Author: Mandy Zuo
The Great Asset Liquidation: A Bold Move to Tackle China’s Debt Crisis The Chongqing district in China has launched a bold initiative to monetize government assets in an effort to address mounting debt pressure. Led by the executive deputy mayor, the task force aims to liquidate assets to cover the city’s debts, drawing parallels to the historical Great Leap Forward campaign. While some view this extreme measure with skepticism, senior government adviser Li Yang argues that China’s valuable assets can effectively manage the debt crisis. Other regions like Zhuozi county and Quangang district have also taken similar steps to mitigate…
The economic landscape in China’s delta region is shifting, with even the most successful industrial parks struggling to attract new investors amid stricter government regulations and foreign investors’ uncertainty. Traditional methods like preferential policies are no longer effective, prompting parks like Jiangning Industrial Park in Nanjing to explore new strategies. The crackdown on tax incentives and land use is part of a national reform plan, challenging parks to innovate. Parks like Suzhou Industrial Park are shifting focus to domestic firms amidst declining appeal to foreign investors. Amidst a slump in exports, parks are reevaluating their strategies to retain foreign firms…
China unveils a new urbanization plan following the reform-themed third plenum announcement. The plan aims to grant urban-status to new city inhabitants amid struggles in the real estate market. Wang Huiyao, from the Centre for China and Globalisation, praises the move as beneficial for the economy. “Authorities might proceed with caution, depending on how well the policies work, but this is a step in the right direction.” Wang Huiyao, Centre for China and Globalisation By relaxing residency requirements, the plan allows hundreds of millions to access urban benefits. It also encourages urbanization by improving education, affordable housing, and infrastructure. However,…
The recent Politburo meeting in China is expected to have a more significant impact on market expectations compared to the third plenum conclave. Analysts noted that the emphasis on Beijing’s commitment to achieving its near-term goal of 5% annual growth in GDP is crucial for the country’s economic outlook. Despite a 5% year-on-year increase in GDP in the first half of the year, growth momentum slowed in the second quarter. Analysts predict that the Politburo meeting will directly influence market expectations of China’s economic fundamentals. The meeting will focus on supporting large-scale equipment renewal and consumer goods trade-in initiatives. Experts…
Recent advancements in humanoid robot technology in China are making waves in the global market. Zhang, CEO of a Shanghai-based company, unveiled a robot capable of human-like facial expressions at the China (Shanghai) International Technology Fair. With China investing heavily in technological innovations, the humanoid robot industry in the country is experiencing explosive growth. These human-like robots are seen as crucial in addressing the challenges posed by China’s aging population and shrinking workforce. By assisting in various industries and providing elderly care, these robots are set to revolutionize the way we work and live. The shift towards AI-powered robots is…
Embracing flexible work has become a necessity for many in China due to a lack of satisfactory formal job opportunities. As the digital economy grows and the traditional job market slows down, gig workers like Shao are on the rise, with about 200 million workers engaged in gig jobs in China. Authorities are promoting gig work to boost employment rates, considering it a vital foundation for social stability and consumer confidence in the country. The gig economy is now a global trend, with a significant number of college graduates opting for flexible employment over traditional full-time jobs. Flexible employment is…
Chinese Vice-Premier He Lifeng extended an invitation to Japanese businesses to invest in China, emphasizing the importance of foreign capital. During a meeting, representatives from both nations commemorated a Chinese woman who sacrificed her life to protect Japanese students during a tragic incident in Suzhou. He Lifeng welcomed Japanese companies to strengthen their investment and collaboration in China, underscoring the significance of bilateral friendship and cooperation. The Vice-Premier also reiterated commitments to enhance trade relations with Switzerland and optimize market access for foreign investors. Addressing concerns about market access and investment environment, He Lifeng vowed to liberalize trade policies and…
Residents in Lingang have noticed adjustments being made to the eco-friendly shared bikes rolling through their streets since 2022, according to Youon’s online customer service representative. Lingang, a tech hub in southeast Shanghai, is part of China’s initiative to promote low-carbon transport options in a push to combat pollution and cultivate a tech-driven economy. Hydrogen bikes have been introduced in various cities across China, with 1,500 available in Lingang alone. However, issues with the bikes, such as power outages and difficulty returning them, have led to complaints from residents. Despite this, the hydrogen industry in China is seeing growth, with…
In a landmark move, Changshu, a city under Suzhou’s jurisdiction, led the way by digitizing all public sector workers’ salaries a year ago, with Lin’s employer following suit later. However, many like Lin are not actively using the digital yuan due to concerns over privacy and limited functionality. I prefer not to keep the money in the e-CNY app, because there’s no interest if I leave it there Sammy Lin Privacy concerns and limited usability are major factors hindering widespread adoption. The digital yuan, utilizing blockchain technology, aims to combat corruption but faces challenges in balancing privacy and security. With…