MUST held the Lecture of the Distinguished Lecture Series
Wen Yi spoke on “The Underlying Logic of China’s Macroeconomic Growth: A 500-Year Historical Perspective”
The Institute of Development Economics at Macau University of Science and Technology (MUST) hosted the Distinguished Lecture Series on October 31, 2025, at 3:00 PM in O702, in collaboration with the School of Business at MUST. The keynote speech was delivered by Professor Wen Yi, Distinguished Professor at the Antai College of Economics and Management, Shanghai Jiao Tong University, and former Assistant Vice President of the Federal Reserve Bank of St. Louis. The university invited local finance, economics, and entrepreneurs and scholars to participate in a round-table discussion. The event aims to promote a greater understanding of China economics through high-quality academic lectures and discussions.
Leaders from MUST and distinguished guests attended the event, including Representatives of Research and Statistics Department from the Monetary Authority of Macao; Leory Yuan, Head of Wealth Management Department of Macau Development Bank; Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST; Chair Professor Chan Tung Sun, Vice Dean of the School of Business at MUST and Professor Song Yu, Assistant Director of the Institute of Development Economics at MUST, among others. Nearly 200 participants attended the lecture, including local experts, scholars in finance, economics, and policy research fields, as well as teachers and students from MUST, which made the event lively and engaging.
In a lecture titled “The Underlying Logic of China’s Macroeconomic Growth: A 500-Year Historical Perspective”, Professor Wen Yi offered a long-term comparative historical analysis to uncover the deeper drivers behind China’s economic rise. He began by critiquing the biases of prevailing historical narratives, emphasizing that prior to the Industrial Revolution, the global economic center had long been situated in the East. China, in fact, remained the world’s manufacturing and trade hub well into the early 19th century.
Addressing the key factors behind economic ascendancy, Professor Wen argued that Europe’s rise was not the spontaneous outcome of free-market dynamics, but rather the result of colonial expansion and state-led industrial development driven by fiscal pressures from warfare. He further analyzed how the rise of modern China began with political unification and sovereign independence, effectively replicating a British-style industrialization path. Through strategic industrial policies, China transitioned from being the “world’s factory” to achieving advanced industrialization.
Professor Wen concluded by underscoring that a scaled market economy requires state capacity to establish three foundational pillars: political stability, social trust, and infrastructure. He attributed China’s success to its ability to build these pillars. Looking ahead, he predicted that China’s manufacturing ecosystem would enable it to leapfrog competitors in the race of the Fourth Industrial Revolution.
The panel discussion, moderated by Chair Professor Francis T. Lui, featuring distinguished panelists including Professor Wen Yi, Professor Song Yu, Assistant Professor Iong Ka Kit, Assistant Professor Zhai Zhe. The guests engaged in in-depth discussions on topics such as state capacity, market dynamics, and pathways to industrialization.
Professor Wen Yi earned his bachelor’s degree from West China University of Medical Sciences, followed by a master’s degree in History and Philosophy of Science from the University of Notre Dame, and a Ph.D. in Economics from the University of Iowa. He has held academic appointments in the Department of Economics at the Hong Kong University of Science and Technology and Cornell University, and served as Visiting Professor at Washington University in St. Louis, Senior Research Fellow and Assistant Vice President at the Federal Reserve Bank of St. Louis, as well as Chair Professor at the School of Economics and Management, Tsinghua University. He is currently a Distinguished Professor at the Antai College of Economics and Management, Shanghai Jiao Tong University.
Professor Wen is a leading expert in macroeconomics, with influential contributions across business cycle theory, monetary and fiscal policy, economic development, and the history of the Industrial Revolution. His research has been published in top-tier journals such as Econometrica and Review of Economic Studies. His notable books include The Great Chinese Industrial Revolution: A Critical Outline of General Principles in Development Political Economy and The Code of the Scientific Revolution: Guns, War, and the Enigma of Western Ascendancy, both of which have attracted widespread attention in academic circles.
In addition, Professor Wen has held key editorial roles in several international journals, including Associate Editor of Macroeconomic Dynamics and Journal of Economic Control and Dynamics, Editor-in-Chief of China Economic Review, and Editor-in-Chief of Journal of Economics at Tsinghua University’s School of Economics and Management.
A group photo during the lecture
Chair Professor Francis T. Lui, Director of the Institute of Development Economics at MUST (left) presented a souvenir to Professor Wen Yi (right)
During the roundtable discussion
Q&A Session
