Asia Global Institute

AGI Senior Fellow, Angela Zhang, highlights in the Project Syndicate on how the US backlash against AI data centers—driven by community concerns over energy and environmental costs—is rapidly growing. While tech executives fear that local opposition and regulation will allow China to win the AI race, Zhang argues China’s aggressive, top-down expansion serves as a cautionary tale of massive overcapacity and canceled projects. Ultimately, democratic friction acts as a vital guardrail. It prevents a wasteful infrastructure bubble, protects local environments, and gives citizens a necessary voice in shaping the speed and impact of the AI revolution.

Read the full article: https://www.project-syndicate.org/commentary/china-shows-why-america-should-not-rush-to-build-more-data-centers-by-angela-huyue-zhang-2026-06?referral=cdf364

Andrew Sheng, AGI Distinguished Fellow, alerted in South China Morning Post that investors in the AI-driven stock market bubble risk forgetting painful historical lessons. The article emphasizes that tech-market hype cannot exist independent of the broader economy. With macroeconomic pressures mounting, including liquidity drains and systemic risks tied to the ongoing war with Iran, Sheng argues that the current AI boom is highly vulnerable. Ultimately, he warns that blind enthusiasm for technological disruption must not blind financial markets to structural realities and impending corrections.

Read the full article: https://www.scmp.com/opinion/world-opinion/article/3354470/investors-ai-driven-bubble-risk-forgetting-painful-lessons

Michael Spence, Nobel Laureate and AGI Advisory Board Chairman, was interviewed by CGTN at the Global Finance Forum to analyze the current era of "permanent crisis." The discussion highlighted that while pragmatic yet unconventional US-China dynamics and the ongoing US-Iran conflict continue to challenge global growth, the world remains in a tug-of-war between these geopolitical disruptions and the massive positive potential of rapid AI advancements. Crucially, the interview noted that as the US steps back from multilateralism, eroding trust in the dollar is accelerating a global shift toward a diversified, multi-currency monetary system.

Watch the full interview: https://news.cgtn.com/news/2026-05-21/Exclusive-Nobel-laureate-Michael-Spence-on-China-US-AI-currencies-1NilPJ2TOG4/index.html

Jaime Augusto Zobel de Ayala, AGI Board Member, was interviewed by McKinsey to discuss how Ayala Corporation has thrived across seven generations. He highlights that the secret to their longevity lies in balancing long-term stewardship with a constant drive for innovation. By aligning corporate strategy with the Philippines' national development, the group has built lasting public trust. Zóbel de Ayala emphasizes that modern leaders must be willing to disrupt their own business models and remain deeply committed to social impact, ensuring that the company’s growth directly mirrors the prosperity of the communities it serves. Read the full interview: https://bit.ly/4wv98A1

𝗧𝗵𝗲 𝘁𝗵𝗶𝗿𝗱 𝗮𝗻𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗿𝘆 𝗼𝗳 𝗥𝗖𝗘𝗣: 𝗧𝗿𝗮𝗱𝗲 𝘁𝗿𝗲𝗻𝗱𝘀, 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝘀𝗲𝗰𝘁𝗼𝗿𝗮𝗹 𝗴𝗿𝗼𝘄𝘁𝗵, 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗿𝗼𝗮𝗱 𝗮𝗵𝗲𝗮𝗱

Three years since its implementation, the Regional Comprehensive Economic Partnership ( ) has evolved from a landmark agreement into a primary engine for regional integration. In our latest publication, Heiwai Tang, AGI Director, and Guanzheng Sun, AGI Research Assistant, examine how the agreement is reconfiguring global value chains and driving the strategic sectoral growth defining the world’s largest free trade bloc. Key takeaways:

𝟭. 𝗚𝗹𝗼𝗯𝗮𝗹 𝘃𝗮𝗹𝘂𝗲 𝗰𝗵𝗮𝗶𝗻 𝗿𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗶𝗻𝗴: The unified rules of origin framework is incentivizing a transition toward regionalized supply chains, allowing for more efficient sourcing and production within the member states.

𝟮. 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝘀𝗲𝗰𝘁𝗼𝗿𝗮𝗹 𝗴𝗿𝗼𝘄𝘁𝗵: Preferential tariff treatments and trade facilitation measures are driving growth in key industries, fostering a more integrated and competitive industrial landscape across the Asia-Pacific.

𝟯. 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆: RCEP serves as a critical stabilizing force, deepening economic interdependence among members to mitigate the risks of global geopolitical shifts and supply chain disruptions.

𝟰. 𝗧𝗵𝗲 𝗿𝗼𝗮𝗱 𝗮𝗵𝗲𝗮𝗱: Future success hinges on moving beyond traditional trade in goods to address modern challenges, including digital economy standards, services trade, and the reduction of non-tariff barriers.

𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝘁𝗵𝗲 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺: 𝗔𝗚𝗜 𝗥𝗖𝗘𝗣 𝗧𝗿𝗮𝗱𝗲 𝗧𝗿𝗮𝗰𝗸𝗲𝗿
Launched in July 2024, the AGI RCEP Trade Tracker aims to provide the real-time, empirical evidence behind these shifting dynamics. By offering a granular look at intra-regional trade flows and monthly commodity performance, the tracker serves as a vital resource for scholars, business leaders, and policy makers to visualize market shifts and monitor the region's industrial dynamics.

🔗 Read the full article: https://www.asiaglobalinstitute.hku.hk/news-post/third-anniversary-rcep-trade-trends-strategic-sectoral-growth-and-road-ahead
📊 Explore the AGI RCEP Trade Tracker: https://www.asiaglobalinstitute.hku.hk/rcep-trade-tracker

Andrew Sheng, AGI Distinguished Fellow, argues in the South China Morning Post SCMP that the re-election of Donald Trump signals the definitive end of the post-WWII liberal order. With "the gloves off," global relations are shifting from cooperation toward raw power dynamics and protectionism. Sheng suggests that we may not see a "New World Order" at all, but rather a fragmented, "disordered" world where nations must navigate unpredictable bilateral deals. For Asia, this means the safety net of international law is fraying, necessitating greater self-reliance and strategic agility to survive an era of unprecedented systemic instability.

Read the full article: https://www.scmp.com/opinion/world-opinion/article/3352758/thanks-trump-gloves-are-there-may-be-no-new-global-order

Heiwai Tang, Director of Asia Global Institute, explores how Hong Kong can leverage its unique institutional strengths to drive the nation’s next five-year plan and secure its own long-term prosperity, in the South China Morning Post.

He emphasizes that Hong Kong’s role as a "super-connector" remains vital, particularly in areas like international finance, high-end professional services, and the burgeoning I&T sector. By aligning its distinct advantages under "one country, two systems" with national development strategies, Tang argues that the city can navigate global uncertainties and transform from a period of stability to one of renewed economic momentum.

Opinion | How Hong Kong’s institutional strengths can power its five-year plan The ‘small government’ era is over. Hong Kong must proactively serve as a super value-adder connecting China and the world.

Angela Zhang, AGI Senior Fellow, co-authored an article in Project Syndicate, arguing that the spread of Mythos-like AI capabilities presents a global threat, highlighting the increasing advantage for attackers in the digital realm due to human and organizational bottlenecks in defense. They emphasize that digital resilience must be embedded in overall business resilience, urging business leaders to take it seriously. Drawing lessons from the Iran war, they advocate for diplomacy and international cooperation between the US, China, and the rest of the world to manage rising cybersecurity risks, rather than triumphalism.

Read the full article: https://www.project-syndicate.org/commentary/anthropic-mythos-could-cause-global-disruption-requires-us-china-diplomacy-by-s-alex-yang-and-angela-huyue-zhang-2026-04?referral=cdf364

Andrew Sheng, AGI Distinguished Fellow, argues in the South China Morning Post that AI is simply a means to economic resilience amidst capitalism's challenges. He observes a widening social divide, environmental damage, and slow progress on UN Sustainable Development Goals. Sheng highlights the difficulty in converting aspirations into tangible actions. He suggests a shift from predictable, linear thinking towards navigating a future filled with "unknown unknowns." In a world where leaders might trigger catastrophic events, adapting and utilizing tools like AI becomes crucial for survival and sustainability.

Read the full article: https://sc.mp/x8nuy?utm_source=copy-link&utm_campaign=3349484&utm_medium=share_widget

In light of the escalating tensions in the Middle East and the growing global energy crisis, Heiwai Tang, AGI Director, was recently interviewed by The New York Times regarding China’s economic resilience amidst potential oil shocks. Reflecting on the geopolitical stakes, Tang noted:

"𝘊𝘩𝘪𝘯𝘢’𝘴 𝘪𝘮𝘮𝘦𝘥𝘪𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘺 𝘪𝘴 𝘥𝘦𝘦𝘱𝘭𝘺 𝘵𝘪𝘦𝘥 𝘵𝘰 𝘵𝘩𝘦 𝘴𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘎𝘶𝘭𝘧, 𝘺𝘦𝘵 𝘪𝘵𝘴 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘤 𝘥𝘪𝘷𝘦𝘳𝘴𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘴𝘶𝘣𝘴𝘵𝘢𝘯𝘵𝘪𝘢𝘭 𝘳𝘦𝘴𝘦𝘳𝘷𝘦𝘴 𝘮𝘢𝘺 𝘰𝘧𝘧𝘦𝘳 𝘢 𝘣𝘶𝘧𝘧𝘦𝘳 𝘵𝘩𝘢𝘵 𝘱𝘳𝘦𝘷𝘪𝘰𝘶𝘴 𝘥𝘦𝘤𝘢𝘥𝘦𝘴 𝘭𝘢𝘤𝘬𝘦𝘥."

This interview underscores the critical themes explored in our recent AGI publication, "The Strait of Hormuz crisis: Impact on supply chain and the financial market". As a leading think tank in public policy, we continue to analyze how these maritime disruptions ripple through global trade networks and financial systems.

Read the full article: https://bit.ly/4cuAn5L
Explore our latest research on the Strait of Hormuz: https://bit.ly/47RhZl8