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.
Chinese consumers’ boycott of Western fashion brands for their position on cotton sourced from Xinjiang is a sequel to a long-running series of actions against foreign companies. Southeast Asian firms should take note, and act accordingly.
Analysts have their doubts on whether the latest wave of patriotism-inspired consumerism following a boycott of foreign brands that had spurned Xinjiang cotton will last. Going by the rise of "guochao", the use of traditional Chinese motifs in modern designs, a young generation of Chinese digital natives seem prepared to put their money where their mouths are. However, can the quality and range of China-made goods satisfy the desires of the Chinese while competing internationally?
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.
Live-streaming e-commerce is fast gaining currency in China, not least when tapping on short video and “we-media” platforms. Supporting the “internet celebrities” who promote endless products through this avenue are a support network backed by AI and big data. Technology specialist Yin Ruizhi looks at how this new model is changing the face of retail.
In May this year, China’s leaders proposed a new dual circulation strategy featuring both domestic and international circulation, with emphasis on the former. Associate Professor Gu Qingyang of the Lee Kuan Yew School of Public Policy (LKYSPP) notes how this new strategy will complement the current global economic system, and how it will affect the rest of the world.
With China’s internet giants now moving into the community group-buying market offering groceries at low prices, not everyone’s happy, as livelihoods will be affected and people have learnt a lesson from the huge price they have paid in the growth of these internet giants. Zaobao correspondent Yang Danxu examines the dark side of the “online vegetable basket” industry.
The meeting of the Politburo of the Chinese Communist Party last week in preparation for the annual Central Economic Work Conference gave a clear indication of China’s economic direction: it is going full steam ahead on shaping a dual circulation economy driven predominantly by domestic demand. In seeking to implement demand-side reforms, deep-seated social issues and monopolistic tendencies will be addressed.
China has its army of housewives to thank for its early and deep foothold in e-commerce. The theory goes that with more time on their hands and being fiercely price-conscious, these housewives will never fail to take advantage of discounts for online shopping, and even more importantly, spread the word and get others to do the same.