![Peng Zhou PhD, FLSW, PFHEA](https://profiles-cardiff.imgix.net/attachments/10172?w=200&h=200&auto=format&crop=faces&fit=crop&q=90")
Professor Peng Zhou
(he/him)
PhD, FLSW, PFHEA
- Media commentator
- Available for postgraduate supervision
Teams and roles for Peng Zhou
Professor of Economics, Director of Cardiff Confucius Institute
Overview
With a bachelor degree in Philosophy from Peking University (北京大学) and an MSc in Economics and Finance from the University of York, Peng started his career in a consulting company, where I provided legal and financial advice to governments and businesses on infrastructure projects, including power plants, water plants, sewage treatment plants, highways, and underground transport systems. He later left the company to pursue a PhD in Economics at Cardiff University, focusing on macroeconomic DSGE modelling and applied microeconomics.
Peng formally joined Cardiff Business School in 2016. He is now Professor of Economics and Director of the China Centre for Business Research and the Welsh Institute for Research in Economics and Development. During 2025-26, Peng served as University Dean of International in the Vice-Chancellor Office. His leadership responsibilities mainly covered partnerships in Greater China and Transnational Education (TNE). As part of his senior management role, Peng also served as Director of Cardiff Confucius Institute.
Peng's research has been published in leading field journals, including Research Policy, Reginal Studies, Economic History Review, Journal of Business Ethics, Annals of Tourism Research, Energy Economics, Journal of Economic Behavior and Organization, etc. He was elected as a Fellow of the Learned Society of Wales (FLSW) for his research dedicated to the development and welfare of Wales. He was also awarded a Principal Fellow of the Higher Education Academy (PFHEA) for his contributions to pedagogic innovation and strategic leadership in higher education. Drawing on their decades of teaching and research experience, Peng and his coauthor published the textbook "Applied Economics in Globalised Economies: Problems and Policies" with Palgrave Macmillan. Lecture slides, test banks, data & codes, and podcasts are available here.
Alongside his academic work, Peng has maintained close links with industry and policy practice, providing consultancy for Confused.com, Ausnutria Dairy Co. Ltd, and Peril Capital Ltd. He also contributed to the evaluation of the Welsh Government-funded Independent Living Adaptations scheme and to research investigating the health needs of people experiencing homelessness. He has been invited to present his findings at the Houses of Parliament in London and the Welsh Assembly. Peng also regularly contributes expert opinions and interviews to media outlets, including the BBC, ITV, The Conversation, Times Higher Education, and Oxford Analytica.
Publication
2026
- Zhou, P. et al. 2026. Green bonds and the energy transition: From instrumental use to intrinsic value. Energy Economics 161 109503. (10.1016/j.eneco.2026.109503)
- Xiong, J. et al., 2026. Countercyclical policy bank loans and economic stability: evidence from China’s listed firms. Applied Economics (10.1080/00036846.2026.2714938)
- Zhou, P. 2026. If students are seeking jobs more than knowledge, HE must respond. [Online].Times Higher Education. Available at: https://www.timeshighereducation.com/depth/if-students-are-seeking-jobs-more-knowledge-he-must-respond.
- Zhou, P. and Guo, D. 2026. Climate finance in the net-zero transition. Singapore: Springer Nature. (10.1007/978-981-92-0827-2)
- Zhou, P. et al. 2026. Has TNE become the future of internationalisation?. [Online].Times Higher Education. Available at: https://www.timeshighereducation.com/depth/has-tne-become-future-internationalisation.
- Guo, D. and Zhou, P. 2026. Beating financial swords into developmental plowshares: From weapon to wagon. Singapore: Springer Nature Singapore. (10.1007/978-981-95-5152-1)
- Chen, X. , Mi, H. and Zhou, P. 2026. Interdependence of government expenditure among European countries: Productivity spillover and strategic interaction. Economic Inquiry 64 (2), pp.681-701. (10.1111/ecin.70032)
- Wu, Q. and Zhou, P. 2026. How does artificial intelligence change carbon emission intensity? A firm lifecycle perspective. Applied Economics 58 (16), pp.3103-3120. (10.1080/00036846.2025.2482927)
- Zhou, P. and Zhang, Y. 2026. Major conundrums and possible solutions in DeFi insurance. International Journal of Finance & Economics 31 (1), pp.489-501. (10.1002/ijfe.3154)
- Lei, H. et al., 2026. Unveiling the masking effect: the role of R&D human capital in collaborative innovation and sustainability. Journal of Intellectual Capital 27 (1), pp.61-88. (10.1108/JIC-09-2024-0281)
- Wu, J. , Zhou, P. and Tao, N. 2026. MBAs are a worsening deal for Chinese students – and university treasurers. [Online].Times Higher Education: Available at: https://www.timeshighereducation.com/depth/mbas-are-worsening-deal-chinese-students-and-university-treasurers.
2025
- Xu, Y. et al., 2025. A high-frequency digital economy index: text analysis and factor analysis based on big data. Applied Economics Letters 32 (19), pp.2815-2820. (10.1080/13504851.2024.2349128)
- Yin, W. et al., 2025. Exploring resilience in the cryptocurrency market: Risk transmission and network robustness. International Review of Financial Analysis 106 104546. (10.1016/j.irfa.2025.104546)
- Zhou, P. et al. 2025. Choices and effects of different green labels in the EU bond market. Journal of Business Ethics 200 , pp.207-229. (10.1007/s10551-024-05847-0)
- Foreman-Peck, J. and Zhou, P. 2025. Applied economics in globalised economies: problems and policies. Palgrave Macmillan. (10.1007/978-3-031-85621-1)
- Yang, X. and Zhou, P. 2025. Unveiling citation bias in economics: Taste-based discrimination against Chinese-authored papers. Labour Economics 94 102725. (10.1016/j.labeco.2025.102725)
- Zhou, P. 2025. Chinese research isn't taken as seriously as papers from elsewhere - my new study. [Online].Vol. 8 MayThe Conversation Trust. Available at: https://theconversation.com/chinese-research-isnt-taken-as-seriously-as-papers-from-elsewhere-my-new-study-255794.
- Zhou, P. 2025. What 2,000 years of Chinese history reveals about today's AI-driven technology panic - and the future of inequality. [Online].The Conversation Trust. Available at: https://theconversation.com/what-2-000-years-of-chinese-history-reveals-about-todays-ai-driven-technology-panic-and-the-future-of-inequality-254505.
- Huang, J. and Zhou, P. 2025. Causes and effects of social media engagement in luxury fashion marketing: a comparative study over the COVID pandemic. Journal of Current Issues and Research in Advertising 46 (2), pp.224-239. (10.1080/10641734.2024.2377547)
- Yang, X. , Zhou, P. and Dong, X. 2025. Wealth inequality, entrepreneurship, and aggregate output: a tale of two centuries in the UK. Macroeconomic Dynamics 29 e74. (10.1017/S1365100525000045)
- Zhou, P. , Gai, Y. and Wang, C. 2025. Determination of urban land value: a systematic literature review. Journal of Accounting Literature (10.1108/JAL-10-2024-0272)
- Wu, Q. , Tong, G. and Zhou, P. 2025. Long-term wage inequality in imperial China: From 202 BCE to 1912 CE. PLoS ONE 20 (1) e0315627. (10.1371/journal.pone.0315627)
- Zhou, P. and Guo, D. 2025. Sanctions, co-sanctions, and counter-sanctions: a multilateral, evolutionary game among three global powers. Defence and Peace Economics 36 (1), pp.60-85. (10.1080/10242694.2023.2289820)
- Huang, J. and Zhou, P. 2025. Open innovation and entrepreneurship: a review from the perspective of sustainable business models. Sustainability 17 (3) 939. (10.3390/su17030939)
2024
- Zhang, Y. , Gong, B. and Zhou, P. 2024. Centralized use of decentralized technology: Tokenization of currencies and assets. Structural Change and Economic Dynamics 71 , pp.15-25. (10.1016/j.strueco.2024.06.006)
- Zhang, Y. et al., 2024. Evolution or involution? A systematic literature review of organisations' blockchain adoption factors. Technological Forecasting and Social Change 208 123710. (10.1016/j.techfore.2024.123710)
- Chen, X. , Mi, H. and Zhou, P. 2024. Whether to decentralize and how to decentralize? The optimal fiscal federalism in an endogenous growth model. Applied Economics 56 (29), pp.3499-3516. (10.1080/00036846.2023.2206629)
- Zhou, P. 2024. Make lectures match how we learn: The nonlinear teaching approach to economics. Education Sciences 14 (5) 509. (10.3390/educsci14050509)
2023
- Foreman-Peck, J. and Zhou, P. 2023. Specialisation precedes diversification: R&D productivity effects. Research Policy 52 (7) 104808. (10.1016/j.respol.2023.104808)
- Wei, H. , Tu, Y. and Zhou, P. 2023. Technical barriers to trade and export performance: Comparing exiting and staying firms. Economic Modelling 126 106439. (10.1016/j.econmod.2023.106439)
- Wei, H. , Deng, L. and Zhou, P. 2023. The impact of globalization on domestic employment. Applied Economics 55 (29), pp.3390-3403. (10.1080/00036846.2022.2114998)
- Guo, D. and Zhou, P. 2023. The evolution of financial market infrastructure: from digitalization to tokenization. International Journal of Innovation and Entrepreneurship 2 (1) 2. (10.56502/IJIE2010002)
2022
- Yun, Z. , Zhou, P. and Zhang, B. 2022. High-performance work systems, thriving at work, and job burnout among nurses in Chinese public hospitals: The role of resilience at work. Healthcare 10 (10) 1935. (10.3390/healthcare10101935)
- Zhou, P. et al. 2022. Editorial: bridging the gap between innovation and entrepreneurship. International Journal of Innovation and Entrepreneurship (10.56502/IJIE1010001)
- Foreman-Peck, J. and Zhou, P. 2022. R&D subsidies and productivity in eastern European countries. Economic Systems 46 (2) 100978. (10.1016/j.ecosys.2022.100978)
- Yang, X. and Zhou, P. 2022. Wealth inequality and social mobility: A simulation-based modelling approach. Journal of Economic Behavior and Organization 196 , pp.307-329. (10.1016/j.jebo.2022.02.012)
- Zhang, B. et al., 2022. The boundary conditions of high-performance work systems-organizational citizenship behavior relationship: a multiple-perspective exploration in the Chinese context. Frontiers in Psychology 12 743457. (10.3389/fpsyg.2021.743457)
2021
- Guo, D. and Zhou, P. 2021. Green bonds as hedging assets before and after COVID: a comparative study between the US and China. Energy Economics 104 105696. (10.1016/j.eneco.2021.105696)
- Guo, D. and Zhou, P. 2021. The rise of a new anchor currency in RCEP? A tale of three currencies. Economic Modelling 104 105647. (10.1016/j.econmod.2021.105647)
- Zhang, B. and Zhou, P. 2021. Financial development and economic growth in a microfounded small open economy model. North American Journal of Economics and Finance 58 101544. (10.1016/j.najef.2021.101544)
- Wang, C. et al. 2021. Shadow banking activity and entrusted loans in a DSGE model of China. Manchester School 89 (5), pp.445-469. (10.1111/manc.12319)
- Zhou, B. , Zhang, Y. and Zhou, P. 2021. Multilateral political effects on outbound tourism. Annals of Tourism Research 88 103184. (10.1016/j.annals.2021.103184)
- Zhang, B. , Zhang, Y. and Zhou, P. 2021. Consumer attitude towards sustainability of fast fashion products in the UK. Sustainability 13 (4) 1646. (10.3390/su13041646)
- Zhou, P. 2021. Separating yolk from white: a filter based on economic properties of trend and cycle. International Journal of Computational Economics and Econometrics 11 (1), pp.78-83. (10.1504/IJCEE.2021.111716)
2020
- Zhang, B. and Zhou, P. 2020. An economic evaluation framework for government-funded home adaptation schemes: a quantitative approach. Healthcare 8 (3) 345. (10.3390/healthcare8030345)
- Foreman-Peck, J. and Zhou, P. 2020. Fertility versus productivity: a model of growth with evolutionary equilibria. Journal of Population Economics 34 , pp.1073-1104. (10.1007/s00148-020-00813-2)
- Huang, J. , Matthews, K. and Zhou, P. 2020. What causes Chinese listed firms to switch bank loan provider? Evidence from a survival analysis. Emerging Markets Review 43 100678. (10.1016/j.ememar.2020.100678)
- Dai, L. and Zhou, P. 2020. The health issues of the homeless and the homeless issues of the ill-health. Socio-Economic Planning Sciences 69 100677. (10.1016/j.seps.2018.12.004)
- Foreman-Peck, J. and Zhou, P. 2020. Devolving fiscal policy: migration and tax yields. Regional Studies 54 (3), pp.308-317. (10.1080/00343404.2019.1602256)
- Foreman-Peck, J. and Zhou, P. 2020. Welsh taxes. Welsh Economic Review 27 , pp.18-24. (10.18573/wer.254)
- Zhou, P. 2020. Use semi-structured discussion in health economics seminars. In: Al-Sartawi, A. et al., Global Approaches to Sustainability Through Learning and Education. IGI Global. , pp.200-206. (10.4018/978-1-7998-0062-0.ch012)
- Minford, P. , Wang, Y. and Zhou, P. 2020. Resolving the public-sector wage premium puzzle by indirect inference. Applied Economics 52 (7), pp.726-741. (10.1080/00036846.2019.1648748)
2019
- Foreman-Peck, J. and Zhou, P. 2019. Response to Edwards and Ogilvie. Economic History Review 72 (4), pp.1477-1450. (10.1111/ehr.12819)
- Zhou, P. and Dixon, H. 2019. The determinants of price rigidity in the UK: Analysis of the CPI and PPI microdata and application to macrodata modelling. Manchester School 87 (5), pp.640-677. (10.1111/manc.12263)
- Wang, Y. and Zhou, P. 2019. The public sector wage premium puzzle. International Journal of Computational Economics and Econometrics 9 (4), pp.287-307. (10.1504/IJCEE.2019.10021464)
2018
- Foreman-Peck, J. and Zhou, P. 2018. Late marriage as a contributor to the Industrial Revolution in England. Economic History Review 71 (4), pp.1073-1099. (10.1111/ehr.12651)
- White, G. R. T. et al., 2018. Religious heterogeneity of food consumers: the impact of global markets upon methods of production. Journal of Consumer Behaviour 17 (1), pp.3-12. (10.1002/cb.1658)
2017
- Thomas, A. M. et al., 2017. Challenges and practices in Halal meat preparation: a case study investigation of a UK slaughterhouse. Total Quality Management & Business Excellence 28 (1-2), pp.12-31. (10.1080/14783363.2015.1044892)
- Ahmed, S. , Yousseff, N. and Zhou, P. 2017. The effect of board structure on stock picking and market timing abilities of the Egyptian mutual fund managers: Evidence from financial crisis. European Journal of Business and Management 9 , pp.91-110.
- Chen, X. et al., 2017. Who provides the capital for Chinese growth: the public or the private sector?. Applied Economics 49 (23), pp.2238-2252. (10.1080/00036846.2016.1234704)
- 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. Published in: 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)
- Zhou, P. , Youssef, N. and Sakr, A. 2017. The effect of board structure on Egyptian mutual fund fees: a structural equation model analysis. European Journal of Business and Management 9 , pp.86-104.
2016
- Zhou, P. 2016. The Role of SOEs in the Chinese Growth Miracle: A “Pancake Theory”. International Journal of Economics & Management Sciences 06 (01) 1000393. (10.4172/2162-6359.1000393)
- Dai, L. and Zhou, P. 2016. Bubbles and overshooting crash. Business and Economics Journal 7 (4) 263. (10.4172/2151-6219.1000263)
- Zhou, P. and Li, D. 2016. Investment and technology upgrade of milk powder producers: A comparative study of Chinese and Dutch firms. Journal of Food and Dairy Technology 4 (4), pp.45-51.
- Zhou, P. and Li, D. 2016. Some new features of the global dairy industry. Journal of Food and Dairy Technology 4 (4), pp.38-44.
- Dai, L. and Zhou, P. 2016. Practice-oriented model selection in Forex market. International Journal of Economics & Management Sciences 5 (6) 1000383. (10.4172/2162-6359.1000383)
- Zhou, P. 2016. Money demand in China: A banking approach. International Journal of Economics & Management Sciences 5 (6) 1000381. (10.4172/2162-6359.1000381)
2015
- Foreman-Peck, J. and Zhou, P. 2015. Firm-level evidence for the language investment effect on SME Exporters. Scottish Journal of Political Economy 62 (4), pp.351-377.
- Bibbings, J. et al., 2015. A review of independent living adaptations. Project Report.Cardiff: Crown Copyright.
- Li, D. , Minford, A. P. L. and Zhou, P. 2015. A DSGE model of China. Applied Economics 47 (59), pp.6438-6460. (10.1080/00036846.2015.1071477)
- Minford, A. P. L. , Xu, Y. and Zhou, P. 2015. How good are out of sample forecasting tests on DSGE models?. Italian Economic Journal 1 (3), pp.333-351. (10.1007/s40797-015-0020-9)
2014
- Foreman-Peck, J. and Zhou, P. 2014. Cultures of female entrepreneurship. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. and Zhou, P. 2014. The rise of the English economy 1300-1900: a lasting response to demographic shocks. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. S. and Zhou, P. 2014. Cultures of female entrepreneurship. International Review of entrepreneurship 12 (1), pp.1-22.
- Foreman-Peck, J. S. and Zhou, P. 2014. Firm-level evidence for the language investment effect on SME exporters. Working paper. Cardiff: Cardiff University.
- Minford, A. P. L. , Xu, Y. and Zhou, P. 2014. How good are out of sample forecasting tests on DSGE models?. Working paper. Cardiff: Cardiff University.
2013
- Foreman-Peck, J. S. and Zhou, P. 2013. The strength and persistence of entrepreneurial cultures. Journal of Evolutionary Economics 23 (1), pp.163-187. (10.1007/s00191-011-0239-z)
2012
- Zhou, P. 2012. Microdata analysis of price setting behaviour and macrodata analysis of heterogeneous DSGE models. PhD Thesis , Cardiff University.
2010
- Dixon, H. and Zhou, P. 2010. An empirical study on price rigidity. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. S. and Zhou, P. 2010. Entrepreneurial culture or institutions? A twentieth century resolution. In: García-Ruiz, J. L. and Toninelli, P. A. eds. The determinants of entrepreneurship: leadership, culture, institutions. Perspectives in economic and social history Vol. 7.London: Pickering and Chatto. , pp.125-142.
- Foreman-Peck, J. S. and Zhou, P. 2010. The strength and persistence of entrepreneurial cultures. Working paper. Cardiff: Cardiff University.
Articles
- Zhou, P. et al. 2026. Green bonds and the energy transition: From instrumental use to intrinsic value. Energy Economics 161 109503. (10.1016/j.eneco.2026.109503)
- Xiong, J. et al., 2026. Countercyclical policy bank loans and economic stability: evidence from China’s listed firms. Applied Economics (10.1080/00036846.2026.2714938)
- Chen, X. , Mi, H. and Zhou, P. 2026. Interdependence of government expenditure among European countries: Productivity spillover and strategic interaction. Economic Inquiry 64 (2), pp.681-701. (10.1111/ecin.70032)
- Wu, Q. and Zhou, P. 2026. How does artificial intelligence change carbon emission intensity? A firm lifecycle perspective. Applied Economics 58 (16), pp.3103-3120. (10.1080/00036846.2025.2482927)
- Zhou, P. and Zhang, Y. 2026. Major conundrums and possible solutions in DeFi insurance. International Journal of Finance & Economics 31 (1), pp.489-501. (10.1002/ijfe.3154)
- Lei, H. et al., 2026. Unveiling the masking effect: the role of R&D human capital in collaborative innovation and sustainability. Journal of Intellectual Capital 27 (1), pp.61-88. (10.1108/JIC-09-2024-0281)
- Xu, Y. et al., 2025. A high-frequency digital economy index: text analysis and factor analysis based on big data. Applied Economics Letters 32 (19), pp.2815-2820. (10.1080/13504851.2024.2349128)
- Yin, W. et al., 2025. Exploring resilience in the cryptocurrency market: Risk transmission and network robustness. International Review of Financial Analysis 106 104546. (10.1016/j.irfa.2025.104546)
- Zhou, P. et al. 2025. Choices and effects of different green labels in the EU bond market. Journal of Business Ethics 200 , pp.207-229. (10.1007/s10551-024-05847-0)
- Yang, X. and Zhou, P. 2025. Unveiling citation bias in economics: Taste-based discrimination against Chinese-authored papers. Labour Economics 94 102725. (10.1016/j.labeco.2025.102725)
- Huang, J. and Zhou, P. 2025. Causes and effects of social media engagement in luxury fashion marketing: a comparative study over the COVID pandemic. Journal of Current Issues and Research in Advertising 46 (2), pp.224-239. (10.1080/10641734.2024.2377547)
- Yang, X. , Zhou, P. and Dong, X. 2025. Wealth inequality, entrepreneurship, and aggregate output: a tale of two centuries in the UK. Macroeconomic Dynamics 29 e74. (10.1017/S1365100525000045)
- Zhou, P. , Gai, Y. and Wang, C. 2025. Determination of urban land value: a systematic literature review. Journal of Accounting Literature (10.1108/JAL-10-2024-0272)
- Wu, Q. , Tong, G. and Zhou, P. 2025. Long-term wage inequality in imperial China: From 202 BCE to 1912 CE. PLoS ONE 20 (1) e0315627. (10.1371/journal.pone.0315627)
- Zhou, P. and Guo, D. 2025. Sanctions, co-sanctions, and counter-sanctions: a multilateral, evolutionary game among three global powers. Defence and Peace Economics 36 (1), pp.60-85. (10.1080/10242694.2023.2289820)
- Huang, J. and Zhou, P. 2025. Open innovation and entrepreneurship: a review from the perspective of sustainable business models. Sustainability 17 (3) 939. (10.3390/su17030939)
- Zhang, Y. , Gong, B. and Zhou, P. 2024. Centralized use of decentralized technology: Tokenization of currencies and assets. Structural Change and Economic Dynamics 71 , pp.15-25. (10.1016/j.strueco.2024.06.006)
- Zhang, Y. et al., 2024. Evolution or involution? A systematic literature review of organisations' blockchain adoption factors. Technological Forecasting and Social Change 208 123710. (10.1016/j.techfore.2024.123710)
- Chen, X. , Mi, H. and Zhou, P. 2024. Whether to decentralize and how to decentralize? The optimal fiscal federalism in an endogenous growth model. Applied Economics 56 (29), pp.3499-3516. (10.1080/00036846.2023.2206629)
- Zhou, P. 2024. Make lectures match how we learn: The nonlinear teaching approach to economics. Education Sciences 14 (5) 509. (10.3390/educsci14050509)
- Foreman-Peck, J. and Zhou, P. 2023. Specialisation precedes diversification: R&D productivity effects. Research Policy 52 (7) 104808. (10.1016/j.respol.2023.104808)
- Wei, H. , Tu, Y. and Zhou, P. 2023. Technical barriers to trade and export performance: Comparing exiting and staying firms. Economic Modelling 126 106439. (10.1016/j.econmod.2023.106439)
- Wei, H. , Deng, L. and Zhou, P. 2023. The impact of globalization on domestic employment. Applied Economics 55 (29), pp.3390-3403. (10.1080/00036846.2022.2114998)
- Guo, D. and Zhou, P. 2023. The evolution of financial market infrastructure: from digitalization to tokenization. International Journal of Innovation and Entrepreneurship 2 (1) 2. (10.56502/IJIE2010002)
- Yun, Z. , Zhou, P. and Zhang, B. 2022. High-performance work systems, thriving at work, and job burnout among nurses in Chinese public hospitals: The role of resilience at work. Healthcare 10 (10) 1935. (10.3390/healthcare10101935)
- Zhou, P. et al. 2022. Editorial: bridging the gap between innovation and entrepreneurship. International Journal of Innovation and Entrepreneurship (10.56502/IJIE1010001)
- Foreman-Peck, J. and Zhou, P. 2022. R&D subsidies and productivity in eastern European countries. Economic Systems 46 (2) 100978. (10.1016/j.ecosys.2022.100978)
- Yang, X. and Zhou, P. 2022. Wealth inequality and social mobility: A simulation-based modelling approach. Journal of Economic Behavior and Organization 196 , pp.307-329. (10.1016/j.jebo.2022.02.012)
- Zhang, B. et al., 2022. The boundary conditions of high-performance work systems-organizational citizenship behavior relationship: a multiple-perspective exploration in the Chinese context. Frontiers in Psychology 12 743457. (10.3389/fpsyg.2021.743457)
- Guo, D. and Zhou, P. 2021. Green bonds as hedging assets before and after COVID: a comparative study between the US and China. Energy Economics 104 105696. (10.1016/j.eneco.2021.105696)
- Guo, D. and Zhou, P. 2021. The rise of a new anchor currency in RCEP? A tale of three currencies. Economic Modelling 104 105647. (10.1016/j.econmod.2021.105647)
- Zhang, B. and Zhou, P. 2021. Financial development and economic growth in a microfounded small open economy model. North American Journal of Economics and Finance 58 101544. (10.1016/j.najef.2021.101544)
- Wang, C. et al. 2021. Shadow banking activity and entrusted loans in a DSGE model of China. Manchester School 89 (5), pp.445-469. (10.1111/manc.12319)
- Zhou, B. , Zhang, Y. and Zhou, P. 2021. Multilateral political effects on outbound tourism. Annals of Tourism Research 88 103184. (10.1016/j.annals.2021.103184)
- Zhang, B. , Zhang, Y. and Zhou, P. 2021. Consumer attitude towards sustainability of fast fashion products in the UK. Sustainability 13 (4) 1646. (10.3390/su13041646)
- Zhou, P. 2021. Separating yolk from white: a filter based on economic properties of trend and cycle. International Journal of Computational Economics and Econometrics 11 (1), pp.78-83. (10.1504/IJCEE.2021.111716)
- Zhang, B. and Zhou, P. 2020. An economic evaluation framework for government-funded home adaptation schemes: a quantitative approach. Healthcare 8 (3) 345. (10.3390/healthcare8030345)
- Foreman-Peck, J. and Zhou, P. 2020. Fertility versus productivity: a model of growth with evolutionary equilibria. Journal of Population Economics 34 , pp.1073-1104. (10.1007/s00148-020-00813-2)
- Huang, J. , Matthews, K. and Zhou, P. 2020. What causes Chinese listed firms to switch bank loan provider? Evidence from a survival analysis. Emerging Markets Review 43 100678. (10.1016/j.ememar.2020.100678)
- Dai, L. and Zhou, P. 2020. The health issues of the homeless and the homeless issues of the ill-health. Socio-Economic Planning Sciences 69 100677. (10.1016/j.seps.2018.12.004)
- Foreman-Peck, J. and Zhou, P. 2020. Devolving fiscal policy: migration and tax yields. Regional Studies 54 (3), pp.308-317. (10.1080/00343404.2019.1602256)
- Foreman-Peck, J. and Zhou, P. 2020. Welsh taxes. Welsh Economic Review 27 , pp.18-24. (10.18573/wer.254)
- Minford, P. , Wang, Y. and Zhou, P. 2020. Resolving the public-sector wage premium puzzle by indirect inference. Applied Economics 52 (7), pp.726-741. (10.1080/00036846.2019.1648748)
- Foreman-Peck, J. and Zhou, P. 2019. Response to Edwards and Ogilvie. Economic History Review 72 (4), pp.1477-1450. (10.1111/ehr.12819)
- Zhou, P. and Dixon, H. 2019. The determinants of price rigidity in the UK: Analysis of the CPI and PPI microdata and application to macrodata modelling. Manchester School 87 (5), pp.640-677. (10.1111/manc.12263)
- Wang, Y. and Zhou, P. 2019. The public sector wage premium puzzle. International Journal of Computational Economics and Econometrics 9 (4), pp.287-307. (10.1504/IJCEE.2019.10021464)
- Foreman-Peck, J. and Zhou, P. 2018. Late marriage as a contributor to the Industrial Revolution in England. Economic History Review 71 (4), pp.1073-1099. (10.1111/ehr.12651)
- White, G. R. T. et al., 2018. Religious heterogeneity of food consumers: the impact of global markets upon methods of production. Journal of Consumer Behaviour 17 (1), pp.3-12. (10.1002/cb.1658)
- Thomas, A. M. et al., 2017. Challenges and practices in Halal meat preparation: a case study investigation of a UK slaughterhouse. Total Quality Management & Business Excellence 28 (1-2), pp.12-31. (10.1080/14783363.2015.1044892)
- Ahmed, S. , Yousseff, N. and Zhou, P. 2017. The effect of board structure on stock picking and market timing abilities of the Egyptian mutual fund managers: Evidence from financial crisis. European Journal of Business and Management 9 , pp.91-110.
- Chen, X. et al., 2017. Who provides the capital for Chinese growth: the public or the private sector?. Applied Economics 49 (23), pp.2238-2252. (10.1080/00036846.2016.1234704)
- Zhou, P. , Youssef, N. and Sakr, A. 2017. The effect of board structure on Egyptian mutual fund fees: a structural equation model analysis. European Journal of Business and Management 9 , pp.86-104.
- Zhou, P. 2016. The Role of SOEs in the Chinese Growth Miracle: A “Pancake Theory”. International Journal of Economics & Management Sciences 06 (01) 1000393. (10.4172/2162-6359.1000393)
- Dai, L. and Zhou, P. 2016. Bubbles and overshooting crash. Business and Economics Journal 7 (4) 263. (10.4172/2151-6219.1000263)
- Zhou, P. and Li, D. 2016. Investment and technology upgrade of milk powder producers: A comparative study of Chinese and Dutch firms. Journal of Food and Dairy Technology 4 (4), pp.45-51.
- Zhou, P. and Li, D. 2016. Some new features of the global dairy industry. Journal of Food and Dairy Technology 4 (4), pp.38-44.
- Dai, L. and Zhou, P. 2016. Practice-oriented model selection in Forex market. International Journal of Economics & Management Sciences 5 (6) 1000383. (10.4172/2162-6359.1000383)
- Zhou, P. 2016. Money demand in China: A banking approach. International Journal of Economics & Management Sciences 5 (6) 1000381. (10.4172/2162-6359.1000381)
- Foreman-Peck, J. and Zhou, P. 2015. Firm-level evidence for the language investment effect on SME Exporters. Scottish Journal of Political Economy 62 (4), pp.351-377.
- Li, D. , Minford, A. P. L. and Zhou, P. 2015. A DSGE model of China. Applied Economics 47 (59), pp.6438-6460. (10.1080/00036846.2015.1071477)
- Minford, A. P. L. , Xu, Y. and Zhou, P. 2015. How good are out of sample forecasting tests on DSGE models?. Italian Economic Journal 1 (3), pp.333-351. (10.1007/s40797-015-0020-9)
- Foreman-Peck, J. S. and Zhou, P. 2014. Cultures of female entrepreneurship. International Review of entrepreneurship 12 (1), pp.1-22.
- Foreman-Peck, J. S. and Zhou, P. 2013. The strength and persistence of entrepreneurial cultures. Journal of Evolutionary Economics 23 (1), pp.163-187. (10.1007/s00191-011-0239-z)
Book sections
- Zhou, P. 2020. Use semi-structured discussion in health economics seminars. In: Al-Sartawi, A. et al., Global Approaches to Sustainability Through Learning and Education. IGI Global. , pp.200-206. (10.4018/978-1-7998-0062-0.ch012)
- Foreman-Peck, J. S. and Zhou, P. 2010. Entrepreneurial culture or institutions? A twentieth century resolution. In: García-Ruiz, J. L. and Toninelli, P. A. eds. The determinants of entrepreneurship: leadership, culture, institutions. Perspectives in economic and social history Vol. 7.London: Pickering and Chatto. , pp.125-142.
Books
- Zhou, P. and Guo, D. 2026. Climate finance in the net-zero transition. Singapore: Springer Nature. (10.1007/978-981-92-0827-2)
- Guo, D. and Zhou, P. 2026. Beating financial swords into developmental plowshares: From weapon to wagon. Singapore: Springer Nature Singapore. (10.1007/978-981-95-5152-1)
- Foreman-Peck, J. and Zhou, P. 2025. Applied economics in globalised economies: problems and policies. Palgrave Macmillan. (10.1007/978-3-031-85621-1)
Conferences
- 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. Published in: 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)
Monographs
- Bibbings, J. et al., 2015. A review of independent living adaptations. Project Report.Cardiff: Crown Copyright.
- Foreman-Peck, J. and Zhou, P. 2014. Cultures of female entrepreneurship. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. and Zhou, P. 2014. The rise of the English economy 1300-1900: a lasting response to demographic shocks. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. S. and Zhou, P. 2014. Firm-level evidence for the language investment effect on SME exporters. Working paper. Cardiff: Cardiff University.
- Minford, A. P. L. , Xu, Y. and Zhou, P. 2014. How good are out of sample forecasting tests on DSGE models?. Working paper. Cardiff: Cardiff University.
- Dixon, H. and Zhou, P. 2010. An empirical study on price rigidity. Working paper. Cardiff: Cardiff University.
- Foreman-Peck, J. S. and Zhou, P. 2010. The strength and persistence of entrepreneurial cultures. Working paper. Cardiff: Cardiff University.
Thesis
- Zhou, P. 2012. Microdata analysis of price setting behaviour and macrodata analysis of heterogeneous DSGE models. PhD Thesis , Cardiff University.
Websites
- Zhou, P. 2026. If students are seeking jobs more than knowledge, HE must respond. [Online].Times Higher Education. Available at: https://www.timeshighereducation.com/depth/if-students-are-seeking-jobs-more-knowledge-he-must-respond.
- Zhou, P. et al. 2026. Has TNE become the future of internationalisation?. [Online].Times Higher Education. Available at: https://www.timeshighereducation.com/depth/has-tne-become-future-internationalisation.
- Wu, J. , Zhou, P. and Tao, N. 2026. MBAs are a worsening deal for Chinese students – and university treasurers. [Online].Times Higher Education: Available at: https://www.timeshighereducation.com/depth/mbas-are-worsening-deal-chinese-students-and-university-treasurers.
- Zhou, P. 2025. Chinese research isn't taken as seriously as papers from elsewhere - my new study. [Online].Vol. 8 MayThe Conversation Trust. Available at: https://theconversation.com/chinese-research-isnt-taken-as-seriously-as-papers-from-elsewhere-my-new-study-255794.
- Zhou, P. 2025. What 2,000 years of Chinese history reveals about today's AI-driven technology panic - and the future of inequality. [Online].The Conversation Trust. Available at: https://theconversation.com/what-2-000-years-of-chinese-history-reveals-about-todays-ai-driven-technology-panic-and-the-future-of-inequality-254505.
Research
Research Interests
- Macro Topics: Economic Growth, Business Cycle, Economic Inequality, Fiscal Devolution
- Micro Topics: R&D and Innovation, Culture and Institution, Basic Goods, Labour Economics, Financial Economics, Public Economics, International Economics
- Interdisciplinary Topics: Digital Economy, Sustainable Economy
- 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): Published Paper in Regional Studies, Published Paper in Welsh Economic Review
- 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: Published Paper, Project Report
Research Grants in China
- 2025-2028, Research on the dual functions of innovation incentives and distribution regulation of fiscal policy in the era of AI (人工智能时代财政政策的创新激励与分配调节双重功能研究), with Xiaodong Chen (XJTU), ¥200,000 funded by The National Social Science Fund of China, grant number: 25BJL020.
- 2023-2026, Effects of 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.
- 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
Teaching commitments
- BS1547 Introduction to Economics (2016-25)
- BS2549 Macroeconomic Theory (2016-25)
- BS2547 British Economy (2023-25)
- BST179 Numerical Methods (2014-15)
- BST264 Empirical Finance (2015-16)
Based on my teaching practice in the last decade, I have developed the "Nonlinear Teaching Approach" (published in Education Sciences, 2024) for lectures and "Semi-Structured Discussion" for seminars.
My coauthor and I published a textbook "Applied Economics in Globalised Economies: Problems and Policies" by Palgrave Macmillan. Lecture slides, test banks, data & codes, and podcasts can be found here.
For more information, please go to my website.
Biography
Education
- PhD Economics, Cardiff University, UK
- MSc Economics and Finance, University of York, UK
- BA Philosophy & BSc Economics (Dual), Peking University (北京大学), China
Qualification
- WSET Level 2 Award in Wines and Spirits
- PgCert in Teaching in Higher Education
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
- Fellowship of The Learned Society of Wales
- Principal Fellowship of The Higher Education Academy
- Board Member of The Chinese Economic Association (UK/Europe)
- Membership of The American Economic Association
- Membership of The European Economic Association
- Membership of The Royal Economic Society
Academic positions
- 2024-now: Professor of Economics, Cardiff University
- 2022-2024: Reader in Economics, Cardiff University
- 2016-2022: Senior Lecturer in Economics, Cardiff University
- 2012-2016: Lecturer in Economics and Finance, Cardiff Metropolitan University.
Speaking engagements
- 24.06.2026: World Economic Forum (Summer Davos) on innovating at scale.
- 07.06.2026: BBC on the role of China in North Korea.
- 05.05.2026: BBC on the role of China in the Iran crisis.
- 08.03.2026: Oxford China Forum on global south and Chinese youth.
- 29-30.01.2026: BBC on Keir Starmer's visit to China.
- 22.03.2025: GDH Türkiye on China's technological leadership.
- 06.02.2025: BBC on China's high-tech self-sufficiency strategy.
- 07.11.2023: Chinese Embassy in London on CSC award ceremony.
- 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: House of Parliament on language investment and trade in the UK.
Committees and reviewing
- People's Committee, Cardiff Business School.
- Co-editor for Journal of Chinese Economic and Business Studies (JCRQ1).
- Guest editor for Sustainability (JCRQ1).
- Referee for the Chinese Scholarship Council PhD scholarship, ESRC research fund applications, Research Council of Finland, Reginal Studies, Energy Economics, Journal of Population Economics, Oxford Economic Papers, Journal of Financial Markets Institutions and Money, etc.
Supervisions
- Macro Topics: Economic Growth, Business Cycles, Economic Inequality, Fiscal Devolution, Monetary Economics
- Micro Topics: R&D and Innovation, Culture and Institutions, Basic Goods, Labour Economics, Financial Economics, Public Economics, International Economics
- Economic Modelling: DSGE Modelling, CGE Modelling, Agent-Based Modelling
- Econometric Modelling: Applied Microeconometrics, Applied Macroeconometrics
- Interdisciplinary Research: Digital Economy, Sustainable Economy
Current supervision
Past projects
- 2026, Dr Shijie Jin (essays on green bonds)
- 2023, Dr Lamiaa Elazzazy (outreach and sustainability of microfinance)
- 2023, Dr Yang Li (price rigidity and monetary policy)
- 2021, Dr Wenyan Zou (momentum effects and long-run risk)
- 2021, Dr Edward Gould (technological progress and wage inequality)
- 2020, Dr Bing Gong (bank competition and credit constraint)
- 2019, Dr Jiayi Huang (bank switching behaviour)
- 2018, Dr Xuanyang Zhang (nominal rigidity and monetary policy)
- 2018, Dr Tarek Elbakly (voluntary disclosure and firm performance)
- 2018, Dr Nikos Tzivanakis (institutional quality and economic growth)
- 2016, Dr Nancy Youssef (board structure and mutual fund)
News articles
Contact Details
[email protected]
+44 29206 88778
Aberconway Building, Room D47, Colum Road, Cathays, Cardiff, CF10 3EU
+44 29206 88778
Aberconway Building, Room D47, Colum Road, Cathays, Cardiff, CF10 3EU
Research themes
Specialisms
- Digital Economy
- Green Finance
- Economic Growth
- Economic Inequality
- Innovation
