Chinese Economist Gao Shanwen, Who Criticized GDP Inflation and Angered Authorities, Dies of Cancer

(CNA Taipei, July 9) - Chinese economist Gao Shanwen, who dared to speak frankly about China's economic problems and angered authorities, passed away from cancer on July 7 at the age of 55, according to reports from Chinese media. Gao Shanwen was previously censored by officials for pointing out that China's economic growth had been overestimated by 10 percentage points over three years and for describing related social phenomena. This, along with statements from other economists, further reinforced the Chinese Communist Party's official narrative of "singing the praises of China's bright economic outlook" and tightened media control.

According to reports from Cailian Press, China Securities Journal, and information circulating online in China, the news of Gao Shanwen's death first emerged from the Chinese securities industry and alumni circles of Peking University's finance program, and was later confirmed by reports in some Chinese financial media.

Cailian Press reported that Gao Shanwen had been suffering from lymphoma for over a year, with early symptoms appearing in January 2025. As late as June of this year, he optimistically told friends and family, "The light boat has passed the ten thousand mountains... forming unnecessary potential life risks." The report described his passing as eliciting widespread regret.

Gao Shanwen was born in Linfen, Shanxi in 1971. He was admitted to the Department of Radio Electronics at Peking University in 1988 and holds a Ph.D. in Economics. Starting in 1995, he worked at institutions including the General Office of the People's Bank of China, the Financial Research Institute of the Development Research Center of the State Council, and the Asian Development Bank Institute. In 2003, Gao Shanwen joined Everbright Securities as chief economist.

In May 2007, Gao Shanwen moved to Anxin Securities (now Guotou Securities) as chief economist. In December 2024, he concurrently served as the president of the "Guotou Industrial Research Institute" until his resignation in November 2025. His departure at the time sparked considerable speculation, widely believed to be due to official pressure.

In early December 2024, at an internal investment seminar at Guotou Securities, Gao Shanwen directly stated that based on comparisons of price, employment, and GDP component data, China's economic growth might have been overestimated by an average of 3 percentage points annually over the past three years, with a cumulative overestimation of perhaps 10 percentage points.

He also described the reality widely seen in Chinese society after the COVID-19 pandemic as "vibrant elderly, listless youth, and middle-aged people with nothing to live for." This was because the elderly received their pensions on time and in full, while young people's expectations and certainty of future income growth were significantly reduced, leading them to "tighten their belts and eat noodles with the lights off," suppressing consumption and causing economic difficulties.

In mid-December of the same year, Gao Shanwen questioned China's GDP growth again at an economic forum in Washington D.C. Foreign media at the time reported that his repeated frank remarks enraged CCP General Secretary Xi Jinping, who ordered an investigation and punishment for him.

However, Gao Shanwen's remarks at the time generated mixed reactions within China. Some patriotic netizens launched personal attacks against him, but many netizens praised him for his courage to speak the truth, calling him a true scholar. After the news of Gao Shanwen's death spread, many in China's financial circles and general netizens left messages of mourning, with some lamenting, "Will anyone speak the truth anymore?"

In addition to Gao Shanwen, another Chinese economist, Fu Peng, who spoke frankly about the economic situation in late November 2024, also attracted public attention. He stated at the time that the "big problem for China's economy this year (2024) is the decline of the middle class." Previously, it was the lower classes, such as ride-hailing drivers and delivery workers, who felt the pressure of life. This pressure has since spread upwards, with the surge of 20 million ride-hailing drivers coming from the middle class, making official economic rescue measures ineffective as they were in 2008.

Prior to this, Zhu Hengpeng, former deputy director of the Institute of Economics at the Chinese Academy of Social Sciences, criticized Xi Jinping's management of China's domestic economy in WeChat groups in 2024 and discussed Xi Jinping's health. He was investigated in August of that year, subsequently detained, and dismissed from his post. By April 2025, the Institute of Economics at the Chinese Academy of Social Sciences announced the dissolution of its "Public Policy Research Center," a move believed to be related to Zhu Hengpeng's former role as its director.

Given that China's economy has stagnated rather than advanced after the COVID-19 pandemic, and the industry and public widely hold a pessimistic view of the economic outlook, the Central Economic Work Conference held in December 2023 for the first time proposed the idea of "strengthening economic propaganda and public opinion guidance, and singing the praises of China's bright economic outlook." Since then, "singing the praises of China's bright economic outlook" has become the tone for the CCP's control over various financial information to this day.

Especially after Fu Peng and Gao Shanwen successively spoke frankly about China's economy, the Securities Association of China issued a notice in December 2024 requiring securities firms to strengthen "reputation risk management" for chief economists. It clearly stipulated that economists must obtain prior approval and review before participating in external activities and making public statements, and that background checks must be conducted on proposed hires. (Editor: Chiu Kuo-chiang / Chou Hui-ying) 1150709

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