MUST held the Lecture of the Distinguished Lecture Series - Yao Yang spoke on “The disinterested government: An explanation for China’s economic success”

The Institute of Development Economics at Macau University of Science and Technology (MUST) hosted the Distinguished Lecture Series on December 4, 2025, at 3:00 PM in N101 Hall, in collaboration with the School of Business at MUST. The keynote speech was delivered by Professor Yao Yang, Dean of the Di-shui-hu Advanced Finance Institute (DAFI), Shanghai University of Finance and Economics, Former Dean of the National School of Development at Peking University. The university invited local finance, economics, and entrepreneurs and scholars to participate in a round-table discussion. The event aims to promote a greater understanding of China economics through high-quality academic lectures and discussions.

Leaders from MUST and distinguished guests attended the event, including CEO Du Miaomiao of the Macau Development Bank; Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST; Professor Liu Cheng Kun, Director of the Institute for Sustainable Development at MUST and Professor Song Yu, Assistant Director of the Institute of Development Economics at MUST, among others. Nearly 200 participants attended the lecture, including local experts, scholars in finance, economics, and policy research fields, as well as teachers and students from MUST, which made the event lively and engaging.

In the lecture, Professor Yao Yang analyzed the unique trajectory of China's economic growth from a political economy perspective. The professor proposed that China's economic success can be attributed to three key factors: decentralization, which grants local officials’ economic autonomy; a performance-based promotion mechanism that creates strong incentives; and a "neutral government" capable of transcending specific interest groups to focus on the long-term welfare of society as a whole.

Drawing on international comparative data, the presentation highlighted that power sharing and lower political inequality contribute to economic growth. It noted that China's history of social revolution and its mass-based party structure provide the institutional foundation for a "neutral government." The lecture concluded by emphasizing that the separation between politics and business, along with constitutional arrangements that promote inclusivity, are essential conditions for building a "neutral government" and sustaining long-term growth.

The panel discussion, moderated by Chair Professor Francis T. Lui, featuring distinguished panelists including Professor Yao Yang, CEO Du Miaomiao, Professor Liu Cheng Kun, Professor Song Yu, Assistant Professor Zhou Zizun, Assistant Professor Jing Kecen. The guests engaged in in-depth exchanges and discussions on topics related to government regulation and the successful experience of China's economy.

Professor Yao Yang is a distinguished Chinese economist. He currently serves as the Di-shui-hu Advanced Finance Institute (DAFI), a Visiting Professor at Peking University, and previously held the position of Dean of the National School of Development at Peking University (2012–2024). He graduated from the Department of Geography at Peking University and later earned a master's degree in economics from Peking University and a Ph.D. in Development Economics from the University of Wisconsin–Madison in the United States. He has long been dedicated to research on China's economic development and institutional transformation, combining theoretical depth with policy influence.

Professor Yao is the founding editor-in-chief of China Economic Quarterly, the Chairman of the Chinese Economist Annual Conference, a member of the China Economists 50 Forum, and the Chairman of the Supervisory Board of the China Finance 40 Forum. In 2024, he was elected as a Fellow of the International Economic Association. He has been honored with numerous academic accolades, including the Sun Yefang Economic Science Award—the highest honor in Chinese economics—the Pusan International Economics Award, and the Zhang Peigang Development Economics Award.

A group photo during the lecture

  Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST (Right) presented a souvenir to Professor Yao Yang (Left)

During the roundtable discussion

Q&A Session