United News of Bangladesh

Nobel Laureate Professor Dr Muhammad Yunus, head of Bangladesh’s interim government, has demonstrated the transformative power of thinking beyond traditional economic frameworks, said Dr Yao Tang, associate professor of applied economics at the Guanghua School of Management, Peking University. In an interview with UNB, Prof Tang lauded Dr Yunus's innovative approach to microfinance and social business, calling it a timely reminder that real impact comes from courage, creativity and a commitment to change. He said Prof Yunus is a very prominent economist, as he had training in the United States and, more importantly, has spent a significant part of his career in microfinancing. Replying to a question regarding honorary doctorate conferred upon Prof Yunus by the Peking University, he said Prof Yunus is very famous in the world of economics and development, including in China. "It is both appropriate and a privilege for our university to honour him," Prof Tang added. Peking University, known for its excellence in economics and social sciences, found in Prof Yunus’ life work a natural synergy. The university has a strong tradition in development studies, with prominent scholars like Professor Justin Lin, a former Chief Economist of the World Bank, among its faculty. In assessing Nobel Laureate Prof Yunus’ global contributions, Dr Tang highlighted the uniqueness of his work in pioneering community-based financing. “Dr Yunus has introduced a model of financing that was not part of mainstream Western economics. His approach to community-based microfinance is a significant innovation that has reshaped global thinking about poverty alleviation and social empowerment.” Dr Yunus gifted tremendous ‘soft power’ to Bangladesh: Lutfey Siddiqi According to Prof Tang, Peking University is deeply invested in the development discourse and finds strong alignment between its own academic ethos and the values embodied in Prof Yunus’ work. “Our university has historically been tied to major ideas and movements within China’s development process. We highly appreciate the work done by Prof Yunus, and he has indeed influenced us, especially in development economics,” he said. Asked how Prof Yunus' message resonates with the younger generation, Prof Tang focused on the growing shortcomings of traditional Western economic models and the need for innovative thinking. “The Western model, particularly in the US, has shown increasing signs of strain—from financial overdependence to rising inequality. This tells us that alternative models are essential,” he said. Prof Yunus has shown the importance of thinking outside the typical boxes and being brave enough to innovate and make a meaningful impact on society, he added. He mentioned that the honorary recognition is not only a tribute to Prof Yunus but also a new chapter of collaboration between China and Bangladesh in the academic and development sectors. This honour will surely inspire greater collaboration between institutions in China and Bangladesh. “We are very interested in Prof Yunus’s vision and how it can contribute to broader development goals in his country and beyond,” he added. Looking ahead, Prof Tang hinted at potential future collaborations between Bangladesh and China. “There is growing interest in studying social enterprises and microfinancing models. After decades of practice, there are still many important lessons to uncover, and we expect joint research, seminars and programmes to emerge from this," he said. Prof Yunus' visit sparked widespread enthusiasm and admiration across the Peking University campus. Dr Yunus named among Time magazine’s 100 most influential people “People were genuinely and pleasantly surprised. While we had important events lined up for late March, the news of Prof Yunus receiving the honorary degree came as a delightful moment. It brought pride and joy to our entire community, especially the students,” Prof Tang said. With this recognition, Peking University not only celebrated the life work of a global pioneer but also reinforced the importance of rethinking conventional models to address contemporary challenges—a message that continues to inspire future generations worldwide.