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Peng Zhou   FHEA MSc BSc (Hons) BA (Hons) PGCE PhD (Econ)

Dr Peng Zhou


FHEA MSc BSc (Hons) BA (Hons) PGCE PhD (Econ)

Reader in Economics

Cardiff Business School

+44 29206 88778
Aberconway Building, Room D47, Colum Road, Cathays, Cardiff, CF10 3EU
Media commentator
Available for postgraduate supervision


With a first-class degree in Philosophy at Peking University (北京大学) and an MSc in Economics and Finance at the University of York, I started my career in a consulting company, providing legal and financial advice for the government and businesses in infrastructure projects, such as power plants, water plants, sewage treatment plants, highways, and undergrounds. I left the company to pursue my PhD in Economics at Cardiff University, focusing on macroeconomic DSGE modelling and applied microeconomics. Quantitative modelling and data analysis are my specialties. 

After obtaining my PhD, I started my academic career as a lecturer in Economics and Finance at Cardiff Metropolitan University, and I was a guest lecturer at Cardiff University during the same time. I formally joined Cardiff Business School at Cardiff University since 2016. I am now a Reader in Economics and the director of Welsh Institute for Research in Economics and Development

My research in macroeconomics, entrepreneurship and policy evaluation has been published in top field journals such as Research Policy, Reginal Studies, Economic History Review, Energy Economics, Annals of Tourism Research, Journal of Economic Behavior and Organization, etc. 

Meanwhile, I keep a close connection with the industries, providing consultancy for, Ausnutria Dairy Co., Ltd and Peril Capital Ltd. I also contributed to the quantitative evaluation of the Welsh government’s Independent Living Adaptation scheme in 2014 and investigating the health needs of the homeless in 2016 (jointly with Shelter Cymru). My published article on international trade has attracted a wide attention in the British government, and was invited to present my findings at the House of Parliament in Feb 2015. I also wrote commentary articles for Oxford Analytica, with a wide readership ranging from United Nations to multinational businesses.
















Book sections


  • Wang, Y. and Zhou, P. 2017. Are we better off working in the public sector?. Presented at: 2016 International Conference on Applied Economics (ICOAE), Nicosia, Cyprus, 7-9 July 2016 Presented at Tsounis, N. and Vlachvei, A. eds.Advances in Applied Economic Research. Springer Proceedings in Business and Economics Cham, Switzerland: Springer International Publishing pp. 379-409., (10.1007/978-3-319-48454-9_28)




Research Interests

  • Macro Topics: Economic Growth, Business Cycle, Fiscal Devolution, Monetary Economics
  • Micro Topics: R&D and InnovationCulture and InstitutionBasic Goods, Labour Economics, Financial Economics, Public Economics, International Economics, Tourism Economics, Environmental Economics, Managerial Economics
  • Economic Modelling: DSGE Modelling, CGE Modelling, Agent-Based Modelling
  • Econometric Modelling: Applied Microeconometrics, Applied Macroeconometrics

Research Grants in UK

  • 2019-2020, An assessment of the possibilities, scope and practicality of a land value tax for Wales, £9,289 funded by Plaid Cymru (Party of Wales).
  • 2016-2017, Health Needs of the Homeless, with Shelter Cymru, £39,649 funded by Cymorth Cymru: Published Paper Project Report
  • 2016, Economic Effects of Income Tax Devolution in Wales, £2,000 funded by Peril Capital: Project Report Slides Poster
  • 2014-2015, Economic Evaluation of Independent Living Adaptations, with Shelter Cymru, £38,110 funded by Welsh Government: Project Report

Research Grants in China

  • 2023-2026, Effects of strong AI on wages and employments (强人工智能对企业工资和就业的影响机制研究), with Qiang Wu (UIBE), ¥200,000 funded by The National Social Science Fund of China, grant number: 23BJY133.
  • 2021-2024, Currency circulation and government bonds market reform (货币回流的经济安全与国债市场渐进式开放策略研究), with Dong Guo (China Development Bank), ¥200,000 funded by The National Social Science Fund of China, grant number: 21BGJ074.
  • 2018-2023, Prudential monetary policy in a double pillar regulation framework (双支柱调控框架下货币政策与宏观审慎政策协调机制研究), with Jianqiang Li (People's Bank of China), ¥200,000 funded by The National Social Science Fund of China, grant number: 18BJY237.
  • 2020-2021, Yield curve of government bonds as the benchmarks of policy rates (基准策略:国债收益率曲线作为存贷款利率基准可行性研究), with Dong Guo (China Development Bank), ¥30,000 funded by Renmin University of China.
  • 2020-2021, New strategies and standards of green bonds: the rise of blue bonds (将“构建海洋命运共同体”理念纳入中债绿色金融标准的策略研究:基于蓝色债券视角), with Dong Guo (China Development Bank), ¥30,000 funded by Renmin University of China.
  • 2018-2021, Optimal Fiscal Policy in China (最优财政支出规模与结构的理论分析及基于中国数据的实证研究), with Dr Xiaodong Chen (XJTU), ¥200,000 funded by The National Social Science Fund of China, grant number: 18BJL031.
  • 2018-2021, Technical Progress and Job Creation and Income Inequality (技术进步对岗位创造、收入不平等的影响:基于职位数据和DSGE的分析与预测), with Qiang Wu (UIBE), ¥100,000 funded by The Ministry of Education of China, grant number: 19YJA790089.
  • 2018-2021, Public Service and Economic Development (公共服务均等化对武陵山片区经济发展的影响机制与实证研究), with Li Dai (Hunan University), ¥40,000 funded by The Natural Science Fund of Hunan Province, grant number: 2018JJ2067.

For more information, please go to my website.


Teaching commitments

For more information, please go to my website.



  • PhD Economics, Cardiff University
  • MSc Economics and Finance, York
  • BA Philosophy & BSc Economics (Dual), Peking University (北京大学)


  • WSET Level 2 Award in Wines and Spirits.
  • The Higher Education Academy, PgC in Teaching in Higher Education.


  • The Royal Economic Society.
  • The European Economic Association.
  • The American Economic Association.

Honours and awards

  • The Innovation in Learning and Teaching Award, Cardiff Business School.
  • Chinese Government Award for Outstanding Self-Financed Students Abroad.
  • Overseas Research Students (ORS) Awards Scheme, HEFCW.
  • Julian Hodge Macroeconomic Study Bursary, Julian Hodge Bank, UK.

Professional memberships

  • WSET Level 2 Award in Wines and Spirit Tasting
  • Fellowship of The Higher Education Academy (via PgC THE)
  • Membership of The American Economic Association
  • Membership of The European Economic Association
  • Membership of The Royal Economic Society

Academic positions

  • Lecturer in Economics and Finance, Cardiff Metropolitan University.

Speaking engagements

  • 28.06.2023: BBC on economic growth in China.
  • 20.05.2021: All-Party Parliamentary Group on language investment and trade.
  • 08.07.2019: ITV on regional growth and closure of Ford factory in Bridgend.
  • 22.02.2015: The House of Parliament on language investment and trade in the UK.

Committees and reviewing

  • Referee for the ESRC research fund applications, Reginal Studies, Energy Economics, Journal of Population Economics, Oxford Economic Papers, Journal of Financial Markets Institutions and Money, Socio-Economic Planning Sciences, Applied Economics, Economic Modelling, etc.


  • Economic Growth
  • Business Cycles
  • Financial Economics

Current supervision

Shijie Jin

Shijie Jin

Research student

Xueying Hu

Xueying Hu

Research student

Shuhao Zhang

Shuhao Zhang

Graduate Tutor

Research themes


  • Applied economics
  • Macroeconomics
  • Innovation management
  • Sustainability
  • Banking, finance and investment