Economic recovery

Japanese researcher Toshiya Tsugami observes that the exuberant tone of China's previous Party Congress reports has been carried over in this year’s 20th Party Congress. However, the external environment has changed much for China and its targets could be a stretch in this context.

Often referred to as the world’s economic “canary in the coal mine”, South Korea has seen its economy tumble over the past year, impacted by external factors such as US interest rate hikes and signs of recession in key trade partners. The accumulation of domestic factors — currency crisis, tumbling stock market and rising inflation — is also hitting the South Korean economy hard. However, this industrial powerhouse has the domestic means to climb out of the doldrums.

China’s 20th Party Congress signalled that the government is focused on dual circulation, in particular domestic circulation. However, that does not mean that China has the intention for implementing a closed-door policy. In fact, a healthy domestic circulation will boost China's ecosystem for innovation and growth and help China further open up.

Zaobao correspondent Yang Danxu takes a look at China’s ailing property market and the various measures taken by property companies and the authorities to boost sales and ensure that homes are completed and handed over to buyers. While the intention is good, will they work under the current Covid-19 situation?

This week’s Global Financial Leaders' Investment Summit in Hong Kong was an effort by the Hong Kong government to restore its position as a financial hub, which has been somewhat weakened due to China’s pandemic measures and other global responses. But despite John Lee’s optimistic address at the summit, the actual situation appears to be less than rosy, with several adopting a wait-and-see attitude.

An outbreak at Foxconn factory in Zhengzhou, Henan province adds to the latest spate of Covid-19 cases in China. Prior to the lockdown of the factory area, many workers were seen “escaping” on foot. Amid the wave of criticism from the Chinese public, the incident has revealed flaws in the management at the factory as well as the lack of transparency from the government.

China’s stock markets rose following an unverified tweet on 1 November claiming China might ease its zero-Covid policy. However, signals from state media and various local governments suggest otherwise and the market rally has died down as well. Zaobao correspondent Edwin Ong examines the clues and analyses what might happen next.

Commentator Lew Mon-hung explores seven contradictions that he observes in the “one country, two systems” policy for Hong Kong, including the stand on the private sector, governance issues, and the dynamic zero-Covid policy. All of these factors have had an impact on Hong Kong, and it remains to be seen how these points will be addressed to ensure the special administrative region’s growth.

Now that the new Politburo Standing Committee has been appointed after the 20th Party Congress, it faces the biggest challenge of ensuring economic growth amid the repeated pandemic outbreaks. How long can the Chinese Communist Party maintain its zero-Covid policy before public frustration boils over?