In order to accelerate the construction of applied economics — the world-class discipline of Liaoning University, further optimize the discipline layout and resource allocation, stimulate the innovation vitality of academic units, promote interdisciplinary integration, and strengthen the connotation construction and characteristic development of the discipline, Liaoning University established the Faculty of Economics on January 28, 2022.

The Faculty of Economics consists of all economics-related units of the university, which includes the following schools and colleges:

Two new integrated colleges are built, namely School of Finance and Trade and School of Mathematics and Statistics. School of Finance and Trade is composed of Department of Finance, Department of Insurance and Department of International Economics and Trade of the former School of Economics. The School of Mathematics and Statistics consists of School of Mathematics, faculty members of  Department of Statistics excluding those of economic statistics of the School of Economics, and Department of Public Mathematics of the School of Fundamental Studies.

The Research Institute for Environmental Economics is established, which shares one organization with Center for Financial Studies. It is composed of the faculty members of the Center for Financial Studies and those of the environmental economics research direction of School of Environment.

There are seven units joining the Faculty of Economics as a whole. The School of Economics retains faculty members from the departments of economics, national economics, finance and taxation, industrial economics and those of economic statistics from Department of Statistics, to join the Faculty of Economics. School of International Economics and International Relations, School of Public Management, Sunwah International Business School, Asia-Australia Business College, Research Center for the Economics and Politics of Transitional Countries and China Business Development Research Institute (Beijing) join the Faculty of Economics as a whole without changing their structures.

A total of 24 research institutions relevant to the discipline of economics including Advanced Institute of Applied Economics, Economic Development Research Institute, Li Anmin Institute of Economic Research, China Financial Research Institute, Reform and Innovation Research Institute of Shenyang-Fushun Demonstration Area, The US and East Asia Research Institute, and Northeast Asia Economic Circle Research Institute participate in the construction of Faculty of Economics in the mode of co-management between the university and the Faculty of Economics.

In November 2022, Business School of Liaoning University and the newly established Research Institute of Chinese Economy entered the Faculty of Economics as a whole.

The director of Faculty of Economics is concurrently held by the president of LNU. It implements the office meeting system organized by the director. The members of the office meeting include its director, the deputy director in charge of daily affairs, the deputy director and the office director. The director of Faculty of Economics is responsible for (or entrusts the deputy director in charge of daily affairs) to preside over the office meetings, and the deans of relevant colleges and schools sit in on the meeting according to the requirements of the work. According to the actual condition, the colleges and research units under the Faculty of Economics set up academic committees, academic degree evaluation committee, teaching steering committees and other organizations.

The main responsibilities of the Faculty include: formulating the Articles of Association of the Faculty of  Economics and scientifically planning the medium and long-term construction and development of the Faculty; Implementing the relevant requirements of national and provincial “double first-class” construction, comprehensively promoting the construction of world-class disciplines and provincial first-class disciplines, reviewing various construction plans, preparing periodic summary reports and maintaining dynamic monitoring data and other major issues; Coordinating between the departments, making overall plans for discipline construction, degree declaration and discipline evaluation within the Faculty, strengthening interdisciplinary integration, actively connecting with major national and regional strategies, and creating conditions for applying for major national projects, major platforms and major awards.

After the establishment of Faculty of Economics, the party and government management system and job responsibilities of each college remain the same as those of other colleges. At the same time, the colleges implement the work assigned by the university and Faculty of Economics in accordance with the national and provincial “double first-class” construction.