Heiwai TANG
Prof. Heiwai TANG
Associate Director, Asia Global Institute
Associate Director, Institute for China and Global Development
Associate Director, Hong Kong Institute of Economics and Business Strategy

3917 4388
3917 0029

KK 920 / MB 336

Academic & Professional Qualification

  • PhD: MIT
  • Bachelor: UCLA (B.S.)


Heiwai Tang is Professor of Economics, as well as Associate Director of the Asia Global Institute, the Institute for China and Global Development 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.

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

  1. ​“Domestic Segment of Global Value Chains in China under State Capitalism”, Journal of Comparative Economics, 48(4), Dec 2020, pp. 797-821. (w/ Fei Wang and Zhi Wang)
  2. “Excessive Entry and Exit in Export Markets”, Journal of the Japanese and International Economies, 53, Sep 2019, 101031. (w/ Hiro Kasahara)
  3. “Why is China Investing in Africa? Evidence from the Firm Level”, World Bank Economic Review, 32 (3), Oct 2018, 752-752. (w/ Wenjie Chen & David Dollar)
  4. “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. (w/ Yasheng Huang)
  5. “Domestic Value Added in Exports: Theory and Firm Evidence from China”, American Economic Review, 106(6), Jun 2016, pp. 1402-1436. (w/ Hiau Looi Kee)
  6. “Scale, Scope, and Trade Dynamics of Export Processing Plants”, Economics Letters, 133, Aug 2015, pp. 68-72. (w/ Ana Fernandes)
  7. “Learning to Export from Neighbors”, Journal of International Economics, 94(1), Sep 2014, pp. 67-84. (w/ Ana Fernandes)
  8. “Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters”, Journal of International Economics, 92(2), Mar 2014, pp. 349-362. (w/ Yue Ma & Yifan Zhang)
  9. “International Politics and Import Diversification”, Journal of Law and Economics, 56(4), Nov 2013, pp. 1091-1121. (w/ Sergey Mityakov & Kevin Tsui)
  10. “Exchange Rates and the Margins of Exports: Evidence from Chinese Exporters”, CESIfo Economic Studies, Symposium on China’s Trade Performance, 58(4), Dec 2012, pp. 671-702. (w/ Yifan Zhang)
  11. “Determinants of Vertical Integration in Export Processing: Theory and Evidence from China”, Journal of Development Economics, 99(2), Nov 2012, pp. 396–414. (w/ Ana Fernandes)
  12. “Labor Market Institutions, Firm-specific Skills, and Trade Patterns”, Journal of International Economics, 87(2), Jul 2012, pp. 337–351.

Awards and Honours

  • 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

  • Journal of International Economics, Associate Editor, 2019 –
  • China Economic Review, Associate Editor, 2018 –
  • Journal of Comparative Economics, Associate Editor, 2017 –
  • 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


中新社香港7月20日電(記者王嘉程)香港特區政府統計處20日發表今年4月至6月最新勞動人口統計數字,經季節性調整的失業率由3月至5月的6.0%下跌至4月至6月的5.5%。 具體數字方面,總就業人數由上一期的363.04萬人,上升至364.01萬人,增加約9700人。同期總勞動人口則由386.37萬人下跌至385.31萬人,減少約1.06萬人。就業不足率也從2.8%下跌至2.5%。



China backs Hong Kong to join RCEP trade deal in potential boost to city’s flagging logistics sector

China’s central government has expressed strong support for Hong Kong joining the Regional Comprehensive Economic Partnership (RCEP), after its financial secretary said the city intended to become a member of the 15-nation trade bloc in what could be a boost to its flagging logistics sector.

尖端科技.二|去科技化之痛 :「矽港」胎死腹中,陷入惡性循環




Why is now the best moment for Hong Kong’s economic transformation?


Why is now the best moment for Hong Kong’s economic transformation?


房住不炒.上 | 內地打擊樓市炒風 香港依然深陷炒樓泥沼




SAR risks ‘losing a generation of tech talent’

Hong Kong could lose a generation of technological talent because of scarce opportunities amid industrial polarization, with its economy revolving around just finance, an academic has warned.

Iron ore is saving Australia’s trade with China. How long can it last?

Wine and wheat. Lobsters and logs. Beef and barley. If Australia exports it, China has likely put up barriers to entry over the past year, as diplomatic relations between the two countries rapidly deteriorated. Now, one commodity is almost single-handedly keeping the trade relationship afloat: iron ore.

傳拜登向富豪「開刀」 稅率高達43.4% 學者:開天殺價落地還錢


Positive non-interventionism: An economic philosophy that has impacted HK for half a century


Positive non-interventionism: An economic philosophy that has impacted HK for half a century


Hong Kong Wants to Bring Back Factory Jobs That Left Long Ago

After decades overseeing the outsourcing of electronics production to low-cost destinations in China and Southeast Asia, Roberto Leone has chosen an unlikely location for his latest manufacturing venture: one of Asia’s most expensive cities, Hong Kong. Nirotech Ltd., the company Leone co-founded, has been pumping out 30,000 video door intercoms a month since December from the district of Yuen Long, near the border with mainland China.



雙循環|國際形勢劇變 中國戰略調整 香港「山雨欲來風滿樓」


Industry 4.0 needs all gears to mesh

Hong Kong’s reindustrialization strategy, announced in 2016, commits over $12.9 billion to a data center, an advanced manufacturing center, applied research, platforms for medical technology and other ambitious projects. However, policy gaps remain to be filled, reports Oswald Chan from Hong Kong.

疫下食品製造商申資助推智慧生產 學者倡再工業化促進就業


Hong Kong’s axing from Heritage Foundation’s Economic Freedom rankings a gift that will keep on giving

Market failures related to global finance and Covid-19 should have made policymakers realise that to function well, free markets require sound rules. Hong Kong needs to consider how it can achieve a better state-market balance in a post-pandemic world rather than cling to outmoded ideas of the free market.

再工業化 ‧ 一 | 正視「再工業化」錯誤 帶領「香港製造」重生


Rebooting Hong Kong’s economy

Decimated by the triple whammy of lingering trade frictions between the world’s two largest economies, the COVID-19 pandemic and a deglobalization trend, Hong Kong’s economy shrank a record 6.1 percent in 2020.

RCEP啟航了 香港怎麼辦?



香港大學中國與全球發展研究部副總監鄧希煒,今日出席《香港01》2020 經濟高峰論壇時表示,香港四大支柱之中,只有金融持續上升,但金融業只能為香港提供10%的就業機會,且無法推動其它行業的發展,如初創及再工業化等等。

美股賀拜登履新 新高後有更高


拜登上任美股上漲 學者指市場不確定性減少


中國外貿全球第一 V 型反轉屢創新高良好勢頭將持續


RCEP – A miraculous act amid deglobalisation

2020年11月15日,東盟10國加上中國、日本、南韓、澳洲和紐西蘭共15國簽署《區域全面經濟夥伴協定》(Regional Comprehensive Economic Partnership;簡稱RCEP)。稍後待各國於國會通過後,協定將會是有史以來最大的自由貿易協定,涵蓋全球三分之一的人口(約23億)及本地生產總值(GDP),預計到了2030年,GDP更將佔全球的一半。




回望2020年,在新冠肺炎疫情陰霾下,全球經濟疲弱。而中國作為最早令國內疫情受控的國家,成為全球唯一實現經濟正增長的主要經濟體。   在美國發展了21年的港人鄧希煒於中美貿易戰翌年決定回到本港工作,擔任香港大學經濟學教授。鄧希煒接受大公報專訪時表示:「在此時回來,看好內地和香港未來發展,也希望憑藉自己在美國的經驗,為香港作出貢獻。」說到美國對中國實施多項制裁,包括限制高科技出口中國,他認為這反而促進中國高端科技研發

建言獻策/香港再出發 急需再工業化


經濟轉型/港發揮優勢 融入國家雙循環


鄧希煒料拜登續遏制中國 中美仍有合作空間


西方迫中國開放金融 香港恐失中介地位

無論誰主白宮,中美友好關係都不復返。其中,最令港大教授鄧希煒擔心的,莫過於香港這位「金融中介人」的處境,並呼籲各界把握時機,及早進行經濟轉型。 民主制度無法選出最優秀的人,起碼能夠趕走不合格的人──抱着「特朗普以外任何人」(Anyone but Trump)的美國人,用選票體現了這句經典對白。然而,儘管兩黨鬥得難分難解,美國朝野內外還是達到一大共識──就是「沒有人再敢提中美友好,否則是自殺行為!」港大經濟及工商管理學院經濟學教授鄧希煒向本刊表示。

西方圍堵中國 香港再工業化契機

民主制度無法選出最優秀的人,起碼能夠趕走不合格的人──抱着「特朗普以外任何人」(Anyone but Trump)的美國人,用選票體現了這句經典對白。然而,儘管兩黨鬥得難分難解,美國朝野內外還是達到一大共識──就是「沒有人再敢提中美友好,否則是自殺行為!」港大經濟及工商管理學院經濟學教授鄧希煒向本刊表示。

專訪港大教授鄧希煒:赴美廿年初回流 寄望香港「再工業化」


施政報告2020|螞蟻觸礁啟示——理性投資獨角獸 大膽監管新產業


鄧希煒教授:香港經濟轉型百年難得機遇 重新考慮再工業化發展


美國大選2020|特朗普VS拜登 誰人當選最「有利」香港?


美國大選2020|選戰之後 香江再定位


特朗普連任對華態度或改變 鄧希煒:不排除有人軟化|財經加零一


美國大選2020|大選戰況激烈 港大鄧希煒:郵遞選票是關鍵





編者按:上個世紀,香港憑藉自由港優勢,在大國狹縫中實現經濟騰飛。如今新冷戰襲來,香港遭美國制裁,關稅可能面臨調整,Made in Hong Kong的標籤也行將消失。香港製造還可以振興嗎?端傳媒深入三家香港企業,從產業角度透視香港問題。此項目端傳媒亦與日本放送協會(NHK)合作,為NHK提供調研、採訪和攝影,雙方根據素材獨立完成影片製作。NHK作品 The “Made in Hong Kong” Dilemma已於10月30日於NHK World頻道播出。

Hong Kong must reindustrialise to reinvent its economy

With neighbour Shenzhen poised to pull ahead, Hong Kong needs an economic transformation of its own: it must end its reliance on the financial industry. The city should focus on creating rewarding, good-paying jobs that benefit more than a few by upgrading its workforce and developing a new manufacturing sector based on science and technology.


Opinion piece by Professor Heiwai Tang, Professor of Economics.

Hong Kong’s third economic transformation – What are we waiting for?

The article 《香港第三次經濟轉型,還等什麼?》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

港大鄧希煒撐再工業化 「香港本身有工業DNA」|財經加零一

Professor Heiwai Tang, Professor of Economics, was quoted by HK01.

【競爭力.三】香港失落最自由經濟體地位 是好事還是壞事?

Professor Heiwai Tang, Professor of Economics, was interviewed by HK01 about HK’s ranking as a free economy.

Beware of the resurgence of populism in the post-pandemic world

民粹主義近年在多國抬頭,與當前全球經濟和政治變局有密不可分的關係,若要分析國際政經發展,必先理解近年民粹主義冒起的原因。 隨着2008-09年全球金融風暴過後,民粹迅速在各地崛起。在美國,繼茶黨運動在2010年興起,特朗普隨後標榜「美國優先」而在2016年當選總統。此外,法國有右翼政黨國民陣線崛起,英國則有獨立黨在不同選舉中取得佳績;就連一向少受民粹運動影響的瑞典和德國,也漸見到民粹黨派興起。至於發展中國家,委內瑞拉總統查韋斯(Hugo Chavez),厄瓜多爾總統科雷拉(Rafael Correa)、玻利維亞總統莫拉萊斯(Evo Morales),均着眼於資源再分配政策;而極右翼民粹主義領袖,則包括巴西總統博爾索納羅(Jair Bolsonaro)和菲律賓總統杜特爾特(Rodrigo Duterte)。2016年英國公投後脫歐,以及2018年展開的中美貿易戰等,都在此形勢下產生,世界經濟與秩序亦相繼出現不穩定性。

Coronavirus yet another twist in trade war

The long-term rivalry between the US and China has since the election of President Trump manifested itself in the form of an economic conflict between the world’s greatest powers. With geopolitical flux now the new normal, Hong Kong citizens’ struggle to maintain their freedoms saw US politicians jump on the bandwagon in 2019; now the COVID-19 is the latest issue that both the US and China are dragging into the general trade war. Who has the upper hand?

Can globalisation survive coronavirus or will the pandemic kill it?

Professor Heiwai Tang, Professor of Economics, was interviewed by SCMP on the future of globalisation after the pandemic

Evolution of globalisation: development and reflections over the past 2 centuries


Coronavirus: What’s going to happen to China’s economy?

Professor Heiwai Tang, Professor of Economics, was interviewed by SCMP on China's economy amid coronavirus

Coronavirus cases are dropping – should HK reopen the economy?

Podcast of Professor Heiwai Tang, Professor of Economics, on Hong Kong stimulus package and whether the government should start reopening the economy

【未來基金.上】方向不明 目標不清 三問「港版淡馬錫」

Professor Heiwai Tang, Professor of Economics, was interviewed by HK01 on Future Fund.

【未來基金.下】「港版淡馬錫」 會否淪為「四不像」?

Professor Heiwai Tang, Professor of Economics, was interviewed by HK01 on Future Fund.

“What will the new normal look like when the pandemic ends?”

Professor Heiwai Tang, Professor of Economics, was interviewed by TVB Pearl on the economic impacts of COVID-19.

Prof. Heiwai Tang: A u-shaped recovery is expected for the China’s economy

Professor Heiwai Tang, Professor of Economics, was interviewed by BBC World News on the impacts of COVID-19 to the economy of China.

How coronavirus is changing Beijing’s economic strategy; what the coming collapse in global trade means

Podcast by Professor Heiwai Tang, Professor of Economics, on the business environment when the pandemic is over.

Rebooting Chinese manufacturing is necessary, but yet to offset global economic downturn


Coronavirus could leave the world an even more unequal place. That would be a real disaster

Article by Professor Heiwai Tang, Professor of Economics, on the business environment when the pandemic is over.

The New Global Economic Reality in Sino-US Game

Interview of Professor Heiwai Tang, Professor of Economics, on US-China trade war

Why the coronavirus is a ticking time bomb in the US: a costly and inefficient health care system

Article by Professor Heiwai Tang, Professor of Economics, on US's costly and inefficient health care system in dealing with COVID-19.

China risks a Covid-19 second wave

“With millions of workers heading back to the factories, dining in the shared cafeterias and sleeping in the shared dormitories, the risk of a second wave of infections could be substantial,” said Professor Heiwai Tang, Professor of Economics.

China’s return to work is good news for the economy – but it also risks unleashing a second wave of Covid-19 infections

Article by Professor Heiwai Tang, Professor of Economics, on COVID-19 outbreak and Chinese economy.

Coronavirus outbreak slashes China’s greenhouse gas emissions

Interview of Professor Heiwai Tang, Professor of Economics, on COVID-19 outbreak and Chinese economy.