Established in 2002, The Research Center of Modern Economics in Huazhong University of Science and Technology is the first center which established the key research base of Hubei Provincial Higher Education Humanities and Social Sciences. The purpose of establishing the center is to track the frontier theory and quantity method of modern economics, so that the research on the frontier theory and quantity method in view of the important practical problems of our country can be carried out. Particular attention has been given to the applied research of China's major real economic problems. The center is committed to the scientific research in the field of modern economics as well as its personnel training, academic exchanges and important economic policy advisory services. It is strive to gain a number of research achievements which can have great impact at home and abroad, making this center a research institutions with high reputation. The center invited the famous economist Professor Michael Fadden and Professor Heckman who are the winners of Noble Prize as honorary advisers. Professor Wang Shaoping, as the director of the center is mainly engaged in the theoretical and applied research as well as talents nurturing in the field of Econometrics. Professor Fang Qiyun, as the Executive Deputy Director of the center is mainly engaged in the study in development of economics, international economics, and rural economics and so on. Prof. Zhang Weidong, as the deputy director of the center is mainly engaged in the theoretical and applied research of microeconomics and new institutional economics. The center's main research members are well-known professors at home and abroad, outstanding young and middle-aged scholars and outstanding doctoral students at home and abroad. Based on the doctorial first-level discipline program (postdoctoral station) of theoretical economics and applied economics especially the Western Economics in the School of Economics in HUST, the center gather the capacity of research of the related disciplines rom home and abroad and open to the world. Emphasizing on scientific research and talents nurturing, the center attract the participation of scholars at home and abroad and the excellent doctoral graduates. The center is willing to work hard to improve the level of China's economic research, to enhance the scientific analysis of China's economic performance as well as to improve the level of training Chinese economic talents!
Innovation and Development Research Center of Huazhong University of Science and Technology
Established in 2010, Huazhong University of Science and Technology Innovation Research Center is the key research base of humanities and social sciences in Hubei Province. Its purpose is to "pursue innovation and development” while taking study major realistic and theoretical issues as the theme. Tracking the international innovation and development strategies and constructive progresses domestically, the center carries out innovation and development measures to do the theoretical, strategic and policy research about innovation and development. The center also make full use of the comprehensive advantages of the school disciplines to carry out interdisciplinary research and provide decision-making advice for the implementation of innovative national strategies, especially in Hubei and Wuhan. In the meantime, the center is continuously fostering excellent interdisciplinary talents in innovative strategies and policy-related field. Relying on Development economics in the Western economics, which is q national key discipline, the center combines management science and engineering, public management and system science and other disciplines, focus on theoretical and policy research of innovate development strategy. The center uses systematic methods to transfer theoretical research to indictors which are measurable and analytical. As a result, innovative ability can be evaluated by quantitative methods. The center will be committed to the scientific research, personnel training, academic exchanges and important economic policy and advisory services in the related fields. The center also strives to form a number of domestic and foreign research achievements which has great impact on the society. The center also tries its best to build it as a good platform which has good academic reputation as well as a key research base which is influential at provincial level. As a result, the center will become a think tank which is influential at home and abroad.
The center has five main research direction: (1) the theoretical research of innovation and development; (2) the research of innovative system and innovative policy; (3) the research of industry innovation and the developmental research on emerging industries; (4) innovation and development research in Hubei Province; (5) systemic method research on innovation and development evaluation. The center will take comprehensive reform test and the construction on east lake high-tech independent innovation demonstration zone as its background; the center will track international innovation development strategy and the progress in internal construction to launch the leading construction policy research and innovative development research about theory, strategy and policy. The center will make full use of comprehensive advantages at the universities to launch cross-interdisciplinary studies, so that it will provide suggestions and decision-making adversary to the implementation of innovation-driven strategy and the particular attention will be given to the innovation and development of Wuhan City, Hubei Province.
Prof. Zhang Jianhua as the director of the center is mainly engaged in innovation economics and development economics. Prof. Wang Zongjun, as the deputy director of the center is mainly engaged in theoretical and method evaluation, technological progress in the enterprise and investment decision, company governance, strategic management of the company, technological innovation, industrial analysis, financial risk management. Professor Weiping, as the deputy director of the center, is mainly engaged in studies of industrial economics, enterprise economy, high-tech industry and venture capital, technology innovation and technology transfer research. Prof. Fan Zhonghong, as the deputy director of the center is mainly engaged in regional and urban economics, international economics and development economics. Professor Zhong Shuhua, as the academic committee of the center is focusing on science and technology policy as well as science and technology management. Other related professors also include Xu Changsheng, Song Deyong, Liu Haiyun, Li Zhaohua, Han Mingchun, Zhong Chunping and so on.
Huazhong University of Science and Technology Economic Development Research Center
Huazhong University of Science and Technology (formerly Huazhong Industrial University) Economic Development Research Center was established in March 1988 by Professor Zhang Peigang, a famous economist and one of the founders of development economics. The predecessor of the center was Economic Research Institute which was established in 1981. After years of development, the center has become a major influential personnel training and research base for development economics. The establishment of the center is mainly considering the actual situations and fundamental interests. By using Western development economics research results, the center want to seek suitable development path for developing countries, especially for major developing countries, striving to create new types of development economics which is different from western development economics. At the same time, the center vigorously develop the research and teaching talents which are at top-level in the field of western economics, so that the research team of development economics is constantly expanding.
The main research directions of the center include: the development of new economic theory, development research of China’s economy, agricultural and rural economic research. Apart from taking development economics as the main direction, the researchers integrated their own interests such as macroeconomics, microeconomics, international economics, agricultural economics, institutional economics, economic history and other areas of expertise with development economics.
The director of the center has been served by the professors. The following was served as deputy directors of the center: Mao Qiushi (1998-1989) Zou Shangang (1988-1994), Zhang Yishu (1989-1993) Yu Shiyou (1991-1994), Xu Changsheng (1994-2007) (1994-2007), Zhang Weidong (1994-1996) Fang Qiyun (1996-2007), Zhang Jianhua (2007-2011) and Yao Sui (2007-2011).
After the establishment of the center, many achievements have been made. Hundreds of published monographs, translations and textbooks have been published. The publications of the book agriculture and industrialization" (three volumes in total) which gathered the painstaking efforts of Mr. Zhang Peigang, "New Development Economics" (published in 1992, revised in 1999) and "Development Economics Series " need to pay special attention to as these books have great impact on the academic community. The researchers in this cementer has published hundreds of the papers in the "Chinese Social Science", "Economic Research", "Xinhua Digest" and other important journals, commitment to more than 30 National Social Science Fund major projects, key projects, general projects and national self-fund projects; a number of research results was awarded outstanding achievements rewards by Ministry of Education and the provincial ministries.
In the aspect of personnel training, the center has cultivated a number of talents who have been the backbones at important research departments such as researcher Hu Heli from the State Council Research Institute, researcher Zhang Yansheng from National Development and Reform Commission Zhang Jun, Ba Shusong, Li Zujun and other researchers from State Council Development Research Center are outstanding graduate students cultivated by our center. In 1998, this center was approved to establish doctorial stations of western economics and it has trained more than 100 outstanding doctoral students, most of them are now in the domestic universities and research institutions, engaging themselves in teaching and research; the center also cultivated a large number of talents who are active in the party and government departments as well as business communities.
Quantitative Economics and Finance Center in Huazhong University of Science and Technology
The development of quantitative economic disciplines has been more than 30 years. In 1982, Huazhong Institute of Technology (now Huazhong University of Science and Technology) in the country took the lead in the establishment of quantitative economic research institutes, began to foster postgraduates in the direction of quantitative economics. In 1985, under the leadership of Professor Lin Shao Gong, Huazhong University of Science and Technology took the lead in the establishment of the Quantitative Department of Economics, opened the major of Quantitative Economics for undergraduates, cultivating a lot of talents. In 1994, with the national adjustments for the Quantitative Economics, the Department of Quantitative Economics was renamed and merged into the Research Institution of Quantitative Economics which is mainly recruit postgraduates. Over the years, under the leadership of older generation of economists and statisticians Professor Lin Shao Gong, this center is mainly doing research in frontier theory and method research. After 1989, the center gave more emphasis on the applied research on the financial aspects. The discipline has always stressed that the means and methods of quantitative economic research should be in line with international practice and the mathematics, statistics as well as economic theory is closely integrated. Therefore, it has successfully cultivated a number of competitive graduates in the world, such as Tian Guoqiang and Ai Chun Rong, Tan Guofu, Song Min etc. They have become internationally renowned economists. In 2000, under the leadership and support of the leaders at the School of Economics, we recognize the importance of mathematical and measurement methods in the study and the learning process of modern economics and finance. Learned from the successful experience of cultivating graduate students in the past, we unified three forces from School of the Economics, Mathematics Department, and overseas alumni three forces and set up a center for quantitative and financial research. Professor Lin Shao Gong has taken the position as director, deputy director of the center. Professor Tian Guoqiang, Prof. Song Min, Prof. Li Chu Lin and Prof.Tang Qi Ming have taken the position of deputy director. The world's leading economist, L. Hurwicz, founder of the economic mechanism design theory, was invited to attend the founding ceremony and was hired as an honorary professor at the center. Professor James J. Heckman and Daniel L. McFadden, the winners of the Nobel Prize in Economics in 2000, were also became the honorary PhD and honorary professors of the center respectively.
The center has an institute of economics and an Institute of Financial Engineering. Professor Wang Shaoping was taken as the leader of quantitative economic research institute. Ouyang Hongbing as an associate professor takes the position of director of the Institute of financial engineering. The center now has the doctor program of quantitative economics, the doctor program of finance as well as the master programs of quantitative economics and finance. It also recruited economics - mathematics double bachelor degree class for three consecutive years, (now changed to economics experimental class). In addition to nearly 10 overseas part-time professors, the center has more than 20 full-time teachers, including seven professors, eight doctoral tutors and nine associate professors. Tian Guoqiang, Ai Chunrong, and Song Min are also part-time doctoral tutors of Quantitative Economics.
Based on the frontier methodology of econometrics, the center focuses on the application of quantitative economics and finance. The frontier theory and applied research are integrated with each other. Over 100 pieces of essays have been published in the "Journal of Econometrics", "Chinese Social Science", "Economic Research", "Xinhua Digest" and other domestic and foreign first-class journals; One course has won the national quality course; two doctoral thesis has won national excellent doctoral thesis Award, three doctoral thesis have won Hubei outstanding Doctoral Thesis Award. The first-level disciplines in applied economics and the secondary disciplines in quantitative economics are all key disciplines in Hubei Province.
All along, the Center has focused on extensive international academic exchanges and cooperative research; it has been closely linked with the world's leading economists and overseas students as we invited the famous international economists such as Klein, Helviz, Zou Zhizhuang, Liu Zongyi, and Han Derui as our lecturers. We also hired Nobel Prize winner, well-known economist Professor Heckman as our school’s Honorary Professor (2001), The Nobel laureate in economics, also a famous economist Professor McFadden is also hired as our school’s honorary doctorate (2002), Professor Engel, the Nobel laureate in economics, a well-known economist is also recruited as a Honorary Professor (2005), Our center was cooperated with them and launched a series of lectures on "Frontier Development of Modern Economics and Finance" (June 18-24, 2001), "Advanced Seminar on Microeconomics" (June 1-6, 2002). The internationally renowned economist Timo Teräsvirta is a visiting professor for our school. This makes the teaching and research of quantitative economics in our university has a special academic status in domestic colleges and universities.
The characteristics of the center in quantitative economics and finance are mainly reflected in the following aspects: (1) based on the realities of China’s economy, theoretical research and methodical innovation can be must be promoted, so that fruitful academic achievements with great impact at home and abroad will be produced. As a result, these achievements can play a leading and constructive role in theoretical research of Econometrics. (2) The center plays a leading role in the field of linear / non-linear cointegration theory, non-stationary panel data analysis, financial quantity analysis etc. On the basis of closely tracking the forefront of international econometrics theory, the center considered the realistic characteristics of China's economic operation and some expansions in real terms as well as innovative research (3) the finance and quantitative economic are integrated with each other and they can pursue mutual promotion and development. Focusing on long-term empirical study of financial realities, the center has produced a series of research results, reflecting the advantages of cross-disciplinary; (2) The center has solid foundation of research and abundant teaching and research achievements, so that a relatively perfect financial economics teaching and research system has been formed; (3) discipline construction of this center is in accordance with international standards, particular priorities have been given to standardized scientific research as well as scientific methodologies.
National Development Bank - Research Institute of HUST
National Development Bank - Research Institute of HUST is established under the support and care of the leaders in National Development Bank and HUST. Its establishment is because of the joint efforts of HUST and other parties. Since October 2010 when the National Development Bank has proposed cooperation with Huazhong University of Science and Technology, Huazhong University of Science and Technology attaches great importance to this cooperation. The related units of the school held seven consultations with National Development Bank as well as its Hubei Branch. In particular, After talking with Chen Yuan, the chairman of the National Development Bank at a friendly atmosphere, Professor Lu Gang, the Secretary of HUST’s Party Committee, the school president Li Peigen as well as Chen Yuan reached an agreement to build National Development Bank - Research Institute of HUST ( the Institution of Development Research for short)under the principles of mutual support, equal development and close cooperation and the cooperation agreement were signed at that time.
The principle of the institution’s establishment is to create first-class theory, adopt best policies and foster the most excellent talents. The National Development Bank has gained fruitful results on its financial practices. On the basis of that HUST will make full use of its advantage of talents on development economics, finance and technologies, promoting the research of developmental finance theory and its application in scientific and technological innovation, endeavoring to make the Institute a leading one domestically. In the meantime, the institution should also be influential internationally to provide important advisory service as well as to nurture talents for scientific and technological innovation, developmental research of financial strategy and its decision-making process both currently and in the mid or long-time.
The National Development Bank and HUST will take the development research institute as the carrier and work together to meet the National Development Bank’s needs in its financial business with the feature of scientific and technological development. The two sides will cooperate with On the basis of School of Economics of HUST, the center mobilized talent and knowledge resources from HUST and the related resources can be used by the society. In the process of integrating with application, academic efforts and research, the center is cooperating with well-known financial study institution at home and abroad as well as financial companies, making contribution to the research and teaching, the development of China's financial industry and the innovation of financial theory.
The Development Institute will provide good service to Huazhong University of Science and Technology and help it to achieve the grand goal of building a world-class university. The institution itself will be determined to become a first-class research center of development-oriented finance and development economics, forming a systemic and authoritative development-oriented finance and development economic theory with Chinese characteristics which is combined with the practices of China’s reform and development, making the center a high-end research, development and applied platform which consider both theoretical and practice interaction. As a result, the platform is internationally influential. A number of high level research achievements will be gained because of constant innovation, making great contribution to development-oriented finance, summaries, innovation and development of development economic theory!
The Development Institute has established a council as the highest decision-making body of the Institute; the council is responsible for identifying major development issues and major leadership nominations for the Development Institute. The president of the council is Chen Yuan, while the vice president of the council is Li Peigen, the president of HUST. There is academic group, administrative group, finance group and audit group.
The president of National Development Bank - Development Institute of HUST is Prof. Xu Changsheng; the vice president is Prof. Tang Qiming and Prof. Zhang jianhua.
The first batch of disciplines from National Development Bank - Research Institute of HUST named “Research on Developmental Finance Theory and Its Support for Independent Innovation and Strategic Emerging Industry Development” has been approved in January 2013 and has been successfully closed. The second batch of disciplines called “Applying developmental finance to support China's industrial upgrading and regional development" is about to start.
Huazhong University of Science and Technology Zhang Peigang Development Research Institute
In order to further develop the academic influence of Mr. Zhang Peigang in the field of development economic, we need to promote the development of our school’s development economics and the related disciplines, to expand social influence and to achieve greater contribution to national, regional social and economic development. As a result, we decided to establish Zhang Peigang Development Research Institution in April 2011.
Zhang Peigang Development Research Institute of HUST was established on the basis of original research center of economic development (a research center which was established in 1988 and directly belongs to school). The research institution now is established with more inclusive discipline directions. It also gathers research capacities from inside and out of the school. As a result, an open development research institution which is internationally influential will be established. The development institution is committed itself to basic theory innovation of development economics. We will stay in China, but face the entire world and explore how developing countries including China achieve the policies and theories about industrialization and modernization. Take the economic and social development in developing countries as a central topic, we use global view and pay attention to the practices of reform, development and modernization and we point out major strategies, system policies and basic theories to take part in academic activities actively. On the basis of small agency and big network, we organize cross-disciplinary comprehensive research and launch academic activities proactively, making this center a think tank with high-level and comprehensive knowledge. The think tank will be influential to both central area and the entire countries.
The research institution is relying on the school of economics and working together with Zhang Peigang Development Economics Research Foundation. The researchers include the researchers from both the school and out of the school. Under the development research institute, there are many research centers or sub institutes. The institution integrates the strength from current research centers and research institutes of the school of economics. According to the need of development, new research institutes and centers will be established. In the year 2010, Hubei humanities and social sciences key research base called “Huazhong University of Science and Technology Innovation Research Center" was established and belonged to research center. The Dean of the research institute is Prof. Zhang Jianhua, the deputy chairman of Zhang Peigang Development Economics Research Foundation. The associate dean is Prof. Song Deyong, vice chairman and secretary general of Zhang Peigang Development Economics Research Foundation.
The research institute is closely linked with academic research, academic exchange, talent cultivation and advisory service. The main responsibilities are: (1) launch high-level scientific research; (2) provide field investigation and adversary service and publish the Reference of Development Research irregularly, the service of development decision-making adversary will be provided to make it an advanced think tank for national and local areas; (3) the training bases for post-doctors will be established; (4) the academic forums and topic simmers will be held. (5) International cooperation and exchange will be held. By cooperating and communicating with world-renowned research institutes, the international platform function of this research institute will be further developed.
Zhang Peigang Development Economics Research Foundation
In order to promote the research and dissemination of China's development economics, based on China, facing the world, the foundation is using a rigorous scientific attitude to constantly explore how developing countries including China to achieve industrialization and moderations. The original Huazhong University of Science and Technology successfully established a non-public Foundation named after Mr. Zhang Peigang, which is called "Zhang Peigang Development Economics Research Foundation."
In 1992, the initial stage, the foundation raised 100,000 Yuan through private financing and the foundation was established after being approved by the People's Bank of China Wuhan Branch (Wuhan Bank Management 1992, No. 63 approval). In 1999, the foundation was confirmed as a qualified foundation after approved by the Hubei Provincial Civil Affairs Department. The registration was allowed and a social group corporate registration certificate was issued (No. 600 social certificate in Hubei Province). On June 1st 2004, the State Council promulgated the implementation of the "Foundation Management Regulations", according to the relevant provisions, the foundation should be evaluated and approved by the Hubei Provincial Civil Affairs Department and it was registered as a non-public foundation called "Wuhan Zhang Peigang Development Economics Research Foundation". The Foundation then transferred from a social group legal person into a foundation, the existing capital of the foundation has reached more than 900 million Yuan with the Hubei Provincial Department of Education as its competent unit.
The business scope of the foundation’s public benefit activities are as follow: (1) to carry out research on development economics and China's economic development; (2) to hold academic meetings related to the development of economics; (3) to commend and reward domestic and foreign related development economics research achievements which are innovative (4) to reward the outstanding doctoral thesis in the field of economic research; (5) to publish the excellent works on the development of economics; (6) to carry out donations for education and other social welfare activities; (7) Other activities that can promote the development of economic research.
Since 2006, the Foundation has launched two major public welfare activities, "Zhang Peigang Development Economics Research Outstanding Achievement Award" (referred to as "Zhang Peigang Award") and the China Economic Development Forum have been held for four times consecutively, a group of domestic and foreign scholars have become the winners of the awards. "Zhang Peigang Award" has produced a good social and international impact and has been recognized by the Ministry of Education. "Zhang Peigang Economic Memorial Lecture" and "Zhang Peigang Development Economics Series" have been set up since the year of 2012.
McFadden - Lin Shao Gong Economics Scholarship Foundation
Dr. Daniel L. McFadden, a professor of economics at the University of California at Berkeley as well as a Noble Prize winner in Economics was invited to visit Huazhong University of Science and Technology from June 3 to 5, 2002, and accepted the People's Republic of China Honorary doctorate awarded by the Academic Degrees Committee of the State Council. On June 5, Professor McFadden donated his lecture earnings to the School of Economics in order to reward outstanding students. For the same purpose, consultant Professor Lin Shaogong from the School of Economics also donated his own publishing remuneration. According to Professor McFadden and Professor Lin Shaogong's wishes, as well as some overseas alumni proposal, School of Economics in HUST decided to establish the McFadden - Lin Shao Gong Economics Scholarship Fund. The first session of the McFadden - Lin Shao Gong scholarship award ceremony was held in June 3rd 2003, Academician Fan Mingwu, the then president of Huazhong University of Science, attended the award ceremony. Five excellent students from the School of Economics were awarded. Later, the annual awards ceremony was held at the beginning of September during the School Entrance Ceremony of the School of Economics. Five to eight outstanding students per year will get the related awards, the winners includes undergraduates, graduates and doctoral students in the School of Economics after appraisal. The fund now has the capital of RMB 570,000
Scholarship Fund Management Committee is now led by Ren Zheng, a leader from the School of Economics. The associate professor Yi Jiang is now taking the position of Secretary-General.