Woo has worked as a consultant on tax and exchange rate reform for China's Ministry of Finance and, between 1994 and 1996, led an international team, which included Leszek Balcerowicz, Boris Fyodorov, Fan Gang and Jeffrey D. Sachs to study the reform experiences of centrally planned economies.
In 2001, Woo helped establish the Asian Economic Panel (AEP), a forum of about 80 specialists on Asian economies, which meets three times a year to discuss issues of importance to the region's economies.