Economy

Two men riding an electric scooter smoke cigarette as they wait to cross a street in Beijing, China, on 12 May 2023. (Wang Zhao/AFP)

China’s tobacco monopoly is swept up in corruption probes

Nearly 20 senior executives and officials from the government-controlled China National Tobacco Corporation (China Tobacco) and the regulator, State Tobacco Monopoly Administration, have been caught up in the anti-graft investigation since 2021. Huge profits and the vertical management structure have made the tobacco industry a breeding ground for corruption.
A person poses for a photo against the backdrop of the financial Central district and Victoria Harbour in Hong Kong, China, 9 May 2023. (Reuters/Tyrone Siu)

Hong Kong youths head to mainland China's GBA to realise entrepreneur dreams

Hong Kong youths are getting a lot of support from the HK government as well as local governments from the Greater Bay Area (GBA) to develop their entrepreneurial potential in the GBA. While it means more opportunities for HK youths to pursue their entrepreneurial dreams, starting a business in an unfamiliar turf is no child's play. Lianhe Zaobao journalist Tai Hing Shing reports from the GBA.
Visitors at the 13th China Processing Trade Products Fair (CPTPF) in Dongguan, Guangdong, 10 May 2023. (CNS)

Is the Greater Bay Area still China's answer to Silicon Valley?

The Greater Bay Area remains China’s manufacturing vanguard with great potential, despite the hard knocks weathered by the tech and fintech firms in the area. Be that as it may, greater centralised technological leadership is a double-edged sword, say Hong Kong analysts Naubahar Sharif and Wendy Weng.
A staff member attends to visitors at a kettle retailer at the China Import and Export Fair, also known as Canton Fair, in Guangzhou, Guangdong province, China, 16 April 2023. (Ellen Zhang/Reuters)

Local governments' tussles for investments chided by Chinese state media

Since the pandemic has subsided, local Chinese governments have been sending trade delegations out in full force to attract investments in a bid to revive the economy. However, this strategy is now deemed as flawed and short-sighted, as the local governments are not seeing the gains they are hoping for. Lianhe Zaobao correspondent Liu Yang looks into how going all-out to attract investments is doing more harm than good.
Clothes are displayed on hangers at a Chinese fashion brand Shein pop-up store in Paris, France, on 4 May 2023. (Christophe Archambault/AFP)

Chinese fast fashion platforms could be next US target

Although Chinese fast fashion platforms such as Shein and Temu are gaining pace in the US, they could be the target of stringent US regulations over a variety of concerns such as personal data risks and trade loopholes.
Crowds of people cross the street at Shibuya Crossing, one of the busiest intersections in the world, in the Shibuya district of Tokyo on 5 April 2023. (Richard A. Brooks/AFP)

Globalisation's end could mean the end of good times

Lianhe Zaobao associate editor Peter Ong assesses that the world is moving away from globalisation as friction between countries have led to the need for self-sufficiency and “friendshoring”. Modern history has shown the ills of such moves, but then again, isn’t the worst human failing that of forgetting history?
An employee places side molding on a car along the assembly line at a factory of Chinese automaker NIO in Hefei, in China's eastern Anhui province on 10 May 2023. (Hector Retamal/AFP)

Chinese manufacturers playing catch-up in core technology

Somewhat paradoxically, the trade decoupling of China and the US has forced Chinese manufacturers to independently develop their core technology, which is a boon to their long-term development and competitiveness. But it may be some time to go before China catches up with the West.
An advertisement poster promoting China's renminbi (RMB) or yuan , U.S. dollar and Euro exchange services is seen outside at foreign exchange store in Hong Kong, China, 13 August 2015. (Tyrone Siu/Reuters)

RMB internationalisation growing in momentum with possibility for new currency

With an increasing number of countries and groupings being open to making trade settlements in currencies other than the US dollar, de-dollarisation has gained some momentum and this may also aid China’s efforts for RMB internationalisation. But China may have no intention of letting the RMB replace the US dollar. In that context, would a new “BRICS currency” be better fit for purpose?
In this file illstration photo taken on 23 February 2023, the Shein app in the app store is reflected in videos of Shein consumers in Washington, DC, US. (Stefani Reynolds/AFP)

Can Chinese e-commerce platforms Shein and Temu thrive in US and overseas markets?

Chinese platform firms that have expanded beyond the Chinese market to the US and West have had to adjust their business models, first to gain a sizeable market share, and now to handle the criticisms and pitfalls that come with a measure of success. How can Chinese e-commerce platforms like Shein and Temu survive and thrive in overseas markets?