Economic reform

Villas in Huaxi Village, once known as the "richest village in China", 2008. (SPH)

Huaxi Village: The rise and fall of the "richest village in China"

Huaxi Village was once known as the “richest village in China”, with stories of prosperity and luxury. But a recent video of people queuing in the rain to reclaim and cash out their investments seems to point to a very different reality. Zaobao correspondent Chen Jing finds out more.
Shoppers walking past a store of Italian luxury brand Prada at a shopping complex in Beijing, China, 19 September 2020. (Tingshu Wang/Reuters)

How to build a ‘super-sized domestic market’ in China

Even as China talks of a “dual circulation” system and building a “super-sized domestic market”, it seems that its population of 1.4 billion has yet to translate into a strong consumer market. Zaobao correspondent Yang Danxu looks into what it will take for the Chinese government’s plan to work.
In this file photo taken on 24 January 2020, climate activists including Greta Thunberg (centre) march in a street of Davos on the sideline of the World Economic Forum (WEF) annual meeting. (Fabrice Coffrini/AFP)

Post-pandemic 'Great Reset': Can the world pull it off with Big Tech and China in tow?

At last year’s WEF, Prince Charles and other leaders proposed the “Great Reset” — a global effort to rebuild the global economic structure. However, as appealing as this may sound, Hong Kong commentator Chip Tsao points out that the current slate of world leaders and international organisations are probably unable to rein in private juggernauts and get a handle on the Chinese wild card.
People wearing face masks walk past the China Zun skyscraper at the central business district in Beijing, China, 15 January 2021. (Tingshu Wang/Reuters)

'Driving the blade inwards': Why China may join the CPTPP

China’s willingness to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is perhaps an admission that emphasising free trade but ignoring fair trade is no longer sustainable. Even sacred cows such as its state-owned enterprises (SOEs) and insistence on the WTO platform for multilateral trade negotiations may be up for discussion. On a practical level, the CPTPP may just be the external push it needs to force its SOEs to reform.
European Commission President Ursula von der Leyen, European Council President Charles Michel, German Chancellor Angela Merkel, French President Emmanuel Macron and Chinese President Xi Jinping are seen on a screen during a video conference, in Brussels, Belgium, 30 December 2020. (Johanna Geron/REUTERS)

Why the Chinese public is unenthusiastic about further reforms and opening up

Talks on the China-EU investment deal were concluded on 30 December 2020, lending fresh impetus to China’s further opening up to the world. However, the response so far, both externally and internally, seems to be lukewarm to the idea of what some call China’s third opening up. Zaobao associate editor Han Yong Hong ponders why this is so and analyses where China is likely to go from here.
Visitors walk on the Bund in Shanghai, China, on 21 December 2020. China’s central bank is striking out on its own with signals of tighter monetary policy, widening a divergence with other large economies that will shape global capital and trade flows next year. (Qilai Shen/Bloomberg)

How China’s dual circulation strategy will affect the world economy

In May this year, China’s leaders proposed a new dual circulation strategy featuring both domestic and international circulation, with emphasis on the former. Associate Professor Gu Qingyang of the Lee Kuan Yew School of Public Policy (LKYSPP) notes how this new strategy will complement the current global economic system, and how it will affect the rest of the world.
The Alibaba Group signage is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, 11 November 2020. (Aly Song/Reuters)

From heroes to pests: What’s happening to China’s internet giants?

With China’s internet giants now moving into the community group-buying market offering groceries at low prices, not everyone’s happy, as livelihoods will be affected and people have learnt a lesson from the huge price they have paid in the growth of these internet giants. Zaobao correspondent Yang Danxu examines the dark side of the “online vegetable basket” industry.
A clown interacts with people at a main shopping area in Wuhan, Hubei province, China, 6 December 2020. (Aly Song/REUTERS)

China has entered the 'gilded cage' of RCEP and is considering the CPTPP. What's next?

With the recent signing of the RCEP and China’s comment that it will “favourably consider” joining the CPTPP, are prospects looking up for greater domestic reform and regional economic integration across the board, and will dreams of a free trade area of the Asia-Pacific have a higher chance of eventually taking shape? Japan-based academic Zhang Yun looks at the potential outlook.
Jack Ma speaking at the Bund Summit in Shanghai. (Weibo)

Jack Ma: Traditional banks are operating with a 'pawn shop' mentality

Days before the listing of his Ant Group on the Hong Kong and Shanghai stock exchanges, Jack Ma at the Bund Summit in Shanghai criticised the existing global financial supervisory system as not fit for China’s purpose as a young, growing economy striving for innovation. Analysts beg to differ, as China’s enormous financial markets already bear great systemic risk. Is regulation and innovation mutually exclusive?