China to overtake US as world’s top economy in 2032 despite Washington hostilities, state think tank predicts
Report is based on prevailing assumptions in Beijing that China’s economic rise is unstoppable. Development Research Centre of the State Council suggests that feuds with United States will continue to intensify over the next five years. The DRC report argues that while China’s average annual gross domestic product (GDP) growth rate is expected to slow to a range of 5 to 5.5 per cent in the next five years, from the 6.1 per cent rate in 2019, China’s per capita GDP could rise to US$14,000 by 2024, pushing the country out of the “middle-income trap” into the “high-income” category. As a result, the size of China’s economy will exceed that of the European Union in 2027 and surpass that of the US in 2032, the group predicted. Savings will fall and labour costs will rise … with a growing burden in terms of pensions, health care and other social welfare needs.
Alibaba strengthens logistics network by investing US$966 million in YTO Express, doubling its stake
Chinese e-commerce giant Alibaba has increased its stake in YTO Express from 10.5 per cent to 22.5 per cent. The latest investment in YTO Express, one of China’s largest logistics service providers, comes amid an e-commerce boom driven by the stay-home economy.
China’s digital powerhouse Shenzhen stands at a crossroads, 40 years after its transformation
Four decades after Deng Xiaoping gave his blessing to its development, some of the city’s modern challenges are familiar. Trade and technology tensions with the US and greater control from Beijing steer Shenzhen’s role as Greater Bay Area hub.
IBA signs contract for ProteusPLUS proton therapy solution in Chengdu, Sichuan Province, China
Louvain-la-Neuve, Belgium, 1st September, 2020 – IBA (Ion Beam Applications SA), the world’s leading provider of proton therapy solutions for the treatment of cancer, announces the signature of a contract with Sichuan Cancer Hospital & Institute to install a Proteus®PLUS* proton therapy system in Chengdu, Sichuan province, China. The contract is worth over EUR 50 million to IBA. The initial down payment is expected within 90 days.
China Banks Have a Problem $96 Billion Can’t Fix
Provisioning grows as more bad loans come due post-Covid, while Beijing keeps pushing credit for zombie SMEs.
GSK’s Brian McNamara on the business impact of COVID-19
When the pandemic started, GlaxoSmithKline (GSK) Consumer Healthcare set three priorities: caring for its people, ensuring business continuity, and being part of the solution. In July 2020, GSK Consumer Healthcare CEO Brian McNamara spoke with McKinsey senior partner Warren Teichner about the changes the company has made to adapt to these unprecedented times, the critical role of a resilient supply chain in business continuity, and the importance of staying connected with consumers.
TikTok: China’s new export rules mean quick sale of video app ‘unlikely’
A quick sale of TikTok’s US operations is unlikely as China’s new rules around tech exports mean Beijing can determine the fate of a deal ByteDance can continue talks with buyers and skip government approval by excluding sensitive technology, such as its algorithm, sources say.
China plans to clean up Yellow River and give its ‘sorrow’ a brighter future
Scarce water resources made the top priority in proposal covering ecological protection as well as development. President Xi Jinping has labelled the basin a key strategic region along with the likes of the Yangtze delta and Greater Bay Area.
Face masks among Chinese exports given four-month US trade war tariff reprieve
Dozens of US imports from China granted short extension to previous tariff exemptions, until the end of 2020, after the American election. Renewal of previous one-year product exclusion covers diverse range of goods, including respirators, binoculars and musical instruments.
China Blends Economic and Political Might for Telecom Primacy
A new Internet and 5G dominance aim to boost government strength. China’s global moves to gain technological hegemony over 5G and reshape the Internet to suit its own needs offer the potential to give the Middle Kingdom control over the telecommunications market and information itself. At the very least, it would achieve market dominance. But at most, it would control both the nature of the Internet and the information that flows through it, say Internet experts.
Domestic Luxury Shopping is Here to Stay in China — To the Dismay of Overseas Retailers
One defining element of the Chinese luxury market is that it is global. Over the past decade, as travel restrictions for mainland Chinese tourists loosened, direct flights from China to locations around the world increased in number and affordability, and the price discrepancy between stores in China and overseas ballooned, millions of Chinese tourist-shoppers purchased luxury goods in droves at upscale boutiques from Rodeo Drive to Ginza.
Why The Chinese Gen-Z Demand For Local Brands Is Growing
A newly released RED report shows that young Chinese consumers are increasingly paying more attention to local beauty brands compared to international ones.
Coronavirus death rate may be as bad – or worse – than for Spanish flu pandemic
Chinese and US researchers have come up with an estimate of 4.54 per cent using new data and modelling based on the initial outbreak in Wuhan. That compares to estimates ranging from 1.61 to 1.98 per cent for the influenza virus over a century ago.
Hong Kong shrugs off social unrest, coronavirus impact to edge closer to top 10 in global innovation rankings
Hong Kong rises two slots to 11th in the league table compiled by Cornell University, Insead business school and a UN body, achieving its best rank since 2016. The city ranks third in Asia, behind Singapore and South Korea
Taking Aim at Corporate Hierarchy, NetEase Backs Staff Nicknames
In a move toward dismantling the rigid corporate hierarchy common at many Chinese companies, game developer NetEase is allowing employees to choose their own preferred nicknames.
Coronavirus drugs research firm WuXi Biologics’ largest shareholder sells stake for US$893 million windfall
WuXi Biologics Holdings raised HK$6.1 billion by selling a 2.43 per cent stake after the market closed on Tuesday. WuXi’s stock has skyrocketed by about tenfold from its IPO price of HK$20.6.
The pandemic has changed shoppers’ behaviour and heightened cleanliness anxiety, Canadian study finds
Focus groups reveal scrupulous cleaning rituals when bringing goods into the home, with some new habits raising the alarm for researchers Scientists have questioned whether the risk of virus transmission via packaging and surfaces may be exaggeratedwww.scmp.com
Hong Kong extends payment holidays until April 2021 to give struggling small businesses a lifeline out of worst recession
The scheme covers small companies with annual turnover of less than HK$800 million (US$103 million) There are 130,000 companies qualified under the scheme, and 15,000 of them have applied for the payment holiday break since May
Why China is asking banks to sacrifice profits and tightening property sector controls
With limited policy room and a deeply leveraged economy, China’s central bank is pushing forward with new policy thinking, implementing targeted measures in specific sectors
Middle-income countries’ lonely war on the coronavirus cannot be ignored
Already weakened by social unrest over slowing economic growth and crippling inequalities, these countries are now struggling to contain a pandemic with a fraction of the resources that rich nations have, and without the aid extended to low-income countries
‘Separation of powers’ does not apply in Hong Kong
The city’s government structure deliberately privileges the executive and judicial branches over the legislature, as spelled out in the Basic Law
China-India border: defence ministers to converge on Russia amid stand-off tensions in disputed territory
Ministers due to attend Shanghai Cooperation Organisation meeting as India and China spar over disputed border hotspot Analyst says participation in Moscow meeting is a positive sign amid flared tensions
China-India border dispute: Beijing doubles down on claims Indian troops ‘violated consensus’
No clashes have been reported so far after two separate incidents on the disputed frontier, on Saturday night and Monday Government sources in New Delhi say Chinese military reinforcements were seen near Pangong Lake and an Indian paramilitary unit was sent in
European tour tests Chinese foreign minister’s pulling power
The reassessment of China highlighted by Wang Yi’s trip has political, economic and security implications
Germany urges withdrawal of Hong Kong security law, seeks access to Uygurs in Xinjiang
German Foreign Minister Heiko Maas also criticises Wang Yi’s ‘threats’ against the Czech senate president’s trip to Taiwan Four of the five European countries Wang visited raised concerns publicly with him over Hong Kong
China’s detention of Australian TV anchor Cheng Lei places further strain on troubled relationship
Ties have soured since Australia banned Huawei from its 5G networks and called for an independent probe into origins of coronavirus pandemic China has accused Australia of becoming a ‘loudspeaker for interests in Washington’, threatening diplomatic and economic ties in response
Taiwan unveils new-look passports to avoid ‘China confusion’
Island changes name in English on documents to be introduced next year Foreign minister says changes in response to discrimination encountered by Taiwanese abroad
China tells US to stop building relationship with Taiwan after economic dialogue announcement
US announces discussions on technology industry as Taiwanese president says she will lift ban on American beef and pork imports But Beijing tells Washington to stop ‘official interaction in all forms’ and accuses it of violating the one-China principle
China’s coronavirus epicentre Wuhan returns to life, but economic scars run deep
Months after Wuhan reported its last coronavirus infection, much of the city appears to have returned to normality But interviews with dozens of local residents show deep psychological scars and economic damage still lingers
Health workers must have permission to speak freely if China is to learn and move forward after the pandemic
The death of coronavirus whistle-blower Li Wenliang sparked social media anger and spread of the ‘I want freedom of speech’ hashtag Chinese public glad to see the removal of Li’s boss at last but the page is not yet turned
Pompeo wants to see China’s Confucius Institutes gone from US by end of year
Pompeo labelled the centre that manages the Confucius Institutes in the United States ‘an entity advancing Beijing’s global propaganda and malign influence’
US presidential election: the candidates, the issues, the polls … and China
A breakdown of the contest which is shaping up to be a historic clash in a divided country Incumbent Donald Trump and challenger Joe Biden only seem to agree on one issue: China is a threat
40 Years of US-China Relations Have Been Good for the US
Since the normalization of diplomatic relations between the United States and China four decades ago, both countries have mutually benefited from a symbiotic economic relationship. Both countries have maximized their growth by developing complementary economies, benefiting from their relative competitive advantages. Fair and open trade has been, and continues to be, good for the US and the world, and we should resist the clamoring for a fundamental decoupling of the world’s two largest economies. Instead, both countries should acknowledge the importance of this relationship and work together to strike a balance between national security interests and creating a prosperous global economy. The COVID-19 pandemic is the latest and possibly most vital friction point between the United States and China. However, aggravating these tensions for political gain will not speed up medical or economic recovery. Instead, this crisis should be recognized as a significant opportunity for mutual cooperation in order to find the solution to a global problem. The world needs a coordinated effort in order to avoid more deaths and full-scale economic tumult. We are uniquely ready for this moment because of the existing interdependence inherent in the US-China relationship, so long as we commit to maintaining mutually beneficial policies and focus on the broader long-term interests of our countries, instead of seeking out and magnifying shortcomings. The world’s fight against this pandemic cannot succeed without cooperation between both countries—just as the fights against climate change, poverty and instability cannot succeed without such collaboration. As leading members of the international community and the two largest economies in the world, the United States and China must seek out areas of compromise to preserve their own national security interests but still commit to a joint response that ensures prosperity and sustainable human development for all. These turbulent times have revealed the need for cooperation more than ever before; the alternative will be far too costly.
China’s Economic Realism: The EU Experience – Analysis
Realism as a theory of international relations has been useful in theorizing the political behavior of many countries at the international level. The traditional or the neorealist conception of realism is focused on a militarist conception of security. Therefore, states behave in different ways on the basis of how they perceive what security means to them. Security is therefore based on national interest. Therefore, the conception of security here is ‘narrow’ and states work towards ensuring that such a conception of security is not only left uncompromised, but advantages are also secured. The liberal world order depicts that the mode of ‘economy’ is a means through which interdependence and the diffusion of realist tensions can take place. This makes states move towards a common policy, and this ‘web of interdependence’ disables the direction of states making relative gains on the security front. The mode of economy then has a positive effect on parties involved, guaranteeing at least some benefits to all those involved.
Service Asie Pacifique
Place Sainctelette 2
Tél 02 421 85 09 – Fax 02 421 87 75
Copyright © 2020 awex, All rights reserved