Heng Wang

Heng Wang
UNSW Sydney | UNSW · Faculty of Law and Justice

PhD
Future of int'l economic development, often from regional/Chinese perspectives. Law & technology, esp digital currencies

About

38
Publications
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Introduction
Heng Wang is professor and co-director of Herbert Smith Freehills China International Business and Economic Law (CIBEL) Centre, Faculty of Law and Justice, the University of New South Wales, Sydney. My research area includes China's new approach to international economic law (including that reflected in the Belt and Road Initiative and in central bank digital currency), US-China economic relationship, and free trade agreements.

Publications

Publications (38)
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Differing from a selective adaptation approach towards external norms in its accession to the World Trade Organization, China plays an increasingly proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China towards international economic governance...
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Regional trade agreements are undergoing many changes. Notably, the trajectory of China's trade agreements has been affected by the unique US-China Phase One agreement, and these agreements extend beyond free trade agreements (FTAs). China's trade agreements represent a different path forward from that mapped out by deep FTAs (e.g., the CPTPP) in r...
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Central bank digital currency (CBDC) is a digital form of fiat currency. CBDC is expected to be a game changer in the international financial system, bringing increased complexities arising from technology and regulatory considerations, as well as generating greater currency competition. As more states begin exploring CBDC, the interactions between...
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China is likely to be the first major economy to issue central bank digital currency (CBDC). China's CBDC is also known as e-CNY, DC/EP or digital yuan. As a moving target, e-CNY has the potential to profoundly affect the international financial system and order. From an international perspective, this article explores the following crucial issues:...
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China’s central bank digital currency (CBDC), digital yuan or e-CNY, is likely to profoundly affect the international financial system. China’s CBDC is fast evolving. Understanding the influencing factors of China’s CBDC will likely be crucial to explore its future direction. Major influencing factors include (i) China’s perception and conception o...
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Digital currencies are reshaping the financial, monetary, and regulatory landscape. There are at least two routes for the development of digital currencies. One is global stablecoins (e.g., Diem that is previously named Libra), issued by private players, while the other is central bank digital currency (CBDC) issued by central banks, with China's C...
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China is likely to be the first major economy to issue central bank digital currency (CBDC). China's CBDC, e-CNY, may lead to a new ecosystem that would profoundly affect business, product offerings and business practice. E-CNY is likely to affect both local and international businesses, particularly those with a presence in China or those who comm...
Article
The US–China economic interactions will have profound ramifications for the world. The article explores the following questions: what is the path forward for US–China economic interactions? What are its implications? It argues that selective engagement is the possible future path for US– China economic interactions. Selective engagement involves se...
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The Belt and Road Initiative (BRI) has brought with it an unprecedented number of agreements. BRI agreements consist of primary agreements (particularly MOUs) and secondary agreements (like performance agreements). They are a distinct, landmark feature of the BRI. Focusing on primary agreements and their close link with secondary agreements, this p...
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This is a list of select Belt and Road Initiative (BRI) agreements that consist of several categories. Where available, the year in which the agreement was concluded and a link to its full text are included. For the analysis of BRI agreements, see Heng Wang, “The Belt and Road Initiative Agreements: Characteristics, Rationale and Challenges”, World...
Article
In contrast with the selective adaptation approach toward external norms seen in its accession to the World Trade Organization, China increasingly plays a proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China toward international economic gove...
Chapter
This chapter is available at https://link.springer.com/content/pdf/10.1007/978-981-13-5744-2_37-1.pdf This chapter focuses on the changes and trends in Chinese bilateral investment treaties and relatedly investment rules of China’s free trade agreements. It analyzes a number of questions: what is the changing context of China’s bilateral investment...
Preprint
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The US-China economic interactions will have profound ramifications for the world. The article explores the following questions: what is the path forward for US-China economic interactions? What are its implications? It argues that selective engagement is the possible future path for US-China economic interactions. Selective engagement involves sel...
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While the sharing economy brings significant social benefits in China, it comes with regulatory challenges that are novel and unpredictable. How should regulators handle these challenges? This paper offers fresh insights into the regulatory approach to the ride-hailing industry, the most comprehensively regulated sharing industry in China. A histor...
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Focusing on TPP, CPTPP and CETA as deep free trade agreements (FTAs) that concentrate on regulatory disciplines, this paper examines a key question concerning the future of deep FTAs: do deep FTAs converge and, if so, why? It argues that, first, deep FTAs converge in their approach to trade and investment in two crucial respects: regulatory discipl...
Article
As a new form of regional multilateralism, the Belt and Road Initiative is China’s most significant strategic move for external engagement in international economic law, following its World Trade Organization accession. This paper analyses China’s approach towards the Belt and Road Initiative from a legal perspective, focusing on three questions: f...
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Intellectual property rules have played an increasingly important role in international trade. Due to the problem in multilateral negotiations, free trade agreements (FTAs) of the US and EU may profoundly shape the future of world intellectual property law. The article analyses the following questions: what are the Chinese, US and EU approach to in...
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Among the ASEAN’s external FTAs, the ASEAN-China Free Trade Agreement (ACFTA) is of great significance to both the ASEAN and China. The ACFTA was one of the earliest trade pacts concluded by China. It is also part of the ASEAN’s broader push toward concluding FTAs outside the multilateral trading system, in line with the proliferation of regional t...
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The paper endeavours to conceptualize and provide an analytical framework for China's response to U.S. trade policy. It analyses the following questions: what is the new U.S. trade approach? How might China respond to the United States' trade approach? What are the trends and implications of China's response to the U.S. trade approach? It argues, f...
Article
As a landmark achievement in the development of the China – Australia bilateral economic relations, the China – Australia Free Trade Agreement (“ChAFTA”) achieves a higher level of liberalisation in education services compared with China's commitments under the World Trade Organisation and its other free trade agreements. However, the ChAFTA fails...
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Trends in Chinese and U.S. approaches to regional integration are likely to profoundly affect other states and even the future of global economic governance. Showing a possible paradigm shift, the Belt and Road Initiative (BRI) and North American Free Trade Agreement (NAFTA) renegotiation reflect the latest major developments in China and the U.S....
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Free access to the full text of the significantly different published version "China’s Approach to the Belt and Road Initiative: Scope, Character and Sustainability": https://academic.oup.com/jiel/article/22/1/29/5272447 The Belt and Road Initiative (BRI) is China's most significant strategic move for engagement with its partners following its acc...
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China’s FTAs reveal malleability as the most striking feature. The paper analyzes the following questions: what is the trend of China’s FTA approach to investment concerning malleability? Is China a rule follower, shaker or maker? How may China approach the RCEP regarding investment? It argues first that the malleability will probably expand from i...
Chapter
The China-Korea Free Trade Agreement (FTA) is one of the latest FTAs that China concluded. The chapter analyzes the following question: how far is the China-Korea Free FTA away from the Trans-Pacific Partnership (TPP)? The comparison between the China-Korea FTA with the TPP helps to understand the similarities and differences between China’s trade...
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This paper explores two questions of the recent China-Australia FTA (ChAFTA): what is the approach of the ChAFTA? What are the challenges to the ChAFTA? It argues first that the ChAFTA adopts a problem-solving approach to harvest "low-hanging fruit" (e.g. tariff cuts). Containing WTO-based and WTO-friendly rules, it focuses on trade and investment...
Chapter
The chapter analyzes several issues regarding the renewable energy subsidies in trade law. There are uncertainties regarding the WTO-consistence of renewable energy subsidies for goods. It is partially due to the vagueness of WTO rules and insufficient jurisprudence. Among them, issues such as the specificity of subsidies turn to be quite controver...
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As the biggest Chinese free trade agreement (FTA) to the date of its signature, the China-Korea FTA provides an amazing case study for the development of China’s recent FTAs.This paper analyzes major challenges in its rule development, implementation, and interpretation. The author argues, first, that rule development encounters market liberalizati...
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The Trans-Pacific Partnership (TPP) will have profound implications for small and medium-sized enterprises (SMEs) within and beyond the free trade area. SME issues get more attention in the TPP than previous FTAs. Since there is limited research on the impact of the FTAs on SMEs, it is of great significance to probe into the practical implications...
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The paper analyzes the following questions from a Chinese perspective: what are the characteristics of the China-Korea FTA? And what are their underlying considerations and implications? It argues, first, that the China-Korea FTA is characterized by- expanded coverage, highlighted focus on services and investment, increased non-Trade concerns of co...
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As a highly compromising and flexible agreement, the Agreement on Trade Facilitation (hereinafter “TFA” or “the agreement”) may shed light on the future direction of the world trade regime. Going beyond the tariffs and border, the agreement is featured with good governance requirements. Its delicate relationship with free trade agreements (hereinaf...
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China's free trade agreements in services are developing at a fast pace. This paper examines the major differences between these agreements and the General Agreement on Trade in Services (GATS) and their relationship with the law of the World Trade Organization (WTO). Although they are modeled on the GATS, amongst other things these agreements diff...
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The interpretation of GATS Article V, which deals with economic integration, is of crucial importance to the growing number of economic integration agreements (EIAs) in services, in terms of dispute settlement, services negotiations, the WTO review of EIAs, the coordination between multilateralism and EIAs, and best practices in drawing up EIAs. Ho...
Article
This chapter discusses how to improve the transparency of world trade regime through business participation. The analysis takes the example of and focuses on the rules and practice of China's WTO-plus obligations pertaining to business participation in trade matters. Relevant laws of other Members are also studied. Finally proposals are made with t...
Article
This chapter analyzes legal problems of carbon finance and China from the perspective of WTO law. The scope, participants and risks of carbon finance are firstly analyzed. It then reviews the practice of carbon finance in China. It is argued that international cooperation in carbon financial regulation needs to be strengthened. The chapter finally...
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The origin of services is often one of the issues that regulators have to address to determine whether there is trade in services. It is also indispensable for the application of preferential trade commitments including national and most-favoured-nation (MFN) treatment, among others. This article examines the relevant provisions to ascertain whethe...
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The article would analyze the transparency and WTO from the developing countries perspective issue, using China as an example. It would focus on two aspects and point out a series of questions which need highlighting. The author first calls for appropriate aiding structures for developing countries, and further for the appropriate structures for bu...
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The issues to be considered in this article include the nature of the changes made by the 2004 amendments, the sufficiency of these changes, what the changes mean for the future of China's foreign trade regime, and the challenges China will face in the new century. Following an overview of the history of China's foreign trade regime, the article ex...

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Projects (2)
Project
What is the trend of law and technology? How would it affect businesses, regulators, individuals and other stakeholders?