Capitalism

A newsagent picks up magazines next to a mural by Italian urban artist Salvatore Benintende aka "TV BOY" depicting a girl painting a peace symbol on an Ukraine's flag, reading "Hope" in Barcelona, Spain, on 30 April 2022. (Pau Barrena/AFP)

Russian academic: Whose ideology will rule an emerging 21st century world?

Amid a changing global order, Russian academic Artyom Lukin analyses the different ideologies of the US, China and Russia and explains why it would be hasty to lump Russia and China in one camp or to dismiss the similarities between the US and Russia. In the end, the ideology that rules the emerging new world may not even be that of any of the three countries.
An electronic screen displays the stock figures for companies including Tencent Holdings Ltd., Meituan and Alibaba Group Holding Ltd. in Hong Kong, China, on 15 March 2022. (Paul Yeung/Bloomberg)

No funding, no market. What now for China's tech companies?

The US capital market has been the main source of large-scale funding for Chinese tech companies, even as they compete for a slice of their home market. However, with the ongoing US-China trade war and Russia-Ukraine war, US capital is not flowing as readily into China as before, while China’s anti-monopoly crackdown has narrowed down tech companies’ growth prospects. Tech expert Yin Ruizhi explores the issue.
Taiwan President Tsai Ing-wen oversees a military drill during the annual Han Kuang exercise, in Penghu, Taiwan, 25 May 2017. (Taiwan Presidential Office/Handout via Reuters)

The US's clear and unambiguous strategy towards the Taiwan Strait

Chinese academic Deng Qingbo believes that the US has never been ambiguous about its policy towards the Taiwan Strait. Theirs has always been a clear policy dictated by the US’s national interests, in particular those of the financial and military-industrial capitalists. The US’s stance in the ongoing Russia-Ukraine crisis supports this view. Are debates about whether the US policy should move from “strategic ambiguity” to "strategic clarity" moot?
Chinese paramilitary policemen keep watch while people visit Yu Garden in Shanghai, China, on 15 February 2022. (Hector Retamal/AFP)

China needs to work towards a new socialism

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?
The Chinese national flag is raised during the opening ceremony of the Beijing 2022 Winter Olympic Games, at the National Stadium, also known as the Bird's Nest, in Beijing, China, on 4 February 2022. (Lillian Suwanrumpha/AFP)

Can socialist China change society's value orientation and triumph over the ills of capitalism?

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.
A man takes a photo of a screen broadcasting Chinese President Xi Jinping delivering his New Year speech, at a restaurant in Beijing, China, on 31 December 2021. (Jade Gao/AFP)

Is Chinese socialism superior?

Although the Chinese Communist Party believes in the great future of socialism, the basic contradictions of socialism that caused the demise of the Soviet Union are yet to be fully resolved in China, says Lance Gore. As a matter of fact, President Xi Jinping’s mantra of “returning to the party’s original mission” is inadvertently resurrecting some of the same problems that bedevilled classic communism.
People sit on a ferry as the Statue of Liberty, lower Manhattan and One World Trade Center are seen on 5 December 2021 in New York City, US. (Patrick Smith/Getty Images/AFP)

Why democracy is failing and why some authoritarian regimes might just work

Lance Gore notes that US President Joe Biden’s Summit for Democracy is one that will fade away just as quickly as it appeared. Fundamentally, the summit and the “good versus evil” dichotomy it espouses is way past its time. With democracies today, not least the US, facing issues of decline and some authoritarian regimes offering practical governance and livelihood solutions, the clash of systems is just not so clear-cut. In fact, if China irons out some of the kinks in its system, it may become a model of benign authoritarianism that others may find worth emulating.
A woman takes a photograph of the China Central Television (CCTV) Tower in Beijing, China, on Monday, 13 Dec, 2021. Economists predict China will start adding fiscal stimulus in early 2022 after the country’s top officials said their key goals for the coming year include counteracting growth pressures and stabilising the economy. (Andrea Verdelli/Bloomberg)

China holding off on regulatory crackdowns and common prosperity?

“Stability” was the main keyword of the CPC’s annual Central Economic Work Conference on 10 December. Emphasising “economic development as the central task” without compromising on stability, the signs seem to point to the party soon putting the brakes on some of the extreme regulatory measures it has taken to rein in capitalist forces. While it fears its powers could be eroded by the wealthy, it fears even more the collapse of the Chinese economy, which would have dire consequences. Zaobao associate editor Han Yong Hong analyses the situation.
People walk along at financial district of Lujiazui in Shanghai, China, 15 October 2021. (Aly Song/Reuters)

How China's 'poor' ultra-rich can truly become world-class entrepreneurs

Deng Qingbo finds that those who have “grown rich first” during China’s initial period of reform and opening up, and who have grown rich a second time by consolidating their holdings, now find themselves locked in an endless pursuit of wealth with no clear direction to better themselves. He thinks it is high time that they “grow wealthy for the third time” in the spiritual sense, and give back to society by developing a truly influential and well-respected corporate culture. It works out well that this would be in line with China’s “common prosperity” goals.