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Shigui Tao Professor

Academic Area: 
  • International Finance
  • Financial System
Research Interests: 
  • International Finance
  • Financial System

Business Address: School of Business, Nanjing Normal University, NO.1 Wenyuan Road, Qixia District, Nanjing, Jiangsu

Office Phone: +86-25-85891140




Shigui Tao, Professor and Doctoral Supervisor, is the Dean of Finance Department of the Nanjing Normal University Business School. From 1987 to 2000, Professor Tao worked in Lianyungang Central Branch of the People's Bank of China. From 2001 to 2002, he worked in Nanjing Branch of the People's Bank of China. He has worked at Nanjing Normal University Business School since August 2002. Professor Tao got PhD degree in law from Nanjing Normal University Public Administration School in 2009.

For a long time, Professor Tao has been committed to research in the field of International Finance, Financial System, Technology Finance, and Rural Finance. Tens of papers were published in the journals of China Soft Science, Finance & Trade Economics, Reform and Studies of International Finance. Eight of these papers were published in authoritative journals. He is also the deputy editor of the textbook "Finance" and "International Finance".

Professor Tao was named the "Excellent Guidance Teacher of the Students' Social Practice" and "Outstanding Graduate student mentor" in 2010.

Professor Tao is the director of the Jiangsu International Finance Society and the China Foreign Economic Research Association. In 2013, he became the member of the Financial Professional Construction Committee of Jiangsu Institute of Economic & Trade Technology.

Selected Publications:

1. Shigui Tao, Junbin Liu. A Study on the Factors Affecting China's International Capital Flow - Introducing External Unconventional Monetary Policy Variables. Asia-Pacific Economic Review, 2015 (3): 48-55. (In Chinese)

2. Yafei Ye, Shigui Tao. The Impact of RMB Cross-border Transactions on Balance of Payments Statistics and Management: An Empirical Study Based on SVAR Model. International Business, 2015 (1): 83-95. (In Chinese)

3. Shigui Tao, Junbin Liu. A Study on the Influence of the External Appreciation and the Internal Depreciation of RMB on the Internationalization. Shanghai Journal of Economics, 2014 (11): 24-35. (In Chinese)

4. Shigui Tao, Yu Sun. A Theoretical and Empirical Analysis of the RMB Exchange Rate Paradox, under the Exchange Rate Price Transmission Mechanism. Economic Survey, 2014 (11): 24-35. (In Chinese)

5. Yuncong Gao, Shigui Tao. International Capital Flow, Exchange Rate Fluctuation and Optimization of Balance of Payments Structure Zhejiang Finance, 2014 (10): 36-40. (In Chinese)

6. Shigui Tao, Junbin Liu. Security and Net Investment Yield of China's Foreign Reserves after QE. Finance & Economics, 2014 (9): 20-30. (In Chinese)

7. Wei Zhang, Shigui Tao. An Empirical Analysis of Human Capital and the Gap between Urban and Rural Areas and the Path Choice of Improvement. China Economic Studies, 2014 (1): 70-80. (In Chinese)

8. Shigui Tao, Yuncong Gao. The Study on the Effect of Exchange Rate on the Multi-national Manufacturing Industry under the Condition of Currency Mismatch: 2005-2012. Modern Finance and Economics-Journal of Tianjin University of Finance and Economics, 2014 (1). (In Chinese)

9. Shigui Tao, Yafei Ye. How to Combine Cultural Industries with Financial Industry: Based on Literature Research. Wuhan Finance, 2014 (3): 38-39. (In Chinese)

10. Shigui Tao, Yafei Ye. Academic Evolution and Current Countermeasure of Relevance between RMB Exchange Rate and Foreign Exchange Reserve. Journal of Financial Development Research, 2014 (1): 3-8. (In Chinese)

11. Shigui Tao, Liangliang Chong. Currency Substitution, Anti - substitution of Currency and Its Influencing Factors in the Process of RMB Internationalization. Innovation, 2014 (1): 64-71. (In Chinese)

12. Shigui Tao, Jianyu Chen. International Monetary Trap, Being-dollarized and De-dollarization - the Analysis of Problems in the RMB Internationalization in Building New International Monetary Order. Finance & Economics, 2015 (8): 23-32. (In Chinese)

13. Shigui Tao, Junbin Liu. Structural Distortions and Corrections in Financial Reform and Development. Exploration and Free Views, 2015 (9): 20-23. (In Chinese)

14. Shigui Tao, Jingjing Gu. A Study on the Relationship between the Rate of Marketization of Interest Rate and the Settlement of RMB in Cross - border Trade. The Theory and Practice of Finance and Economics, 2016 (1): 10-18. (In Chinese)

15. Shigui Tao, Siyu Zhang. The Effects of Monetary Policy Changes on Short-Term International Capital Flow. International Business, 2016 (1): 98-108. (In Chinese)

16. Shigui Tao, Li Ji. Research on Safety Evaluation and Early Warning Index System of China's Foreign Exchange Reserve. China Soft Science, 2013 (9): 159-168. (In Chinese)

17. Shigui Tao, Yafei Ye. Estimates of Overseas RMB Stock and Its Impact on Domestic Money Supply——Based on the RMB Cross-border Transactions Perspective. Finance & Trade Economics, 2013, 34 (9): 67-75. (In Chinese)

18. Shigui Tao, Yafei Ye. Utilization of Funds, Flow of Bank Credit and Financial Risk Control. Reform, 2013 (7): 58-65. (In Chinese)

19 Shigui Tao. The Logic of Institutional Changes and Risk Prevention of Local Banks under Local Government's Shareholding. Journal of Nanjing Normal University (Social Science Edition), 2013 (5): 36-45. (In Chinese)

20. Shigui Tao, Miaomiao Lu. The Fluctuation of RMB Exchange Rate, Foreign Exchange Reserves and Inflation-Based on the Structural Break Theory. Shanghai Finance, 2013 (2): 3-8. (In Chinese)

21. Shigui Tao, Rui Xiang. Research on the Effect of Exchange Rate on Outward Foreign Direct Investment: Based on China's Sample. Economic Management Journal, 2012 (5): 10-18. (In Chinese)

22. Shigui Tao, Qiang Zhang. Accumulation of Foreign Exchange Reserves, Passive Currency Creation and Economic Transformation and Upgrading. Journal of Finance and Economics, 2012 (6): 3-13. (In Chinese)

23. Shigui Tao, Miaomiao Lu. The Effect of China's Monetary Policy Implementation: 1998 ~ 2010 - Investigation on the Introduction of Exchange Rate. Journal of Finance and Economics, 2012 (2): 17-27. (In Chinese)

24. Shigui Tao, Zhenjie Wang. A Study on the Influence of Foreign Exchange Insufficient Intervention on China's Monetary Policy Independence. Economic Survey, 2012 (2): 146-150. (In Chinese)

25. Shigui Tao, Yang Liu. A Comparative Study on the Relationship between Financial Development and Economic Growth in China and the USA. Inquiry into Economic Issues, 2012 (1): 26-31. (In Chinese)

26. Shigui Tao, Peipei Sui. The Influence of Foreign Exchange Reserves on Stock Market Prices——From the Perspective of the Liquidity. East China Economic Management, 2012, 26 (2): 89-94. (In Chinese)

27. Shigui Tao, Guoqiang Yang. The "Vicious Circle" of Internationalization of RMB and Unbalanced Balance of Payments: Theory and Practice. Shanghai Finance, 2011 (12): 19-22. (In Chinese)

28. Shigui Tao, Peipei Sui. Capital Control, the System of Exchange Settlement and Sales, the Efficiency of Resource Allocation: in Vision of China’s Foreign Exchange Reserves System. Reform, 2011 (11): 62-68. (In Chinese)

29. Shigui Tao, Wei Wang. The Difficulty of Curbing Inflation through RMB Appreciation. Finance & Economics, 2011 (10): 11-21. (In Chinese)

30. Shigui Tao, Rui Xiang. Current Situation and Comment on the Impact of Foreign Exchange Reserves on China's Economic Security. Inquiry into Economic Issues, 2011 (8): 110-113. (In Chinese)

31. Rui Xiang, Shigui Tao. Research of RMB Equilibrium Real Exchange: 1978-2009. East China Economic Management, 2010, 24 (7): 32-34. (In Chinese)

32. Shigui Tao. A Study on the "International Acceptability" of RMB. Contemporary Finance & Economics, 2009 (9): 66-72. (In Chinese)

33. Shigui Tao. Population Aging and the Introduction of "Supplementary Currency". Shanghai Finance, 2009 (7): 12-16. (In Chinese)

34. Shigui Tao. Foreign Exchange Reserves: Illusions, Preferences, and Traps. Journal of Nanjing Normal University (Social Science Edition), 2009 (4): 45-52. (In Chinese)

35. Shigui Tao. A Preliminary Study on the Connotation, Nature and Characteristics of "Supplementary Currency". Inquiry into Economic Issues, 2009 (7): 121-126. (In Chinese)

36. Shigui Tao. Aim of the Management System Reform on China’s Foreign Exchange: Free Exchange of RMB or Balance of International Payment. Investment Research, 2009 (3): 22-26. (In Chinese)

37. Ling Sun, Shigui Tao. International Reference and Route Choice of China's Balance of Payments Structure Optimization. Investment Research, 2008 (9): 21-26. (In Chinese)

38. Shigui Tao. A Further Research on the Property Right System Reform of Rural Credit Cooperatives. Economic Survey, 2008 (3): 99-102. (In Chinese)

39. Ling Sun, Shigui Tao. A Summary of the Research on China's Imbalance of Payments. Inquiry into Economic Issues, 2008 (2): 15-18. (In Chinese)

40. Shigui Tao. Exploration on the Management System Reform of Rural Credit Cooperatives under the Condition of Market Opening. Agricultural Economy, 2008 (2): 89-91. (In Chinese)

41. Shigui Tao. Research on Anti-substitution of RMB to Foreign Exchange. Journal of Finance and Economics, 2007, 22 (6): 78-83. (In Chinese)

42. Shigui Tao. Central Bank Refinancing: Function Alienation. Finance and Insurance, 2007 (1). (In Chinese)

43. Shigui Tao, Qianqian Zhang. Analysis of Rural Cooperative Financial in the Introduction of Foreign Banks Stake. Nanjing Journal of Social Sciences, 2006 (3): 31-33. (In Chinese)

44. Shigui Tao. The Priority of Rural Credit Cooperatives' Reform. Modern Economic Research, 2006 (1): 66-70. (In Chinese)

45. Shigui Tao. A Preliminary Study of RMB Cross-border Transactions Included in the Balance of Payments Statistics. Studies of International Finance, 2005 (11): 62-66. (In Chinese)

46. Shigui Tao. Explore of Local Governments’ Investment in Shares of Rural Credit Cooperatives. Modern Economic Research, 2005 (9): 49-52. (In Chinese)

47. Shigui Tao. An Analysis of the Tendency of Deposit in the Rural Credit Cooperatives. Rural Economy, 2005 (5): 68-70. (In Chinese)

48. Shigui Tao. The Strategy of "Policy Breakthrough" of Foreign Financial Institutions in China and Its Cracks. Nanjing Normal University (Social Science Edition), 2004 (2): 10-15. (In Chinese)

49. Shigui Tao. The Exploration of Introducing Forex Broker System into China's Foreign Exchange Market. Practice in Foreign Economic Relations and Trade, 2003 (10): 12-13. (In Chinese)

50. Shigui Tao. Feasibility of Establishing RMB Freedom Exchange Ring in China’s Neighboring Countries and Regions. Journal of Guangdong University of Finance & Economics, 2003 (1): 47-52. (In Chinese)

51. Shigui Tao. Exploration of Reform of Rural Credit Cooperatives System of Property Rights. Rural Economy, 2002 (11): 33-37. (In Chinese)

52. Shigui Tao. The Initial Conception of RMB Regionalization. Modernization of Management, 2002 (5): 56-60. (In Chinese)

53. Shigui Tao. International Experience and Path Selection of RMB’s Internal Convertibility. Studies of International Finance, 2002 (10): 44-54. (In Chinese)

54. Shigui Tao. Methods and Coping Strategies of Foreign Banks in Competing for Quality Customers. Economic Management Journal, 2002 (19): 86-89. (In Chinese)

55. Shigui Tao. Performance and Causes of Recent Financial Turmoil in Latin America. Practice in Foreign Economic Relations and Trade, 2002 (9): 27-30. (In Chinese)

56. Shigui Tao. Deposit Name System: Obstacles and Countermeasures. Economist, 1999, 6 (6): 46-49. (In Chinese)

57. Shigui Tao. Consumer Credit: A New Growth Point of China's Commercial Banks. China Soft Science, 1999 (8): 38-40. (In Chinese)

58. Shigui Tao. New Thinking of Improving Efficiency in Individual Use of Foreign Exchange. Journal of International Trade, 1999 (8): 51-53. (In Chinese)

59. Shigui Tao. Optimization Strategies of Chinese and Foreign Currency Funds’ Allocation. Journal of International Trade, 1999 (7): 40-46. (In Chinese)

60. Shigui Tao. Causes, Influence and Inspiration of the Financial Crisis in Korea. Journal of Nanjing Audit University, 1998 (1): 15-19. (In Chinese)

61. Shigui Tao. Causes, Harm and Inspiration of the Asian Financial Turmoil. Economic Perspectives, 1997 (10): 74-76. (In Chinese)

62. Shigui Tao. Analysis and Some Countermeasures of Financial Risk. Journal of Central University of Finance & Economics, 1997 (10): 47-50. (In Chinese)

63. Shigui Tao. Discussion on the Issue of Issuing Foreign Currency Bonds among Residents. International Economics and Trade Research, 1997 (3): 41-42. (In Chinese)

64. Shigui Tao. Discussion on Coordinated Operation of Domestic and Foreign Capital. The Journal of Humanities, 1997 (1): 38-41. (In Chinese)

65. Shigui Tao. Discussion on Strategies of RMB’s Conditional Convertibility in Capital Account. International Economics and Trade Research, 1996 (6): 50-53. (In Chinese)

66. Shigui Tao. China Should Establish A Foreign Exchange Interbank Market As Soon As Possible. Studies of International Finance, 1996 (3): 51-52. (In Chinese)

67. Shigui Tao. Border Trade Should be A Breakthrough of RMB’s Free Convertibility. Journal of International Trade, 1996 (3): 40-42. (In Chinese)

68. Shigui Tao. Characteristics and Prevention of International Short-term Speculative Capital. The Journal of World Economy 1995 (12): 58-61. (In Chinese)

69. Shigui Tao. New Thinking on the Effects of Foreign Exchange Reserves to Inflation. Economic Perspectives, 1996 (2): 18-21. (In Chinese)

70. Shigui Tao. Malpractice of ‘Return Investment’ and Effective Measures of Reducing ‘Return Investment. Journal of Financial Research, 1991 (5): 57-58. (In Chinese)

71. Shigui Tao. Suggestions on Improving Correlation of RMB’s Exchange Rate and Interest Rate. Review of Economic Research, 1996 (17): 27-27. (In Chinese)

72. Shigui Tao. Discussion on Choosing the Goal of China's Foreign Exchange Management System Reform. Economics Information, 1994 (4): 9-13. (In Chinese)

73. Shigui Tao. The Impact and Countermeasures of Foreign Exchange Trade New System on Foreign-invested Enterprises. Foreign Economics & Management, 1994 (5): 7-9. (In Chinese)

74. Shigui Tao. Discussion on the Free Convertibility and Target Selection of RMB. Finance & Trade Economics, 1992 (12): 30-34. (In Chinese)

75. Shigui Tao. Czech’s Experience and Inspiration in Inflation Controlling. World Economics and Politics, 1995 (6): 24-25. (In Chinese)

76. Shigui Tao. Reflections on Perfecting China's Foreign Exchange Operation Mechanism. Economic Science, 1994 (2): 15-18. (In Chinese)

77. Shigui Tao. Suggestions on Improving the Exchange Rate in Export Earnings. Economic Theory and Business Management, 1990, V (6): 51-53. (In Chinese)

78. Shigui Tao. Inherent Logic and Routing about Chinese Banking System Institutional Change. People's Publishing House, 2014. (In Chinese)

79. Shigui Tao. International Finance. Wuhan University Press, 2013. (In Chinese)

80. Shigui Tao. Finance (Money and Banking). Wuhan University Press, 2013. (In Chinese)

Research Grants:

1. National Social Science Fund Project (13BJY171) “Research on Prevention and Control of China's Foreign Exchange Reserve Risk in Response to Military Conflict”

2. Humanities and Social Science Project of Ministry of Education (10YJAGJW015) “The Impact of Huge Foreign Exchange Reserves on China's Economic Security and the Countermeasures”

3. Jiangsu Social Science Fund Project (09CSJ002) “Research on the Innovation of Financial System in Yangtze River”

4. Jiangsu Soft Science Research Project (2010-2011) “Research on the Choice of Science and Technology Financing Tools and the Innovation of Financial Products in Jiangsu Province”

5. China Association for Science and Technology Project (2010-2012) “Research on the University Graduates Starting Salary”

6. Jiangsu Department of Education Philosophy and Social Science Research Project (06SJB790029) “Research on the Service System of Financial Support in the Construction of New Socialist Countryside”

7. Jiangsu Society of Social Science Research Project (B-07-40) “Study on Property Right System Reform of Rural Credit Cooperatives”

8. Research and Practice of Postgraduate Education Reform in Jiangsu Province (JGLX12_036) “Research and Practice on the Coordinated Development of Academic Degree and Professional Degree Graduate Education - Taking Finance as an Example”

9. The Chinese Society of Academic Degrees and Graduate Education Project (C1-2013Y02-010) “A Study on the Adjustment of Social Demand and the Adjustment of Postgraduate Education in Professional Degree - Based on the Survey of Talent Supply and Demand”

10. Nanjing Normal University Research Teaching Model Courses Construction Project (Ning Shi Jiao [2010] No.19) “International Finance Theory and Practice”

11. The Research Project of School - level Teaching Reform in Nanjing Normal University (2012-2013) “Exploration on the New Teaching Method of "System + Exploration + Interaction" in Colleges and Universities”


1. The first prize of Excellent Papers on the Fifth Academic Conference of Philosophy and Social Sciences in Jiangsu Province for “The Difficulty of Curbing Inflation through RMB Appreciation”.

2. The third prize of the ninth Jiangsu Philosophy and Social Science Outstanding Achievement Award for “Estimates of Overseas RMB Stock and Its Impact on Domestic Money Supply——Based on the RMB Cross-border Transactions Perspective”.

3. The first prize of Excellent Papers of 2014 on the International Finance Society in Jiangsu Province and World Economic Development Society 2014 Annual Meeting for “An Analysis of China's Samples of Financial Support for Real Economic Growth”.

4. The second prize of Excellent Papers on the Fifth Academic Conference of Philosophy and Social Sciences in Jiangsu Province for “The Impact of Interest Rate Marketization Reform on Small and Medium - sized Banks and the Countermeasures”.


1. International Finance (undergraduate)

2. Central Banking (undergraduate)

3. International Finance Practice (undergraduate)

4. Senior International Finance (postgraduate)

5. Financial Policy and Financial Supervision Practice (postgraduate)

6. International Financial Theory and Practice (MBA)