On April 25, the New Structural Economics Anhui Research Center, jointly established by the Institute of New Structural Economics of Peking University, the Hefei Municipal People’s Government, and Hefei University(HFU), was officially inaugurated at HFU.
Beyond Papers: Bringing Research into Workshops
Much of the significance of the center comes from its initiator, Prof. Justin Yifu Lin. As the first scholar from a developing country to serve as Chief Economist of the World Bank, Lin has long focused on bridging the gap between developing and developed nations. After returning to China, he has committed himself to establishing an economic theory system with Chinese characteristics, advocating the integration of an “effective market” and a “proactive government.”
Why Hefei Keeps Catching the Right Industrial Wave
Lin holds that what makes Hefei remarkable is its sobriety. Instead of blindly imitating development models beyond its capacity, the city has accurately identified and made full use of its latecomer advantage. An “effective market” and a “proactive government” are not mutually exclusive. The market allocates resources, while the government corrects market failures and cultivates potential comparative advantages at critical moments.
This respect for economic laws is reflected not only in factory workshops, but also amid landscapes. Anhui’s effort to strike a balance between its beautiful natural environment and high-quality development is a higher-level use of endowments.
With the Center Established, Theory Will Enter Classrooms, Industrial Parks, and Decision-making Sites
Wu Pingchuan, Chair of HFU Council, said, the center is far more than a nameplate on a wall. It is part of a larger plan to build “a new force, a bridge, an innovation hub, and a driving engine.” HFU, the main institution responsible for building the Research Center, will integrate the independent knowledge system of new structural economics into talent training, research innovation, and social service. Wu remarked that “Taking root, integrating, and serving” will be HFU’s commitment for this project.
The unveiling of the New Structural Economics Anhui Research Center marked the arrival of a Chinese original economic theory on this vibrant land of Hefei. According to the plan, the Research Center will adopt a “one center, two bases” model, with research bases in both Beijing and Hefei. Beijing will provide a top-level academic framework, while Hefei will offer vivid industrial cases. China’s original economic theory is now moving from classrooms to industrial parks, from studies to workshops, resonating with Hefei’s development.
