Key facts
- Gao Shanwen, former chief economist at SDIC Securities, died of T-cell lymphoma on July 7.
- He was 55 years old.
- Gao was recognized for his rigorous economic modeling and candid commentary on China's economy.
- He held degrees from Peking University and a Ph.D. from Tsinghua University's PBC School of Finance.
- His career included roles at the People's Bank of China and Everbright Securities before joining Essence Securities (later SDIC Securities) in 2007.
- Gao developed the 'Asset Revaluation Theory' and accurately predicted key market shifts.
Gao Shanwen, a highly influential economist and former chief economist at SDIC Securities, died on July 7 at the age of 55 due to T-cell lymphoma. Gao was renowned in China's financial community for his rigorous economic modeling, candid commentary on macroeconomic challenges, and his ability to accurately predict market shifts.
Born in 1971, Gao held degrees from Peking University and a Ph.D. from Tsinghua University's PBC School of Finance, where Zhou Xiaochuan, former governor of the People's Bank of China (PBOC), was his doctoral advisor. He began his career at the PBOC in 1995 before moving into securities research in 2003 with Everbright Securities. In 2007, he joined Essence Securities, which later became SDIC Securities, serving as chief economist.
Gao gained prominence with his 2006 'Asset Revaluation Theory,' which linked liquidity and industrial cycles to asset pricing. His work, focused on inflation, capacity cycles, and structural economic shifts, was compiled in best-selling books like 'The Logic of Economic Operation.' He was celebrated for bridging complex academic theory with practical institutional trading needs and was known for his self-deprecating wit.
He voluntarily withdrew from industry award rankings after 2011, having accumulated numerous accolades. Gao's career spanned over 25 years in macro research, and he continued to hold significant roles, including President of SDIC Industrial Research Institute, until his departure from the brokerage industry in November 2025.