President of the Hong Kong Institution for International Finance
Jan 07 , 2020
In recent years, fears of a new cold war between the United States and China have been proliferating. But the tensions between the two powers would be better described as a “cool war,” characterized not by old-fashioned spheres of interest, proxy wars, and the threat of “mutually assured destruction,” but by an unprecedented combination of wide-ranging competition and deep interconnection.
Dec 04 , 2019
Hong Kong’s government withdrew the extradition bill that triggered the protests. Yet the protesters rage on, lacking any coherent strategy or demands. They claim that they are fighting for democracy, but it is hard to reconcile that lofty goal with medieval-style catapults launching bricks and firebombs. In truth, the protesters’ scorched-earth strategy can lead only to more chaos, destruction, and death.
Oct 31 , 2019
On October 1, the People’s Republic of China celebrated the 70th anniversary of its founding with impressive military and civilian parades meant to showcase the extraordinary progress the country has made under the leadership of the Communist Party of China. Formidable challenges lie ahead. But China’s record so far, and the resources it has at its disposal, indicate that it may well be up to the task.
Oct 09 , 2019
Over the last four decades, China has integrated into global networks in trade, finance, data, and culture (encompassing social values, religion, and political beliefs). But, as the United States embraces protectionism, continued progress on global integration will require China to adjust its approach.
Aug 28 , 2019
Since China regained sovereignty over Hong Kong on July 1, 1997, the city has prospered economically, but festered politically. Now, one of the world’s ri
Jun 26 , 2019
American multinationals may like the idea of forcing China to alter the policies and practices – from subsidies for state-owned enterprises to the requirement that foreign firms share proprietary technology in exchange for access to the Chinese market – that place them at a competitive disadvantage. But, as US President Donald Trump’s trade war continues to escalate, it is worth asking: What price are these companies really willing to pay?
Apr 26 , 2019
In February, China’s State Council unveiled guidelines for developing the “Greater Bay Area” (GBA), covering nine cities around the Pearl River Delta in Guangdong province, plus Hong Kong and Macau. While the rest of the world remains mired in a seemingly interminable debate over how to achieve inclusive and sustainable growth, China is working to deliver it.
Apr 03 , 2019
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.
Feb 25 , 2019
Trade war benefits no one.
Jan 30 , 2019
While excessive freedom for subnational governments can lead to instability, excessive control can choke off the local-level experimentation and competition that has long driven growth in China.