Economic reform

People wave red flags during the filming of a Communist Party of China propaganda video in an upscale shopping district in the Sanlitun area in Beijing, China, 19 October 2021. (Thomas Peter/Reuters)

Uniting China under Xi Jinping to build a modern socialist country: CPC to pass new 'historical resolution' at sixth plenum

At the sixth plenary session of the 19th Communist Party of China (CPC) Central Committee which begins today, the CPC is expected to consider the “Resolution of the CPC Central Committee on the Major Achievements of the Party’s Centennial Struggle”, the third of its kind in the party’s history. Rather than dwelling on the errors or lessons of history, the resolution is expected to reaffirm the party’s achievements and point the way ahead for the next 30 years.
Residents walk through Huanggang village in Shenzhen, China, on 11 October 2021. (Qilai Shen/Bloomberg)

China needs to raise personal income to achieve common prosperity

Analyst Luo Zhiheng compares China's distribution of national income with 20 major economies and concludes that among other things, there is a need to address a lower-than-average share of personal income in China, in order to achieve common prosperity. The Chinese government can work towards the goal of fostering an olive-shaped income distribution pattern by adjusting the tax structure, providing more investment options to its people, and developing its social security network.
A woman walks with an umbrella amid rainfall in Shanghai, China, 13 September 2021. (Aly Song/Reuters)

Why China needs to set its own house in order with a regulatory spurt

China has introduced a wave of strong regulatory moves on various industries over the past months, alarming international observers and causing jitters in the financial market. However, says academic Gu Qingyang, these moves could be necessary and might just set China in the right direction to face future challenges better.
A commuter rides his bicycle through an older neighborhood in Shanghai, China, on 30 August 2021. (Qilai Shen/Bloomberg)

Every individual counts: China should go for ‘common development’ rather than ‘common prosperity’

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.
Pedestrians cross a traffic intersection near commercial buildings in Beijing, China, 25 August 2021. (Qilai Shen/Bloomberg)

Why China is setting up the Beijing Stock Exchange

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”.
Two men have their breakfast on the street in an older neighborhood in Shanghai, China on 30 August 2021. Chinese President Xi Jinping chaired a high-level meeting that “reviewed and approved” measures to fight monopolies, battle pollution and shore up strategic reserves, all areas that are crucial to his government’s push to improve the quality of life for the nation’s 1.4 billion people. (Qilai Shen/Bloomberg)

Can China succeed in income distribution reform and get rid of its celebrity economy?

The assets of the top eight tycoons in the world have a combined worth of half the global population, says EAI academic Lance Gore, and the Chinese Communist Party faces a choice: Will China go down the old path of Western advanced capitalism, especially Anglo-American capitalism, and make the same mistakes as them? China has shown resolve in reforming its income distribution issues in various sectors including the entertainment industry. But it is not an easy path as vested interests may still interfere and the people can only rely on the self-purification of the Chinese Communist Party to uphold the regime’s people-centred nature.
People walk past a poster showing Chinese President Xi Jinping and former Chinese leaders Mao Zedong, Deng Xiaoping, Jiang Zemin and Hu Jintao on the Potala Palace Square during a government-organised media tour to Lhasa, Tibet Autonomous Region, China, 1 June 2021. (Martin Pollard/Reuters)

The most outstanding of CCP leaders?

As the Chinese Communists Party marks its 100th anniversary, the authorities are showcasing the legacy of five generations of party leaders, from Mao Zedong to Xi Jinping. An article published by a researcher at the Institute of Party History and Literature of the CPC Central Committee offered a glimpse of how these leaders are being evaluated by the party itself. Zaobao correspondent Yu Zeyuan takes a closer look.
Performers wave national and party flags as they rehearse before the event marking the 100th founding anniversary of the Communist Party of China, at Tiananmen Square in Beijing, China, 1 July 2021. (Carlos Garcia Rawlins/Reuters)

Rise of China's CCP and demise of USSR's CPSU: A tale of two communist parties

The CCP has much to be proud of on the 100th anniversary of its founding on 1 July. Coincidentally, this year also marks the 30th anniversary of the Communist Party of the Soviet Union (CPSU)’s demise. Chinese leaders have learnt much from the Soviet Union’s experience, not least the importance of a people-centric approach. In fact, the party is undergoing a grand synthesis of its reforms to chart the country’s way forward. However, amid problems such as regional disparities and insatiable expectations, fresh solutions need to be found. The CCP also needs to present a brand new image of itself in the international arena.
A colour supplement of Le Petit Journal from 1900 shows the Allied troops attacking Beijing.

[Picture story] The Boxer Rebellion: A wound in China’s modern history

The Boxer Rebellion at the turn of the 20th century goes down in history as proof that if the Chinese are weak, the West will take advantage and China will pay the price. It is a constant reminder to the Chinese of their past humiliations and guides their dealings with the West today. Historical photo collector Hsu Chung-mao shares illustrations of the tumultuous times during that period.