On October 10, 2025, Professor Wang Pengfei from Peking University HSBC Business School visited the Center for Energy and Environmental Policy Research, Beijing Institute of Technology (BIT), and delivered an academic report entitled When Deficit Sustains Growth: Multiplicity and Cycles with Heterogeneous Firms. The report was presided over by Professor Liao Hua, and faculty members and students of the center attended the seminar.

Starting from the realistic background of a continuous rise in the global public debt ratio, Professor Wang explored the role of public debt in economies with heterogeneous agents. By constructing heterogeneous agent models and Ramsey models, his study compared and analyzed the economic equilibrium characteristics under fiscal surplus and deficit conditions. During the report, Professor Wang shared valuable experience in economic research and insightfully discussed interdisciplinary intersections between macroeconomics, energy research, and climate studies. After the lecture, teachers and students present engaged in in-depth exchanges and discussions on macroeconomic research and teaching guidance.

Wang Pengfei is a Boya Distinguished Professor and Dean of Peking University HSBC Business School. His main research fields cover macroeconomics, financial economics, and monetary economics. He is one of the most influential Chinese economists in the field of macroeconomics. Professor Wang has published more than forty papers in top international journals, including the American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Economic Theory, and American Economic Journal: Macroeconomics. He has achieved remarkable research results in dynamic stochastic general equilibrium (DSGE) theory, asset bubbles and financial crises, multiple equilibria and endogenous economic fluctuations, and China’s macroeconomic research.

Professor Wang has presided over one Outstanding Youth Fund Project and one Original Exploration Project of the National Natural Science Foundation of China, as well as six basic research projects funded by the Research Grants Council of Hong Kong. He has received numerous honors, including the Yangtze River Distinguished Visiting Professor awarded by the Ministry of Education and the Pushan Excellent Paper Award in World Economics. In January 2024, he was elected a Fellow of the Society for the Advancement of Economic Theory (SAET), becoming the first Chinese macroeconomist to receive this honor.