Rather than wealth redistribution per se, the deeper issue lies in achieving social justice and equal opportunities for all. Going by the US example, it might not be wise or even feasible to curtail the riches of the wealthy or to straitjacket their business environment. Instead, they and other members of the community can be encouraged to help bring about equitable access to education and a better life.
Zaobao correspondent Yu Zeyuan notes the growing gap between northern and southern China in terms of economic and population growth, as businesses and people become more concentrated in the south. How will the central government tackle this imbalance?
Internet giants in China have been engaging in monopolistic practices that hurt the development of small- and medium-sized enterprises, says technology specialist Yin Ruizhi. As such, these practices will be dealt with by the government if the platforms themselves do not find ways to resolve them. Is this another move towards "common prosperity"?
Few may have heard of the Taishan Club, and even fewer would have been admitted. How did it come about, and why was it dissolved earlier this year? Commentator Yuan Guobao gives us a glimpse into this secretive group of super-elite businesspersons with high net worth.
Associate business editor Pang Kia Nian takes a look at the increasing number of wealthy Chinese setting up single family offices (SFOs) — entities that manage assets for one family and is wholly owned or controlled by members of the same family — in Singapore. What makes Singapore an attractive place for high-net-worth individuals to park their offshore assets?
As Chinese authorities take action against monopolistic behaviour and the “disorderly expansion of capital”, companies like Alibaba and founder Jack Ma are finding themselves falling out of favour not only with the authorities but with the public. The latest development is the name change for Hupan University, established by Ma, where the motivations of the institution have come under question. Zaobao correspondent Chen Jing looks at the issue.
Japanese academic Kai Kajitani notes that Chinese industrial policy has been attracting much attention these days, especially after recent moves to prevent monopolistic practices by major companies such as Alibaba. China has also been criticised by many for its practice of giving industrial subsidies. However, it is worth taking a closer look and examining these policies from the standpoint of current trends in economics, as like everyone else, China is experimenting with new possibilities.
Recently, Xinba, one of the biggest influencers on Chinese streaming platform Kuaishou, sold US$300 million worth of goods in a single 12-hour session, in a testament to the enormous pull of live-streaming e-commerce. Research shows that crowdfunded products often rely on live-streaming e-commerce to convey product information and funnel early adopters. Such an ecosystem creates a positive business environment for producing and marketing new products. Technology specialist Yin Ruizhi looks at how live-streaming e-commerce is fast giving China the edge in product innovation.
Chinese academic Fan Hongda notes that mutual benefit is the real driver of bilateral relations, and expecting “gratitude” for maintaining ties is not the way to go. China would do well to rethink its mindset in international relations and the role it plays in the world.