Heiwai TANG
Prof. Heiwai TANG
經濟學
Associate Dean (External Relations)
Victor and William Fung Professor in Economics (馮國經馮國綸基金教授 (經濟學))
Director, Asia Global Institute
Director, APEC Study Center
Associate Director, Hong Kong Institute of Economics and Business Strategy

3917 0029
3917 4388

MB 335/ KK 920

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

Heiwai Tang is Victor and William Fung Professor in Economics, Director of the Asia Global Institute and HKU APEC Study Center, as well as the Hong Kong Institute of Economics and Business Strategy at the University of Hong Kong (HKU). Prior to joining HKU, he was tenured Associate Professor of International Economics at the School of Advanced International Studies (SAIS) of Johns Hopkins University. He is also affiliated with the Federal Reserve Bank of Dallas (U.S.), the Center of Economic Studies and Ifo Institute (CESIfo, Germany), the Kiel Institute for the World Economy (Germany) and the Globalization and Economic Policy Center (U.K.) as a research fellow. He has been a consultant to the World Bank, the International Finance Corporation, the United Nations, and the Asian Development Bank; and held visiting positions at the IMF, Stanford, MIT, Harvard. He is currently an associate editor of the Journal of International Economics, the Journal of Comparative Economics and the China Economic Review. Since 2021, he has served on a number of public bodies, including the Currency Board Sub-Committee of the HKMA’s Exchange Fund Advisory Committee and the Minimum Wage Commission in Hong Kong.

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 journals in economics, including American Economic Review and Journal of International Economics. His research and opinions have been covered by BBC, Financial Times, New York Times, Al Jazeera, Foreign Policy, South China Morning Post, and various think tanks such as 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
  • “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
  • 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
  • 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
Recent Publications
香港需要支出有方,以應對老齡化帶來的財政壓力

香港政府預計本年度將出現近1000億港元的赤字,這一數字遠高於去年二月最初預測的481億港元。國際貨幣基金組織(IMF)強調,香港需要增強稅收以應對與人口老齡化相關的支出壓力。 港大經管學院副院長及亞洲環球研究所總監鄧希煒教授支持通過提高稅率或擴大稅基來解決可能出現的結構性財政赤字問題。他指出政府官員存在一種「心理陷阱」,認為提高稅收會損害生產力,同時指出新加坡實施商品及服務稅(GST)並未在中期內影響生產力。他表示:「擴大稅基,特別是引入銷售稅,將是一條單行道」,強調隨著政府開支增長,需尋求可持續的收入來源。

南北向交投創新高 駐港內企增20%

港大經管學院副院長及亞洲環球研究所總監鄧希煒教授指出近年不少內地企業因應內地經濟轉型及增長放緩,欲透過香港集資及「出海」。他強調:「內地企業有雙總部概念,研發製造總部多於大灣區的深圳,對外貿易及集資業務設在香港,正是看中本港金融市場擁有全球視野,有助拓展業務。」

提升香港工業基礎以推動科技商業化

港大經管學院副院長及亞洲環球研究所總監鄧希煒教授在最近的一次媒體訪問中指出:「香港並沒有堅實的工業基礎,這妨礙了科技商業化。」然而,他強調創造市場對科技的需求是至關重要的。香港必須利用粵港澳大灣區的人才和資本資源,以及製造和科技能力,以加速科技商業化的規模經濟。他表示:「當這裡建立更多戰略性企業時,將為本地和海外的人才創造高端科技職位,無論是在基礎科學還是應用科學領域,從而促進科技商業化。」

境外公司駐港新高 9960間 增10%

港大經管學院副院長(對外事務)鄧希煒教授表示,由於地緣政治因素,加上內地本土市場過度競爭,不少當地龍頭企業希望「出海」開拓市場。他舉例,近期來港掛牌的美的集團(00300)及順豐(06936)在內地上市多年,擇此時機在港掛牌,希望作全球部署。他直言,若只在上海或北京設置總部,內地資本管制下,資金較難投資外地,「幾十億資金難以到馬來西亞或越南」;以香港作為地區總部,就可集資及投資外地市場,擴展商業版圖。

香港經濟三大挑戰與四條出路

香港經濟自二戰後儘管經歷多次起伏,其國際金融及貿易中心地位,依然在世界經濟舞台上歷久不衰。然而,面對近年全球經濟增長放緩、區域競爭激烈及地緣政治局勢惡化,香港作為高度外向型的自由經濟體,我們不能因為過去均能化危為機便心存僥幸。時移世易,香港現時面對人口老化等諸多內憂,加上外部挑戰,未必如昔日般「耐寒」。

香港的戰略地位:供應鏈和專業服務

鄧希煒教授在接受TVB Pearl節目的訪問時表示,貿易戰已惡化,科技領域(如半導體、人工智能和機器人技術)明顯出現脫鉤現象。 然而,他認為香港仍然可以把握未來的機遇,將這座城市定位為供應鏈管理和專業服務(如金融服務和稅務諮詢)的中心。

關稅上升:鄧希煒教授對美中貿易的洞察

最近在接受CNA訪問時,港大經管學院副院長(對外事務), 亞洲環球研究所總監鄧希煒教授表示,他對特朗普將提高對中國的關稅並不感到驚訝。特朗普會逐步提高對中國的關稅,以增強美國的談判權力。 提高關稅是一種低效的措施,因為這將增加美國的生產成本和商品價格。他認為,美國對墨西哥的關稅可能不會持續太久,因為兩國政府可能很快就會達成協議,考慮到墨西哥的經濟規模相對較小,但對美國的出口依賴程度更高。

中美關係的變局與香港應對之策

隨着特朗普確定重返白宮,中美關係將進一步緊張。港大經管學院副院長及亞洲環球研究所總監鄧希煒教授在接受《信報財經》訪問時指出,特朗普新內閣的鷹派基調可能加強對中國在貿易、科技及地緣政治方面的打壓。在全球博弈中,中國需拉攏盟友與深化內需,而香港需穩固其「中西橋樑」的角色。 全球正式進入「一球兩制」時代 鄧教授指出,全球科技格局已進入「一球兩制」時代,即美國主導的技術生態與中國的獨立體系分庭抗禮。特朗普的政策或加速科技脫鉤,尤其是在人工智能與半導體領域。中國需加強科技自立、重構產業鏈,深化與歐洲及東盟的合作,同時特朗普的孤立主義或削弱美國盟友的團結,為中國提供合作契機。

特朗普的經濟策略:對全球貿易和金融市場的影響

特朗普贏得美國總統選舉,港大經管學院副院長及亞洲環球研究所總監鄧希煒教授早前接受香港電台訪問時,深入分析特朗普再次當選的潛在影響。他指出,特朗普主張「美國優先」,雖然若實施高關稅和貿易戰,將對全球產業鏈造成衝擊,但是對金融市場可能帶來利好消息,因為特朗普傾向通過減息,利用貨幣政策推動經濟發展。 鄧教授強調,加徵關稅對中國出口的影響無疑存在,但影響不會過於重大。他指出,特朗普面臨的矛盾在於通脹壓力與減息之間的掙扎。他認為,特朗普對中國的加關稅將確定會實施,但未必如他所言加至60%。他也提到對盟友的10%關稅,短期內特朗普不會輕易推行。

香港貿易數字化的三大KPI

目前,香港的電子商務銷售僅佔全港零售額的8%,遠低於其他電商發達市場如內地、英國和韓國,可見香港在電子商務以至數字貿易方面仍有很大發展空間。香港應把握未來貿易新趨勢,重點發展貿易數字化, 以實踐貿易無紙化、發展跨境電子商務和數字服務貿易為三大KPI。