President of the Hong Kong Institution for International Finance
Dec 04, 2022
In 2020, Sebastian Mallaby of the Council on Foreign Relations announced the beginning of the “age of magic money,” in which advanced economies would “redefine the outer limits of their monetary and fiscal power.” By July 2022, Mallaby was predicting that this age was coming to an end. But, while most major central banks are now reversing quantitative easing (QE) and raising interest rates, China may need to head in the opposite direction.
Sep 30, 2022
Can a region as complex and fast-changing as Asia devise and implement a comprehensive development plan? The Jakarta-based Economic Research Institute for ASEAN and East Asia, which just released its third “Comprehensive Asia Development Plan” (CADP), thinks so.
Aug 08, 2022
Last October’s G20 Leaders’ Summit – held in Rome, and hosted by then-Italian Prime Minister Mario Draghi – produced a declaration brimming with promises to “address today’s most pressing global challenges” and “converge upon common efforts to recover better from the COVID-19 crisis and enable sustainable and inclusive growth” across the world. What a difference a year makes.
May 05, 2022
After the 2008 global financial crisis, the world seemed ready to undertake meaningful reform of the international monetary system. But the promised structural changes never happened. And the recent spring meetings of the International Monetary Fund and the World Bank indicated that the current bout of global economic upheaval will similarly fail to spur transformation.
Jan 07, 2022
The year 2022 will mark 50 years since US President Richard Nixon traveled to China to meet with Communist Party of China Chairman Mao Zedong and Chinese Premier Zhou Enlai – a major step toward restoring relations after decades of estrangement and hostility. A half-century later, the progress they launched has been all but lost, and US President Joe Biden is partly to blame.
Oct 11, 2021
The planet is heating up – and so are global geopolitics. With less than two months until the crucial United Nations Climate Change Conference (COP26) in Glasgow, the United States and China must commit to cooperate on the existential challenge global warming represents. But bilateral relations remain burdened by mistrust, antagonism, and even warmongering.
Jun 26, 2021
In their latest communiqué, NATO leaders declared that China presents “systemic challenges to the rules-based international order.” The response from China’s mission to the European Union was clear: “We will not present a ‘systemic challenge’ to anyone, but if someone wants to pose a ‘systemic challenge’ to us, we will not remain indifferent.” Such a tit-for-tat rhetoric is unnecessary, and most of the world’s population probably does not want it to escalate. Yet escalation is becoming more likely every day.
May 08, 2021
Last week, the world marked the 51st Earth Day. This year’s theme – “Restore Our Earth” – was apt. As the COVID-19 pandemic has reminded us, the effects of human activity on the planet do not respect borders. The Earth is a single living, self-regulating system, and it demands a single, shared system of accounting that balances at the global level. We need a one-Earth balance sheet.
Mar 26, 2021
The OECD is projecting an uneven K-shaped economic recovery from the pandemic in 2021. Richer countries with more extensive vaccine rollouts that can afford to reopen and reflate their economies will do so. Poorer economies will struggle to stay healthy and avoid debt crises. But the mantra that “no one is safe until everyone is” highlights the need to spread health, wealth, and self-respect to all. An increasingly prosperous China can and should play a central role in this effort.
Mar 10, 2021
China is a tough country to comprehend – even for most Chinese. But much of what makes China enigmatic – its long history, vast and varied territory, huge and diverse population, complex politics, and massive, dynamic economy – also makes understanding the country important. For better or worse, what happens in China affects everyone.