Heiwai TANG
Prof. Heiwai TANG
经济学
Associate Vice-President (Global)
Associate Dean (External Relations)
Victor and William Fung Professor in Economics (冯国经冯国纶基金教授 (经济学))
Director, Asia Global Institute
Director, APEC Study Centerand Business Strategy
Associate Director, Hong Kong Institute of Economics

3917 0029
3917 4388

MB 335/ KK 920

Academic & Professional Qualification
  • PhD: MIT
  • Bachelor: UCLA
Biography

Prof. Heiwai Tang is the Victor and William Fung Professor in Economics at the University of Hong Kong (HKU), where he also serves as Director of the Asia Global Institute, Associate Vice President (Global) of the university, and Associate Dean for External Relations at the Business School. Before joining HKU, he was a tenured Associate Professor of International Economics at the School of Advanced International Studies (SAIS) of Johns Hopkins University.

He is affiliated with the Center of Economic Studies and Ifo Institute (CESifo) in Germany, the Asian Bureau of Finance and Economic Research (ABFER) in Singapore, the Kiel Institute for the World Economy in Germany, and the Globalization and Economic Policy (GEP) Center in the U.K. as a research fellow. He has consulted for organizations such as the World Bank, the International Finance Corporation, the United Nations, and the Asian Development Bank. He has also held visiting positions at the International Monetary Fund (IMF), Stanford University, the Massachusetts Institute of Technology (MIT), and Harvard University.

He has previously served as the Managing Editor of the Pacific Economic Review, and as an Associate Editor for the Journal of International Economics, the Journal of Comparative Economics, and the China Economic Review. Since 2021, he has been involved with several public and regulatory bodies in Hong Kong SAR, including the Currency Board Sub-Committee of the Hong Kong Monetary Authority’s Exchange Fund Advisory Committee, the Industry Advisory Committee of the Insurance Authority, the Securities and Futures Appeals Tribunal, the Land and Development Advisory Committee, and the Minimum Wage Commission, among others.

Heiwai holds a Ph.D. in economics from MIT and a Bachelor of Science in mathematics from UCLA. His research interests span a wide range of theoretical and empirical topics in international trade, with a specific focus on production networks, global value chains, and China. His research has been published in leading economics journals, including the American Economic Review and the Journal of International Economics. His research and opinions have been featured in the BBC, Bloomberg, China Daily, CNA, CNN, Financial Times, New York Times, Al Jazeera, Foreign Policy, South China Morning Post, and various think tanks, including the Brookings Institution and the Peterson Institute for International Economics.

Teaching

Columbia-LBS-HKU EMBA: The New World Order

HKU-PKU DBA: Frontiers in Economics Research

Fudan-HKU IMBA: The New World Order

HKU: Undergraduate Common Core – China in the Global Economy; MBA – Global Economy; Master of Economics – Economic Policy

Research Interest

International Trade, Global Value Chains, Development Economics

Selected Publications
  • Towards the Future of BRICS+, Eds (with Brian YS Wong), HKU Press, August 2025

  • “Trade Networks and Firm Value: Evidence from the US-China Trade War,” Journal of International Economics, forthcoming. (with Yi Huang, Chen Lin, and Sibo Liu)
  • “Currency Carry Trade by Trucks: The Curious Case of China’s Massive Imports from Itself”, Review of Finance, 27(2), March 2023, pp. 469–493. (with Xuepeng Liu, Zhi Wang, and Shang-Jin Wei)
  • “Do Multinationals Transfer Culture? Evidence on Female Employment in China”, Journal of International Economics, 133, Nov 2021, 103518. (with Yifan Zhang)
  • “Domestic Segment of Global Value Chains in China under State Capitalism”, Journal of Comparative Economics, 48(4), Dec 2020, pp. 797-821. (with Fei Wang and Zhi Wang)
  • “Why is China Investing in Africa? Evidence from the Firm Level”, World Bank Economic Review, 32(3), Oct 2018, pp. 610-632. (with Wenjie Chen and David Dollar)
  • “Are Foreign Firms Favored in China? Firm-level Evidence on the Collection of Value-Added Tax”, Journal of International Business Policy, 1(2), Inaugural Issue, Jun 2018, pp. 71-91. (with Yasheng Huang)
  • “Domestic Value Added in Exports: Theory and Firm Evidence from China”, American Economic Review, 106(6), Jun 2016, pp. 1402-1436. (with Hiau Looi Kee)
  • “Learning to Export from Neighbors”, Journal of International Economics, 94(1), Sep 2014, pp. 67-84. (with Ana Fernandes)
  • “Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters”, Journal of International Economics, 92(2), Mar 2014, pp. 349-362. (with Yue Ma and Yifan Zhang)
  • “International Politics and Import Diversification”, Journal of Law and Economics, 56(4), Nov 2013, pp. 1091-1121. (with Sergey Mityakov and Kevin Tsui)
  • “Determinants of Vertical Integration in Export Processing: Theory and Evidence from China”, Journal of Development Economics, 99(2), Nov 2012, pp. 396-414. (with Ana Fernandes)
  • “Labor Market Institutions, Firm-specific Skills, and Trade Patterns”, Journal of International Economics, 87(2), Jul 2012, pp. 337-351.
Awards and Honours
  • MAS Term Professor in Economics and Finance, 2024
  • APEC Study Center Financial Support from the HKSAR Government, PI, HKD 2,500,000, 2022-2027
  • HKU Knowledge Exchange Grant, PI, HKD 497,000, 2023
  • Hong Kong RGC Grant, Co-PI, HKD 418,975, 2022-2024
  • Committee of 100 Next Generation Leader, 2018
  • Richard Paul Richman Center for Business, Law, and Public Policy Grant, Columbia University, Co-PI, USD 14,500.
  • Social Sciences and Humanities Research Council (SSHRC) of Canada Insight Grant, Co-Investigator, CAD 78,736
  • Student-Elected Best Professor of the Master of International Econ and Finance Program, JHU SAIS, 2016-2017
  • Alcoa Foundation Grant, Co-PI, USD 500,000, 2016-2019
  • Hong Kong RGC Grant, Co-PI, HKD 364,378, 2017-2019
  • Outstanding Referee Journal of International Economics, 2014-2017.
  • Hong Kong RGC Grant, Co-PI, HKD 336,462, 2011-2013
  • The Nuffield Foundation Social Science Grant, SGS/36581, Co-PI, £12,000, 2009-2011
  • MIT Presidential Fellowship, 2002-2003
Service to the University/Community
  • Member, Process Review Panel for the Mandatory Provident Fund Schemes Authority, HKSAR, 2025 –
  • Member, Land and Development Advisory Committee, HKSAR, 2024 –
  • Member, Council of Advisers for Monetary Research, HKIMR, 2024 –
  • Member, Project Lift, Hong Kong Jockey Club, 2024 –
  • Securities and Futures Appeals Tribunal of the HKSAR government, member, 2023 –
  • Panel of Arbitrators of the Labour Relations Ordinance, HKSAR, member, 2023 –
  • Insurance Authority in Hong Kong SAR, Member of the Industry Advisory Committee, 2022 –
  • Telecommunications Appeal Board of the HKSAR Government, Member, 2022 –
  • Currency Board Sub-Committee of the HKMA Exchange Fund Advisory Committee, Member, 2021-
  • Minimum Wage Commission in Hong Kong SAR, Member, 2021 –
  • Pacific Economic Review, Managing Editor, 2022 –
  • Journal of International Economics, Associate Editor, 2019 – 2022
  • China Economic Review, Associate Editor, 2018 –
  • Journal of Comparative Economics, Associate Editor, 2017 – 2023
  • China Economics Summer Institute, Academic Committee Member, 2017 –
  • International Finance Corporation (IFC), Consultant, 2017 –
  • United Nations Industrial Development Organization, Consultant, 2016 – 2017
  • Asian Development Bank, Consultant, 2016 – 2017
  • IMF, Research Department, Visiting Scholar, 2015 – 2016
  • World Bank, Consultant, 2013 – 2017
Policy Research Reports
  • Jul 2025: Made by Hong Kong: Strategies for New Industrialisation
  • Jan 2024: Hong Kong AI Industry Development Study
  • Jul 2023: IP Commercialization: A Boost for Hong Kong Re-Industrialization Strategy
  • Jan 2022: Reindustrialization Study – Hong Kong
Recent Publications
为什么老字号的价值,不能只看GDP?

港人北上消费成风,香港老字号能否逆境求生?港大经管学院副院长邓希炜教授接受新加坡新传媒(Mediacorp)《焦点》访问时指出,香港经济以金融和专业服务为主,劳动成本日益上涨,传统手工艺的获利空间已经非常有限。

地缘政治挑战下,中国企业如何自力更新?

多家媒体于港大经管学院中国经济研究所举办的第十一届“香港大学中国经济季度论坛”上,采访了港大经管学院副院长邓希炜教授。

香港首份“五年规划”启航:除了金融,我们的未来还有哪些可能?

随著香港首份“五年规划”即将面世,香港正踏入增强经济动能的新阶段。在第一季 GDP 按年增长 5.9% 的稳健开局下,社会关注的焦点已转向如何把握这段“好时光”,将短期增长转化为中长期的结构升级。

中国-欧盟贸易摩擦加剧:“中国版广场协议”真的行得通吗?

在接受BBC中文访问时,港大经管学院副院长邓希炜教授表示,当前全球经济环境与1980年代已截然不同。中国在全球供应链中的地位、资本管制框架以及经济结构,都意味著不能简单将中国视为“另一个日本”,以复制《广场协议》的方式来应对。

五年规划与市场经济不存抵触 倡设委员会推动知识产权发展

政府正就首个五年规划展开公众谘询。港大经管学院副院长邓希炜最近就五年规划接受传媒访问时提出几点回应。

五年规划机遇|金融之外 香港如何再造增长极?

港大经管学院副院长邓希炜教授接受《大公报》访问时具体勾勒出金融赋能实体经济的三条路径:支持科创企业,尤其是具备新质生产力的中小微企业;支持知识产权出海,中企已步入文化、品牌与知识产权输出的新阶段;支持贸易金融与贸易保险,协助企业在复杂国际环境中顺利融资及出口

港竞争力全球第二 吸资力强

瑞士洛桑国际管理发展学院(IMD)发布《2026年世界竞争力排名》显示,香港竞争力位列全球第二,仅次新加坡。港大经管学院副院长邓希炜教授在《信报》表示,相较香港,新加坡在工业发展方面一直采取较积极进取的策略,尤其是在新兴工业方面。

由中企共同主演的全球化时代经已来临

过去逾半个世纪的全球商业史,有两个令人印象深刻的景象。 一是通用汽车、可口可乐、麦当劳、星巴克、耐克、苹果、特斯拉等美企席卷全球; 二是丰田、索尼、迅销等日企在海外市场攻城掠地。 如今,比亚迪、宁德时代、字节跳动 (TikTok)、拼多多(Temu) 等中企,正掀起新一轮全球化浪潮。

中外双向投资变局    香港增值作用提升

近年中外双向投资格局经历显著变化,香港桥梁角色的内涵也随之延伸。若要分析其中演变与发展机遇,必须检视中国实际使用外资 (realized foreign direct investment,以下简称FDI) 和对外直接投资 (outward foreign direct investment ; 简称ODI) 的数据趋势。