On March 29, 2010, the State Council appointed Tsinghua SEM’s Professor LI Daokui as a new member of the Central Bank Monetary Policy Committee.

Professor LI Daokui, a Harvard Ph.D., is now Chair of the Department of Finance in Tsinghua SEM and Director of the Center for China in the World Economy. He is also a member of the eleventh Chinese People's Political Consultative Conference (CPPCC).

This appointment was made after FAN Gang, a previous member of the Committee finished his tenure. Two other new members were appointed at the same time. They are ZHOU Qiren, Dean of the National School of Development, Peking University, and XIA Bin, Director of the Financial Research Institute under the Development Research Center of the State Council.

The Central Bank Monetary Policy Committee provides advices for the Central Bank regarding the making of national monetary policies. Traditionally, the Committee invites only one external financial scholar to join every session. Now it intends to bring in more academic opinions by increasing the number of independent experts.

“After the crisis, new problems have emerged in both Chinese and world economy, which requires careful studies on our part,” said Professor LI. He thinks increasing the number of independent Committee members is a crucial move, yet the title comes with intense responsibility.

Professor LI said scholars should pay serious attention to potential risks, especially the anticipation of asset bubbles in areas including the real estate and capital market. He also believes that the appreciation of RMB is inevitable, for the exchange rate is facing unprecedented international challenge and China has to be aware that its status in the international arena will be shaped by the decisions it amounts to.