Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

China Over-Capacity––– Shifting from Heavy to Light Industries

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Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

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<ul>
<li>Classical economist believes in what is called the "Say's Law" i.e. supply creates its own demand. But the case of China's excess production disproves this law.</li>
<li>Industry output far exceeds demand and inventory is piling up over the last decade.</li>
<li>Heavy industries such as steel, aluminium, cement, coal, and shipbuilding, are particularly prone to over-capacity as China has been over-stretching its infrastructure development since 2008. </li>
</ul>


Classical economist believes in what is called the "Say's Law" i.e. supply creates its own demand. But the case of China's excess production disproves this law.
Industry output far exceeds demand and inventory is piling up over the last decade.
Heavy industries such as steel, aluminium, cement, coal, and shipbuilding, are particularly prone to over-capacity as China has been over-stretching its infrastructure development since 2008. 


China's Excess Production over Domestic Demand