Gao Shanwen passed away at the age of 55.

According to multiple sources, Gao Shanwen, the former chief economist of SDIC Securities, has passed away due to illness at the age of 55.

Gao Shanwen is widely regarded as one of the more influential macroeconomists in China’s capital markets.

According to available information, Gao Shanwen was born in 1971 in Linfen, Shanxi. He graduated from Peking University and the Graduate School of the People’s Bank of China. In 2003, he joined the Research Institute of Everbright Securities as chief economist. In May 2007, he moved to Anxin Securities to serve as chief economist. In December 2023, Anxin Securities was renamed SDIC Securities, and Gao Shanwen continued to hold this position. In addition, he has also served as president of the Peking University Financial Alumni Association and other roles.

In November 2025, Gao Shanwen left SDIC Securities.

Several people in the industry commented that: “Gao Shanwen focuses on tracking, analyzing, and forecasting China’s macroeconomic trends, assessing the direction of macroeconomic policy, and—based on that—analyzing the impact on the capital markets. He has amassed very extensive experience in areas such as the formation mechanism of inflation in China, cyclical fluctuations in production capacity, and changes in asset prices. He has also established an independent logical analysis framework, with his asset revaluation theory being the most mature and best known.”

Gao Shanwen’s monograph The Logic of Economic Operation provides a detailed introduction to his economic analysis system and approach, and became a best-selling book in the finance and economics field in 2013. In this book, Gao Shanwen discusses issues including inflation, economic cycles, industrial cycles, and asset revaluation, sharing with readers his understanding of China’s economy in both the past and the future.

As a “mainstream hit” chief economist, Gao Shanwen once wrote a self-mocking couplet. The upper line is: “Explaining the past in a thorough and convincing way—seems plausible enough.” The lower line is: “Predicting the future in a dodging and evasive manner—errors are astonishing.” The horizontal scroll reads: “Economic Analysis.”

Gao Shanwen has repeatedly demonstrated forward-looking judgments about market trends.

In March 2006, Gao Shanwen publicly put forward his views on “asset revaluation.” He believed that, given a situation in which the acceleration of monetary and credit growth coincides with the intensification of overcapacity, China’s broad-spectrum asset prices—including stocks and real estate—may undergo a round of relatively significant revaluation. After that, the A-share market surged sharply, and the term “asset revaluation” therefore drew widespread attention in the market. In subsequent research, he applied this theory to observations of empirical data, the search for causal relationships, and trend forecasting, continuously enriching its content. It ultimately developed into the “asset revaluation theory.” Relevant content was included in research reports at the time and in later publications such as Seeing Through Prosperity and The Logic of Economic Operation.

Source: Shanghai Securities News

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