Economy

Zaobao correspondent Chen Jing notes that market confidence is still shaken after the 20th Party Congress, and there is little clarity on how the new team will realise China’s hopes of achieving high-quality development while zero-Covid measures remain in place.

Professor Bernard Yeung of NUS says one should not take reports of Singapore overtaking Hong Kong in a set of global financial centre rankings at face value. Pendulum swings in politics and economics will drive future movements, and it may be most productive to think of how the two most important financial centres in Asia can work together to serve the economies of East and West.

With the 20th Party Congress just days away, Zaobao correspondent Chen Jing looks at the government’s economic policies and actions over the past decade, including its cleanup of the technology and education sectors, and pandemic lockdowns. How has the party responded, and what impact has there been on the people?

With China’s economy already facing drags from consumer spending and the real estate sector, the slowdown in goods exports poses a significant problem as they make up a sizeable share of the country's GDP. Will Beijing reconsider some of the policies such as its zero-Covid policy, tech sector crackdown, and restrictions on real estate?

Chinese academic Han Heyuan notes that while China is claiming that its economic growth outlook remains healthy, the signs are there that changes to its population would also mean changes to its economic growth. Other factors such as dependence on overseas markets would also come into play.

Despite challenges arising from the slowing Chinese economy, China is likely to continue pushing forward on the BRI, it being a key plank of President Xi Jinping’s foreign policy. Along the way, however, it will have to make certain adjustments for a smooth transition into BRI 2.0.

Chinese agricultural economist Wen Tiejun has landed in hot water after proposing the concept of a “people-oriented” economy. Critics believe that this is moving away from China’s reform and opening up, while others see the benefits towards common prosperity. Zaobao correspondent Yu Zeyuan tells us more about the maelstrom of controversy ahead of the 20th Party Congress.

China's central bank is scrambling to increase demand for borrowing by using nearly every instrument in its toolbox. But the impact has so far been limited, as Chinese companies and households are trapped in a crisis of confidence in the economy amid slowing growth and the impact of strict anti-Covid measures. What more can China do to save the economy?

While still reeling from the economic impact of the Covid-19 pandemic, Shanghai has loosened its regulations on the street stall economy. Some believe that the move will breathe life back into the stalled city, while others think it is a stopgap that will do little to help its domestic economy bounce back. Zaobao correspondent Chen Jing tells us more.