Ahead of the 18th Joint Council for Bilateral Cooperation (JCBC) meetings between Singapore and China — the first to be held in person since the outbreak of the pandemic — Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat sets out a few priorities in taking Singapore-China relations to new heights.
Digital
Society
Former journalist Jessie Tan muses over the phenomenon of those in need transitioning from begging on the streets to selling goods on Douyin. While the poor or disabled have been given a more dignified and effective source of income, this is just one aspect of the good that comes with social media and technology.
Technology
Crypto ban notwithstanding, China’s getting firmly in the act of building Web3 infrastructure to its specifications. While China is unlikely to allow global Web3 to play a role in its economy or the lives of its citizens, Chinese developers and entrepreneurs remain fascinated by the promise of global Web3 platforms and cryptocurrencies. This portends the development of two blockchain markets in China: one which caters to those who “jump” the virtual fence to join in the global Web3 movement, and one which uses blockchain in line with Beijing’s vision.
Economy
Technology expert Yin Ruizhi notes that while Bitcoin is a bold experiment in cryptocurrencies, in its current form it is still too unstable and resource-intensive to take the place of legal currencies as a mainstream global currency.
Economy
In the sixth of a seven-part Lianhe Zaobao-Business Times series on China and ASEAN, we look at how brands from China are going international, particularly among Gen Z consumers in Southeast Asia.
Technology
In the second of a seven-part Lianhe Zaobao-Business Times series on China and ASEAN, Zaobao senior correspondent Chew Boon Leong looks at the strategies adopted and challenges faced by China’s tech companies in Southeast Asia.
Economy
Over the past year, the Chinese government has taken strong action against monopolistic practices in the platform economy. However, with the effects of the pandemic, the economy needs a boost and the platform economy seems to be the way to lift it. Chinese academic Yi Xianrong says that to truly harness the strengths of the platform economy, the authorities need to see that it is a totally different entity from the traditional economic sectors and its governance needs some deep thinking.
Economy
Calls for de-dollarisation have increased since the financial sanctions of the Ukraine war and the very real threat of the US dollar being weaponised. In this context, academic Pei Sai Fan explains why conditions are ripe for China and Asia to offer innovative alternatives, such as developing regional digital currency cooperation in the payment and settlement of regional trade and investment, and expediting the development of new cross-border digital payment infrastructure in Asia known as multi-CBDC platform projects.
Technology
China is known for using cyber weapons to pursue geostrategic goals. In recent years, entities linked to the Chinese state have carried out alleged economic espionage of commercial firms in Southeast Asia. The region is increasingly vulnerable as it is home to some of the most rapidly growing knowledge-intensive sectors in the world. To help themselves, Southeast Asian governments should be more proactive in discussing the threat of economic espionage with foreign states and committing to norms of responsible state behaviour in cyberspace.