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Global Views on Chinese Modernization: Finding Answers in China

2025-05-19
China & The World
Modernization is the common vision and shared goal for countries worldwide, especially developing ones. As the world...
Jan 18, 2019 Economy

Where Does China’s Fiscal Posture Point?

Every year the Chinese government organizes a preeminent meeting of officials to review the economic performance of the past year and set direction for the next. Officially known as the Central Economic Work Conference, at the end of 2018 this meeting has lent significant insight into the country’s fiscal posture and where it points for the future. As 2020 nears, Chinese leaders are aiming to achieve moderate prosperity of the society in all respects. The upcoming year will be crucial to meeting the stated milestones in time, especially given the mounting uncertainties of global market. The ongoing 5-year plan is moving ahead with positive cues, even as the international community is keeping a close eye on China in light of the U.S.-initiated tariff spree. But with some relief for the imbroglio in sight, it is expected that sense will prevail and unilateralist lobbies in the U.S. will make way for fair competition. A point being raised by critics is the apparent slowdown of the Chinese economy. The fact they are ignoring, however, is that rapid growth must be followed by high-value growth. The sustainability of fast-paced development is questionable if it fails to keep pace with contemporary standards. The same is the case in China, where the focus is now shifting towards quality. The reform and opening up policy in […]
Dec 10, 2018 Economy

Shanghai FTZ: A Symbol of China’s Opening-up

Forty years ago, it was inconceivable that China could completely transform itself from agrarian-based to the world’s second largest economy in such a short period of time. However, it has drastically transformed through its commitment to continuous reforms and gradual opening up policies. In the last 40 years, China has witnessed the fastest economic growth in human history. Its average annual GDP growth was close to an impressive 10 percent year-on-year until 2014. Per-capita income increased from US$155 in 1978 to a whopping US$7,590 in 2014: a 40-fold increase, that helped lift 700 million people above the poverty line.   This economic transformation begun in 1978, when China’s former Leader, Deng Xiaoping realized that the economic progress of the country could be accelerated by opening up the economy and following the export-led model. In order to realize this dream, he had set up several special economic zones across China. These zones not just attracted overseas investments but also facilitated the adoption of new technologies and management ideas, thus transforming them into export hubs. This watershed policy of inclusive growth and opening-up proved to be a game-changer for the nation. In order to further deepen Deng’s original reforms, Shanghai’s first pilot free trade zone was set up in September 2013 to bring new opportunities to the country. The Shanghai FTZ, since […]
Nov 23, 2018 ECONOMY WATCH

The Upward March of China’s E-Commerce Industry

November 11, also known as Singles Day, is the most delightful day of the year for the shopping enthusiasts in China as all the e-commerce giants offer heavy discounts on their products. This year, the online shopping frenzy once again propelled Alibaba’s overall sales to a whopping US$30.8 billion, shattering the previous year’s record of US$25.5 billion. A mind-boggling 1.35 billion orders – 25.12 percent more than last year – were placed by the shopping fanatics of China. In order to better understand the exponential growth of the e-commerce market in China, let’s dive deeper and take a closer look into its history. The development of e-commerce in China mainly started from 1996 to 2000, when some progressive entrepreneurs realized that the traditional business models can be amalgamated with the internet to foster new business opportunities. In 1995, Jack Ma, one of the pioneers of China’s e-commerce, founded “China Yellow Page,” which was the first internet web page creation service provider. In 1999, many B2C websites like Ctrip, Dangdang, 8848.com as well as other governmental, private and educational websites were officially launched. However, the worldwide dot-com collapse in 2000 eventuated into the closure of many B2C businesses including 8848. After this debacle, the e-commerce sector gradually stabilized and eventually moved towards its accelerated stage. In 2002, the U.S. C2C e-commerce […]
Oct 29, 2018 China & The World

China-Japan Ties: Future More Important than History

China-Japan ties will thrive in the future, Kazuo Ogura, former Japanese ambassador to France, said in his speech at this year’s Beijing-Tokyo Forum in mid-October. His words represent the aspirations of insightful Japanese people for continued friendship between the two countries.  After nearly a decade of “chill”, China-Japan ties took a turn for the better this year. In early May, Chinese Premier Li Keqiang paid an official visit to Japan; in late October, Shinzo Abe made the first visit to China by a Japanese prime minister in seven years. A commentator seeking an appropriate metaphor for this resumption of high-level visits described it as pressing the “reset button” for healthy development of China-Japan relations.  Abe’s China visit occurred at particularly symbolic moments, described in Chinese as the three “coincidences.” First, this year marks the 40th anniversary of the signing of the China-Japan Treaty of Peace and Friendship. Second, it is also the 40th anniversary of China’s reform and opening up. Third, the visit took place at the very moment when escalating trade tensions between China and the United States were creating changes in the world geopolitical landscape.  By calling them three “coincidences”, the author employs exaggeration to make the article more appealing. Actually, as the English poet Alexander Pope (1688-1744) once observed: “all chance, direction, which thou canst not see”. […]
Oct 19, 2018 Economy

The Expanding High-Speed Rail Economy of China

The opening of the high-speed rail link between Hong Kong and the mainland has once again brought the economic benefits of this new age technology into the limelight. A long way since 1876, when the first commercial train was launched in China, this new catalyst for continued economic growth is gradually becoming the norm. The network is changing China in many ways. Like railway towns that sprouted along the tracks in 19th century Britain and America, urban growth in China too is following the rail lines. Offices, residential areas and shopping districts which were non-existent only a decade back, are mushrooming as lines continue to be built. Δ A passenger takes a selfie with G5711, the first high-speed train from Shenzhen to Hong Kong, at Shenzhen North Railway Station in Shenzhen city, south China’s Guangdong province, Sept. 23, 2018. [Photo/Xinhua] Adjacent to congested commercial cities, where house prices are comparatively high, bullet trains have created new satellite towns. All the amenities of large metropolises are available to these towns through their fast transport links. Local governments find it especially helpful to efficiently manage large, but not oversized cities. This high-speed railway network has resulted in the creation of business opportunities. It is an extensive eco-system that is generating profits not merely through the sale of tickets but through its overall […]