Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘Sheng’

Can Hong Kong Avoid Tragedy?

Posted by hkarner - 28. November 2019

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor and Director of the Research Institute of Maritime Silk-Road at Peking University HSBC Business School.

To protect their own futures, the people of Hong Kong must reflect carefully on the need to end violent protests and work together to address genuine grievances. The alternative is not some fantasy of an independent and thriving Hong Kong. It is a devastated economy, a divided society, and a lost generation.

HONG KONG – Nearly six months after they began, the protests in our city have reached fever pitch. On one particularly devastating day earlier this month, police fired more than 1,500 rounds of tear gas, a police officer shot a demonstrator at point-blank range while being attacked, and protesters immolated a man who disagreed with them. More than 4,000 people have been arrested, infrastructure has been destroyed, and the economy has sunk into recession. And for what?

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China and Its Western Critics

Posted by hkarner - 27. März 2019

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at Peking University HSBC Business School and at the University of Hong Kong’s Faculty of Business and Economics.

Contrary to popular belief in the West, China’s trial-and-error approach to policymaking supports accountability. In fact, the evidence shows that Chinese policy is responsive to feedback from the Chinese people and the international community, with leaders correcting mistakes and updating policies as they gain new information.

HONG KONG – In Washington, DC, a bipartisan consensus about China has emerged: the United States is facing a trade-manipulating, authoritarian intellectual-property thief that represents a strategic threat to the US and its allies and deserves to be punished. But the consensus is wrong. In fact, China deserves recognition, if not appreciation, for its achievements.

In recent decades, China has made unprecedented contributions to global economic growth and green innovation, lifting more than 800 million people out of poverty since it began its “reform and opening up” in the late 1970s. China – and the world – owes this success to the authorities’ experimental approach to policymaking, characterized by trial and error and constant adaptation. Den Rest des Beitrags lesen »

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How Cities Are Saving China

Posted by hkarner - 29. August 2018

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at Peking University HSBC Business School and at the University of Hong Kong’s Faculty of Business and Economics.

The threat of a trade war may not be good news for China, but it will not bring down the economy. The real challenge China faces is how to take advantage of dynamic urban clusters to generate growth and address structural challenges in financially and environmentally sustainable ways.

HONG KONG – The world has a demand problem, and it is dealing with it all wrong. Rather than allowing itself to be harmed by other countries’ problematic policies, China must work to create its own demand by making full use of its capacity for policy experimentation, long-term planning, and pragmatic decision-making.

In the decade since the 2008 global economic crisis, advanced economies have leaned heavily on easy monetary policy, hoping that large amounts of liquidity and ultra-low interest rates would generate enough demand to eliminate excess capacity. But this has undermined productivity, encouraged speculative activity, fueled asset bubbles, and exacerbated income and wealth inequality. Den Rest des Beitrags lesen »

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Stress Testing China’s System Reform

Posted by hkarner - 26. Juli 2018

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at Peking University HSBC Business School.

For China, America’s rejection of the rules-based multilateral order and embrace of bilateral deal-making creates significant uncertainty. But Chinese policymakers have the tools to overcome the challenge ahead, beginning with the systemic mindset that has shaped decision-making in the country for millennia.

HONG KONG – The historian Wang Gungwu recently observed that, whereas the West thinks in terms of ideologies, China has long thought in terms of systems. In today’s age of rapid and profound change – characterized, in particular, by a fundamental shift in America’s attitude toward the rest of the world – China’s system reform approach is being put to the test.

Under President Donald Trump, the United States seems to have abandoned its seven-decade-old commitment to the rules-based multilateral order, embracing bilateral deal-making instead, guided by an “America First” agenda. This includes a willingness to make just about any excuse for unilateral action, such as large trade tariffs, against other countries, in order to please domestic constituencies. Den Rest des Beitrags lesen »

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China’s Search for Quality Growth

Posted by hkarner - 31. Januar 2018

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at the University of Hong Kong.

China’s leaders have demonstrated a willingness to accept lower rates of GDP growth as they shift toward a more balanced growth model that emphasizes human wellbeing. It will not be easy to realize the vision of „people-centered“ development that President Xi Jinping announced in October 2017, but the country is on the right track.

HONG KONG – As Chinese President Xi Jinping begins his second five-year term, shifting toward “quality growth” is at the top of the country’s policy agenda. Across China’s government, a quiet but resolute commitment to fostering a new growth model that corrects the distortions created by decades of double-digit growth – including corruption, pollution, rising inequality, and other structural imbalances – is taking root.

Over most of the last 40 years, China focused on rapid land-based development, driven by local initiatives aimed at attracting infrastructure investment, human resources, and tax revenues. The creation of special economic zones, industrial parks, and free-trade zones facilitated such development, as they benefited from a large pool of cheap labor migrating from rural areas.

Throughout this process, China used GDP growth as its main measure of success. This enabled the establishment of well-defined goals and incentives for local officials as they competed with one another. But it also caused serious problems – such as environmental damage, inequality, excessive debts, overcapacity, and corruption – to flourish. Den Rest des Beitrags lesen »

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The Next Battle in China’s War on Corruption

Posted by hkarner - 24. November 2017

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at the University of Hong Kong.

Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. But moving beyond Xi’s anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.

HONG KONG – Corruption is a cancer to which no society is immune. It raised the death toll of Iran’s recent earthquake, owing to substandard housing construction ten years ago. It has afflicted the United States Navy, which is now investigating more than 60 admirals and hundreds more officers for fraud and bribery. It has brought down countless governments, from Brazilian President Dilma Rousseff’s administration last year to Chiang Kai-shek’s Nationalist government of the Republic of China. Den Rest des Beitrags lesen »

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Are the Sustainable Development Goals Achievable?

Posted by hkarner - 28. September 2017

Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor at the University of Hong Kong.

The SDGs were always bound to meet strong headwinds, owing to technological disruption, geopolitical rivalry, and widening social inequality. But populist calls for nationalist policies, including trade protectionism, have intensified those headwinds considerably.

HONG KONG – US President Donald Trump’s recent speech at the United Nations has gotten a lot of attention for its bizarre and bellicose rhetoric, including threats to dismantle the Iran nuclear deal and “totally destroy” North Korea. Underlying his declarations was a clear message: the sovereign state still reigns supreme, with national interests overshadowing shared objectives. This does not bode well for the Sustainable Development Goals.

Adopted by the UN just a year before Trump’s election, the SDGs will require that countries cooperate on crucial global targets related to climate change, poverty, public health, and much else. In an age of contempt for international cooperation, not to mention entrenched climate-change denial in the Trump administration, is achieving the SDGs wishful thinking? Den Rest des Beitrags lesen »

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Trump’s Global Strength

Posted by hkarner - 20. Dezember 2016

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The Making of China’s Consumer Society

Posted by hkarner - 27. August 2016

Photo of Andrew Sheng

Andrew Sheng

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

Photo of Xiao Geng

Xiao Geng

Xiao Geng, Director of the IFF Institute, is a professor at the University of Hong Kong and a fellow at its Asia Global Institute.

AUG 26, 2016, Project Syndicate

HONG KONG – China’s transformation from a manufacturing-driven and export-led economy to one underpinned by services and domestic consumption is firmly underway. And that’s good news not just for China, but also for the future of the global economy.

The 2016-17 edition of the Blue Book of China’s Commercial Sector by Fung Business Intelligence and the Chinese Academy of Social Sciences maps the change. China’s retail markets reached CN¥30 trillion ($4.6 trillion) in 2015, after more than a decade of double-digit growth. Household consumption has begun to climb, even as the pace of investment has fallen, and now exceeds 60% of GDP. Though the consumption growth rate has slowed to 10.7%, the Blue Book projects that China’s domestic market may reach CN¥50 trillion by 2020.

A key driver of this transformation has been Internet technology. Building on heavy investments in public infrastructure, such as ports, airports, roads, rail, and telecommunications, the Internet is now expanding rapidly the range of choices available to Chinese consumers, while lowering costs and accelerating delivery. Den Rest des Beitrags lesen »

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Beyond Structural Reform in China

Posted by hkarner - 29. Juli 2016

Photo of Andrew Sheng

Andrew Sheng

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

Photo of Xiao Geng

Xiao Geng

Xiao Geng, Director of the IFF Institute, is a professor at the University of Hong Kong and a fellow at its Asia Global Institute.

JUL 29, 2016 Project Syndicate

HONG KONG – Global markets have breathed a sigh of relief. Following the shock of the United Kingdom’s vote to exit the European Union, GDP data indicate that China’s economy seems to have escaped a slump, with annual growth averaging 6.7% in the first half of 2016. But that does not mean that China is in the clear. On the contrary, the success of the structural rebalancing that China needs to ensure sustainable long-term growth is far from certain. Den Rest des Beitrags lesen »

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