ASEAN+3 Macroeconomic Research Office

Mr. Kouqing Li began to serve as Director of ASEAN+3 Macroeconomic Research Office (AMRO) on May 27, 2022.

Before joining AMRO, he was President of the Asia-Pacific Finance and Development Institute (AFDI) and Shanghai National Accounting Institute (SNAI), two leading institutions affiliated to the Ministry of Finance of the People’s Republic of China. Mr. Li also sat on the Global Council of the Global Development Learning Network (GDLN) and the Expert Panel of Shanghai Data Exchange.

As an active player in regional financial cooperation, Mr. Li has a profound understanding of APEC and ASEAN+3 financial cooperation mechanisms. He has demonstrated strong strategic vision and exceptional leadership, and spearheaded a number of important strategies and initiatives in promoting regional financial cooperation. Furthermore, he has led in driving strategic partnerships with many international organizations, government agencies, research institutions, and think tanks in the Asia-Pacific region.

Mr. Li is well-versed in macroeconomic and financial research, covering the areas of finance management, digital economy, supply chain and low-carbon economy.

He holds a Ph.D. in Business Administration; in addition to a Master of Economics, major in Trade Economics; and a Bachelor of Economics, major in Trade Economics from the Shanghai University of Finance and Economics.

Mr Enoch Fung is currently the Chief Executive Officer (CEO) of the Hong Kong Academy of Finance (AoF). In this capacity, he also serves as the Executive Director of the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the AoF.

Mr Fung joined the Hong Kong Monetary Authority (HKMA) in 2011, and had worked in various areas including the financial stability surveillance, market development, and international financial cooperation initiatives. Mr Fung has been on secondment from the HKMA to the AoF to take up the CEO post since 2023. Prior to joining the HKMA, Mr Fung was a Senior Economist with Goldman Sachs (Asia), where he specialised in Asia-Pacific macroeconomic and investment research. Mr Fung holds a Bachelor of Science degree in Statistics and a Bachelor of Commerce degree in Economics from the University of Auckland, and a Master of Commerce degree in Advanced Economics from the University of New South Wales.

Albert F. Park is Chief Economist of the Asian Development Bank (ADB) and Director General of its Economic Research and Development Impact Department. He is chief spokesperson on economic and development trends and leads the production of ADB’s flagship knowledge products and support for regional cooperation fora. 

Mr. Park has more than 2 decades of experience as a development economist and is a well-known expert on the economy of the People’s Republic of China. He has worked on a broad range of development issues including poverty and inequality, intergenerational mobility, microfinance, migration and labor markets, the future of work, and foreign investment. 

Mr. Park is Chair Professor of Economics, Social Science, and Public Policy at HKUST (on leave). He served as a founding director of HKUST’s Institute for Emerging Market Studies  and Center for Economic Policy, and previously held faculty positions at the University of Oxford and University of Michigan. 

A national of the United States, he received his bachelor’s degree in economics from Harvard University and his doctorate in applied economics from Stanford University.

Bambang Brodjonegoro is the Dean and CEO the Asian Development Bank Institute (ADBI), the Tokyo-based think tank of the Asian Development Bank that promotes the realization of a prosperous, inclusive, resilient, and sustainable Asia and the Pacific through policy research and capacity building.

Dean Brodjonegoro is an Indonesian national, is the former Special Advisor to the President of the Republic of Indonesia for Economic Affairs and National Development. He has served the Government of Indonesia in a number of leadership roles since 2005. He was Indonesia’s Minister of Finance (2014–2016), Minister of National Development Planning (2016–2019), and Minister of Research and Technology (2019–2021).  

Dean Brodjonegoro holds a doctorate and master's degree in urban planning from the University of Illinois at Urbana-Champaign and a bachelor's degree in economics from the University of Indonesia, where he served as Dean in 2005.  

Mr. Jorge Antonio Chan-Lau serves as Principal Economist at AMRO, where he leads a research team focused on macro-financial risk and advanced statistical methods for financial forecasting and systemic risk indicators.

Mr. Chan-Lau is an accomplished economist and financial modeler with over two decades of expertise in financial regulation, quantitative economic modeling, and risk management. Previously, he held senior economist positions at the International Finance Corporation (IFC) and the International Monetary Fund (IMF). At the IFC, he managed the institution’s pioneering local currency portfolio (MATCH) and developed its valuation and risk management framework. At the IMF, he led the development of tools and methodologies for crisis prediction, stress testing, and systemic risk assessment; overseeing teams that applied machine learning and transfer-learning models in risk management. He was also responsible for designing and managing the IMF’s internal training curriculum on macroprudential and systemic risk.

As a systemic risk advisor, Mr. Chan-Lau has worked closely with central banks and regulatory agencies in Canada, Chile, Peru, and South Africa to implement advanced tools for systemic risk analysis. He has also designed and led specialized training programs on credit risk modeling and stress testing for regulatory agencies. As an Expert Advisor at the Asian Institute of Digital Finance, Mr. Chan-Lau oversaw the development of new methods for conducting bottom-up stress test analysis and network-based systemic risk rankings. He also served as a Financial Market Advisor at Blue Green Futures, where he designed and implemented blue carbon and nature valuation models.

Mr. Chan-Lau is an associate editor at the Journal of Investment Strategies and the author of Systemic Risk Assessment and Oversight, a key resource for financial professionals and policymakers. A recognized speaker and award-winning researcher, he has published extensively in refereed academic journals such as Quantitative Finance and Journal of Financial Stability; in practitioners’ journals including the Journal of Alternative Investments and Journal of Fixed Income; and contributed to the IMF Global Financial Stability Report from 1999 to 2017.

Mr. Chan-Lau holds a Ph.D. in Finance and Economics from Columbia University and an M.S. in Computational Analytics from the Georgia Institute of Technology.

Yoke Wang Tok is a Senior Economist at the IMF – Singapore Regional Training Institute where she conducts training and provides Forecasting and Policy Analysis Systems Technical Assistance for countries such as Solomon Islands and Cambodia. Previously, she was a Director at the World Gold Council and a Program Director with the Toronto Centre where she helped emerging markets upgrade their skills in financial supervision. She held various senior positions at the Monetary Authority of Singapore (MAS), including as Principal Economist. She also worked at the International Monetary Fund as Senior Advisor during the Global Financial Crisis. Her areas of research are in fintech and financial inclusion, monetary policy and macroprudential framework and policies.

Masagus M. Ridhwan has been a Principal Researcher (senior deputy director) at the Bank Indonesia Institute, Bank Indonesia, since 2020 till present. He held various research positions in the monetary policy and economics department and regional representative offices over the last two decades of his career at Bank Indonesia (the Central Bank of the Republic of Indonesia).

He holds a PhD in economics from the Vrije Universiteit (VU) Amsterdam and Tinbergen Institute, Netherlands (2011) and has broadened his knowledge and skills by participating in courses at esteemed institutions, including International Monetary Funds (IMF), SEACEN, World Bank, and summer courses in some notable international universities. His field of interest includes macroeconomics, digitalization, industrial analysis, regional/spatial economics, monetary policy, and financial development.

His recent works include the macroeconomic impact of COVID-19 and issues related to financial digitalization, digital trade (e-commerce), and industrial and labor market analysis. He has also extensively published articles that have appeared in some leading journals.

In addition, Dr. Ridhwan has been serving as a Co-Managing Editor of the Journal of Islamic Monetary, Economics and Finance (Scopus indexed) and is an experienced journal reviewer for some prominent journals such as Australian Economic Papers, Singapore Economic Review, Journal of Economic Studies, Bulletin of Monetary Economics and Banking among others. Also, he has a strong passion for teaching in academia, contributing to human capital development and knowledge sharing.

Prashant Pande joined ASEAN+3 Macroeconomic Research Office (AMRO) in December 2019. He supports AMRO’s efforts in conducting financial market surveillance with a focus on both regional as well as global markets across asset classes. He is also interested in following developments in financial digitalization and payment connectivity initiatives in ASEAN+3 economies.

Before joining AMRO, Prashant worked with Nomura’s FX and Interest Rates Research team for nine years with a focus on Asian economies. He was responsible for monitoring these markets and providing trading strategies for FX and Interest Rates. The roles entailed a good understanding of macroeconomic and market concepts as well as the application of analytical frameworks.

Prashant graduated from IIM Calcutta with a Post Graduate Diploma in Management, focusing on Finance and Systems.

Jennifer Tan joined Ant Group in September 2017 and has served as Executive Vice President of Strategy Development and Government Affairs for the Greater Bay Area since early 2020. She is also the Director and Program Head of 10x1000 Tech for Inclusion. From September 2017 to March 2024, she was the CEO of AlipayHK.

With nearly three decades of experience in senior management, Jennifer is a respected accounting professional and fintech leader. She holds an MBA from the University of Warwick and is a fellow of ACCA, ICAEW, and HKICPA. Her accolades include the Outstanding Women Professionals and Entrepreneurs Award in 2021 and recognition as one of Fintech's Top 100 Leaders by Fintech Magazine. In 2019, she was named ACCA Advocate of the Year for both Hong Kong and Greater China and served as Chairlady of ACCA Hong Kong in 2021/22. She is currently a member of the ACCA Global Council (2022-2025) and has been honored as the Chapter Honoree of the Beta Gamma Sigma Chapter at Hong Kong Baptist University, as well as the Outstanding Alumni in Professional Achievement of PolyU Faculty of Business.

A passionate advocate for fintech development, Jennifer serves on the Board of Directors of the Hong Kong Financial Services Development Council, actively contributing to the future of the financial services sector. She is also a member of various organizations, including the Hong Kong Academy of Finance and the Fintech Association of Hong Kong.

In addition to her professional roles, Jennifer is involved in voluntary initiatives, serving on advisory committees for local universities and engaging in community programs focused on youth empowerment. She frequently speaks at events, inspiring the next generation to pursue careers in accounting and fintech.

Ivan Bernardo is a Research Associate of the BSP Research Academy of the Bangko Sentral ng Pilipinas. Within the Academy, he is part of that team that primarily investigates on issues focusing on International Economics and Sectoral Studies, particularly trade and industrial performance and its national and international implications. His research covers service sector and trade-in-services development, servicification, current account policy implications, firm dynamics in times of crisis, pricing dynamics, and exchange rate forecasting.

Before joining the bank, he was an innovation and policy advisor in the development and private sector, including the Department of Trade and Industry, the UN Industrial Development Organization (UNIDO), and the Economic and Social Commission for Asia and the Pacific (ESCAP).

Mr. Bernardo has a Bachelor of Science in Economics from the University of the Philippines, Diliman, and a Master of Economics in Applied Economics from the National University of Singapore with funding supported by the POSCO TJ Park Foundation, the Government of Japan, and the Asian Development Bank. Similarly, he is also currently teaching economics and engineering modules at both universities.

Jing Lian is a manager at the Hong Kong Institute for Monetary and Financial Research (HKIMR), currently working on macroeconomic and macro-financial research and thought leadership on current financial issues. He had engaged in policy advocacy and implementation, research, quantitative modelling and data analytics at the Central Bank of Malaysia, Ministry of Health Malaysia, the National Institutes of Health Malaysia, and the Advisory Committee to the Finance Minister of Malaysia. Briefly in 2023, he was a visiting economist at the Bank for International Settlements.

Dr. Shi Yinghua is a senior research fellow and a professor in Chinese Academy of Fiscal Sciences (CAFS)，MOF, China. She serves as Director of Research Center on Macroeconomic Theory and Policy at CAFS. She is a council member of the Society of Public Finance of China, Vice Chairman of the Regional Finance Research Committee, Executive director of national budget and Accounting Research Association, Member of the editorial board of the Blue Book of China’s Fiscal Policy. Since 1996, she devotes herself in the research on fiscal theory and policy for CAFS. Her main research areas are fiscal policy, macroeconomics, climate finance, public expenditure management, etc. She has published several important papers, monographs and books. She worked as a visiting researcher of SIEPR at Stanford University during 2004-2005. She has participated in the 64th Annual Meeting of the International Institute of finance, The third and Sixth Tokyo Fiscal Forum, 2024 Asian Regional Public Debt Management Forum, Annual Economic Consultations on China of AMRO.

Giorgio Valente currently leads the HKIMR, the research institute of the Hong Kong Academy of Finance and affiliate of the Hong Kong Monetary Authority. He is also an Adjunct Professor in the Department of Finance of the Hong Kong University of Science and Technology Business School and he serves as Fellow of the Asian Bureau of Finance and Economic Research (ABFER). Giorgio previously held academic roles at leading universities in the UK and Hong Kong and his work has been published in academic journals in finance and economics. His thought leadership activity currently focuses on innovation in financial services, green and sustainable finance and regional financial market developments. Prior to his current role, Giorgio has provided consulting expertise to institutions such as the US Federal Reserve, the Hong Kong Monetary Authority and the Bank for International Settlements.

SUI Jin got her PhD from ESSEC Business School, France, and joined the Chinese Academy of Fiscal Sciences in 2024. She will present about fiscal devaluation based on eurozone practice at this seminar. Her main interests are in public economics, labor subsidy, and tax. She also starts to work on state-owned capital.

Aruhan Rui Shi is an Associate Economist at the ASEAN+3 Macroeconomic Research Office (AMRO), where her research focuses on macroeconomic issues including the growth impact of population aging, exchange rate pass-through, and fiscal sustainability. She develops macrofinancial tools using advanced techniques such as DSGE modeling and applied AI technologies to enhance economic analysis.

In addition to her research, she contributes to AMRO’s country surveillance work, with a particular focus on Japan. During her Ph.D. studies, she interned at the International Monetary Fund (IMF), contributing to the integration of AI into macroeconomic models, and worked part-time as a consulting economist at the Asian Development Bank (ADB), focusing on debt dynamics and fiscal policy. She holds a Ph.D. in Economics from the University of Warwick.

Dr. Hung Duy Bui is a lecturer at the Banking Academy of Vietnam, where he teaches Macroeconomics and International Economics. His research focuses on exchange rate policy, monetary policy, and fiscal policy, drawing on both academic training and practical experience.

Before entering academia, he worked at the Monetary Policy Department of the State Bank of Vietnam, where he contributed to monetary policy design and implementation, including interest rate and exchange rate management. He holds a Ph.D. in Economics from Griffith University, Australia. At the 2nd ASEAN+3 Finance Think-tank Network (AFTN) Seminar in Hong Kong, Dr. Hung will present on Central Bank Digital Currency (CBDC) in the context of Vietnam, offering insight into the country’s approach to digital financial transformation.