Economy

Skyline of the Lujiazui financial district in Shanghai, December 2019. Shanghai aims to become an international financial centre. (Hector Retamal/AFP)

Is Shanghai on track to becoming an international financial centre in 2020?

Zhang Yugui, dean of the School of Economics and Finance at the Shanghai International Studies University, weighs up Shanghai’s chances of becoming an international financial centre that can vie with leading cities such as New York and London. While he is certain that Covid-19 will not affect Shanghai's progression towards its goal, he feels there is no need for Shanghai to be overly fixated on letting the world know that it has become an international financial centre by a certain date.
In this photo taken on 13 February 2020, a man walks by a deserted Los Angeles Chinatown as most stay away due to fear of the Covid-19 epidemic. (Mark Ralston/AFP)

China enters ‘pre-decoupling stage’ amid Covid-19 outbreak

Senior research fellow Chen Gang says that the Covid-19 outbreak has led the Chinese government to announce that it is facing “wartime conditions” and will be imposing a system of political, economic, social management for extreme circumstances. The world is also taking preventive measures. Such a scenario sees China entering a “pre-decoupling stage” where its resilience and self-reliance will be severely tested.
The Covid-19 outbreak has hit the Chinese and global economy, and will continue to have an impact until it comes under control. (iStock)

Covid-19: Can the global economy operate without China? [Part Two]

Two months from the onset of Covid-19 and the ensuing gridlock, global supply chains have been disrupted, travel plans have been derailed while oil prices continue to plummet. Chen Jibing lays bare the crippling effects that the coronavirus outbreak has and will have on the global economy. In part two of the report, Chen analyses the volatility of the commodities markets, the impact on China’s ability to implement the US-China phase one trade agreement, and the implications for global economic growth in 2020.
How is Covid-19 impacting human and goods mobility as well as the global supply chain? Can the global economy operate without China? (Graphic: Jace Yip)

Covid-19: Can the global economy operate without China? [Part One]

Two months from the onset of Covid-19 and the ensuing gridlock, global supply chains have been disrupted, travel plans have been derailed while oil prices continue to plummet. Chinese commentator Chen Jibing lays bare the crippling effects that the coronavirus outbreak has and will have on the global economy. In part one of the report, Chen focuses on its impacts on human and goods mobility as well as on the global supply chain.
The Suzhou Industrial Park has seen great development since it was started in 1994. (SIP Administrative Committee)

Singapore and Suzhou: Where will this journey lead us?

In 1994, Singapore and China embarked on the Suzhou Industrial Park project. How has Suzhou progressed since then? What lies behind the city’s recent announcement of a “revival” of its opening up journey? What do these spell for Singapore-China relationship? SPH Chinese Media Group head Lee Huay Leng shares her thoughts after attending the Further Opening-up Conference in Suzhou.
János Kornai. (Internet)

János Kornai: A Hungarian insight into China's economic development

Prof Chen Kang opines that after over 40 years of reform and opening up, China is still heavily influenced by the planned economy of its past. China is also stamped with characteristics of market socialism, as its early reform is modelled after the Hungarian experience. Hence, Chen suggests that China should heed the warnings of the eminent Hungarian economist János Kornai, as it takes its next steps forward in its economic reform.
The AIIB or ADB? Countries have options. (Brent Lewin/Bloomberg; AIIB)

China's AIIB vs Japan's ADB: Which is more powerful?

ISEAS senior fellow Malcolm Cook does a quick comparison between Asia's two leading multilateral lenders, the China-led Asian Infrastructure Bank and the Japan-led Asian Development Bank. Which is more powerful and influential?    
Singapore's PM Lee Hsien Loong and China's Premier Li Keqiang (fourth and fifth from left) with ASEAN leaders at the 22nd ASEAN-China Summit in Bangkok on November 3, 2019. (Manan Vatsyayana/AFP)

BRI: Singapore and China should build third-party markets together

With their complementary strengths, China and Singapore can undertake Singapore-China projects that meet the needs of developing countries, says academic Gu Qingyang. Among other things, he suggests that the two countries can establish a third-party market cooperation and coordination mechanism to turn the BRI into a platform for win-win global collaboration.
Banana farmers are benefiting from President Rodrigo Duterte’s personal embrace of China. (iStock)

What is President Duterte gaining from China?

Since taking office, Philippines president Rodrigo Duterte has been pursuing improved relations with China. ISEAS academic Malcolm Cook looks at what the Philippines has gained over the past three years.