https://www-scmp-com.libproxy1.nus.edu.sg/rss/310607/feed The Chinese Communist Party held its third plenum of the 20th Party Congress in July 2024, a long-anticipated meeting where the country’s leaders are expected to release a plan for reform that will chart a sustainable growth path and address economic difficulties. en https://assets-v2.i-scmp.com/production/static/img/icons/scmp-meta-1200x630.png https://www-scmp-com.libproxy1.nus.edu.sg After returning to the White House last month, US President Donald Trump is not simply doing the same things he did during his first term or undoing the policies of his predecessor. He is setting out to remake the US and the world order. In the name of efficiency, he allows Elon Musk and his acolytes to attack the federal bureaucracy. In the name of “making America great again”, he wants to unilaterally redraw boundaries, grab Greenland, make Canada the 51st state, control the Panama Canal, take... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3298997/china-could-be-steady-counterweight-trumps-pax-americana https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3298997/china-could-be-steady-counterweight-trumps-pax-americana Tue, 18 Feb 2025 12:30:07 +0000 The Chinese economic miracle occurred on a far greater scale than even the most experienced observers could have imagined. It transformed a country with a gross domestic product of US$361 billion in 1990 into an international financial powerhouse and market leader in several technology-related areas. By 2023, its GDP had risen to US$17.8 trillion, an increase of over 4,800 per cent. This economic transformation lifted over 800 million people from poverty, vastly expanded the middle class and led... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3293929/china-will-rein-vicious-competition-root-its-overcapacity https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3293929/china-will-rein-vicious-competition-root-its-overcapacity Thu, 09 Jan 2025 12:30:09 +0000 Wency Chen Wency Chen Alibaba Group Holding raised US$5 billion from a multi-tranche dual-currency bond offering, the Chinese e-commerce giant said on Wednesday, an initiative that looks to enhance Hong Kong’s role as an international financial centre. Hangzhou-based Alibaba, owner of the South China Morning Post, concurrently issued US$2.65 billion in US dollar-denominated notes and 17 billion yuan (US$2.35 billion) in offshore yuan-denominated notes, following the firm’s announcement on Monday of a bond offering... https://www-scmp-com.libproxy1.nus.edu.sg/tech/big-tech/article/3287432/alibaba-raises-us5-billion-dual-currency-bond-issue-boosting-hong-kongs-hub-status https://www-scmp-com.libproxy1.nus.edu.sg/tech/big-tech/article/3287432/alibaba-raises-us5-billion-dual-currency-bond-issue-boosting-hong-kongs-hub-status Wed, 20 Nov 2024 13:30:13 +0000 This month marks the 75th anniversary of the founding of the People’s Republic of China. Looking back at history, China has trodden an arduous and sometimes treacherous journey over the past century to get itself out of misery and near-disintegration. There is no lack of statistics about the scale of social and economic transformation that has taken place since Deng Xiaoping launched the reform and opening up in 1978. Reforms have not come without pain, or twists and turns, especially... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3281487/theres-hope-chinas-economy-long-planners-can-let-go https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3281487/theres-hope-chinas-economy-long-planners-can-let-go Sun, 13 Oct 2024 01:30:08 +0000 After the mainland Chinese stock market fell to a five-year low in February, Gu Wenyi dumped all her shares, vowing “never again”. The 41-year-old had lost around 80 per cent of the 2 million yuan (US$283,000) she invested over a decade. This week she was among the hundreds of millions of Chinese rushing back to the market on a wave of optimism after the government announced new measures to revive the economy. “I think the top leadership is serious this time,” said Gu, a homemaker in Shanghai... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3282068/chinas-middle-class-riding-wave-optimism-now-can-it-last https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3282068/chinas-middle-class-riding-wave-optimism-now-can-it-last Sat, 12 Oct 2024 14:00:10 +0000 The 20th Central Committee of the Communist Party of China adopted a milestone resolution at its third plenary session in July to further deepen reform and advance Chinese modernisation. The resolution has distinctive Chinese characteristics and profound implications for the world, and at the same time, it presents important opportunities for Hong Kong. As a special administrative region of China, Hong Kong enjoys the unique benefits of the “one country, two systems” policy and a strategic... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3280469/chinas-third-plenum-presents-opportunities-hong-kong https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3280469/chinas-third-plenum-presents-opportunities-hong-kong Tue, 01 Oct 2024 01:30:09 +0000 China is reviving aspects of a Mao Zedong-era plan to relocate critical facilities away from the country’s most densely populated areas to its western hinterlands. Mao’s 1964 “Third Front Construction” initiative was motivated by Cold War fears of nuclear attack, fuelled by the deepening American involvement in Vietnam and increased hostility between China and the Soviet Union. Some observers say the new plan – unofficially described as the “new third front”– may still have a military dimension,... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3279306/china-looking-mao-zedongs-third-front-part-economic-self-reliance-drive https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3279306/china-looking-mao-zedongs-third-front-part-economic-self-reliance-drive Fri, 20 Sep 2024 22:00:11 +0000 It was just four months ago, on May 17, when Sun Beicheng made headlines around the world as he led a team that successfully transplanted a genetically modified pig liver into a patient with liver cancer. By July, Sun was making headlines again, but this time he was one of six researchers named and shamed in a rare move by the Ministry of Science and Technology (MOST) for misconduct in state-funded research programmes. According to MOST, Sun, the former vice-president of Nanjing Drum Tower... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3278195/why-us-china-tech-war-has-put-bugs-academic-system-back-beijings-sights https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3278195/why-us-china-tech-war-has-put-bugs-academic-system-back-beijings-sights Mon, 16 Sep 2024 22:00:10 +0000 William Yiu William Yiu Hong Kong’s sole delegate to the nation’s top legislative body has called for greater policy coordination between the city, Macau and mainland China for crossing procedures for motorists travelling along a mega bridge that connects the three places. Starry Lee Wai-king, who sits on the National People’s Congress (NPC) Standing Committee, said on Saturday that enhancing “mechanisms for the alignment and implementation of plans” was covered in the resolution for the third plenary session of the... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/politics/article/3276685/hong-kong-must-better-sync-policies-macau-mainland-china-city-delegate https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/politics/article/3276685/hong-kong-must-better-sync-policies-macau-mainland-china-city-delegate Sat, 31 Aug 2024 07:36:46 +0000 Zheng Yajun, a mainland-born PhD graduate of the University of Hong Kong, knows from personal experience how difficult it is to break through China’s urban-rural divide. Raised and educated in a remote small town in the northwestern province of Gansu, Zheng sat for the national college entrance examination twice before she was admitted to Shanghai’s prestigious Fudan University in 2009. Zheng did not find life easy at Fudan, where she struggled to understand her instructors and fellow classmates... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3275890/chinas-urban-rural-gap-threat-growth-divide-too-wide-fix https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3275890/chinas-urban-rural-gap-threat-growth-divide-too-wide-fix Mon, 26 Aug 2024 22:00:13 +0000 Kahon Chan,Natalie Wong Kahon Chan,Natalie Wong Beijing has affirmed Hong Kong’s “irreplaceable” role in furthering the country’s reforms and opening up as the nation strives to become a modern socialist state, urging the city to contribute by refining its strengths and bolstering its international connectivity. Commerce minister Wang Wentao on Monday also pledged measures to elevate Hong Kong’s status as a global financial hub amid fierce regional competition as he briefed hundreds of officials, lawmakers and business leaders for 2½ hours on... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/politics/article/3275914/hong-kong-must-integrate-spirit-chinas-third-plenum-everyday-affairs-john-lee https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/politics/article/3275914/hong-kong-must-integrate-spirit-chinas-third-plenum-everyday-affairs-john-lee Mon, 26 Aug 2024 07:01:28 +0000 When the curtain fell on the Paris Summer Olympics last weekend, people from all over the world took note that the United States and China tied for first place with 40 gold medals each, leading the rest of the competing countries by quite a margin. Graham Allison, a Harvard professor who is best known for his 2017 book, Destined for War: Can America and China Escape Thucydides’s Trap?, observed in The National Interest late last week, “China’s rise from essentially nowhere to become the leading... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3274607/can-chinas-restraint-inspire-more-peaceful-rivalry-us https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3274607/can-chinas-restraint-inspire-more-peaceful-rivalry-us Fri, 16 Aug 2024 21:30:15 +0000 The Communist Party’s long-awaited third plenum seems to not have grabbed the expected amount of attention, both inside and outside China. One of the explanations is that the plenum failed to meet expectations for significant reforms. In particular, there were no announcements of any concrete measures to boost China’s low domestic consumption levels – widely acknowledged as a major problem for the country’s economy. However, the third plenum is not oriented towards solving short-term problems.... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3274143/chinas-third-plenum-shows-its-reform-era-has-entered-new-phase https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3274143/chinas-third-plenum-shows-its-reform-era-has-entered-new-phase Tue, 13 Aug 2024 08:30:11 +0000 Hong Kong must position itself as an international centre for finance, shipping and trade as well as a prominent talent hub under plans laid out at China’s third plenum, the city’s finance minister has said. In a blog post on Sunday, Paul Chan Mo-po wrote that Hong Kong’s strategic position as “three centres and one hub” was clearly stated in a resolution endorsed by the Communist Party’s 20th Central Committee, and fulfilling that role was something the city “must do well in the future”. He... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/hong-kong-economy/article/3274064/hong-kong-must-be-3-centres-and-1-hub-stated-chinas-third-plenum-paul-chan https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/hong-kong-economy/article/3274064/hong-kong-must-be-3-centres-and-1-hub-stated-chinas-third-plenum-paul-chan Sun, 11 Aug 2024 08:13:20 +0000 In March 1994, Wang Huning was a star professor in political science at Shanghai’s prestigious Fudan University, whose dream was to “write more good books and teach more good students”, according to his diary from the time. Instead, Wang’s career has taken him deep into the heart of elite politics in China. He has been an ideology guru for three of the country’s leaders, including President Xi Jinping, and is the ruling Communist Party’s fourth most senior official. In a sign of his status, Wang... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3273809/chinas-third-plenum-highlights-quiet-rise-political-theorist-wang-huning https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3273809/chinas-third-plenum-highlights-quiet-rise-political-theorist-wang-huning Sat, 10 Aug 2024 14:00:08 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Hong Kong’s newly crowned Olympic champion Vivian Kong Man-wai was still everywhere in the news when she made the shock announcement that she is taking a break and saying goodbye to her professional... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/letters/article/3273932/bright-side-olympic-gold-medallist-vivian-kongs-retirement https://www-scmp-com.libproxy1.nus.edu.sg/opinion/letters/article/3273932/bright-side-olympic-gold-medallist-vivian-kongs-retirement Sat, 10 Aug 2024 03:30:12 +0000 Western media analysts often fail to grasp the significance of the reforms initiated at the third plenum of the Communist Party of China, which recently concluded in Beijing. The Communist Party typically holds seven plenary sessions during each five-year term of its Central Committee, and the third is particularly important as major policy directions and reforms are often introduced. The 1978 third plenum marked the beginning of China’s reform and opening up, a policy introduced by Deng... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3273373/what-china-watchers-should-know-about-where-country-headed https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3273373/what-china-watchers-should-know-about-where-country-headed Thu, 08 Aug 2024 08:45:08 +0000 The third plenum of the Communist Party of China’s 20th Central Committee, which concluded on July 18, provided a clear long-term development plan for the country over the next five years and beyond. Comprehensive in scope, large in scale, broad and deep in reach and consequential in all respects, the plenum’s visionary grand design has promising implications for Hong Kong. Reform is central to the plenum and road map, as it has been since setting the country on an impressive growth trajectory... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3273521/how-hong-kong-can-fulfil-its-crucial-role-chinas-modernisation https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3273521/how-hong-kong-can-fulfil-its-crucial-role-chinas-modernisation Wed, 07 Aug 2024 22:30:10 +0000 When China’s more than 350 senior officials converged in Beijing last month for the landmark third plenum of the Communist Party’s 20th Congress, it was all about President Xi Jinping. After they emerged from the four-day meeting held behind closed doors, which ended on July 18, they put a glowing stamp of approval on Xi’s core views and vision for how the party should build the world’s second largest economy into a modern socialist nation by 2035, with more than 300 reform measures to be... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3272626/possibility-trump-20-should-push-china-recalibrate-foreign-policy https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3272626/possibility-trump-20-should-push-china-recalibrate-foreign-policy Sun, 04 Aug 2024 21:30:13 +0000 China’s recent third plenum highlighted the importance of making the country a champion of innovation through generating disruptive technology and scaling up into high-end manufacturing. Many, however, focused on doubts over China keeping its doors open and questioned if it was too focused on national – or political – security. Even before the meeting of China’s top leaders had concluded, pessimism had surfaced over the possibility of concrete and effective solutions to revitalise China’s... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3272846/hong-kongs-health-diplomacy-could-debunk-idea-china-turning-inward https://www-scmp-com.libproxy1.nus.edu.sg/opinion/hong-kong-opinion/article/3272846/hong-kongs-health-diplomacy-could-debunk-idea-china-turning-inward Sun, 04 Aug 2024 07:30:12 +0000 Decentralisation of decision-making from the central government to local authorities is widely regarded as one of China’s most effective policy reforms of the past four decades. As the Communist Party’s priorities shifted from class struggle to economic development, decentralisation turned out to be a tremendous catalyst for growth. Compared to the centrally planned system, local governments were better positioned to tailor economic decisions to local conditions. Local governments were also... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3273016/era-entrepreneurial-chinese-local-government-over https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3273016/era-entrepreneurial-chinese-local-government-over Sat, 03 Aug 2024 07:15:09 +0000 China has unveiled a five-year plan to ensure that 70 per cent of its population settles down in urban areas – a push that is believed to be aimed at unleashing new demand, but which has also raised questions about its ability to truly stimulate the economy. Rural residents, who account for roughly half of the 1.4 billion Chinese population based on their permanent residence registration, or hukou, would have basically no restrictions from the originally rigid system if they want to relocate to... https://www-scmp-com.libproxy1.nus.edu.sg/economy/economic-indicators/article/3272832/chinas-new-urbanisation-plan-aims-energise-economy-it-rash-and-impetuous https://www-scmp-com.libproxy1.nus.edu.sg/economy/economic-indicators/article/3272832/chinas-new-urbanisation-plan-aims-energise-economy-it-rash-and-impetuous Thu, 01 Aug 2024 13:00:21 +0000 Hu Xijin, former editor-in-chief of state-owned newspaper Global Times, has been silent for days on social media since his article interpreting a Communist Party economic strategy document was deleted. In an opinion piece published on his WeChat account on July 22, Hu noted that a resolution endorsed by top leaders during the party’s third plenum last month left out a phrase that had long enshrined the role of the state sector in China’s economy. The outspoken former editor argued that the... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3272818/chinese-commentator-hu-xijin-silent-social-media-after-third-plenum-article-vanishes https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3272818/chinese-commentator-hu-xijin-silent-social-media-after-third-plenum-article-vanishes Thu, 01 Aug 2024 10:00:18 +0000 On July 25, I moderated a discussion of outcomes from China’s third plenum, which ended a week earlier. South China Morning Post Executive Editor Chow Chung-yan, China Editor Wendy Wu and Political Economy Editor Jasmine Wang joined me to share their reactions to and analysis of the meeting – one of seven plenary sessions held on a five-year cycle comprising more than 300 members and alternate members of the Communist Party’s Central Committee. Following are some of the topics we discussed,... https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3272736/scmp-plus-webinar-third-plenum https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3272736/scmp-plus-webinar-third-plenum Thu, 01 Aug 2024 06:59:53 +0000 Justin Lin Yifu is a professor of economics at Peking University and former chief economist at the World Bank. His theory of “new structural economics” – which advises governments of developing countries to take an active role in building and optimising their industrial base – is widely believed to have influenced Beijing’s economic policies over the past decade, and he has predicted China will “surpass the US, as measured by market exchange rate, around 2030” and surmount the middle-income trap... https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3272650/justin-lin-yifu-chinas-third-plenum-overcapacity-and-avoiding-japans-fate https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3272650/justin-lin-yifu-chinas-third-plenum-overcapacity-and-avoiding-japans-fate Wed, 31 Jul 2024 22:30:11 +0000 In recent months, Chinese overcapacity has been a major topic of discussion – and a source of controversy – among economists and policymakers around the world. While these concerns are not entirely off base, they are excessive and resolvable. Over the past four decades, as China has shifted from a planned economy characterised by shortages to a market economy oscillating between insufficient demand and overheating, its government has often sought to eliminate overcapacity whenever it arose. In... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3272529/china-must-not-repeat-its-mistakes-tackling-overcapacity https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3272529/china-must-not-repeat-its-mistakes-tackling-overcapacity Wed, 31 Jul 2024 12:30:11 +0000 Beijing has vowed to improve “early warning” systems to better protect national security related to foreign affairs and its overseas interests – a move analysts say is about identifying strategic risks like the threat of economic sanctions. It was one of a number of policy decisions for the next five years approved by China’s top leadership at last week’s Communist Party conclave, the third plenum. A lengthy document with the full text of those decisions was released on Sunday, with a section on... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3272065/third-plenum-china-wants-be-better-prepared-strategic-risks-economic-sanctions https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3272065/third-plenum-china-wants-be-better-prepared-strategic-risks-economic-sanctions Fri, 26 Jul 2024 14:00:14 +0000 After China concluded its third plenum, the key policy meeting that will shape the nation’s economic blueprint for the next decade, the central message remains clear: stay the course. No major stimulus was announced, and neither were there significant policy deviations from the steadfast pursuit of “high-quality development”. Instead, President Xi Jinping called for the party to show “unwavering faith” and commitment to the established path. One potentially significant policy emerged before the... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271500/how-chinas-move-cap-salaries-redefining-finances-role-society https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271500/how-chinas-move-cap-salaries-redefining-finances-role-society Fri, 26 Jul 2024 12:30:10 +0000 After the fiasco of the selective two-child policy, the universal two-child policy and the three-child policy, China introduced new policies at the third plenum of the Communist Party’s 20th Central Committee to address population ageing and the country’s declining birth rate. These policies include lowering the cost of childbirth, parenting and education, providing couples with children with childbirth subsidies, tax breaks, affordable childcare and possibly longer parental leave. In fact, the... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271573/solutions-chinas-birth-rate-problem-dont-lie-japans-playbook https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271573/solutions-chinas-birth-rate-problem-dont-lie-japans-playbook Thu, 25 Jul 2024 21:30:09 +0000 In this Daily Pulse, we will unbox one final topic from the third plenum, namely China’s policymakers’ resolutions regarding foreign businesses. Join me my SCMP colleagues on Thursday at 3pm Hong Kong time for a panel discussion across a range of topics stemming from the third plenum. Register here. Western companies doing business in China are squeezed on both sides. At home, their governments are pushing for reshoring as a trend towards protectionism and “decoupling” has taken hold across... https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271705/chinas-third-plenum-offers-little-clarity-foreign-businesses https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271705/chinas-third-plenum-offers-little-clarity-foreign-businesses Wed, 24 Jul 2024 09:15:50 +0000 China’s third plenum shows it is “not in the mood” to restrain its nuclear weapons capability as it learns from Russia’s deterrence strategy in Ukraine, observers said after a key policy meeting of the ruling Communist Party. However, they also warned about the risks of a nuclear arms race with the United States as Beijing sought “respect” for its core interests, especially Taiwan. During the party’s third plenum last week, the Central Committee pledged to “speed up the development of strategic... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/military/article/3271599/chinas-third-plenum-shows-it-not-mood-slow-down-nuclear-arms https://www-scmp-com.libproxy1.nus.edu.sg/news/china/military/article/3271599/chinas-third-plenum-shows-it-not-mood-slow-down-nuclear-arms Wed, 24 Jul 2024 06:02:20 +0000 After China concluded its third plenum, the key policy meeting that will shape the nation’s economic blueprint for the next decade, the central message remains clear: stay the course. No major stimulus was announced, and neither were there significant policy deviations from the steadfast pursuit of “high-quality development”. Instead, President Xi Jinping called for the party to show “unwavering faith” and commitment to the established path. One potentially significant policy emerged before the... https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271629/how-chinas-move-cap-salaries-redefining-finances-role-society https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271629/how-chinas-move-cap-salaries-redefining-finances-role-society Wed, 24 Jul 2024 02:34:26 +0000 Daniel Ren Daniel Ren Shanghai, along with its neighbouring provinces, will launch more policies to enhance logistics capabilities and bolster trade and investment in the Yangtze River Delta (YRD) region, giving a much-needed boost to the slowing Chinese economy, according to an economic adviser to the municipal government. Zhang Zhaoan told reporters on Tuesday that the documents unveiled by the Communist Party’s Central Committee following the conclusion of the third plenum last week had paved the way for further... https://www-scmp-com.libproxy1.nus.edu.sg/business/china-business/article/3271597/shanghai-implement-policies-boost-yangtze-river-delta-galvanised-third-plenum https://www-scmp-com.libproxy1.nus.edu.sg/business/china-business/article/3271597/shanghai-implement-policies-boost-yangtze-river-delta-galvanised-third-plenum Tue, 23 Jul 2024 13:16:05 +0000 China’s latest tax reform plans, focused on raising income for local governments, as well as support from the central government, are long overdue. The property crisis triggered by the “three red lines” policy introduced in 2020 led to a wider economic downturn, but the deeper cause is the reliance of local governments on land-based financing. This reliance is a product of China’s unbalanced fiscal architecture, where local governments shoulder a disproportionate share of the fiscal... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271203/chinas-timely-tax-reforms-will-help-local-governments-deliver-stability https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271203/chinas-timely-tax-reforms-will-help-local-governments-deliver-stability Tue, 23 Jul 2024 12:30:09 +0000 Not surprisingly, the Communist Party’s much-anticipated third plenum did not end with the big bang last week, especially for those who had hoped for economic stimulus measures and groundbreaking structural reforms. At the end of the four-day party conclave, Beijing did promise to deepen reforms in a wide range of sectors to boost the economy and root out corruption, while renewing a pledge to give the market a “decisive role” in allocating resources. In a message clearly aimed at disgruntled... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/diplomacy/article/3271581/feeling-besieged-security-obsessed-china-struggles-win-friends-and-tell-its-story-well https://www-scmp-com.libproxy1.nus.edu.sg/news/china/diplomacy/article/3271581/feeling-besieged-security-obsessed-china-struggles-win-friends-and-tell-its-story-well Tue, 23 Jul 2024 11:17:59 +0000 It has been clear for several months that science and technology would be one of the areas singled out for special attention by delegates at China’s once-in-five-years third plenum, and they followed through. The area is tightly bound to President Xi Jinping’s aim of fostering “new quality productive forces” (新质生产力), which is basically promoting innovation to increase productivity and move up the industrial value chain. In the full statement, referred to as the “resolution” or “decisions” (决定)... https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271509/third-plenum-spotlights-tech-boost-productivity https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271509/third-plenum-spotlights-tech-boost-productivity Tue, 23 Jul 2024 09:05:45 +0000 To advance China’s modernisation, its leaders adopted a resolution at the third plenum to “embrace broader horizons through further reforms and opening up”. This was not unexpected, given China’s urgent need for cutting-edge technology, skilled labour, foreign capital and managerial expertise. But its economy, in particular the industrial sector, is grappling with deflationary pressure, as seen in key indicators such as the producer price index and the manufacturing purchasing managers’ index.... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271266/how-foreign-firms-can-stay-their-feet-chinas-dynamic-market https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271266/how-foreign-firms-can-stay-their-feet-chinas-dynamic-market Tue, 23 Jul 2024 08:30:08 +0000 A heavyweight group of US executives, including FedEx Corporation CEO Raj Subramaniam, met with Chinese Vice-Premier He Lifeng and Foreign Minister Wang Yi in China on Monday, with Beijing hoping the influential lobby group can help US firms “play a strong role” in the world’s second-largest economy. The official People’s Daily newspaper confirmed that US-China Business Council board chair Subramaniam had led the delegation for its meetings with He and Wang. The visit confirmed an earlier Post... https://www-scmp-com.libproxy1.nus.edu.sg/economy/global-economy/article/3271511/china-hopes-us-firms-can-play-strong-role-after-top-executives-visit-beijing https://www-scmp-com.libproxy1.nus.edu.sg/economy/global-economy/article/3271511/china-hopes-us-firms-can-play-strong-role-after-top-executives-visit-beijing Tue, 23 Jul 2024 05:24:47 +0000 Beijing has founded a new anti-graft entity exclusively tasked with targeting the finance sector, according to the country’s top anti-corruption body. The announcement of the founding of the watchdog came days after Beijing wrapped up a long-awaited third plenum of the ruling Communist Party’s elite last week. The gathering was capped with the release of hundreds of policy goals for the next five years, including to “bring all financial activities under supervision”. The new body was revealed in... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271494/beijing-trains-sights-chinas-vast-finance-sector-new-anti-corruption-body https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271494/beijing-trains-sights-chinas-vast-finance-sector-new-anti-corruption-body Tue, 23 Jul 2024 04:00:16 +0000 The latest top Communist Party meeting in Beijing may not appear to have direct links with Hong Kong at first glance. But the subsequent release of a relevant paper underlines the important work entrusted to the city. It is incumbent upon Hong Kong officials to leverage the city’s unique strengths under “one country, two systems” and contribute to the nation’s development at the same time. The city’s role as “an international hub for high-end talent” was highlighted in a 20,000-word paper under... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/article/3271465/build-international-talent-hub-serve-hong-kong-and-mainland https://www-scmp-com.libproxy1.nus.edu.sg/opinion/article/3271465/build-international-talent-hub-serve-hong-kong-and-mainland Mon, 22 Jul 2024 22:00:22 +0000 In its quest to break out of tightening containment efforts by the United States, Beijing has vowed to give more room and better resources to the private sector to help China achieve technological breakthroughs. It was one of the measures announced to support the private sector included in the 22,000-word resolution document unveiled on Sunday following the conclusion of the third plenum last week. “[It is necessary] to support capable private enterprises to take the lead in undertaking major... https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3271422/chinas-third-plenum-vows-support-capable-private-sector-lead-tech-innovation https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3271422/chinas-third-plenum-vows-support-capable-private-sector-lead-tech-innovation Mon, 22 Jul 2024 15:00:08 +0000 China’s latest blueprint on rural land reform features a major push toward an issue that farmers and analysts have been anticipating, but which Beijing has been prudent in embracing. Through easing restrictions on the use of residential property in the countryside, farmers should be able to explore various commercial purposes to capitalise on the land. Instead of emphasising caution in this field as it had in key directives over the past decade, the Communist Part vowed to “allow farmers to... https://www-scmp-com.libproxy1.nus.edu.sg/economy/economic-indicators/article/3271423/chinas-rural-land-reform-could-be-cash-cow-farmers-after-bold-move-third-plenum https://www-scmp-com.libproxy1.nus.edu.sg/economy/economic-indicators/article/3271423/chinas-rural-land-reform-could-be-cash-cow-farmers-after-bold-move-third-plenum Mon, 22 Jul 2024 14:00:08 +0000 Hong Kong’s talent trawling schemes should focus on quality over quantity and seek a diverse range of professionals to meet the central government’s expectation that the city becomes a hub for international high-fliers, experts have said. They also called on local authorities to offer more support to new arrivals, as many faced a wide range of challenges such as getting their own businesses started, finding work and settling their families. Beijing has already thrown its weight behind Hong... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/hong-kong-economy/article/3271457/hong-kong-talent-trawl-should-focus-quality-over-quantity-after-chinas-third-plenum https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/hong-kong-economy/article/3271457/hong-kong-talent-trawl-should-focus-quality-over-quantity-after-chinas-third-plenum Mon, 22 Jul 2024 13:19:43 +0000 Yulu Ao,Yuke Xie Yulu Ao,Yuke Xie More measures to revive China’s property sector and the economy are likely at this month’s Politburo meeting, after the third plenum pledged to overhaul the industry, according to analysts. But the property sector will continue to be a drag on economic growth and is unlikely to see any improvement soon, considering the challenges to restore consumer confidence and weak demand, they warned. Though no new policies to prop up the property sector have been unveiled, the central government reiterated... https://www-scmp-com.libproxy1.nus.edu.sg/business/china-business/article/3271432/chinas-housing-sector-could-be-mired-slump-despite-possible-rescue-measures-analysts https://www-scmp-com.libproxy1.nus.edu.sg/business/china-business/article/3271432/chinas-housing-sector-could-be-mired-slump-despite-possible-rescue-measures-analysts Mon, 22 Jul 2024 11:10:05 +0000 China’s top policymakers over the weekend provided language around a wide-ranging set of reforms agreed upon at the third plenum that wrapped up on Thursday. They set themselves a five-year deadline to deliver on all the tasks. While the economic focus is on well-flagged areas including measures to help China to cement a role at the top of the global industrial value chain, the document also dwells on structural reform of its fiscal and taxation systems. This commitment answers critiques of the... https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271402/china-plans-fiscal-and-tax-reforms-shore-local-governments https://www-scmp-com.libproxy1.nus.edu.sg/plus/article/3271402/china-plans-fiscal-and-tax-reforms-shore-local-governments Mon, 22 Jul 2024 09:18:45 +0000 Global Impact is a weekly curated newsletter featuring a news topic originating in China with a significant macro impact for our newsreaders around the world. Sign up now! The communique released summarising China’s third plenum – one of several gatherings of the Communist Party’s elite Central Committee – was seen as seeking a delicate balance between growth and security in the face of mounting uncertainties. It was released at the end of the four-day session, typically an occasion for the... https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3271338/promises-abound-deepened-reform-what-did-chinas-third-plenum-tell-us https://www-scmp-com.libproxy1.nus.edu.sg/economy/china-economy/article/3271338/promises-abound-deepened-reform-what-did-chinas-third-plenum-tell-us Mon, 22 Jul 2024 06:00:15 +0000 China’s ruling elites have committed to boosting the financial power of the country’s local governments, seeking to overcome a decades-old structural problem for the world’s No 2 economy. Over the next five years, China will aim for a “clear division of responsibilities, coordinated financial resources and regional balance” in the fiscal relationship between central and local governments, according to decisions endorsed by the Communist Party’s 20th Central Committee. The committee made the... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271324/chinas-third-plenum-holds-out-hope-debt-hit-local-governments-funding-reform https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271324/chinas-third-plenum-holds-out-hope-debt-hit-local-governments-funding-reform Mon, 22 Jul 2024 02:00:26 +0000 The recently concluded third plenum of the Central Committee reconfirmed President Xi Jinping’s priority to promote “high-quality development”, a euphemism for innovation and technological advancement. The leadership also highlighted geopolitical and domestic risks and financial consolidation given the pressures on local governments and the banking system. For China, national security concerns now override many economic considerations. But for global financial markets and the foreign policy... https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271059/heres-how-china-can-fund-its-third-plenum-goal-high-quality-development https://www-scmp-com.libproxy1.nus.edu.sg/opinion/china-opinion/article/3271059/heres-how-china-can-fund-its-third-plenum-goal-high-quality-development Sun, 21 Jul 2024 21:30:12 +0000 China will focus on boosting its economic, technological and defence capabilities to tackle growing conflicts with the US-led West, the full text of decisions from a key party conclave has revealed. The more than 22,000-word resolution document lists a wide range of measures for the next five years approved by the Central Committee of the ruling Communist Party, which met for its key third plenum last week. The measures aim to strengthen China’s economic resilience, deepen the tech talent pool... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271317/chinas-third-plenum-sees-communist-party-double-down-economic-tech-military-power https://www-scmp-com.libproxy1.nus.edu.sg/news/china/politics/article/3271317/chinas-third-plenum-sees-communist-party-double-down-economic-tech-military-power Sun, 21 Jul 2024 14:33:12 +0000 China cannot replace external demand with the domestic, a noted Chinese economist has warned, while calling for “new standards” to fundamentally revive public confidence. “External demand is particularly important for China since the country is not able to consume the excessive supply capacity on its own,” Wu Xiaoqiu, director of the National Institute of Financial Research at Renmin University, told a forum in Hong Kong on Saturday. Calling on Beijing to further open up its markets, Wu said:... https://www-scmp-com.libproxy1.nus.edu.sg/news/china/article/3271267/opening-chinas-greatest-reform-noted-economist-calls-new-market-standards https://www-scmp-com.libproxy1.nus.edu.sg/news/china/article/3271267/opening-chinas-greatest-reform-noted-economist-calls-new-market-standards Sun, 21 Jul 2024 01:00:16 +0000