 2023, 2024 and 2025; "Institutional Chief Economist of the Year" by Yicai in 2021, 2023, 2024 and 2025, as well as "Financial Thinker of the Year" in 2024; and a "2025 Person of the Year" by Wind.He has also served as a CFA brand ambassador, was ranked No. 1 in macroeconomics and market strategy in an institutional investor poll conducted by Asiamoney, and has been described by Bloomberg as "the man who accurately predicted the beginning and end of the 2015 bubble" and "China's most accurate strategist." His research focuses on global and Chinese macroeconomics and macro strategy, global asset allocation, and economic, financial and market cycles.

Rong Huang

Assistant Dean, Fudan University School of Management
Li Dak Sum Chair Professor

Rong Huang is Assistant Dean of Fudan University School of Management and Li Dak Sum Chair Professor in the Department of Accounting.Her research interests include data assets, data as a factor of production, performance evaluation, cost management, corporate valuation and capital markets. She previously served as principal investigator of a National Natural Science Foundation of China special project on data assets. She currently serves as editor-in-chief and editorial board member of several internationally renowned accounting journals and as a member of the Financial Management Professional Committee of the China Association of Chief Financial Officers.

Ping Lian

Chairman, China Chief Economist Forum
President, Institute of International Finance
Distinguished Professor, Fudan University School of Management

Ping Lian is Chairman of the China Chief Economist Forum, Distinguished Professor at Fudan University School of Management, and Deputy Director of the Chief Economists Committee of the Asia Financial Think Tank. He has on multiple occasions served as a Distinguished Expert for Decision-Making Consultation to the Shanghai Municipal People's Government. He previously served as a Distinguished Expert of the Financial Stability and Development Committee under the State Council, Executive Council Member and Invited Member of the China Finance 40 Forum, Director of the Industry Development Research Committee of the China Banking Association, and Chief Economist of Bank of Communications from 2007 to 2019. He has also attended expert symposiums chaired by Party and state leaders on multiple occasions.Lian has published more than 600 articles and 18 books, and has led more than 30 research projects at the national, provincial and ministerial levels or above. His recent honors include Sina Finance's "Top 10 Macroeconomists" for 2025, the Most Popular Annual Award in Wind's 2024 Best Roadshow Rankings, "Institutional Chief Economist of the Year" in Yicai's China Financial Value Ranking in both 2024 and 2025, and CLS's "Annual Influential Chief Economist Achievement Award" in 2025.

Yuhui Liu

Vice Chairman, China Chief Economist Forum

Dr. Yuhui Liu currently serves as Vice Chairman of the China Chief Economist Forum. He previously served as a researcher at the Chinese Academy of Social Sciences, a professor and doctoral supervisor at several universities, and a visiting researcher at the Hong Kong Monetary Authority.He enjoys a strong academic reputation in China's macroeconomic, policy and capital-market communities and has previously served as Chief Economist of Huatai Securities, GF Securities and TF Securities.His research interests include macroeconomics, international economics, financial markets and commercial banking.

Xiongwen Lu

Chair of School Council and Professor, Fudan University School of Management
Director, Center for Sci-Tech Innovation Management, Fudan University

Professor Lu's teaching and research focus primarily on corporate governance of sci-tech enterprises, strategic leadership, organizational development and marketing in China's immature markets.He has led a Key Program and General Programs of the National Natural Science Foundation of China, major decision-making consultation projects for the Shanghai Municipal People's Government, the Ministry of Education's Outstanding Young Faculty Support Program, and Fudan University's Academic Excellence Project for Enduring Works in the Humanities and Social Sciences, among others.He has published more than 50 papers in leading Chinese and international journals and authored multiple books and textbooks. He also served as editor-in-chief of the Dictionary of Management and as the subject editor for management in the sixth and seventh editions of Cihai.

Professor Lu also serves as a member of the second National Expert Committee for the "Double First-Class" Initiative; Vice Chairman of the fourth, fifth and sixth National Steering Committees for Graduate Education in Business Administration; a member of the Global Board of Directors of the Association to Advance Collegiate Schools of Business (AACSB); and an Executive Committee Member and Board Member of the Association of Asia-Pacific Business Schools (AAPBS). He previously served on the Global Board of Directors of the Graduate Management Admission Council (GMAC).

Professor Lu graduated from Fudan University School of Management with a Ph.D. in Economics. He conducted postdoctoral research at the Tuck School of Business at Dartmouth College and has served as a visiting scholar at MIT Sloan School of Management and Fisher College of Business at The Ohio State University.

Zhiheng Luo

Chief Economist, Yuekai Securities

Zhiheng Luo is Vice President and Chief Economist of Yuekai Securities and President of its Research Institute. He holds a Ph.D. in Economics and is a Certified Public Accountant and Senior Economist.He serves as an expert with the Ministry of Finance's Fiscal Policy Expert Studio, Executive Council Member of the Chinese Finance Society, Executive Council Member and Academic Committee Member of the Chinese Tax Institute, Council Member of the China Society for International Finance, Council Member of the China Chief Economist Forum, part-time researcher at Tsinghua University's Research Center for Financial Security, and part-time researcher at Renmin University of China's Institute of Public Finance and Taxation.He also serves as a member of the Guangdong Provincial Government Decision-Making Advisory Committee, the Expert Committee for Guangzhou's 15th Five-Year Development Plan, the Foshan Decision-Making Advisory Committee, and the CPPCC Huangpu District Committee.Luo has participated on multiple occasions in economic situation symposiums and special lectures organized by the National People's Congress, National Development and Reform Commission, Ministry of Finance, People's Bank of China and China Securities Regulatory Commission. A number of reports he authored have received important comments from senior leaders.His research focuses on macroeconomics, fiscal theory and policy, and capital markets. His books include Fiscal and Taxation China on the Move and Where Should Local Government Financing Vehicles Go in Their Transformation?

Wensheng Peng

Vice Chairman, China Chief Economist Forum

Dr. Wensheng Peng previously served as an economist at the IMF, Head of the Economic Research Division and Mainland Affairs Division at the Hong Kong Monetary Authority, Chief China Economist at Barclays Capital, and Chief Economist at CITIC Securities, Everbright Securities and CICC.His current academic and public-service roles include Member of the Shanghai Municipal Decision-Making Advisory Committee; Member of the Currency Board Sub-Committee under the Exchange Fund Advisory Committee of Hong Kong; Member of the Presidium of the Annual Conference on China's Digital Economy Development and Governance; Vice Chairman of the Macroeconomics and Industry Professional Committee of the China Capital Market Society; Vice President of the China Society of International Economic Relations; Member of the China Finance 40 Forum and the Carbon Neutrality 50 Forum; Vice Chairman of the China Chief Economist Forum; Co-President of the National Institute for Innovation and Finance at Nankai University; Member of the Academic Committee of Securities Market Herald of the Shenzhen Stock Exchange; Postdoctoral Supervisor at the Shenzhen Stock Exchange; and Member of the Academic Committee of the Postdoctoral Station at the China Foreign Exchange Trade System.

Xuening Qian

Secretary-General, China Chief Economist Forum

Xuening Qian holds a Ph.D. in Economics from the Chinese Academy of Social Sciences and was a visiting scholar in the Department of Economics at Columbia University.He previously served as Shanghai Chief Representative of Lianhua International Trust, Deputy Secretary-General of the Lujiazui Research Base of the Chinese Academy of Social Sciences, Deputy Director of the Industrial Finance Research Base of the Chinese Academy of Social Sciences, and Deputy Director of the Listed Companies Research Center of the Chinese Academy of Social Sciences.He currently serves as Council Member and Secretary-General of the China Chief Economist Forum, Director of the Shanghai Chief Economist Financial Development Center, Board Member of the Shanghai Finance and Development Laboratory, and expert in the Ministry of Finance's Financial Talent Pool. He also serves as an independent director of Nuoan Fund Management, COFCO Trust and AVIC Securities.

Yu Shao

Chief Economist, Center for Sci-Tech Innovation Management
Fudan University School of Management

Yu Shao holds a Ph.D. in Finance and completed postdoctoral research at the Chinese Academy of Social Sciences. He was a SWIRE Scholar at the University of Oxford and is a researcher at the Fudan Institute of Finance.He serves as Vice Chairman of the China Chief Economist Forum, Board Member of the Shanghai Finance and Development Laboratory, Board Member of the Shanghai Institute of International Finance and Economics, Member of the China New Supply-Side Economics 50 Forum, and an expert member of the central bank's Monetary Policy Committee.He previously served as Deputy Director of the Development and Reform Commission of Shanghai's Baoshan District, Deputy Director of the Department of International Finance at Fudan University, General Manager of the R&D Center at Southwest Securities, Chief Analyst at Hongyuan Securities Research Institute, and Assistant President and Chief Economist of Orient Securities.His research spans global macroeconomics, China's macroeconomy, broad equity and bond investment strategies, and financial engineering. He is also a columnist for The Wall Street Journal, Financial Times and Caixin.

Jianfeng Yin

Chief Economist, China Zheshang Bank
Vice Chairman, China Chief Economist Forum

Jianfeng Yin holds a Ph.D. in Economics from the Chinese Academy of Social Sciences. He is Chief Economist of China Zheshang Bank, Chairman and Chief Expert of the Shanghai Finance and Development Laboratory, and First-Class Professor and doctoral supervisor at the School of Banking and Finance, University of International Business and Economics.He also serves as Executive Council Member and Academic Committee Member of the China Society for Modern Finance, Council Member of the China Society for Finance and Banking and the China Society for International Finance, Vice Chairman of the China Chief Economist Forum, and Deputy Director of the National Institution for Finance & Development.He receives the State Council Special Government Allowance and has received the 12th Sun Yefang Economic Science Award and the 4th Hu Sheng Young Academic Award. In 2013, he was selected for the national-level cohort of the "Hundred-Thousand-Ten Thousand Talent Project" and received the honorary title of "Young and Middle-Aged Expert with Outstanding Contributions." His representative book is Success Depends on People: A General Theory of Population, Finance and Capital. His research focuses on macroeconomics, financial development, industries and sectors, and fiscal and monetary policy.

Fuqiang Zhang

Dean, Fudan University School of Management
Li Dak Sum Chair Professor

Fuqiang Zhang holds a Ph.D. in Management and Applied Economics from the Wharton School of the University of Pennsylvania and currently serves as Dean and Li Dak Sum Chair Professor at Fudan University School of Management.Before joining Fudan, he was on the faculty of Olin Business School at Washington University in St. Louis, where he served as Dan Broida Chair Professor of Supply Chain, Operations and Technology Management, Department Chair, and Associate Dean for the MBA Program.

Professor Zhang's primary research interests include supply chain innovation, digitally driven operations management, sustainable operations, and platform operations and governance. He has published extensively in leading international journals in operations and supply chain management, including Management Science, Operations Research, Manufacturing & Service Operations Management, Production and Operations Management and Marketing Science, and has long served on the editorial boards of leading journals including Management Science and Manufacturing & Service Operations Management.

His research has received broad international recognition and citations. His work has been cited more than 9,500 times on Google Scholar, with his most-cited paper receiving more than 1,800 citations.His research and teaching honors include an Honorable Mention in an INFORMS junior scholar paper competition, Second Place in the William Pierskalla Best Paper Competition, two Best Paper Awards from the annual conference of the Chinese Scholars Association for Management Science and Engineering, the POMS Wickham Skinner Early-Career Research Accomplishments Award, and the Olin Business School Reid Teaching Award.

Yu Zhang

Chief Economist, Huachuang Securities

Yu Zhang currently serves as Chief Economist of Huachuang Securities.She is also a member of the Young and Mid-Career Scholars Association of the China Society of Macroeconomics, a member of the Chief Economists Professional Committee of the Securities Association of China, a member of the China Finance 40 Forum (CF40) Youth Forum, a member of the China Chief Economist Forum, a specially invited researcher with a professional committee of the Insurance Asset Management Association of China, and a guest lecturer for MBA and EMBA programs at Peking University, Tsinghua University, Renmin University of China and Shanghai University of Finance and Economics. On October 14, 2025, she was invited to attend an economic situation symposium chaired by Premier Li Qiang of the State Council.From 2018 to 2025, she led her team to win major capital-market analyst awards, including New Fortune, Crystal Ball, Golden Kylin, Shanghai Securities News and China Securities Journal Best Analyst awards. In both 2024 and 2025, she was named one of Sina Finance's "Top 10 Most-Discussed Figures in the Capital Market."

Jian Zhao

President, Xijing Research Institute

Jian Zhao holds a Ph.D. in Finance and is a professor. He serves as President of the Xijing Research Institute, Chairman of Hegao Equity Investment, Chief Advisor to Yuanzhen Asset Management, an expert with Xinhua News Agency's think tank, and a financial commentator for CCTV. He is also a specially appointed mentor or researcher at leading universities including Central University of Finance and Economics, Fudan University, Shandong University, The Chinese University of Hong Kong, Shenzhen, and Nanjing University; a Distinguished Research Fellow at the National Institution for Finance & Development; a member of the China Chief Economist Forum; a young scholar of the China Finance 40 Forum; a member of the Foshan Expert Decision-Making Committee; and an Executive Council Member of the Shandong Economic Management Society.He previously served as Director of the Macroeconomic Research Center at Ping An Bank and Chief Economist of Bank of Qingdao. He participated in preliminary internal policy discussions on local debt resolution, boosting consumption and stabilizing the stock market. One of his articles was cited on the front page of The Economist, while a number of his reports submitted for internal reference received recognition from senior national leaders.He has repeatedly been named an "Opinion Leader of the Year," a young financial thinker, one of the "Top 10 Macroeconomists," and one of the "Top 10 Influential Economists." Zhao has published more than 70 academic papers in Chinese and international academic journals and conference proceedings, including Economic Research Journal, Journal of Financial Research, Studies of International Finance and Reform, with more than 40 papers published in CSSCI journals. He has also written more than 800 financial commentaries, while multiple economic and financial reports have each received more than one million online views.His research focuses on macroeconomics, money and banking, financial investment and policy research.

◇ More distinguished guests are being invited. Please stay tuned for further updates.

◇ Final attendance is subject to actual participation on the day of the event.

The organizers reserve the right of final interpretation.

Forum Partnership Contact: Sun, 021-25011376 / 13918323805

Organizer: China Chief Economist Forum

Exclusive Academic Support: Fudan University School of Management