Associate Professor in Business Economics
Associate Head of Department of Finance and Business Economics
Programme Coordinator of MSc in Data Science (specialization in Financial Technology)
  • PhD in Economics, Middlesex University , UK, 2006
  • Master in European Studies, University of Macau , Macau, 2000
  • Master in Economics (Science) , Hong Kong University of Science and Technology , Hong Kong, 1996
  • Bachelor in Social Science (Economics) , University of Macau, Macau, 1995
  • Assistant Professor, Department of Finance and Business Economics, FBA, University of Macau (2006-present)
  • Lecturer of Economics, FBA, University of Macau (1999-2006)
  • Teaching Assistant (Economics), FBA, University of Macau (1998-1999)
  • Demonstrator, Department of Economics, Hong Kong University of Science and Technology (1995-1996)
  • Undergraduate Courses
    • Principles of Microeconomics (BECO1000)
    • Principles of Macroeconomics (BECO1001)
    • Intermediate Economics (BECO2000)
    • The Economics of Tourism (BECO3004)
    • Intermediate Macroeconomics (BECO3009)
    • Greater China and the Global Economy (GEGA2001)
  • Graduate Courses
    • Seminar on Selected Topics about European Economy (GPAD7530)
    • EU and Sustainable Development (GPAD7514 )
    • Innovation and the World Economy (GPAD7511)
    • Politics and Economy in Macao (SSGC7003)
    • Introduction to Macau Studies (SSGC7001)
  • Economic Integration
  • Productivity and Efficiency
  • Income Inequality
  • Macroeconomic Policies
  • Chinese Economy
  • The impacts of China’s high speed railway system on tourism development (MYRG2018-00122-FBA) funded by the Research And Development Office of University of Macau, 2018-2019.
  • Tourism and inequality alleviation: The case of China (MYRG2017-00101-FBA) funded by the Research And Development Office of University of Macau, 2017-2018.
  • The Spatial Pattern on the Efficiency and Competitiveness of China’s Tourism Sector (MYRG2015-00068-FBA) funded by the Research And Development Office of University of Macau, 2015-2016.
  • The Economic Transitions of China and the Global Implications (MYRG005(Y1-L1)-FBA13-LCK), funded by the Research And Development Office of University of Macau, 2013-2014.
  • Inequality, Efficiency and Growth in the Pearl River Delta Region (MYRG004(Y1-L1)-FBA11-LCK), funded by the Research And Development Office of University of Macau, 2011-2012.
  1. Liu, N., Gu, X.H., & Lei, C.K. (2022), The equilibrium effects of digital technology on banking, production, and employment, Finance Research Letters (ABS2)
  2. Tam, P.S., Lei, C.K. & Zhai, T., (2022), Investigating the bidirectionality of the relationship between residents’ perceptions of tourism impacts and subjective wellbeing on support for tourism development, Journal of Sustainable Tourism, DOI: 10.1080/09669582.2022.2071911 (ABS3)
  3. Gu, X.H., Sheng, L. & Lei, C.K (2022), Specialization or diversification: A theoretical analysis for tourist cities, Cities, DOI: (ABS2)
  4. Yao, S., Yan, X., Lei, C.K. & Wang, F., (2021), High-speed railway and tourism development in China, Tourism Economics, DOI: (ABS2)
  5. Zhao, Q.B., Li, G.Q., Gu, X.H. & Lei, C.K., (2020), Inequality hikes, saving surges, and housing bubbles, International Review of Economics and Finance (ABS2)
  6. Gu, X.H., Tam, P.S., Lei, C.K., , Chang, X. (2020), The effects of inequality in the 1997-98 Asian crisis and the 2008-09 global tsunami: The case of five Asian economies, Journal of International Money and Finance, DOI: (ABS3)
  7. Zhao, Q.B., Lei, C.K., , Peng, L. and Gu, X.H. (2020), The U.S.-Sino different links between income and consumption inequality, Applied Economics Letters (ABS1)
  8. Gu, X.H., Sheng, L., Yuen, C.Y. and Lei, C.K. Modeling the economic effect of statutory taxation on gaming hospitality, Journal of Hospitality & Tourism Research , Accepted (ABS2)
  9. Gu, X.H., Lei, C.K., Sheng, E., and Zhao, Q.B., Global current account imbalances and the link between income and consumption inequality, Review of International Economics, Accepted (ABS2)
  10. Gu, X.H., Li, G.Q., Lei, C.K., Sheng, E., Zhao, Q.B., (2019), The inequality-housing price nexus in tourist resorts: theory and evidence, Asia-Pacific Journal of Accounting and Economics, DOI: (ABS2)
  11. Gu, X.H., Tam, P.S., Zhang, Y. & Lei, C.K. (2019), Inequality, leverage and crises: theory and evidence revisited’, The World Economy, DOI: 10.1111/twec.12806 (ABS2), The World Economy, DOI: 10.1111/twec.12806 (ABS2)
  12. Wu, J., Ma Z.Z., Liu, Z.Y. & Lei, C.K., (2019), A contingent view of institutional environment, firm capability, and innovation performance of emerging multinational enterprises’, Industrial Marketing Management, (ABS3), Industrial Marketing Management, DOI: (ABS3)
  13. Lei, C.K., (2019), Revenue diversification, incoming tourists and China hotels’ performance, Tourism Analysis, DOI: (ABS2)
  14. Lei C.K., (2017), The Closer Economic Partnership Arrangement (CEPA) and its impacts on the export efficiency of Hong Kong and Macao, Journal of Chinese Economic and Business Studies, DOI: 10.1080/14765284.2017.1281082 (ABS1)
  15. Gu, X., Tam, P.S., Lei, C.K. and Chang, X. (2016). The economics of taxation in casino tourism with cross-border market power, Review of Development Economics, 20, 113-125.
  16. Lei C.K. (2014), Sources of income inequality: the case of Guangdong, Journal of Chinese Economics, 2(1), 10-33.
  17. Lei C.K. (2014), Efficiency convergence in the Greater China Region, Cambridge Journal of China Studies, 9(2), 8-29.
  18. Lei C.K., (2013), Can Chinese cities achieve higher technical efficiency after hosting mega events?, International Journal of China Studies, 4(1), 85-110.
  19. Lei C.K. and Tam P.S. (2010), A panel data approach to the income convergence among Mainland China, Hong Kong and Macau, Journal of the Asia-Pacific Economy, 15, 42-435.
  20. Lei C.K. and Yao S. (2008), On income convergence among China, Hong Kong and Macau, The World Economy, 31(3), 345-366.
  1. Lei, C.K., The industry-academic-research cooperation strategy of Macau’s technology industry in Proceedings of Macao Economic Forum 2021, Macau Economic Association, 2022 (in Chinese). ( 李振國,”淺淡澳門科技產業的產學研合作策略” 《澳門經濟論壇 2021 論文集》,周平(編) ,澳門經濟學會,2022,ISBN 978-99965-60-12-5)
  2. Lao, C.N. & Lei, C.K. (edited), Study on Macau’s Tourism and Leisure Competitiveness Index, Macau Economics Association, 2018. (in Chinese). (柳智毅,李振國,《澳門旅遊休閒綜合競爭力指數研究》,澳門經濟學會,2018,ISBN: 978-99965-60-03-3)
  3. Lei, C.K., 2018. Manufacturing Sector in Lao, C.N. (edited) Analysis of Macau Economy and Industrial Development, Macau Economic Association, 2018 (in Chinese), (李振國, “製造業” ,《澳門經濟與各產業發展現狀分析》,澳門經濟與各產業發展現狀分析,柳智毅(編) ,澳門經濟學會,2018,ISBN:978-99965-60-02-6)
  4. Lei, C.K. and Tam, P.S. (2013). Stochastic convergence of the Greater China economies: A panel unit root approach. In B. Wu, S. Yao, and J. Chen (eds.). China’s Development and Harmonisation: Toward a Balance with Nature, Society and International Community, Routledge, 2013, ISBN: 978-0415665674
  5. Lei C.K. and Yao S. “Economic Convergence in Greater China” Routledge, 2009, ISBN: 978-0-415-43581-9
  1. Lei, C.K., 2021. The showcase effect of the innovative institutional structure in the Hengqin In-depth Cooperation Zone on the Greater Bay Area, the 3rd Guangdong-Hong Kong-Macau Cooperation Forum 2021, Jinan University, Guangzhou, China (in Chinese) (李振國,”《橫琴粵澳深度合作區建設總體方案》的制度創新對「粵港澳大灣區」的示範作用” , 第三届粤港澳合作論壇,廣州暨南大學,2021年10月。)
  2. Tam, P.S., Lei, C.K. & Zhai, T., 2020. Rethinking the relationships among residents’ perceived tourism impacts, life satisfaction and support for tourism development. APacCHRIE 2020, Hong Kong.
  3. Gu, X.H. & Lei, C.K., 2018. China trade along the Belt and Road. Workshop about China and the Global Economy, Jinan University, Guangzhou, China.
  4. Gu, X.H., Tam, P.S. & Lei, C.K., 2018. Why was Asia hit badly by financial crisis in 1997-98 but not in 2007-09?, the 10th Biennial Conference of Hong Kong Economic Association, Xiamen University, Xiamen, China.
  5. Lei C.K., 2017. A comparative study on the trade potential between China, the Belt & Road and Portuguese Speaking countries, The 28th CEA (UK) and 9th CEA (Europe) Annual Conference, organised by the Chinese Economic Association (UK/Europe), The University of Manchester, U.K..
  6. Lei C.K., 2015. The Closer Economic Partnership Arrangement (CEPA) and its impacts on the efficiency of merchandising exports of Hong Kong and Macao, The 26th CEA (UK) and 7th CEA (Europe) Annual Conference organised by the Chinese Economic Association (UK/Europe), The University of Nottingham, U.K..
  7. Lei C.K., 2014. The Closer Economic Partnership Arrangement between Macao and Mainland China and its Implications, The 1st Asian Grand Symposium of International Trade Scholars : FTA & Korea Trade in Asia
  8. Lei C.K., 2012. The role of trade in the process of economic transition: The case of Guangdong, The International Forum for Contemporary Chinese Studies 5, Beijing, China.
  9. Lei C.K.,2011. The linkage between income inequality and technical efficiency, The International Forum for Contemporary Chinese Studies 4, Nottingham, U.K.
  10. Lei C.K., 2010. A Comparative Study on Technical Efficiency for Difference Chinese Economies on the City Level, The International Forum for Contemporary Chinese Studies 3, Xi’an, China.
  11. Lei C.K.and Tam P.S., 2009. Stochastic Income Convergence among Mainland China, Hong Kong and Macau: A Panel Unit Root Approach, Chinese Economists Society (CES) 2009 Conference, Macau, China.
  1. Lei, C.K. “Are the “Financial Relief” measures relevant under “Relative Static”?” Macau Business, 7 August 2022
  1. Gu, X.H., Zhao, Q.B., & Lei, C.K., 2022. Different experiences of Asian emerging-market economies in the two major financial crises.
  2. Gu, X.H., Zhao, Q.B., Peng, L. & Lei, C.K., 2022. Bank efficiency in Greater China: A comparative study via technological gap ratios
  3. Chang, X., Gu, X.H., Lei, C.K. & Lei, C., 2022. An integral study of the dichotomous links between collateral and interest rates: Theory and evidence
  • PhD Students
    • Co-supervisor and Member of Advisory Committee
  • Master Students
    • Supervisor of Master of Science in Data Science with the Specialization of Financial Technology
    • Supervisor of MBA Program
    • Supervisor of Master in Social Science (Macau Studies) Program
    • Supervisor of Master of European Studies Program
    • Supervisor of Master of Science in Finance Program
  • Vice Chairman, Executive Board, Macau Economic Association
  • Member of the Executive Board, Macao Public Governance Research Center
  • Member of Hong Kong Economic Association
  • Member of Chinese Economic Association (CEA) U.K.
  • Member, Board of Director and the Executive Committee, Master of European Studies Association of Macau