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Sylvia Ma

Gao Shanwen, one of China’s most influential economists, whose outspoken views on the country’s economy made him one of its most closely watched market commentators, died at 55 on Tuesday after a battle with cancer, according to Chinese media reports.
Over a career spanning three decades, Gao rose to become one of China’s best-known market economists. His incisive research on China’s business cycles, the property market, and the broader macroeconomy earned him a dedicated following among institutional investors.
Born in 1971, Gao earned bachelor’s and master’s degrees from Peking University before joining the People’s Bank of China in 1995, where he began his career in macroeconomic research and policy.
In 1999, he began doctoral studies at the PBOC’s graduate school, under then-central bank governor Zhou Xiaochuan, completing the programme in 2005.
Gao joined Everbright Securities in 2003 before becoming chief economist at Essence Securities in 2007. He held the post for more than a decade, remaining in the role after the brokerage was renamed SDIC Securities in 2023, and ultimately leaving the firm in 2025.
During more than two decades in the securities industry, Gao developed a distinctive framework for interpreting China’s economy. Grounding his work in causal inference and empirical evidence rather than market consensus, he produced influential research on China’s potential growth, credit cycles, inflation dynamics and asset-price revaluation.
His standing among peers in the industry was reflected in repeated first-place finishes in the macroeconomics category of the annual New Fortune Best Analyst rankings – one of China’s most prestigious surveys of securities analysts – before he withdrew from the competition in early 2012.
[Gao] devoted his life to the pursuit of knowledge with unwavering focus
Nankai University School of Finance Chief Economist Forum statement
“The tragic news has left colleagues across academia and the capital markets in deep sorrow,” the Nankai University School of Finance Chief Economist Forum posted in a tribute on social media.
The post recalled Gao speaking at the 2019 forum, where he shared his views on global asset allocation. It described him as “modest and articulate”, with analyses “grounded in extensive data” that examined risks to the global economy, China’s structural transition and major asset markets.
“For many years, Dr Gao remained committed to nurturing financial talent, actively engaging in industry exchanges and sharing his expertise with universities,” the post said.
“He devoted his life to the pursuit of knowledge with unwavering focus, and through his objective, rational research and integrity in both thought and action, set an example for younger scholars.”
In late 2024, Gao gained international attention after saying at an investor meeting that China’s economic growth figures had been overstated by 3 percentage points annually over recent years.
Gao’s final public appearance came in September 2025, when he delivered a video address at the Peking University Global Finance Forum.


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During a career mapping property markets and credit cycles, the widely watched market commentator questioned official GDP figures


During a career mapping property markets and credit cycles, the widely watched market commentator questioned official GDP figures.


Gao Shanwen, economist who mapped China’s structural shift, dies at 55 after cancer fight

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}During a career mapping property markets and credit cycles, the widely watched market commentator questioned official GDP figures

During a career mapping property markets and credit cycles, the widely watched market commentator questioned official GDP figures