Financial centre

People ride escalators at a business district in Beijing, China, on 16 May 2022. (Wang Zhao/AFP)

China's unified national market has its drawbacks and challenges

The Chinese government has recently announced plans to establish a unified national market that is highly efficient, standardised, open and competitive. It would break down walls, raise the standards of the business environment within China and act as a buffer against external pressures. While the intention is good, NUS academic Lu Xi points to possible drawbacks and challenges.
Pedestrians cross a busy intersection in Causeway Bay in Hong Kong on 4 January 2022. (Peter Parks/AFP)

China's grand plans to further integrate Hong Kong and Macau. Will they work?

The Hengqin Plan and Qianhai Plan released by the Chinese central government aim to deepen economic cooperation and promote cross-border integration within the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). The Plans will involve greater integration of Hong Kong and Macau with the mainland. While Macau has always embraced this trajectory and the Hengqin Plan could bring greater dynamism to the SAR, Hong Kong’s fears of “mainlandisation” and the territorial instincts of mainland cities may present some obstacles to the Qianhai Plan. EAI academic Yu Hong tells us more.
People visit the Alibaba booth during the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China, 4 September 2021. (Florence Lo/Reuters)

How internet giants' monopolistic practices hurt SMEs in China

Internet giants in China have been engaging in monopolistic practices that hurt the development of small- and medium-sized enterprises, says technology specialist Yin Ruizhi. As such, these practices will be dealt with by the government if the platforms themselves do not find ways to resolve them. Is this another move towards "common prosperity"?
A man rides a bicycle along a street at the Raffles Place financial business district in Singapore on 20 April 2021. (Roslan Rahman/AFP)

Chinese financial institutions drawn to Singapore and Southeast Asian markets

With the signing of the Regional Comprehensive Economic Partnership (RCEP) and China's Belt and Road Initiative, a growing number of Chinese businesses are setting up outfits in Singapore, creating more opportunities for financial services providers from China. Associate business editor Hu Yuanwen takes a look at Chinese banking and insurance companies moving into Singapore, and how Singapore's business environment is changing.
The logo of Alibaba Group is seen at its office in Beijing, China, 5 January 2021. (Thomas Peter/Reuters)

Is Alibaba leaving its carefree days behind?

Alibaba’s name is said to be inspired by the song that goes: “Ali Baba is a happy youth!” But after the halting of Ant Group’s listing and being slapped with a 18.228 billion RMB fine, Alibaba faces headwinds. In their anti-monopoly efforts, the authorities seem to have no qualms about making an example of companies like Alibaba. Zaobao correspondent Yu Zeyuan analyses the situation.
A taxi drives along a road before the city skyline in Hong Kong on 15 August 2020. (Isaac Lawrence/AFP)

A reshuffle of global financial centres on the cards?

Research analyst Fiona Huang argues that globalisation has a huge part to play in building global financial centres. If basic prerequisites such as close cooperation with regulators and market stability are met, the next-level condition for a flourishing global financial centre is an open attitude towards global capital and culture. How will the changing political milieu around the world today lead to a reshuffle of global financial centres?
An angler fishes as buildings stand across the Victoria Harbor in Hong Kong, China, 15 July 2020. (Lam Yik/Bloomberg)

End of special status with US will have little impact on Hong Kong's financial industry

The US has ended Hong Kong’s preferential treatment, sparking some concerns that Hong Kong may not be able to retain its status as an international financial centre. Zaobao journalist Tai Hing Shing examines whether these worries are valid.
Chinese RMB banknotes are seen behind an illuminated stock graph in this illustration taken on 10 February 2020. (Dado Ruvic/Illustration/File Photo/Reuters)

China's yet-to-be-announced stimulus package: Dispensing the right dose

In the aftermath of the 2008 Global Financial Crisis, China trotted out a mega stimulus package that some analysts say did more harm than good. Months into the coronavirus pandemic and China’s support measures have still been measured. How much further will it go in the coming weeks to alleviate the economic strain on enterprises and individuals?
Skyline of the Lujiazui financial district in Shanghai, December 2019. Shanghai aims to become an international financial centre. (Hector Retamal/AFP)

Is Shanghai on track to becoming an international financial centre in 2020?

Zhang Yugui, dean of the School of Economics and Finance at the Shanghai International Studies University, weighs up Shanghai’s chances of becoming an international financial centre that can vie with leading cities such as New York and London. While he is certain that Covid-19 will not affect Shanghai's progression towards its goal, he feels there is no need for Shanghai to be overly fixated on letting the world know that it has become an international financial centre by a certain date.