Hong Kong has barely seen any new homegrown billionaires reach the world’s top 500 in the past 25 years. The reason, in part, is due to the special role real estate has continued to play in Hong Kong’s $368 billion economy. Professor Heiwai Tang, director of the Asia Global Institute, tells Bloomberg that we need to have a change in mindset and think more about economic diversification in this city for future competitiveness and upward mobility.
Professor Heiwai Tang, director of the Asia Global Institute, shares his comments on Biden’s recently proposed IPEF with Asian economies in the interview with Phoenix TV.
Nearly half of all European companies based in Hong Kong plan to move out of the city after its government imposed some of the world's toughest restrictions in response to a fifth wave of coronavirus infections, according to the European Chamber of Commerce in Hong Kong. Professor Heiwai Tang, director of the Asia Global Institute, shares his views on this phenomenon with Al Jazeera.
Despite booming trade, the EU-China relationship has become strained over the past two years. Heiwai Tang of Asia Global Institute tells SCMP that the Ukraine war will not affect trade in a significant way, given China remains a major supplier of manufactured products, such as computers, household appliances and mobile phones.
Since March 1, China has reported almost 90,000 infections nationwide, as well as its first Covid-19 deaths in more than a year. While low by global standards, China hasn’t seen such numbers since the start of the pandemic. The outbreak is driving gradual adjustments in policy by officials mindful of a population and an economy already pushed to the limit by two years of restrictions. “Beijing is fine-tuning its approach based on lessons learned from Hong Kong as well as other places that have dealt with omicron,” Heiwai Tang of Asia Global Institute tells NBC News.
Asia Global Institute Advisory Board Co-Chair and Nobel Laureate Michael Spence highlights the factors that are enabling innovation entrepreneurship in a growing number of countries in Project Syndicate.
While China's independent Cross-Border Interbank Payment System could make things more convenient if the country were to come under the same kind of economic pressure Western countries are currently meting out to Russia, "It does not change the fundamentals," Zhiwu Chen tells The Wire.
China’s banks and homegrown payments system could, in theory, offer Russia relief from Western sanctions. In practice, it isn’t that simple. Zhiwu Chen shares his insights with the Wall Street Journal.
US sanctions on exporting hi-tech products to Russia are creating a dilemma for Chinese tech companies, from ride-hailing giant Didi Chuxing to smartphone vendor Xiaomi. Heiwai Tang of Asia Global Institute shares his comments with the South China Morning Post on why the new restrictions on Russia will affect Chinese hi-tech exports.
While China’s willingness to support Russia is still unclear and the full extent of US and EU sanctions are still being worked out, Zhiwu Chen tells Bloomberg that small banks that don’t have any international business exposure will likely keep financing Russia and service payments. He added that these banks face a relatively low risk of being sanctioned by the US and West European countries.
Hong Kong has set aside nearly US$22 billion in the Budget to cushion the impact of prolonged social restrictions and social support was also a key focus. Residents will enjoy one-off tax cuts and get a second round of consumption vouchers worth HKD 10,000. Asia Global Institute Associate Director Heiwai Tang tells CNA that the vouchers can be used to stimulate the sectors that suffer the most during the pandemic including the hospitality industry and the food and beverage industry.
Hong Kong announced a HK$170 billion budget to boost its flailing economy, as the territory battles a fifth wave of coronavirus infections and its harshest pandemic restrictions yet. Heiwai Tang, associate director of Asia Global Institute, weighs the pros and cons of the progressive budget in Aljazeera.
Our Director of Knowledge Dissemination Alejandro Reyes was on RTHK Backchat to discuss the NATO-Russia tensions over Ukraine.
Asia Global Institute Advisory Board Co-Chair and Nobel Laureate Michael Spence points to a fundamental shift in growth dynamics that will profoundly affect trade, employment, and inflation.
2021 has been a record year for China’s internet moguls: according to the Bloomberg Billionaires Index, the country’s 10 richest tech tycoons lost $US80 billion in combined net worth amid widescale crackdowns by Chinese regulators. “The best days for China’s tech sector are behind us for now,” Asia Global Institute Director Zhiwu Chen told Bloomberg. “Without access to American capital markets, the history of China’s tech sector would have been very different.”
Billionaire owners of Chinese developers have dipped into their own pockets for at least $3.8 billion to save their troubled companies from default, as a cash crunch engulfs the industry. Zhiwu Chen, director of the Asia Global Institute, shares more insights on personal and company assets in the developing Evergrande situation in Bloomberg.
Alejandro Reyes, director of knowledge dissemination at the Asia Global Institute, was joined by fellow panellists at RTHK to discuss US-China relations.
In 2020, real estate giant Evergrande outlined a bold plan for itself - it was going to conquer Tesla. But the real estate giant is now $305 billion in debt, and still hasn't sold a single car. Zhiwu Chen, director of the Asia Global Institute, comments on Evergrande's electric-vehicle business in Insider.
Evergrande is on tenterhooks with its creditors – inside and outside China – its suppliers, its employees and the thousands of families who invested their savings in buying homes and now fear being ruined. "Chinese government officials have been busy intervening and actively working on a feasible restructuring plan," says Zhiwu Chen, director of the Asia Global Institute, in BBC News.
The real estate developer Evergrande once binged on debt. Now the music has stopped, investors are panicking and experts are warning of an imminent failure. Zhiwu Chen, director of the Asia Global Institute, comments on Evergrande's latest development in The New York Times.
Asia Global Institute Advisory Board Co-Chair and Nobel Laureate Michael Spence sees ample reason to worry that future global growth and development are in peril.
Getting the whole spectrum of governments, academia and civil society to track “natural capital” would help create shared efforts toward solving shared problems like the climate crisis. Asia Global Institute's Distinguished Fellow Andrew Sheng explains the need for a "One-Earth Balance Sheet" in Noema.
Zhiwu Chen, director of the Asia Global Institute, discusses the impact of involution, or "neijuan", on technological innovation in China in an interview with the Hong Kong Economic Journal Monthly.
Asia Global Institute Advisory Board Co-Chair and Nobel Laureate Michael Spence proposes a new framework for China and the West to understand the state of the world and their place in it.
Alejandro Reyes, director of knowledge dissemination at the Asia Global Institute, was joined by fellow panellists at RTHK to discuss NATO, G7 and China.
Zhiwu Chen, director of the Asia Global Institute, comments on the case of a former CLSA banker accused of wrongdoing in a bond deal with the CEFC in the Wire China.