Full-time Faculty

Faculty CV

Li An


Research Professor

Vice Chair of National Institute of Financial Research

Director of Listed Company Research Center

Email: wangxian@pbcsf.tsinghua.edu.cn

Secretary: 8610-62706058

Fax: 8610-62789548



WANG Xian is currently a Vice Chair of National Institute of Financial Research and Director of Listed Company Research Center, Tsinghua University PBCSF-NIFR. Prior to August 2016, she was the deputy director general of China Securities Regulatory Commission, before which she worked in Foreign Financial Institution Supervision Department of The People’s Bank of China for 4 years. Wang Xian received a Ph.D. degree in economics from Graduate School of China Association of Social Science in 2004. She also holds B.A. and M.A. degrees in economics from Huazhong University of Science and Technology and Tsinghua University.

Xian’s research agenda covers the area of regulations of financial markets and financial intermediaries, including banking, securities firms, asset management companies and insurance companies. Xian also has done some research on the reform of state-owned enterprises in China. Being a regulator for more than 20 years, Wang Xian has deep understanding of the Chinese economy and the financial market. She was in charge of the establishment of the multi-tier capital market, the pilot program of SME board, GEM board and the National Equities Exchange and Quotation. In 2014, Xian co-led the launch of Shanghai Hong Kong Stock Connect. She has publications in Journal of Comparative Studies, Journal of Financial Research, Securities Market Herald, and many other academic journals.


PH.D.                    Economics, Graduate School of Chinese Academy of Social Sciences, 2004

M.A.                      Economics, PBC School of Finance, Tsinghua University, 1994

B.A.                       Economics, Huazhong University of Science and Technology, 1989


2021/01-Present    Research Professor, PBC School of Finance, Tsinghua University

2016/10-Present    Vice Chair, National Institute of Financial Research, PBC School of Finance, 

                               Tsinghua University

                               Director, Listed Company Research Center, PBC School of Finance, Tsinghua University

2016/8-2020/12      Research Associate Professor, PBC School of Finance, Tsinghua University

2010/8-2016/7        Deputy Director, Department of Market Supervision, 

                               China Securities Regulatory Commission

2001/1-2010/8        Division Chief, Department of Fund and Intermediary Supervision, 

                               China Securities Regulatory Commission

1998/12-1999/12    Deputy Division Chief, Department of Fund and Intermediary Supervision, China Securities 

                               Regulatory Commission

1994/6-1998/6        Chief Officer, International Department, The Central Bank of the People’s Republic of China

1989/7-1991/6        Officer, Kunming Branch, China Construction Bank  


2017/1-2017/12     Visiting Scholar, Kennedy School, Harvard University

2002-2016             Member of Technical Board, International Organization of Securities Commissions (IOSCO)

2002-2016             Member of Emerging Market Board, 

                              International Organization of Securities Commissions (IOSCO)

2000/1-2000/12     Visiting Scholar, FIST


Capital Market, Financial Regulation, Corporate Governance


Journal Papers

1. “The Development of Chinese A-Share Listed Companies in the Past 20 Years (with Yuchen Ye)”, 

     Tsinghua financial review, 5, 2018, p31-34

2.  “Promote Inclusive and Multi-tiered Capital Markets”, Tsinghua financial review, 5, 2018, p16-18

3. “Resolving Financing Difficulties for Small and Medium-sized Enterprises (with Yaping Liu)”, 

     China Finance, 12, 2018, p95-96

4. “Supervision on Financial Institutions of Chinese Enterprise Groups (sign: TIAN Jing)”, 

     Comparative Studies, 5, 2018

5. “Promoting Institutional Investor Participation in Corporate Governance”, China Finance, 14. 2017, p65-66

6. “Governance and Enhancements on Collective Investment Financial Products”, Securities Market Herald,

      1, 2017, p71-78

7. “Improvement of the Mechanism for Institutional Investors to Participate in Corporate Governance”, 

     Audit Vision, 2, 2017

8. “The Inspiration of Twice American Stock Crash (sign: TIAN Jing)”, Comparative Studies, 5, 2017

9. “Clarify the Supply-side Structural Reform and Improve the Capital Market System (sign: TIAN Jing)”,

     Tsinghua Financial Review, 7, 2017, p37-40 

10. “How Contract Theory Apply to Corporate Governance (sign: TIAN Jing)”, Tsinghua Financial Review, 1,

       2017, p19-25

11. “Enhance Corporate Governance to Promote development of Stock Market-Interpretation of G20/OECD

       Principles of Corporate Governance (2015) Updates”, Tsinghua Financial Review, 1, 2017, p26-31

12. “Promoting Institutional Investor Participation in Corporate Governance with International Experience”,

       China Securities Journal, 12, 2016, p1-6

13. “Legal Framework of the New Life Insurance Investment in China (sign: TIAN Jing)”, 

       Comparative Studies, 4, 2016

14. “Structural Changes and liquidity Risk in the Global Bond Market”, Tsinghua Financial Review

        9, 2015, p101-108

15. “The Incremental Reform of China’s Capital Market with OTC Market”, Tsinghua Financial Review, 3,

        2014, p38-41

16. “The Role and Measures for Securities Regulators on Mitigating Systemic Risk”, Comparative Studies, 

        1, 2013

17. “Volatility, Liquidity and Validation Study of China Stock Market (with Jianlin Yu)”, 

        Securities Market Herald, 12, 2003, p10-14

18. “Study on Institutional Changes of Investment Funds”, Finance Review, 2, 1999, p7-11

19. “The Impacts of Pension System on Financial Development (with Lixin Wang)”, 

        Journal of Financial Research, 3, 1998, p27-32

20. “Prospect of Venture Capital Funds in China”, Journal of Financial Research, 2, 1997, p36-38

21. “Preliminary Study on Construction of China’s Securities Institutions”, Securities Market Herald,

        3, 1996, p35-37

22. “Enlightenment from Canadian Financial Internationalization”, Studies of International Finance,

        7, 1995, p21-25

23. “The Development Process and Current Situation of Investment Banks in Western Countries”, 

        Securities Market Herald, 7, 1995, p12-17


1. Investment Bank and Management, China International Business and Economics Press, 1996

2. Basic knowledge of China's utilization of foreign capital, Party School of the Central Committee of C.P.C Press, 1995 

3.  Development and internationalization of China's financial market, China Financial Publishing House, 1996


1.  2019 Municipal Finance of China (with Yan Yan)

2.  2018 Regulation and Challenges of Financial Institutions within Chinese Conglomerates (with     Hal Scott)

3.  2018 Ownership Structure and Internal Financing within Anbang Insurance Conglomerate: a Case Study

4.  2018 Suggestions on the Establishment of Selection Layer to Promote Development of National Equities 

     Exchange and Quotations

5.  2018 Theory Study in Macro-Prudential Regulation Coordination Mechanism

6. 2018 Suggestions on the Reforming of National Equities Exchange and Quotations for Small and

    Medium Enterprises Financing

7. 2018 Several Concerns on the Implementation of the Guiding Opinions on Regulating the Asset

    Management Business of Financial Institutions (the New Rules) 

8.  2018 Suggestions on Regulations of holding of Financial Institutions by Entity Enterprises

9.  2018 Suggestions on Supervision of Asset Management Business

10. 2017 Enhance the Legal Framework and Supervisory System of Bank-Sale Insurance Financing Products

11. 2016 Encourage State-Owned Enterprises Deleveraging Reforming

12. 2015 Report on Program Trading in China’s Securities and Futures Markets 

13. 2014 Regulation Concepts of Internet Finance Era in terms of the Experience of Electronic Securities

      Trading in the United States

14. 2014 The Economic Analysis of the Division of Medical Insurance Fund Management Authority

15. 2012 What role Regulatory Department plays on Reducing Systemic Risk

16. 2012 Study on Supervision System of Secondary Market of Stock Exchange

17. 2011 Report of Improvement of Corporate Governance

18. 2011 Research on International Exchange Mergers and Acquisitions- A Case Study of Acquisition between

      NYSE and Deutsche Borse AG

19. 2010 Enlightenment of Global Bond Market Development Experience

20. 2010 Research Report on the Reform of Stock Exchange Demutualization

21. 2010 Report of Improving Small Business Capital Market Service

22. 2009 Suggestions on Current Issues of China Bond Market

23. 2008 Development of Equity Market

24. 2008 Institution Comparison between Exchange Bond Market and Interbank Bond Market

25. 2007 Report of Construction of Growth Enterprise Market (GEM)

26. 2006 Study on Promoting the Construction of Multi-Level Capital Market

27. 2005 Pilot Project of Zhongguancun Unlisted Companies Share-Transfer System

28. 2003 Complete Exit Mechanism of Venture Capital Investment

29. 2002 Report of Construction of Small and Medium-Sized Enterprise (SME) Board

30. 1997 Study on Hong Kong Linked Exchange Rate System and Capital Market Interactive Mechanism

31. 1997 A Study on “Zhongce Phenomenon”

32. 1996 Report on the Regulation on Overseas Industrial Investment Funds

33. 1995 Report on Establishment of Joint Venture Investment Banks


  • Financial Governance and Innovation in China, 2019

  • U.S.-China Symposium on Building the Financial System of the 21st Century, 2019

  • Harvard University Global Certificate Program, 2018

  • Systemic Risk Prevention and Crisis Disposition Forum, 2018-2019

  • Symposium on Building the Financial System of the 21st Century, 2018

  • Global Economy and Financial Markets Outlook Seminar, 2018

  • Tsinghua PBCSF Global Finance Forum, 2017-2019

  • Chinese Law Forum of Harvard University, 2017

  • Harvard University Discussions: From Startup to Going public, 2017

  • Chicago University Coast Law and Economics Summer Program, 2017


Member of Editorial Board, Tsinghua financial review (in Chinese)(《清华金融评论》)