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.
In this fourth instalment of a seven-part Lianhe Zaobao-Business Times series on China and ASEAN, we look at the role of Chinese investors in the rise, fall and recovery of Cambodia’s Sihanoukville province.
As governments across the world grapple with ways to regulate platform algorithms, China has pushed ahead with rolling out a set of provisions regulating algorithm-generated recommendations for internet information services. Chinese tech giants have taken prompt adaptive actions in response, but a lack of consumer awareness, prevailing attitudes and a digital divide may undermine the authorities’ efforts.
Rural bank depositors have clashed with police after finding themselves unable to withdraw their funds, prompting financial regulators to step in and repay customers on behalf of the banks first. If this exercise is not handled delicately, will trust between the people and government be affected? Zaobao correspondent Yang Danxu speaks to bank customers and academics to find out more.
Masayoshi Son, billionaire head of SoftBank Group Corp. may finally be able to push ahead with launching a US IPO for semiconductor and software design giant Arm Ltd., after wresting control of Arm China back from ousted CEO Allen Wu. It was no mean feat and a saga of twists and turns. But even now, some questions of Arm China’s shareholding and business remain unanswered.
An eight-storey building adjacent to the Changsha Medical University collapsed on 29 April, killing 54 people, mainly students. It turned out that the building was a "self-build" that had been modified by the owners rather than constructed by developers. Authorities are now clamping down on safety inspections of building structures, but is it a case of too little, too late?
Over the past three decades, China has implemented and revised its labour regulations in an effort to progress its market economy. Despite the strengthening of labour protection, young migrant workers have fallen through the cracks. Chinese economics professor Li Jingkui believes that the labour reforms have led to the social phenomenon of “Sanhe legends” — youths who are caught in an employment cycle characterised by poor working conditions, low wages and a lack of stability.
As one of the largest recipients of foreign investments, China has no shortage of publicly disclosed cases of corrupt business dealings. But transnational firms are still willing to take the risks and cultivate relationship-building strategies in their business activities. They are even prepared to face a “double jeopardy” situation when they are penalised in their home and overseas locations. But their operating environment could get even more challenging with the US and China clamping down on transnational crime, and the increasing use of domestic judiciaries to regulate extraterritorial legal matters.
Wu Guo notes that equality is very much a mirage, whether in the socialist or liberal democracy conception of the term. The sum total of one’s head start in life is often tied to his or her family background. And often, no amount of levelling up can change that. But this does not mean that equality is of no relevance or should not be aspired to. Adopting an attitude of equality can help ensure that people’s rights are protected, even if the ideal of equality may never be achieved.