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.
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 | 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
Opinion | Is the US trying to break up the internet to contain Huawei and stay ahead of China?

With its actions against Huawei, the US is effectively threatening to segregate the internet. Chinese companies have operated at a speed and scale that threatens US dominance in tech, and Washington’s response will shape the knowledge economy.

22 Jun 2019 - 5:35AM

With its actions against Huawei, the US is effectively threatening to segregate the internet. Chinese companies have operated at a speed and scale that threatens US dominance in tech, and Washington’s response will shape the knowledge economy.

Is the US trying to break up the internet to contain Huawei and stay ahead of China?
Opinion | Climate change will turn the Earth into the next Titanic unless corporate captains wake up and act quickly

Heads of large corporations, not governments, need to recognise the urgency of the climate crisis and focus on the planet’s long-term survival instead of short-term profit, while economists must factor the cost to the Earth into GDP calculations.

8 Jun 2019 - 1:46AM

Heads of large corporations, not governments, need to recognise the urgency of the climate crisis and focus on the planet’s long-term survival instead of short-term profit, while economists must factor the cost to the Earth into GDP calculations.

Climate change will turn the Earth into the next Titanic unless corporate captains wake up and act quickly
Opinion | Danger lurks beneath the seemingly buoyant US stock markets

Stock markets are more concentrated than ever, influenced by machine-driven algorithms no one understands, and supported by central banks’ policy of quantitative easing. Once the liquidity dries up, markets are in danger of crashing

24 May 2019 - 9:00PM

Stock markets are more concentrated than ever, influenced by machine-driven algorithms no one understands, and supported by central banks’ policy of quantitative easing. Once the liquidity dries up, markets are in danger of crashing

Danger lurks beneath the seemingly buoyant US stock markets
Opinion | Is democracy dying a slow death in and out of Trump’s America?

Democratic ideals are in retreat around the world, and under attack in the US. Undemocratic countries like China are becoming economically stronger while Trump challenges the checks and balances that have kept US democracy intact.

11 May 2019 - 5:02AM

Democratic ideals are in retreat around the world, and under attack in the US. Undemocratic countries like China are becoming economically stronger while Trump challenges the checks and balances that have kept US democracy intact.

Is democracy dying a slow death in and out of Trump’s America?
Opinion | The US stumbles under the burden of global leadership. The rest of the world may pay a heavier price

The turn to populism suggests the old system of Keynesian spending, free trade and military commitments no longer works for the US. This could be costly for America’s partners.

27 Apr 2019 - 6:23AM

The turn to populism suggests the old system of Keynesian spending, free trade and military commitments no longer works for the US. This could be costly for America’s partners.

The US stumbles under the burden of global leadership. The rest of the world may pay a heavier price
Opinion | Asia’s export-driven growth model is on its last legs. What comes next?

With automation and protectionism pushing manufacturing back to home markets, Asian economies need to boost domestic consumption. But can they maintain good growth without increasing inequality and aggravating climate change?

12 Apr 2019 - 6:23PM

With automation and protectionism pushing manufacturing back to home markets, Asian economies need to boost domestic consumption. But can they maintain good growth without increasing inequality and aggravating climate change?

Asia’s export-driven growth model is on its last legs. What comes next?
Opinion | How the US Federal Reserve is financing climate change by taking its cue from modern monetary theory

A central bank policy that floods the economy with money and fuels consumption also exacerbates climate change, the greatest threat to humanity’s existence.

30 Mar 2019 - 1:53AM

A central bank policy that floods the economy with money and fuels consumption also exacerbates climate change, the greatest threat to humanity’s existence.

How the US Federal Reserve is financing climate change by taking its cue from modern monetary theory
Opinion | Plane crashes, Brexit chaos, and leadership in a fog of uncertainty

Who or what is to blame for the Boeing 737 MAX 8 disasters? An investigation into the cause recalls the way leaders across the world grapple with today’s highly complex problems, and the comparison is hardly reassuring.

15 Mar 2019 - 7:40PM

Who or what is to blame for the Boeing 737 MAX 8 disasters? An investigation into the cause recalls the way leaders across the world grapple with today’s highly complex problems, and the comparison is hardly reassuring.

Plane crashes, Brexit chaos, and leadership in a fog of uncertainty
Opinion | Unlike Warren Buffet, the world is missing the forest for the trees, evident in the proliferation of debt

Berkshire Hathaway sees its investments as groves of trees, still picked for their solid fundamentals. Meanwhile, the world has spent the past decade feeling rich due to a bubble of debt and central bank liquidity, ignoring challenges like climate change.

1 Mar 2019 - 10:38PM

Berkshire Hathaway sees its investments as groves of trees, still picked for their solid fundamentals. Meanwhile, the world has spent the past decade feeling rich due to a bubble of debt and central bank liquidity, ignoring challenges like climate change.

Unlike Warren Buffet, the world is missing the forest for the trees, evident in the proliferation of debt
Opinion | From Brexit to the US-China trade war, it’s time to be realistic about solutions or risk massive global fallout

The reversal of globalisation is a major risk to global growth. If deals are not struck on Brexit and the trade war, steps such as competitive currency devaluation could lead to a 1930s-style recession.

16 Feb 2019 - 8:23AM

The reversal of globalisation is a major risk to global growth. If deals are not struck on Brexit and the trade war, steps such as competitive currency devaluation could lead to a 1930s-style recession.

From Brexit to the US-China trade war, it’s time to be realistic about solutions or risk massive global fallout
Opinion | The free market is a destructive myth. Down with the free market

The free market is a bad idea that probably belongs in the rubbish bin of history. A system where human beings and mother nature have been reduced to cogs and commodities has brought only misery, and climate change.

2 Feb 2019 - 6:13AM

The free market is a bad idea that probably belongs in the rubbish bin of history. A system where human beings and mother nature have been reduced to cogs and commodities has brought only misery, and climate change.

The free market is a destructive myth. Down with the free market
Opinion | From Donald Trump’s government shutdown to Brexit chaos, is a pattern emerging of women restoring order?

Climate change and human inequality are the urgent problems political and business leaders should be focusing on. With male leaders ineffectual, and worse, the rise of women offers some hope.

19 Jan 2019 - 2:42AM

Climate change and human inequality are the urgent problems political and business leaders should be focusing on. With male leaders ineffectual, and worse, the rise of women offers some hope.

From Donald Trump’s government shutdown to Brexit chaos, is a pattern emerging of women restoring order?
Opinion | No absolutes, no certainty: welcome to life in a quantum world (aka Trump’s world)

The US leader’s erratic behaviour in fact illustrates some of the principles of quantum physics that more accurately describe the physical world and human behaviour. When old rules don’t apply, new thinking is required.

5 Jan 2019 - 4:27AM

The US leader’s erratic behaviour in fact illustrates some of the principles of quantum physics that more accurately describe the physical world and human behaviour. When old rules don’t apply, new thinking is required.

No absolutes, no certainty: welcome to life in a quantum world (aka Trump’s world)
Opinion | Fake news, cooked books and declining trust – who can we believe when markets and politics corrupt each other?

The ongoing decline in institutional trust is caused by the capture of the state by business interests. What’s less clear is the solution.

22 Dec 2018 - 2:22AM

The ongoing decline in institutional trust is caused by the capture of the state by business interests. What’s less clear is the solution.

Fake news, cooked books and declining trust – who can we believe when markets and politics corrupt each other?
Opinion | Free market can’t save us from climate change – the likes of China, not the US, can lead the effort though

The world has bigger problems than trade or national security threats. Instead of spending on defence against each other or leaving it to the free market, countries should step up and deal with climate change.

8 Dec 2018 - 1:27AM

The world has bigger problems than trade or national security threats. Instead of spending on defence against each other or leaving it to the free market, countries should step up and deal with climate change.

Free market can’t save us from climate change – the likes of China, not the US, can lead the effort though
Opinion | The US is dismantling the multilateral order it built, but the world will have to carry on

US-China relations are unlikely to recover, even with the forthcoming Trump-Xi meeting. The US is turning inward, and the rest of the world has to find a way forward in this new political order.

23 Nov 2018 - 6:00PM

US-China relations are unlikely to recover, even with the forthcoming Trump-Xi meeting. The US is turning inward, and the rest of the world has to find a way forward in this new political order.

The US is dismantling the multilateral order it built, but the world will have to carry on
Opinion | All in all, US midterm results are but a blip in the great populist revolt

Election gains by the Democrats and the predictable Trump tweets show that America is fundamentally divided over values, and the fear and anger that drive the rise of the right will continue to propel the dismantling of the old international order.

10 Nov 2018 - 1:14AM

Election gains by the Democrats and the predictable Trump tweets show that America is fundamentally divided over values, and the fear and anger that drive the rise of the right will continue to propel the dismantling of the old international order.

All in all, US midterm results are but a blip in the great populist revolt
Brexit, Donald Trump and the trade war with China – excessive rules and regulations are how things fall apart

The phenomenon of excessive bureaucratisation, or ‘tight coupling’, has led to failures, a loss of freedom and greater resentment. This angst has been channelled into a desire to discard the old order, as characterised by the European Union, Trump’s political opponents and international trade.

26 Oct 2018 - 7:18PM

The phenomenon of excessive bureaucratisation, or ‘tight coupling’, has led to failures, a loss of freedom and greater resentment. This angst has been channelled into a desire to discard the old order, as characterised by the European Union, Trump’s political opponents and international trade.

Brexit, Donald Trump and the trade war with China – excessive rules and regulations are how things fall apart
Opinion | We’re facing a global financial meltdown and climate catastrophe so why is nobody listening, let alone acting?

The world needs to, but probably won’t, deal with a looming financial storm and global warming. The poor are powerless, the rich are complacent and the leader of the free world seems to think climate change is fake news.

12 Oct 2018 - 6:56PM

The world needs to, but probably won’t, deal with a looming financial storm and global warming. The poor are powerless, the rich are complacent and the leader of the free world seems to think climate change is fake news.

We’re facing a global financial meltdown and climate catastrophe so why is nobody listening, let alone acting?
Opinion | Donald Trump draws laughs at the UN, but the US’ isolationist turn should amuse no one

Trump’s UN speech articulated his vision for American patriotism, which threatens the international system of trade, travel and finance that has made us better off.

29 Sep 2018 - 11:35AM

Trump’s UN speech articulated his vision for American patriotism, which threatens the international system of trade, travel and finance that has made us better off.

Donald Trump draws laughs at the UN, but the US’ isolationist turn should amuse no one
How Malaysia can overcome identity politics and create inclusive growth amid diversity

On the 55th anniversary of the formation of the Federation of Malaysia, the country must grapple with channelling its diversity into building an inclusive knowledge society.

14 Sep 2018 - 7:05PM

On the 55th anniversary of the formation of the Federation of Malaysia, the country must grapple with channelling its diversity into building an inclusive knowledge society.

How Malaysia can overcome identity politics and create inclusive growth amid diversity