Given the current challenges to China’s economy, such as the soft property market and weak domestic demand, how achievable is China’s growth target of 5% for this year? Lianhe Zaobao correspondent Chen Jing tells us more.
Government intervention
Economy
Chinese property giant Vanke has avoided defaulting on its publicly traded bonds so far even during the prolonged market crisis. But its balance sheet has been weakened by falling sales of new homes and fragile market sentiment, and it has resorted to offloading assets to repay its debts on time.
Society
Lianhe Zaobao correspondent Yang Danxu notes that the recent public outcry against the heads of two prominent private enterprises for apparent transgressions in the name of “patriotism” does not bode well for the authorities’ efforts in support of the private sector.
Politics
Lianhe Zaobao correspondent Yu Zeyuan notes that the US’s latest moves against TikTok are getting a response from TikTok as well as its users. Will TikTok survive the latest onslaught and will the Chinese government back the company?
Economy
Academic Chen Gang notes that while China needs to reform its current economy to maintain growth, whatever adjustments that are made will have to be bearable for the people. Also, some measures may be painful, but necessary.
Technology
With the advent of AI text-to-video model Sora developed by OpenAI, it seems that China’s tech sector is getting nervous and looking at how to close the gap with the US, which is set to get bigger if China is unable to create its own similar technology.
Economy
One of Shanghai’s commercial areas has seen a boost in consumption since the New Year, partly driven by the popularity of the Blossoms Shanghai television series. Even as consumption returns to pre-pandemic levels, officials will need to do more to ensure that this recovery remains sustainable over the long term. Lianhe Zaobao correspondent Chen Jing tells us more.
Economy
Despite China’s efforts to make genetically modified organisms (GMO) technology a key plank of China’s food security, China has yet to meaningfully translate its research efforts into successful commercialisation, say academics Shaleen Khanal and Zhang Hongzhou. If China manages to overcome the various obstacles to commercialising GM crops, the global landscape of GMO governance, production and exports will be greatly changed.
Society
Harbin has seen an explosion of tourists this Chinese New Year season, and it is pulling out all the stops to welcome them, sometimes to the chagrin of locals. However, can this wave of tourism be sustained, and improve Harbin’s economy? Lianhe Zaobao correspondent Daryl Lim takes a trip to China’s land of snow and ice.