Economic reform

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”.

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.

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.

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.

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.

Academic Pei Sai Fan notes that China’s active promotion of the e-CNY has been closely linked to its ambitions of turning the RMB into a global trade and reserve currency. He says that the internationalisation of the RMB cannot be rushed. The more important thing for China to do now is to work on building its capabilities for crisis and risk management as well as gaining international support.

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 livestreaming e-commerce. Research shows that crowdfunded products often rely on livestreaming 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.

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.

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.