(New: Watch Video>>) The National Economics Foundation has decided to award the 2017 China Economics Prize to Gregory C. Chow and Chen Xiaohong, “for their outstanding contributions on theoretical econometric research.”

Gregory C. Chow has been a major figure in econometrics and applied economics. His innovative research in econometrics is the “Chow test”, a statistical test for structural change, applicable whether all the parameters of the regression model are estimable in both samples or not. His original work on optimal control theory and its application to stochastic economic systems led him to develop and champion a solution approach for dynamic optimization problems using Lagrange multiplier methods. Chow is one of the earliest scholars who were interested in economy of China, and published his monograph “Chinese Economy” in 1985.

Chow was born in Guangdong Province in China. He started his college life in Lingnan University in Grangzhou, and entered Cornell University as a sophomore in 1948. He got his Ph.D in Chicago University, and now is the Class of 1913 Professor of Political Economy, Emeritus, at Princeton University.

The China Economics Prize is founded and presented by the National Economics Foundation to award Chinese economists for their great contribution to the development of economic research. The Foundation will endorse one award each year in the amount of 2000,000RMB, and gold medal. The National Economics Foundation is a nonprofit organization, approved by Civil Affairs Department aiming to “encourage theoretical innovation and economic science prosperity”. It serves as an international academic platform for Chinese theoretical economic researchers, with the aim to encourage Chinese economists to make contribution to the development of economic science.