Wealth

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”?

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.

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.

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.

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.

Art historian Chiang Hsun counts the ways that the hit Korean drama series Squid Game puts humanity to shame. The rich and powerful exploit the weaknesses of the poor while the ordinary man is given a choice but can’t help but choose the wrong choice each time. Life is one reckless gamble we willingly take, all for the chance of living a dream.

Through contact tracing records of Covid-19 positive patients, people are getting a glimpse of how their fellow Chinese live their lives. While the detailed records bring up the question of privacy, they have helped to highlight the issue of inequality in big cities and the lives of those who are toiling away and struggling to make ends meet. Beijing-based Singaporean Jessie Tan shares the stories that have gripped the attention of Chinese netizens.

China is tottering between capitalism and old socialism in its pursuit of “socialism with Chinese characteristics”, says Lance Gore. Instead of further entrenching a system that feeds nationalism in the name of socialism, it would do well to update to a new socialism in which the concept of employment, wealth and happiness are redefined to better take advantage of the new technological revolution. But is China ready?

An overhaul in its social value orientation is needed if China is to tackle the pressures on employment and social structures that the digital economy, artificial intelligence and smart automation will bring. Essentially, it should root out casino capitalism and the related social ills of “winner takes all”, “get rich quick”, “lying flat” and envy that have seeped into society. The Chinese Communist Party is making an effort but it will not be easy to abandon a purely material approach and prize other values that will raise the quality of life and elevate a civilisation.