Andrew Sheng is a distinguished fellow at Asia Global Institute, University of Hong Kong, chief adviser to the China Banking and Insurance Regulatory Commission, and a former board member of Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. He also served as an adviser to the UN Environment Program Inquiry into the Design of a Sustainable Financial System. Mr. Sheng also serves as a member of the International Advisory Council of the China Investment Corporation, the China Development Bank, the China Securities Regulatory Commission, and Honorary Member of the Trustees of Bank Indonesia Institute. Previously, he served as chairman of the Securities & Futures Commission of Hong Kong and as a central banker at the Hong Kong Monetary Authority and at Bank Negara Malaysia. Mr. Sheng has also worked at the World Bank. He is an adjunct professor at the University of Malaya and at the Tsinghua University School of Economics and Management. Mr. Sheng is the author of From Asian to Global Financial Crisis: An Asian Regulator’s View of Unfettered Finance in the 1990s and 2000s. He holds a BSc in economics and an honorary doctorate from the University of Bristol.
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The proliferation of China’s opaque, loosely regulated (or unregulated) shadow-banking system has been raising fears of possible financial instability. But just how extensive – and how risky – is shadow banking in China?
The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.