Songcheng Sheng, graduated from Shanghai University of Finance and Economics with a Ph.D. in Economics in 1993, now works as Ph.D. Supervisor at the university and Counselor of the People’s Bank of China. He is interested in monetary economics, monetary theory and policy, and macroeconomic analysis. He has published nearly one hundred of papers in authoritative Chinese journals such as Journal of Financial Research and Economic Research Journal and has several published books in the area of finance. He has been awarded many honors including Huo Yingdong Young Teachers Award, the 1st Jinchen Award for Excellent Research Achievement by China Foundation for Development of Financial Education, the 1st Ministry of Education Award for Excellent Research Achievement in Humanities and Social Science, the 3rd National Award for Excellent University Textbook of Finance, the 1st Golden Goat Award for Finance Books, etc. In 1999, he received special bonus from the State Council. Prof. Soncheng Sheng has been working at the People’s Bank of China since 1996 and successively assumed positions of Associate Director and Director of Financial Research Institute of PBC Shanghai Branch, Secretary of the Party Committee and President of PBC Shanghai Branch, and Director of PBC Financial Survey and Statistics Department. Decades of work experience at the central bank has given him rich experience in finance.