Globalisation

Hungary-born US investor and philanthropist George Soros answers to questions after delivering a speech on the sidelines of the World Economic Forum annual meeting in Davos on 24 May 2022. (Photo: Fabrice Coffrini/AFP)

Why George Soros is obsessed with defeating Xi Jinping’s China

Chinese academic Sun Peisong notes that renowned financier George Soros has always been critical of China’s social system. While "the man who broke the Bank of England" has a keen eye for finance, Sun feels that Soros’s criticism of China’s “closed society” sheds light on his penchant for globalisation and dated means of making the wealthy wealthier.
Students take part in an evacuation drill in a primary school in Kunming, Yunnan province, China, 11 May 2022. (CNS)

China wants to create a new democratic system. Is that possible?

Domestic and external pressures compel China to face the issue of democracy. With growing affluence and diversity in the population, the government needs to find a way to incorporate various views that goes beyond the Mao-era “mass line”. In forging a new path, the Chinese Communist Party is feeling its way around bringing about a socialist neo-democracy, or what has been verbalised as “whole-process people’s democracy”. But what stands in the way of putting thought into action?
Demonstrators during a national walk out in support of abortion rights at the University of Texas in Austin, Texas, US, on 5 May 2022. (Sergio Flores/Bloomberg)

Do Gen Z Americans hold the key to improving China-US relations?

American youths today are dealing with more issues and turmoil than their previous generations. US academic Wu Guo believes that the culmination of terrorist attacks, financial crises, social injustice and the ongoing Covid-19 pandemic have led to a generation that is more politically, socially and environmentally aware. These challenges and experiences could be a path for Americans to connect with the world outside of the US, in particular with China.
Indonesian President Joko Widodo inspects an area that will be the site of the new capital city, during sunrise in Penajam Paser Utara regency, East Kalimantan province, Indonesia, 15 March 2022. (Courtesy of Agus Suparto/Indonesian Presidential Palace/Handout via Reuters)

Will China invest in Indonesia's new capital 'Nusantara'?

Amid fears of an increasing dependence on China being played up with regards to foreign investment for Indonesia's new capital in East Kalimantan, one must first ask if Indonesia offers an attractive enough proposition for Chinese (and other) investors, says Indonesian researcher Siwage Dharma Negara.
People walk by the New York Stock Exchange (NYSE) in the Financial District on 26 January 2022 in New York City. (Spencer Platt/AFP)

America's new reality of high inflation and what it means for the world

Despite past macroeconomic stability, the US economy is beginning to see increased inflation across many sectors. Reports say that US consumer price figures for January due on Thursday could show core inflation rising to the fastest pace since 1982 at 5.9%. The situation is not helped by the government's recent move to issue additional debt which was mostly purchased by Fed banks. If the US government defaults on its debt, the global financial market will be affected. Higher interest rates to fight inflation in the US may also require that China and other Asian economies adjust their own domestic policies on interest rates and exchange rates.
A barber cuts a man's hair along a road in Beijing, China, on 7 December 2021. (Wang Zhao/AFP)

How being a good Samaritan can ‘spoil the market’

While some businessmen have good intentions in offering goods and services at lower prices, they could also be “spoiling the market” and making it harder for others to make a living. Such actions may invite backlash, whether in village scuffles, or writ large, protests and anti-dumping measures between countries. China, the world’s factory, has borne the brunt of such pushback. Industries in other countries are affected, as capital moves freely between borders but labour stays in place. Those who feel they are losing out may hold grudges and end up dealing a big blow to society.
People sit on a ferry as the Statue of Liberty, lower Manhattan and One World Trade Center are seen on 5 December 2021 in New York City, US. (Patrick Smith/Getty Images/AFP)

Why democracy is failing and why some authoritarian regimes might just work

Lance Gore notes that US President Joe Biden’s Summit for Democracy is one that will fade away just as quickly as it appeared. Fundamentally, the summit and the “good versus evil” dichotomy it espouses is way past its time. With democracies today, not least the US, facing issues of decline and some authoritarian regimes offering practical governance and livelihood solutions, the clash of systems is just not so clear-cut. In fact, if China irons out some of the kinks in its system, it may become a model of benign authoritarianism that others may find worth emulating.
Compared with its opening, passenger flow to Shibati has reduced. (Photo: Edwin Ong)

Preservation of Chongqing’s oldest central business district: Success or failure?

Reviews have been mixed after Shibati, Chongqing’s oldest central business district, reopened to great fanfare recently. Some were glad that the former messy, dilapidated quarter has been refreshed, while others feel that it has been turned into another “ancient street”, devoid of a sense of its rich history and heritage. Where should the fine balance be, in the preservation of tangible heritage, when multiple stakeholders and business interests are involved?
Visitors are pictured in front of an immersive art installation titled "Machine Hallucinations — Space: Metaverse" by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby's, at the Digital Art Fair, in Hong Kong, China, 30 September 2021. (Tyrone Siu/File Photo/Reuters)

Metaverse: A chance to build a better world

Academic Pei Sai Fan says that one should dream big with the metaverse and not only see it as a new avenue of making money. By creating a new virtual universe from scratch, we can make good use of the blockchain-based metaverse to promote an equitable, more transparent and more inclusive rules-based international digital currency and financial system and enhance the global governance system to deal with issues facing all countries. This would require a global approach and China is well placed technologically to actively participate and lead the effort with like-minded nations in creating such a metaverse. It would be a pity if countries squandered such an opportunity to truly build a better world for all mankind.