Economic Research Centre  
Prof. LIU Pak-wai
  Prof. SUNG Yun-wing

Economic Research Centre
Hong Kong Institute of Asia-Pacific Studies
The Chinese University of Hong Kong
Shatin, New Territories, Hong Kong

Tel.: (852) 3943 6762
Fax: (852) 2603 5215
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.
Research Programmes  
1. Economic Policy – Focusing on economic policy issues of Hong Kong, Greater China, and the Asia-Pacific region (headed by Dr. Law Cheung-kwok).
2. Financial Markets – Focusing on financial markets in Greater China and the Asia-Pacific Region, especially studies of the status of Hong Kong as a world-class financial centre, and the internationalization of Renminbi (headed by Prof. Terence Chong).
3. Programme for Economic Education - Focusing on the promotion of the excellence of economic education; and improvement in understanding of public policy issues from economic perspectives (headed by Prof. Fung Ka Yiu, Michael).
4. Trade and Development – Focusing on issues of trade and development in the Asia-Pacific region (headed by Prof. SHENG Liugang).
Academic Activity  
The Centre carries out many studies of the economies of Hong Kong and the region, and holds international conferences, seminars, and forums on the topics involved. Members of the Centre have served in many public and professional advisory committees, and also have served as officers of academic organizations, and editors/editorial board members of international academic journals. Details are available on the homepage of the Hong Kong Institute of Asia-Pacific Studies.
Asian Economic Association and Asian Economic Journal
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.
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.

Knowledge Transfer: Econ 3.0


Since September 2012, Professor Tommy Leung and two other Hong Kong economists, Byron Tsang and Kevin Tsui,  started their column (“Economics 3.0”) in the Hong Kong Economic Journal, and later also in AM730 (a free newspaper). Topics ranged from local issues such as parallel trading to international issues such as the Euro crisis. The Econ 3.0 Facebook page (  has been highly popular. 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.

  The Econ 3.0 本土不敗
Economic Policy Programme

Contact us:
Dr. LAW Cheung Kwok
Tel.: (852) 3943 1343; (852) 9834 2128
Fax: (852) 3012 1981

  • Research in progress:  Hong Kong’s industrial policy, Hong Kong’s aviation policy, Hong Kong’s competition policy, economic development in PRD, etc.
  • Submissions to Government’s public policy consultation: “subsidized housing policy” (2010); “regulatory scheme of tour agencies” (2010); “rationalization of the fee structures of 3 cross-harbour tunnels” (2011); “HKIA’s proposal of 3rd Runway” (2011); “Competition Law” (2012);  “Scope of EIA for 3rd Runway” (2012); and “Future Fuel Mix” (2014, through involvement with the Consumer Council).
  • Writing policy commentaries to newspapers (mainly HK Economic Journal and HK Economic Times): population policy, industrial policy, aviation policy, and competition policy, etc.
  • Participating in Government’s consultancy projects.
  • Organizing and participating in seminars and forums, receiving press interviews.
  • Four books/reports published from 2010 – 14: “大中華地區民航市塲、政策與發展” , (羅祥國、唐繼宗ZKOOB, 2010),  “香港《競爭條例》解讀及政策建議” (羅祥國、王岸然,iRead出版社,2012), “香港的競爭條例” (羅祥國、黃覺岸,香港政府委托顧問研究,2014), 及” 香港新產業政策的理論與實踐” (羅祥國,新力量綱絡,2014) 。
香港的競爭條例   香港新產業政策的理論與實踐   大中華地區民航巿場政策與制度

Financial Markets Programme

Contact us:
Prof. CHONG Tai Leung Terence
Tel.: (852) 3943 8193
Fax: (852) 2603 5805


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.


Trade and Development Programme

Contact us:
Prof. Sheng Liugang
Tel.: (852) 3943 8231
Fax: (852)2603 5805


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 for Economic Education

Contact us:
Prof. FUNG Ka-yiu Michael
Tel.: (852) 3943 7819
Fax: (852) 2603 5104


Programme for Economic Education aims to promote the excellence of economic education, and 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 Publications

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.


Economic Research Centre List of Activities, Projects, and Publications in 2013-14


Events and Activities

Seminars and Conferences

Professor Patrick Mendis (Distinguished Senior Fellow and Affiliate Professor of Public and International Affairs, George Mason University; American Commissioner, United States National Commission for UNESCO, US State Department) gave a seminar on Peaceful War and Sino-American Relations: How to Reconcile Confucian Ethics and Democratic Values on 11 December, 2013 (co-organized with MSSc Programme in Global Political Economy).
Co-sponsored an international conference on The Restructuring of Chinese Economy and the Development of Shanghai and HK with the Shanghai-HK Development Institute, 13-14 December 2013, CUHK.
A total of 48 scholars and experts from the Mainland, Taiwan, USA, and Hong Kong participated in the Conference.


Ongoing Projects

Professor Chong TL, Terence

  • Chong, T. T. L., Chang, W.H. & Wang, D., Price Limits and Stock Market Volatility in China.

Professor Fung KY, Michael

  • Fung, M., & Ku, F., e-Learning Platform for HKDSE Economics, Knowledge Transfer Project Fund (KPF), CUHK
  • Fung, M., & Ku, F., Provision of Services for Development of Learning and Teaching Resources on Relationship between Economic Development of the Mainland and Hong Kong Economy, Education Bureau (EDB), HKSAR Government
  • Fung, M., Chow, D., & Ku, F., Provision of Services for Developing Resource Pack on Policy Evaluation and Conducting Professional Development Programmes on Using the Resource Pack in the Learning and Teaching of Economics, Education Bureau (EDB), HKSAR Government
  • Chow, D., Ku, F., Kwok, S., Lam, P., Yung, L., & Yan, WH., An Online Platform for Multimedia Educational Resources (PMER), Teaching Development Grant (TDG)

Dr. Law Cheung-kwok

  • Law, C.K. & Wong K.N., Consultancy Project on preparation of a teaching package on “HK Competition Law” for Economics Curriculum of Secondary Schools by the Education Bureau of HKSAR Government, completed in May 2014.
  • Law, C.K.., A Book Project on HK Economic Restructuring: A Critical Review on 6 “New” Industries, completed in May 2014, to be published in September 2014.

Professor Sheng Liugang

  • Sheng, L., Arezki, R., Fetzer, T. & Zolas, N.,The Shale Revolution and Renaissance of the US Manufacturing Sector.
  • Sheng, L., Zhang, H., The Impact of International Trade and Immigration on Hong Kong’s Labor Market.
  • Sheng, L., Yang, D.,Offshoring and wage inequality: Theory and Evidence from China.

Professor Sung Yun-wing

  • Family as a Social Determinant in Adolescent Overweight and Obesity in China: A cross-sectional Survey in Shanghai, 2013 June to 2014 May (Co-I).
  • Sung, Y.W., The Shanghai Free Trade Zone and Its Impact on Hong Kong, 2013 June – present.
  • Sung, Y.W., Economic Benefits of the Independent Visitors Scheme for Hong Kong, 2013 October–2014 April.

Conference Papers

Dr. Law Cheung-kwok

  • Law, C. K. (2013 November 16). HK Aviation Sector: Development and Challenges, paper presented in a “Conference on Economic Cooperation under One-Country Two-Systems,” organized by Zhongzhan University, Guangzhou.

Professor Liu Pak-wai

  • 廖柏偉。(2013年12月6-7日)。 「人民幣國際化及香港國際金融中心的機遇」,發表於「2013年港澳形勢回顧與展望」,全國港澳研究會主辦,北京。

Professor Sung Yun-wing

  • 宋恩榮。(2013年11月16-17日)。 「中國對外經濟戰略蛻變:香港面對的挑戰與機遇」,發表於「中國發展新階段:港澳定位與角色”國際學術研討會」,中山大學港澳珠江三角洲研究中心主辦,中山大學。
  • 宋恩榮。(2013年12月7日)。 「上海自貿區與中國對外經濟戰略:香港面對的挑戰與機遇」,發表於「2013年港澳形勢回顧與展望」,全國港澳研究會主辦,北京。
  • Sung, Y. W. (2013 December 13-14). The Shanghai Free Trade Zone: Laboratory for China’s Opening and Reform, paper prepared in the 2013 Annual Conference of the Shanghai-Hong Kong Development Institute “The Restructuring of Chinese Economy and The Economic Development of Shanghai and Hong Kong”, Chinese University of Hong Kong.


Professor Chong TL, Terence

  • Chong, T. T. L., Ng, W. K., & Liew, K. S. V. (2014). Revisiting the Performance of MACD and RSI Oscillators. Journal of Risk and Financial Management, 7 (1), 1-12.
  • Chong, T. T. L., & Lam, T. H. (2013.) How to make a profitable trading strategy more profitable? Singapore Economics Review, 58(03), 1350019-1-1350019-17.

Professor Fung KY, Michael

  • 周立基、馮嘉耀、古紀達。(2013)。《宏觀經濟名詞解讀》。香港:匯智出版社。
  • Ku, F., & Yuen, A., (2013). Competition in Computer Tablet Market. a teaching case for P. G. Keat, & P. K. Y. Young, Managerial Economics – Economic Tools for Today’s Decision Makers (7th ed.), Pearson Higher Education Global Edition.
  • Chow, D., (2013). Money and ABC. a teaching case for Horngren C, Introduction to Management Accounting (16th ed.), Pearson Higher Education Global Edition.
  • Fung, M., Chow, D., & Ku, F., (2013). Video Resources for Economics. Education Bureau (EDB), HKSAR Government.
  i. One Day of An Otaku
ii. VIPs from Three Kingdom
iii. Make a Fortune
iv. Road to 5 Star
v. The Only Girl in a Boys’ School
vi. Two Idiots
vii. The Dictator
viii. Girls Get Married
ix. Journey to Economics
x. Intimate Relationship

Professor Liu Pak-wai

  • 宋恩榮、高日明。 (2013)。 「上海自由貿易區: 落實的困難及對香港的影響」。 《中國經濟報告》,第11期 (總第049期),頁42 -45。
  • Sung, Y. W. (2014 April). Economic Benefits of the Independent Visitor Scheme for Hong Kong: How Large are They? Occasional Paper 32, Shanghai-Hong Kong Development Institute, Fudan University and Chinese University of Hong Kong, 46 pages.
  • 宋恩榮。 (2014)。 「中國對外經濟戰略蛻變:香港面對的挑戰與機遇」, 《當代港澳研究》,中山大學港澳珠江三角洲研究中心,第一輯,頁 63-80。
  • Sung, Y. W. (2014 June). Comparing CEPA and ECFA: Economic Integration in the Asian-Pacific Region, HKIAPS Occasional Paper 229, 35 pages.

Knowledge Transfer

Professor Chong TL, Terence
  • 發言,2013年12月16日,「第五屆網易經濟學家年會」,網易財經主辦,香港。
  • 發言,2014年4月11日,「大嶼山與本港其他區域發展方向」,《把脈香港》系列座談會,香港商報主辦,香港。
  • Talk, 2014 April 21, “The Public Finance of Hong Kong” (in Chinese) at South China Normal University, China.
  • Seminar, 2014 June 6, “A New Threshold Regression Approach to Predict Currency Crises” at Southwestern University of Finance and Economics, China.
  • Talk, 2014 June 11, “The Alchemy of Life” (in Chinese) at Nanjing University, China.
  • Seminar, 2014 June 18, “The Nexus between Labour Wages and Property Rents in the Greater China Area” at Nanjing University, China.
  • Seminar, 2014 June 19, “A New Threshold Regression Approach to Predict Currency Crises” at Nanjing University, China.
Professor Fung KY, Michael
  • Poster presentation, 2013 December 5, “An Introduction to the Online Platform for Multimedia Educational Resources (PMER)” in Teaching and Learning Innovation Expo 2013, CUHK.
  • Seminar, 2013 December 9, “Learning and Teaching Strategies for the Economics Curriculum: Experiential Learning in Economics – Public Housing in Hong Kong”, by Education Bureau (EDB), HKSAR Government.
  • Organization, 2014 April – 2015 January, “Young Economist Scheme 2014”.
  • Organization, 2013 June – October, “Economics Arena: Policy Analysis and Video Contest” with Education Bureau (EDB), HKSAR Government.
  • Organization, 2013 July 6 & 13, 「九龍倉青年經濟學人計劃–大學體驗日營2013」.
  • Newspaper Articles:
  • 馮嘉耀。(2014年5月8日)。「名家筆陣:資訊科技說教」。《東方日報》,版B07。
  • 馮嘉耀。(2014年4月3日)。「名家筆陣:基礎教育大投資」。《東方日報》,版B05。

Dr. Law Cheung-kwok

  • Seminars, 2013 October - November, 2014 March – April, “HK Competition Law”, part of the Consultancy Project by Education Bureau of HKSAR Government.
  • Workshop, 2014 March 7, “2014 Budget”, organized by Roundtables.
  • Policy commentary to newspapers and interviews by the mass media.

Professor Leung Tin-cheuk, Tommy

  • Professor Tommy Leung has been writing a weekly commentary (經濟3.0) in Hong Kong Economic Journal (HKEJ). Since his affiliation as a member of the ERC since Feb 2014, he has published 24 commentaries on the following topics in the HKEJ:












































睇波不賭波 因為抽水多﹖






物業管理發牌管 不治標亦不治本


Professor Liu Pak-wai

  • Lecture, 2014 June 11, “Government Budget and Long Term Fiscal Planning” in the SS Enriching Knowledge for the Economics Curriculum, organized by the Education Bureau in Hong Kong.
  • 主持、演講,2014年6年20日,「香港長遠經濟增長及政府財政面臨的挑戰」,香港經濟發展面臨的機遇與挑戰研討會,全國港澳研究會主辦,香港。

Professor Sheng Liugang

  • Seminar, 2013 December, Hong Kong University of Science and Technology.
  • Seminar, 2013 December, Peking University.
  • Seminar, 2013 December , Tsinghua University.
  • Seminar, 2014 March, Shanghai University of Finance and Econmics.
  • Seminar, 2014 July, US Census Bureau, Center for Econonic Studies.
  • Speaker, 2014 March, Conference on International Trade/Finance, SHUFE.
  • Speaker, 2014 June, International Economic Association, Deadsea, Jordan.
Professor Sung Yun-wing
  • Panel Speaker, 2013 December 6, “Seizing opportunities engendered by financial reform in the Shanghai Free Trade Zone” in the China Financial Forum, organized by the DBS Bank.
  • 宋恩榮、高日明。(2014年4月28日)。「自由行對港經濟貢獻有多少」。《信報》。
  • 發言,2014年4月29日),「13學者政改方案」新聞發佈會。
  • 討論「13學者政改方案」,2014手4月30日,香港電台直播節目《千禧年代》。
  • 討論「13學者政改方案」,2014年5月3日,商業電台直播節目《政經星期六》。
  • 討論「13學者政改方案」,2014年5月14日,NOW TV直播節目《大鳴大放》。
  • 討論「香港競爭力及政改」,2014手5月24日,商業電台直播節目《政經星期六》。
  • 宋恩榮。(2014年6月17日)。「提高提委會代表性之困局與選擇」。《信報》。
  • 宋恩榮。(2014年6月23日)。「沉默的大多數:發聲、參政及政改的抉擇」。《明報》。
  • 宋恩榮。(2014手7月12日)。「政改臨界點:特首不應匆匆提交政改報告」。《明報》。


Dr. Law Cheung-kwok

  • Discussant, 2013 December 13, “The Restructuring of Chinese Economy and the Economic Development of Shanghai and Hong Kong”, organized by the Shanghai-Hong Kong Development Institute (SHKDI), The Chinese University of Hong Kong.

Professor Liu Pak-wai

  • Chairperson of opening session, 2013 December 13-14, “The Restructuring of Chinese Economy and the Economic Development of Shanghai and Hong Kong”, organized by the Shanghai-Hong Kong Development Institute (SHKDI), The Chinese University of Hong Kong, held in Hong Kong.
  • Attendee, 2013 December 13-14, “Reconceptualising Global Finance and its Regulation” organized by University of Hong Kong, Hong Kong Financial Services Development Council, University of Edinburgh and University of New South Wales, held in Hong Kong.
  • Attendee, 2014 January 13-14, “2014 Asian Financial Forum”, organized by the Hong Kong Trade Development Council, held in Hong Kong.
  • Chairperson of a session, 2014 April 28, “Regional Integration, Spillovers and Business Cycle Synchronization” at the launch of the IMF’s Asia and Pacific Regional Economic Outlook, co-organized by the IMF and HKMA, held in Hong Kong.

Professor Sheng Liugang

  • Participant, 2014 July, Conference of NBER Summer Institute, International Trade and Investment Program.

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