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 | 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?

1 Aug 2020 - 4:14AM

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?
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.

18 Jul 2020 - 4:11AM

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
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.

4 Jul 2020 - 5:00AM

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?
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.

20 Jun 2020 - 11:00AM

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
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.

5 Jun 2020 - 7:01PM

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
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.

22 May 2020 - 9:00PM

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
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.

9 May 2020 - 3:43AM

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
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.

25 Apr 2020 - 6:56AM

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
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

11 Apr 2020 - 4:57AM

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?
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.

28 Mar 2020 - 3:28PM

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
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.

14 Mar 2020 - 2:11AM

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
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.

28 Feb 2020 - 8:21PM

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?
Opinion | Societies in crisis: coronavirus epidemic underlines the need to refresh the social contract between government and the people

A survey of workers and consumers in 22 advanced economies sheds light on the lack of retirement protection and job security, even as income inequality rises to extreme levels. The social contract promised in an open society, alongside a free market, is broken.

15 Feb 2020 - 1:50AM

A survey of workers and consumers in 22 advanced economies sheds light on the lack of retirement protection and job security, even as income inequality rises to extreme levels. The social contract promised in an open society, alongside a free market, is broken.

Societies in crisis: coronavirus epidemic underlines the need to refresh the social contract between government and the people
Opinion | Viral connectivity means we all have to accept the threat of disease and disaster

In an increasingly interconnected world, those of us who enjoy the fruits of globalisation must also bear its risks: climate crisis, drug resistance and emerging epidemics. As the Wuhan outbreak shows, we must work together.

1 Feb 2020 - 7:00AM

In an increasingly interconnected world, those of us who enjoy the fruits of globalisation must also bear its risks: climate crisis, drug resistance and emerging epidemics. As the Wuhan outbreak shows, we must work together.

Viral connectivity means we all have to accept the threat of disease and disaster
Opinion | Not just Brexit, but all of the world’s ‘wicked problems’ need creative solutions

A blog post by Boris Johnson’s chief adviser inviting ‘weirdos and misfits’ to get involved in government policymaking reflects a yearning in many societies for solutions to the intractable problems we face, such as inequality and climate change.

18 Jan 2020 - 2:00PM

A blog post by Boris Johnson’s chief adviser inviting ‘weirdos and misfits’ to get involved in government policymaking reflects a yearning in many societies for solutions to the intractable problems we face, such as inequality and climate change.

Not just Brexit, but all of the world’s ‘wicked problems’ need creative solutions
Opinion | Malaysia’s Vision 2020 report card holds lessons for small nations tackling climate change, tech disruption and geopolitical challenges

Small nations may be helpless against big power politics but every country can adopt technology to meet its challenges. For a vision to work, the political leadership needs everyone on board.

4 Jan 2020 - 3:53AM

Small nations may be helpless against big power politics but every country can adopt technology to meet its challenges. For a vision to work, the political leadership needs everyone on board.

Malaysia’s Vision 2020 report card holds lessons for small nations tackling climate change, tech disruption and geopolitical challenges
Opinion | Climate change, inequality and disruptive technology have brought toxic politics to a boil in 2019

Protests around the world and the rise of populist politics are rooted as much in climate change as in economic factors. Instead of lending to wealthy borrowers at negative interest rates, central banks could use quantitative easing to invest in green infrastructure.

20 Dec 2019 - 9:49PM

Protests around the world and the rise of populist politics are rooted as much in climate change as in economic factors. Instead of lending to wealthy borrowers at negative interest rates, central banks could use quantitative easing to invest in green infrastructure.

Climate change, inequality and disruptive technology have brought toxic politics to a boil in 2019
Opinion | Fake news and echo chambers are the virus that preys on a divided society. But what is the cure?

Mass protests from Hong Kong to France to Ecuador are just the symptoms, reflecting the underlying problem of polarisation in society. But the proliferation of bad information and the rise of social media that amplifies discontent is complicating our search for a solution.

6 Dec 2019 - 8:47PM

Mass protests from Hong Kong to France to Ecuador are just the symptoms, reflecting the underlying problem of polarisation in society. But the proliferation of bad information and the rise of social media that amplifies discontent is complicating our search for a solution.

Fake news and echo chambers are the virus that preys on a divided society. But what is the cure?
Opinion | Advanced economies swallowing negative interest rates with glee must remember this is not a cure for depression

Negative interest rates have not encouraged spending and have fuelled inequality. Instead of relying on central bankers to tweak monetary policy, governments must initiate structural reforms. However, with a global slowdown in the offing, this is unlikely to happen.

23 Nov 2019 - 7:04AM

Negative interest rates have not encouraged spending and have fuelled inequality. Instead of relying on central bankers to tweak monetary policy, governments must initiate structural reforms. However, with a global slowdown in the offing, this is unlikely to happen.

Advanced economies swallowing negative interest rates with glee must remember this is not a cure for depression
Opinion | Hong Kong’s protests are part of the new great power conflict, but Chile’s are not. It’s all about the ‘rimland’

For decades, the US dominated coastal areas needed to contain great power rivals, but this is now under threat. Hong Kong is one such area, and the protesters are inserting themselves into this conflict by calling for US support.

9 Nov 2019 - 1:01PM

For decades, the US dominated coastal areas needed to contain great power rivals, but this is now under threat. Hong Kong is one such area, and the protesters are inserting themselves into this conflict by calling for US support.

Hong Kong’s protests are part of the new great power conflict, but Chile’s are not. It’s all about the ‘rimland’
Opinion | Has fake news, spread by social media, led to the riots we see today? If so, has free speech failed?

Free speech and the rule of law are built on an understanding of civil deliberation and a good-faith search for truth. With online falsehoods turning us against one another, often violently, is it time for governments to step in?

26 Oct 2019 - 1:31AM

Free speech and the rule of law are built on an understanding of civil deliberation and a good-faith search for truth. With online falsehoods turning us against one another, often violently, is it time for governments to step in?

Has fake news, spread by social media, led to the riots we see today? If so, has free speech failed?
Opinion | The sad irony in Hong Kong protesters’ fight for democratic freedoms

Protesters in Hong Kong are demanding greater democratic freedoms when democracies across the Western world are increasingly in crisis, as the rule of law starts looking like the rule of the “swarm”. This mob democracy cannot be what Hong Kong really wants.

12 Oct 2019 - 6:33AM

Protesters in Hong Kong are demanding greater democratic freedoms when democracies across the Western world are increasingly in crisis, as the rule of law starts looking like the rule of the “swarm”. This mob democracy cannot be what Hong Kong really wants.

The sad irony in Hong Kong protesters’ fight for democratic freedoms
Opinion | The future of Asia will be dominated by regionalism, growth – and climate change

As Asia urbanises and industrialises, there is a pronounced trend in regionalism – with trade and tourists staying within the area. But in a multipolar world, the region is unlikely to be dominated by any single country.

28 Sep 2019 - 11:15AM

As Asia urbanises and industrialises, there is a pronounced trend in regionalism – with trade and tourists staying within the area. But in a multipolar world, the region is unlikely to be dominated by any single country.

The future of Asia will be dominated by regionalism, growth – and climate change
Opinion | Politics, among other concerns, stands in the way of HKEX’s bid for the London Stock Exchange

Stock exchanges trying to stay competitive in the wake of technological advances and structural changes may have profit on their mind, but they should expect regulatory and geopolitical considerations to take precedence.

13 Sep 2019 - 9:26PM

Stock exchanges trying to stay competitive in the wake of technological advances and structural changes may have profit on their mind, but they should expect regulatory and geopolitical considerations to take precedence.

Politics, among other concerns, stands in the way of HKEX’s bid for the London Stock Exchange
Opinion | Why Asean holds the edge in a digital future: it’s the youth factor

Whether it is building a digital economy or preparing for climate change, Asean countries are busy putting long-term plans into action. They have a trump card in the form of their youthful, digitally savvy and upwardly mobile populations.

31 Aug 2019 - 10:32AM

Whether it is building a digital economy or preparing for climate change, Asean countries are busy putting long-term plans into action. They have a trump card in the form of their youthful, digitally savvy and upwardly mobile populations.

Why Asean holds the edge in a digital future: it’s the youth factor
Opinion | To heal, the whole Hong Kong community needs to walk the long road of compromise

Hong Kong’s current political structure has none of the advantages of effective delivery through autocratic administrative means, but all the defects of democratic politics. A bipartisan consensus is the only realistic way forward, along with using social media to unite, not divide.

16 Aug 2019 - 7:31PM

Hong Kong’s current political structure has none of the advantages of effective delivery through autocratic administrative means, but all the defects of democratic politics. A bipartisan consensus is the only realistic way forward, along with using social media to unite, not divide.

To heal, the whole Hong Kong community needs to walk the long road of compromise
Opinion | Donald Trump’s bravado masks unsustainable debt and a go-it-alone approach that’s doomed to fail

The US is playing hardball with other economies now, but without cooperation it can’t devalue its dollar, and it will need other countries’ help when the good times come to an end.

3 Aug 2019 - 6:48AM

The US is playing hardball with other economies now, but without cooperation it can’t devalue its dollar, and it will need other countries’ help when the good times come to an end.

Donald Trump’s bravado masks unsustainable debt and a go-it-alone approach that’s doomed to fail
Opinion | Now in the grip of populist identity politics, we need more than economic solutions

From the ‘yellow vest’ protests in France to the anti-extradition demonstrations in Hong Kong, race and identity lie at the heart of the recent wave of populism. Such is the outcome when economic inequlaities aren’t tackled early enough.

19 Jul 2019 - 8:11PM

From the ‘yellow vest’ protests in France to the anti-extradition demonstrations in Hong Kong, race and identity lie at the heart of the recent wave of populism. Such is the outcome when economic inequlaities aren’t tackled early enough.

Now in the grip of populist identity politics, we need more than economic solutions
Opinion | Hong Kong, and the rest of the world, can’t just go on protesting if the free market liberal order is to survive

If everyone resorts to protests to hold the rest of society to ransom, how is it possible to implement reforms or govern effectively? Beyond demonstrations, we need solutions to problems, from widening inequality to climate change and technological disruption.

6 Jul 2019 - 7:13AM

If everyone resorts to protests to hold the rest of society to ransom, how is it possible to implement reforms or govern effectively? Beyond demonstrations, we need solutions to problems, from widening inequality to climate change and technological disruption.

Hong Kong, and the rest of the world, can’t just go on protesting if the free market liberal order is to survive
Opinion | If Hong Kong is to find a peaceful path to 2047, reform and reconciliation must begin now

At the heart of the mass protests is a defence of Hong Kong’s freedoms under ‘one country, two systems’, which expires in 2047. The critical issue is to agree on how Hong Kong can evolve towards that date – or risk extreme views tearing the city apart

30 Jun 2019 - 7:05AM

At the heart of the mass protests is a defence of Hong Kong’s freedoms under ‘one country, two systems’, which expires in 2047. The critical issue is to agree on how Hong Kong can evolve towards that date – or risk extreme views tearing the city apart

If Hong Kong is to find a peaceful path to 2047, reform and reconciliation must begin now