Who is "CF40 Research"?
Independent · Insightful · Global
CF40 Research is the independent research service launched by the China Finance 40 Forum (CF40), China’s leading think tank on financial and macroeconomic policy research.
Founded in 2008, CF40 brings together 40 top experts from government, finance, and academia—around the age of 40—who shape some of the most important economic debates in China.
In 2021, the CF40 Institute was established to enhance its research capacity. In 2024, CF40 Research was introduced to deliver independent insights on China’s economy, policy trends, financial markets, and global issues.
CF40 also convenes high-level forums and conferences, most notably the annual Bund Summit in Shanghai since 2019. This globally recognized, non-governmental conference brings together senior policymakers, financial leaders, and academics to exchange ideas, promote cooperation, build consensus, and foster cooperation on global economic challenges.
CF40 Research is currently led by Guo Kai, former economist at the International Monetary Fund and senior official at the People’s Bank of China, and Zhu He, an expert in macroeconomic research and capital markets, both of whom bring extensive experience and a strong track record in Chinese economic policy and analysis.
What can you expect from this Substack?
CF40 Research on Substack delivers our flagship research series. You can explore samples of our work to get a sense of our research:
● Policy Brief — Exclusive and in-depth weekly report dissecting critical policy issues and market trends most relevant to investors.
Exploring the Demand “Ceiling” of Global Manufacturing
Identifying China-U.S. Trade Connectors under Tariff Barriers
China's Consumption Is Not Nearly as Low as It Appears
● Commentary — Timely, rapid-response analysis of China's latest policy shifts and financial market movementss, 2-3 essays per month.
Three Takeaways on China’s New Financial Policy Package
We also share occasional interviews and discussions with leading experts, highlighting themes that deserve deeper attention.
In partnership with CF40, the CF40 Research Substack is managed by Baiguan, a newsletter that delivers actionable, data-driven insights into China’s economy and markets.
Our mission and credibility
Our mission is simple: to provide clear, independent, and high-quality insights that help global investors, policymakers, and thought leaders better understand the forces shaping China’s economy.
Our research is trusted by more than 100 leading Chinese and international financial institutions—including banks, securities firms, and asset managers—who rely on CF40’s work to navigate China’s evolving economic and financial landscape.
Stay Connected
We invite you to subscribe and follow China’s most important economic research and dialogues—delivered with independence and clarity.
For institutions seeking deeper engagement, we also offer an advanced research package, which includes customized studies on specific topics, expert calls, webinars, and closed-door discussions.
For more details or business inquiries, please contact us at cf40research@gmail.com.
