Whether the Communist Party of China will escape the fate of the Communist Party of the Soviet Union depends greatly on the extent to which it has rooted out the six major ills that plagued the Soviet system. Only then can it rise smoothly and peacefully to the benefit of the world.
Over a century, the city of Shanghai saw it all. Westerners fell in love with Republican Shanghai, where commerce and culture flourished; Japanese invaders advanced and retreated; communism and capitalism vied for a stage. Despite these ups and downs, Shanghai has maintained a demeanour and style unto itself. Historical photo collector Hsu Chung-mao traces Shanghai’s days of glamour and the front-row seat it had in war, revolution, and reform.
As Chinese authorities take action against monopolistic behaviour and the “disorderly expansion of capital”, companies like Alibaba and founder Jack Ma are finding themselves falling out of favour not only with the authorities but with the public. The latest development is the name change for Hupan University, established by Ma, where the motivations of the institution have come under question. Zaobao correspondent Chen Jing looks at the issue.
Japanese academic Kai Kajitani notes that Chinese industrial policy has been attracting much attention these days, especially after recent moves to prevent monopolistic practices by major companies such as Alibaba. China has also been criticised by many for its practice of giving industrial subsidies. However, it is worth taking a closer look and examining these policies from the standpoint of current trends in economics, as like everyone else, China is experimenting with new possibilities.
Han Heyuan asserts that rising property prices in China are not just the “biggest grey rhino” in terms of financial risks as some policymakers have said, but also a catalyst for a slew of development and social issues such as the lack of entrepreneurs, negative attitudes to work, and falling birth rates.
Amid punishments meted out to Chinese private enterprises such as Alibaba, President Xi Jinping’s recent visit to various private enterprises was seen as a way for the Chinese government to assure companies that the state would still be supporting them. However, the status of private enterprises has always been a little fuzzy in China. Companies feel that they are at a disadvantage when competing with state-owned enterprises and may be reined in when they grow too large. Zaobao associate editor Han Yong Hong looks for a way out.
US President Joe Biden has suggested an alternative to China’s BRI — one that is enterprise-led, rather than country-led, bringing together democratic nations to help developing nations to upgrade their infrastructure. How attractive would this option be amid some countries’ fears that China is extending its influence through the BRI?
Amid intense technological competition with the US, China is more determined than ever to be self-reliant in core frontier technologies. It has rolled out various plans but several obstacles such as financial resources stand in the way. Is it a case of more haste, less speed?
Commentator David Ng explores the changes that are happening in China with developments in technology that allow vast changes in business models, from traditional offline transactions to online business, and “new retail”, which combines the two. How will the Chinese economy grow under these forces?