Economic reform

The 20th Party Congress set the direction for the Chinese Communist Party, but it is the upcoming Two Sessions that measures will be discussed and put into action. The highlight is the likely reforms to national security agencies, as well as finance and other sectors.

At this year’s Davos forum, Chinese Vice-Premier Liu He laid out five points that have led to China’s success so far. However, his session did not see a packed crowd, while China’s claims of sticking to reform and opening up seem less than convincing when taken against its actions. Commentator Jin Jian Guo delves into the importance of staying the course.

India holds the prospect of driving the biggest change in the global economy in the next quarter century just as China did in the previous one, says economic professor Arvind Panagariya. India has several factors in its favour, but it must also push ahead with its reform agenda and open its economy wider to friendly countries through free trade agreements to make the best of its time in the sun.

Retired economist Zeng Yongchang shares his views on China’s land finance policies — while quick and efficient, land finance is unsustainable, as evidenced by the widening inequality, intensifying social conflicts and dire economic situation.

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.

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.

While Chinese President Xi Jinping is likely to secure a third term at the 20th Party Congress, Loro Horta recalls the saying that one should “be careful what you wish for”. The road ahead in his third term looks to be fraught with challenges, both domestically and externally. This is the first in a series of four articles on President Xi Jinping and the road ahead.

Commentator Lew Mon-hung notes that recent public opinion in China has been advocating a closed-door policy, sharply diverting away from the national policy of reform and opening up taken in 1978. Will China change course and reverse its decades-long process?

Calls for de-dollarisation have increased since the financial sanctions of the Ukraine war and the very real threat of the US dollar being weaponised. In this context, academic Pei Sai Fan explains why conditions are ripe for China and Asia to offer innovative alternatives, such as developing regional digital currency cooperation in the payment and settlement of regional trade and investment, and expediting the development of new cross-border digital payment infrastructure in Asia known as multi-CBDC platform projects.