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Tao Wang (economist)

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In this Chinese name, the family name is Wang.

Wang Tao (Chinese: 汪涛; pinyin: Wāng Tāo; born in Changsha, Hunan) is a Chinese economist and expert on the Chinese economy, and author of the 2023 book Making Sense of the Chinese Economy. She is currently managing director, chief China economist and head of Asia economic research at UBS Investment Bank.[1] She served on the Mainland Opportunities Committee of the Hong Kong Financial Services Development Council from 2016 to 2021,[2][3] and is a member of the Chief China Economist Forum.[1]

Education

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Wang earned her bachelor's degree in International Economics from Renmin University of China, and her PhD in economics from New York University (NYU).[4] Her dissertation at NYU was an econometric study of economic policies, foreign investment and industrial growth across Chinese cities. She later served as an adjunct professor at her alma mater, Renmin University, in 2004.

Career

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In 1994, Wang joined DRI/McGraw-Hill as a senior Asia economist covering East Asia. In 1997 she joined the IMF in Washington DC. Wang moved to the private sector in 2006, first as the head of Asia economics at BP, then as head of greater China economics and strategy at Bank of America.[5]

She joined UBS in 2008 as the chief China economist. She has been a managing director since 2010 and head of Asia economics since 2016. At UBS, Wang's China and Asia economics team has ranked highly in multiple Institutional Investor All-Asia Research and All-China surveys.[4][6] Her research covers topics such as China's long-term growth,[7] state-owned enterprise reform,[8] property bubbles,[9] RMB internationalization,[10] supply chain shifts,[1] financial system risk,[11] and monetary policy. Her team has been praised for being "really good on the big calls and where the Asian economies are headed", and for "looking at the facts rather than just repeating popular sentiment and news flow".[4]

Economic views

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Wang has written research reports on China's debt issue. In 2014, she pointed out the risk of the rapid increase in debt level and the rise in shadow banking, but did not believe that the shadow credit crunch was leading to a Minsky moment.[11][12] In April 2015, she attended Premier Li Keqiang's Expert Forum,[13] where she suggested that China's real interest rate was too high, and that issuing local government debt swap can help improve debt sustainability.[14][15][16][17]

Wang writes as a columnist for Caixin,[18] and has been quoted by The New York Times,[19] The Wall Street Journal,[20] Financial Times,[21] The Economist,[22] and South China Morning Post.[23] She has appeared on Bloomberg, CNBC, CCTV, and Phoenix TV.

Publications

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In 2023, her book Making Sense of China's Economy was published.[24] The book takes readers through China's complex economic structure and lays out a historical framework for the key features and issues faced by the country. It was included in the Financial Times list of the best economics books of 2023 by economics commentator Martin Wolf, who labeled the book "indispensable" for those trying to understand the Chinese economy.[25]

Partial list of published work:

  • Wei, Shang-Jin; Wang, Tao (March 1997). "The siamese twins: Do state-owned banks favor state-owned enterprises in China?". China Economic Review. 8 (1): 19–29. doi:10.1016/S1043-951X(97)90010-9.
  • Wang, Tao. "Exchange Rate Dynamics". China's Growth and Integration into the World Economy. Ed. Prasad, Eswar. IMF Occasional Paper 232, 2004, pp. 21–28. https://www.imf.org/external/np/seminars/eng/2014/pbc/pdf/Book070214.pdf
  • Kuijs, Louis and Tao Wang. "China's Pattern of Growth: Moving to Sustainability and Reducing Inequality". World Bank Policy Research Working Paper No. 3767, November 2005. https://ssrn.com/abstract=849385
  • Wang, Tao (December 2005). "Sources of real exchange rate fluctuations in China". Journal of Comparative Economics. 33 (4): 753–771. doi:10.1016/j.jce.2005.07.001.
  • Wang, Tao. "How Much is the RMB Undervalued?". New Finance, August 2010. https://xueshu.baidu.com/usercenter/paper/show?paperid=9f1d7e2e18f00ec1cf506a9c260f5f08&site=xueshu_se
  • Wang, Tao. "China's Evolving Monetary Policy Framework". New Issues in Monetary Policy. Ed. Guo, Kai and Alfred Schipke. PBC and IMF Joint Conference, March 2014, pp. 28–30. https://www.imf.org/external/np/seminars/eng/2014/pbc/pdf/Book070214.pdf
  • Wang, Tao (2020). "Monetary Policy Instruments". The Handbook of China's Financial System. pp. 63–86. doi:10.1515/9780691205847-005. ISBN 978-0-691-20584-7. S2CID 240757045.
  • Wang, Tao. "How to Measure the Magnitude of Anti-Covid Policy Support". PKU Financial Review, May 2020.
  • Wang, Tao (2023). Making Sense of China's Economy (1 ed.). Routledge. ISBN 9781032317045. https://www.routledge.com/Making-Sense-of-Chinas-Economy/Wang/p/book/9781032317045?srsltid=AfmBOoo1LLx-tBD5pJyBHIyqMGUrZ1Pk719r1XWkM9zRL_9KgRYLwQ3U

References

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  1. ^ a b c "The Impact of China's Dominant Position in Global Supply Chains: A Conversation with Wang Tao". ChinaPower. Center for Strategic and International Studies. 8 September 2020. Retrieved 15 February 2021.
  2. ^ "金发局建议人行来港发短债为SDR计价提供基准利率". Ta Kung Pao. Retrieved 25 April 2021.
  3. ^ "Appointments to Committees of the Financial Services Development Council". HK Financial Services Department Council. Financial Services Department Council. Retrieved 12 April 2021.
  4. ^ a b c "2015 All-Asia Research Team: Economics, No. 3: Tao Wang, Duncan Wooldridge & team". Institutional Investor. Retrieved 13 February 2021.
  5. ^ "Tao Wang, UBS AG: Profile and Biography". Bloomberg. Retrieved 13 February 2021.
  6. ^ "2016 All-Asia Research Team: Economics, No. 2: Tao Wang, Duncan Wooldridge & team". Institutional Investor. Retrieved 12 February 2021.
  7. ^ "The China Briefing". Wall Street Journal. UBS. 25 August 2020. Retrieved 25 April 2021.
  8. ^ "China's state-owned enterprise reform plans face compromise". Financial Times. Retrieved 25 April 2021.
  9. ^ Davis, Bob (9 June 2011). "The Great Property Bubble of China May Be Popping". Wall Street Journal. Dow Jones. Retrieved 25 April 2021.
  10. ^ Zhang, Ming (March 2015). "New Thinking and the New G20 Series" (PDF). Center for International Governance Innovation. Internationalization of the RMB (2): 6–8. Retrieved 25 April 2021.
  11. ^ a b Badkar, Mamta. "Everyone's Freaked Out That China's 'Minsky Moment' Has Arrived (FXI, EWH)". Rockford Register Star. Gannett. Retrieved 22 February 2021.
  12. ^ "People's Republic of China: Staff Report for the 2004 Article IV Consultation". IMF Staff Country Reports. 2004 (351). November 2004. Retrieved 22 February 2021.
  13. ^ "读懂总理座谈会：稳增长保就业增效益". gov.cn. Retrieved 22 February 2021.
  14. ^ "China imposes $160bn municipal bonds for debt swap". The Financial Times. Retrieved 22 February 2021.
  15. ^ Ai, Ming; Schipke, Alfred. "Strengthening the International Monetary System and International Experience in Resolving Debt Problems" (PDF). IMF. Retrieved 22 February 2021.
  16. ^ Edwards, Jim. "'Some super bears are now expecting an imminent collapse of China's banking system and currency'". Business Insider. Insider. Retrieved 22 February 2021.
  17. ^ "China Imposes $160bn Municipal-Bonds-for-Debt Swap". BRICS Business Council. Center for BRICS Studies. Retrieved 22 February 2021.
  18. ^ "Wang Tao - Opinion". Caixin Global. Retrieved 13 February 2021.
  19. ^ Wassener, Bettina (3 September 2012). "As Growth Flags, China Shies From Stimulus". The New York Times. Retrieved 12 February 2021.
  20. ^ "China's Economy Slows Down, and Speeds Up". The Wall Street Journal. 13 July 2012. Retrieved 12 February 2021.
  21. ^ "How sharply has China's economy contracted?". Financial Times. Retrieved 12 February 2021.
  22. ^ "The coronavirus discovered in China is causing global alarm". The Economist. 23 January 2020. Retrieved 12 February 2021.
  23. ^ "Coronavirus: does China have the financial power to repair the economic damage caused by the outbreak?". South China Morning Post. 12 February 2020. Retrieved 12 February 2021.
  24. ^ "Making Sense of China's Economy". Routledge. Retrieved 6 September 2024.
  25. ^ "Best books of 2023 — Economics". Financial Times. Retrieved 6 September 2024.


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