Heiwai TANG
Prof. Heiwai TANG
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 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

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 Associate Director Institute of China Economy and 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.


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
Money Talk – Your Money

Carolyn Wright speaks with Professor Heiwai Tang, Associate Dean at HKU Business School in part one of a two part discussion about their recent Green Paper on accelerating Hong Kong’s economic growth.


本港税基狭窄,较易受经济周期性影响,有意见指港府应全面检视税务制度,扩阔税基。 港大经管学院副院长(对外事务)、冯国经冯国纶基金经济学教授邓希炜认为,当本港经济环境改善,便应研究开征消费税,可考虑以1%至2%起步,相信市民有能力负担,并探讨是否 针对部分消费项目及征收的对象。

两会前瞻|促一体化发展 粤港澳大湾区发展迎加速期

粤港澳大湾区发展规划实施五年以来,即使面对疫情及多变的环球政经环境,这片拥有8600万人口,面积不到全国1%的土地上,GDP仍年年攀升超过13.5万亿人民币,跻身全球前10经济体,与加拿大及南韩经济体相近。 港大经管学院副院长及亚洲环球研究所总监邓希炜教授在接受凤凰卫视采访时指出,尽管GDP稳步增长,但粤港澳大湾区间的合作因疫情受阻,发展未如预期般畅通。希望11个城市的政府能加强合作,发挥各自优势,相互赋能,达到规模经济效应。 吸引人才方面,邓教授更是希望香港与大湾区能做到互联互通,吸引更多国际人才并提供施展拳脚的空间,为大湾区提供源源不绝的发展动力。


在亚洲,上海和新加坡的总部经济发展尤为出色。 上海利用其在制造业、科技和物流方面的优势,吸引如美国特斯拉(Tesla)、德国博世(Bosch)、日本三井住友银行(Sumitomo Mitsui Banking Corporation)、英国阿斯利康(AstraZeneca)等国际 业界龙头在当地建立总部。 新加坡则积极实行人才新政和创新,以驱动发展。

补贴退潮经济复苏缓慢? 港企出招自救

经历3年的疫情后,香港虽然有政府措施支持,但经济仍然表现疲弱,复苏不及预期。 港大经管学院副院长及亚洲环球研究所总监邓希炜教授接受经济日报iMoney访问时表示,香港过去3年也是“塘水滚塘鱼”,一直没有增加竞争力,也无好好提升服务业素质。 相较于内地和周边国家提升硬件品质和发展数字化经济来提升竞争力,香港的发展依然滞后,本地零售和餐饮业员工欠缺竞争,服务素质下降而惹人诟病。经济低迷也导致人们更加谨慎地消费,甚至更愿意北上消费,以获得更好的服务和体验,从而影响本地复苏进程。 在经济缓慢复常之际,其他受访者认为企业应积极主动适应市场需求,灵活调整生产及运营模式,甚至主动转型,以降低风险并增加利润。政府亦应加快中小企资助项目的审批程序,从而加快提升生产力及升级业务流程,以及开拓香港以外的市场业务。

用好湾区优势 实现经济转型


Can the Greater Bay Area lure foreign investors? Beijing wants Hong Kong to draw international capital into region, but global firms still hazy about benefits

适逢昨天是中央发表《粤港澳大湾区规划纲要》五周年,财政司司长陈茂波先生在网志中强调香港与粤港澳大湾区在绿色科技、金融和整体创科发展等方面的合作 取得了显著进展。 然而,大湾区发展是否真的顺风顺水? 香港又是否能扮演好「吸金神器」的角色,为大湾区发展带来外资支持? 港大经管学院副院长及亚洲环球研究所总监邓希炜教授接受《南华早报》访问时表示环球地缘政治局势紧张,加上内地推行严厉的政策整顿个别行业,均为香港及中国的经济增长前景带来阴霾 。 不过,其他受访者也在访问中指出,向外资推广投资香港的额外优势需时。 其实投资者只要投资香港,已能享受整个湾区的经济效益。