​Yang Li served as the Vice President of the Chinese Academy of Social Sciences (CASS) from 2009 to 2015. He was elected one of the first academic members of the CASS. He is an academician of the International Academy of Sciences for Europe and Asia (IASEA). He is also a 12th National People's Congress representative and a member of the NPC Financial and Economic Committee.Yang Li served as a member of the Monetary Policy Committee of the People’s Bank of China from 2003 to 2004. He is currently the Chairman of the Board of Directors for the National Institute for Finance and Development; Vice President of the China Society for Finance & Banking; Vice President of the China Public Finance Society; Vice President of the China International Finance Society; and a member of the Academic Committee of Intercross-Science Research Centre for Natural Science and Social Science at the Chinese Academy of Sciences. He also acts as an advisor to a number of provincial and municipalgovernments.Yang Li specializes in the fields of finance, macroeconomics and public finance. He has written and translated 23 books and over 400 articles and has chaired more than 40 national and ministerial level research projects and international collaborative projects. He has on five occasions received the “SunYefang Prize for Economic Science”, China’s most prestigious award in the field of economics.Yang Li graduated with a BA in economics from Anhui University in 1981 before he obtained a master degree at Fudan University in 1984. He completed his Ph.D. in public finance at Renmin University of China in 1989. He was a visiting scholar at Columbia University in 1998-1999.Xiaojing Zhang is a Professor of Economics and the Deputy Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS). An author of several books and papers, Prof. Zhang is also the recipient of prestigiousawards such as the SUN Yefang Economics Prize (Top Economics Award in PRC) for 2005 and 2007, and also the National Book Award of China in 2002. He was a Visiting Scholar at the International Monetary Fund in 2009; a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are open economy macroeconomics, economic growth and development economics. He received his Ph.D. in economics from the Graduate School of CASS (Beijing) in 1998.

• Part 1 General Report.- 1 Introduction.- 2 China’s National Balance Sheet: Preparation and Analysis.- 3 Preparation and Analysis of China’s Sovereign Balance Sheet.- 4 Research on Total Debt Level and Whole society leverage ratio.- 5 Expansion of Balance Sheet with Chinese Characteristics.- 6 Balance Sheet Risk Assessment.- 7 Basic Conclusions and Policy Suggestions.- Part 2 Sectoral Analysis.- 8 Household Balance Sheet.- 9 Balance Sheets of Non-financial Corporations.- 10 Financial Sector Balance Sheets.- 11 Central Bank Balance Sheet.- 12 Central Government Balance Sheet.- 13 Local Government Balance Sheet.- 14 External Sector Balance Sheet.- Part 3 Related Topics.- 15 Pension Gap and Implicit Debt Forecast.- 16 Study of Value of Housing Assets of Residents.- 17 Comparison of National Wealth of China and the US and Estimation of the Value of Land Resources in China.- 18 A International Comparative Study of Balance Sheet.- 19 Balance Sheet Methods and the Financial Crisis: A ResearchApplication.

​Yang Li served as the Vice President of the Chinese Academy of Social Sciences (CASS) from 2009 to 2015. He was elected one of the first academic members of the CASS. He is an academician of the International Academy of Sciences for Europe and Asia (IASEA). He is also a 12th National People's Congress representative and a member of the NPC Financial and Economic Committee.Yang Li served as a member of the Monetary Policy Committee of the People’s Bank of China from 2003 to 2004. He is currently the Chairman of the Board of Directors for the National Institute for Finance and Development; Vice President of the China Society for Finance & Banking; Vice President of the China Public Finance Society; Vice President of the China International Finance Society; and a member of the Academic Committee of Intercross-Science Research Centre for Natural Science and Social Science at the Chinese Academy of Sciences. He also acts as an advisor to a number of provincial and municipalgovernments.Yang Li specializes in the fields of finance, macroeconomics and public finance. He has written and translated 23 books and over 400 articles and has chaired more than 40 national and ministerial level research projects and international collaborative projects. He has on five occasions received the “SunYefang Prize for Economic Science”, China’s most prestigious award in the field of economics.Yang Li graduated with a BA in economics from Anhui University in 1981 before he obtained a master degree at Fudan University in 1984. He completed his Ph.D. in public finance at Renmin University of China in 1989. He was a visiting scholar at Columbia University in 1998-1999.Xiaojing Zhang is a Professor of Economics and the Deputy Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS). An author of several books and papers, Prof. Zhang is also the recipient of prestigiousawards such as the SUN Yefang Economics Prize (Top Economics Award in PRC) for 2005 and 2007, and also the National Book Award of China in 2002. He was a Visiting Scholar at the International Monetary Fund in 2009; a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are open economy macroeconomics, economic growth and development economics. He received his Ph.D. in economics from the Graduate School of CASS (Beijing) in 1998.

• Part 1 General Report.- 1 Introduction.- 2 China’s National Balance Sheet: Preparation and Analysis.- 3 Preparation and Analysis of China’s Sovereign Balance Sheet.- 4 Research on Total Debt Level and Whole society leverage ratio.- 5 Expansion of Balance Sheet with Chinese Characteristics.- 6 Balance Sheet Risk Assessment.- 7 Basic Conclusions and Policy Suggestions.- Part 2 Sectoral Analysis.- 8 Household Balance Sheet.- 9 Balance Sheets of Non-financial Corporations.- 10 Financial Sector Balance Sheets.- 11 Central Bank Balance Sheet.- 12 Central Government Balance Sheet.- 13 Local Government Balance Sheet.- 14 External Sector Balance Sheet.- Part 3 Related Topics.- 15 Pension Gap and Implicit Debt Forecast.- 16 Study of Value of Housing Assets of Residents.- 17 Comparison of National Wealth of China and the US and Estimation of the Value of Land Resources in China.- 18 A International Comparative Study of Balance Sheet.- 19 Balance Sheet Methods and the Financial Crisis: A ResearchApplication.

​Yang Li served as the Vice President of the Chinese Academy of Social Sciences (CASS) from 2009 to 2015. He was elected one of the first academic members of the CASS. He is an academician of the International Academy of Sciences for Europe and Asia (IASEA). He is also a 12th National People's Congress representative and a member of the NPC Financial and Economic Committee.Yang Li served as a member of the Monetary Policy Committee of the People’s Bank of China from 2003 to 2004. He is currently the Chairman of the Board of Directors for the National Institute for Finance and Development; Vice President of the China Society for Finance & Banking; Vice President of the China Public Finance Society; Vice President of the China International Finance Society; and a member of the Academic Committee of Intercross-Science Research Centre for Natural Science and Social Science at the Chinese Academy of Sciences. He also acts as an advisor to a number of provincial and municipalgovernments.Yang Li specializes in the fields of finance, macroeconomics and public finance. He has written and translated 23 books and over 400 articles and has chaired more than 40 national and ministerial level research projects and international collaborative projects. He has on five occasions received the “SunYefang Prize for Economic Science”, China’s most prestigious award in the field of economics.Yang Li graduated with a BA in economics from Anhui University in 1981 before he obtained a master degree at Fudan University in 1984. He completed his Ph.D. in public finance at Renmin University of China in 1989. He was a visiting scholar at Columbia University in 1998-1999.Xiaojing Zhang is a Professor of Economics and the Deputy Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS). An author of several books and papers, Prof. Zhang is also the recipient of prestigiousawards such as the SUN Yefang Economics Prize (Top Economics Award in PRC) for 2005 and 2007, and also the National Book Award of China in 2002. He was a Visiting Scholar at the International Monetary Fund in 2009; a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are open economy macroeconomics, economic growth and development economics. He received his Ph.D. in economics from the Graduate School of CASS (Beijing) in 1998.

• Part 1 General Report.- 1 Introduction.- 2 China’s National Balance Sheet: Preparation and Analysis.- 3 Preparation and Analysis of China’s Sovereign Balance Sheet.- 4 Research on Total Debt Level and Whole society leverage ratio.- 5 Expansion of Balance Sheet with Chinese Characteristics.- 6 Balance Sheet Risk Assessment.- 7 Basic Conclusions and Policy Suggestions.- Part 2 Sectoral Analysis.- 8 Household Balance Sheet.- 9 Balance Sheets of Non-financial Corporations.- 10 Financial Sector Balance Sheets.- 11 Central Bank Balance Sheet.- 12 Central Government Balance Sheet.- 13 Local Government Balance Sheet.- 14 External Sector Balance Sheet.- Part 3 Related Topics.- 15 Pension Gap and Implicit Debt Forecast.- 16 Study of Value of Housing Assets of Residents.- 17 Comparison of National Wealth of China and the US and Estimation of the Value of Land Resources in China.- 18 A International Comparative Study of Balance Sheet.- 19 Balance Sheet Methods and the Financial Crisis: A ResearchApplication.