Reflections on the Twin Crises in Asia
A Luncheon Presentation by ANDREW SHENG, Chief Adviser, China Banking Regulatory Commission and Adjunct Professor, Tsinghua University
Two ongoing crises are ravaging Asia - one is financial and the other is climate change. The link between global warming and the financial crisis is not coincidental. Global warming arises from too much consumption which has, in turn, been financed by excess leverage. Both crises will have major implications for Asia, which is the fastest growing region as well as a major carbon emitter. What are the similarities between the two crises? What about the differences? How will Asia deal with both threats and how will this affect policy formulation for countries in this region?
Andrew Sheng is Chief Adviser to the China Banking Regulatory Commission. He is also Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur. Sheng is also a member of the International Advisory Council of the China Investment Corporation. He was Chairman of the Hong Kong Securities and Futures Commission between 1998 and 2005. His latest book, From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000, has just been published and will be on sale after the luncheon.