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The Path of China's Economy and the Craft of Investing 

Aug 05-2026   



— A Reading Salon with Money Games


On July 21, 2026, the 57th edition of the Chengze Forum was held at Chengze Garden, co-hosted by the National School of Development at Peking University (NSD), the Institute of New Structural Economics at Peking University, and CITIC Press Group.


Centered on the theme "China's Economic Development and the Art of Financial Investment — A Book Talk on Money Games," the forum featured a keynote speech by Weijian Shan, Executive Chairman of PAG (Pacific Alliance Group) and author of Money Games: A Story of Twists and Turns. Justin Yifu Lin, Honorary Dean of NSD, Dean of the Institute of New Structural Economics, and former Senior Vice President and Chief Economist of the World Bank, offered commentary. The event was moderated by Wang Xianqing, Director of the NSD Communications Center.


In his address, Shan explained that his impetus for writing Money Games was to fill a conspicuous gap in the literature: a complete, insider's account of the entire private equity lifecycle, from acquisition to exit. The book draws on his firsthand experience leading Newbridge Capital's acquisition and deep turnaround of Shenzhen Development Bank (now Ping An Bank), steering it back to financial health and vitality. He stressed that this success would have been inconceivable without the broader context of China's reform and opening-up and the transformation of its banking system.


Shan went on to present a wealth of data illustrating China's extraordinary economic strides since 1990 and the development miracle of a middle-income country attaining world-class infrastructure.


He attributed China's success to the dynamism unleashed by the market economy, paired with the government's strong capacity for policy execution. The state's ability to concentrate resources on major initiatives allowed the broad social returns of infrastructure investment to serve as a powerful engine of national development. In contrast, Shan observed that U.S. politics is heavily swayed by money and vested interests, making it extraordinarily difficult to advance large-scale infrastructure projects that benefit the public but threaten entrenched stakeholders. India, for its part, faces structural obstacles—such as difficulties in land acquisition and low agricultural productivity—that make replicating China's development path a daunting task.


Drawing on personal investment case studies and macroeconomic data, Shan built a compelling argument that China's institutional strengths—most notably its formidable infrastructure development and policy execution capabilities—are what truly set it apart from other developing countries and enable it to close the gap with advanced economies.


In his commentary, Justin Yifu Lin began by reflecting on his decades-long friendship with Shan, a bond that has spanned continents and years. Both were among the first scholars from the People's Republic of China to pursue doctoral studies in the United States. Though their backgrounds differed, Shan's experiences and insights offered Lin invaluable perspectives for understanding Chinese society and filled gaps in his own worldview.


Lin then elaborated on his philosophy of "the unity of knowledge and achievement" (知成一体), arguing that the ultimate value of theory lies in guiding practice toward tangible success. The study of theory, he noted, should not merely produce critics; it should help illuminate pathways to success. Shan's own trajectory—from Wharton School professor to seasoned investor who delivered extraordinary results—epitomized this very principle.


In closing, Lin observed that China now stands at a critical juncture defined by both challenges and opportunities, including changes of a magnitude unseen in a century and the unfolding Fourth Industrial Revolution. How China can avoid the trap of prolonged stagnation that ensnared Japan and achieve a full-fledged catch-up with developed nations—in both aggregate economic scale and per capita income—remains a pivotal question in the nation's pursuit of rejuvenation.


During the Q&A session that followed, Shan fielded questions from the audience on pressing issues in the world of financial investment.


The Path of China's Economy and the Craft of Investing 

Aug 05-2026   



— A Reading Salon with Money Games


On July 21, 2026, the 57th edition of the Chengze Forum was held at Chengze Garden, co-hosted by the National School of Development at Peking University (NSD), the Institute of New Structural Economics at Peking University, and CITIC Press Group.


Centered on the theme "China's Economic Development and the Art of Financial Investment — A Book Talk on Money Games," the forum featured a keynote speech by Weijian Shan, Executive Chairman of PAG (Pacific Alliance Group) and author of Money Games: A Story of Twists and Turns. Justin Yifu Lin, Honorary Dean of NSD, Dean of the Institute of New Structural Economics, and former Senior Vice President and Chief Economist of the World Bank, offered commentary. The event was moderated by Wang Xianqing, Director of the NSD Communications Center.


In his address, Shan explained that his impetus for writing Money Games was to fill a conspicuous gap in the literature: a complete, insider's account of the entire private equity lifecycle, from acquisition to exit. The book draws on his firsthand experience leading Newbridge Capital's acquisition and deep turnaround of Shenzhen Development Bank (now Ping An Bank), steering it back to financial health and vitality. He stressed that this success would have been inconceivable without the broader context of China's reform and opening-up and the transformation of its banking system.


Shan went on to present a wealth of data illustrating China's extraordinary economic strides since 1990 and the development miracle of a middle-income country attaining world-class infrastructure.


He attributed China's success to the dynamism unleashed by the market economy, paired with the government's strong capacity for policy execution. The state's ability to concentrate resources on major initiatives allowed the broad social returns of infrastructure investment to serve as a powerful engine of national development. In contrast, Shan observed that U.S. politics is heavily swayed by money and vested interests, making it extraordinarily difficult to advance large-scale infrastructure projects that benefit the public but threaten entrenched stakeholders. India, for its part, faces structural obstacles—such as difficulties in land acquisition and low agricultural productivity—that make replicating China's development path a daunting task.


Drawing on personal investment case studies and macroeconomic data, Shan built a compelling argument that China's institutional strengths—most notably its formidable infrastructure development and policy execution capabilities—are what truly set it apart from other developing countries and enable it to close the gap with advanced economies.


In his commentary, Justin Yifu Lin began by reflecting on his decades-long friendship with Shan, a bond that has spanned continents and years. Both were among the first scholars from the People's Republic of China to pursue doctoral studies in the United States. Though their backgrounds differed, Shan's experiences and insights offered Lin invaluable perspectives for understanding Chinese society and filled gaps in his own worldview.


Lin then elaborated on his philosophy of "the unity of knowledge and achievement" (知成一体), arguing that the ultimate value of theory lies in guiding practice toward tangible success. The study of theory, he noted, should not merely produce critics; it should help illuminate pathways to success. Shan's own trajectory—from Wharton School professor to seasoned investor who delivered extraordinary results—epitomized this very principle.


In closing, Lin observed that China now stands at a critical juncture defined by both challenges and opportunities, including changes of a magnitude unseen in a century and the unfolding Fourth Industrial Revolution. How China can avoid the trap of prolonged stagnation that ensnared Japan and achieve a full-fledged catch-up with developed nations—in both aggregate economic scale and per capita income—remains a pivotal question in the nation's pursuit of rejuvenation.


During the Q&A session that followed, Shan fielded questions from the audience on pressing issues in the world of financial investment.