Economy

Pedestrians cross a road in front of the Bank of Korea headquarters in Seoul, South Korea, on 12 October 2022. (Jung Yeon-je/AFP)

Is South Korea’s economy in trouble?

Often referred to as the world’s economic “canary in the coal mine”, South Korea has seen its economy tumble over the past year, impacted by external factors such as US interest rate hikes and signs of recession in key trade partners. The accumulation of domestic factors — currency crisis, tumbling stock market and rising inflation — is also hitting the South Korean economy hard. However, this industrial powerhouse has the domestic means to climb out of the doldrums.
People walk along a main shopping area during the Alibaba's Singles' Day shopping festival in Shanghai, China, 11 November 2021. (Aly Song/Reuters)

China’s economic outlook is not bleak

China’s 20th Party Congress signalled that the government is focused on dual circulation, in particular domestic circulation. However, that does not mean that China has the intention for implementing a closed-door policy. In fact, a healthy domestic circulation will boost China's ecosystem for innovation and growth and help China further open up.
People cross a street on The Bund in Shanghai, China, on 12 October 2022. (Hector Retamal/AFP)

China’s rich are getting richer

In 2021, more Chinese families became either rich or richer, with Guangdong overtaking Beijing as the region with the most high-net-worth families in the country. These high-net-worth households largely made up of entrepreneurs, real estate investors and professional financial investors, are expected to transfer an estimated 18 trillion RMB of wealth to the next generation over the next decade.
A building under construction in Shenzhen, China, on 19 November 2022. (Qilai Shen/Bloomberg)

Can China save its property market and economy amid fastest-spreading outbreak to date?

Zaobao correspondent Yang Danxu takes a look at China’s ailing property market and the various measures taken by property companies and the authorities to boost sales and ensure that homes are completed and handed over to buyers. While the intention is good, will they work under the current Covid-19 situation?
This illustration shows Chinese yuan banknotes, 30 May 2022. (Dado Ruvic/Reuters)

China's efforts to internationalise RMB gaining a foothold in SEA

NUS academic Xu Le explains why China's project to internationalise the RMB still has much room to grow. In that regard, the ASEAN countries could play a role, given their desire to be less reliant on the US dollar.
Employees work on the assembly line during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China, 8 November 2019. (Aly Song/File Photo/Reuters)

Will Europe pour more money into China?

This year’s dramatic geopolitical changes have significantly altered the calculus for foreign investment in China as large European enterprises are increasingly taking the lead and Japanese businesses are retreating in manufacturing and advancing in services. American companies, on the other hand, are frozen as the US government imposes tough sanctions on China’s tech sector and as manufacturers weigh strategic moves back to the US.
President Xi Jinping of China (left) is greeted by the President of the Indonesian Republic Joko Widodo during the formal welcome ceremony to mark the beginning of the G20 Summit on 15 November 2022 in Nusa Dua, Indonesia. (Leon Neal/Pool via Reuters)

Indonesian elites and the general public have different views of China

Presidents Xi Jinping and Joko Widodo witnessed the test "ride" of the Jakarta-Bandung High-Speed Rail (HSR) via livestream during Chinese President Xi's visit to Indonesia for the G20 Summit in Bali. Economic cooperation remain high on the cards of bilateral relations, but while China’s trade and investment in Indonesia have grown substantially since the early 2000s, the Indonesian public does not share Jakarta’s desire to wholeheartedly embrace Beijing.
Cooperatives seem to be making a return in China, like this one in Heilongjiang. (Internet)

Cooperatives are making a comeback. Is China preparing for combat and famine?

Cooperatives that used to manage agricultural and other daily resources in China faded away during China's reform and opening up, but recently, they were highlighted again by the state media and promoted in various regions. Chinese people are concerned if this means that the government is going to further tighten its grip on the economy or that China is preparing for the likelihood of containment and even war?
A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference in Shanghai, China, 1 September 2022. (Aly Song/Reuters)

Rebirth of China's tech companies possible through regulatory reforms

While it appears that large digital platforms in China have been hit hard by a series of regulatory reforms in the last few years, they are down but not out, says researcher Jia Kai.