Anthony Rowley

Anthony Rowley

Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London

Latest from Anthony Rowley

Macroscope | China is well on its way to becoming a powerful centre of finance – it just needs to loosen up more

Finance companies are piling into China, attracted by its economic rebound and strong currency. The nation can now afford to open up its capital markets and realise its potential as a financial centre.

25 Oct 2020 - 10:14PM

Finance companies are piling into China, attracted by its economic rebound and strong currency. The nation can now afford to open up its capital markets and realise its potential as a financial centre.

China is well on its way to becoming a powerful centre of finance – it just needs to loosen up more
Macroscope | The world economy needs smart stimulus, not just any stimulus

IMF’s message to governments is not to withdraw fiscal support, but to redirect it from wasteful programmes into public investment. It warns that should the economic recovery falter, asset valuations that are currently elevated will tumble.

19 Oct 2020 - 4:16AM

IMF’s message to governments is not to withdraw fiscal support, but to redirect it from wasteful programmes into public investment. It warns that should the economic recovery falter, asset valuations that are currently elevated will tumble.

The world economy needs smart stimulus, not just any stimulus
Macroscope | Welcome to the new economic reality as the state steps in where private investors fear to tread

Economic statism is growing as the world’s acute challenges, from the pandemic to climate change, prove too big for the private sector. Once confidence returns, so will private investment.

11 Oct 2020 - 8:41PM

Economic statism is growing as the world’s acute challenges, from the pandemic to climate change, prove too big for the private sector. Once confidence returns, so will private investment.

Welcome to the new economic reality as the state steps in where private investors fear to tread
Macroscope | Could Joe Biden put a world divided by Donald Trump back together again?

Suggestions that the Sinosphere and the Amerisphere can coexist separately and should be left to their own devices are dangerous and naive. With the global economy in a precarious position, Biden must restore worldwide collective action if he wins the presidential election.

17 Oct 2020 - 7:11AM

Suggestions that the Sinosphere and the Amerisphere can coexist separately and should be left to their own devices are dangerous and naive. With the global economy in a precarious position, Biden must restore worldwide collective action if he wins the presidential election.

Could Joe Biden put a world divided by Donald Trump back together again?
Macroscope | New, bold visions of growth needed to kick-start the global economy

Governments must cast aside the tired old tools of monetary easing and consumption-driven demand, and reach for what the UN calls transformative growth. Climate change, public health and digital infrastructure are areas of potential growth, requiring massive investment.

28 Sep 2020 - 1:26AM

Governments must cast aside the tired old tools of monetary easing and consumption-driven demand, and reach for what the UN calls transformative growth. Climate change, public health and digital infrastructure are areas of potential growth, requiring massive investment.

New, bold visions of growth needed to kick-start the global economy
Macroscope | US-China decoupling: a global depression is surely a bigger threat than China

China helped prop up the global economy with stimulus following the last financial crisis. Although it is the only major economy expected to grow this year, the geopolitical climate means Beijing is unlikely to help the world’s recovery as much this time.

21 Sep 2020 - 2:43AM

China helped prop up the global economy with stimulus following the last financial crisis. Although it is the only major economy expected to grow this year, the geopolitical climate means Beijing is unlikely to help the world’s recovery as much this time.

US-China decoupling: a global depression is surely a bigger threat than China
Macroscope | Trump’s decoupling push only forces China to build its own sphere of influence

The no-win situation of ‘one world, two systems’ looms as Trump’s aggression forces Beijing to ring-fence its tech, economic and military gains, further incurring US wrath. This is a blow to globalisation and universal standards.

14 Sep 2020 - 3:30PM

The no-win situation of ‘one world, two systems’ looms as Trump’s aggression forces Beijing to ring-fence its tech, economic and military gains, further incurring US wrath. This is a blow to globalisation and universal standards.

Trump’s decoupling push only forces China to build its own sphere of influence
Macroscope | Why Japan’s next leader should draw closer to China and South Korea instead of the US

It is worth considering the vast economic potential of a strong Japan-China-South Korea alliance, against the declining powers of the US.

6 Sep 2020 - 10:08PM

It is worth considering the vast economic potential of a strong Japan-China-South Korea alliance, against the declining powers of the US.

Why Japan’s next leader should draw closer to China and South Korea instead of the US
Macroscope | Invest in infrastructure to create connectivity, rather than pouring good money after bad, to save the global economy

The hoped-for spending spree from cash handouts has not materialised but a major boost in infrastructure spending could pay dividends after stimulus runs out. The China way, with institutions such as the Asian Infrastructure Investment Bank providing a lead, could be a model.

31 Aug 2020 - 3:30AM

The hoped-for spending spree from cash handouts has not materialised but a major boost in infrastructure spending could pay dividends after stimulus runs out. The China way, with institutions such as the Asian Infrastructure Investment Bank providing a lead, could be a model.

Invest in infrastructure to create connectivity, rather than pouring good money after bad, to save the global economy
Macroscope | Is Donald Trump bluffing about starting a financial war with China? Chinese officials aren’t so sure

As the US president ups the rhetoric on China, Chinese officials are taking seriously the possibility of a financial war, which could take the form of the US cutting the country out of the international payments system or seizing Chinese assets.

24 Aug 2020 - 9:16AM

As the US president ups the rhetoric on China, Chinese officials are taking seriously the possibility of a financial war, which could take the form of the US cutting the country out of the international payments system or seizing Chinese assets.

Is Donald Trump bluffing about starting a financial war with China? Chinese officials aren’t so sure
Macroscope | What it means for Asia as supply chains make security the top priority

As states and companies build redundancies and diversify to lower risks, China’s dominance as a global supplier will weaken in the longer term, while manufacturers in Thailand, Vietnam, Taiwan and Malaysia stand to benefit the most.

16 Aug 2020 - 10:26PM

As states and companies build redundancies and diversify to lower risks, China’s dominance as a global supplier will weaken in the longer term, while manufacturers in Thailand, Vietnam, Taiwan and Malaysia stand to benefit the most.

What it means for Asia as supply chains make security the top priority
Macroscope | Will Asian economic integration finally take root under China’s infrastructure bank AIIB?

Calls for regional economic integration in Asia are not new but Xi Jinping’s latest push for AIIB to take the lead may be falling on more fertile ground, given US withdrawals from global institutions and a fading dollar

10 Aug 2020 - 4:05AM

Calls for regional economic integration in Asia are not new but Xi Jinping’s latest push for AIIB to take the lead may be falling on more fertile ground, given US withdrawals from global institutions and a fading dollar

Will Asian economic integration finally take root under China’s infrastructure bank AIIB?
Macroscope | Why the US dollar slide may be a sign of real danger this time

The rare event of a general depreciation of the world’s leading currency suggests a fundamental lack of faith that could sink financial markets and undermine the global economy.

3 Aug 2020 - 10:02AM

The rare event of a general depreciation of the world’s leading currency suggests a fundamental lack of faith that could sink financial markets and undermine the global economy.

Why the US dollar slide may be a sign of real danger this time
Macroscope | Coronavirus crisis puts ‘immune systems’ of market and state capitalism to the test

While the US economy is predicted to contract 8 per cent this year, China’s GDP is expected to grow slightly. Governments around the world should take their cue from China and boost investment in infrastructure.

27 Jul 2020 - 3:32AM

While the US economy is predicted to contract 8 per cent this year, China’s GDP is expected to grow slightly. Governments around the world should take their cue from China and boost investment in infrastructure.

Coronavirus crisis puts ‘immune systems’ of market and state capitalism to the test
Macroscope | ESG investing: How markets are going the wrong way to save the planet

Worthy as its basic aims are, ESG fails to offer direct routes for private investors to fund critical projects at scale. The participation of governments and multilateral development agencies, for example, is needed, to provide a pipeline of projects and markets to help finance them.

20 Jul 2020 - 1:20AM

Worthy as its basic aims are, ESG fails to offer direct routes for private investors to fund critical projects at scale. The participation of governments and multilateral development agencies, for example, is needed, to provide a pipeline of projects and markets to help finance them.

ESG investing: How markets are going the wrong way to save the planet
Macroscope | Busy with coronavirus bailouts, the world has taken its eyes off the looming debt crash

The global debt crisis racked up in the decade before the pandemic has not gone away and, together with the added burden from bailouts, could crush banks and leave many companies without a financial lifeline.

13 Jul 2020 - 12:08PM

The global debt crisis racked up in the decade before the pandemic has not gone away and, together with the added burden from bailouts, could crush banks and leave many companies without a financial lifeline.

Busy with coronavirus bailouts, the world has taken its eyes off the looming debt crash
Macroscope | Coronavirus bailouts can secure a better future – if policymakers can get their act together

There needs to be a consensus on what reforms should be and where new sources of economic growth are, and a better bridge between state capitalism and market capitalism. Countries must swim together or sink.

6 Jul 2020 - 3:43AM

There needs to be a consensus on what reforms should be and where new sources of economic growth are, and a better bridge between state capitalism and market capitalism. Countries must swim together or sink.

Coronavirus bailouts can secure a better future – if policymakers can get their act together
Coronavirus: Asian governments will have to decide which sectors, firms should be saved from pandemic

After the Covid-19 pandemic, a few economic sectors may no longer be viable, forcing policymakers in Asia to make some tough choices, says IMF’s Changyong Rhee.

1 Jul 2020 - 1:03AM

After the Covid-19 pandemic, a few economic sectors may no longer be viable, forcing policymakers in Asia to make some tough choices, says IMF’s Changyong Rhee.

Coronavirus: Asian governments will have to decide which sectors, firms should be saved from pandemic
Macroscope | Coronavirus bailouts: governments and central banks can’t keep throwing money at the problem

The largesse keeping the world from a depression is saddling governments with growing debts and limiting the space for stimulus in the event of a second Covid-19 wave. The focus must also be on getting the pandemic under control and everyone back to work.

29 Jun 2020 - 1:20AM

The largesse keeping the world from a depression is saddling governments with growing debts and limiting the space for stimulus in the event of a second Covid-19 wave. The focus must also be on getting the pandemic under control and everyone back to work.

Coronavirus bailouts: governments and central banks can’t keep throwing money at the problem
Macroscope | White elephant? China’s Belt and Road Initiative deserves more credit in pandemic-ruined economy

China’s infrastructure initiative, which has been unfairly singled out for criticism, has made more progress than similar projects proposed by the US and others.

22 Jun 2020 - 9:47AM

China’s infrastructure initiative, which has been unfairly singled out for criticism, has made more progress than similar projects proposed by the US and others.

White elephant? China’s Belt and Road Initiative deserves more credit in pandemic-ruined economy
Macroscope | Markets expecting an early coronavirus recovery are ignoring the global economic and political mess

The knowledge that a V-shaped recovery is off the table has not dissuaded markets from surging in expectation of further injections of central bank liquidity. Political leaders are selling snake oil to secure power and central bank governors are pandering to their whims.

15 Jun 2020 - 1:06AM

The knowledge that a V-shaped recovery is off the table has not dissuaded markets from surging in expectation of further injections of central bank liquidity. Political leaders are selling snake oil to secure power and central bank governors are pandering to their whims.

Markets expecting an early coronavirus recovery are ignoring the global economic and political mess
Macroscope | There will be no dramatic Covid-19 economic collapse – or rapid recovery, the history of pandemics suggests

The staggering results of a new IMF study suggest Covid-19 could leave a generation or more with economic stagnation, depressed interest rates and low asset returns.

7 Jun 2020 - 5:56PM

The staggering results of a new IMF study suggest Covid-19 could leave a generation or more with economic stagnation, depressed interest rates and low asset returns.

There will be no dramatic Covid-19 economic collapse – or rapid recovery, the history of pandemics suggests
Macroscope | How the coronavirus has exposed the global economy’s pre-existing vulnerabilities – an overdependence on easy money

While lockdowns and other pandemic-related restrictions have hit economies hard, the world was already grappling with record levels of debt, asset inflation and an over-reliance on monetary stimulus.

1 Jun 2020 - 1:17AM

While lockdowns and other pandemic-related restrictions have hit economies hard, the world was already grappling with record levels of debt, asset inflation and an over-reliance on monetary stimulus.

How the coronavirus has exposed the global economy’s pre-existing vulnerabilities – an overdependence on easy money
Macroscope | Donald Trump’s attacks and coronavirus effects have left global trade battered and leaderless

Any post-outbreak recovery for the world economy is likely to be very slow without robust, well-supported trade infrastructure. The US administration’s choice to assail global institutions creates a potentially destabilising leadership vacuum.

25 May 2020 - 1:07AM

Any post-outbreak recovery for the world economy is likely to be very slow without robust, well-supported trade infrastructure. The US administration’s choice to assail global institutions creates a potentially destabilising leadership vacuum.

Donald Trump’s attacks and coronavirus effects have left global trade battered and leaderless
Macroscope | As others turn towards Chinese-style state capitalism to save the global economy, ‘we’re all socialists now’

There is a grudging recognition that the state’s role has to be accepted and even strengthened to avoid economic collapse, as governments take stakes in companies and central banks buy up debt in a ‘socialisation of finance’

18 May 2020 - 1:12AM

There is a grudging recognition that the state’s role has to be accepted and even strengthened to avoid economic collapse, as governments take stakes in companies and central banks buy up debt in a ‘socialisation of finance’

As others turn towards Chinese-style state capitalism to save the global economy, ‘we’re all socialists now’
Macroscope | With the coronavirus imperilling belt and road borrowers, China must not simply write off debt

Forgiving the debt will not only send the wrong message, and it will discourage China from making further infrastructure loans. Debt-to-equity conversion could allow China to turn the Belt and Road Initiative into a super-sovereign wealth fund.

11 May 2020 - 11:11AM

Forgiving the debt will not only send the wrong message, and it will discourage China from making further infrastructure loans. Debt-to-equity conversion could allow China to turn the Belt and Road Initiative into a super-sovereign wealth fund.

With the coronavirus imperilling belt and road borrowers, China must not simply write off debt
Macroscope | The dangerous disconnect between bullish stock markets and a weak global economy

Central bank liquidity injections are providing huge support for markets. But do these measures show our ability to control the ups and downs of the global economy, or are we just storing up trouble, in the form of a mega correction, for later on?

4 May 2020 - 1:23AM

Central bank liquidity injections are providing huge support for markets. But do these measures show our ability to control the ups and downs of the global economy, or are we just storing up trouble, in the form of a mega correction, for later on?

The dangerous disconnect between bullish stock markets and a weak global economy
Macroscope | Why China – not the US – remains key to Asia’s trade and economic recovery after Covid-19

China’s economy is expected to grow, it is capable of generating the jobs and trade needed for recovery, and looks ready to lead. In contrast, the US economy is shrinking and champions of free trade and investment are lacking in Trump’s ‘America first’ White House.

27 Apr 2020 - 1:02AM

China’s economy is expected to grow, it is capable of generating the jobs and trade needed for recovery, and looks ready to lead. In contrast, the US economy is shrinking and champions of free trade and investment are lacking in Trump’s ‘America first’ White House.

Why China – not the US – remains key to Asia’s trade and economic recovery after Covid-19
Macroscope | The US dollar is standing in the way of a truly global monetary response to the coronavirus crisis

The dollar’s dominance denies the IMF the right to act as a global lender of last resort with the SDR. Instead, the world’s reliance on the dollar risks an erosion of confidence in national currencies as central banks print more of them.

20 Apr 2020 - 6:06AM

The dollar’s dominance denies the IMF the right to act as a global lender of last resort with the SDR. Instead, the world’s reliance on the dollar risks an erosion of confidence in national currencies as central banks print more of them.

The US dollar is standing in the way of a truly global monetary response to the coronavirus crisis
Macroscope | Coronavirus crisis is a wake-up call for Asia to better manage its own capital

The sharp fall in capital flows to emerging Asian economies is particularly ominous, given these economies’ dependence on public equity. Yet, much of the savings that flow into non-Asian institutions for management originate within Asia itself.

12 Apr 2020 - 7:16PM

The sharp fall in capital flows to emerging Asian economies is particularly ominous, given these economies’ dependence on public equity. Yet, much of the savings that flow into non-Asian institutions for management originate within Asia itself.

Coronavirus crisis is a wake-up call for Asia to better manage its own capital