NEF：

How to innovate the theory of Economics? How to publish an article in an international top journal? Can you give an introduction about the theoretical innovation of the articles/papers that Chinese scholars have published in a top international journal?

Three big questions – and no simple answers, at least not to the first two of them.

First question: There are no cooking recipes for innovations. They are, by definition new, ways of thinking – different from existing approaches; and they vary a lot, depending on the field of specialization in which they are made, on the questions tackled, the methods used etc. However, one thing can be said in general: It is important to create environments that are favourable to innovations. Researchers need resources (access to data, labs etc.) and networks for peer review in seminars, conferences, journals; but most importantly they need (1) time to think, and (2) freedom to think “out of the box”. Too many researchers stick to their own perceptions of current modelling conventions, political correctness and fashionable topics. In search for their career slots, they thus blind themselves for opportunities to innovate economic thinking.

Second question: Publishing in international top journals requires brilliant ideas, writing skills and good networks for pre-submission peer review. Even if you have all of this, it may not be enough. You may have to show a “track record” of publications in other journals, and you may need a great portion of luck with the referees and editors. Even at the top journals, not all referees are diligent and unbiased experts. It is not necessarily the best strategy to try with the top journals only. Sometimes it is better to submit the paper to a less highly ranked journal that is closer to your research and has competent editors and referees. You may get more readers, more citations and a track record that increases your chances to get into a top journal later on.

Third question: My knowledge of what Chinese scholars have achieved in top international journals is very limited. For present purposes, I would single out two articles by Chinese scholars in international top journals that have impressed me. The first is Chenggang Xu’s article on “The fundamental institutions of China’s reforms and development” (Journal of Economic Literature 49, 2011), which describes the institutional dynamics of China’s economic development in terms of governance structures, in which central control over personnel is combined with decentralized and partly competitive control over local resources. The second article is the paper by Jiangdong Ju, Justin Yifu Lin and Yong Wang on “Endowment structures, industrial dynamics, and economic growth” (Journal of Monetary Economics 76, 2015), which is noteworthy for its thorough and general analysis of the role that capital accumulation plays for sectoral structural change and endogenous economic growth.

NEF:

What is the most interesting topic about the economic development in China and other developing countries among the international academic circles? What is the problem that the international academic circles think it is worth to discuss in depth in theory?

The two articles that I have singled out in responding to the third question of block (1) characterize two out of the three currently most relevant topics concerning economic development in China and elsewhere. They relate both to central challenges of transformational growth that China is facing at present. I see three problems that international academic circles consider requiring deeper analysis: (a) the potentials for economic performance and conflict in China’s structures of political governance,

(b) the industrial dynamics required for smooth structural change and sustainable growth after an extraordinary process of high-speed catching-up, and (c) the long-term prospects of involvement of China in the world economy, both in the structures of production (global value chains) and the structures of finance (exchange rates and financial stability).

NEF：

At present, which Chinese scholar is worthy of attention in the world economics circle? And why?

Chinese scholars may attract attention from the international community of economists for different reasons, which reflect a certain division of labour (or tasks) within the discipline: for example, research achievements, political advice, and management of scientific progress. There is always a risk of putting forward some names, as others equally worthy to be mentioned are ignored. From the perspective of my own academic work I would nevertheless like to name:

·Chenggang Xu as representative for multi-faceted scholarly work that helps the world to understand China,

·Justin Yifu Lin for building a theoretical vision of China’s economic development that is internationally highly visible, and

·Yingyi Qian for skilfully playing the role of an academic entrepreneur who develops the professional training and research of young economists in China with an eye to global communication.  

NEF：

NEF now is awarding the China Economics Prize, do you think it is meaningful at present and is in the right time? What issues do you like to talk and discuss with Chinese scholars?

If NEF can achieve good and content-rich publicity for the award (e.g. on the pattern of the Nobel Prize website), it is certainly meaningful as a signal that the academic community of Chinese economists is well alive and kicking. An award is an easily visible way to demonstrate that NEF has something to contribute to the public discourses on economic development in China and elsewhere, and it provides an incentive for high-quality work among Chinese scholars. The prize may also be important to build and strengthen international networks with other associations. It is part of a process of reputation building that will take time. One should not expect too much too soon. The German Economic Association (Verein für Socialpolitik, founded in 1873) and the American Economic Association (founded on the German pattern in 1885) took many years to take off and become highly visible with their activities.

The issues that I would like to discuss with Chinese scholars are a number of specific topics under the general themes that I have named above:

(a)the potentials for economic performance and conflict in China’s structures of political governance,

(b)the industrial dynamics required for smooth structural change and sustainable growth after an extraordinary process of high-speed catching-up, and

(c) the long-term prospects of involvement of China in the world economy, both in the structures of production (global value chains) and the structures of finance (exchange rates and financial stability).

◆please indicate the source if authorized: National Economics Foundation

◆photo:National Economics Foundation