If you're scrambling for tickets to see one of the world's most influential economists speak in Hong Kong this Thursday, you're not alone. Professor Jeffrey Sachs of Columbia University—ranked among the top three most influential economists of our time by The Economist—will be holding court at the Hong Kong Convention and Exhibition Centre, and everyone from politicians to media folks wants in.
The Economist Who Isn't Afraid to Speak Truth to Power
For anyone keeping tabs on global affairs, you've probably stumbled across Sachs in countless online videos. As Director of Columbia's Center for Sustainable Development, this guy gets it—real progress only happens when countries actually cooperate instead of constantly trying to one-up each other. Otherwise, we're all heading for a cliff.
Don't let his unassuming appearance fool you. Sachs might look mild-mannered, but when he opens his mouth, he delivers razor-sharp analysis backed by decades of serious scholarship. He's not afraid to call out the powerful, even when they probably won't listen (or in Trump's case, might not even understand).
China's Long-Term Game vs America's Short-Term Fixes
Back in April at a diplomatic forum in Turkey, Sachs dropped some truth bombs that are worth paying attention to. After working around the globe for 40 years, he claims that China is becoming the world's most visionary country—and he's got the receipts to back it up.
Here's what caught my attention: Sachs argues that China's success isn't some happy accident or stroke of luck. It's the result of serious, long-term strategic thinking. Take their "Made in China 2025" plan from 2014—Sachs points out this wasn't about protectionism but rather "an investment in technology" and a genuine bid for global leadership. The results speak for themselves: "in eight of the 10 sectors that were identified there China succeeded in reaching the forefront."
And it doesn't stop there. China's 2017 AI strategy led to breakthroughs like DeepSeek—these aren't random innovations popping up overnight. They're the fruits of deliberate, strategic planning. As Sachs put it with genuine admiration: "so this is hard work that actually pays off. This is what every government should do."
Trump's Trade Wars: Political Theater, Not Economic Policy
But Sachs doesn't just praise China—he absolutely eviscerates America's approach under Trump. The protectionist policies? Pure political theater, according to this economic heavyweight. Sure, they might win some quick political points, but the long-term economic damage is devastating.
America's tariffs and trade wars, dressed up as "national security" measures against supposed foreign exploitation, are really just feeding nationalist anger—and that's never a substitute for actual economic policy. They certainly don't solve America's massive debts and budget problems.
Sachs gets straight to the point about America's real issues: "Here's where the US really failed over the last 40 years -- we let the inequalities widen and widen... the United States political system didn't address it at all for 40 years." His diagnosis is brutal but accurate: "Candidates of both political parties are paid by rich donors for their reelection campaigns and both parties then become the agents of tax cuts and not really addressing the social conditions."
The result? "You end up with a Donald Trump coming in and selling a pseudo explanation -- it's all China, and selling a pseudo remedy -- a trade war." And here's perhaps the most damning quote about Trump's attitude toward America's debt crisis: "Donald Trump hasn't said it in public but apparently in private during his first term he was asked about the problem of the US national debt and his answer was 'I don't care because I'll be dead by the time it's a problem.'"
From Economic Doctor to Hong Kong Honors
Sachs isn't just a talking head—he's the real deal. This "economic doctor" has helped countries like Bolivia beat hyperinflation and guided numerous nations through successful economic transitions from planned to market economies. The irony? This lifelong champion of market economics now watches America retreat into protectionism, trashing the very global rules and order it once built.
Hong Kong clearly appreciates his work too. In 2023, the Chinese University of Hong Kong gave him an honorary Doctor of Social Science degree for his efforts in sustainable development and fighting economic inequality.
While Thursday's forum theme hasn't been officially announced yet, I'm personally hoping to hear Sachs dive deep into the relationship between planned and market economies—especially given how China's strategic approach seems to be running circles around America's reactive politics.
This is the kind of perspective we desperately need more of: clear-eyed analysis that cuts through the political noise to focus on what actually works.
Ocean
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
WASHINGTON (AP) — Treasury Secretary Scott Bessent on Monday confirmed the names of five candidates to replace Jerome Powell as chair of the powerful Federal Reserve next year.
On an Air Force One flight to Asia with President Donald Trump, Bessent said he would engage in a second round of interviews in the coming weeks and present a “good slate” of candidates to Trump “right after Thanksgiving.” Trump said he expected to decide on Powell's replacement by the end of this year.
The five people under consideration are: Federal Reserve governors Christopher Waller and Michelle Bowman; former Fed governor Kevin Warsh; White House economic adviser Kevin Hassett; and Rick Rieder, senior managing director at asset manager BlackRock.
The names suggest that no matter who is picked, there will likely be big changes coming to the Federal Reserve next year. Bessent, who is leading the search for Powell's replacement, last month published extensive criticisms of the Fed and some of the policies it has pursued from the Great Financial Crisis of 2008-2009 to the pandemic.
Trump on Monday, meanwhile, repeated his long-standing attacks on Powell, charging that he has been too slow to cut interest rates.
“We have a person that’s not at all smart right now," Trump said, referring to Powell. “He should have been much lower, much sooner.” The Fed is expected to lower its key rate Wednesday for the second time this year.
Trump's goal of selecting a new chair by the end of this year could reflect some of the tricky elements surrounding Powell's status. His term as chair ends next May, but he could remain on the Fed's board as one of seven governors until January 2028, an unusual but not entirely unprecedented step. Such a move would deprive Trump of an opportunity to nominate another governor for several years.
Still, current governor Stephen Miran was appointed by Trump Sept. 16 to finish an unexpired term that ends next Jan. 31. Trump could nominate his candidate to replace Powell for that seat, and then elevate that person to chair in May after Powell steps down.
Hassett is currently the chair of the National Economic Council at the White House and was also a top Trump adviser in the president's first term, and a frequent defender of the administration's policies on television. His longtime loyalty to the president could give him an edge, some Fed watchers say.
Warsh is a former economic advisor in the George W. Bush administration and was appointed to the Fed's governing board in 2006 at age 35, making him the youngest Fed governor in history. He left the board in 2011. Warsh is now a fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business.
Waller was appointed to the Fed by Trump in 2020, and quickly established himself as an independent voice. He began pushing for rate cuts in July and dissented at that meeting in favor of a quarter-point cut, when the Fed decided to leave its key rate unchanged. But he voted to reduce rates just a quarter-point in September, along with 10 other Fed officials, while Miran dissented in favor of a half-point.
Michelle Bowman is the Fed's vice chair of supervision, making her the nation's top banking regulator. She was appointed by Trump in 2018, and before that was Kansas' state bank commissioner. Bowman also dissented in favor a rate cut in July, then voted with her colleagues last month for a quarter-point reduction.
Rieder has the most financial markets experience of any of the candidates and has worked for Wall Street firms since 1987. Rieder joined BlackRock in 2009. His focus is in fixed income and he oversees the management of roughly $2.4 trillion in assets.
Bessent has set out a wide-ranging critique of the Fed while interviewing for Powell's replacement. In particular, he has criticized the central bank for continuing unconventional policies, such as purchasing Treasury bonds in order to lower longer-term interest rates, long after after such steps were justified, in his view, by emergency conditions.
“It is essential the Fed commit to scaling back its distortionary impact on markets," Bessent wrote. “It also likely requires an honest, independent, and nonpartisan review of the entire institution and all of its activities.”
Bessent's criticisms aren't entirely new, but they have gained greater traction in the wake of the 2021-22 inflation surge. The Fed is mandated by Congress to seek stable prices as well as maximum employment.
Bessent's critiques have also inevitably been tangled up with Trump's insistent calls for lower interest rates, which have threatened the Fed's independence from day-to-day politics. Trump has also taken the unprecedented step of trying to fire Fed governor Lisa Cook, a Biden appointee, to open another seat on the board for him to fill.
Cook has sued to keep her seat and the Supreme Court has allowed Cook to remain on the board while it considers the case.
Trump's attacks on the central bank have left some longtime Fed critics skeptical of the Trump administration's approach.
Peter Conti-Brown, a Fed historian and professor of financial regulation at the University of Pennsylvania's Wharton School, cautioned against placing “loyalists” on the Fed “who are there to push the president’s narrative.”
“Those are the ones that we want as his advisers and spokespeople and his lawyers, not his central bankers,” he said.
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Treasury Secretary Scott Bessent, left, speaks to reporters as President Donald Trump, right, listens aboard Air Force One while traveling from Kuala Lumpur, Malaysia, to Tokyo, Japan, Monday, Oct. 27, 2025. (AP Photo/Mark Schiefelbein)
Treasury Secretary Scott Bessent speaks with reporters at the White House, Wednesday, Oct. 22, 2025, in Washington. (AP Photo/Evan Vucci)
