Wealth

In March this year, a girl with the handle Arctic Catfish posted on Weibo boasting of her family’s wealth and her grandfather, a former director of a government agency. (Internet)

Descendants of China’s officials unlikely anti-corruption allies?

In China's anti-corruption efforts, one group of unlikely "allies" has emerged — the descendants of Chinese officials. These young people flaunt their family's wealth on social media, often prompting investigations that usually uncover confirmed corruption. But while this self-sabotage does work, systemic efforts are what is needed.
A teacher hands a graduation certificate to a student at the end of a study tour in the UK last summer. (Photo provided by interviewee)

[Big read] Rich Chinese kids going on overseas study tours could worsen China's socioeconomic divide

In the first summer vacation since Covid-19 lockdowns were lifted in China, study tour operators are back in full force throughout the country. Interestingly, two extremes have emerged in terms of spending on such tours depending on region and family income. Against a backdrop of uneven economic development and unequal distribution of educational resources across China, will this polarisation aggravate its social stratification problem?
Items seized by the police from the homes of members of the "Fujian gang". (Singapore Police Force)

Property, nightclubs, collector items: How ‘Fujian gang’ lifestyles aided money-laundering activities

While members of the “Fujian gang” have made the news recently for their billion-dollar money-laundering case, less is known about their lavish lifestyles and the trails their clandestine activities leave behind. Zaobao senior correspondent Poh Lay Hoon reports.
A labourer piles up steel pipes at a steel and iron factory in Shenyang, Liaoning province, China, 23 April 2010. (Sheng Li/File Photo/Reuters)

Metal magnate’s fall from China’s rich list to bankruptcy

Zhongwang Group founder Liu Zhongtian was once on the Forbes list of China's richest billionaires. But he has now come under legal restraint and his company has filed for bankruptcy. What went wrong?
Seatrek Trans founder Asifur Chowdhury (in dark glasses) collecting food to be distributed to vulnerable households, 13 May 2023. (SPH Media)

Wealthy immigrants in Singapore: Contributing back to society is part of the plan

Singapore has become a top choice for high-net-worth individuals (HNWIs) to live in because of its pro-business environment, transparent system, as well as a stable and harmonious society. With increasing numbers of HNWIs immigrating here, many people are curious and concerned about who they are and how HNWIs are contributing to local society and communities. Lianhe Zaobao correspondent Wang Hwee Wen interviews HNWIs from China and Bangladesh to find out about their new lives in Singapore.
Billionaire Li Ka-shing, chair of Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd., speaks during a news conference in Hong Kong, China, on 26 March 2013. (Jerome Favre/Bloomberg)

Hong Kong commentator: My take on Li Ka-shing's contributions to Hong Kong

Li Ka-shing is familiar to many as an icon of Hong Kong entrepreneurs. Businessman Lew Mon-hung examines Li’s life-long contributions as the legend approaches his 95th birthday.
Alibaba founder Jack Ma visits Hangzhou Yungu School in Hangzhou, Zhejiang province, China in this handout picture released on 27 March 2023. (Hangzhou Yungu School/Handout via Reuters)

Jack Ma has returned but Chinese entrepreneurs will still have a hard time

Jack Ma’s recent return to China has made waves and offers some hope for the revival of the entrepreneur class in China. But this group of people have never shaken off their dual identity as entrepreneur-capitalists. With the rise of a group of diehards romanticising the glory of past eras, entrepreneurs, and in turn the development of China’s market economy, face obstacles.
Shoppers at a night market in the Xintiandi shopping area in Shanghai, China, on 25 March 2023. (Qilai Shen/Bloomberg)

Can China's economic choices build its dream society?

As the world’s second largest economy, China’s domestic consumption has a major influence on the global economy. The Chinese government has said that its focus is on boosting China's domestic economy and consumption. But how should it go about achieving it? Researcher Ding Ke says it depends on the kind of society China wants to build.
A woman takes a picture next a tree decorated with paper lanterns at the entrance of a park in Beijing, China, on 26 January 2023. (Wang Zhao/AFP)

What is China’s 'new era'? [Part 1]

EAI senior research fellow Lance Gore explains why the sudden reversal of globalisation, constant turbulence due to global developments and the fragmentation of international relations are some very real coordinates of China’s "new era". In response, apt and concrete policies along the socialism axis can be devised to meet the challenges.