Bangkok, Nov. 22, 2024 (GLOBE NEWSWIRE) -- On October 30, 2024, the economist Professor Lingyun Xiang in the United States was appointed as Chief Economic Advisor to the Thai Royal Family. The appointment signed by His Royal Highness Prince Kongchai, recognizes Professor Xiang's outstanding contributions to fostering cultural exchanges and promoting international economic and trade cooperation between China and Thailand.
His Royal Highness Prince Kongchai of the Thai Royal Family, entrusted by the Royal Family, issued the appointment letter to Professor Lingyun Xiang. This marks the first time the Thai Royal Family has appointed a Chief Economic Advisor for the Thai Royal Family.
Prince Kongchai introduced the Thai Royal Family, also known as the Chakri Dynasty (Thai: จักรี), which has been in existence since 1782 during the Bangkok era. Before 1932, monarchs of the Chakri Dynasty wielded absolute power. Following the 1932 revolution, Thailand transitioned to a constitutional monarchy, with subsequent kings serving as symbolic heads of state. The current monarch is Maha Vajiralongkorn (King Rama X).
The Thai throne is traditionally inherited by princes. However, due to a lack of legitimate male heirs, current royal succession laws permit female members to inherit the throne. The King serves as the Supreme Commander of the Armed Forces and exercises authority through Parliament, the Cabinet, and the judiciary as outlined in the Constitution. Each year, the government allocates 100 million Thai baht to cover royal expenses.
Professor Lingyun Xiang, the chief economic adviser of the Thai Royal Family is also the a recipient of the British King’s Medal and the European Outstanding Achievement Award, a Fellow of the Royal Society of the United Kingdom, a Lifetime Fellow of the Royal Academy of Engineering of the United Kingdom, and a Foreign Member of the National Academy of Engineering of Ukraine, a lifelong full-time professor of the European Union University, a lifelong professor (doctoral supervisor) of the National University of Maryland, a Special Term professor of Peking University Boya, a visiting professor of Beijing Union University, a visiting professor of Capital Normal University, a Visiting Professor at Nanjing University, a visiting professor of Shaanxi University of Science & Technology.
The Kingdom of Thailand, commonly known as Thailand and formerly known as Siam, has a total area of 513,000 square kilometers and a coastline of 2,705 kilometers. The country is divided into five regions, comprising 77 provinces. As of January 2024, Thailand's total population stands at 67.9 million.
Thailand is an emerging industrial nation with a market-oriented economy, adhering to a liberal economic policy and an export-driven model. It is a founding member of ASEAN and holds a central position within the organization. The country enjoys social stability, high policy transparency, and a strong degree of trade liberalization. Its open and inclusive business environment makes it ASEAN's second-largest economy with significant regional influence. Thailand's promising economic growth and vast market potential position it as a hub for regional trade.
In 1996, Thailand was classified as a middle-income country. By 2022, its GDP reached $495.2 billion, with an annual growth rate of 2.6%.
The Crown Property Bureau is a quasi-governmental agency responsible for managing the assets of the Thai Royal Family. Legally classified as a corporate entity rather than a government institution, it enjoys tax-exempt status. Headquartered in Bangkok, Thailand, the agency invests across various sectors, including real estate, finance, banking, and healthcare.
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