(Yicai Global) Nov. 15 -- Renowned Chinese economist Xiao Zhuoji died yesterday at the age of 84.

He was a professor at Peking University's School of Economics and pioneered securities market theory in China. He played an important role in the construction and perfection of China's securities market.

Xiao was a doctoral advisor at Peking University. Since China began reforming and opening up, he published innovative viewpoints on economic development strategies, economic restructuring, property rights systems, financial securities, foreign economies and other fields.

Xiao was Prime Minister Li Keqiang's master's thesis advisor, per media reports.