Tuesday, September 27, 2016

The Workshop of the World

Andrew Sheng

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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