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
全国两会|学者称制定五年规划须思考香港定位与内地城市差异化

港大经管学院副院长邓希炜教授近日接受香港电台访问时指出,五年计划对推动香港经济转型及产业多元化至关重要。

2026全国两会 五年规划大家谈/香港制定五年规划 助解决“老大难”问题

港大经管学院副院长邓希炜教授日前接受《大公报》专访,强调香港应尽早制定具备“具体行动清单”的五年规划。邓教授指出,藉以往“小政府”思维,单靠短期政策难以根治居住成本、人口老化、贫富悬殊及青年发展受限等积压多年的“老大难”问题;唯有透过长远规划,使香港更有效融入国家发展大局,发挥“联通世界”的国际桥梁作用。

新一份预算案提高免税额 中产不再被忽视?

新一年度《财政预算案》现已发布,政府财政状况扭转近年颓势并录得盈馀。这是否预示著经济将全面反弹?港大经管学院副院长邓希炜教授早前接受无线电视《新闻透视》专访,就预算案对本港未来经济发展的启示发表看法。

财政预算案2026重点分析:主动对接国家十五五规划及北都发展

港大经管学院副院长邓希炜教授近日接受多家媒体访谈时表示,纵观全球债务占GDP比率,香港目前发债与GDP比率属健康水平。只要适当管控风险,使债务不超过GDP占比20%,风险仍然可控。

从“中国+1”到“美国+1” 香港如何部署?

早前,港大经管学院副院长邓希炜教授接受经济日报专访时指出,中小企在出海过程中往往面临三大核心痛点:缺乏具备国际经验的顶尖人才、受内地外汇管制影响导致资金跨境受限,以及难以在当地寻找合适的上下游合作伙伴以重构产业链。

第三次经济转型关键时刻:从四大支柱产业说起

香港是一个高度发达的经济体,其本地生产总值(GDP)近94% 均来源于服务业。然而,在现时的服务业结构下,存在一个“二元结构陷阱”:一方面是就业机会稀缺的高附加值行业;另一方面则是附加值较低的大众行业。

财政预算案2026:“夜间消费券”是振兴经济有效解方?

港大经管学院副院长邓希炜教授接受电视采访时则表示,“夜间消费券”对振兴经济属治标不治本。

中企出海:中国宏观经济转型的必经之路

当前中国经济正处于深度转型期。尽管拥有14亿人口的内需潜力,但房地产调整引发的财富效应收缩、居民高储蓄率(2024年超过43%)与消费信心不足制约内需释放。同时,部分高端制造领域供强需弱,国内市场“内卷”加剧。

财智商传|邓希炜:倡推动文化产业、生命科技IP发展 企业“出海”助力港贸易融资

港大经管学院副院长邓希炜认为本港应先行聚焦推动文化产业及生命科技的IP发展,又预期随著美国进一步减息以及更多内地企业“出海”,本港的贸易融资可望扭转跌势。

中企出海: 香港转型的契机

反内卷在于把竞争重心从成本转向标准,从价格转向质量;把产能的增长转化为品牌与制度的输出,将企业的成长与在地社会的进步联系在一起。香港所能贡献的,正是一种制度化的想像力,让中企出海,不仅能跨过关税与港口,也能跨过信任与治理的门槛。当这座城市在规则、资本与生态之间形成合力,从超级联系人升级为超级增值人,便是水到渠成的事情。