Oct 30, 2018

Enhancing the Openness of the World

WHILE the Trump administration, holding high the banner of “America First,” stubbornly stuck to its trade protectionism policy, escalating its trade frictions with many countries across the globe, Chinese President Xi Jinping declared at the Boao Forum for Asia Annual Conference 2018 in April that “China’s door of opening-up will not be closed and will only open even wider.” He also indicated major measures to be taken by China to pursue further opening-up, including those to expand imports. “This November, we will hold the first China International Import Expo (CIIE) in Shanghai. It is not just another expo in an ordinary sense, but a major policy initiative and commitment taken of our own accord to open up the Chinese market. Friends from around the world are welcome to participate in the expo,” Xi said at the conference, and promised that the CIIE would become an annual event. Over 2,800 businesses from 130-odd countries and regions will attend the first CIIE to showcase their services and products in such fields as automobiles, high-end smart equipment, consumer goods, health care, and agriculture. The participating companies are expected to present the most representative products and products with the most advanced, cutting-edge technologies in their fields and of the latest trends. For a More Open World Δ Bertie Ahern, former Irish prime minister. “It […]

China and Japan Promote Third-Party Market Cooperation

Japanese Prime Minister Shinzo Abe made an official visit to China from October 25-27,as China and Japan jointly announced on October 12. China and Japan have expressed their joint intention to vigorously promote cooperation in third-party markets. Why? What is the meaning and role of this cooperation? Δ President Xi Jinping meets with Japanese Prime Minister Shinzo Abe in Beijing on Oct. 26th. Li Tao / Xinhua Firstly, both China and Japan are countries with relative excess in endowment of production factors such as capital and production capacity. After the domestic economy develops to a certain stage, it is no longer able to rely on continuous large-scale domestic investment to obtain endogenous development, as is seen in periods of rapid economic growth. Motivation must rely on improving management and technology, especially through the core technologies of major industrial sectors to gain new development momentum, relying on technological innovation as a new impetus for economic development. Secondly, most of the countries involved in the Belt and Road Initiative are developing countries, and some are emerging industrial countries in the process of catching up. They are emerging from poverty, with their economies just preparing to take off or just beginning to take off. In this stage, there is an urgent need for capital and technology. In particular, it is more necessary to build […]

Hong Kong and the Big Deal That is the Greater Bay Area

From the onset of major market reform in China under Deng Xiaoping, Hong Kong has acted as a guiding light and entrepôt for the rest of mainland China. Now, the financial centre finds itself at a critical juncture as the rest of the nation begins to converge with the city in respect to trade, commerce and overall economic development. With that said, how does Hong Kong manage integration with the rest of China while still upholding the principle of ‘One Country, Two Systems’? A system which has helped it to continue to thrive as an economic centre for Asia for all these years. How Hong Kong deals with this could serve as a case study for all of China on economic transition, as, upon closer inspection, the issues that threaten to compromise the city’s development, are not actually all that different from the Mainland. Hong Kong: A City of Extremes The picture of Hong Kong is very much not unlike that of China, or most of the developed world for that matter. An aging population (with a median age of 44.4 years, Hong Kong currently plays host to the ninth oldest population in the world) is contributing to a shortage of labour and innovation, while sky high house prices and staggering levels of income inequality hold the potential to unravel […]

Oct 24, 2018

Will the Sino-US Trade War Turn into a Currency War?

China does not need and will not seek a release of pressure on commodity exports by guiding the RMB to unilaterally depreciate sharply. In fact, this is also unfavorable to China in its efforts to attract foreign investment and enhance its import capacity.