Economist recognized for contributions to research

Fulfilling an economist's duty to further national development has been the guiding principle of 91-year-old Zhang Zhuoyuan, an influential economist who has made significant contributions to market economy research.

After dedicating over 70 years to market economy theory, Zhang was awarded the national honorary title of Outstanding Contributor to Economic Research this month in an order signed by President Xi Jinping ahead of the 75th anniversary of the founding of the People's Republic of China.

Zhang's constructive ideas on price reform and building a modern market system have made significant theoretical contributions to China's economic reforms. He was elected as a member of the Chinese Academy of Social Sciences, and was the recipient of the 2013 Wu Yuzhang Lifetime Achievement Award for Humanities and Social Sciences.

Zhang's active involvement in drafting crucial central policy documents over past decades highlights his influential role in shaping economic policy. Yet, when asked what drives his passion for economics, Zhang offers a simple response — "interest".

Born in 1933 into a farming family in Meizhou, Guangdong province, Zhang's path began to shift during his high school years when classic works on political economy ignited his curiosity about economics. His academic excellence in the 1950 college entrance examination earned him offers from both Beijing-based Tsinghua University and Guangzhou-based Sun Yat-sen University. He chose the latter and majored in economics.

Zhang's scholarly contributions are impressive, with nearly 30 books published along with over 500 research papers. He played a pivotal role in compiling landmark books such as Sixty Years of Studies on Economics in China, further solidifying his reputation as a leading economist.

In an article published in 2009, Zhang articulated his academic philosophy: "The most important factor in scholarship should be interest, followed by talent. Without interest and curiosity, it's hard to engage deeply with knowledge. Interest is the key to 'sitting down' and focusing on research and studying."

Reflecting on his decades of experience, Zhang attributes much of his success to the dynamic period of economic transformation in China.

After graduating from university, Zhang joined the Economic Research Institute of the Chinese Academy of Sciences, where he contributed to the theory of socialist economics under the leadership of Sun Yefang, director of the institute at the time. His relentless exploration of the "law of value" began there, culminating in a groundbreaking paper published in 1962 that examined the relationship between production costs and utility, making waves in both academic circles and among the wider public.

With the advent of reform and opening-up in the late 1970s, Zhang gradually adopted a market-oriented perspective on price reform. By 1983, he was appointed director of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, where he emphasized that price reform is key to the success of economic system reform.

Fang Hanting, a professor at Zhejiang University, highlighted Zhang's multifaceted research on value laws, crediting his robust reform theories for facilitating China's rapid development and social stability.

Throughout his career, Zhang has seamlessly intertwined his research with the needs of national development, ensuring that theoretical innovations were deeply rooted in practical applications.

"Researching reform is the duty of Chinese economists and a tremendous opportunity to contribute to our nation," Zhang said.

Upon receiving the Wu Yuzhang Lifetime Achievement Award for Humanities and Social Sciences in 2013, he said, "This era provides economists with fertile ground for research and a broad stage to showcase their talents."

Zhang said he believes that genuine knowledge comes from practice. He emphasizes that economic research should also address real-world problems and propose targeted solutions. His fieldwork in Zhejiang province during the early 1960s helped him gain insights into rural economic realities, he added.

He remains vigorous and engaged in contemporary economic reform discussions, particularly those concerning the building of a high-standard socialist market economy as outlined in the resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China in July.

"As China moves toward modernization, there are many new phenomena in the economy," Zhang said. "It's an excellent time for economists, including young scholars, to contribute ideas that enhance our modernization journey."