Economy

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.

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.

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.

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.

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.

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.

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?    

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.

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.