China’s leadership is gathering this week in Beijing to prepare another five-year plan, and affirm president Xi Jinping for another five-year term. Journalist Ian Johnson looks for the New York Times at the new role China is playing in the world. “His China could become a model for digitally driven authoritarianism around the world.”
China’s close to one trillion US dollar investment program One Belt, One Road (OBOR) is facing serious pitfalls that could stop it from succeeding, writes financial analyst Sara Hsu in the Huffington Post. Insufficient due diligence is just one of a range of potential barriers, she writes.
China has all but abolished cash and bank cards, and the rest of the world might be following fast. CBS talks to economist Andy Mok. China had no good working banking system, and moved fast to mobile payment, but the rest of the world might follow soon.
E-commerce expert Matthew Brennan discovered how WeChat silently started to promote Tencent’s WeBank, a potentially major move in pushing internet banking ahead of the traditional banks in China, he writes on his website China Channel. The old banks will have to run for their money.
China’s growth might have reduced, and investing abroad more difficult, but China’s annual Hurun rich list has been growing faster than ever, says its chief researcher and founder Rupert Hoogewerf to the South China Morning Post. China’s rich now control US$2.6 trillion, he adds.
The annual Hurun Rich list has identified Xu Jiayin, chairman of the China Evergrande Group as China’s richest man, beating more familiar names like Alibaba’s Jack Ma and Wang Jianlin of the Wanda Group. Hurun’s chairman Rupert Hoogewerf reports more drastic changes, he tells Reuters.
The autumn Golden Week is over and business analyst Ben Cavender looks at the trends among high-spending Chinese travellers. Unique places, convenience and safety top the agenda’s of Chinese tourists, he tells in CNBC.
China’s shift from a planned to a market has lifted millions out of poverty, but for many women the deal has been a bad one, says Beijing-based journalist Zhang Lijia, author of Lotus: A Novel on prostitution in China at Sea Globe.
Retiring central banker Zhou Xiaochuan called this week for the liberalization of China’s currency, the Yuan. But conservative forces might find this step from the People’s Bank of China (PBOC) a step too far, says financial expert Victor Shih to Bloomberg.
China gains economic and financial power, but is still struggling to find its place in the world, writes China veteran Tom Doctoroff in the Huffington Post.”So China’s road to becoming a “soft” superpower will be long and rocky indeed,” he says.