Despite Chinese President Xi Jinping’s recent speech reaffirming Hong Kong’s future as well as the “one country, two systems” policy, many are worried that Hong Kong’s unique advantages are weakening fast amid a tightening of political space. Zaobao journalist Tai Hing Shing tells us more.
In a recent poll conducted by Malaysia’s Merdeka Center and the Institute of China Studies at the University of Malaya, public perception of China seems to have improved slightly from the last time a similar survey was done in 2016. That said, opinions are divided among ethnic groups and hinge on a few deciding factors.
With the impact of the pandemic putting pressure on local government budgets across China, the latest wave of salary reductions for civil servants has taken hold in Shanghai, with no quarterly bonuses given out in some cases. China’s financial capital has not been doing well since the two-month pandemic lockdown took a heavy toll on businesses and general operations. Can the city recover?
As the 25th anniversary of Hong Kong’s handover draws near, Hong Konger Thomas Chan reflects on the changes that have taken place over the last few years and the real and pressing issue of residents, especially the young, drifting away. Most are seeking better prospects abroad in a wry turn of events from a time when the city was viewed as the land of opportunity. Now, amid dreary skies and Telegram alerts announcing yet another citizen-police chase, the city stands forlorn as it watches its people leave.
Over the past year, the Chinese government has taken strong action against monopolistic practices in the platform economy. However, with the effects of the pandemic, the economy needs a boost and the platform economy seems to be the way to lift it. Chinese academic Yi Xianrong says that to truly harness the strengths of the platform economy, the authorities need to see that it is a totally different entity from the traditional economic sectors and its governance needs some deep thinking.
Calls for de-dollarisation have increased since the financial sanctions of the Ukraine war and the very real threat of the US dollar being weaponised. In this context, academic Pei Sai Fan explains why conditions are ripe for China and Asia to offer innovative alternatives, such as developing regional digital currency cooperation in the payment and settlement of regional trade and investment, and expediting the development of new cross-border digital payment infrastructure in Asia known as multi-CBDC platform projects.
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.
Following a nationwide power shortage, China moved to rein in coal prices starting in October 2021. But experts reveal that prices have become a huge problem again this year, as imports grow pricier due to the war in Ukraine and regulations such as the price cap prove inefficient.