Faculty Members Directory

Biography

Dr Cheong is an Associate Professor at HSUHK. He received his Ph.D. in Economics from the University of Western Australia, and he holds a Master of Applied Finance from the Western Sydney University. He also has a Master’s degree in International Relations from Griffith University, and a Bachelor’s degree (Honours) in Engineering from the Hong Kong Polytechnic University. He has conducted research in many different fields. The findings of his research studies have been published in many prestigious journals. He is the Associate Editor of the Journal of the Asia Pacific Economy, and a member of the Executive Committee of the Chinese Economics Society Australia. He is experienced in the study of economic problems using various econometric programs (Stata, EViews). He also has an extensive knowledge in Computable General Equilibrium (CGE) analysis and applied economic modeling (GEMPACK ORANI-G, RunGDYN, RunGTAP, TERM). Moreover, he has a comprehensive knowledge in state-of-the-art analytical techniques such as machine learning, artificial neural network analysis, and deep learning (MATLAB, TensorFlow, Keras, NumPy, Pandas, Matplotlib, Seaborn, Scikit-learn). He also knows Python and VBA. Because of his profound knowledge in economic modeling, he has offered training to the staff at the Australian Federal Treasury and Ph.D. students at the Australian National University and UWA. He also worked as a consultant for PricewaterhouseCoopers (PwC) Australia in evaluating the impacts of various policies for the Australian Federal Government, trade association, and corporation. After migrating back to Hong Kong from Australia, he has provided professional training on economics to various professional associations and corporations in Hong Kong, and has participated in many consultancy projects and TV interviews. CGE economic analysis is deemed to be the best tool in evaluating the impacts of socioeconomic issues and policy changes. CGE model describes all parts of an economy and it can provide pragmatic policy recommendations to the government in formulating policies and relevant information to the corporations in preparing forecasts. However, CGE model is very complicated, and some model can have millions of equations. Because of the complexity of CGE modeling, it is not commonly employed. Dr Cheong is an expert in CGE modeling, and he always promotes the use of this analytical tool in economic analysis. As the Programme Director of the BBA-Economics Programme, he has incorporated the training of CGE modeling into the programme, so that students can gain hands-on experience in using CGE software, thereby giving them an edge in employment.

Research and Teaching Interests

• China’s economy; development economics; energy economics; environmental economics; inequality; rural development; real estate economics; socioeconomic policy analysis; policy simulation; distribution dynamics analysis; Computable General Equilibrium (CGE) analysis; machine learning; artificial neural network analysis; deep learning

Intellectual Contributions (Publications, Conferences, Books, Book Chapters, etc.)

Journals

• Cheng, L. T. W., Cheong, T. S., Wojewodzki, M., & Chui, D. (2025). The effect of ESG divergence on the financial performance of Hong Kong-listed firms: An artificial neural network approach. Research in International Business and Finance, 73, 102616.
• Wei, Y., Wojewodzki, M., Cheong, T. S., & Shi, X. (2024). Cross-country distribution dynamics of carbon emissions and intensity: Before and after the global financial crisis. Review of Economic Analysis, 16(3), 343-370.
• Wei, Y., Cheong, T. S., Wojewodzki, M., & Shi, X. (2024). Global long-run convergence of carbon emissions and intensity vis-à-vis countries' industrial profiles. Green Finance, 6(4), 612-629.
• Zeng, Y., Cheong, T. S., Wojewodzki, M., & Shi, X. (2024). Mapping the dynamics of FDI in China: Convergence, divergence, and policy insights within free trade zones and beyond. The Journal of International Trade & Economic Development, 1-19.
• Liu, X., Yu, J., Cheong, T. S., & Wojewodzki, M. (2024). Transitional dynamics and spatial convergence of house-price-to-income ratio in urban China. Economics Bulletin, Forthcoming.
• Linghu, J., Wojewodzki, M., & Cheong, T. S. (2024). Effects of information and communication technology on total-factor carbon emission efficiency and the health co-benefits. Frontiers in Public Health, 11, 1301627.
• Zhong, X., Cao, Z., Peng, B., & Cheong, T. S. (2023). Study on the coupling and coordination relationship between the digital economy and green development: Evidence from Guangdong Province in China. Frontiers in Environmental Science, 11, 1268601.
• Wong, W. K., Cheong, T. S., Chui, D., Lv, Z., & Vieito, J. P. (2023). New trading strategy in investment and a new anomaly: A study of the hedge funds from emerging and developed markets. Heliyon, 9(12), e22486.
• Wojewodzki, M., Cheong, T. S., Shen, J., & Cheng, L. T. W. (2023). Does corporate carbon performance converge in the global market? Evidence from a distribution dynamic approach. Journal of Environmental Management, 342, 118355.
• Cheong, T. S., Tang, F., Cheng, A., Wojewodzki, M., & Chan, S. (2023). Long-term evolution of business ethics in Hong Kong. International Journal of Business Governance and Ethics, Forthcoming.
• Zhao, G., Cheong, T. S., Tung, B., & Siu, Y. W. (2023). The characteristics of the financially vulnerable groups impacted by COVID-19 and other factors. Sustainability, 15(10), 8163.
• Wojewodzki, M., Wei, Y., Cheong, T. S., & Shi, X. (2023). Urbanization, agriculture and convergence of carbon emissions nexus: Global distribution dynamics analysis. Journal of Cleaner Production, 385, 135697.
• Ma, N., Siu, Y. W., Cheong, T. S., & Tung, B. (2022). Impact of COVID-19 on lifestyle and financial behaviour: The implications to research in financial vulnerability. Frontiers in Psychology, 13, 1073017.
• Li, V. J., Cheong, T. S., Huang, W., & Shum, W. Y. (2022). Examining the regional disparity of agricultural development: A distribution dynamics approach. Sustainability, 14(19), 12779.
• Cheong, T. S., Wan, G., & Chui, D. K. H. (2022). Unveiling the relationship between economic growth and equality for developing countries. China and World Economy, 30(5), 1-28.
• Liu, X., Cheong, T. S., Yu, J., & Wojewodzki, M. (2022). Transitional dynamics and spatial convergence of house-price-to-income ratio in urban China. Economics Bulletin, Forthcoming.
• Williams, A. D., Cheong, T. S., & Wojewodzki, M. (2022). Transitional dynamics and the evolution of information transparency: A global analysis. Estudios de Economia, 49(1), 31-62.
• Liu, X., Yu, J., Cheong, T. S., & Wojewodzki, M. (2022). The future evolution of housing price-to-income ratio in 171 Chinese cities. Annals of Economics and Finance, 23(1), 159-196.
• Ma, N., Cheong, T. S., & Li, J. (2021). Evaluating global inequality using decomposition approach. Frontiers in Psychology, 12, 6170.
• Ma, N., Li, V. J., Cheong, T. S., & Zhuang, D. (2021). The evolutionary trend of global inequality: Analyzing the impacts of economic structure. Frontiers in Psychology, 12, 808976.
• Ma, N., Shum, W. Y., Han, T., & Cheong, T. S. (2021). Global industrial development: Insights from the distribution dynamics approach for the post-COVID era. Frontiers in Public Health, 9, 792947.
• Ma, N., Shum, W. Y., Han, T., & Cheong, T. S. (2021). Global inequality in service sector development: Trend and convergence. Frontiers in Psychology, 5411.
• Cheong, T. S., Wu, Y., Wojewodzki, M., & Ma, N. (2021). The impacts of globalization on inequality in the post-COVID-19 world: Evidence from China. Frontiers in Public Health, 9, 790312.
• Tan, X., Sun, Q., Wang, M., Cheong, T. S., Shum, W. Y., & Huang, J. (2021). Assessing the effects of emissions trading systems on energy consumption and energy mix. Applied Energy, 310, 118583.
• Li, J. V., Cheong, T. S., & Shi, X. (2021). A counterfactual baseline for assessing future environmental impact: A case study of the Belt and Road Initiative. Frontiers in Environmental Science, 9, 724095.
• Shi, X., Cheong, T. S., & Zhou, M. (2021). COVID-19 and global supply chain configuration: Economic and emissions impacts of Australia-China trade disruptions. Frontiers in Public Health, 9, 752481.
• Shi, X., Cheong, T. S., Yu, J., & Liu, X. (2021). Quality of life and relative household energy consumption in China. China and World Economy, 29, 127-147.
• Lee, W. C., Shen, J., Cheong, T. S., & Wojewodzki, M. (2021). Detecting conflicts of interest in credit rating changes: A distribution dynamics approach. Financial Innovation, 7(1), 1-23.
• Yu, J., Shi, X., & Cheong, T. S. (2021). Distribution dynamics of China’s household consumption upgrading. Structural Change and Economic Dynamics, 58, 193-203.
• Shen, J., Shum, W. Y., Cheong, T. S., & Wang, L. (2021). COVID-19 and regional income inequality in China. Frontiers in Public Health, 9, 541.
• Shi, X., Cheong, T. S., & Li, V. J. (2021). Evolution of future world coal consumption: Insights from a distribution dynamics approach. International Journal of Oil, Gas and Coal Technology, 27, 186-207.
• Cheong, T. S., Li, J., & Cheng, W. W. (2021). Distribution dynamics of China’s regional housing price disparity. International Journal of Urban Sciences, 25, 51-70.
• Wu, J., Wu, Y., & Cheong, T. S. (2021). New evidence on the convergence and regional clusters in China: A weighted continuous distribution dynamics approach. Applied Economics, 53, 976-995.
• Zhang, H., Shi, X., Cheong, T. S., & Wang, K. (2020). Convergence of carbon emissions at the household level in China: A distribution dynamics approach. Energy Economics, 92, 104956.
• Shi, X., Wang, K., Cheong, T. S., & Zhang, H. (2020). Prioritizing driving factors of household carbon emissions: An application of the LASSO model with survey data. Energy Economics, 92, 104942.
• Shi, X., Yu, J., & Cheong, T. S. (2020). Convergence and distribution dynamics of energy consumption among China's households. Energy Policy, 142, 111496.
• Wei, Y., Chung, K. H. K., Cheong, T. S., & Chui, D. K. H. (2020). The evolution of energy market and energy usage: An application of the distribution dynamics analysis. Frontiers in Energy Research, 8, 122.
• Wang, L., Cheong, T. S., Wu, Y., & Wu, J. (2019). Convergence and inter-country inequality within Asia: A combined approach using decomposition techniques and transitional dynamics analysis. Asian Economic Journal, 33, 341-362.
• Cheong, T. S., Li, V. J., & Shi, X. (2019). Regional disparity and convergence of electricity consumption in China: A distribution dynamics approach. China Economic Review, 58, 101154.
• Lee, W. C., Cheong, T. S., Wu, Y., & Wu, J. (2019). The impacts of financial development, urbanization, and globalization on income inequality: A regression-based decomposition approach. Asian Economic Papers, 18, 126-141.
• Zhuang, D., Lee, W. C., Cheong, T. S., Wu, H., & Peng, B. (2019). Revisiting income inequality in rural China: A decomposition by regression approach. Journal of the Asia Pacific Economy, 24, 452-467.
• Li, J., Cheong, T. S., Shen, J., & Fu, D. (2019). Urbanization and rural-urban consumption disparity: Evidence from China. Singapore Economic Review, 64, 983-996.
• Cheong, T. S., Cheng, A. W. W., & Li, J. (2019). Evolutionary trend of foreign investment in China: A combined decomposition and transitional dynamics approach. Singapore Economic Review, 64, 1037-1055.
• Cheong, T. S., & Wu, Y. (2018). Convergence and transitional dynamics of China's industrial output: A county-level study using a new framework of distribution dynamics analysis. China Economic Review, 48, 125-138.
• Cheong, T. S., & Li, V. J. (2018). Transitional distribution dynamics of housing affordability in Australia, Canada and USA. International Journal of Housing Markets and Analysis, 11, 204-222.
• Wu, J., Wu, Y., Cheong, T. S., & Yu, Y. (2018). Distribution dynamics of energy intensity in Chinese cities. Applied Energy, 211, 875-889.
• Li, V. J., Cheng, A. W. W., & Cheong, T. S. (2017). Home purchase restriction and housing price: A distribution dynamics analysis. Regional Science and Urban Economics, 67, 1-10.
• Wu, J., Wu, Y., Guo, X., & Cheong, T. S. (2016). Convergence of carbon dioxide emissions in Chinese cities: A continuous dynamic distribution approach. Energy Policy, 91, 207-219.
• Cheong, T. S., Wu, Y., & Wu, J. (2016). Evolution of carbon dioxide emissions in Chinese cities: Trends and transitional dynamics. Journal of the Asia Pacific Economy, 21, 357-377.
• Li, S., & Cheong, T. S. (2016). Convergence and mobility of rural household income in China: New evidence from a transitional dynamics approach. China Agricultural Economic Review, 8, 383-398.
• Cheong, T. S., & Wu, Y. (2015). Crime rates and inequality: A study of crime in contemporary China. Journal of the Asia Pacific Economy, 20, 202-223.
• Cheong, T. S., & Wu, Y. (2014). The impacts of structural transformation and industrial upgrading on regional inequality in China. China Economic Review, 31, 339-350.
• Cheong, T. S., & Wu, Y. (2013). Regional disparity, transitional dynamics and convergence in China. Journal of Asian Economics, 29, 1-14.

Book Chapters

• Tyers, R., Zhang, Y., & Cheong, T. S. (2013). China’s saving and global economic performance. In R. Garnaut, C. Fang, & L. Song (Eds.), China: A new model for growth and development. ANU E Press.
• Cheong, T. S., & Wu, Y. (2012). Intra-provincial inequality in China. In H. McKay & L. Song (Eds.), Rebalancing and sustaining growth in China. ANU E Press.
• Cheong, T. S. (2012). New evidence of regional inequality. In Y. Wu (Ed.), Regional development and economic growth in China. World Scientific Publishing.

Book

• 張俊獅 2024 《貼地經濟學：當理論背離現狀時的避險課》非凡出版

Edited Books

• CHEONG, T. S., SHI, X., LI, Y., SUN, Y., (eds.) 2022. Application of Big Data, Deep Learning, Machine Learning, and Other Advanced Analytical Techniques in Environmental Economics and Policy. Lausanne: Frontiers Media SA. doi: 10.3389/978-2-88976-596-6.
• CHEONG, T. S., SHI, X., SUN, Y., YU, J., YAO, X., (eds.) 2023. Interactions between China’s National Emissions Trading Scheme and Electricity Market: Practices and Policies. Lausanne: Frontiers Media SA. doi: 10.3389/978-2-83251-432-0.

Policy Briefs

• Cheong, T. S., & Chui, D. K. H. (2022). The impacts of the trade war between China and the United States: A perspective from the computable general equilibrium model. HSUHK Business Review, 4(1), 25–35.
• Shi, X., Cheong, T. S., & Zhou, M. (2020). The economic and emissions impacts of trade disruptions between Australia and the People's Republic of China. ERIA Discussion Paper.
• Cheong, T. S., & Chui, D. K. H. (2020). Evaluating the impacts of the trade war between China and the United States. Biz Newsletter, 15, 4–5

Editorial

• Cheong, T. S., Li, T., Shi, X., & Yu, J. (2024). Editorial: New directions of digital economy, energy transition, and climate change in the post-COVID-19 era: Application of machine learning and other advanced analytical techniques. Frontiers in Environmental Science, 12.
• Cheong, T. S., Shi, X., Li, Y., & Sun, Y. (2022). Editorial: Application of big data, deep learning, machine learning, and other advanced analytical techniques in environmental economics and policy. Frontiers in Environmental Science, 10.

Research Grants and Awards

• Sin Wai Kin Chinese Culture Promotion Scheme (冼為堅中華文化拓展計畫), 2024, Principal-Investigator, HK$30,841. Project Title: Revisiting China’s Place: Comparisons from Various Perspectives Series II (重新審視中國的地位：不同觀點角度的比較系列二) (A053 – SWK – 23 – 24 – P12)
• Sin Wai Kin Chinese Culture Promotion Scheme (冼為堅中華文化拓展計畫), 2022, Principal-Investigator, HK$20,000. Project Title: Revisiting China’s Place: Comparisons from Various Perspectives (重新審視中國的地位：不同觀點角度的比較) (A044 – SWK – 21 – 22 – P10)
• Major Project of National Social Science Foundation of China (中國國家社科基金重大項目), 2021, Co-Investigator, RMB¥ 800,000. Project Title: Research on the Ways to Actively Participate and Lead International Cooperation in Addressing Climate Change (積極參與和引領應對氣候變化國際合作研究) (21ZDA089)
• National Natural Science Foundation of China (中國國家自然科學基金), 2021, Co-Investigator, RMB¥ 480,000. Project Title: Driving Factors and Underlying Mechanism of Firm Energy Transition (企業能源轉型的驅動因素及其作用機理研究) (72174056)
• National Natural Science Foundation of China (中國國家自然科學基金), 2021, Co-Investigator, RMB¥ 480,000. Project Title: Research on Formation Mechanism, Influencing Factors and Emission Reduction Path Optimization of China’s Carbon Emission Intensity from the Perspective of Global Value Chain (全球價值鏈視角下中國碳排放強度的形成機制, 影響因素與減排政策優化研究) (72174059)
• Public Policy Research (PPR) Funding Scheme of Hong Kong, 2020, Co-Investigator, HK$ 392,150. Project Title: Evaluating the Impact of New Town Development: A Piketty's Framework (2020.A4.071.20D)
• Inter-Institutional Development Scheme (IIDS), 2017, Co-Investigator, HK$ 381,900. Project Title: FinTech: Disruptive Innovation in Financial Services (UGC/IIDS14/B02/17).
• Humanities and Social Science Research Project of the Ministry of Education of China (中國教育部人文社會科學研究專案), 2017, Co-Investigator, RMB¥ 100,000. Project Title: Research on Weighted Continuous Distribution Dynamics Method and Its Applications (加權的連續性分佈動態方法及其應用研究) (16YJA790050).
• Faculty Development Scheme (FDS) of Hong Kong, 2016, Principal-Investigator, HK$ 421,177. Project Title: The Evolutionary Trend of International Income Inequality: An Analysis of Decomposition and Transitional Dynamics (UGC/FDS14/B19/16).

Teaching Grant Awarded

• Enhancement and Start-up Grant Scheme (ESGS) of the Education Bureau of Hong Kong, 2021, HK$19,089,127. Project Title: FinTech Literacy Enhancement (ESGS/2021/APP-10).

Business and Professional Engagement

Professional Memberships Research / Consultancy Projects

• 2022-2024 Research on the Effectiveness of Financial Education Program for the Senior Students of Secondary School for the Healthy Budgeting Family Debt Counselling Centre (健康理財家庭輔導中心) of Tung Wah Group of Hospitals (東華三院)
• 2021-2022 Research on the Effectiveness of Financial Education Programs and Youth Entrepreneurship Programs for the Students of Secondary Schools for the Healthy Budgeting Family Debt Counselling Centre (健康理財家庭輔導中心) of Tung Wah Group of Hospitals (東華三院)
• 2021-2022 The Characteristics of the Vulnerable Groups with Personal Financial Difficulties: The Impact of Covid-19 and the Implications to Financial Counselling Needs for the Investor and Financial Education Council (IFEC投資者及理財教育委員會) and the Healthy Budgeting Family Debt Counselling Centre (健康理財家庭輔導中心) of Tung Wah Group of Hospitals (東華三院)
• 2020-2021 Research and Survey on Industrial Development Trend for the Hong Kong Young Industrialists Council (香港青年工業家協會)
• 2019-2020 Research on the Effectiveness of Financial Education Programs and Youth Entrepreneurship Programs for the Students of Secondary Schools for the Healthy Budgeting Family Debt Counselling Centre (健康理財家庭輔導中心) of Tung Wah Group of Hospitals (東華三院)
• 2014-2015 Various CGE modeling on the impacts of socioeconomic policies for PwC (Australia) including Benefits and Productivity Improvements for Online Data Dissemination Impacts on Business Sectors for Changes in Australia’s Trade Policies Benefits of Australian Government’s Overseas Investment

Media / TV Interviews

• Article: dotdotnews.com 點新聞: 新聞背後–沒有去旅行　匯率也會影響到我嗎？ 2024/7/29
• Radio interview: Metro Broadcast Corporation (新城電台), 新城夜繽紛–筆請自來, 2024/7/23
• Interview: 一本讀書會, 「閱讀一小時」書展簽書活動, 2024/7/19
• Article: dotdotnews.com 點新聞, 新聞背後: 如何正確分析世界 2014/12/2
• Article: dotdotnews.com 點新聞, 新聞背後: 西方國家的掠奪歷史 2024/11/18
• Article: dotdotnews.com 點新聞, 新聞背後: 泰國中央銀行對97金融風暴的立場 2024/11/4
• Article: dotdotnews.com 點新聞, 新聞背後: 出現貨幣危機時的應對策略 2024/10/21
• Article: dotdotnews.com 點新聞, 新聞背後: 西方資本如何配合媒體控制經濟 2024/10/7
• Article: dotdotnews.com 點新聞, 新聞背後: 西方國家會不會干預市場 2024/9/23
• Article: dotdotnews.com 點新聞, 新聞背後: 如何避免貨幣大跌2024/9/9
• Article: dotdotnews.com 點新聞, 新聞背後: 如何調控貨幣的匯率 2024/8/26
• Article: dotdotnews.com 點新聞, 新聞背後: 亞洲金融危機的背後 2024/8/12
• Article: dotdotnews.com 點新聞, 新聞背後: 沒有去旅行　匯率也會影響到我嗎？ 2024/7/29
• Article: dotdotnews.com 點新聞, 新聞背後: 西方經濟學的不足之處 2024/7/15
• Article: dotdotnews.com 點新聞, 新聞背後: 學好經濟居然要先學好中文 2024/7/2
• Article: dotdotnews.com 點新聞, 新聞背後: 日本匯率政策的背後實況 2024/6/17
• Article: dotdotnews.com 點新聞, 新聞背後: 西方的政策騙術？看一下真相 2024/6/3
• Article: dotdotnews.com 點新聞, 新聞背後: 西方匯率的騙術 2024/5/21
• Article: dotdotnews.com 點新聞, 新聞背後: 進出口行業與匯率的真正關係 2024/5/7
• Article: dotdotnews.com 點新聞, 新聞背後: 日圓低水與現代「賣豬仔」 2024/4/22
• Article: dotdotnews.com 點新聞, 新聞背後: 西方媒體的雙重標準 2024/4/8
• Article: dotdotnews.com 點新聞, 新聞背後: 貿易自由與聯繫匯率 2024/3/25
• Article: dotdotnews.com 點新聞, 新聞背後: 話語權 2024/3/11
• Article: dotdotnews.com 點新聞, 新聞背後: 如何與貧困保持距離 2024/2/26
• Article: dotdotnews.com 點新聞, 新聞背後: 家和國安定　國圓家鼎興 2024/2/12
• Article: dotdotnews.com 點新聞, 新聞背後: 外匯市場為何是規模最大的金融市場？2024/1/29
• Article: dotdotnews.com 點新聞, 新聞背後: 股票市場分析之「丁蟹」2024/1/15
• Article: dotdotnews.com 點新聞, 新聞背後: 新一年新祝願　香港如何繼續開拓向前？ 2024/1/1
• Article: dotdotnews.com 點新聞, 新聞背後: 經濟學家與政治正確 2023/12/18
• Article: dotdotnews.com 點新聞, 新聞背後: 武林秘笈或糖衣毒藥？2023/12/4
• Article: dotdotnews.com 點新聞, 新聞背後: 從日圓貶值看世界, 2023/11/14
• Interview: mingpao.com明報, 內地GDP目標保守 港股短線動力料減, 2023/3/6
• TV interview: Business News Channel (NOW財經台), News 新聞報道, 2022/8/2
• Interview: now.com,【傳佩洛西今晚抵台】學者:若衝突升級或引發匯率波動, 2022/8/2
• Article: dotdotnews.com 點新聞, 來論: 疫情防控危如累卵 全民動員緊急行動, 2022/2/16
• Article: dotdotnews.com 點新聞, 來論: 復興中華文化任重道遠 記第二屆「西史辨偽與中華文化復興」學術論壇, 2022/1/3
• Interview: 傳新報, 內地規管青少年網遊成癮 遊戲股待觀望, 2021/12/23
• TV interview: Television Broadcasts Limited (TVB), NEWS AT 6:30 六點半新聞報道, 2021/2/18
• TV interview: Television Broadcasts Limited (TVB), NEWS AT 6:30 六點半新聞報道, 2020/7/10
• TV interview: Television Broadcasts Limited (TVB), A Closer Look時事多面睇, 2020/6/26