Andrew Sheng, Xiao Geng
Lending in the Dark
HONG KONG – The proliferation of China’s opaque, loosely regulated (or unregulated) shadow-banking system has been raising fears of possible…
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HONG KONG – The proliferation of China’s opaque, loosely regulated (or unregulated) shadow-banking system has been raising fears of possible…
HONG KONG – On March 1, China’s State Council announced a new batch of restrictions aimed at reining in property prices by curbing speculati…
HONG KONG – A consensus is rapidly emerging within China that the rule of law is the single most important precondition for inclusive, susta…
HONG KONG – China has once again reached a crossroads on its journey toward inclusive, sustainable prosperity. At the Chinese Communist Part…
HONG KONG – November was a month of major leadership changes around the world, including Xi Jinping’s confirmation as China’s top official a…
HONG KONG – A supply chain links producers and consumers through a complex web of outsourcing contracts, with market leaders in any product …
HONG KONG – Given the crisis weighing down the world economy and financial markets, it is not surprising that a substantive reconsideration …
HONG KONG – In a recent article, the economist Axel Leijonhufvud defines the market system as a web of contracts. Because contracts are link…
HONG KONG – During three decades of favorable global economic conditions, China created an integrated global production system unprecedented…
HONG KONG – Almost two decades ago, the World Bank published its landmark study The East Asian Miracle, analyzing why East Asian economies g…
Will the growing internationalization of China’s renminbi help or hinder Asia’s other economies? Has the growth of vast global supply chains already created an integrated “Asian economic area”? Are Asia’s capital markets evolving quickly enough to keep pace with the region’s booming economies? Will economic governance, particularly in China and India, need to change if economies are to continue to grow?
Asia’s share of global output is projected to rise from 27% today to 35% by 2020, and to more than half of the world total by 2050. By that time, close to half of the world’s savings and financial assets will be located in Asia as well. And, while Asia’s rise has been less disruptive than previous shifts in global economic power, the region’s economic growth is altering relations not only between East and West, but within Asia itself – raising risks that remain to be addressed.
They are risks that Andrew Sheng, Chairman of the Fung Global Institute in Hong Kong, deals with all the time. Chief Adviser to the China Banking Regulatory Commission, a member of the board of the Qatar Financial Center Regulatory Authority,and a director of Khazanah Nasional (Malaysia’s state investment holding company), Andrew Sheng is one of Asia’s most experienced policymakers. A man of many roles – previously Chairman of the Hong Kong Securities and Futures Commission and Deputy Chief Executive of the Hong Kong Monetary Authority, and currently an adviser to the China Investment Corporation and similar bodies region-wide – Andrew Sheng understands Asia’s promise and problems like no one else.
In his monthly series The Workshop of the World, written exclusively for Project Syndicate, Andrew Sheng examines the political, cultural, and strategic factors underlying Asia’s economic boom – and the challenges that confront the region as it approaches global preeminence.
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Andrew Sheng, President of the Fung Global Institute, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.
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