Peking University, Nov.9, 2011: Peking University (PKU) Professor Zhang Weiying from the Guanghua School of Management was honored the 4th China Economic Theory Innovation Award on November 6, 2011.

The China Economic Theory Innovation Award is the first Chinese economic award voted by ballot. It annually awards an original innovative economic theory that has been put into practice. The award is designed to promote innovation and progress of economic science, to encourage the emergence of the original innovative achievements and promote China's economic theory.

This year's China Economic Theory Innovation Award named by ballot within 202 voters including economists and officers from famous universities ‘economic departments and research institutes, together with heads of some academic presses.

Professor Zhang got the highest number of votes due to his contribution to the "dual-track price system reform".

The dual-track price system is the intermediate price system from the state control price system to the free market price system. This transition through the dual-track system reflects the most fundamental characteristic of Chinese economic system reform. The dual-track price system provides instruction on price reform theoretically and practically, impelling the construction of market in socialist society and lowering the transition cost.

Professor Zhang Weiying was the first Chinese economist in China who proposed the "dual-track price system reform" [in 1984]. He was also known for his contributions to macro-control policy debating, ownership reform debating, and entrepreneurship studies. His theories have big influence on academic, governmental and industrial circles.

Written by: Jiang Zhaohui
Edited by: Arthars
Source: PKU News (Chinese)