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Yu Miaojie awarded the Second Class of the Ann Tse Kai Prize for International Trade Research

NOV . 07 2018
Peking University, Nov. 1, 2018Congratulations to Professor Yu Miaojie from the National School of Development of Peking University on his insightful work RMB Exchange Rate, Credit Constraint, and International Trade, which has earned him the Second Class of the 20th Ann Tse Kai Prize for International Trade Research in 2018. Yet there is no first award winner this year.

The Fifth Time on the Podium

To be a winner of such prize is not a new experience for Professor Yu Miaojie. Previously, He has been four times awarded by the selection committee in the 15th, 16th, 18th, and 19th editions respectively in the year of 2008, 2009, 2013, and 2015. By dint of his acute observation and in-depth analysis, he has produced several outstanding results in the field of international trade.

This prize was established in 1991 by the late Ann Tse Kai, a distinguished scholar and renowned industrialist, and once the vice chairman of the CPPCC national committee. Mr. Ann’s Award is for those who have made great contributions to the research of China’s World Economy and International Trade, two secondary disciplines of applied economics. Furthermore, the top academic research prize is also granted by the Ministry of Education as a ministerial prize held every 2 years.

The Honored Work, RMB Exchange Rate, Credit Constraint, and International Trade

A couple of vital topics are covered in this book. At the very beginning, it discusses the impact of RMB appreciation on the profitability of export enterprises, as well as on their export policies. In the next part, it focuses on the relationship between exchange rate fluctuations and corporate decision making with respect to export quality. Then, through theoretical modeling and empirical analysis, the author digs deeper into the impact of exchange rate fluctuations on the domestic value-added ratio of processing trade enterprises. Further, an improved gravity model in international trade theory is expounded in this book, examining the impact of yuan appreciation on Chinese exports to the United States with empirical regression technique and the latest panel data of various industries in China.

Professor Yu has shown a deep concern with practical conditions in China. We are entering a new century with Chinese enterprises’ outward foreign direct investment surging at a record-high rate. By 2016, China has become the second largest country worldwide in outward foreign direct investment, only next to the United States. What’s more, the global financial crisis has urged more attention to credit constraints and corporate exports, and China’s advocacy of the “One Belt, One Road” development model after the crisis as well involves the issue of the internationalization of RMB. Professor Yu’s book sheds light on the recent economic situation home and abroad and provides a unique perspective on international trade.

The award-winning book

Recommended by Peer Experts

Professor Yu’s work is widely recognized by experts in his field not only for its academic worth and reality-oriented approach but also for his keen eye on the future and his feet on the ground. Justin Yifu Lin, the former chief economist of the World Bank, honorary dean of the National School of Development and director of PKU’s Center for New Structural Economics, praises the book as “conducive to the export of enterprises as we go global and helpful to the formulation of government trade policies”. He believes in its reference value for other developing countries to promote growth through trade. Yao Yang, dean of National School of Development and director of China Center for Economic Research of Peking University, also speaks highly of the book that “it has greatly enhanced our understanding of China’s export-oriented development strategy.” With these recommendations, readers will undoubtedly benefit a lot from Professor Yu’s analysis of economic policies.

Written by: Guo Xinyu
Edited by: Zhou Yijing
Source: PKU News (in Chinese)