economic Research Centre

Part of HKIAPS - since 1990
research programmesEconomics 3.0

ERC : Research + Knowledge Transfer

Director: Prof. Ng Ka Ho Travis
Associate Director: Prof. Sung Yun Wing

About the ERC

Economic competition and cooperation between Hong Kong and other Asia- Pacific countries constitute this Centre’s main interest and the thrust of our investigation. Major research topics include the Hong Kong economy and its transformation; government policies; the economic integration of Greater China; and trade, investment, and financial relations between Hong Kong and the Asia- Pacific region.

Follow Us on Facebookresearch programmesEconomics 3.0

Hosting of APEC Study Centre, Hong Kong, China

Since August 2016, Economic Research Centre has been designated as the host institution of APEC Study Centre for Hong Kong, China by the Trade and Industry Department, Hong Kong SAR Government.

APEC Study Centre focuses on 4 themes:

  1. ‍Development of Micro, Small and Medium Enterprises in APEC Countries (MSME)
  2. Improvement of Aviation Connectivity of APEC Member Economies
  3. ‍Towards the Establishment of Free Trade Area of the Asia Pacific (FTAAP)
  4. ‍Development of Human Capital in APEC Member Economies
Good Talk 2016 :  Future of the Pension System

Economics 3.0 and the HKIAPS jointly organised the “GoodTalk” show in March 2016, a free public talk series where speakers from a variety of backgrounds are invited to discuss salient economic issues. The theme of the talk was “Future of the Pension System” where the speaker panel was composed of 2 government officials, 2 political party members and 4 academics. The talk was well-received with an audience size of close to 200.

HKSAR Constitutional Reform Proposal

In response to the consultation of the HKSAR government on the election of the Chief Executive by universal suffrage in 2017, three members of the ERC, namely, Professors Liu Pak-wai and Sung Yun-Wing and Dr. Law Cheung Kwok, have joined a group of 13 economists and social scientists to work out a proposal (popularly known as 13-scholars Proposal). The Proposal was popularized through press conferences, numerous media interviews, and newspaper articles. The Proposal has generated a lot of attention in the community. We also met major political parties, civic groups, and officials of the HKSAR and the Central Governments for exchange of views and to explain our Proposal. The consultation group of the government headed by Ms. Carrie Lam was highly interested and met our group five times in 2014-15 for discussion.

Asian Economic Association and Asian Economic Journal

The Centre is a core member of the Asian Economic Association. Founded in 1987, it was the first international academic organization to focus on the economies of East Asia. Our Centre served as the Secretariat of the Association. Since 1990, our Centre has jointly published the Association’s Asian Economic Journal together with our partner in Japan. The ISI has accepted the Journal for coverage in 2008.

香港的競爭條例 (羅祥國、黃覺岸,香港政府委托顧問研究,2014)
香港新產業政策的理論與實踐 (羅祥國,新力量綱絡,2014) 
大中華地區民航市塲、政策與發展 (羅祥國、唐繼宗, ZKOOB, 2010)
本土不敗:全球化下的香港出路 (徐家健,梁天卓,曾國平,天窗出版社,2014)

Economic Research Centre

4 Research Programmes

Programme Director :

Dr. Law Cheung Kwok

Economic Policy Programme

Research In Progress

Dr. Cheung-kwok Law is the Director of Economic Policy Programme of the Economic Research Centre, Director of Aviation Policy and Research Centre, and Senior Research Fellow of the Global China Research Programme of the Chinese University of Hong Kong. He served as the Senior Researcher of Fung Global Institute, Regional Research Director of Bankers Trust Securities, Senior Economist of HSBC and the Hong Kong Government previously.  Currently, he is a Member of the Working Group on Transportation of the Economic Development Commission of the HKSAR Government, and was a Member of the Chinese People’s Political Consultative Conference (1994-2012) and the Hong Kong’s Legislative Council (1995-1998).

Dr. Law received his Bachelor Degree (Economics) from the Chinese University of Hong Kong, Master Degree of Economics from Thammasat University (Thailand) and Ph.D. (Economics) from University of California (Los Angeles).  His recent publications (as co-author) include: (i) RMB Rising: A New Global Monetary System Emerges, Wiley, 2016; (ii) China’s Evolving Growth Model: The Foshan Story, Kindle edition, 2015; and (iii) Hong Kong Industrial Policy:  Theory and Practices (in Chinese), SynergyNet, 2014.

Programme Director :

Prof. Chong Tai Leung Terence

Financial Markets Programme

Objectives of the programme

The Financial Markets Programme has as its objective the enhancement of public understanding of the development of Asia-Pacific financial markets, with a focus on Greater China. The programme spearheads quality researches on the financial integration of the greater China area, the interaction between financial markets and the economy, the status of Hong Kong as a world-class financial centre, asset pricing and risk management, the regulation and governance of financial institutions, and the internationalization of Renminbi.

Since its establishment, the programme has held a public lecture on investment strategy and published more than ten academic research articles on the stock market returns, capital structure of Asian firms and effectiveness of different technical indicators. The program director also delivered lectures and attended international seminars and conferences to promote the programme. The programme currently has a couple of ongoing projects on the financial market of China.

Programme Director :

Prof. Sheng Liugang 

Trade & Development Programme


The Trade and Development Programme focuses on the causes and consequences of globalization on economic development, inequality and social welfare. The programme aims to generate high-quality academic researches and policy reports on the international trade and global capital flow, and their impacts on labor market, industrial structure and economic development.  It also emphasizes on the rising China as the world factory, and the status of Hong Kong as the Asia trade center, as well as policies and issues related with trade and economic growth.

Prof. Liugang Sheng, the current director of the progamme, has been working closely with Prof. Dennis Yang, a world renowned scholar on the Chinese economy at Darden School, University of Virginia, and have completed two working papers together.  Prof. Sheng himself has published one paper in top field journal, Journal of Applied Econometrics, and completed four high-quality working papers since he joined CUHK in 2012. He also received one RGC grant and one Direct grant. Prof. Sheng also gave seminars in many universities including University of Virginia, Hong Kong University of Science and Technology, Peking University, and Tsinghua University. He also presented his work in several prestigious conferences such as NBER Economic Fluctuation and Growth spring meeting and World Congress. Prof. Sheng has been working closely with international organizations such as World Bank and International Monetary Fund for joint projects on international trade and finance, and paid a three-month visit to International Monetary Fund in 2014.

Programme Director :

Prof. Fung Ka Yiu Michael

Economic Education PROGRAMME


The purpose of the Programme for Economic Education is twofold:

1. to promote the excellence of economic education; and

2. to improve the understanding of public policy issues from economic perspectives.

The members of the Programme are scholars and experts of economics and education from Department of Decision Sciences and Managerial Economics, Faculty of Education, Department of Economics, and Centre for Learning Enhancement and Research.

Professor Michael Fung, Director of the Programme, Dr. David Chow and Dr. Fred Ku, Associate Directors, are well-experienced faculty members in Department of Decision Sciences and Managerial Economics and often cooperate with Education Bureau in promoting economic education. 

Academic Activities and Exchange

Through collaborating with different organizations and units, the Programme embarks on various academic activities and exchange. For instance, supported by Teaching Development Grant, the Programme set up an online platform (PMER) furnishing multimedia educational resources. In addition, members of the Programme endeavor to organize and participate in seminars on economics and education to share their experience with other researchers and educators. In 2015, the Programme organized a visit with Taiwan National Chiayi University to promote interaction and exchange views with Taiwanese students and teachers on youth entrepreneurship and socio-economic environments of Hong Kong and Taiwan.

Teaching Cases and Other Publication

The Programme endeavors to promote Hong Kong economic education and publish teaching cases of economics and other educational resources. For example, working together with Education Bureau in 2013, the Programme published 10 multimedia teaching cases “When Adam Smith meets Steve Jobs”, taking the first step towards the use of video in teaching material in Economics. There is also the series of Policy Analysis, in which public policies on housing, Individual Visit Scheme, minimum wage, and health care etc., are studied from economic perspective. What’s more, David Chow, Michael Fung and Fred Ku also published a book in Chinese in 2013: «宏觀經濟名詞解讀».

Knowledge transfer and Community Services

Knowledge transfer and community service are important missions of the Programme for Economic Education. Through various talks and sharing sessions, the Programme works towards enhancing the quality of economic education in both tertiary and secondary education. Cooperation with Education Bureau in organizing teachers' seminars to support the NSS curriculum of Economics, holding video teaching case contests and policy debate are some of the examples of the Programme's work and aspiration. Since 2012, the Programme for Economic Education also have organized “Young Economist Scheme”, aiming to nurture CUHK students’ passion for economics, and also to help underprivileged secondary students in preparing for HKDSE. Up to now around 400 students have been benefited.

Economics 3.0

Knowledge Transfer

Economics 3.0 has been writing regularly in the Hong Kong Economic Journal and  AM730 since September 2012.The collection of column articles was published as a book (本土不敗:全球化下的香港出路) in September 2014.

Economics 3.0