Andrew Sheng

President
Fung Global Institute

Andrew Sheng is well known in global financial circles as a former central banker and financial regulator in Asia and a commentator on global finance.  As the Institute’s President, Andrew is responsible for its operations and, with the support and advice of the Academic Council, for driving its research agenda and thought leadership. 

He is also the Chief Adviser to the China Banking Regulatory Commission and a Board Member of Khazanah Nasional Berhad, Malaysia. In addition, he serves as a  member of the International Advisory Council of the China Investment Corporation, the China Development Bank, the Advisory Council on Shanghai as an International Financial Centre and the International Council of the Freie University, Berlin. He is also an Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur. 

In 2009, he became the Pro-Chancellor of Universiti Tun Abdul Razak. Andrew served as Chairman of the Securities and Futures Commission of Hong Kong from 1998 to 2005, having previously been a central banker with the Hong Kong Monetary Authority and Bank Negara Malaysia. He also worked with the World Bank from 1989 to 1993. From 2003 to 2005, he chaired the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

He has published widely on monetary, economics and financial issues. His most recent book is entitled From Asian to global financial crisis: an Asian regulator's view of unfettered finance in the 1990s and 2000s. He is also a regular contributor to leading economic magazines and newspapers in China and the Asian region. A chartered accountant by training, he has a BSc. in Economics and an honorary doctorate from the University of Bristol. 

Areas of Expertise/Research Interests:

  • International Finance and Monetary Economics
  • Financial Regulation
  • Global Governance

In April 2013, Andrew was named by TIME magazine as one of the 100 most influential people in the world.

My Content

Originally appeared at the Fung Global Institute The failure of Lehman Brothers on 15 September 2008 marked the beginning of the end of the world's love affair with financialization. Financialization was one of three megatrends that swept the world in the last thirty years – the others being free markets and globalization.
We are coming up to the fifth anniversary of the Lehman crash in September 2008. How bad was it? Have we fixed the problems? Last month, the Federal Reserve Bank of Dallas published a staff paper estimating the costs of the 2007-2009 financial crisis. The conservative estimate came out at 40 to 90 per cent of 2007 output, roughly US$6 to US$14 trillion.
The shortage of liquidity in the interbank market in China has sparked off a fear of “monetary famine.” This seems rather odd when the national savings rate is 50 per cent of GDP and even though growth is slowing, it is still one of the fastest growth rates in the world. We have to go back to the 1959 Radcliffe Committee on the Working of the Monetary System in the UK for the controversial view at that time that it was the liquidity of the system that determined spending behavior, rather than the interest rate. The Radcliffe Committee also held the view that the central bank can influence the state of liquidity.
Originally appeared on Project Syndicate, written with co-author Xiao Geng  The proliferation of China’s opaque, loosely regulated (or unregulated) shadow-banking system has been raising fears of possible financial instability. But just how extensive – and how risky – is shadow banking in China?

My Video Content

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In the last few decades, China has transformed its economy, with decades of rapid growth and rising living standards. This growth miracle has been driven by a boom in investment. But as China's economy changes and economic growth slows, will this strategy be sustainable?

Since the mid to late 2000s, the Chinese ratio of fixed investment to GDP has risen from just above 40% to just below 50%. Growth in the capital stock is now probably above a 10% annual rate. At the same time the speed limit on Chinese economic growth appears to have fallen to 8% or less, if you believe the official government statistics. It has perhaps fallen somewhat further if you are skeptical of these statistics.

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Keynote panel on "The Future of Central Banking" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include Distinguished Fellow of the Fung Global Institute Liu Mingkang and INET Advisory Board members Charles Goodhart, Richard Koo, and Adam Posen, with Fung Global Institute President and INET Advisory Board member Andrew Sheng moderating.

Closing remarks by INET Executive Director Rob Johnson and Fung Global Institute President and INET Advisory Board member Andrew Sheng.

 

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Fung Global Institute President Andrew Sheng speaks about the importance of hosting INET's "Changing of the Guard?" conference in Hong Kong and the need for sustainability in the future of development economics. 

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Rob Johnson (Executive Director of the Institute for New Economic Thinking), Andrew Sheng (President of the Fung Global Institute), and Yu Yongding (INET Advisory Board member and Director of the Institute of World Economics and Politics at CASS) speak at a press conference on April 3 before INET's "Changing of the Guard?" conference at the Intercontinental Hotel in Hong Kong.

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Andrew Sheng, Chief Adviser, China Banking Regulatory Commission at the Closing Panel entitled "Overhangs, Uncertainty and Political Order: Where Do We Go From Here?" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 14, 2012. #inetberlin