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On August 25th, 2022, the 2022 China Rising Affluent Financial Well-being Index was released by SAIF and Charles Schwab (a top US financial services institution), our sixth consecutive annual edition. For six years, Charles Schwab and SAIF have continued to focus on the perceptions and investment behavior of China rising affluent. This year's report focused on how affluent Chinese actively adjust their wealth management strategies when facing changing external environments. It also re-highlighted the importance of investment advisory services in advancing the financial well-being of investors. The latest 2022 report shows that the financial well-being of China's rising affluent is steadily improving. In addition, the following findings were made in this year's study. Family wealth management should be decided after a family discussion. Public awareness of retirement financial issues should be aroused through financial education and services. New products and services that better fit investment needs should be made, due to the fading of the housing market. Financial literacy education should be strengthened to help investors better identify financial risks and focus on long-term investments. Professional financial services and investment education should be provided to avoid vulnerability and to ensure long-term financial well-being. Financial institutions should further optimize personalized and high-quality services based on customers'demands. The China Rising Affluent Financial Well-being Index Initiated by SAIF and Charles Schwab, the China Rising Affluent Financial Well-being Index is now being maintained by Nielsen, an international monitoring and data analysis company. This index tracks the shifting perceptions about the financial well-being of people with annual incomes of RMB 125,000 to RMB 1,000,000 and with investable assets of less than RMB 7,000,000. These investors are an increasingly influential cohort within both the Chinese and global economies. The index is derived from the combined assessment of four sub-indexes, namely: wealth confidence, financial planning, asset management, and investment engagement.

Recently, SAIF and the Haas School of Business at the University of California (UC Berkeley) signed a memorandum of understanding on a dual degree for the Master of Financial Engineering Program (MFE). The program has no limit on the number of participants, and students of the SAIF MF Program can submit applications after enrollment. Upon graduation, they will be awarded a Master's degree and the academic certificate of SJTU, the academic certificate of SAIF, and a Master's degree from UC Berkeley. As the flagship program of SAIF, the MF Program cultivates future leaders in the financial industry. It adopts an international and open teaching mode while featuring first-class faculty from world-class universities. In 2019, to meet the development needs of the financial industry, the SAIF MF program was the first to offer a Master's education program with a FinTech track in China. The first batch of FinTech track graduates has since achieved a 100% employment rate. The MFE Program of UC Berkeley benefits from the top financial research resources of the Hass School of Business, which effectively combines modern portfolio theory with computational methods. The program is known globally for its 98% employment rate (Fall 2021) and prestigious curriculum. It is ranked at the top in the 2022 TFE Times Financial Engineering Program Rankings. In addition to the dual degree program with the Hass School of Business, SAIF has also cooperated with top institutions in North America and Europe, such as Columbia University and the London School of Economics and Political Science (LSE). As of 2021, more than 40 SAIF MF students have applied to participate in the dual degree program.

On August 8th, 2022, the report "Metaverse Study: Technology, Applications and Economic Paradigms"was officially released. The report is co-authored by SAIF, CAFR, and the Shanghai Shenyin Wanguo Securities Research Institute Ltd. (SWS Research). The report comprehensively analyzes the new track of the metaverse and the metaverse economy from four aspects: definition and connotation, core technologies, application scenarios, and overseas metaverse economy paradigm. According to the report, the metaverse is a next-generation Internet application and social civilization that integrates a number of new technologies, with digital sensing and blockchain technology as its core. It is generated through a change of identity interaction and an economic paradigm change. The metaverse economy is a series of new economic production and business operation models based on digital production, distribution, exchange, and consumption. The definition, underlying technologies, application scenarios, and business models of the metaverse are still at an early stage. This report helps with the construction of a relevant policy system and a layout of industrial practice, and with the implementation of digital economy strategy. The report also included several SAIF GES alumni and four GES alumni companies (Shanghai Zhiwang Information Technology Co. Ltd., Shanghai Jianjing Shurui Data Technology Co. Ltd., Bowei Technology Co. Ltd., Shanghai Xianhu Investment Management Co. Ltd.), as well as experts and researchers from the Tsinghua University School of Journalism and Communication.

On May 11, 2022, Times Higher Education (THE) released the third edition of its China Subject Ratings. SJTU performed well in this year's ratings, with a total of 41 disciplines being awarded an A+ ranking. Three disciplines co-constructed by SAIF (Industry & Business Administration, Management Science and Engineering, and Applied Economics) regained A+ designation. Based on the discipline classification system by Chinese Ministry of Education, the THE China Subject Ratings provide universities in mainland China with opportunities to compare and demonstrate academic strengths with universities worldwide. This year’s ratings include 1,543 universities worldwide, 91 of which are in mainland China. Using the subject classification system by the Chinese Ministry of Education, they measure performance in 82 subjects on a scale of A+ to C-. The results show that in the vast majority of disciplines, mainland Chinese universities outperformed universities overseas. Overall, mainland China scores an average grade of B+ in the ratings, above the global average of B. The data for the 2022 THE China Subject Ratings come from the 2022 THE World University Rankings, the THE China Reputation Survey for 2021 and 2022, the THE Academic Reputation Survey for 2020 and 2021, and Elsevier bibliometrics. The Times Higher Education China Subject Ratings are the only performance tables that judge Chinese institutions against their global peers based upon the Chinese Ministry of Education's classification of subjects. The ratings measure research-intensive universities' subject performance across five key areas: teaching (the learning environment); research (volume, income, and reputation); citations (research influence); international outlook (staff, students, and research); and industry income (knowledge transfer).

Recently, Zhe Geng, a 2022 PhD graduate from SAIF, received a teaching offer from the School of Management of Fudan University. Two other PhD graduates, Xiaoming Li and Mingmei Liu, also received offers from the University of International Business and Economics and Jinan University, respectively. They all joined the tenure track. In fact, since Chinese universities have tried to implement the tenure track faculty system, most of the newly recruited professors are PhD graduates in relevant fields from famous overseas universities. So, what makes PhD students from SAIF stand out among so many Finance PhD returnees ? Zhe Geng said, “Thanks to the academic training and encouragement from my supervisors, Professors Jun Pan and Tan Wang, during my PhD, as well as the guidance from Professors Jiang Wang and Darrell Duffie, I was able to get the offer from Fudan University. I also want to express my gratitude to SAIF’s international cultivation model and the whole faculty team.” As for the three PhD graduates entering the tenure track of top universities in China this year, Nengjiu Ju (Professor of Finance, PhD Program Academic Director atSAIF) said, “It shows that SAIF PhD graduates basically have the strength to compete with PhD students from famous overseas universities at the same level. It also shows that SAIF PhD program has been recognized by peers.”

On April 6th, 2022, QS (Quacquarelli Symonds) released its 12th World University Rankings by Subject. Shanghai Jiao Tong University (SJTU) ranked among the top 50 in the world in 6 disciplines. Three of these six disciplines were co-constructed by SAIF, including: Accounting and Finance, ranked 48th globally; Business and Management Studies, ranked 50th globally; and Economics and Econometrics, ranked 63rd globally — with all 3 disciplines ranked in the top 3 in mainland China. In addition, Statistics and Operations Research ranked 51st-100th in the world, and 4th in mainland China. The ranking conducted an independent comparative analysis of the performance across 51 disciplines and 5 academic fields of 15,200 universities globally. In QS Rankings by Subject 2021, a total of 93 universities from mainland China were listed, ranking 3rd in the world after the U.S. and the U.K in terms of the number of disciplines. One hundred disciplines of 22 universities in mainland China were ranked in the top 50 globally. QS World University Rankings by Subject is one of the four most authoritative global university rankings, along with Times High Education, U.S. News & World Report, and ShanghaiRanking. Unlike the Times and U.S. News rankings, which focus on comprehensive indicators (including academic conditions and funding), the QS and ShanghaiRanking emphasize academic reputation, research output, and impact. In the 2021 ShanghaiRanking’s Academic Ranking of World Universities released last year, in Finance, SJTU ranked 1st in mainland China and 55th in the world.

On February 25th, the Faculty and Staff Spring Semester Meeting was held at SAIF. Professor Shijun Cheng (Executive Dean), Professor Qigui Zhu (Secretary of the CPC SAIF Committee), Professor Jiang Wang (Executive Director, Chair of Academic Council at SAIF), and Professor Guangshao Tu (Adjunct Professor of SJTU, Executive Director of SAIF Board) delivered speeches. Nearly 200 SAIF professors and staff attended the meeting. Professor Shijun Cheng said that in 2022, SAIF needs to further develop and innovate with talent training, faculty training, think tank construction, resource expansion, internal management, and party construction. SAIF also needs to strive for breakthroughs in teaching and research, optimize resource allocation and management structure, and give full play to synergy efforts to enhance SAIF's core competitiveness. Professor Qigui Zhu said that in order to ensure the successful completion of the 14th Five-Year Plan and the key tasks of SAIF, we should continuously emphasize both quality and quantity in 2022. We must focus on key and difficult points, so as to comprehensively promote SAIF's agenda. Professor Jiang Wang pointed out that SAIF has entered version 2.0 of its development since the start of the Phase III Strategic Plan, which requires more effort to achieve higher standards and goals. SAIF will innovate, strengthen sustainable development, and enhance the functions of the Shanghai Municipal Government. In his concluding speech, Professor Guangshao Tu said that all faculty should further build upon their strengths and transform existing resources into developmental momentum for Shanghai, SJTU, and SAIF itself.

On February 14th, 2022, China issued a list of eligible universities for the second stage of its initiative to build top-class universities and assemble academic disciplines. Shanghai Jiao Tong University (SJTU) has been listed in 18 of the disciplines, including Industry & Business Administration which was co-constructed by SAIF. In this stage of the "Double First-Class"initiative of Industry & Business Administration, SJTU took Industry & Business Administration as the main construct, and three first-level disciplines as supporting elements, including Management Science & Engineering, Applied Economics, and Public Management. It was co-constructed by SAIF and its main research fields included: Enterprise Management, Data Science & Management Optimization, Accounting & Finance, Technological Innovation & Industrial Development, and Business Environment & Policy Innovation. In the first stage of "Double First-Class"initiative (2016-2020), SJTU achieved expected results in the construction of "Business and Management"(which will change into "Industry & Business Administration"in the second stage), with some of the tasks having been completed beyond expectations. It ranked A+ in the 4th round of discipline assessment by the Ministry of Education, and, of its five directions, ranked in the top 100 in the QS World University Rankings. Accounting & Finance, which was constructed mainly by SAIF, ranked in the top 50 globally and in the top three among mainland universities.

On January 12th, 2022, the Professional Master's Thesis Supervision Meeting was held at SAIF by the Thesis Supervision Committee (TSC). The meeting allowed supervisors to exchange ideas and deepen their understanding of quality standards and requirements for thesis writing in each SAIF program. Nearly 40 professors who would be supervising the master's theses in the 2021-2022 academic year attended the lunch, meeting either onsite or online. Professor Qigui Zhu (Secretary of the CPC SAIF Committee, Chairman of TSC) chaired the meeting and delivered a speech. He thanked thesis supervisors from SAIF and beyond for their contributions to the quality improvement of these in the past year. He pointed out that through the whole process of a master's student's cultivation, all the supervisors must attach importance to moral education, and take care of students both in academic matters and in also in life. He also emphasized the importance of academic integrity. In the meeting, Professor Tan Wang (Academic Director of the MF Program), Professor Jie Chang (Academic Director of the MBA Program), and Professor Fei Wu (Academic Co-Director of the EED Program) introduced each aspect of thesis work for the MF, MBA, and EMBA programs respectively, and summarized the overall development in 2021. Professor Xianglin Li (Academic Co-Director of the MF program) made an additional explanation. Professor Tzukuan Chiu was also invited to share her experience in teaching thesis writing courses. Professor Nengjiu Ju (Co-Chairman of TSC) introduced the basic process of thesis guiding work for the MF, MBA, and EMBA programs and shared a speech on "how to ensure thesis quality". In the discussion session, supervisors shared their views on: "the topic of the thesis", "the form of the thesis", "the requirements and responsibilities of supervisors", "the kind of guidance that should be given to different types of students of MF, MBA, and EMBA programs", and "how to effectively improve the standardization of thesis and improve students'enthusiasm for thesis writing".

On January 27th, 2022, SAIF announced that the Institute Council decided to approve the request of Professor Chun Chang (Professor of Finance, Huifu Chair Professor) to step down as Executive Dean. Professor Shijun Cheng was then designated as the new Executive Dean. SAIF recognized the major and extensive contributions to the construction and development of SAIF made by Professor Chang Chun since he became Executive Dean in 2010. He played a crucial role in the development of SAIF, including the establishment of the international model of research and education, innovative institutional building, the development of our education and research programs, as well as branding and outreach initiatives. Meanwhile, as a distinguished scholar, Professor Chang has obtained major achievements in a number of research areas (Winner of the Sun Yefang Financial Innovation Award in 2016).His pioneering efforts and dedication in teaching/educational activities have also contributed to the development of finance education and research both at SAIF and in China.SAIF looks forward to his continuing contribution to the school’s development in his role as a senior faculty and a leading finance scholar. Professor Shijun Cheng is a senior Professor of Accounting at SAIF and has been a Special-Term Professor since the inception of SAIF. Prior to joining SAIF as a full-time professor in 2018, he accumulated rich expertise and experience from his service as Dean of School of Management, Jinan University (Guangzhou). After joining SAIF in 2018, Shijun acted as Deputy Dean, overseeing our MBA and MF programs and several major administrative functions, including finance and HR. In 2020, he started to serve on the Institute Council as a member in 2020 and participated in the Institute's planning and operation process, demonstrating a strong sense of mission, responsibility and implementation. His character and work have received wide recognition.In addition, as an alumnus of SJTU (1993, Ph.D. in Industrial Management Engineering), Professor Cheng is full of passion and confidence in serving the Institute and contributing to the development of the University. Professor Shijun Cheng said that he would work closely with the leadership team to implement development strategies and decisions made by the Institute Council to serve the construction of Shanghai International Finance Center, and to promote the construction of SJTU as a world-class university. He also hoped to work with all faculty, staff, students, alumni, colleagues, and other concerned stakeholders to build SAIF into a top-class financial school in China as swiftly as possible. Profile Dr. Shijun Cheng is theExecutive Dean and Professor of Accounting at the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. He earned his D.Eng. in Industrial Management Engineering from Shanghai Jiao Tong University, and his Ph.D. in Accounting from the University of Pittsburgh. Previously he was on the faculty of the Stephen M. Ross School of Business at the University of Michigan, and the Robert H. Smith School of Business at the University of Maryland (with tenure). He was also the Dean of the School of Management at Jinan University in Guangzhou. His research is focused upon corporate governance, compensation and incentives, and managerial accounting. Prof. Cheng has published in top academic journals such asThe Accounting Review,Contemporary Accounting Research,Review of Financial Studies, andthe Journal of Financial Economics. He serves (or has served) on the editorial boards ofContemporary Accounting Researchandthe China Journal of Accounting Research, and was on the first academic committee forChina Industrial Economics. Prof. Cheng has taught Managerial Accounting, Financial Accounting, Essentials of Accounting for Decision Makers, Performance Measurement and Compensation Design, and Corporate Governance for doctoral, masters, and undergraduate programs (as well as non-degree programs).