Recently, prominent Chinese economist Lu Qiyuan announced his decision to stop recording on social media platforms, which quickly sparked discussions and controversies online.
Over the past two years, Lu Qiyuan has gained popularity on the internet and has garnered recognition from some netizens. He has publicly criticized the top leadership of the Chinese Communist Party, stating that they lack understanding of economics, as well as mainstream economists they rely on, who may pretend to understand but actually do not.
Lu Qiyuan’s account on “Toutiao” is verified as an “economist and Chairman of the Board of Directors of Hong Kong Ward International Asset Management Consultancy Company,” with a self-introduction as the General Manager of the Finance Department of the Hong Kong Huacai Group under the (Chinese Communist Party). The account has 3.8 million followers.
Lu Qiyuan also has 1.637 million followers on Weibo.
Over the past two years, many of Lu Qiyuan’s videos, including courses and interviews, have been widely circulated on various video platforms. He is hailed by fans as a bold and critical economist.
Recently, Lu Qiyuan announced his decision to stop recording on social media platforms, a statement that quickly spread across various social media platforms.
Lu Qiyuan said: “I am indeed not acting as an individual but representing an organization with shareholders, superiors, and leaders. Some of the things I have written recently, my chat content, and some videos I have released have gained considerable attention. Some of this content may have implications for certain departments. I express my apologies.”
Lu Qiyuan stated that he cannot control the impact of his statements and how far-reaching they may be. “I can only accept feedback, temporarily stop writing articles, and pause speaking on the internet.”
In conclusion, he reiterated, “I will now quiet down and stop causing trouble for everyone.”
Since the circulation of the aforementioned recording on social media, it has sparked discussions. Many netizens have questioned why Lu Qiyuan is facing suppression.
A netizen with the username “Determined Lotus Leaf 5” expressed a viewpoint that resonated with many: Lu Qiyuan has offended the interests of relevant departments and interest groups; by hitting on sensitive points, he has disrupted their status quo.
In March of this year, Lu Qiyuan stated that China’s economic growth is weakening, with the primary factor being capital flight, estimating it to be not less than 3 trillion US dollars, approximately 21 trillion RMB per month. He described it as “China losing a year’s worth of fiscal revenue to external entities.”
Those who refute this view argue that the data lacks authoritative sources and is therefore hard to believe.
Public records show that Lu Qiyuan, originally named Lu Xin, graduated from the Northeast University of Finance and Economics in China in 1987 with a Bachelor’s degree in Economics. He also obtained a Master of Business Administration from the University of Southern Australia in 2006. From 1987 to 1992, Lu Xin worked in the Chinese Ministry of Finance and from 1992 to 1995, he worked at the China Economic Development Trust and Investment Company.
On May 6, 2008, Lu Qiyuan published a blog post titled “Who Understands Economics,” in which he wrote: “…the author clearly senses the imminent economic crisis. Unfortunately, at such a critical moment, we have confirmed a basic fact – the management really doesn’t understand economics. Furthermore, the mainstream economists and analysts inside and outside rely on, even more so, do not understand economics (perhaps they pretend to). So, China’s economy is experiencing policy adjustments that are almost diametrically opposed in goals and methods.”
Lu Qiyuan’s statements have faced pushback, with analysts supporting the Chinese Communist Party claiming many of his viewpoints are nonsense and labeling him a fake economist.
Nowadays, Lu Qiyuan has expressed that his statements have brought trouble and pressure to his superiors. Some netizens believe that Lu Qiyuan should have the freedom to voice his opposition to official policies and question who exactly he has angered.