Rich

People walk and ride their bicycles in Jakarta, Indonesia, 20 November 2022. (Willy Kurniawan/Reuters)

'Perfect storm': Indonesia's opportunities in a world in crisis

Taking an overview of global megatrends, including rising inflation, changes to business valuation and the race for technological supremacy, Indonesian business magnate Ang Tjoen Ming (Tahir) sieves out opportunities for Indonesia, and ways forward that could see it becoming one of the world’s seven largest economies in the next ten years.
Richard Liu Qiangdong, founder of JD.com. (JD.com website)

Salary cuts for senior managers: Is JD.com founder Richard Liu championing ‘common prosperity’?

JD.com founder Richard Liu has been in the news lately following an announcement that the company is set to improve social benefits for rank-and-file employees, while cutting salaries for senior management. While it seems to kill many birds with one stone, is this a long term solution for private firms?
People cross a street on The Bund in Shanghai, China, on 12 October 2022. (Hector Retamal/AFP)

China’s rich are getting richer

In 2021, more Chinese families became either rich or richer, with Guangdong overtaking Beijing as the region with the most high-net-worth families in the country. These high-net-worth households largely made up of entrepreneurs, real estate investors and professional financial investors, are expected to transfer an estimated 18 trillion RMB of wealth to the next generation over the next decade.
Zhong Shanshan, founder and chair of Nongfu Spring, and China's richest man. (Internet)

China's richest man Zhong Shanshan sells pure spring water, but can Nongfu Spring stay clean and green?

Nongfu Spring, China’s largest packaged drinks company, prides itself on its clean and green natural water source and low production costs. However, Chinese academic Zhang Tiankan stresses that despite its financial success, the company will need to do more for the environment if it wants to keep its future growth intact.
A Chinese flag flutters near people lining up to get tested at a makeshift nucleic acid testing site, amid the Covid-19 outbreak in Beijing, China, 18 May 2022. (Carlos Garcia Rawlins/Reuters)

Can capitalists ever feel at ease in socialist China?

The Chinese Communist Party has yet to resolve in theory and in practice two great issues: the ever widening rich-poor divide and the question of capitalists’ place in a socialist market economy. This is why the slogan "common prosperity" caused widespread panic across the private sector when it was first put forth. How will the authorities prove that “the rich will never be robbed in order to help the poor”?
A Chinese flag flutters near people lining up to get tested at a makeshift nucleic acid testing site, amid Covid-19 outbreak in Beijing, China, 18 May 2022. (Carlos Garcia Rawlins/Reuters)

Why Xi Jinping's bold experiments with socialism are commendable

While China’s market-based socialism with Chinese characteristics has lifted many out of poverty, creating the Chinese miracle, the ills of abiding by the “laws of the market” should be tackled and reined in. In the ever-evolving model of new socialism, a mechanism needs to be established that can raise and maintain a good standard of living in the absence of economic growth. This is so that people can transcend the pursuit of the material and live their lives with meaning and purpose.
In this file photo taken on 22 March 2022, Tesla CEO Elon Musk is pictured as he attends the start of the production at Tesla's "Gigafactory" in Gruenheide, southeast of Berlin. (Patrick Pleul/AFP)

Elon Musk: The American boss with a 'Chinese heart'

Tesla CEO Elon Musk has sent a warning to his staff: come back to the office or leave Tesla. Even as more companies are accepting remote and flexible working arrangements, is Musk merely putting into words what many bosses have not said? Zaobao’s China Desk looks at whether the days of working from the office are really numbered.
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.
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.