Prof Wu received Sun Yefang Award in Economics in 1984, 1986, 1988, 1990 and 1992, respectively. He was honoured by International Academy of Management’s (IAM) Award of Excellence in 2003, China Economics Prize – Outstanding Contribution to China’s Economy Award in 2005, and was awarded the degree of Doctor of Social Sciences honoris causa by The University of Hong Kong, and Hong Kong Baptist University. He was Named Honorary President of IEA in 2011.
Prof Wu graduated from Fudan University majoring in Economics in 1954. He was a visiting fellow or visiting professor at Yale University, Oxford University, Stanford University and MIT.
He is a co-founder of Comparative Institutional Analysis in China. With the research achievements, he has made important contributions to the theoretical foundation for the development of a market economy and the transformation of economic development pattern on the Mainland. He advocates that the reform should target the establishment of a market economy, limit the business territory of state-owned corporations, develop private enterprises, and fulfill the goal that multiple forms of ownership compete and develop simultaneously in an economy with the rule of law and a democratic political system, which is very influential to the Reform of China. His major Publications are: On Economic Reform (1987; the Russian version of 1990); An Integrated Design of China’s Economic Reform (1988, co-authored with Zhou Xiaochuan etc.) ; Dynamic Analysis and Policy Studies of China’s Economy (1988, co-authored with Hu Ji etc.); On The Competitive Market System (1991, co-authored with Liu Jirui); A Planned Economy or a Market Economy? (1992); Reform: Now at a Critical Point (2001); China in Transition (2002); Understanding and Interpreting Chinese Economic Reform, (2004, the English version of 2005); Decision on China’s Growth Model (2006), Restarting China’s Reform(2013), Confronting a Great Transition (2014),etc.