Over the past three decades, China has implemented and revised its labour regulations in an effort to progress its market economy. Despite the strengthening of labour protection, young migrant workers have fallen through the cracks. Chinese economics professor Li Jingkui believes that the labour reforms have led to the social phenomenon of “Sanhe legends” — youths who are caught in an employment cycle characterised by poor working conditions, low wages and a lack of stability.
The dire pandemic situation in Hong Kong has trickled into Shenzhen through legal and illegal border crossings. However, the city has been trying its best to implement anti-epidemic measures without significantly impacting people’s daily lives. Chinese commentator Chen Bing notes Shenzhen's transparency and openness in tackling the pandemic situation, and how its policy differs from the one-size-fits-all measures of some Chinese local governments.
The Hengqin Plan and Qianhai Plan released by the Chinese central government aim to deepen economic cooperation and promote cross-border integration within the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). The Plans will involve greater integration of Hong Kong and Macau with the mainland. While Macau has always embraced this trajectory and the Hengqin Plan could bring greater dynamism to the SAR, Hong Kong’s fears of “mainlandisation” and the territorial instincts of mainland cities may present some obstacles to the Qianhai Plan. EAI academic Yu Hong tells us more.
Despite having a head start in being established as a special economic zone (SEZ), Xiamen’s economy lags behind other cities in Fujian province such as Quanzhou and Fuzhou. Coupled with disproportionately high property prices, Xiamen is not doing as well as other places like Pudong New Area and Shenzhen either, which started their development spurt later but have overtaken Xiamen. Zaobao correspondent Chen Jing looks at how Xiamen can turn things around.
Zaobao correspondent Yang Danxu notes that China’s property market has long been deeply bound with various aspects of China’s economy and society, forming a community of shared interests. Following increasing regulations on the property sector as part of the government’s drive towards “common prosperity”, will a chain reaction of economic turmoil ensue or is this a necessary move to achieve larger goals?
With President Xi Jinping’s announcement of a new Beijing Stock Exchange, innovation-oriented SMEs will benefit and Beijing’s stock as a credible financial centre will also rise. Not only that, it is hoped that this will show China’s resolve to continue pursuing the market economy as it continues its push for “common prosperity”.
Audience ratings of the CCTV New Year’s Gala give quite an accurate reflection of north-south divides, which judging by the latest economic information, are still very relevant in China today. Zaobao correspondent Yang Danxu casts a keen eye on the data.
Two Singaporean businessmen reflect on their years spent working in China, and consider the Chinese approaches and attitudes that Singapore can do well to learn from. With the right bold strategic moves, more targeted incentives to specific sectors and also to civil servants, as well as an openness to adapt some of the lessons from countries like China, Singapore can remain globally relevant in these very uncertain times.
Innovation features prominently in the proposals for China's 14th Five-Year Plan. Apart from building up long-term resources such as education and basic scientific research, much government weight will be thrown behind building self-reliance in core technologies, including in the semiconductor industry, says Erik Baark and Qian Jiwei.