Economy

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.
A girl sits on the shoulders of her father outside the Forbidden City during the national day marking the 71st anniversary of the People's Republic of China and the country's national "Golden Week" holiday in Beijing on 1 October 2020. (Nicolas Asfouri/AFP)

RCEP: The start of a new ‘China-centric’ order?

RCEP, the largest free trade agreement signed thus far, includes China, Japan and South Korea — the largest, second, and fourth largest economies in Asia. This heralds a new Asian era, says Zheng Weibin. Apart from the pure economic benefits that this will bring, the fact that the US is not a part of the grouping gives China some leverage against moves from the US such as its military presence in East Asia and attempts to reforge alliances against China. In this game of move and countermove, who will be the first to say "checkmate"?
China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken 16 October 2020. (Florence Lo/REUTERS)

Will China's digital currency accelerate the internationalisation of the RMB?

Some are of the opinion that an e-RMB will encourage the internationalisation of the RMB as a major global currency. NUS academic Duan Jin-Chuan argues that whether the RMB is digitalised or not is not the key issue; internationalisation of the RMB really depends on demand for and attractiveness of the RMB as a trading and value storage tool.
A screen grab taken from Vietnam Host Broadcaster's 15 November 2020 live video shows China's Premier Li Keqiang (L) clapping as Chinese Minister of Commerce Zhong Shan (R) holds up the agreement during the signing ceremony for the Regional Comprehensive Economic Partnership (RCEP) trade pact at the ASEAN summit that is being held online in Hanoi. (Handout/Vietnam host broadcaster/AFP)

RCEP affirms ASEAN’s irreplaceable East Asian centrality

The signing of the 15-member Regional Comprehensive Economic Partnership is significant, and not only due to the fact that the trade deal will cover a third of the world’s population and GDP. The RCEP also affirms the power of the East Asia concept and ASEAN’s centrality within it.
ASEAN leaders are seen on a screen as they attend the 4th Regional Comprehensive Economic Partnership Summit as part of the 37th ASEAN Summit in Hanoi, Vietnam, 15 November 2020. (Kham/REUTERS)

Why China is rejoicing over the RCEP

With the signing of the RCEP yesterday, the largest economic community in the world is very much in the making. Zaobao correspondent Yu Zeyuan examines what the RCEP means for China and the world, not least the US, which is not a member of the RCEP.
This file photo taken on 17 September 2018 shows Alibaba Group executive chairman Jack Ma preparing to deliver a speech during the main forum of the World Artificial Intelligence Conference 2018 (WAIC 2018) in Shanghai. (STR/AFP)

China's tightening fintech regulations may benefit Ma Yun's Ant in the long term

The writing was on the wall, but what changes has fintech company Ant Group’s recent IPO suspension sped along for the online microfinance industry? Zaobao correspondent Chen Jing takes a closer look.
A general view of Chongqing, September 2019. (SPH)

Connecting Chongqing and Southeast Asia: Challenges and potential of China-Singapore (Chongqing) Connectivity Initiative

Chongqing’s GDP accounted for 2.3% of China’s total GDP in 2019, and roughly 2.4% of China-ASEAN bilateral trade volume. As the China-Singapore (Chongqing) Connectivity Initiative (CCI) enters its fifth year, EAI academic Yu Hong looks at the CCI and its major project, the New International Land-Sea Trade Corridor (western corridor), and discusses the challenges the western corridor faces in building itself as the foremost connectivity channel between western Chinese and ASEAN enterprises.
A booth of digital finance products is seen at a fair during the INCLUSION fintech conference in Shanghai, China, 24 September 2020. (Cheng Leng/Reuters)

With Ant Group's record $34.5 billion IPO suspended, what happens next?

Jack Ma’s fintech company Ant Group had it all planned out. It would bypass American stock exchanges and proceed with a dual listing on the Hong Kong Stock Exchange and Shanghai’s STAR market, which would have raised an estimated US$34.5 billion, the biggest IPO in history. Now that the IPO has been suspended, what happens next?