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 | 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 - 12:16AM

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.

29 Sep 2018 - 2:36PM

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
Opinion | Global finance can be a creator of wealth or a weapon of mass destruction. As a perfect storm looms, is the end nigh?

The 2008 financial crisis was a wasted opportunity. Governments failed to act, passing the buck to central banks that pumped money into the global economy and set the scene for the next crisis.

29 Sep 2018 - 2:36PM

The 2008 financial crisis was a wasted opportunity. Governments failed to act, passing the buck to central banks that pumped money into the global economy and set the scene for the next crisis.

Global finance can be a creator of wealth or a weapon of mass destruction. As a perfect storm looms, is the end nigh?
Knowledge is king: China and the US are not in a trade war, but a race to the next stage of technology

The world is witnessing a contest between the US’ more market-driven (but not at all government-free) approach and the more state-driven strategy of China, and the first to reach Industry 4.0 wins.

29 Sep 2018 - 2:36PM

The world is witnessing a contest between the US’ more market-driven (but not at all government-free) approach and the more state-driven strategy of China, and the first to reach Industry 4.0 wins.

Knowledge is king: China and the US are not in a trade war, but a race to the next stage of technology
Opinion | Climate change, inequality and financial crises show the old order is changing – but into what?

There is broad agreement that a global order marred by inequality, dangerous climate developments and the disruptions of financial crises must change, but even panels of experts cannot produce a consensus on the shape it will take next.

3 Aug 2018 - 6:53PM

There is broad agreement that a global order marred by inequality, dangerous climate developments and the disruptions of financial crises must change, but even panels of experts cannot produce a consensus on the shape it will take next.

Climate change, inequality and financial crises show the old order is changing – but into what?
Donald Trump’s European trip signals the end of a unipolar world, and all must now fend for themselves

The US president has his reasons for launching a trade war, demanding more spending by Nato partners and labelling the EU a ‘foe’: US debt levels and trade deficits cannot be sustained. The results of his actions, though, will be a once-orderly world off its hinges

20 Jul 2018 - 10:30PM

The US president has his reasons for launching a trade war, demanding more spending by Nato partners and labelling the EU a ‘foe’: US debt levels and trade deficits cannot be sustained. The results of his actions, though, will be a once-orderly world off its hinges

Donald Trump’s European trip signals the end of a unipolar world, and all must now fend for themselves
As AI makes inroads, people, companies and nations must digitise or watch their prospects die

Industry 4.0 calls for an ecosystem of universities, employers and students collaborating to meet the challenge of a digitised economy.

6 Jul 2018 - 6:01PM

Industry 4.0 calls for an ecosystem of universities, employers and students collaborating to meet the challenge of a digitised economy.

As AI makes inroads, people, companies and nations must digitise or watch their prospects die
Cryptocurrencies and blockchain are not the road to riches for all

This much-hyped technology has so far failed to earn the trust that enables financial transactions in the real world, especially when the total security it promises has already been compromised by hacks and fraud.

22 Jun 2018 - 7:43PM

This much-hyped technology has so far failed to earn the trust that enables financial transactions in the real world, especially when the total security it promises has already been compromised by hacks and fraud.

Cryptocurrencies and blockchain are not the road to riches for all
Germany alone can save the European Union, but will it?

Crisis-hit Italy may well destabilise the entire European project, because its problems are symptomatic of what really ails the euro-zone family – a refusal of the rich members to accept that an individual debt is a family debt.

29 Sep 2018 - 2:36PM

Crisis-hit Italy may well destabilise the entire European project, because its problems are symptomatic of what really ails the euro-zone family – a refusal of the rich members to accept that an individual debt is a family debt.

Germany alone can save the European Union, but will it?
With blockchain’s rise, financial regulation must keep up with Industry 4.0 or lose control altogether

The fourth industrial revolution has given rise to blockchain technologies that move transactions out of the purview of regulatory systems.

25 May 2018 - 6:37PM

The fourth industrial revolution has given rise to blockchain technologies that move transactions out of the purview of regulatory systems.

With blockchain’s rise, financial regulation must keep up with Industry 4.0 or lose control altogether
Now Mahathir must heed Malaysians’ wish for change – by protecting the rule of law, for a start

There is a clear trend of urban voters moving away from religion-based politics to vote for improvements in economic livelihood. To safeguard his legacy, Mahathir must manage a generational change in Malaysian politics.

11 May 2018 - 7:48PM

There is a clear trend of urban voters moving away from religion-based politics to vote for improvements in economic livelihood. To safeguard his legacy, Mahathir must manage a generational change in Malaysian politics.

Now Mahathir must heed Malaysians’ wish for change – by protecting the rule of law, for a start
Market volatility is the new normal in our crumbling world order

Financial markets are now vulnerable to a wider range of shocks, as we grapple with the transition from a unipolar to multipolar world, and a divided society in which the elites are dangerously out of touch.

20 Jul 2018 - 8:47PM

Financial markets are now vulnerable to a wider range of shocks, as we grapple with the transition from a unipolar to multipolar world, and a divided society in which the elites are dangerously out of touch.

Market volatility is the new normal in our crumbling world order
Donald Trump has a point – even with advanced technology, manufacturing is essential

Economies have to proceed through a manufacturing-focused phase, even if they switch to a service-oriented approach later, if they want to continue innovating. Advances in robotics and artificial intelligence will not change this.

20 Jul 2018 - 8:47PM

Economies have to proceed through a manufacturing-focused phase, even if they switch to a service-oriented approach later, if they want to continue innovating. Advances in robotics and artificial intelligence will not change this.

Donald Trump has a point – even with advanced technology, manufacturing is essential
Trade war, inequality, populist revolt: baby boomers should reflect on their economic legacy this Easter

Instead of decrying populism, the reaction against free trade and the rise of authoritarians, liberals in rich countries should examine how the globalisation process they supported led to a backlash.

20 Jul 2018 - 8:47PM

Instead of decrying populism, the reaction against free trade and the rise of authoritarians, liberals in rich countries should examine how the globalisation process they supported led to a backlash.

Trade war, inequality, populist revolt: baby boomers should reflect on their economic legacy this Easter
Trump’s threat of a trade war is driven by the West’s fear of the rise of the rest

As more people across the globe become middle class, the distribution of power will change, and national governments must do their best to help those left behind.

23 Mar 2018 - 12:58PM

As more people across the globe become middle class, the distribution of power will change, and national governments must do their best to help those left behind.

Trump’s threat of a trade war is driven by the West’s fear of the rise of the rest
How interest rates and central bank tea leaves will determine the financial weather forecast for 2018

Monetary policy set by the leading central banks, not unseen economic forces, will be crucial in 2018.

3 Jul 2018 - 9:47PM

Monetary policy set by the leading central banks, not unseen economic forces, will be crucial in 2018.

How interest rates and central bank tea leaves will determine the financial weather forecast for 2018