https://www.scmp.com/rss/322887/feed Kinling Lo is a Correspondent covering diplomacy and society news for the Post. She joined the team in 2016 as a cadet reporter. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com James Robinson, a University of Chicago professor, was one of the three winners of the Nobel Prize for economics this year. He shared the prize for his work with two professors at the Massachusetts Institute of Technology – Daron Acemoglu and Simon Johnson – researching global inequality. He has co-authored three books with Acemoglu, including the bestseller Why Nations Fail: The Origins of Power, Prosperity and Poverty, first published in 2012. Robinson, Acemoglu and Johnson have written... https://www.scmp.com/economy/china-economy/article/3288713/nobel-winning-economist-james-robinson-chinas-place-his-theory-institutions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3288713/nobel-winning-economist-james-robinson-chinas-place-his-theory-institutions?utm_source=rss_feed Sun, 01 Dec 2024 22:00:17 +0000 As mixed signals emanate from negotiations between China and the European Union over tariffs on electric vehicles (EVs), experts said the talks and their outcome will be useful for determining the state of trade relations during the fast-approaching second term of US president-elect Donald Trump. In a report over the weekend, German broadcaster N-TV cited remarks by the chair of the European Parliament’s trade committee saying an agreement was near. But both Bloomberg and Reuters cited sources... https://www.scmp.com/economy/global-economy/article/3288627/will-eu-and-china-form-united-front-against-trumps-tariff-offensive?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3288627/will-eu-and-china-form-united-front-against-trumps-tariff-offensive?utm_source=rss_feed Fri, 29 Nov 2024 08:00:11 +0000 The latest interview in the Open Questions series features economist and political scientist James Robinson, who together with Daron Acemoglu and Simon Johnson won the 2024 Nobel Prize for Economics for their studies on how institutions affect prosperity. Robinson says that while China’s growth seems to defy his theory that more democratic societies lead to stronger economies, Beijing lacks a political system that supports the creation of a “modern, innovative, prosperous society”. Robinson, who... https://www.scmp.com/plus/article/3288355/china-may-need-more-inclusivity-maintain-growth-nobel-laureate-says?utm_source=rss_feed https://www.scmp.com/plus/article/3288355/china-may-need-more-inclusivity-maintain-growth-nobel-laureate-says?utm_source=rss_feed Thu, 28 Nov 2024 06:00:14 +0000 China is looking to “resolve conflicts” in trade with the next US administration while now facing the increased likelihood of more tariffs being put in place, as advocated by US president-elect Donald Trump. “China is willing to strengthen communication, expand cooperation and resolve conflicts with the United States in accordance with the principles of mutual respect, peaceful coexistence, and win-win cooperation,” Ministry of Commerce (Mofcom) spokeswoman He Yongqian said on Thursday afternoon... https://www.scmp.com/economy/global-economy/article/3285623/amid-china-us-trade-conflicts-beijing-calls-burying-hatchet?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3285623/amid-china-us-trade-conflicts-beijing-calls-burying-hatchet?utm_source=rss_feed Thu, 07 Nov 2024 22:00:16 +0000 After this week’s US presidential election, Vietnam-based consultant Kyle Freeman doubts demand for his services has anywhere to go but up. In the wake of former president Donald Trump’s victory on Tuesday, businesses are almost certain to continue exploring moves from China to destinations like Freeman’s current base of operations. “Clients [were] holding off on new investment until the election [brought] a little bit more clarity on trade policy,” said Freeman, a partner at business advisory... https://www.scmp.com/economy/global-economy/article/3285370/after-us-election-two-things-appear-certain-death-and-china-tariffs?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3285370/after-us-election-two-things-appear-certain-death-and-china-tariffs?utm_source=rss_feed Wed, 06 Nov 2024 03:59:40 +0000 Kinling Lo Kinling Lo This article has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. Get faster notifications on the latest updates by downloading our app. In a nail-biting race, Donald Trump needs just three more electoral votes to beat opponent Kamala Harris to the White House, with most media polls calling victory for him in key swing states. While the vote count continues, this is what has been happening since the polls opened on... https://www.scmp.com/news/china/diplomacy/article/3285343/first-results-are-early-lead-trump-us-election-race?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3285343/first-results-are-early-lead-trump-us-election-race?utm_source=rss_feed Wed, 06 Nov 2024 00:58:52 +0000 China will continue to support the “normal trade and investment” of Chinese carmakers in Europe despite a spat over tariff hikes, the Ministry of Commerce (Mofcom) said as it still seeks to negotiate toward a resolution on levies that kicked in for Chinese electric vehicles (EVs) this week. At a regular news briefing on Thursday, Mofcom spokesman He Yadong responded to a report alleging that China had told its car manufacturers to halt big investments in the European countries that supported... https://www.scmp.com/economy/global-economy/article/3284677/amid-ev-row-eu-china-stand-grounds-fair-competition-mofcom-says?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3284677/amid-ev-row-eu-china-stand-grounds-fair-competition-mofcom-says?utm_source=rss_feed Thu, 31 Oct 2024 15:00:08 +0000 China is expanding the scale of its upcoming supply-chain expo by ramping up efforts to invite some of the “least-developed countries” while attempting to showcase resilience against trade barriers from the United States and other trade partners. More than 600 companies are expected to participate in the five-day China International Supply Chain Expo that kicks off in Beijing on November 26. That would mark a 20 per cent increase in businesses from the inaugural expo last year, according to the... https://www.scmp.com/economy/china-economy/article/3284196/china-shifts-supply-chain-focus-least-developed-countries-november-expo?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3284196/china-shifts-supply-chain-focus-least-developed-countries-november-expo?utm_source=rss_feed Mon, 28 Oct 2024 13:00:11 +0000 The former head of investment banking at Haitong Securities, Jiang Chengjun, was in handcuffs in late August as police led him from a plane at an undisclosed airport on his return to China to face allegations of “work-related” crimes. Photos of his high-profile arrest were splashed across media outlets and social media platforms in mainland China, with the investment banker’s precipitous fall standing in stark contrast to the high-flying international ambitions of the country’s financial... https://www.scmp.com/economy/china-economy/article/3283690/chinese-investment-banks-turn-inward-global-dreams-fade-view?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3283690/chinese-investment-banks-turn-inward-global-dreams-fade-view?utm_source=rss_feed Thu, 24 Oct 2024 22:00:09 +0000 Chinese economists called for institutional reforms after three US-based scholars won the Nobel Prize in economics with their research into how institutions shape the economic success of nations. Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson were named as this year’s winners on Monday in Stockholm having published extensively on the relationships between political and economic institutions and wealth. They argued that states with “inclusive institutions”... https://www.scmp.com/economy/global-economy/article/3282472/nobel-prize-winning-research-pushes-chinese-economists-call-institutional-reforms?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3282472/nobel-prize-winning-research-pushes-chinese-economists-call-institutional-reforms?utm_source=rss_feed Tue, 15 Oct 2024 11:00:17 +0000 American economist Joseph Stiglitz, who won the Nobel Prize for economics in 2001, served as chairman of the Clinton administration’s Council of Economic Advisers. He is a professor at Columbia University and a former chief economist at the World Bank. Before addressing the Bhutan Innovation Forum early this month, Stiglitz spoke to the Post about the US-China trade war, the economic ramifications of next month’s presidential election in the United States and the future of globalisation. This... https://www.scmp.com/economy/global-economy/article/3282186/economist-joseph-stiglitz-china-us-trade-war-and-death-hyper-globalisation?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3282186/economist-joseph-stiglitz-china-us-trade-war-and-death-hyper-globalisation?utm_source=rss_feed Sun, 13 Oct 2024 22:00:23 +0000 This latest interview in the Open Questions series features Joseph Stiglitz, a professor at Columbia University and the winner of the Nobel Memorial Prize in Economic Sciences in 2001. The pioneer in the study of the role of asymmetric information in markets thinks it’s “unambiguous” that a President Kamala Harris would be better for the US economy than former president Donald Trump and that her trade policies with China would be more moderate. The author of The Road to Freedom told the Post... https://www.scmp.com/plus/article/3281805/economist-stiglitz-trump-vs-harris-trade-policies-chinas-overcapacity?utm_source=rss_feed https://www.scmp.com/plus/article/3281805/economist-stiglitz-trump-vs-harris-trade-policies-chinas-overcapacity?utm_source=rss_feed Thu, 10 Oct 2024 06:00:14 +0000 China announced it would start to collect anti-dumping duties on European brandy imports from Friday – a move that the European Union plans to challenge at the World Trade Organization (WTO) – just days after Brussels voted to impose tariffs on Chinese-made electric vehicles (EVs). In addition, China signalled that it could unleash tariffs on imported cars from the European Union to “protect the legitimate rights of Chinese industries and companies”, the Ministry of Commerce (Mofcom) said in a... https://www.scmp.com/economy/global-economy/article/3281557/china-hits-out-eu-brandy-threat-signals-car-probe-days-after-ev-tariff-vote?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3281557/china-hits-out-eu-brandy-threat-signals-car-probe-days-after-ev-tariff-vote?utm_source=rss_feed Tue, 08 Oct 2024 09:38:26 +0000 China’s property developers have ramped up efforts to boost sales during the National Day “golden week” holiday after Beijing launched a slew of stimulus policies to save the ailing real estate market. More than 20 Chinese provinces and over 130 cities organised activities, including exhibitions and live-streams, to “promote sales and explain the latest housing policies”, according to the Ministry of Housing and Urban-Rural development, state broadcaster CCTV reported on Saturday. “Sellers in... https://www.scmp.com/economy/china-economy/article/3281217/will-chinas-ailing-property-market-get-golden-week-sales-boost?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3281217/will-chinas-ailing-property-market-get-golden-week-sales-boost?utm_source=rss_feed Sun, 06 Oct 2024 00:00:07 +0000 Chinese President Xi Jinping received a congratulatory message from US President Joe Biden to mark the 75th anniversary of the People’s Republic of China this week, marking the latest top-level exchange as tensions persist in China-US relations. The news was made public by the Chinese foreign ministry in a statement published on its website on Saturday evening. The ministry reported the message in a question-and-answer format, noting that it was a response to media questions. “President Joe... https://www.scmp.com/news/china/politics/article/3281236/joe-biden-sent-xi-jinping-congratulatory-message-mark-chinas-75th-national-day?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3281236/joe-biden-sent-xi-jinping-congratulatory-message-mark-chinas-75th-national-day?utm_source=rss_feed Sat, 05 Oct 2024 15:05:32 +0000 This year’s growth forecast for the Asean plus three economies – China and Hong Kong, Japan and South Korea – has weakened from 4.4 per cent to 4.2 per cent, “primarily due to adjustments for China and Vietnam”, according to the Asean+3 Macroeconomic Research Office (Amro). The Singapore-based macroeconomics forecasting organisation revised its 2024 growth expectations for China from 5.3 per cent to 5 per cent and for Vietnam from 6.3 per cent to 6.2 per cent “Asean+3 Regional Economic Outlook... https://www.scmp.com/economy/global-economy/article/3281097/china-vietnam-drag-down-asean3-economic-growth-forecast?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3281097/china-vietnam-drag-down-asean3-economic-growth-forecast?utm_source=rss_feed Fri, 04 Oct 2024 08:57:15 +0000 Elizabeth Economy is a senior fellow at Stanford University’s Hoover Institution, an expert on Chinese politics and foreign policy, and was a senior adviser on China at the US Department of Commerce. Her most recent book is The World According to China. This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here. Joe Biden’s administration has launched policies on semiconductors such as the Chips and Science Act, expanding export controls and forming... https://www.scmp.com/news/china/diplomacy/article/3280445/how-china-and-us-went-90-cooperation-90-competition?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3280445/how-china-and-us-went-90-cooperation-90-competition?utm_source=rss_feed Sun, 29 Sep 2024 22:00:21 +0000 Following a World Trade Organization complaint earlier this month, China has formally launched an investigation into what it has termed a “discriminatory” increase in tariffs from Canada against its electric vehicles (EVs), steel and aluminium. In an official notice on Thursday, the Ministry of Commerce said it would be examining the North American country’s 100 per cent tariffs on Chinese EVs, its 25 per cent tariffs on steel and aluminium, and the exclusion of Chinese products from government... https://www.scmp.com/economy/global-economy/article/3280067/china-preps-protracted-trade-fight-canada-tariff-probe?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3280067/china-preps-protracted-trade-fight-canada-tariff-probe?utm_source=rss_feed Thu, 26 Sep 2024 13:00:22 +0000 This latest interview in the Open Questions series features Elizabeth Economy, the Hargrove Senior Fellow at the Hoover Institution at Stanford University, who served as a senior foreign adviser on China at the US Department of Commerce. An expert on Chinese domestic and foreign policy, her most recent book is The World According to China. Economy discusses the changing relationship between the US and China, the importance of non-security-oriented investments and leveraging private companies to... https://www.scmp.com/plus/article/3280033/what-china-could-teach-us-about-having-long-term-vision?utm_source=rss_feed https://www.scmp.com/plus/article/3280033/what-china-could-teach-us-about-having-long-term-vision?utm_source=rss_feed Thu, 26 Sep 2024 07:28:13 +0000 The parent company of clothing brands Calvin Klein and Tommy Hilfiger said on Tuesday that it was in communication with the Chinese government over allegations that the firm has undertaken “discriminatory” measures related to products from the country’s far western Xinjiang Uygur autonomous region. In a move that threatens to compound already fraught trade tensions with the United States, China’s Ministry of Commerce revealed earlier on Tuesday that it initiated an investigation into PVH Group... https://www.scmp.com/economy/global-economy/article/3279760/china-probe-calvin-klein-tommy-hilfiger-parent-firm-over-xinjiang-cotton?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3279760/china-probe-calvin-klein-tommy-hilfiger-parent-firm-over-xinjiang-cotton?utm_source=rss_feed Tue, 24 Sep 2024 08:51:42 +0000 Three districts in China’s southern metropolis of Shenzhen have quietly extended the maximum age limits for some of its government job openings, in a rare move after the landmark decision earlier this month to delay the national retirement ages. The Longgang, Pingshan and Guangming districts last week set the maximum age for applicants with an undergraduate degree to 40 for 189 openings, five years older than the general standard for government jobs. The age limit for 56 out of 82 roles – from... https://www.scmp.com/economy/article/3279637/shenzhen-eases-age-limits-government-jobs-blazing-trail-chinas-retirement-delay?utm_source=rss_feed https://www.scmp.com/economy/article/3279637/shenzhen-eases-age-limits-government-jobs-blazing-trail-chinas-retirement-delay?utm_source=rss_feed Mon, 23 Sep 2024 10:33:07 +0000 China’s finance ministry named and shamed eight local authorities on Thursday for adding implicit debt, in the latest move to hold local officials accountable for vanity projects and irresponsible borrowings. In an online statement, the Ministry of Finance said the move was to “enhance fiscal disciplines and “serve as a warning”, as the world’s second-largest economy is at an important juncture of battling a daunting debt mountain while staving off financial risks. The biggest sum of implicit... https://www.scmp.com/economy/policy/article/3279014/china-warns-struggling-regions-be-more-strict-and-accountable-curbing-hidden-debt?utm_source=rss_feed https://www.scmp.com/economy/policy/article/3279014/china-warns-struggling-regions-be-more-strict-and-accountable-curbing-hidden-debt?utm_source=rss_feed Thu, 19 Sep 2024 06:00:14 +0000 China has renewed its financial pledges to African nations – even as its economy lurches and geopolitical friction with the West worsens – in a move analysts said shows the country will not let domestic strife disrupt the pursuit of its objectives in the region. Beijing earmarked a total of 360 billion yuan (US$50.6 billion) – including 210 billion yuan in loans, 80 billion yuan in aid, and at least 70 billion yuan of Chinese companies’ investment – to Africa over the next three years as... https://www.scmp.com/economy/global-economy/article/3277542/china-rolls-out-new-africa-financing-staying-course-despite-slowdown-home?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3277542/china-rolls-out-new-africa-financing-staying-course-despite-slowdown-home?utm_source=rss_feed Sat, 07 Sep 2024 14:00:08 +0000 China’s investigation into Canada’s tariff hike on Chinese-made electric vehicles (EVs), made on the basis of combating “discriminatory” practices, has set a new precedent and could open up more fronts for future trade disputes, analysts said. In its statement divulging the probe on Tuesday, the Ministry of Commerce (Mofcom) quoted Article 7 of China’s foreign trade law, which permits countermeasures against “any country or region” as a response to “prohibitive, restrictive or other measures”... https://www.scmp.com/economy/global-economy/article/3277339/china-widens-trade-battlefield-precedent-setting-dispute-over-canadas-ev-tariffs?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3277339/china-widens-trade-battlefield-precedent-setting-dispute-over-canadas-ev-tariffs?utm_source=rss_feed Fri, 06 Sep 2024 02:00:21 +0000 The Yins have a conundrum. Regulars at their local branch of Din Tai Fung – a renowned chain of restaurants originally from Taiwan – the Beijing residents, both in their 70s, will soon have to find another option. “My granddaughter loves the dumplings here, so we always come for lunch,” said Mrs Yin, gesturing towards the 4-year old as the family waited for a table at the national capital’s China World Mall. “We still haven’t figured out where else to take her. We are expecting a tantrum when... https://www.scmp.com/economy/china-economy/article/3277049/northern-china-loses-din-tai-fungs-dumplings-consumers-keep-budgets-under-wraps?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3277049/northern-china-loses-din-tai-fungs-dumplings-consumers-keep-budgets-under-wraps?utm_source=rss_feed Wed, 04 Sep 2024 01:00:09 +0000 Leading Chinese artificial intelligence (AI) start-ups see entering the overseas market as a defining stage for success, despite geopolitical tensions and economic sanctions. Shanghai-based MiniMax – a generative AI start-up that is often called one of China’s “four little AI dragons” – said it aimed to develop markets in countries involved in China’s Belt and Road Initiative in the next one or two years to add to its business in Japan, South Korea, the United States and the Southeast Asian... https://www.scmp.com/economy/global-economy/article/3275973/chinas-ai-start-ups-have-no-choice-explore-overseas-markets-despite-challenges?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3275973/chinas-ai-start-ups-have-no-choice-explore-overseas-markets-despite-challenges?utm_source=rss_feed Mon, 26 Aug 2024 13:00:14 +0000 The Philippines has accused China of “firing flares” as close as 15 metres (49 feet) away from one of its patrol aircraft, in the latest military confrontation between the two countries in the South China Sea. According to a statement from Manila’s National Task Force for the West Philippine Sea on Saturday, a Chinese fighter jet “engaged in irresponsible and dangerous manoeuvres” on Monday, as a Philippine Bureau of Fisheries and Aquatic Resources plane made a “maritime domain awareness flight”... https://www.scmp.com/news/china/article/3275772/philippines-accuses-china-firing-flares-dangerous-move-near-scarborough-shoal?utm_source=rss_feed https://www.scmp.com/news/china/article/3275772/philippines-accuses-china-firing-flares-dangerous-move-near-scarborough-shoal?utm_source=rss_feed Sat, 24 Aug 2024 10:47:12 +0000 China has promised to widen market access in sectors like healthcare, education and hi-tech, part of a broader effort from the world’s second-largest economy to woo back overseas and private investment and help stabilise the country’s economic growth. A new version of the negative list – a document detailing sectors closed to foreign and private participation, last updated in 2021- was approved during an executive meeting of the State Council on Monday, but no details have yet been... https://www.scmp.com/economy/china-economy/article/3275500/china-names-healthcare-education-tech-likely-venues-more-foreign-investment?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3275500/china-names-healthcare-education-tech-likely-venues-more-foreign-investment?utm_source=rss_feed Thu, 22 Aug 2024 11:00:24 +0000 Beijing may be looking to rein in its allocated production quota for China’s rare earth elements – including strategically important metals used in ubiquitous items such as smartphones and in critical defence equipment – amid a decline in domestic prices while overseas development accelerates. On Tuesday, the Ministry of Industry and Information Technology and the Ministry of Natural Resources jointly set the upper limit for the year’s second batch of rare earth mining output at 135,000 tonnes,... https://www.scmp.com/economy/economic-indicators/article/3275353/china-curbing-rare-earth-production-raise-prices-its-global-dominance-wanes?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3275353/china-curbing-rare-earth-production-raise-prices-its-global-dominance-wanes?utm_source=rss_feed Thu, 22 Aug 2024 00:15:08 +0000 After Hong Yongcheng’s American customers began to shy away from renewing their orders – a change the towel factory owner attributed to heightened restrictions on Chinese imports – he responded in unexpected fashion. Rather than try to win back those skittish buyers from overseas, he started a new production line in the Xinjiang Uygur autonomous region – an area of China where exports to the US are all but forbidden. “I don’t see much hope in getting American orders back, so producing from... https://www.scmp.com/economy/china-economy/article/3273899/china-has-turned-inward-sell-xinjiang-cotton-after-trade-ban-will-it-be-enough?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3273899/china-has-turned-inward-sell-xinjiang-cotton-after-trade-ban-will-it-be-enough?utm_source=rss_feed Sat, 10 Aug 2024 22:00:12 +0000 Beijing’s strategy to reshape China’s trade profile to boost exports to Southeast Asia has been put to the test by a growing array of barriers in the region that are responding to supply chain shifts, analysts said, with the curbs also coming at a time of weakening shipments to the 10-nation bloc. China is facing a surge of trade restrictions amid concerns of industrial overcapacity – as it produces more of certain good than it is able to sell or use – and Vietnam became one of the latest... https://www.scmp.com/economy/global-economy/article/3273756/chinas-asean-trade-faces-more-barriers-amid-fears-overcapacity-imbalance?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3273756/chinas-asean-trade-faces-more-barriers-amid-fears-overcapacity-imbalance?utm_source=rss_feed Fri, 09 Aug 2024 02:00:14 +0000 From start-ups to universities, a Dubai government-backed developer has increased efforts to lure Chinese businesses to set up shop at one of the city’s newest business hubs, as it seeks to ride on China’s growing economic momentum with the Middle East. Chinese tenants are expected to be one of the biggest groups of foreign businesses taking up occupancy at Expo City Dubai, with the venue set to complement the nearby Al Maktoum International Airport and the Dubai Exhibition Centre to form the a... https://www.scmp.com/economy/global-economy/article/3273720/uae-business-hub-eyes-chinese-businesses-amid-very-very-strong-china-ties?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3273720/uae-business-hub-eyes-chinese-businesses-amid-very-very-strong-china-ties?utm_source=rss_feed Thu, 08 Aug 2024 09:00:11 +0000 China’s middle class is a group to which the country’s policymakers should be paying close attention, a prominent political scientist has said – both in terms of the demographic’s traditional role as a predictor of economic prosperity, and as a potential factor in helping preserve frayed relations with the United States. “We should promote the view that a stronger Chinese middle class is beneficial for the US middle class,” said Li Cheng, a politics professor at the University of Hong Kong, at a... https://www.scmp.com/economy/china-economy/article/3273284/china-us-middle-classes-crucial-link-relationship-chain-analyst-argues?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3273284/china-us-middle-classes-crucial-link-relationship-chain-analyst-argues?utm_source=rss_feed Mon, 05 Aug 2024 15:00:09 +0000 Despite an overall drop in foreign direct investment (FDI), China says more funds from overseas are being channelled into its advanced manufacturing sector. “While FDI in the first half of this year was at a relatively high level if we look at it over the span of the past decade, frankly the scale of the investment has dropped on a year-on-year basis, mainly due to a high base from last year,” said Zhu Bing, director of the Foreign Investment Administration under the Ministry of Commerce, at a... https://www.scmp.com/economy/economic-indicators/article/3272998/foreigners-invest-more-chinas-advanced-manufacturing-even-total-fdi-drops?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3272998/foreigners-invest-more-chinas-advanced-manufacturing-even-total-fdi-drops?utm_source=rss_feed Fri, 02 Aug 2024 10:59:54 +0000 China’s attempt to clean up its small and cash-strapped banks is being challenged by the limitations of its local economies, analysts said. The central Henan province announced its consolidation plans on Sunday, naming 25 institutions to be merged into a provincial-level rural commercial bank. The announcement is the first detailed plan published since the restructuring was approved in 2022. The reorganisation is intended to “coordinate and clear non-performing assets under small and... https://www.scmp.com/economy/china-economy/article/3272501/chinas-cash-strapped-small-banks-face-limitatons-amid-shake-no-one-size-fits-all-fix?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3272501/chinas-cash-strapped-small-banks-face-limitatons-amid-shake-no-one-size-fits-all-fix?utm_source=rss_feed Wed, 31 Jul 2024 03:00:15 +0000 As mainland China attempts to broaden the use of the yuan in international transactions, Hong Kong will likely have a bigger role to play in this process, according to a report released by Renmin University on Sunday. “We need to proactively use the current window of de-dollarisation and emphasise the stability and low interest rates of our currency to increase the yuan’s share in global trade,” said Chen Zhaojing, a professor in finance at the university. “We should also deepen reforms in the... https://www.scmp.com/economy/china-economy/article/3272336/mainland-china-broadens-yuans-global-appeal-hong-kong-may-play-larger-role?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3272336/mainland-china-broadens-yuans-global-appeal-hong-kong-may-play-larger-role?utm_source=rss_feed Mon, 29 Jul 2024 10:00:26 +0000 A price increase in the cost of badminton shuttlecocks in China is reported to have been caused by an unlikely suspect – declining pork prices. The price for one of the most popular models of shuttlecocks from Japanese brand Yonex – the AS02- sold for 149 yuan (US$20.5) for a pack of 12 on Friday, representing a 24 per cent increase from a month ago, according to a price tracking chart from Chinese e-commerce platform Taobao. Major shuttlecock producers in China- including Yonex, Double... https://www.scmp.com/economy/china-economy/article/3271124/badminton-mocked-becoming-rich-peoples-sport-china-shuttlecock-prices-surge?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3271124/badminton-mocked-becoming-rich-peoples-sport-china-shuttlecock-prices-surge?utm_source=rss_feed Sun, 21 Jul 2024 09:00:12 +0000 Stephen Roach is a former chairman of Morgan Stanley Asia and also served as Morgan Stanley’s chief economist during his 30-year career at the investment bank. He was later a senior lecturer at Yale University’s School of Management and is now a senior research scholar at Yale Law School’s Paul Tsai China Centre. This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here. You have paid close attention to the third plenums in China and know their... https://www.scmp.com/economy/china-economy/article/3270265/stephen-roach-how-beijing-can-right-its-economic-course-and-us-big-china-blunder?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3270265/stephen-roach-how-beijing-can-right-its-economic-course-and-us-big-china-blunder?utm_source=rss_feed Sun, 14 Jul 2024 22:00:17 +0000 In this latest interview in the Open Questions series, American economist Stephen Roach discusses what he thinks China’s top policymakers need to focus on in the upcoming third plenum. With all signs pointing toward promotion of “new quality productive forces” as being near or at the top of the agenda, Roach says the other half of China’s structural problem, weak consumption, needs to be addressed. He also answers questions on a range of topics, including China’s alleged overcapacity in green... https://www.scmp.com/plus/article/3270013/stephen-roach-wants-third-plenum-focus-quality-production-household-consumption-equally?utm_source=rss_feed https://www.scmp.com/plus/article/3270013/stephen-roach-wants-third-plenum-focus-quality-production-household-consumption-equally?utm_source=rss_feed Thu, 11 Jul 2024 06:00:16 +0000 Kinling Lo,Amanda Lee Kinling Lo,Amanda Lee Newly-registered unmanned aircraft or drones surged by 48 per cent in China in the first six months of the year amid a push for the “low-altitude economy” to foster high-value jobs, bolster innovation in science and technology and inject momentum into the overall economy. There were 608,000 new unmanned aerial vehicles (UAVs) registered in China in the first six months of the year, bringing the total to over 1.87 million, according to data provided by the Civil Aviation Administration of China... https://www.scmp.com/economy/china-economy/article/3269953/chinas-low-altitude-economy-soars-uavs-rise-48-regulator-eyes-healthy-development?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3269953/chinas-low-altitude-economy-soars-uavs-rise-48-regulator-eyes-healthy-development?utm_source=rss_feed Thu, 11 Jul 2024 01:04:29 +0000 The Communist Party chief of China’s Xinjiang region has called on security personnel to “unwaveringly” uphold the authorities’ “high-intensity crackdown on terrorism”. The call from Ma Xingrui came as the western border region completed its latest military-police joint exercise. “Social stability must be at the forefront” of “strengthening stability and boosting development”, Ma told police officers in Xinjiang on Friday. “[Our] approach towards high-intensity crackdowns has to remain... https://www.scmp.com/news/china/politics/article/3269431/chinas-xinjiang-party-chief-urges-unwavering-terror-crackdown-stability-top-focus?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3269431/chinas-xinjiang-party-chief-urges-unwavering-terror-crackdown-stability-top-focus?utm_source=rss_feed Sat, 06 Jul 2024 08:00:16 +0000 As a fierce debate rages among China’s biggest electric vehicle (EV) manufacturers over an ongoing price war, a senior official has invoked “involution” – a term popularised by pessimistic online discussion of the country’s economy – to caution against the intense competition that has stifled growth in some sectors. Han Wenxiu, deputy director of the General Office of the Central Financial and Economic Affairs Commission, published an article discussing recent guidelines from Beijing to achieve... https://www.scmp.com/economy/china-economy/article/3266954/chinas-firms-risk-stunting-growth-vicious-competition-senior-official-says?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3266954/chinas-firms-risk-stunting-growth-vicious-competition-senior-official-says?utm_source=rss_feed Mon, 17 Jun 2024 13:00:18 +0000 China has revised its fair-competition review system that aims to curb monopolies and widen market access, in another attempt to shore up investor confidence at a time when the nation is struggling to grease the wheels of domestic demand. The updated version of China’s fair-competition regulations, to take effect on August 1, stipulates that there should be no restrictions to market entry nor exit, nor on the free flow of goods or business operations, according to a State Council announcement on... https://www.scmp.com/economy/economic-indicators/article/3266677/china-unveils-new-fair-competition-regulations-ongoing-push-unify-domestic-market?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3266677/china-unveils-new-fair-competition-regulations-ongoing-push-unify-domestic-market?utm_source=rss_feed Fri, 14 Jun 2024 13:00:14 +0000 Mainland Chinese officials have called for a crackdown on the illegal money exchange business in its casino hub of Macau in a step to further tackling illegal gambling and underground money laundering. A national-level special planning meeting aimed at drawing together resources was held by the Ministry of Public Security in Beijing last week, according to a People’s Daily report on Monday. Illegal money exchanges – unauthorised currency exchange or loan sharks – have been expanding rapidly, and... https://www.scmp.com/economy/china-economy/article/3265227/china-launches-new-crackdown-macaus-illegal-money-exchanges?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3265227/china-launches-new-crackdown-macaus-illegal-money-exchanges?utm_source=rss_feed Mon, 03 Jun 2024 14:00:22 +0000 US economist Stephen Roach, whose gloomy views about Hong Kong and China caused controversy recently, has expounded on his view change “in the last year or so”, owing to China’s “abrupt” economic slowdown and potential US-China conflicts. Speaking on Friday in Beijing, the former chair of Morgan Stanley Asia said his optimism had waned over that stretch amid “worrisome” trends in China. And he added that the US’ recent tariff hikes on Chinese goods were a “blunder” and the result of... https://www.scmp.com/economy/global-economy/article/3265217/us-protectionism-china-risks-new-forever-war-blunder-historic-proportions-economist-stephen-roach?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3265217/us-protectionism-china-risks-new-forever-war-blunder-historic-proportions-economist-stephen-roach?utm_source=rss_feed Mon, 03 Jun 2024 12:00:10 +0000 Washington’s proposal on Tuesday to increase tariffs on imports of Chinese semiconductors, electric vehicles (EVs), steel and batteries drew a swift rebuke from Beijing, with allegations that the “political” decision further deteriorates already frayed ties between the world’s two largest economies. “The US side is coming from political considerations” the Chinese Ministry of Commerce said in a statement on its website. “Specifically, it’s a typical political play, and the Chinese side expresses... https://www.scmp.com/economy/china-economy/article/3262662/us-proposes-new-round-tariffs-china-cites-unfair-tech-transfer-policies-burden-us-commerce?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3262662/us-proposes-new-round-tariffs-china-cites-unfair-tech-transfer-policies-burden-us-commerce?utm_source=rss_feed Tue, 14 May 2024 10:23:01 +0000 The Communist Party’s official mouthpiece has accused the United States of “hyping up” claims of “overcapacity” in new energy industries, amid reports that Washington could dramatically raise tariffs on Chinese electric vehicles (EVs) as soon as Tuesday. “The intention to hype up China’s overcapacity is to contain China’s industries that have an edge,” an opinion piece in People’s Daily on Sunday said. It said the United States was plotting to boost its own industries and use China as a... https://www.scmp.com/news/china/politics/article/3262389/chinas-communist-party-accuses-us-hyping-overcapacity-claims-fresh-ev-tariffs-loom?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3262389/chinas-communist-party-accuses-us-hyping-overcapacity-claims-fresh-ev-tariffs-loom?utm_source=rss_feed Mon, 13 May 2024 02:00:32 +0000 China is seeking to cut logistics costs to boost domestic consumption and offshore competitiveness as it confronts a series of economic headwinds. On Saturday Premier Li Qiang told a meeting of the State Council, China’s cabinet, that the move would help increase the efficiency of the economy. “There need to be more efforts to optimise freight transport, promote the digital, smart and green development of the logistics sector, and substantially lower logistics costs,” Li said, according to state... https://www.scmp.com/news/china/politics/article/3262379/china-targets-lower-logistics-costs-boost-economy-and-competitiveness?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3262379/china-targets-lower-logistics-costs-boost-economy-and-competitiveness?utm_source=rss_feed Sun, 12 May 2024 15:00:17 +0000 New tariffs from Mexico could be an ill omen for Chinese exporters as global supply chains shift, with the Latin American country looking to balance its economic interests against pressures from the US over its relationship with the Asian manufacturing powerhouse, analysts said. Tariff hikes, levying 5 to 50 per cent in additional import costs, have kicked in for 544 products entering Mexico. The higher rates only apply to countries without free trade pacts with the Latin American country, which... https://www.scmp.com/economy/china-economy/article/3260971/chinas-exports-mexico-are-getting-heavier-tariffs-it-sign-more-come?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3260971/chinas-exports-mexico-are-getting-heavier-tariffs-it-sign-more-come?utm_source=rss_feed Tue, 30 Apr 2024 13:00:31 +0000 China’s attempts to boost scientific research and technological innovation have yet to overcome setbacks caused by a “title-driven” system of academic resource allocation, analysts warned. Beijing has been attempting to revamp its appraisal process in academia to boost innovation in cutting-edge technology, an effort seen as essential to counter control measures from the United States and build the country into a tech superpower by the middle of the century. But the current research environment,... https://www.scmp.com/economy/china-economy/article/3260519/chinas-drive-tech-progress-stifled-title-driven-research-approach?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3260519/chinas-drive-tech-progress-stifled-title-driven-research-approach?utm_source=rss_feed Sat, 27 Apr 2024 10:00:20 +0000