Economy

Villas in Huaxi Village, once known as the "richest village in China", 2008. (SPH)

Huaxi Village: The rise and fall of the "richest village in China"

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.
People walk in Qianmen street in Beijing on 17 February 2021. (Noel Celis/AFP)

Respect rules of market economy and human diversity: China needs to align its domestic and foreign policies

Chinese academic Yu Zhi notes that both the US and China need to align their domestic and foreign policies. The US needs to get the coronavirus pandemic under control and prove that a democratic system still works and that the US is still a leader in universal values. China, on the other hand, needs to take a more market-oriented approach to economic and industrial development and show that its respect for global diversity extends domestically as well.
Motorists travel past a screen displaying stock figures in Shanghai, China, on 18 February 2021. (Qilai Shen/Bloomberg)

Innovation and ‘new retail’ driving the Chinese economy

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?
U.S. President Joe Biden arrives for an event in the Eisenhower Executive Office Building in Washington, D.C., U.S., on 22 February 2021. (Jim Lo Scalzo/Bloomberg)

Biden's plan to join hands with the EU against China doomed to failure

Economics professor Zhu Ying notes that the new Biden administration is trying to rope in the EU in its efforts to contain China. However, the evidence so far seems to suggest that such a plan is unlikely to work, given the pragmatic stance exhibited by key countries such as Germany. The China-EU investment agreement is an early warning that the EU may not be a firm ally of the US, not forgetting that China has always leveraged the economy to divide the West.
People walk along a bridge that connects two shopping malls in Jakarta on 14 February 2021. (Adek Berry/AFP)

Chinese academics: How China and ASEAN can deepen digital economy partnership

With the conclusion of the 1st ASEAN Digital Ministers Meeting (ADGMIN) last month and the series of digital policies introduced, ASEAN is ready to move forward on building an integrated digital economy. Even as ASEAN aims to become an important player in the digital global value chain, there are areas where China and ASEAN can work together to achieve a win-win situation. Professor Zhai Kun of Peking University and Yuan Ruichen, member of the research group of the BRI Big Data Innovation Experimental Project, suggest cooperation in areas such as building smart cities, cybersecurity and digital governance.
People wearing face masks walk near Qianmen Street, in Beijing, China, 10 February 2021. (Carlos Garcia Rawlins/Reuters)

Can the CCP forge an inclusive social contract and build a healthy civil society?  

Rather than perpetuate the “giant baby syndrome” of mollycoddled citizens, says Lance Gore, the Chinese government should go against its combative instincts and focus on harmony. Only then can it forge an inclusive social contract with the populace, where there’s room for active citizenry and a healthy civil society.
This handout photo taken on 13 January 2021 by Indonesia's Ministry of Maritime and Investment Affairs shows Chinese Foreign Minister Wang Yi (left) meeting with Indonesian Coordinating Maritime Affairs and Investments Minister Luhut Pandjaitan in Parapat, on the edge of Lake Toba in North Sumatra, to discuss cooperation on investments. (Handout/Ministry of Maritime and Investment Affairs/AFP)

Wang Yi’s Southeast Asia tour: How China woos Southeast Asia in view of US-China competition

In January 2021, Chinese Foreign Minister Wang Yi visited several ASEAN countries, including Brunei, Indonesia, Myanmar and the Philippines, in an effort to push for collaboration in key projects under the BRI, and providing access to Chinese vaccines. However, Beijing’s passage of a new coastguard law has undermined Wang Yi’s outreach efforts. ISEAS academic Lye Liang Fook explains what is behind China's efforts and looks into its implications.
US President Joe Biden delivers remarks to Defense Department personnel during a visit to the Pentagon in Arlington, Virginia, US, 10 February 2021. (Carlos Barria/Reuters)

Why Biden will continue the trade war with China to the ‘end’

The China-US trade war looks set to continue under the new Biden administration, says economics professor Zhu Ying. Whether in terms of preventing technology transfer that could have military applications or seeking to enforce "structural changes” in China’s economy for fairer competition, the US will seek leverage through the trade war. Are we heading for a stalemate if the US wants to see a China that is playing by global rules, but the Chinese insist on pursuing an economic model with Chinese characteristics?
People walk under traditional Chinese lanterns along an alley in Beijing on 9 February 2021, ahead the biggest holiday of the year, the Lunar New Year, which ushers in the Year of the Ox on 12 February. (Noel Celis/AFP)

China's massive north-south gap in the cultural and economic realms

Audience ratings of the CCTV New Year’s Gala give quite an accurate reflection of north-south divides, which judging by the latest economic information, are still very relevant in China today. Zaobao correspondent Yang Danxu casts a keen eye on the data.