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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.
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
International Trade, Global Value Chains, Development Economics
The newly published Budget shows the Hong Kong Government has reversed recent deficits and achieved a fiscal surplus this year. However, does this signal a sustainable recovery? In a recent interview with TVB’s News Magazine, Prof. Heiwai Tang, Associate Dean of HKU Business School, offered a grounded perspective on the figures.
Prof. Heiwai Tang, Associate Dean of HKU Business School noted in multiple media interviews that as long as Hong Kong keeps its debt-to-GDP ratio below 20%, financial risks remain manageable. With development progress in the Northern Metropolis lagging expectations, Prof. Tang believes the funding boost is both necessary and timely.
Earlier, Prof. Heiwai Tang, Associate Dean of HKU Business School, was interviewed by HKET and pointed out that SMEs often encounter three major pain points during their global expansion: a shortage of top-tier talent with international experience, capital constraints due to foreign exchange controls that hinder cross-border fund transfers, and the challenge of finding appropriate upstream and downstream partners to restructure their supply chains. In navigating these hurdles, Hong Kong plays a crucial strategic role.
Hong Kong is a highly developed economy, with nearly 94% of its gross domestic product (GDP) generated by the services sector. However, under the current structure of the services sector, there exists a “dual‑structure trap”: on one hand, high value‑added industries that offer limited employment opportunities; on the other, mass‑market industries with relatively low value added.
Prof. Heiwai Tang, Associate Dean of HKU Business School, said during a TV interview that, night-time consumption vouchers might only be a band-aid solution in boosting the local economy.
China’s economy is currently in a period of deep structural transformation. Despite the potential of its 1.4 billion-strong domestic market, the contraction of the wealth effect triggered by the real estate correction, together with a high household savings rate (exceeding 43% in 2024) and weak consumer confidence, is constraining the release of domestic demand.
Prof. Heiwai Tang, Associate Vice-President (Global) of The University of Hong Kong and Associate Dean (External Relations) of HKU Business School, believes Hong Kong should first focus on promoting IP development in the cultural industries and life sciences technology.
The Chinese economy is in a state of “strong supply and weak demand”. While production capacity continues to leap forward, domestic demand has not expanded in tandem. Data from the General Administration of Customs shows that on 11 January 2025, China’s trade surplus reached a new high of US$1.076 trillion.
At the New Vision Economic Summit 2025, hosted by Sing Tao News Corporation, Prof. Heiwai Tang, Associate Vice President (Global) of The University of Hong Kong and Associate Dean of HKU Business School, and Prof. Zhenhua Mao, Professor of Practice in Economics at HKU Business School and Member of the Chief Executive’s Policy Unit Expert Group, shared insights on how fierce domestic competition is driving Chinese enterprises toward global markets.
In an article published by Bloomberg’s Newsletter, Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, was interviewed about his thoughts on Hong Kong’s potential to become a global hub for higher education. “We have always been a university city,” he said, adding that what’s perhaps different now is that the ingredients are in place to catapult the city into the top tiers of higher education worldwide.
