Economy

Signage for the digital yuan, also referred to as E-CNY, at a self check-out counter inside a supermarket in Shenzhen, China, on 20 November 2020. (Yan Cong/Bloomberg)

Token economics: How Singapore can boost synergy with China in building digital economies

Academics Pei Sai Fan, David Lee and Yan Li say that an understanding of other countries’ technological culture and policies is crucial in advancing digital economic cooperation. For instance, in the main, Singapore and China are able to mutually respect the differences in their blockchain and token policies, and focus on the complementarity of their approaches. Together, they can deepen their collaboration on central bank digital currencies and other projects, and lead the way regionally and globally in building digital economies of the future.
The Alibaba Group signage is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, 11 November 2020. (Aly Song/Reuters)

From heroes to pests: What’s happening to China’s internet giants?

With China’s internet giants now moving into the community group-buying market offering groceries at low prices, not everyone’s happy, as livelihoods will be affected and people have learnt a lesson from the huge price they have paid in the growth of these internet giants. Zaobao correspondent Yang Danxu examines the dark side of the “online vegetable basket” industry.
The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, 11 November 2020. (Aly Song/REUTERS)

Alibaba’s expansion into Malaysia: A double-edged sword?

Academic Tham Siew Yean notes that Alibaba’s latest foray into Malaysia will bring a raft of e-commerce opportunities to the country. But there are concerns about its pervasive presence in the country and the possible impact on competition.
Pedestrians walk past a Chinese flag in the Lujiazui financial district in Shanghai, China, on 1 December 2020. (Qilai Shen/Bloomberg)

China to clamp down on monopolies and spur domestic demand

The meeting of the Politburo of the Chinese Communist Party last week in preparation for the annual Central Economic Work Conference gave a clear indication of China’s economic direction: it is going full steam ahead on shaping a dual circulation economy driven predominantly by domestic demand. In seeking to implement demand-side reforms, deep-seated social issues and monopolistic tendencies will be addressed.
A taxi drives along a road before the city skyline in Hong Kong on 15 August 2020. (Isaac Lawrence/AFP)

A reshuffle of global financial centres on the cards?

Research analyst Fiona Huang argues that globalisation has a huge part to play in building global financial centres. If basic prerequisites such as close cooperation with regulators and market stability are met, the next-level condition for a flourishing global financial centre is an open attitude towards global capital and culture. How will the changing political milieu around the world today lead to a reshuffle of global financial centres?
A clown interacts with people at a main shopping area in Wuhan, Hubei province, China, 6 December 2020. (Aly Song/REUTERS)

China has entered the 'gilded cage' of RCEP and is considering the CPTPP. What's next?

With the recent signing of the RCEP and China’s comment that it will “favourably consider” joining the CPTPP, are prospects looking up for greater domestic reform and regional economic integration across the board, and will dreams of a free trade area of the Asia-Pacific have a higher chance of eventually taking shape? Japan-based academic Zhang Yun looks at the potential outlook.
An electric-rickshaw transports passengers along a street in the old quarters of New Delhi on 15 September 2020. (Jewel Samad/AFP)

Hostile ties with China make it impossible for India to return to RCEP

Without India, the Regional Comprehensive Economic Partnership (RCEP) stops short of being a regional construct for the Indo-Pacific, says ISAS academic Amitendu Palit. However, India is unlikely to reconsider its decision in the foreseeable future because of its worsening relations with China. While China has expressed its interest to be part of the Comprehensive and Progressive Trans Pacific Partnership (CPTPP), might India’s domestic concerns lead it to miss the boat once again, to its own detriment?
Vietnam's Prime Minister Nguyen Xuan Phuc is pictured on the screen (right) as he addresses his counterparts during the 4th Regional Comprehensive Economic Partnership (RCEP) Summit at the Association of Southeast Asian Nations (ASEAN) summit being held online in Hanoi on 15 November 2020. (Nhac Nguyen/AFP)

The overstatement of the RCEP

Chinese netizens and commentators have largely celebrated the RCEP as being China-led and a coup for China. Zhu Ying provides a reality check as to why the Chinese should instead have their feet firmly on the ground.
Chinese President Xi Jinping is seen on screens in the media center as he speaks at the opening ceremony of the third China International Import Expo (CIIE) in Shanghai, China, 4 November 2020. (Aly Song/Reuters)

China’s true intentions in wanting to join the CPTPP

After years of being excluded from the TPP that later became the CPTPP, Chinese President Xi Jinping recently commented that China is “favourably considering” joining the CPTPP. Zaobao correspondent Yu Zeyuan looks at why China seems to be keen to hop on this bandwagon which was originally set up to target China.