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.
With the recent investigation into Alibaba for alleged monopolistic actions, Chinese legal expert Zong Haichao explores the need for balance in the measures taken by the Chinese government to curb monopolies. While many expect 2021 to be “year one” of the anti-monopoly era, Zong cautions that there are many challenges facing China's anti-monopoly moves, including the presence of state-owned enterprises and the lack of a sophisticated Chinese legislative structure.
Even back in the Qing dynasty, the concept of “state-owned enterprises” was not a foreign one. The Qing government had the habit of maintaining monopolies by running their own enterprises or looking out for profitable industries and private companies, and taking control of them. Hong Kong commentator Chip Tsao notes that even grabbing profits could not prevent the fall of the Qing dynasty.
The Soviet Union and China have both previously tried and failed to overtake the US in various aspects. However, China's rise in the past few decades and the new Cold War has given China renewed impetus to duel the US for supremacy. Have they got enough firepower now with a government-led economic model that has a fair component of a market economy? Economics professor Zhu Ying looks at who might win.
Influential Hong Kong political commentator Simon Shen argues that Beijing is seeking to control the economic and political freedoms of the Hong Kong people by controlling the business community. He cautions against state corporatism of the sort employed in fascist states of the past and discusses how such state control can creep into our everyday lives.