Aon Lecture on Asian Economies
ASIAN FINANCE TO 2020: PROSPECTS AND ISSUES
Andrew Sheng, President, Fung Global Institute
The remarkable economic ascent of Asia and the global financial crisis are two of the defining events of the 21st century global economy. In the aftermath of the 1997-98 Asian financial crisis, Asian regulators became more cautious than their Western counterparts in permitting banks to partake in the risky derivative activities that contributed to the most recent crisis in the West. The game is changing, however, as lower margins are causing the competition amongst Asian financial institutions to intensify. With the world looking to the East to provide growth and stability to the economic recovery, how can Asian finance adapt to the tremendous transformations taking place globally? What is the appropriate balance between the state and the market in this debate? And how can Asian financial institutions appropriately pursue profit opportunities while simultaneously restoring trust in the financial sector?
Andrew Sheng is president of Fung Global Institute. He is also the chief advisor to the China Banking Regulatory Commission and a board member of Khazanah Nasional Berhad. In addition, he serves as an advisor to the China Investment Corporation, China Development Bank, China Securities Regulatory Commission, Securities Exchange Board of India, and the Advisory Council on Shanghai as an international financial center. Sheng is an adjunct professor at the Graduate School of Economics and Management, Tsinghua University, and the University of Malaya. Previously, Sheng served as chairman of the Securities and Futures Commission of Hong Kong, having formerly been a central banker with the Hong Kong Monetary Authority and Bank Negara Malaysia. He has published widely on monetary, economic, and financial issues. His latest book is titled From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000s. A chartered accountant by training, he has a B.S. in economics from the University of Bristol.
The Aon Lecture on Asian Economies was established to promote an understanding of Asian economies in international financial markets and to provide a public forum for Chicagoans to hear directly from high-level Asian economic experts.