Full-time Faculty

Faculty CV

Li An

JU Jiandong

Chair Professor of Finance

Chang Jiang Scholar of the Chinese Ministry of Education

Vice Chair of National Institute of Financial Research

Director of Center for International Finance and Economic Research (CIFER)

Director of Center for Green Finance Research (CGFR)

Director of Research Center for International Digital Capital(IDC)

Director of Center for Finance and Development(CFD)

Email: jujd@pbcsf.tsinghua.edu.cn

Secretary: 8610-62706058

Fax: 8610-62789548



JU Jiandong, Unigroup Chair Professor at PBC School of Finance in Tsinghua University, Chairman of China Trade Research Group (CTRG), Vice Chair of National Institute of Financial Research, Director of Center for International Finance and Economic Research (CIFER), Center for Green Finance Research (CGFR), Research Center for International Digital Capital (IDC), PBC School of Finance, Tsinghua University. After receiving his doctorate in Economics from Pennsylvania State University in 1995, he served as assistant, associate and full professor at University of Oklahoma and professor at School of Economics and Management in Tsinghua University. He was the Dean of International School of Business Administration, Shanghai University of Finance and Economics from 2014 to 2017. He was a resident scholar in International Monetary Fund, and consulted for World Bank and other policy organizations. He focused his research on International Trade, International Finance and Industrial Organization, and the main teaching courses are Advanced International Trade and Finance. His work has been published in American Economic Review, Journal of International Economics, Journal of Monetary Economics, American Economic Journal and other journals. He received 2016 Pushan Award for Excellent Papers on International Economics, 2020 Ministry of Education 8th award for outstanding scientific research in economics and 2021 Excellent teacher in Beijing University by Beijing Municipal Education Commission, In 2023,  "China-US Trade Dispute and Globalization Reconstruction" was selected as the second batch of national first-class undergraduate courses by the Ministry of Education.


1990.10-1995.5    Ph. D. in Economics, The Pennsylvania State University, USA

1985.9-1987.7      M.A. in Economics, Tsinghua University, China

1978.9-1982.7      B.S. in Mathematics, Nanjing University, China


2015.7-2017.9        Visiting Professor, PBC School of Finance, Tsinghua University

2014.3-2017.9        Professor and Dean, School of International Business Administration, 

                               Shanghai University of Finance and Economics          

2011.5-2014.8        Professor of Economics (with Tenure), University of Oklahoma

2009.8-2015.7        Professor of Economics, Director of Center for International Economics Research, 

                               School of Economics and Management, Tsinghua University

2009.6, 8; 2011.3   Consultant, World Bank

2007.6-2009.8        Resident Scholar, Research Department, International Monetary Fund

2004,2005,2006     Visiting Scholar, Research Department, International Monetary Fund

2002.7-2003.7        Visiting Professor, School of Economics and Management, Tsinghua University, 

                                and China Center for Economic Research, Peking University

2001.5-2011.5         Associate Professor of Economics, University of Oklahoma

1995.8-2001.5         Assistant Professor of Economics, University of Oklahoma


International Trade, International Finance and Industrial Organization



2020       "Endowment structures, industrial dynamics, and economic growth”, 

                Ministry of Education 8th award for outstanding scientific research in economics

2019        Tsinghua University Annual Teaching Excellence Award

2016        “On the connections between intra-temporal and intertemporal trades”,

                Pushan Award for Excellent Papers on International Economics


1. “Trade Reforms and Current Account Imbalances”(with Kang Shi, Shang-Jin Wei), Journal of International Economics, Accepted.

2. “Structural Changes and the Real Exchange Rate Dynamics”(with Justin Yifu Lin, Qing Liu, Kang Shi), Journal of International Money and Finance, Volume 107,2020.

3. “Nonlinear Capital Flow Tax: Capital Flow Management and Financial Crisis Prevention in China”(with Shang-Jin Wei, Kang Shi, Guangyu Nie and Li Li), China & World Economy, Volume 46, 2019.

4. “China’s Opening up after 40 Years: Standing at a Historic Turning Point”(with Xinding Yu), China & World Economy, Volume 26, 2018.

5. “Bilateral trade and shocks in political relations: Evidence from China and some of its major trading partners, 1990-2013” (with Yingxin Du, Carlos D. Ramirez, Xi Yao), Journal of International Economics, 108, pp. 211-225, 2017.

6. “The Secondary Market Impact of Quality and Pricing Decisions for New Product Generations” (with Yifei Ding and Daniel Hicks), Pacific Economic Review, 2016.

7. “Reputation Premium and Reputation Management: Evidence from the Largest e-Commerce Platform in China” (with Ying Fan and Mo Xiao), International Journal of Industrial Organization, Volume 46, May 2016, Pages 63–76.

8. “Endowment Structures, Industrial Dynamics and Economic Growth” (with Yifu Lin and Yong Wang), Journal of Monetary Economics, Volume 76, November 2015, Pages 244–263.

9. “Productivity, Profitability, Production and Export Structures Along the Value Chain in China” (with Xinding Yu), Journal of Comparative Economics,43, 33-54, 2015.

10. “On the Connections between Intra-temporal and Intertemporal Trades" (with Kang Shi and Shang-Jin Wei), Journal of International Economics, 92, S36-S51, 2014

11. “The Cosine-Shaped Pattern of Innovations and Technological Advantages: Theory and Some Evidence” (with Xuebing Yang), Frontiers of Economics in China, 8(3), 476-489, 2013.

12. “Market Structure in the Chinese Steel Industry” (with Li Su), Asia-Pacific Journal of Accounting and Economics, 20(1), 70-84, 2013.

13. “Income Inequality and Structures of International Trade” (with Firat Demir and Yin Zhou), Asia-Pacific Journal of Accounting and Economics,19(2): 167 – 180, 2012.

14. “When Is Quality of Financial System a Source of Comparative Advantage?” (with Shang-Jin Wei) , Journal of International Economics, 2011, 84, 178-187.

15. “Consumer Heterogeneity, Income Distribution, and Welfare Impact of Free Trade”, Review of International Economics, 2011, 19(2), pp. 288-299. 

16. “Domestic Institutions and the Bypass Effect of International Capital Flow” (with Shang-Jin Wei), American Economic Journal: Economic Policy, November 2010, pp. 173-204.

17. “A Model of Middlemen and Oligopolistic Market Makers” (with Scott Linn and Zhen Zhu), Journal of Economics & Management Strategy, 19(1), Spring 2010, pp. 1-23, Lead Article.

18. “The Impact of Trade Liberalization on the Trade Balance in Developing Countries” (with Yi Wu and Li Zeng),  IMF Staff Papers, 57(2), 2010, pp. 427-449.

19. “Hicks Theorem: Effects of Technological Improvement in the Ricardian Model” (with Xuebing Yang), International Review of Finance and Economics, 18, 2009, pp. 239-247.

20. “Firms behavior and market access in a Free Trade Area with Rules of Origin” (with Kala Krishna), Canadian Journal of Economics, February 2005, pp. 290-308.

21. “Oligopolistic Competition, Technology Innovation, and Multiproduct Firms”, Review of International Economics, 11(2), May 2003, pp.346-359.

22. “Regulations, Regime Switches and Non Monotonicity when Non Compliance is an Option: An Application to Content Protection and Preference” (with Kala Krishna), Economics Letters, 77, 2002, pp. 315-321.

23. “Welfare and Market Access Effects of Piecemeal Tariff Reform” (with Kala Krishna), Journal of International Economics, 51, August 2000, pp.305-316.

24. “Evaluating Trade Reform with Many Consumers” (with Kala Krishna), Canadian Journal of Economics, 33(3), August 2000, pp.787-798.

25. “Necessary Conditions for Welfare Improving Reforms” (with Kala Krishna) , Economics Letters, 67(2), May 2000, pp.173-178.

26. “Divisionalization, Franchising, and Divestiture Incentives in Oligopoly” (with Baye and Crocker), American Economic Review, 86, March 1996, pp.223-236.

27. “Divisionalization and Franchising Incentives with Integral Competing Units” (with Baye and Crocker), Economics Letters, 50, March 1996, pp.429-435


1. “三足鼎立的新全球化双层治理体系(与彭婉、余心玎合著),世界经济与政治9期,2020[“A Dual Architecture with a Tri-polar Regional Order for Global Governance in the New Globalization Era”with Wan Peng, Xinding YuWorld Economics and Politics, 9, 2020]

2. “三足鼎立:中美贸易摩擦下的国际货币新体系(与夏广涛合著),国际金融研究, 3期,2020[“The Tri-Polar International Monetary System under China-US Trade Disputes”with Guangtao XiaStudies of International Finance, 3, 2020]

3. “全球价值链网络中的三足鼎立格局分析”(与余心玎、卢冰、李昕合著),经济学报,第4, 2020[“Analysis of the “Tripod” Structure in the Global Value Chain Network” (with Xinding Yu, Bing Lu, Xin Li ) China Journal of Economics, 42020 ]

4. “非线性资本流动税:中国资本流动管理与金融危机防范机制”(与施康、魏尚进、黎莉、聂光宇合著)新金融评论,第1期,2020[“Nonlinear Capital Flow Tax: Capital Flow Management and Financial Crisis Prevention in China,”with Kang Shi, Shangjin-Wei, Li Li, Guangyu NieNew Finance Review1,2020]

5. “三足鼎立:中美贸易摩擦下的国际货币新体系(与夏广涛合著),国际金融研究,第3期,2020[“The Tri-Polar International Monetary System under China-US Trade Disputes,”(with Guangtao Xia) Studies of International Finance, 3, 2020.]

6. “镜像战略抑制贸易保护:一个政治经济学的分析(与马捷和魏冬合著)经济学报1, 2019[“How Can Mirror Strategy Resolve Trade Conflicts: A Political Economy Analysis,”(with Jie Ma and Dong Wei) China Journal of Economics, 1, 2019.]

7. “双边冲突的理论与实践”(与陈骁、马捷和郑捷合著)南开经济研究,第2, 2019[“Bilateral ConflictsTheory and Applications,” (with Xiao Chen, Jie Ma and Jie Zheng) Nankai Economic Studies, 2, 2019.]

8. “新新经济地理学多地区异质结构的量化分析:文献综述(与陈骁合著),世界经济, 9,2019) [“Quantitative Analysis of the Multi-Regional Heterogeneity of the ‘New’New Economic Geography: A Literature Review,”with Xiao ChenThe Journal of World Economy, 9, 2019.]

9. “中美经贸实力对比及关联分析:量化视角下的综合考量(与余心玎、卢冰和侯江槐合著),国际经济评论,第6期,2019[“Comparison and Connection of China and the US in Economics and Trade: A Comprehensive Analysis from the Quantitative Perspective,”(with Xinding Yu, Bing Lu, Jianghuai Hou)International Economic Review, 6, 2019.]

10. “产业结构调整中的有为地方政府(与刘政文合著),经济学报,第4期,2017[“Local Facilitating Government in Industrial Structural Adjustment,” (with Zhengwen Liu) China Journal of Economics, 4, 2017.]

11. “全球价值链上的中国角色:基于中国行业上游度和海关数据的研究(与余心玎合著),南开经济研究,第3期,2014[“China’s Role in the Global Value Chain ——Analysis Based on China’s Industry Upstreamness and Customs Data,”(with Xinding Yu) Nankai Economic Studies, 3, 2014.]

12. “全球价值链研究及国际贸易格局分析(与余心玎合著),经济学报2期,2014[“Research on Global Value Chain and the Analysis on International Trade Patterns”(with Xinding Yu) China Journal of Economics, 2, 2014.]

13. “中美贸易的反比较优势之谜” (与马弘、魏自儒、钱颖一 和 刘庆合著) 经济学 (季刊) ,第11卷第3, 2012[“Anti-Comparative Advantage: A Puzzle in China-U.S. Bilateral Trade,” (with Hong Ma, Ziru Wei, Yingyi Qian and Qing Liu) China Economic Quarterly, 11(3), 2012.]

14. “金融发展与国际贸易", 国际贸易与投资前沿 (4)格致出版社,上海,2008[“Financial Development and International Trade,” Research Frontier in International Trade and Investment (Chapter 4), Shanghai, 2008]

15. “要素禀赋、专业化分工、贸易的理论与实证” (与林毅夫和王勇合著) 经济学 (季刊) ,第4卷第1, 2004 [“Endowment, Specialization, and Trade: Theory and Practice,” (with Justin Yifu Lin and Yong Wang) China Economic Quarterly, 4(1), 2004.]

16. “社会价值、市场效率与收入分配经济学 (季刊) ,第2卷第3期,2003 [“Social Value, Market Efficiency, and Income Distribution,” China Economic Quarterly,2(3), 2003.]

17. “调整过程中的价格刚性与失业要素波动:一个动态一般均衡角度的分析经济学 (季刊) ,第1卷第1期,2001[“Price Rigidities and Unemployed Factor Fluctuations in the Adjustment Process: A Dynamic General Equilibrium Approach,” China Economic Quarterly,1(1), 2001.]

18. “行政权力与货币的交换(与石丰合著),中国经济论坛,第1卷第1期,1989 [“The Exchange between Administrative Power and Money,” (with Feng Shi) China Economic Review, 1(1), 1989. ]

19. “东北亚经济区合作构想(与张力、张峰、薛军和潘福祥合著),科技导报,第5期,1989[“Northeast Asia Free Trade Area,”(with Li Zhang, Feng Zhang, Jun Xue and Fuxiang Pan)Science and Technology Review, 5, 1989.]



1. “Quantifying the United States-China Trade Conflicts”( with Hong Ma, Zi Wang, Xiaodong Zhu),2020.

2. “Structural Adjustments and International Trade: Theory and Evidence from China” (with Hanwei Huang and Vivian Yue), 2017.

3. “A Dynamic Structural Analysis of Real Exchange Rate: Theory and Evidences from China” (with Yifu Lin, Qing Liu, and Kang Shi), 2016.

4. “Trade Reforms and Current Account Imbalances” (with Kang Shi and Shang-Jin Wei), latest version, 2017.

5. “The credit channel of monetary policy and exports: Solving causality by using the impossible trinity” (with Shu Lin and Shang-Jin Wei), 2014, submitted for publication.



Pushan Award Academic Committee Meeting, Beijing, January

Shanghai University of Finance and Economics Seminar, Shanghai, January

AEA annual Meeting, Online, January


Online International Conference on US-China Trade Disputes and Reforms in GlobalizationBeijingDecember

Fudan Finance Open Class, Shanghai, December

The 5th Anniversary of NSE, Peking University, Beijing, December

Xinya College of Tsinghua University Seminar, Beijing, November

Chongyang Forum of Renmin University of China, Beijing, July

Joint seminar of Tsinghua University and Imperial College London, Beijing, June

Chunfeng Seminar, Tsinghua University, Beijing, May

Weizhen Forum, Tsinghua University, Beijing, April

AEA annual Meeting, San Diego, January


China Society for Finance and Banking Conference, Beijing, December

International Conference on US-China Trade Relations and Reforms in Globalization, Beijing, December

US-China Economic Relations Dialogue, Shanghai, October

China Development Forum Special SessionBeijingSeptember

The U.S.-China Trade Policy Working Conference, New York, August

Asian Pacific Trade Seminars, Tokyo JapanJune

China International Conference in Macroeconomics, Shenzhen, June

US-China Economic Relations Seminar, Beijing, June

Tsinghua PBCSF Global Finance ForumBeijing, May

NBER-CCER MeetingBeijingMay

Chief Economists Forum, Beijing, March


International Conference on US-China Trade Relations and Reforms in Globalization, Beijing, December

Seminar in City University of Hong Kong, Hong Kong, December     

Trade Conference on One Belt & One Road, Kobe Japan,November

Conference on US-China Trade Relations,Washington D.C. October

NSE Summer Meeting, Beijing, July

Tsinghua PBCSF Global Finance Forum,Beijing, May


China-Germany Economic Dialogue, Bolin, October

Geneva International Finance and Macro Workshop, August

NSE Summer School, July

Seminar in Peking University, March


Conference on U.S.-China, GWU, Washington DC, November

Beijing Forum, November

Conference on Evolving Finance, NUS, October

CCER Summer Institute, Yantai, June

ADB Conference on Asia and Middle income trap, April


IDB Seminar in China and Latin America, Argentina, November

Nanjing Forum, October

CCER Trade Conference, Yantai, China, October           

New Structural Economics Conference, Beijing, July

Nankai Conference on Trade, Tianjin, China, June

AEA annual Meeting, Boston, January


GEP China Conference, University of Nottingham Ningbo China, November

GVC Conference, UIBE, Beijing, July

SUFE Trade Workshop, Shanghai, June

NBER-CCER Meeting, Beijing, June

NBER-CEM, Cambridge, April

Seminars in Singapore National University and Singapore Management University, March

USC Conference on Recent Developments in China Financial Sector, LA, February


Seminar in Kobe University, Kobe, Japan, November

Seminar in Chinese University of Hong Kong, Hong Kong, November

Asian Meeting of Econometric Society, Singapore, August

International Conference on Global Value Chains and Structural Adjustments, Beijing, June

China Meeting of Econometric Society, Beijing, June

Society for Economic Dynamics Annual Meeting, Soul,June

Seminar in Tianjin University of Economics and Finance, June

International Economics and Finance Society-China Meeting, June

3rd China Trade Research Group Annual Meeting, May

Seminar in University of Missouri-Columbia, February


Seminar in Southwest University of Economics and Finance, Chengdu, November

China Trade Conference, Nanjing, October

Conference on New Structural Economics, Beijing, October

2012 Tsinghua-Columbia Conference in International Economics, Beijing, October

China Economy Summer Institute 2012, June

The 2012 APJAE Symposium on Advances in Studies of the Chinese Economy, Hong Kong, June

IEFS-China Conference 2012, Tianjin, June

Shanghai Forum 2012, Fudan University, Shanghai, May

Penn State-Tsinghua Conference on "China and the World Economy", May

Tsinghua-St Louis Federal Reserve Conference, Tsinghua University, March


NBER ITI Winter Meeting, Stanford University, December

University of International Business and Economics, Beijing, November

International Economics Association World Congress, Beijing, July

NBER-CCER Conference , Beijing, June

Columbia –Tsinghua Conference in International Economics, Beijing, June

China Economist Society Conference, Beijing, June

China Trade Research Group Meeting, Shanghai, June

IEFS-China Conference, Beijing, May

Hong Kong Institute of Monetary Research, Hong Kong, May

Midwest International Trade Spring Meeting, University of Notre Dame, May

Research Workshop on International Capital Flows, Columbia University, April

Nottingham Conference on Finance and Trade, Nottingham, February


The World Congress of Econometric Society, August

NBER International Trade and Macroeconomics Meeting (Discussant), Cambridge, July

NBER 21st Annual East Asian Seminar on Economics, Sydney, June

Columbia –Tsinghua Conference in International Economics, Beijing, June

Midwest International Trade Spring Meeting, Northwestern University, May

APJAE Symposium on International Trade and the China Economy, City U of HK, May

IEFS China Annual Conference, Beijing, May


Inaugural Conference of the IEFS China Chapter, Invited Speaker, Beijing, May 

NBER ITI Spring Meeting, Cambridge, MA, March

Dallas Fed Seminar, February


CEPR Conference on International Macroeconomics and Finance, Paris, December

Midwest International Meeting, Columbus, October

Society of Economic Dynamics Annual Meeting, MIT, July

Workshop in International Trade, Shanghai, July

World Bank Trade Seminar, Washington DC, April

IMF Brown Bag Seminar, Washington DC, April

ASSA, New Orleans, January


NBER Spring Meeting, Cambridge, MA, March

IMF Brown Bag Seminar, November

Asian Pacific Trade Meeting, Shanghai, July

Smith Lecture, Nanjing University, China, July

INFINITI Conference on International Finance, Dublin, June

Midwest International Meeting, University of Minnesota, April

IMF Brown Bag Seminar, April

AEA annual Meeting, Chicago, January


NBER Summer Institute, Cambridge, MA

Econometric Society Summer Meeting, University of Minnesota

Far East Econometric Society Meeting, Beijing, China

IMF 7th Annual Research Conference, Washington D. C.

International Monetary Fund, Trade Conference, Washington D.C.

Stockholm Conference on Globalization and Corporate Restructuring, Stockholm, Sweden

International Monetary Fund, Brown Bag Lecture, Washington D.C

Mid-West International Meeting, Michigan State University

AEA annual Meeting, Boston (Discussant)

Econometric Society Winter Meeting, Philadelphia Finance Department, University of Oklahoma, Oklahoma


2nd Conference of the RTN on Trade, A CEPR Workshop, Brussels


International Conference in “WTO, China, and the Asian Economies, II” Beijing, China

Midwest International Meeting, IUPUI, Indiana

Midwest Theory Meeting, Washington University in St. Louis


Bing Lu, Ph.D.Chair, In Progress (Tsinghua)

Xiao Chen, Ph.D., Chair, Completed in 2019 (Tsinghua)

Guangtao Xia, Ph.D., Chair, Completed in 2018 (Tsinghua)

Zhengwen Liu, Ph.D.Chair, Completed in 2017 (Tsinghua)

Yinxin Du, Ph.D., Chair, Completed in 2016 (Tsinghua)

Danhong Ning, Ph. D., Chair, Completed in 2016 (Tsinghua)

Xinding Yu, Ph. D., Chair, Completed in 2014 (Tsinghua)

Li Su, Ph. D., Chair, Completed in 2013 (OU)

Yifei Ding, Ph.D., Chair, Completed in 2011 (OU)

Yang, Xuebing, Ph.D., Chair, Completed in 2009 (OU)

Lin, Shu, Ph.D., Member, Completed in 2006 (OU)

Hsiao, Chengte, Ph.D., Member, Completed in 200 (OU)

Basyah, Mohammad, Ph.D., Member, Completed in 2003 (OU)

Nunez, Karen R., Ph.D., Member Completed in 2003 (OU)

Adhikari, Deergha, Ph.D., Chair, Completed in 2002 (OU)

Lee, Soon Cheul, Ph.D., Co-Chair, Completed in 2002 (OU)

Khan, Saleheen, Ph.D., Member, Completed in 2001 (OU)

Chung, Ling-Wei, Ph.D., Member, Completed in 2000 (OU)

Dong, Chul Jung, Ph.D. Member, Completed in 1998 (OU)


American Economic Review               Journal of Political Economy

Journal of Economic Theory               International Economic Review

Game and Economic Behavior           Journal of International Economics

Economic Theory                               Canadian Journal of Economics

Oxford Economic Papers                   Journal of Economics & Management Strategy

Economic Inquiry                                International Journal of Industrial Organization

Pacific Economic Review                   Review of International Economics

China Economic Review                    China Journal of Economics

NSF    SSHR-Canada                        China Economic Quarterly