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 | On Ukraine, China and beyond, why geopolitical ‘experts’ often get it wrong

Country specialists too often fail to connect the dots between national and global structures. Former diplomat Hans Kuijper charts a new course for country studies which breaks down intellectual walls and uses technology to understand how countries behave.

Country specialists too often fail to connect the dots between national and global structures. Former diplomat Hans Kuijper charts a new course for country studies which breaks down intellectual walls and uses technology to understand how countries behave.

21 May 2022 - 1:42AM
Opinion | Is today’s education system fit for purpose in a world splitting into rival blocs?

Geopolitics and security pressures will increasingly determine the future of resources allocated to education, research and development, and technology. With China and others challenging America’s lead, Western universities could start rejecting foreign students in security-sensitive areas.

Geopolitics and security pressures will increasingly determine the future of resources allocated to education, research and development, and technology. With China and others challenging America’s lead, Western universities could start rejecting foreign students in security-sensitive areas.

7 May 2022 - 4:52AM
Opinion | How technology can help democratise access to finance

Market exclusivity makes it all but impossible for many SMEs to get financing, while investors interested in social impact struggle to find projects that relate to their values. Digital platforms, backed by blockchain, can vastly improve the choices available.

Market exclusivity makes it all but impossible for many SMEs to get financing, while investors interested in social impact struggle to find projects that relate to their values. Digital platforms, backed by blockchain, can vastly improve the choices available.

27 Apr 2022 - 11:00AM
Opinion | How to ensure small businesses get the funding needed for green development

Sustainable development funds are not reaching the smaller enterprises that need them most and are crucial for building a low-carbon economy. New digital platforms can help match green start-ups with suitable investors, but traditional markets must also lower barriers that keep SMEs out.

Sustainable development funds are not reaching the smaller enterprises that need them most and are crucial for building a low-carbon economy. New digital platforms can help match green start-ups with suitable investors, but traditional markets must also lower barriers that keep SMEs out.

9 Apr 2022 - 5:57AM
Opinion | Ukraine war: sanctions on Russia show the power of a weaponised US dollar

While Russia engages in physical war, the United States and its allies are engaging in a proxy war through sanctions and aid to Ukraine. Money is at the root of all success in warfare – you fight for money, and you need money to fight.

While Russia engages in physical war, the United States and its allies are engaging in a proxy war through sanctions and aid to Ukraine. Money is at the root of all success in warfare – you fight for money, and you need money to fight.

26 Mar 2022 - 2:17AM
Opinion | War in Ukraine: the inconvenient truth about why peace must prevail

The fragile agreement on climate action hammered out at COP26 is in danger of being swept aside by the distraction of war. De-escalation is urgent – without focused action on global warming, everybody’s survival is at risk.

The fragile agreement on climate action hammered out at COP26 is in danger of being swept aside by the distraction of war. De-escalation is urgent – without focused action on global warming, everybody’s survival is at risk.

12 Mar 2022 - 3:30AM
Opinion | Can we step out of the metaverse long enough to achieve peace in the real world?

For too long, Western media has painted the shift in global power dynamics as a battle between ‘good’ democracy and ‘bad’ autocracy. The further we retreat into this ideological ‘metaverse’, the more blind we become to the real-world advance of war and its immense costs.

For too long, Western media has painted the shift in global power dynamics as a battle between ‘good’ democracy and ‘bad’ autocracy. The further we retreat into this ideological ‘metaverse’, the more blind we become to the real-world advance of war and its immense costs.

26 Feb 2022 - 3:30AM
Opinion | ‘Convert or contain’: US policy on China smacks of fundamentalist Christian beliefs

The American foreign policy community has long lamented that, despite opening up economically, China has not converted politically to the liberal democratic model. Thus, the next step is to contain such ‘revisionist’ powers.

The American foreign policy community has long lamented that, despite opening up economically, China has not converted politically to the liberal democratic model. Thus, the next step is to contain such ‘revisionist’ powers.

12 Feb 2022 - 3:30AM
Opinion | Ukraine and Taiwan tensions: no rational US leader wants war, but could America be dragged into one?

On all counts, the costs of armed conflict far outweigh any benefits, especially with the US still reeling from its shambolic Afghanistan withdrawal. But war is irrational, and miscalculations and any attempt by a smaller power to ‘free ride’ on the US security umbrella could lead to accidents.

On all counts, the costs of armed conflict far outweigh any benefits, especially with the US still reeling from its shambolic Afghanistan withdrawal. But war is irrational, and miscalculations and any attempt by a smaller power to ‘free ride’ on the US security umbrella could lead to accidents.

29 Jan 2022 - 5:14AM
Opinion | White privilege is embedded in US global leadership. How should the world respond?

The rules-based order that Western foreign policy insists on raises a fundamental question – who sets the standards? In a study of US foreign policy, mostly white experts across the political spectrum were agreed on US global leadership. But who elected Americans as global leaders?

The rules-based order that Western foreign policy insists on raises a fundamental question – who sets the standards? In a study of US foreign policy, mostly white experts across the political spectrum were agreed on US global leadership. But who elected Americans as global leaders?

15 Jan 2022 - 4:19AM
Opinion | What’s driving the crisis of democracy around the world?

Politicians in democracies are aware of the need for painful structural reforms but hesitate to undertake them for fear of losing the next election.

Politicians in democracies are aware of the need for painful structural reforms but hesitate to undertake them for fear of losing the next election.

1 Jan 2022 - 5:15AM
Opinion | The world needs a summit to tackle climate and wealth inequalities

The least we can do is have a democratic, transparent and constructive dialogue on how those who can afford to, and who emit more carbon, should pay higher taxes to foster a more sustainable and inclusive world.

The least we can do is have a democratic, transparent and constructive dialogue on how those who can afford to, and who emit more carbon, should pay higher taxes to foster a more sustainable and inclusive world.

18 Dec 2021 - 4:10AM
Macroscope | Why China’s handling of the Evergrande debt crisis should cheer markets

It is encouraging to see authorities taking a market-oriented, rules-based approach towards managing events such as the Evergrande default. Even in a volatile global environment, China is sticking to a steady policy mix aimed at providing stability.

It is encouraging to see authorities taking a market-oriented, rules-based approach towards managing events such as the Evergrande default. Even in a volatile global environment, China is sticking to a steady policy mix aimed at providing stability.

8 Dec 2021 - 12:30PM
Opinion | US, China playing dangerous game as battle of wills risks boiling over

The US and China seem to be playing different games even as they try to navigate the increasingly complex great power contest. The real test of national and global leadership will not be how they manage the international order but how they avoid further disorder.

The US and China seem to be playing different games even as they try to navigate the increasingly complex great power contest. The real test of national and global leadership will not be how they manage the international order but how they avoid further disorder.

4 Dec 2021 - 1:10AM
Opinion | To move the masses into climate action, we need a really good story

COP26 has generated many climate agreements but no one seems to have found the right narrative to unite us in confronting a frightening future of climate catastrophe.

COP26 has generated many climate agreements but no one seems to have found the right narrative to unite us in confronting a frightening future of climate catastrophe.

19 Nov 2021 - 2:30PM
Opinion | Time for Hong Kong to craft a strategic pathway to 2047

Non-interventionism is no longer a fit credo for Hong Kong as it competes with mainland cities that follow a state-market partnership model. The real social issue facing Hong Kong is a conflicted identity, which has sowed division. To promote healing, policymakers must address social inequality.

Non-interventionism is no longer a fit credo for Hong Kong as it competes with mainland cities that follow a state-market partnership model. The real social issue facing Hong Kong is a conflicted identity, which has sowed division. To promote healing, policymakers must address social inequality.

6 Nov 2021 - 7:09AM
Opinion | Why crumbling West must humble itself to shape the post-pandemic world order

The wealthy West – and the US in particular – must be able to admit there are equals in power that want to reset the rules. We need many conversations involving everyone, from the strongest to the weakest, before deciding on a new global order.

The wealthy West – and the US in particular – must be able to admit there are equals in power that want to reset the rules. We need many conversations involving everyone, from the strongest to the weakest, before deciding on a new global order.

23 Oct 2021 - 6:45AM
Opinion | COP26: No more empty talk, we need climate change action

Greta Thunberg says the young are sick of blah blah blah and she’s right. The technology and know-how to tackle climate change already exist. But change cannot come without political will and public support, a crucial mindset barrier.

Greta Thunberg says the young are sick of blah blah blah and she’s right. The technology and know-how to tackle climate change already exist. But change cannot come without political will and public support, a crucial mindset barrier.

31 Oct 2021 - 5:10PM
Opinion | Does Australia care how its Aukus submarine deal looks to its Asian neighbours?

Australia’s pact has raised Asean concerns of a nuclear arms race, hurt its trade ties with China and alienated Europe. It also shows Australia would rather sink or swim with its Anglosphere counterparts than address climate concerns in its vulnerable Pacific island neighbourhood.

Australia’s pact has raised Asean concerns of a nuclear arms race, hurt its trade ties with China and alienated Europe. It also shows Australia would rather sink or swim with its Anglosphere counterparts than address climate concerns in its vulnerable Pacific island neighbourhood.

25 Sep 2021 - 8:45AM
Opinion | Can the world’s billionaires lead the climate change fight as politics fails?

The business community makes almost all the products the world consumes and can limit environmental impact at the design stage. Governments and politicians have repeatedly failed to get their act together.

The business community makes almost all the products the world consumes and can limit environmental impact at the design stage. Governments and politicians have repeatedly failed to get their act together.

11 Sep 2021 - 3:30AM
Opinion | Central bankers can no longer deny the moral consequences of keeping interest rates low

Low rates encourage asset bubbles, discourage long-term investments, widen the wealth gap and promote excess consumption, hastening climate change. They ultimately exact a moral cost – on the poor and the planet.

Low rates encourage asset bubbles, discourage long-term investments, widen the wealth gap and promote excess consumption, hastening climate change. They ultimately exact a moral cost – on the poor and the planet.

28 Aug 2021 - 5:09AM
Opinion | Climate change: the moral vacuum at the heart of humanity’s biggest crisis

The climate crisis is a moral crisis in which religion has played a significant, if seldom discussed, role. Historically, the church gave its blessing to colonisation and slavery. In a world shaped by such forces of globalisation, we no longer know how to live with nature.

The climate crisis is a moral crisis in which religion has played a significant, if seldom discussed, role. Historically, the church gave its blessing to colonisation and slavery. In a world shaped by such forces of globalisation, we no longer know how to live with nature.

14 Aug 2021 - 4:38AM
Opinion | Climate crisis: Bezos and Branson can pay for an escape to space, but the 99 per cent can’t

We need a balance sheet for the whole of Earth, taking into account what every country, company or individual is doing to change our planet. Four imbalances must be immediately fixed to avert self-destruction: excessive military spending, yawning wealth gaps, and inequities in Covid-19 vaccine access and global warming impact.

We need a balance sheet for the whole of Earth, taking into account what every country, company or individual is doing to change our planet. Four imbalances must be immediately fixed to avert self-destruction: excessive military spending, yawning wealth gaps, and inequities in Covid-19 vaccine access and global warming impact.

31 Jul 2021 - 7:24AM
Opinion | Why the global financial landscape is undergoing a seismic shift

Regulators are struggling to keep up with fintech’s rapid growth and the impact of big data, even as intense geopolitical rivalries mean accidents could easily escalate into crises.

Regulators are struggling to keep up with fintech’s rapid growth and the impact of big data, even as intense geopolitical rivalries mean accidents could easily escalate into crises.

16 Jul 2021 - 11:04PM
Opinion | Why China embraced Marxism but not other Western thinking

In the early 20th century, the Chinese understood that the rebuilding of China after the collapse of the old order would be a monumental task. Marx provided historical and political perspectives on how capitalism would evolve.

In the early 20th century, the Chinese understood that the rebuilding of China after the collapse of the old order would be a monumental task. Marx provided historical and political perspectives on how capitalism would evolve.

3 Jul 2021 - 1:49AM
Opinion | Angela Merkel: in praise of Germany’s no-nonsense leader

Germany’s first woman chancellor is expected to step down this year after 16 years at the helm. She will be remembered for projecting humility, balance, stability and simple common sense at a time when the West seemed adrift.

Germany’s first woman chancellor is expected to step down this year after 16 years at the helm. She will be remembered for projecting humility, balance, stability and simple common sense at a time when the West seemed adrift.

19 Jun 2021 - 5:04AM
Opinion | World’s race for net zero carbon emissions by 2050 will require an Olympian effort

If the technical solutions are there and finance seems available, why is progress still slow? The race to the top on climate action between the US and China is the best thing that can happen for the planet.

If the technical solutions are there and finance seems available, why is progress still slow? The race to the top on climate action between the US and China is the best thing that can happen for the planet.

5 Jun 2021 - 7:04AM
Opinion | In war against Coronavirus or the Israeli-Palestinian conflict, technological might always wins

Israel’s devotion to science and military strength has given it an advantage both in the fight against the coronavirus and in the latest conflict with Palestinians.

Israel’s devotion to science and military strength has given it an advantage both in the fight against the coronavirus and in the latest conflict with Palestinians.

22 May 2021 - 3:10AM
Opinion | Is democracy in decline, retreat or under siege? More a work in progress

Democracy depends on the quality of institutions. It alone does not ensure that the government will be any better in delivering outcomes than any other arrangement, such as autocracy.

Democracy depends on the quality of institutions. It alone does not ensure that the government will be any better in delivering outcomes than any other arrangement, such as autocracy.

8 May 2021 - 8:16PM
Opinion | Can Biden steer the US along the critical path to climate action?

The strategy behind the US president’s global climate summit is clearly to regain the moral high ground Donald Trump ceded. However, the US’ climate funding commitment to the rest of the world is minimal, on many levels.

The strategy behind the US president’s global climate summit is clearly to regain the moral high ground Donald Trump ceded. However, the US’ climate funding commitment to the rest of the world is minimal, on many levels.

24 Apr 2021 - 3:30AM