Economy

This aerial photo taken on 21 July 2022 shows a bucket wheel machine tranferring coal at a coal storage centre in Jiujiang, in China's central Jiangxi province. (AFP)

Sichuan power crunch sparks calls for rethink of coal in China's energy mix

Extreme weather and declining water levels at hydropower reservoirs in Sichuan are sparking worries of a power crunch across China. This has forced electricity cuts to businesses and households in the province of 84 million people, along with loud calls for a rethink of coal in the nation’s energy mix, putting a spanner in the works of its goal to reach peak carbon emissions by 2030.
This photo taken on 16 August 2022 shows a section of a parched riverbed along the Yangtze River in Chongqing, China. (AFP)

Electricity woes further dampen China’s hopes of economic recovery

While China has yet to emerge from the shadow of the Covid-19 pandemic and its ailing real estate sector, power shortages caused by severe weather conditions are adding to its woes. Zaobao correspondent Yang Danxu tells us more about the severity of the power crunch, and its far-reaching impact across regions and industries.
Foreign tourists walk past a banner of the G20 for the G20 Finance Ministers Meeting in Nusa Dua, on the Indonesia resort island of Bali on 14 July 2022. (Sonny Tumbelaka/Pool/AFP)

Indonesia’s G20 presidency: Carving out a path for developing countries' representation

Amid a world shaken by global events, President Jokowi has done his fair share of shuttle diplomacy in the lead-up to the G20 Summit in Bali later this year. While Indonesia has the potential to play an intermediary role among global powers, it remains circumspect and looks to push forward the G20 agenda in incremental and achievable steps.
A welder works on an overpass on the Irving Interchange infrastructure project at the site of the former Dallas Cowboys Stadium on 10 August 2022 in Irving, Texas, US. (John Moore/Getty Images/AFP)

G7’s global infrastructure and investment drive: Not so attractive for Southeast Asia

The Group of Seven’s new infrastructure and investment drive seeks to provide what Southeast Asia needs, such as financing for hard infrastructure. However, ISEAS academic Chanrith Ngin believes that the need for multiple stakeholders and financing issues might not garner much buy-in from the region, and some countries may opt out to avoid being caught in the geopolitical competition between China and the US.
Members of social organisations demonstrate after camping overnight at Plaza de Mayo square in front of Casa Rosada Presidential Palace in Buenos Aires on 11 August 2022, during a protest demanding better wages and more jobs and a meeting with Argentina's new economy minister Sergio Massa. Argentina has suffered years of economic crisis, with some 37% of its population now living in poverty. Inflation for the first half of this year alone topped 36%. (Luis Robayo/AFP)

Can the world survive these six crises?

Economics professor Zhang Rui identifies the main crises faced by global economies today, their various effects, and how they are interrelated. How will governments handle these challenges and work together to ease the impact of what seems to be a perfect storm of negative factors?
A vehicle drives past a screen displaying the Hang Seng Index at Central district, in Hong Kong, China, 19 July 2022. (Lam Yik/Reuters)

'Homecoming' listings heat up in Hong Kong

US and Chinese regulators have been ramping up talks to resolve the longstanding audit dispute under the Holding Foreign Companies Accountable Act (HFCAA). In the meantime, will US-listed Chinese companies flock to Hong Kong? Is the city able to offer a profitable haven for investors?
People wait at an intersection on a street during morning rush hour, in Beijing's central business district, China, 2 August 2022. (Tingshu Wang/Reuters)

China's economic recovery has become a political issue

Zaobao correspondent Yang Danxu notes that China is facing multiple headwinds that are making its economic recovery all the more elusive. From dealing with incessant Covid-19 outbreaks to the real estate crisis, economic recovery has become a dire political issue, especially with the impending 20th Party Congress to be held later this year.
People walk along a street in Beijing, China, on 26 July 2022. (Noel Celis/AFP)

Financial decoupling: China’s next step amid intensifying China-US rivalry?

Zaobao correspondent Yu Zeyuan notes that the announcement of Chinese SOEs’ planned exit from the US market is a result of the intensifying China-US rivalry, and a sign of economic and financial decoupling. However, the exit might be just the beginning — there may be more Chinese companies pulling out of the US market in future.
An aerial view of the Hainan International Convention and Exhibition Center in Hainan province, China, 24 July 2022. (CNS)

Here’s how Hainan can become the next financial hub

Hainan is set to become China’s first free trade port and has great potential to beef up its financial offerings. Academics Pei Sai Fan and Chen Jingwei present a number of suggestions that could boost the Chinese province’s standing as an international hub for financial and regulatory innovations, green financing and connectivity.