Andrew Sheng

Andrew Sheng

Andrew Sheng is a former central banker and financial regulator, currently distinguished fellow at the Asia Global Institute, University of Hong Kong. He writes widely on Asian perspectives on global issues, with columns in Project Syndicate, Asia News Network and Caijing/Caixin magazines. His latest book is “Shadow Banking in China”, co-authored with Ng Chow Soon, published by Wiley.

Latest from Andrew Sheng

Opinion | Surge in US government spending pits America against China’s state capitalism. Which is doing better?

The trillions of dollars the US is throwing at reviving jobs and repairing crumbling infrastructure has to be funded by higher taxes and borrowing from the rest of the world. In China, the state owns a quarter of the net national wealth and can modernise infrastructure without imposing higher taxes on citizens.

The trillions of dollars the US is throwing at reviving jobs and repairing crumbling infrastructure has to be funded by higher taxes and borrowing from the rest of the world. In China, the state owns a quarter of the net national wealth and can modernise infrastructure without imposing higher taxes on citizens.

Surge in US government spending pits America against China’s state capitalism. Which is doing better?
10 Apr 2021 - 5:54AM
Opinion | Coronavirus recovery: time for emerging markets to reject the rigged finance game

The rich do not fear inflation, but when food and energy prices rise amid massive monetary creation, the poor will suffer most. If the world’s bankers refuse to think for their clients, it is time for emerging markets to think for themselves.

The rich do not fear inflation, but when food and energy prices rise amid massive monetary creation, the poor will suffer most. If the world’s bankers refuse to think for their clients, it is time for emerging markets to think for themselves.

Coronavirus recovery: time for emerging markets to reject the rigged finance game
27 Mar 2021 - 6:01AM
Opinion | Coronavirus economic relief: are we getting value for the money thrown at the pandemic?

The US fiscal deficit rose from 6.4 per cent of GDP in 2019 to 17.5 per cent in 2020, an increase of 11.1 percentage points in GDP fiscal support to defend a decline of 5.6 percentage points in GDP growth.

The US fiscal deficit rose from 6.4 per cent of GDP in 2019 to 17.5 per cent in 2020, an increase of 11.1 percentage points in GDP fiscal support to defend a decline of 5.6 percentage points in GDP growth.

Coronavirus economic relief: are we getting value for the money thrown at the pandemic?
13 Mar 2021 - 5:49AM
Opinion | Why the smartest Covid-19 solutions may not be the most rational

The paradox is we need consensus on how to rebuild the world but rational solutions often fail with emotional, social conflict. The smartest solutions are those that people will accept: simple to understand, look fair, and work

The paradox is we need consensus on how to rebuild the world but rational solutions often fail with emotional, social conflict. The smartest solutions are those that people will accept: simple to understand, look fair, and work

Why the smartest Covid-19 solutions may not be the most rational
27 Feb 2021 - 2:29AM
Opinion | In the Year of the Ox, understanding what makes the Chinese world view so exceptional may be crucial

The Chinese world view is organic, systemic and indeterminate, recognising chance, contradictions and paradoxes. Within the next few decades, the Chinese, Indian and Islamic world view will all inevitably challenge US exceptionalism.

The Chinese world view is organic, systemic and indeterminate, recognising chance, contradictions and paradoxes. Within the next few decades, the Chinese, Indian and Islamic world view will all inevitably challenge US exceptionalism.

In the Year of the Ox, understanding what makes the Chinese world view so exceptional may be crucial
15 Feb 2021 - 8:59AM
Opinion | Joe Biden’s dollar policy holds the key to a fairer global financial system

How the US president steers the exorbitant privilege of the dollar is critical to the long-overdue reforms that the global financial system needs to stop penalising poor and emerging economies.

How the US president steers the exorbitant privilege of the dollar is critical to the long-overdue reforms that the global financial system needs to stop penalising poor and emerging economies.

Joe Biden’s dollar policy holds the key to a fairer global financial system
18 Feb 2021 - 11:25AM
Opinion | Donald Trump’s rise reflects all that ails the democratic system. Can Joe Biden fix it?

The clear and present danger to modern liberal democracy is a distorted system, where the rule is ‘heads I win, tails you lose’. If there is one lesson for Asia, it is that violence cannot be an answer to the democratic process.

The clear and present danger to modern liberal democracy is a distorted system, where the rule is ‘heads I win, tails you lose’. If there is one lesson for Asia, it is that violence cannot be an answer to the democratic process.

Donald Trump’s rise reflects all that ails the democratic system. Can Joe Biden fix it?
16 Jan 2021 - 1:08AM
Opinion | 2020’s year of anger at reason must give way to cooperation and hope

It was a year of deep anger, and while we were angry for good reasons, it was more with reason itself. Our future depends not just on science and reason but also on our values, so if we value human life, we should cooperate for the future even as we compete.

It was a year of deep anger, and while we were angry for good reasons, it was more with reason itself. Our future depends not just on science and reason but also on our values, so if we value human life, we should cooperate for the future even as we compete.

2020’s year of anger at reason must give way to cooperation and hope
2 Jan 2021 - 10:41AM
Opinion | How long can the Democrats hold back America’s far-right tide?

The world should hope for the good (healing and prosperity), avoid the bad (a repeat of mistakes from the last financial crisis) and pray against the ugly: a permanent right-wing shift in America.

The world should hope for the good (healing and prosperity), avoid the bad (a repeat of mistakes from the last financial crisis) and pray against the ugly: a permanent right-wing shift in America.

How long can the Democrats hold back America’s far-right tide?
19 Dec 2020 - 5:29AM
Opinion | Amid the Australia-China row and Donald Trump’s bluster, the world needs leaders who talk less and do more for the common good

The Australia-China dispute and Trump’s divided America are important signs of a changing global system, where elite minorities are being challenged by the rest. More than ever, the world needs leaders who can set aside the ‘I’ for the ‘we’.

The Australia-China dispute and Trump’s divided America are important signs of a changing global system, where elite minorities are being challenged by the rest. More than ever, the world needs leaders who can set aside the ‘I’ for the ‘we’.

Amid the Australia-China row and Donald Trump’s bluster, the world needs leaders who talk less and do more for the common good
5 Dec 2020 - 5:57AM
Opinion | Why we should brace for more volatility, violence and conflict in the US in the coming months

Predicting the future is difficult, especially amid such polarisation. But one things seems certain: the Trump supporters that Hillary Clinton once called ‘deplorables’ are still behind him, and the issues driving them will not go away.

Predicting the future is difficult, especially amid such polarisation. But one things seems certain: the Trump supporters that Hillary Clinton once called ‘deplorables’ are still behind him, and the issues driving them will not go away.

Why we should brace for more volatility, violence and conflict in the US in the coming months
21 Nov 2020 - 2:17AM
Opinion | Fractious US election heralds more chaos in a deeply polarised world

The close-call election signals a slim mandate for the new president, leaving a weaker America to face mounting global challenges. The struggle between polarised factions within nations and between nations is only just beginning.

The close-call election signals a slim mandate for the new president, leaving a weaker America to face mounting global challenges. The struggle between polarised factions within nations and between nations is only just beginning.

Fractious US election heralds more chaos in a deeply polarised world
7 Nov 2020 - 5:57AM
Opinion | Why US election between Trump and Biden is a moral test, not about democracy or freedom

At the heart of human choice is a moral issue, whether one cares only for oneself or more about other people and nature. The US election is a moral test for all involved, and their decisions will have consequences for the whole planet.

At the heart of human choice is a moral issue, whether one cares only for oneself or more about other people and nature. The US election is a moral test for all involved, and their decisions will have consequences for the whole planet.

Why US election between Trump and Biden is a moral test, not about democracy or freedom
24 Oct 2020 - 5:29AM
Opinion | The big lesson from the coronavirus pandemic: invest in people

The pandemic has hastened existing trends, advancing the move online and killing off obsolete industries. Given that studies have shown investing in people offers better returns than sinking funds into hardware, this should be our focus.

The pandemic has hastened existing trends, advancing the move online and killing off obsolete industries. Given that studies have shown investing in people offers better returns than sinking funds into hardware, this should be our focus.

The big lesson from the coronavirus pandemic: invest in people
10 Oct 2020 - 5:28AM
Opinion | Coronavirus pandemic shows it’s time to put people and the planet first

A recent OECD report calls for countries to move away from a model that priorities GDP growth to one that focuses on human well-being, environmental sustainability, economic resilience and adaptability to new risks. Instead, tensions indicate we are in danger of war.

A recent OECD report calls for countries to move away from a model that priorities GDP growth to one that focuses on human well-being, environmental sustainability, economic resilience and adaptability to new risks. Instead, tensions indicate we are in danger of war.

Coronavirus pandemic shows it’s time to put people and the planet first
25 Sep 2020 - 6:15PM
Opinion | How Asia can ensure peace and prosperity for another 60 years, amid growing protectionism, decoupling and climate change

Over the past 60 years, Asia’s growing share of the world economy has come at the expense of the West. With India and Asean about to reap the same demographic dividend as China, how Asia manages Western insecurities and societal rifts will be key.

Over the past 60 years, Asia’s growing share of the world economy has come at the expense of the West. With India and Asean about to reap the same demographic dividend as China, how Asia manages Western insecurities and societal rifts will be key.

How Asia can ensure peace and prosperity for another 60 years, amid growing protectionism, decoupling and climate change
12 Sep 2020 - 10:59AM
Opinion | The world must have no more illusions about America’s global leadership

Assumptions about US leadership of the free world were based on a belief in liberal convergence, multilateralism and US superiority. But with Trump in the White House, it is clear that these assumptions have nothing to do with the reality.

Assumptions about US leadership of the free world were based on a belief in liberal convergence, multilateralism and US superiority. But with Trump in the White House, it is clear that these assumptions have nothing to do with the reality.

The world must have no more illusions about America’s global leadership
29 Aug 2020 - 8:06AM
Opinion | US-China relations: Disconnecting from global trade helps no one

Beating the drums of war and decoupling trade might aid domestic politics, but no one in their right mind can support a nuclear arms race amid a global pandemic. Disconnecting global trade and free flow of information only increases costs for all, reducing resources to deal with domestic inequalities.

Beating the drums of war and decoupling trade might aid domestic politics, but no one in their right mind can support a nuclear arms race amid a global pandemic. Disconnecting global trade and free flow of information only increases costs for all, reducing resources to deal with domestic inequalities.

US-China relations: Disconnecting from global trade helps no one
15 Aug 2020 - 10:26AM
Opinion | Central banks’ coronavirus bailouts are distorting the market, but do they even realise it?

By hoovering up debt, central banks are becoming major market players. In capping bank dividends, they force prudent investors into a frothy market. Does anyone still believe the central banks know what they are doing?

By hoovering up debt, central banks are becoming major market players. In capping bank dividends, they force prudent investors into a frothy market. Does anyone still believe the central banks know what they are doing?

Central banks’ coronavirus bailouts are distorting the market, but do they even realise it?
13 Oct 2020 - 9:08PM
Opinion | Why America’s pandemic carnage is a tragedy of global proportions

An America reeling from the emotional trauma of a mismanaged pandemic is incapable of rational policy. When the world’s leading economy and military power feels vulnerable and insecure, there can be no global peace.

An America reeling from the emotional trauma of a mismanaged pandemic is incapable of rational policy. When the world’s leading economy and military power feels vulnerable and insecure, there can be no global peace.

Why America’s pandemic carnage is a tragedy of global proportions
18 Jul 2020 - 4:11AM
Opinion | In a world rived by protests and coronavirus, whose history and whose rights should matter?

The quarrel in the US and elsewhere over controversial monuments and the debate over mask wearing as a means to contain Covid-19 highlight the tension between individual rights and communal good. Societies must find the common threads that bind us or risk a break-up.

The quarrel in the US and elsewhere over controversial monuments and the debate over mask wearing as a means to contain Covid-19 highlight the tension between individual rights and communal good. Societies must find the common threads that bind us or risk a break-up.

In a world rived by protests and coronavirus, whose history and whose rights should matter?
4 Jul 2020 - 5:00AM
Opinion | How innovation and imagination can build more resilient economies in an uncertain post-pandemic world

Even after lockdowns, periodic outbreaks of Covid-19 mean we need more sustainable, resilient economic models. Governments must work with businesses and communities to encourage the mass experimentation needed to shockproof the world.

Even after lockdowns, periodic outbreaks of Covid-19 mean we need more sustainable, resilient economic models. Governments must work with businesses and communities to encourage the mass experimentation needed to shockproof the world.

How innovation and imagination can build more resilient economies in an uncertain post-pandemic world
20 Jun 2020 - 11:00AM
Opinion | George Floyd protests: Trump risks carnage if he unleashes anti-insurrection federal troops on Americans

If the US president carries out his threat, the latest dismaying development under his watch, it would mean invoking the Insurrection Act of 1807. Such a move would spell disaster for not just the US but also the world order.

If the US president carries out his threat, the latest dismaying development under his watch, it would mean invoking the Insurrection Act of 1807. Such a move would spell disaster for not just the US but also the world order.

George Floyd protests: Trump risks carnage if he unleashes anti-insurrection federal troops on Americans
5 Jun 2020 - 7:01PM
Opinion | Coronavirus offers Hong Kong an opportunity to turn its back on protest violence and heal its political rift

Differing views on “one country, two systems” have made political compromise almost impossible. Renouncing violence and pursuing peaceful resolution is the way forward.

Differing views on “one country, two systems” have made political compromise almost impossible. Renouncing violence and pursuing peaceful resolution is the way forward.

Coronavirus offers Hong Kong an opportunity to turn its back on protest violence and heal its political rift
22 May 2020 - 9:00PM
Opinion | Meritocracy is broken. In the post-pandemic world, the best need to take care of the rest

In the US, new technology has divided society into technocratic and industrial classes, and the pandemic has thrown this divide into sharper relief. In the post-coronavirus economy, the question of social fairness must be addressed.

In the US, new technology has divided society into technocratic and industrial classes, and the pandemic has thrown this divide into sharper relief. In the post-coronavirus economy, the question of social fairness must be addressed.

Meritocracy is broken. In the post-pandemic world, the best need to take care of the rest
9 May 2020 - 3:43AM
Opinion | The coronavirus pandemic ends the illusion of every man for himself

The global pandemic shows us the interconnected reality of our existence, where problems easily cross borders and morph. The virus cannot be contained through force alone, but depends on us working together to respond and adapt to changing conditions.

The global pandemic shows us the interconnected reality of our existence, where problems easily cross borders and morph. The virus cannot be contained through force alone, but depends on us working together to respond and adapt to changing conditions.

The coronavirus pandemic ends the illusion of every man for himself
25 Apr 2020 - 6:56AM
Opinion | The US topped a 2019 pandemic preparedness index. So why wasn’t it ready for Covid-19?

Deciding whether capitalism or socialism is more suited for pandemic management is a false binary. The real issue is whether officials under each system are able to test, trace and contain the virus, and work out how to reopen economies

Deciding whether capitalism or socialism is more suited for pandemic management is a false binary. The real issue is whether officials under each system are able to test, trace and contain the virus, and work out how to reopen economies

The US topped a 2019 pandemic preparedness index. So why wasn’t it ready for Covid-19?
11 Apr 2020 - 4:57AM
Opinion | How to win the war against the coronavirus: control emotions, stop the blame game and unite against the common enemy

We must support medical workers by ensuring they have enough protective gear and practising social distancing. Governments must keep a clear head and make hard choices between lives and livelihoods.

We must support medical workers by ensuring they have enough protective gear and practising social distancing. Governments must keep a clear head and make hard choices between lives and livelihoods.

How to win the war against the coronavirus: control emotions, stop the blame game and unite against the common enemy
28 Mar 2020 - 3:28PM
Opinion | The coronavirus is everyone’s problem. Neither markets nor governments can handle this on their own

This crisis is truly different. The pandemic has exposed the myth of false binaries, that complex modern problems can be solved by either purist markets or governments.

This crisis is truly different. The pandemic has exposed the myth of false binaries, that complex modern problems can be solved by either purist markets or governments.

The coronavirus is everyone’s problem. Neither markets nor governments can handle this on their own
14 Mar 2020 - 2:11AM
Opinion | The world is running a trust deficit. Can governments regain trust in the time of coronavirus?

Inequality and fake news are undermining trust worldwide. Out of the coronavirus crisis will come the winners – the institutions able to inspire trust.

Inequality and fake news are undermining trust worldwide. Out of the coronavirus crisis will come the winners – the institutions able to inspire trust.

The world is running a trust deficit. Can governments regain trust in the time of coronavirus?
28 Feb 2020 - 8:21PM