## People in Economics

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**Canonical URL:** [People in Economics](https://www.imf.org/-/media/files/publications/fandd/article/2024/06/people-economics-june24.pdf)

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### Background and formative years
- Born in Shanghai in 1952.
- Experienced the cultural revolution; worked in a fish-canning factory during the mid-1960s to mid-70s.
- Entered Fudan University after a 10-year hiatus in which all universities remained shuttered; earned a degree in economics in 1982.
- Studied in the United States: master’s in public administration at Princeton and a doctorate in economics at Johns Hopkins.
- Early career included work as an economist at the World Bank in the early 1990s and rising through the ranks of the state-owned Bank of China, becoming deputy governor of the People’s Bank of China in 2009.

### IMF career and concrete reforms
- In 2010, at age 58, became a special advisor to managing director Dominique Strauss-Kahn and then a deputy managing director under Christine Lagarde.
- Key institutional achievements:
  - Helped bring about a 6 percent shift in quota shares to emerging market and developing economies during his first year at the IMF.
  - In 2015 pushed for the inclusion of the Chinese renminbi in the basket of currencies that determine the value of special drawing rights.
  - Instrumental in persuading China to contribute $45 billion when the IMF was under pressure to help with the euro area debt crisis.
- Emphasized giving small island member states a voice and making the IMF more responsive to the needs of all member nations.

### Views on globalization, IMF governance, and priorities
- Central concern: anti-globalization and a polarized world undermining the borderless flows of capital, people, technology, and trade that he and the IMF advocate.
- Observations on governance and global economic shifts:
  - Says the governance structure and voting rights at the IMF “are way behind on this.”
  - Notes that half of global GDP comes from emerging markets.
  - Asserts “nobody has suffered more than China from failure to adjust to these new economic realities.”
- Critical of the preponderance of the US dollar as the only currency with reserve status globally; favors greater liquidity and marketability for special drawing rights.
- Advocates broadening IMF focus from traditional emphasis on current account balances, fiscal balances, and exchange rates to policies stressing jobs and growth in the developing world while reducing income inequality (he states it “took me two-and-a-half years to get the board to agree to this”).

### Policy recommendations, desired IMF role, and initiatives
- Reform and reposition the IMF to protect its independence, identity, and commitment to the global commons.
- Proposed roles and tools for the IMF:
  - Provide an early-warning system when crises are beginning to emerge.
  - Help build resilience through constructing regional safety nets (example referenced: Chiang Mai Initiative).
  - Play a coordinating role in supporting carbon neutrality and global fiscal policy for financing the transition, complementing project work done by the World Bank.
- Emphasizes practical, behind-the-scenes work and inclusive approaches to institutional change.

### Personal traits, civil-society engagement, and bridge-building
- Described as adaptable, inclusive, pragmatic, and a team player: “Min is water.”
- Engaged in volunteer activities in Washington (created a book club; participated in housing repair and renovation in poorer neighborhoods).
- Continues reform mission from Beijing as deputy chairman of the China International Economic Exchange Centre after returning eight years ago.
- Sees himself as a mediator between China and the West; raises concern that fewer people willing to play that role increases potential for misunderstandings.
- Colleagues describe patience and long-term perspective: “it may take years to move the mountain,” and “if it takes a long time to move the mountain, don’t wait. Move yourself.”

### Key statistics and timeline (as reported)
- Born: 1952.
- Degree from Fudan University: 1982.
- Deputy governor, People’s Bank of China: 2009.
- Joined IMF as special advisor / deputy managing director: 2010 (age 58).
- Inclusion of renminbi in SDR basket: 2015.
- Contribution persuaded from China during euro area debt crisis: $45 billion.
- Quota shift to emerging markets and developing economies: 6 percent.
- Time to secure board agreement on broader IMF policy focus: two-and-a-half years.
- Returned to Beijing and serving at China International Economic Exchange Centre: eight years since leaving the IMF.
- Observes that half of global GDP comes from emerging markets.

*Profile by Henny Sender from the June 2024 People in Economics feature*

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_Source: https://www.imf.org/-/media/files/publications/fandd/article/2024/06/people-economics-june24.pdf_