Draft:Peng Zhou

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Peng Zhou (/peŋ /dʒoʊ) or 周鹏, is a China-born economist based in the United Kingdom. He is Professor of Economics at Cardiff Business School, Cardiff University, where he also serves as Dean of International and Director of several institutes[1]. He is a Fellow of the Learned Society of Wales (FLSW)[2] and a Fellow of the Higher Education Academy (FHEA)[3]. His main research interests include macroeconomics, innovation economics, and financial economics.

Early Life and Education

Peng was born in Xuzhou, Jiangsu Province, China. He studied at Peking University, where he obtained a Bachelor's degree in Philosophy and a dual Bachelor’s degree in Economics[1].

He later went to the United Kingdom and obtained a Master’s degree in Economics and Finance at the University of York[3]. After briefly working in Beijing as a project manager at a consultancy firm, he returned to the United Kingdom to pursue a doctoral degree in Economics at Cardiff University, funded by Professor Patrick Minford's Julian Hodge macroeconomics bursary[3]. His PhD thesis is: Microdata analysis of price setting behaviour and macrodata analysis of heterogeneous DSGE models[4], supervised by Professor Huw Dixon.

Academic Career

After obtaining his PhD, Peng first joined Cardiff Metropolitan University as a lecturer in economics and finance. He served as field chair of the economics group at Cardiff School of Management. At the same time, he supervised PhD candidates from the Arab Academy for Science, Technology and Maritime Transport[3]. During this period, his research mainly focused on entrepreneurship[5][6] and macroeconomics[7].

Peng joined Cardiff Business School, Cardiff University as a senior lecturer in 2016, and he was later promoted to Professor of Economics in 2024[1]. In May 2025, he was appointed University Dean of International at Cardiff University, reporting to the Pro Vice-Chancellor, with responsibility for international affairs, including Transnational Education (TNE) and strategic partnerships. Peng has also held several senior leadership roles at Cardiff University, including Director of the Cardiff Confucius Institute[8], Director of the China Centre for Business Research[9], and Director of the Welsh Institute for Research in Economics and Development[10].

Academic Notability

According to the largest citation database for economics, RePEc IDEAS, Peng was ranked among the top 5% of economists in the world as of 2026[11]. According to Google Scholar, his work has received 1418 citations with an h-index of 19 and i10-index of 31, as of April 2026[12].

Peng is a Co-Editor of Journal of Chinese Economic and Business Studies[13], the official journal of the Chinese Economic Association (UK/Europe). Peng was elected a board member of the Association in 2024[14].

In 2026, he was elected a Fellow of the Learned Society of Wales for his contributions to public policy in Wales and cultural exchange between Wales and China[2].

Research Interests

Professor Zhou’s research mainly addresses the following themes:

Technological innovation and the digital economy: He studies how emerging technologies, including blockchain[15][16], artificial intelligence[17], and big data[18], affect organizational behavior[19] and financial systems[20][21].

Green finance and sustainable development: He examines green bond markets[22] and green label choices and effects[23], offering practical insights for governments and firms seeking sustainable development pathways[24].

Economic policy and inclusive growth: He investigates fiscal decentralization[25][26], regional development[27], and public welfare, including wealth inequality[28][29], social mobility[30], housing[31][32], and healthcare[33][34]. This strand of research aims to inform inclusive policy design and the efficient allocation of public resources.

Teaching Philosophy

Professor Zhou has developed the Nonlinear Teaching Approach, which moves beyond the conventional linear lecture model by using spiral and multi-entry teaching designs to improve inclusiveness and learning effectiveness in large-class teaching. The approach has been examined through action research and he received Cardiff University’s Teaching Innovation Award[3]. This teaching approach was published in Education Sciences: “Make Lectures Match How We Learn: The Nonlinear Teaching Approach to Economics.”[35]

This nonlinear teaching approach has been explicitly applied to his textbook "Applied Economics in Globalised Economies: Problems and Policies"[36], co-authored with James Foreman-Peck and published by Palgrave Macmillan. The textbook is designed to connect economic theory with real-world policy issues in a multi-entry structure. The book introduces key issues in the global economy and shows how economic theory can be applied to real-world problems.

His earlier work, Advanced Modern Macroeconomics: Analysis and Application 《现代宏观经济学高级教程：分析与应用》（上海三联出版社，2014）, has become an important reference text for macroeconomics courses at leading Chinese universities[37].

Public Impact

Peng's research also generates wider impacts beyond academia, echoing the public value strategy[38] of Cardiff Business School.

His microeconomic research on "Consumer Attitude towards Sustainability of Fast Fashion Products in the UK"[39] has been cited more than 300 times within three years of publication and has brought sustainability issues in the fashion industry to the attention of the media, including The Conversation, 31 May 2022[40], Yahoo News, 31 May 2021[41], Global Advisors, 31 May 2021[42], and Fast Company, 5 June 2022[43].

His macroeconomic research on Welsh tax devolution[26] was cited by public policymakers in the National Assembly for Wales, including the Welsh Finance Committee and Plaid Cymru, in January 2020, and reported by media outlets including BBC[44], ITV[45], and WalesOnline[46].

Peng’s funded research spans both the United Kingdom and China.

  • In the United Kingdom, Peng has led or contributed to externally funded projects. These include research on land value tax reform in Wales[47], homelessness and health needs[33], income tax devolution[26], and independent living adaptations[48]. The funders include Shelter Cymru, Plaid Cymru, Cymorth Cymru, Peril Capital, and the Welsh Government.
  • In China, Peng has been involved in projects supported by the National Social Science Fund of China, alongside funding from the Ministry of Education of China and the Natural Science Fund of Hunan Province. The research themes include fiscal policy in the AI era, strong AI’s effects on wages and employment, government bond market reform, green and blue bonds, optimal fiscal policy, technical progress and inequality, and public service equalization[1].

He has been interviewed on a regular basis by mainstream media such as BBC and ITV. Specifically, his comments on Chinese technological innovation for the BBC on 7 February 2025 received millions of views[49].

  1. Official website at Cardiff University, https://profiles.cardiff.ac.uk/staff/zhoup1
  2. Welcome to our new Fellows: Wales has the talent to thrive. 28 April, 2026. Official website of the Learned Society of Wales. https://www.learnedsociety.wales/welcome-to-our-new-fellows-wales-has-the-talent-to-thrive
  3. Peng Zhou's ORCID webpage. https://orcid.org/0000-0002-4310-9474
  4. Zhou, P. 2012. Microdata analysis of price setting behaviour and macrodata analysis of heterogeneous DSGE models. PhD Thesis , Cardiff University. https://orca.cardiff.ac.uk/id/eprint/23856/
  5. Foreman-Peck, J. and Zhou, P. 2013. The strength and persistence of entrepreneurial cultures. Journal of Evolutionary Economics 23 (1), pp.163-187. http://dx.doi.org/10.1007/s00191-011-0239-z
  6. Foreman-Peck, J. S. and Zhou, P. 2014. Cultures of female entrepreneurship. International Review of entrepreneurship 12 (1), pp.1-22. https://www.senatehall.com/entrepreneurship?article=483
  7. 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. https://link.springer.com/article/10.1007/s40797-015-0020-9
  8. Official website of Cardiff Confucius Institute. https://www.cardiff.ac.uk/confucius-institute
  9. Official website of the China Centre for Business Research. https://www.cardiff.ac.uk/research/explore/research-units/centre-for-china-business-research
  10. Official website of the Welsh Institute for Research in Economics and Development. https://www.cardiff.ac.uk/research/explore/research-units/welsh-institute-for-research-in-economics-and-development
  11. Top Economists (Last 10 Years of Publications). IDEAS RePEc website. https://ideas.repec.org/top/top.person.all10.html
  12. Google Scholar website. https://scholar.google.com/citations?hl=en&user=ZUYQ_eMAAAAJ
  13. Editorial board of the Journal of Chinese Economic and Business Studies. https://www.tandfonline.com/journals/rcea20/about-this-journal#editorial-board
  14. The CEA (UK/ Europe) Board Members (2024/2025). The Chinese Economic Association's official website. https://ceauk.org.uk/management/
  15. Zhang, Y., Tavalaei, M., Parry, G., Zhou, P. 2024. Evolution or involution? A systematic literature review of organisations' blockchain adoption factors. Technological Forecasting and Social Change 208 123710. https://doi.org/10.1016/j.techfore.2024.123710
  16. 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. https://doi.org/10.1016/j.strueco.2024.06.006
  17. 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. https://doi.org/10.1080/00036846.2025.2482927
  18. Xu, Y., Su, B., Pan, W., Zhou, P. 2025. A high-frequency digital economy index: text analysis and factor analysis based on big data. Applied Economics Letters 32 (19), pp.2815-2820. https://doi.org/10.1080/13504851.2024.2349128
  19. Foreman-Peck, J. and Zhou, P. 2023. Specialisation precedes diversification: R&D productivity effects. Research Policy 52 (7) 104808. https://doi.org/10.1016/j.respol.2023.104808
  20. Zhou, P. and Zhang, Y. 2026. Major conundrums and possible solutions in DeFi insurance. International Journal of Finance & Economics 31 (1), pp.489-501. https://doi.org/10.1002/ijfe.3154
  21. Yin, W., Wu, F., Zhou, P., Kirkulak-Uludag, B. 2025. Exploring resilience in the cryptocurrency market: Risk transmission and network robustness. International Review of Financial Analysis 106 104546. https://doi.org/10.1016/j.irfa.2025.104546
  22. 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. https://doi.org/10.1016/j.eneco.2021.105696
  23. 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. https://link.springer.com/article/10.1007/s10551-024-05847-0
  24. Lei, H., Chen, X., Wang, C., Zhou, P. 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. https://doi.org/10.1108/JIC-09-2024-0281
  25. 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. https://doi.org/10.1080/00036846.2023.2206629
  26. Foreman-Peck, J. and Zhou, P. 2020. Devolving fiscal policy: migration and tax yields. Regional Studies 54 (3), pp.308-317. https://doi.org/10.1080/00343404.2019.1602256
  27. Chen, X. , Mi, H. and Zhou, P. 2025. Interdependence of government expenditure among European countries: Productivity spillover and strategic interaction. Economic Inquiry. https://doi.org/10.1111/ecin.70032
  28. 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. https://doi.org/10.1017/S1365100525000045
  29. 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. https://doi.org/10.1371/journal.pone.0315627
  30. 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. https://doi.org/10.1016/j.jebo.2022.02.012
  31. Zhou, P. , Gai, Y. and Wang, C. 2025. Determination of urban land value: a systematic literature review. Journal of Accounting Literature. https://doi.org/10.1108/JAL-10-2024-0272
  32. Zhang, B. and Zhou, P. 2020. An economic evaluation framework for government-funded home adaptation schemes: a quantitative approach. Healthcare 8 (3) 345. https://doi.org/10.3390/healthcare8030345
  33. 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. https://doi.org/10.1016/j.seps.2018.12.004
  34. 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. https://doi.org/10.3390/healthcare10101935
  35. Zhou, P. 2024. Make lectures match how we learn: The nonlinear teaching approach to economics. Education Sciences 14 (5) 509. https://www.mdpi.com/2227-7102/14/5/509
  36. Foreman-Peck, J. and Zhou, P. 2025. Applied economics in globalised economies: problems and policies. Palgrave Macmillan. https://link.springer.com/book/10.1007/978-3-031-85621-1
  37. Baidu Baike item. https://baike.baidu.com/item/现代宏观经济学高级教程：分析与应用/16385695
  38. The public value strategy of Cardiff Business School, official website: https://www.cardiff.ac.uk/business-school/about-us/public-value
  39. Zhang, B. , Zhang, Y. and Zhou, P. 2021. Consumer attitude towards sustainability of fast fashion products in the UK. Sustainability 13 (4) 1646. https://doi.org/10.3390/su13041646
  40. Love Island ditches fast fashion: how reality celebrities influence young shoppers’ habits. The Conversation. https://theconversation.com/love-island-ditches-fast-fashion-how-reality-celebrities-influence-young-shoppers-habits-183771
  41. Yahoo! News. https://uk.news.yahoo.com/love-island-ditches-fast-fashion-120513377.html
  42. https://globaladvisors.biz/2022/05/31/love-island-ditches-fast-fashion-how-reality-celebrities-influence-young-shoppers-habits/
  43. Why ‘Love Island’ is ditching fast fashion in favor of secondhand. Fast Company. https://www.fastcompany.com/90757702/why-love-island-is-ditching-fast-fashion-in-favor-of-secondhand
  44. Higher income tax rate cut in Wales 'would raise money'. BBC, 24 September 2016. https://www.bbc.co.uk/news/uk-wales-politics-37450162
  45. Report claims Welsh tax cuts could boost revenues. ITV, 24 September 2016. https://www.itv.com/news/wales/2016-09-24/report-claims-welsh-tax-cuts-could-boost-revenues
  46. Report claims a Welsh tax cut would end up boosting revenues. Wales Online, 24 Sep 2016. https://www.walesonline.co.uk/news/politics/report-claims-welsh-tax-cut-11925681
  47. Foreman-Peck, J. and Zhou, P. 2020. Welsh taxes. Welsh Economic Review 27 , pp.18-24. https://wer.cardiffuniversitypress.org/articles/10.18573/wer.254
  48. Review of independent living adaptations. Welsh Government. https://www.gov.wales/review-independent-living-adaptations-0
  49. DeepSeek, TikTok, Temu: How China is taking the lead in tech - BBC World Service. https://www.youtube.com/watch?v=z7do1hhb6fE