Podcasts about common prosperity

Achieving common prosperity is a basic requirement of socialism and an important feature of the Chinese path to modernization.

เรื่องราวสาระ อ่านสนุกจากหนังสือ China EndGame#4

A produção industrial caiu 0,6% entre julho e agosto de 2022, segundo dados divulgados pelo IBGE. Com isso, o Brasil registra um queda acumulada de 17,9% em relação ao pico da série histórica, em maio de 2011. O economista André Sacconato analisa ainda os números mais recentes do Índice de Gerente de Compras (PMI) de Serviços da S&P Global para o Brasil e do índice de commodities do Banco Central (BC). Ambos os indicadores apresentaram quedas.Na análise internacional, um balanço da taxa de desemprego nos EUA, dos reflexos da política de “Common Prosperity” na China e de seus possíveis efeitos na economia global.Acesse: www.fecomercio.com.br │ Conheça: http://lab.fecomercio.com.br/©️ FecomercioSP 2022. Todos os direitos reservados.

This week on the Sinica Podcast, Kaiser and Jeremy welcome back Tom Orlik, Bloomberg's chief economist and author of the book China: The Bubble that Never Pops. Ahead of the release of the new, updated edition of his book, we ask him about all that has changed in the two-and-a-half years since the publication of the first edition — and whether the real estate crisis, the Common Prosperity agenda, China's fraying foreign relations, or the COVID lockdowns are finally going to bring about the crash long predicted by the "China bears."4:40 – Tom offers a succinct summary of the chief arguments in the first edition of China: The Bubble that Never Pops8:05 – Is China looking quite as clever as it was four months ago?11:08 – The Chinese economy's great COVID shutdown stress test13:53 – China's stimulus response20:22 – The future of the Common Prosperity agenda25:49 – China's push for tech self-sufficiency33:00 – China's present real estate crisis38:15 – Xi Jinping's priorities: triage for the ailing Chinese economy44:00 – How bad will the damage be from China's 2022 lockdowns?A complete transcript of this podcast is available at TheChinaProject.com.Recommendations:Jeremy: The Parker series,: crime fiction by Richard Stark, pen name of Donald E. WestlakeTom: Surveillance State by Josh Chin and Liza Lin; and Coalitions of the Weak by Victor ShihKaiser: The TV drama from Hulu, The BearSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 20th National Congress of the Communist Party of China, which is due to be held later this year, is widely regarded as an important event that will usher in a new journey of comprehensively building China into a modern socialist country.With China's modernization goals in mind, Xi Jinping, general secretary of the CPC Central Committee, started an inspection tour on Tuesday in Jinzhou, a city in northeastern China's Liaoning province, where he reiterated the essential features of China's modernization and called for efforts to revitalize the country's northeastern region.While speaking with locals in a forest park in Jinzhou, Xi, who is also China's president and chairman of the Central Military Commission, said that Chinese-style modernization features common prosperity and happiness for all, not just for a few.As the old industrial bases of Liaoning, Jilin and Heilongjiang provinces in northeastern China have developed at a comparatively slow pace in recent years, Xi called for continued efforts to carry out the northeast revitalization strategy, accelerate industrial restructuring and meet the requirements of reform and development in the new era."We have full confidence in the revitalization of the northeastern region," Xi said.During Tuesday's inspection tour in Jinzhou, Xi was also briefed about Liaoning's efforts in flood control and ecological restoration and conservation, and gave instructions on how to improve flood control work and the capacity to prevent natural disasters.In building China into a modern socialist country, the CPC has made it clear that no ethnic groups or regions will be left behind, as China's modernization aims to promote the people's all-around development and target common prosperity for all.Pang Lisheng, a professor of political studies at Northeast Normal University, said that China's modernization is people-centered and differs from the model in Western countries in which capital is the major driving force.Chinese-style modernization takes the people's desire for a better life as the goal of its efforts to address unbalanced and insufficient development, and it advocates that development is for the people and by the people and its benefits are shared by the people, Pang said.Speaking at the ceremony marking the 100th anniversary of the CPC in July 2021, Xi said, "As we have upheld and developed socialism with Chinese characteristics and driven coordinated progress in material, political, cultural-ethical, social and ecological aspects, we have pioneered a new and uniquely Chinese path to modernization, and created a new model for human progress."The upcoming 20th National Congress of the CPC is expected to work out a blueprint for the two-step strategy that aims to enable the country to achieve basic national modernization by 2035, and then to turn China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful by the middle of this century.Boris Tadic, the former president of Serbia, said that understanding China is inseparable from understanding the Chinese philosophy of modernization."It is a huge mistake of the West to perceive arrogantly that China is competing with it, trying to reach its levels. No. China is changing the very nature of modernization, creating its own original way for thriving in the contemporary world. The way has been creating, not competing," People's Daily quoted Tadic as saying in a speech in October.记者：曹德胜usher英[ˈʌʃə(r)]；美[ˈʌʃɚ]v.引领，招待;做招待员;宣告n. 引座员;招待员;门房;助理教员brief英[briːf]；美[briːf]v. 给…指示;向…简要介绍情况adj. 短暂的;简洁的;（衣服）短小的n. 指示;任务简介;摘要;辩护律师perceive英[pəˈsiːv]；美[pərˈsiːv]v. 意识到;察觉，发觉;理解

Today’s Essential Eight: Beijing and Shanghai outbreaks - More tests, more cases from the Beijing bar superspreader event, still no return to normalcy in either of the PRC’s most important cities. But the government is making it easier for family members of some foreigners to get visas to go to China. There are no signs of any pivot away from the dynamic zero-Covid policy, but there does appear to be tweaking and refining.

The phrase "common prosperity" has certainly been getting a lot of air time recently, both domestically in China as well as around the world. Investors have come to know this campaign through a series of tighter regulations across a number of industries within China. But what does it really mean for companies and investors, or even the broader economy? Hosts Catherine Yeung, Investment Director, and Marty Dropkin, Head of Asian Fixed Income & Hong Kong Investments, are joined by Equity Analyst & Portfolio Manager Yuanlin Lang and Senior Credit Analyst & Portfolio Manager Ming Gong to find out how the three key sectors of healthcare, education, and housing - commonly referred to in China as the 'three mountains' because they represent the rising burden of the cost of living for many households - are adjusting. With additional contributions from David Hoidal, CEO of the Shanghai-based hospital operator DeltaHealth, and Tina Tian, Equity Portfolio Manager at Fidelity.  Read more at fidelityinternational.com ------------------- Help us make podcasts that give you, our listeners, what you want. Take this short survey and we'll enter you in to a prize draw for £250 of Amazon vouchers or the equivalent donation to a charity of your choice. Entries close September 10th. Go on, click on the link - we really want to hear what you have to say. fidelityinternational.com/surveySee omnystudio.com/listener for privacy information.

The phrase "common prosperity" has certainly been getting a lot of air time recently, both domestically in China as well as around the world. Investors have come to know this campaign through a series of tighter regulations across a number of industries within China. But what does it really mean for companies and investors, or even the broader economy?   Hosts Catherine Yeung, Investment Director, and Marty Dropkin, Head of Asian Fixed Income & Hong Kong Investments, are joined by Equity Analyst & Portfolio Manager Yuanlin Lang and Senior Credit Analyst & Portfolio Manager Ming Gong to find out how the three key sectors of healthcare, education, and housing - commonly referred to in China as the 'three mountains' because they represent the rising burden of the cost of living for many households - are adjusting.   With additional contributions from David Hoidal, CEO of the Shanghai-based hospital operator DeltaHealth, and Tina Tian, Equity Portfolio Manager at Fidelity.    Read more at fidelityinternational.com See omnystudio.com/listener for privacy information.

As lockdowns, the Common Prosperity policy and lacklustre export markets cut growth in China's economy, the global chemical industry should prepare for negative demand growth in 2022.   -          Lockdowns have frozen large sections of China's economy-          Some restrictions may be in place until November-          May be no China demand rebound in 2022-          Demand for polymers in China may fall this year -          China could drag down global polymer demand growth-          China PE, PP margins have often been negative since last year-          Slowing global economy hurts China exports-          China may not remain driver of global economic growth-          Common Prosperity policy undermined by zero-Covid, economic problems-          Common Prosperity aims to redistribute wealth, tackle property bubble, environmental problems 

On this week's episode of Inside Outside Innovation, we sit down with Kapil Kane, Director of Innovation at Intel China, and Co-founder of the corporate accelerator GrowthX. Kapil and I talk about his journey from his early product development days at Apple working on the first touchscreen, to today where he runs Intel's award-winning accelerator. Let's get started.Inside Outside Innovation is the podcast to help the new innovators navigate what's next. Each week, we'll give you a front row seat to what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Kapil Kane, Director of Innovation at Intel ChinaBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger. And as always, we have another amazing guest. Today, we have Kapil Kane. He is the Director of Innovation at Intel China, and co-founder of the GrowthX Corporate Innovation Accelerator. Welcome to the show. Kapil Kane: Thanks Brian. Glad to be here. Brian Ardinger: You are calling in from Shanghai right now in the midst of a pandemic lockdown. Let's talk a little bit about your journey into the world of innovation. Kapil Kane: I was doing my PhD at Stanford when I dropped out of the program to join Apple, to build the touchscreen. The very first task, I remember I was an intern at the time. And I was the very first engineer to actually make a drawing of the touch screen. Like a revision 0 0 1.And my journey started from there. Although the touchscreen project failed. We had to hand it over to this other team, that was working on a secret project, which turned out to be the iPhone. But my last project at Apple was iPad. So, I came around full circle. And then I left Apple and joined Intel to actually create a tablet version of Classmate PC, which was inspired by one laptop per child from MIT Media Lab, which is to create an affordable education computing device for the emerging market or for the less fortunate as it was envisioned. And then on, you know, I got into this role of Innovation Director at Intel China. And so that's my journey. Brian Ardinger: Excellent. Tell us a little bit about how you got to China. And how you got to cofound this corporate innovation accelerator called GrowthX. Kapil Kane: Coming to China was with Apple. This is when we were developing the very first Mac Book Air. And at the time, if some of you guys remember, it was called a Unibody. That means it was carved out of a solid block of metal. Whereas everything before that was sheet metal, and hundreds of parts joined together.So, it was a completely new way of manufacturing a product. And so, we were designing the product as well as designing the manufacturing process at the same time. So, we thought it would be better to have some of the designers move to China so that we can do both designing product and process at the same time. And so, I volunteered. As a, so I was one of the first three product designers to move from Cupertino to China. And I've been here ever since. Brian Ardinger: Let's fast forward to today, you're running this thing called GrowthX. How did the idea of a corporate innovation accelerator start and then give us some insight into what's going on with GrowthX?Kapil Kane: Intel has this amazing culture of innovation. And it's something that I can think of it like the Google's 15% thing. Where we encourage our employees to spend a percentage of their time on things they believe is important for our future. And so, we have lots of this cool innovation that has been created in the labs.And around 2005, that's when I took over the innovation at Intel China. We saw that there's lots of cool things happening in the labs, but we couldn't find those things being commercialized. Not lending into the market. When I took over this role, this role was created because until that point, there was lots of different efforts of innovation, like very vibrant culture. Even to the date, there's a very vibrant culture of innovation. And we thought we needed some streamlining.And so that's when they created this position to streamline all the different innovation activities at Intel China. And we have around 10,000 people here in China. So, it's by no means small offsite operation. It's a pretty huge operation. Brian Ardinger: Kind of a little bit different than a lot of companies. A lot of companies we hear about the fact that most of the core is not that innovative. And so, they created an accelerator kind of program. Or a lab to kickstart that. But where at Intel, it seems like the reverse it's like you had to kind of harness or extra harness some of the activity. Kapil Kane: Exactly. And also, the concept of accelerator is, is quite different. Like if you look at the other corporates who are building accelerators, they are accelerating outside startups with the hope that they will get to know what they're doing. They may be able to acquire them or partner with them. But for me, I didn't even know what an accelerator was when I took over this role. And in my very first week, I happened to be in a round table conference at American Chamber of Commerce. And the guy sitting next to me happened to be running China's very first startup accelerator, Chinaaccelerator. The guy, William Bao Bean. He's a legend in China.And I just happened to ask him what he does. And he explained to me the concept of accelerator. And I thought, you know, maybe I can replicate this right inside of Intel because we are so much creativity. We just need to give them the tools to turn those cool innovations into viable businesses. And that's where the idea for accelerator came along.And that was the, the birth of GrowthX, where we started up as accelerators. We pick the teams. We make them believe they are actual startups. We have the CEO, CTO, CMO, and we bring them in a batch of cohort. And we have business sprints. We have around eight sprints focusing on different aspects of business. We have mentors.We have entrepreneurs in residence. And we run this outside of Intel from a coworking space. So, it's just like any startup accelerator. Just the thing is that all the startups are internal projects. And we've been running this for six years now. Brian Ardinger: Let's talk a little bit about some of the differences or similarities that you've seen between entrepreneurs in the outside versus intrepreneurship. And are there key skillsets, mindsets, tool sets that are similar or different.Kapil Kane: I think what we are seeing, and it may be different for different companies. For us, most of those innovators will come to our accelerator. They are techies. You know, they get very excited about the technology. And they have no real background in business. So, we spend a lot of time and effort to make them understand that it's not about, can you build it, but should you build it? That's where we focused on changing their mindset. If we change their mindset, like, you know, typically they're of this mindset that I will build something, then I will show it to the customers. Or they think that customers won't even look at us. If I don't have some finished product to show to them. And this is where we turn it on its head and tell them that you don't need anything. You just need a sketch. You need a questionnaire. And you're not trying to sell something. You're trying to understand the challenges. So, think of it that way as you engage with your potential customers is don't be ashamed or embarrassed, that you're not in the show. You are simply, think of it as if you're co-designing with them. Or trying to collectively solve the challenges.So that's the biggest challenge we have. I think technically they're amazing, is this business mindset that we're trying to cultivate. Not just business mindset. The, the lean startup kind of a methodology, you know, is like build, measure, learn, do an MVP. Test it. Learn, iterate. So that's one big change. I say, because like outside entrepreneurs, founders, I see they're more, I mean, again, you know, there's all flavors of entrepreneurs. But our guys are always very tech focused, and they don't understand about the fundraising and stuff. Although I have seen they're very, very good at tapping into the resources to move their ideas forward.And even to the point that they sometimes feel like getting into our accelerator, and doing all the sprints is like homework, just to get to the seed money, seed funding, to build something. But in their head, they are still, you know, that's what they want. But they have to go through all the motions of the accelerator as something like, you know, they had to do in order to move their idea forward.So, I still believe that's entrepreneurship, but it's in a different way. Because they still want to move their ideas forward. Right. So, I used to really get frustrated in the beginning. But now I think, you know, in the end, their goal is the same. It's just, they have a different idea of how to get to the goal.Brian Ardinger: Can you talk a little bit about how you go about identifying which people or companies, so to speak, to get into the accelerator? What's your evaluation process to identify who might be successful at this? Kapil Kane: So, I think that's a very good question. And it took us some time to figure it out. There are a few things. The ideas, they aligned strategically to where Intel wants to go. That's one thing. Second thing we also realized is we are good at accelerating adjacent innovations. That means building something on top of something that exists, rather than this breakthrough moonshots. There are two reasons. Just because we are in China and our employees, they interact a lot with our customers who are based in China, right? Like all the electronics are made in China. So typically, they come up, their innovation ideas are about how can we empower our customers. They're more customer centric. They're more something that, you know, hey, we have this product. If we tweak it this way, I can open up a completely new market segment, which can bring us millions of dollars. Rather than saying, hey, let's invent a new chip. Or let's invent a completely new manufacturing process. So that's the second thing. The third thing we look at is like a founder accelerator fit is, are these guys coachable? And can we really help them in the short period of time of like four months. And the way we do that is before we do the intake, into the accelerator, we have only five slots per batch. And we do two batches a year. And we get anywhere from 30 to 60 applications. And we'll shortlist of about 15 to 20 and bring those teams into the bootcamp.And during the bootcamp, we help them build their business case. And help pitch their business case in a very short time. And during this bootcamp, we also challenge our founders to go, and actually talk to the customers. Make cold calls. Or do a survey, right. And that tells us if these guys are really willing to get out of the building or not.And we also see if they've incorporated the advice from the coaches into their final pitch or not. So, we also make our evaluation based on that. So, it's like, you know, the kind of innovation. The strategic fit to Intel and the founder accelerator fit as well. Brian Ardinger: Are only teams coming into the accelerator or do they have to have a team, or can an individual founder apply? Kapil Kane: Individuals can come in, but once they get into the accelerator on the very first sprint, their assignment is to resource their team with, you know, CEO, CTO, and CMO at the minimum. Brian Ardinger: And that allows them to have enough people to actually run experiments and create something to move it forward. Kapil Kane: Yeah. And also, the skill, you know, because typically like I said, if a founder is a very bright technologists, he may not really understand everything on the business side. So, we encourage them to get people from the sales and marketing groups to join in.And we also give them enough budget to hire interns and MBA intern for example, to act as a CMO. And also, you know to hire tech talents as well for that short period of time to work on their ideas, so that they can focus on the business side of the things. Brian Ardinger: So, I'd like to talk a little bit about the balance between this inside innovation versus outside innovation. So, companies that come through GrowthX are they expected potentially to spin out into a startup outside of the company? Are they been brought back in these technologies? Talk a little bit about this inside outside balance. Kapil Kane: So, 90% of the companies are inside. We have only been able to spin out one company so far. After activating around 60. Okay. So very, very small ratio. So mostly you can think of them as internal teams coming to the accelerator to de-risk their business plans, to bring back to the business units. Having said that we have accelerated external startups as well. And by that it's not to invest and take an equity in them. But to work with them on identifying a business opportunity for Intel and going to market together.So basically, startups who are building on top of our core technologists, who are working in a field that we are never been to. So, this is a way we could test the market at the same time. We can help the startups as well by providing them with the technology, all our resources and jointly see if we can and like, you know, break new grounds together. So, we have done that, and we had some successes there. But our main focus is accelerating internal innovations and trying to line them into the market. Brian Ardinger: That brings up a great question that is always asked, especially in the corporate environment, is like, how do you measure success? Because a lot of times corporates have a different way to measure outcomes because they're working with existing business models, existing optimization. Versus in a startup environment where a lot of it is unknown. So how do you go about measuring success? Kapil Kane: The two ways we measure success. One is the business impact. That means what's the real revenue created from the projects that we accelerated. So, these are direct like revenue numbers. This is X million dollars created from this project. Second is the revenue potential that those projects create. So that's on the business side of things. The second way we measure it is people impact. Impact on people. How we are helping people grow. And we actually ran a study where we tracked the people who went to our accelerators for two years. And we saw that on an average, we have anywhere from 1.5 to 6 times accelerated career growth for the people who have gone through the accelerator. So, it could mean two things. There is no causation, right? There's a correlation. It could be one thing that are we are attracting good people. Our second could be that we are upscaling people. Which is both good because we know like if we had to do something really cool and innovative, we know who these people to count on. Right. And the second thing is it's good to upskill people. So those are the two ways we measure our success. Brian Ardinger: And I think a lot of corporates have a tough time finding those curious restless entrepreneurs within their own companies. And this might be a great way to help figure that out. Obviously, a lot of startups don't make it. You know, the number of ideas that you think are going to make it, there's a large portion that fall by the wayside. How do you deal with failure? Or what happens to the teams and that, that don't get to where they were hoping to get at the very beginning? Kapil Kane: That's the win-win part of intrepreneurship versus entrepreneurship. When you are an entrepreneur, you have your day job. Your paycheck. No matter what you do, but the payoff is also limited. Right? I think one of the great things about intrepreneurship and especially, let's say for the GrowthX are those who are not successful, they simply go back to what they were doing before. But if they are successful also, they typically go back to a day job. They will hand it over to the business units to take it forward.So, for them, their goal is to come up with new ideas and bring those new ideas to the market. So that's the kind of people we have. We have people who have been through our accelerator three times, four times. And try to bring lots of ideas to the market. Some people have maybe succeeded once in three times. Some people have multiple projects that have been successful. But the trend we have seen is people coming in. Getting their idea to the next level. Going back, coming up with more ideas.Brian Ardinger: Awesome. So, you've been in the trenches in Asia, looking at kind of what's hot. What's next? What are some of the trends that you're seeing that you're excited about? Kapil Kane: Oh, man. I'm not really like a trend kind of a guy. But I see a lot of noise in metaverse. I see, you know, like this digital transformation is also pretty big here because there are lots of SOEs here who are trying to digitalize. Retail, new retail is a huge buzz in China. So, those are kind of the buzz things. There's also like a lot of deep technology initiatives in China, especially zero carbon. Space tech is also picking up. Yeah. So, I'm excited more about like a long-term sustainable things. Rather than the short term, shiny things. The bigger problems.They are the bigger problems. You know, but I think the China is definitely taking the long-term approach, right. With their five-year plans. With the policies, aligning the whole industry in that direction. Some of them may fail. Some of them will succeed. But at least we see like a huge effort going in those directions.Like for example, in the past five-year plan, it was AI, Smart Manufacturing. Right. Also, there's this thing about the Smart Cities was also part of the last five-year plan. There was something called Common Prosperity. So, they want to make the second tier, third tier cities also prosperous. But I think the biggest thing, if you want to just think about China for the long run is the Sustainability, Carbon Zero and Space. Maybe even Quantum Computing. They are really going into this steep tech, rather than cute tech. Brian Ardinger: The great way to explain it. Cute tech. Well, Kapil I want to thank you for coming on Inside Outside Innovation and sharing your insights and your expertise. Really do appreciate your time. If people want to find out more about yourself or about GrowthX, what's the best way to do that?Kapil Kane: I think the best way to reach me is on LinkedIn. I mean, LinkedIn used to be open in China until it was blocked a few months ago. So, if you guys want to reach out, best place is LinkedIn. Brian Ardinger: Excellent. Well, thanks again for coming on the show. Really appreciate the time and looking forward to staying connected and stay safe out there.Kapil Kane: Thanks. And thanks for having me on the show, Brian.Brian Ardinger: That's it for another episode of Inside Outside Innovation. If you want to learn more about our team, our content, our services, check out InsideOutside.io or follow us on Twitter @theIOpodcast or @Ardinger. Until next time, go out and innovate.FREE INNOVATION NEWSLETTER & TOOLSGet the latest episodes of the Inside Outside Innovation podcast, in addition to thought leadership in the form of blogs, innovation resources, videos, and invitations to exclusive events. SUBSCRIBE HEREYou can also search every Inside Outside Innovation Podcast by Topic and Company.  For more innovations resources, check out IO's Innovation Article Database, Innovation Tools Database, Innovation Book Database, and Innovation Video Database.  

The situation in Shanghai remains grim and it is getting harder to see how the lockdown ends quickly. Xi’an, dealing with a Delta outbreak last December, locked down for about three weeks. I hope Shanghai can move faster, but one thing that seems apparent since Sun Chunlan arrived over the weekend is that the Shanghai officials did not realize how far behind the virus they had gotten.

This week Garett Lim uses Refinitiv's best-in-class data to look at a number of indicators that suggest that China may be embarking on an era of more sustainable growth. Last year proved to be a challenging one for Chinese equities, with growth concerns around Common Prosperity weighing on investor sentiment. The all-important property and technology sectors were hit, with the further threat of state intervention looming over the latter. But are we beginning to see signs of an economic transformation towards more sustainable growth in 2022? That's The Big Conversation. Learn more about your ad choices. Visit megaphone.fm/adchoices

2021 was an eventful year in Chinese politics. The last 12 months featured the 100th anniversary of the Chinese Communist Party, the announcement of Xi Jinping's new common prosperity drive, and the publication of the Party's third resolution on history. In this episode of the China in the World podcast, Paul Haenle speaks with Chen Gang about recent developments in Chinese politics and foreign policy. The interview covers key takeaways from China's Two Sessions in March, Chen's expectations for the 20th Party Congress, and his analysis of the politics behind the common prosperity drive and the dual circulation strategy. Haenle and Chen also discuss China's views of the ongoing conflict in Ukraine as well as recent developments in U.S.-China relations, including the potential for further cooperation on climate change.Dr. Chen Gang is Assistant Director and Senior Research Fellow of the East Asian Institute (EAI), National University of Singapore. He is the author of The Politics of Disaster Management in China: Institutions, Interest Groups, and Social Participation (New York: Palgrave Macmillan, 2016), China's Climate Policy (London and New York: Routledge, 2012), and Politics of China's Environmental Protection: Problems and Progress (Singapore: World Scientific, 2009).

Is China Investable for Western Companies and Investors with Peter Zeughauser of the Zeughauser Group and Four Senior Partners with Fangda Partners, One of China's Leading Law Firms and Host Richard Levick of LEVICK: Peter Zeughauser of the Zeughauser Group, Zili Shao, non-executive chairman of Fangda Partners, one of China's leading law firms and a board member on multiple international companies, Jeffrey Ding, Peng Tan and Colin Law, all senior partners with Fangda Partners, join host Richard Levick of LEVICK to discuss western investment and expansion in China. In this powerhouse interview, they discuss the state of the Chinese economy and the state of China-U.S. relations; State Owned Enterprises; the Chinese government's increasing investments in strategic industries; “Common Prosperity” to close the wealth gap; the impact of Covid on Chinese capital markets and much more.

At the National People's Congress that is about to wrap up in Beijing, Premier Li Keqiang reiterated the ambitious "Common Prosperity" policy. Joint efforts in line with the opening-up policy would be needed to achieve this ambitious goal, Li said at a press conference. In this episode of our podcast, Bert Hofman, the Director of the East Asian Institute at National University of Singapore and MERICS Executive Director Mikko Huotari discuss the instruments China relies on in its efforts for a more equal distribution of income and wealth with MERICS Director Communications and Publications Claudia Wessling.If you want to listen to the other parts of our series on common prosperity, you can find them on our website at www.merics.org/podcast and wherever you listen to our podcasts. We had seasoned China watchers like Barry Naughton, Isabella Weber, and Sarah Eaton on the show, please check our podcast archive.

China is a far richer nation than it was 40 years ago, when it began to integrate with the global economy. However, income disparity has also widened, which is a concern to the Chinese Communist Party, especially as it seems to be an affront to its socialist principles. Xi Jinping has begun a campaign to narrow the gap between rich and poor and create what he calls “material and spiritual wealth”. The campaign has a slogan: “common prosperity”. In this podcast, Scott Rozelle from Stanford University in California considers the implications, both for businesses and for China's poorest citizens. The podcast is hosted by Duncan Bartlett, Editor of Asian Affairs.   China In Context: Episode 55 Broadcast date: 8th March, 2022

Politburo Standing Committee members Li Zhanshu and Han Zheng appeared on the Thursday CCTV Evening News, so while we do not know why all seven of the PBSC members were out of view for over a week, it looks like things are getting back to “normal”. I’d love to know what they were doing for the last ten days, that seems like a long time to just talk about the Ukraine situation.

A slow day today. Today’s Essential Eight: Worrisome signs for Hong Kong outbreak Mainland outbreaks Capital Slight easing in Real Estate Comments from the Zhejiang Common Prosperity front lines More criticism of cross-border stock trading Olympics Grumblings about the state of things

มองธุรกิจดาวเด่นที่จีนต้องการ มีจุดแข็งจุดอ่อนอย่างไรจะทำได้จริงไหม

This week on the Sinica Podcast, Kaiser welcomes back Dan Wang, technology analyst at Gavekal Dragonomics, to talk about this year's annual letter. Dan's letters have become something of an institution: wide-ranging, insightful, and always contentious, his missives are read by a great many observers of contemporary China and spark some lively conversations. This year's letter contrasts the major megacities that Dan has lived in (Beijing, Shanghai, and the "Greater Bay Area" of the Pearl River Delta), examines Xi Jinping's efforts to shift the energies of China's technologists and entrepreneurs away from the consumer internet and toward deep tech, ponders the causes of China's "cultural stunting" and the challenges that China faces, and has not yet overcome, in creating cultural products that the rest of the world wants, and warns of the dangers of focusing only on China's weaknesses and problems and ignoring its prodigious capabilities. Tune in for a fascinating conversation with one of the Sinosphere's more original thinkers.4:15 – Dan appraises Beijing, Shanghai, and the PRD Greater Bay Area20:48 – How to think about the "common prosperity" agenda (a.k.a. the Red New Deal)39:21 – The tradeoff between efficiency and resilience: China as an inefficient but anti-fragile economy45:34 – Should the United States be learning from China? The case for reform of American institutions50:38 – A technocratic resurgence in China? The rise of a "Beihang Clique"58:17 – The causes of "cultural stunting" in ChinaA transcript of this podcast is available on SupChina.com.Recommendations:Dan: Charles Dickens, Bleak House, and Jurgen Osterhammel, Unfabling the East: The Enlightenment's Encounter with AsiaKaiser: Ritchie Robertson, The Enlightenment: The Pursuit of Happiness, 1680 to 1790See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The CCDI 6th Plenum has released the communique from the meeting. The big platform companies should be worried. Here are the most interesting differences I saw from the 2021 CCDI Plenum Communique: Efforts will be made to investigate and deal with corruption behind disorderly expansion of capital and platform monopolies, and cut off the link between power and capital;

นโยบาย Common prosperity ของจีนที่ต้องการที่จะนำพาประเทศจีนก้าวสู่สังคมที่รุ่งเรืองอย่างทั่วถึงและสร้างความมั่นคงทางสังคม ก็ได้สร้างความปั่นป่วนและเพิ่มความกังวลให้แก่นักลงทุนในตลาดหุ้นจีนเป็นอย่างมาก แล้วอะไรจุดประกายให้จีนดำเนินนโยบายนี้ ? ถ้าหากภาครัฐจะเข้ามากำกับภาคเอกชนมากขึ้น ธุรกิจไหนที่มีจะมีความเสี่ยงสูง ? และผลกระทบต่อธุรกิจไทยจะเป็นอย่างไรหากเศรษฐกิจจีนชะลอตัว ? พูดคุยกับ ดร.พิพัฒน์ เหลืองนฤมิตชัย (Chief Economist, Kiatnakin Phatra Securities) และ คุณเคนเน็ท โดนัลท์ นีลเวล (Analyst, KKP Research)

China's growth in spending on chemicals research and innovation (R&I) has far outpaced Europe and the US, leaving chemical companies in the west facing a formidable challenge in the race to develop low carbon technologies.  -          China R&I spend tripled from $4.3bn to $14bn 2010-2020-          Europe, US spend rose modestly over same period-          Europe, US chemicals may need to boost R&I spending to compete on low carbon technology-          China is likely to boost R&I spending further under Common Prosperity philosophy-          China's property boom turbo-charged its economy-          Pressure to decarbonise, cut plastic waste in China-          China and global polypropylene (PP) markets may suffer as demand growth slows-          PP projects may have to be cancelled around the world

A sizeable part of the Chinese economy is still dominated by state-owned enterprises (SOEs). Due to their direct link to the government, they are often employed as spearheads for the roll-out of new policies. What role does the government envision for SOEs in the ongoing common prosperity push for a more equal China? How can Beijing mobilize SOEs and what actions will they take? This episode of our podcast features a discussion with Sarah Eaton and Nis Grünberg. Sarah Eaton is Professor of Transregional China Studies at Humboldt University Berlin and co-founder of the Berlin Contemporary China Network. Nis Grünberg is Lead Analyst at MERICS.More on the topic:Check out our other recent podcasts on China's economic policies:China's economic policies, with Barry Naughton and Max J. ZengleinCommon prosperity means closer alignment with CCP goals for private companies, with Isabella Weber and Jacob Gunther 

In this episode of Moody's Talks – Emerging Markets Decoded, Lillian Li from the Credit Strategy & Research team and Lina Choi from the Corporates team join host Shirin Mohammadi to discuss how China's common prosperity framework and new antitrust regulations will shape the credit outlook for the sovereign and businesses. Related content on Moodys.com (some content only available to registered users or subscribers): Government Policy – China - 'Common prosperity' agenda will create transition risks, with longer-term benefits if well implemented Technology Services – China - Antitrust regulations limit market-share expansion and reduce earnings growth

With the concept of “common prosperity” set as a key goal of the Communist Party, China´s economic model seems to be heading for a big shift in the coming years. Already Beijing is introducing policies aimed at aligning the market with the Party´s ideology and broader goals. Can we expect to see a shift away from the pragmatic economic state-planning of the last decades towards a more ideologically driven development? And what would that imply for the role of private companies in China?We will discuss these questions with Isabella Weber and Jacob Gunter. Isabella Weber is the Research Leader for China of the Asian Political Economy Program at the Political Economy Research Institute and an Assistant Professor of Economics at the University of Massachusetts. She is the author of the book How China Escaped Shock Therapy: The Market Reform Debate, which was published in 2021. Jacob Gunter is a Senior Analyst focusing on China's economy at MERICS.

China, and more specifically, its Common Prosperity initiative have clearly been in the headlines of late but, what is not clear is how the initiative will impact investors. Will it lead to real policy moves and implications for Chinese companies, or is it just a catchy political slogan? Global Investment Strategist Kevin Hebner joins the podcast to discuss the macro backdrop of Common Prosperity and Emerging Markets Portfolio Manager Tim Sledge explores the potential implications for Chinese companies. (December 13, 2021)

Who do you think the Chinese government considers its biggest rival? The United States, right? Actually, the Chinese government considers its biggest rival to be its own technology companies. It's China's tech companies who threaten its capacity to build a competitive China. That's why the Chinese government is cracking down on social media — for example, by limiting the number of hours youth can play video games, and banning cell phone use in schools. China's restrictions on social media use may be autocratic, but may also protect users more than what we see coming from the US government.It's a complicated picture.This week on Your Undivided Attention, we're having a surprising conversation about technology in China. Here to give us a fresh take are two guests: investor, analyst, and co-host of the Tech Buzz China podcast Rui Ma, and China internet expert and author of Alibaba: The House That Jack Ma Built, Duncan Clark.

Today’s Essential Eight items: Xi resolved the crisis in the PLA- Zhang Youxia More on Alvin Chau and Macau Ministry of Finance support for Zhejiang Common Prosperity pilot National Social Science Fund projects Xinjiang Local governments shuffling land sales revenue around?

In dieser Folge sprechen Klaus und Julia über das Investitionsverhalten von Chinesen und des chinesischen Staates, das Auswirkung nicht nur auf China, sondern auch auf die Weltmärkte, also auch auf Deutschland hat. Es geht zunächst darum, wie die Geschichte der letzten 70 Jahre die Chinesen in ihrer Einstellung zu Geld geprägt hat und wie sich das auf das Konsum- und Investitionsverhalten der verschiedenen Generationen auswirkt. Wir schauen uns ausführlich die verschiedenen Investitionsmöglichkeiten an, also Aktien, Immobilien, Kryptowährung und die relativ neuen Non-Fungible Tokens. Abschließend analysieren wir, wie sich der Staat als Investor verhält und wie das mit dem Konzept der „Common Prosperity“ bzw. des „Allgemeinen Wohlstands“ zusammenhängt.

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news there has been a financial market bounce-back today after yesterday's Omicron drop. But you have to say today's reaction isn't full of conviction. Meanwhile, the New Zealand dollar has fallen right out of favourBut first in the US pending home sales rose in October from a disappointing September but still remain lower than a year ago. Still, this data means that total existing-home sales in 2021 will exceed 6 million, and the highest in 15 years.The pace of the Dallas Fed factory survey eased back a little with its expansion impulse slowing somewhat. There were good gains in new orders, but a fall in capital investment. Prices paid continue to rise, but prices received aren't, and that squeeze is starting to be noticed.Also topping out are Canadian producer prices, high but not rising much in October from September.In Canada, the Port of Vancouver has descended into ‘distress' as British Columbia flooding severs rail lines and highways. There are now 54 ships waiting to unload but no way to move the goods. Meanwhile vast numbers of empty containers can't move either, breaking the supply-chain system there.In China, new data shows that housing rents are falling. Average home rents in China's major cites declined by -1.3% in November from the prior month while transactions in home rental market tumbled by -18%.China is on a Common Prosperity drive at home, trying to roll back the extreme disparities in wealth that their expansion has generated. They are also on a hunt for resources, concentrated in Africa. It seems that "common prosperity" is only a drive at home - in Africa, they are fueling their expansion with vast amounts of cash corruption.The economic sentiment indicator in the Euro Area dropped by -1.1 points from a month earlier to 117.5 in November, the lowest for six months but in line with market expectations. There was a marked decline in consumer confidence (-6.8 vs -4.8 in October), as households were concerned about potential new lockdown measures due to rising pandemic cases across the bloc.The German CPI inflation rate came in at a very high 5.2% in November - in the way they measure it. Using the EU 'harmonised' measure, it was +6.0% higher. Their energy component rose a stunning +22%. This German data probably means EU inflation probably hit a record high when it is reported in about two weeks. And in turn that will put severe pressure on the ECB to respond - probably with rising benchmark interest rates.The UST 10yr yield opens today at 1.51% and a +3 bps recovery from this time yesterday. The price of gold will start today at US$1785/oz and little changed from this time yesterday.And oil prices have risen today, up by +US$3 to be just under US$71/bbl in the US, while the international Brent price is now over US$74/bbl.The Kiwi dollar opens today softer again at just under 67.9 USc and a new 1 year low. Against the Australian dollar we are soft at 95.4 AUc. Against the euro we are -1c lower at 60.3 euro cents. That means our TWI-5 starts today at 72.8, and its lowest since the end of September.The bitcoin price has recovered to now be at US$57,445 and +6.1% above the level at this time yesterday. Volatility over the past 24 hours has been very high at just over +/- 4.6%.You can find links to the articles mentioned today in our show notes.And get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston and we'll do this again tomorrow.

The relationship between the US and China is rapidly evolving. Economic and political decisions made today will impact power dynamics in both the near and long term. We'll examine the Chinese government's plans to shape industries, continue its domestic growth, and deliver on commitments made to reduce greenhouse gas emissions. Plus, we'll explain what those decisions may mean for Chinese and US investors in the near future. The latest episode of Living Beyond Borders, a special podcast series from GZERO and Citi Private Bank, is the second in a two-part series on the relationship between the US and China. This episode features: Caitlin Dean, Head of the Geostrategy Practice at Eurasia Group (moderator) David Bailin, Chief Investment Officer and Global Head of Investments for Citi Global Wealth Steven Lo, Co-Head of Citi Global Wealth for Asia Pacific Ian Bremmer, President at Eurasia Group and GZERO Media. Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published.

The relationship between the US and China is rapidly evolving. Economic and political decisions made today will impact power dynamics in both the near and long term. We'll examine the Chinese government's plans to shape industries, continue its domestic growth, and deliver on commitments made to reduce greenhouse gas emissions. Plus, we'll explain what those decisions may mean for Chinese and US investors in the near future. The latest episode of Living Beyond Borders, a special podcast series from GZERO and Citi Private Bank, is the second in a two-part series on the relationship between the US and China. Moderated by Caitlin Dean, Head of the Geostrategy Practice at Eurasia Group, this episode features David Bailin, Chief Investment Officer and Global Head of Investments for Citi Global Wealth, Steven Lo, Co-Head of Citi Global Wealth for Asia Pacific, and Ian Bremmer, President at Eurasia Group and GZERO Media.

Leaders of China's ruling Communist Party on Thursday set the stage for President Xi Jinping to extend his rule next year, praising his role in the country's rise as an economic and strategic power and approving a political history that gives him status alongside the most important party figures.Central Committee members declared Xi's ideology the “essence of Chinese culture” as they wrapped up a leadership meeting. In unusually effusive language even for a Chinese leader, a party statement said it was “of decisive significance” for “the great rejuvenation of the Chinese nation.”Xi, who has amassed more personal authority than any leader since at least Deng Xiaoping in the 1980s, has widely been expected to pursue a third five-year term as party general secretary. That would break with a two-decade-old party tradition that would require the 68-year-old leader to step down next year.The party leadership's resolution on its history is only the third since its founding 100 years ago, following one under Mao Zedong, the first leader of the Communist government, and another under Deng, who launched reforms that turned China into an economic powerhouse. The decision to issue one under Xi symbolically raises him to their status.The party removed term limits on Xi's post as president in 2018, indicating his intention to stay in power. Then, officials told reporters Xi might need more time to make sure economic and other reforms were carried out.Xi, the son of one of Mao's generals, faces no obvious rivals, but a bid to say in power has the potential to alienate younger party figures who might see their chances for promotion diminished.Also, political scientists point to the experience of other countries in Asia, Africa and Latin America and warn that long periods of one-person rule lead to poor official decisions and economic performance.Thursday's party statement emphasized its successes in overseeing China's emergence as the world's second-biggest economy, glossing over deadly political violence in its early decades in power and growing complaints about human rights abuses.The statement affirmed Beijing's handling of Hong Kong, where it is trying to crush pro-democracy activism, and relations with Taiwan. The party claims the island democracy is part of its territory and is trying to intimidate the Taiwanese public by sending growing numbers of fighter jets and bombers to fly near its coast.The party “firmly implemented ‘patriots ruling Hong Kong'” and “resolutely opposed Taiwan separatists,” the statement said.Xi has overseen an assertive foreign policy and expansion of the party's military wing, the People's Liberation Army. It has the world's second-largest military budget after the United States and is developing submarines, stealth aircraft and ballistic missiles that can carry nuclear warheads to extend China's power beyond its shores.On economic matters, the ruling party under Xi has pursued a sometimes contradictory strategy of promising to give market forces a dominant role while tightening state control over industry. Tech companies are under pressure to invest their own money to promote party development ambitions.China was the first major economy to rebound from the coronavirus pandemic but in the longer term faces steadily declining growth and a shrinking workforce at a time when Chinese incomes still are below the world average.Xi is leading a “Common Prosperity” initiative that calls for narrowing income and wealth gaps between China's billionaire elite and the poor majority. Companies are under pressure to share their wealth with workers and the public by raising wages and paying for rural job creation and other development efforts.The party has tightened control over society, suppressing independent religious groups and human rights activists.More than 1 million members of mostly Muslim ethnic minority groups in the Xinjiang region in the northwest have been detained and subjected to political...

Following a spate of consumer boycotts in March and the announcement of the government's goal of Common Prosperity over the summer, one could (easily!) be forgiven for assuming that the China market is turning its back on foreign luxury goods brands. But demand for British brands remains strong, and the market is "buoyant", says Adam Knight (Co-founder at TONG). Adam talks to Joe Cash about how China's luxury goods market has changed over the course of Covid-19 and how brands have had to alter their approach when selling to Chinese consumers, now that they are unable to travel and spend overseas and are more likely to be viewing products on WeChat rather than in a duty-free store. Add the resurgence of GuoChao (国潮) and Common Prosperity to the mix, and the number of factors foreign brands must consider when seeking to appeal to Chinese consumers is growing significantly. Meaning "the rise of the national brands," the GuoChao phenomenon in particular could become a challenge to foreign brands as their 'foreign-ness' in China could start to work against them. Adam remains optimistic, however, and see's GuoChao as an exciting opportunity for foreign brands -- Tune in to find out why! The views expressed in the China Business Brief podcast are those of invited contributors and not necessarily those of the China-Britain Business Council (CBBC). We do not accept any liability if the podcast is used for an alternative purpose from which it is intended, nor to any third party in respect of this podcast.

Speaker: Bill Bikales, Principal and Lead Economist, Kunlun Associates Bill is a Harvard-trained economist and Asia specialist and has worked at the most senior level of government in Mongolia on comprehensive fiscal reform and restructuring insolvent bank and power sectors, and at grass roots level in rural China on increasing poor women's uptake of maternal health services. This event is part of the Critical Issues Confronting China lecture series at the Fairbank Center for Chinese Studies, Harvard University.

TÓPICOS DO DIA: BRASIL: 1) Bolsonaro edita decreto com reajuste de linha de extrema pobreza 2) Segundo turno da PEC dos Precatórios 3) Bolsonaro entre o PL e o PP 4) Ex-coordenador da Lava-Jato, Deltan Dallagnol deixa o MPF (candidatura?) 5) Operadoras vencedoras no leilão do 5G EUA: 1) Elon Musk e nova polêmica de possível venda de suas ações da Tesla 2) Amazon vai implantar mais de 7,5 mil satélites em seu projeto de internet rápida global 3) Relatório de empregos dos Estados Unidos surpreendendo 4) Início do “tapering” bem menos turbulento do que acreditavam 5) Biden obtém nova vitória com a aprovação da lei de obras públicas de mais de US$ 1 trilhão 6) Google compra bolsa de derivativos CME (Chicago Mercantile Exchange) por US$ 1 bilhão RESTO DO MUNDO: 1) Depois do susto da Evergrande, outra incorporadora gigante chinesa ameaça calote 2) China: exportações e importações em alta acima da expectativas 3) O Partido Comunista Chinês e os próximos passos do programa "Common Prosperity” 4) Mercado de cripto ultrapassa R$ 16,5 trilhões e Bitcoin e Ether atingem novos recordes

Following a steady deterioration in China-US relations over four years under President Donald Trump, global attention turned to President Joe Biden and the direction he will take the relationship in. The new administration has been far more hawkish than many experts predicted, maintaining the hard-line policies of the Trump era. While the rhetoric has changed, explicit criticism of Beijing has continued on everything from Hong Kong to the treatment of the Uyghur community in Xinjiang. While Biden concentrates on strengthening US influence in the Indo-Pacific, the impasse continues with competition standing in the way of even clear areas of alignment. This panel discusses the economic and geopolitical outlook for China, as well as the risks that the country faces going into 2022. Speakers: Dave Rank, Former Chargé d'Affaires, US Embassy in Beijing George Magnus, Associate, University of Oxford China Centre Helen Qiao, Managing Director and Chief Economist for Greater China and Head of Asia Economics Research, Bank of America Merrill Lync This is taken from a live panel, recorded on 03/11/2021. View the recording here. 

Episode Notes:Today's guest is Chen Long, co-founder and partner of Plenum, a research firm covering Chinese economy and politics. Prior to that, he was a China economist at Gavekal Dragonomics. Chen Long is a Beijinger, and graduated from Peking University. Welcome to the podcast. It's great to have you.2:20 - I think the economy is a little bit like ice and fire, for now. There are certain areas certainly doing pretty poorly. Of course, everyone always talking about the property market, Evergrande, and basically every couple weeks we see a property developer default… 6:00 on the power generation problems - usually December is a peak of Chinese electricity consumption. I'm not sure the current supply of coal is not ... I mean, it's better than a month ago, but they probably have to do a little bit more. So I think it's still too early to say that we have totally overcome the end of the shortage.13:07 on whether this time is different with the real estate market - a year after Beijing and many local governments introduced restrictive policies, finally, we had three months in a row of property sales volume falling by double digits, on a year on year basis. But this is just three months, right? If you look at the previous cycles, especially 2015, 16, we could have the down cycle for 15 months. But this is just three, right? So Beijing has not blinked yet, because it's only three months.16:30 on Evergrande - I think there was a little bit of overreaction, especially when you see headlines linking Evergrande to Lehman Brothers, and this sort of thing. And I have to say that this is at least the third time I hear a Chinese Lehman moment in the last ten years.35:50 on the 6th Plenum and likely historical resolution - The previous ones were all about resolutions on certain questions of the party's history. Right? And this one is not uncertain questions. There is no question. It is resolution on the party's accomplishments over the last 100 years, and the lessons. So I guess it's a big, big summary about what he has done. And, of course, this one I think will cement him as the core, right? And we have to follow whatever he thinks we should do soLinks: The Plenum website. Transcript:Bill:Hi everyone. Today's guest is Chen Long, co-founder and partner of Plenum, a research firm covering Chinese economy and politics. Prior to that, he was a China economist at Gavekal Dragonomics. Chen Long is a Beijinger, and graduated from Peking University. Welcome to the podcast. It's great to have you.Chen:Thank you, Bill. It's my honor to be your third guest.Bill:Oh, well, third time is the charm, I hope. And I hope things are well. And I hope things are well in Beijing. I have to say, I very much miss this time of year in Beijing. There is something really special about autumn in Beijing.Bill:So, to kick off, today, I think we want to talk about the state of economy, and various themes related to that, including common prosperity, and real estate, the sixth plenum that's coming up. But, to start out, could you just give a brief intro about yourself, and more specifically what Plenum does?Bill:Just for listeners, it's a high end research service. The website is at Plenum.ai. And it's really terrific. It's one of my top most favorite research services on China now. They're really sharp on economy and politics.Chen:Yeah. Thank you, Bill. I think, Bill, you have done basically all the marketing I need to do. So we are a pretty young firm. I mean, we were founded two years ago, almost exactly two years ago. And that's when we first started to publish reports. And we write on Chinese economy, policies, politics, geopolitics, other stuff. And we serve institutional clients. Some are financial institutions, some are non-financial corporations.Chen:And I think where we are a little bit different from others, is the team is basically entirely Chinese nationals. But, of course, we'll come from different backgrounds. A lot of people work in the US for many years. And, right now, I'm based in Beijing. Yeah.Bill:And I first came across your work, I think, because you were working with Arthur Kroger, over at Gavekal DragonomicsChen:Yes. I was at Gavekal for almost six years. Yeah.Bill:Right. And I think that's where I first started reading your work. So, anyway, it's great to have you. I've always been a big fan. So-Chen:Yeah. Thank you, Bill.Bill:From a top level, could you just give us your view on what's going on in the economy in China, and where things are?Chen:Yeah. I think the economy is a little bit like ice and fire, for now. There are certain areas certainly doing pretty poorly. Of course, everyone always talking about the property market, Evergrande, and basically every couple weeks we see a property developer default.Chen:But, on the other hand, you also see this energy crunch, which actually was because energy demand was really strong, right? And industrial demand was strong. And then the grid and then the power plants could not meet up with that demand. So you basically have one big sector of economy, and actually several big sectors, apart from the real estate, you have the automobile market actually shrinking this year, general consumption were pretty mediocre, right? Because whenever there's a COVID cluster, you have local governments will restrict travel, or implement some sort of lockdown for two or four weeks. So consumption will be affected.Chen:But, on the other hand, the export is really strong, right? We're probably seeing the best export performance since 2011. That's the best we have in a decade. And there's no sign that this is putting off. A lot of people have said, "No, this is just temporary. Not going to be sustainable." I've been hearing that argument since a year ago. And, right now, it's still really hot. So that's why you have certain sectors ... So that's a little bit special, I think, compared with any time in the last decade. Yeah.Bill:And, certainly, specifically around the energy challenges, you said it was really because demand was so high. How quickly do you think that the ... There have been a whole flurry of measures from the NDRC, and other government bodies, about making sure that the coal supply increases, and cracking down on price speculation.Bill:And, I mean, how quickly do you think that these regulatory actions are going to solve the problem? And, the reforming or the changing in the price mechanism, is that enough to make the power generators actually make money now, so they're more willing to produce energy? Or are we still going to be looking at probably fits and starts over the next few months?Chen:Yeah. I think a lot of the power plants may not be losing money at this point. The government basically did several things at the same time. One, they told all the coal miners just to increase supply as much as you can. And, two, they told the coal miners also to restrict the prices. Basically, they set a cap. And there's a debate on what exactly is the cap, because there are several different versions of the cap.Chen:But whatever version you believe in, there's a cap. And the cap is a lot lower than the market price we had two weeks ago. That's why we had this Zhengzhou thermal coal future price, basically halve in two weeks. And they also allow the power plants to raise the electricity prices by up to 20%, and more if the users are high energy intensity sectors.Chen:So there are flurry of changes happen just over the last months or so. And I think the coal supply has probably improved quite a bit. And we are hearing a lot less stories on companies running ... They face blackouts, or they were just told in very short notice that they have to cut production. We hear a lot less that sort of story. But that still exists, it's just a lot less than a month ago, or at the end of September.Chen:But with this winter heating season coming again, usually December is a peak of Chinese electricity consumption. I'm not sure the current supply of coal is not ... I mean, it's better than a month ago, but they probably have to do a little bit more. So I think it's still too early to say that we have totally overcome the end of the shortage.Bill:Thanks. I mean, it is interesting how it really seemed to have caught a lot of people by surprise. I think both policy makers, but also investors. It's just interesting how that happened, and how so many people seemed to not understand what was going on, including myself.Chen:Yeah. Because, for 20 years maybe, people talk about China has over capacity in IPP, this is actually the power plants. China invested too much in some coal power plants. And I think, at one point, like 2015 or 2016, when over capacity got really serious. And then that was one of the sectors that local and others had to work very hard to cut capacity.Chen:So we never really thought for a second that China would have electricity shortage, because there's always huge supply, maybe oversupply. But I think a lot of things changed since the beginning of the pandemic. The services sector used to be growing a lot faster. But, so far, it's underperforming, while the industrial sector, which were slowing for many years, has suddenly started to outperform.Chen:So, basically, since the second quarter of last year, we have a Chinese economy moving further away from a service driven economy, to a more industrial driven economy. So that's a completely reversal of the trend since 2010, or even 2005.Bill:That's also a reversal of what a lot of economists have recommended China do, right?Chen:Yeah. I mean, people say, "No, yeah, China should become more service driven, and less industrial driven. And also, of course, more consumption driven, less investment driven." But I would say this whole rebalancing theme has somewhat reversed over the last year or so.Chen:And this just, again, has to do with this fire and ice, as I mentioned earlier. So this is just one sector doing really well, it's industrials. And the manufacturing facilities are just all pretty at fully capacity, demand from the rest of the world is really strong. And while the domestic consumption is very mediocre. And service sector, of course, the people just go out a little bit less than they were, in 2019 or earlier.Chen:So basically the economy itself is consuming much more electricity than it used to be, that means two years ago. So, suddenly, we have this issue.Bill:Interesting. And just on that stronger industrial, weaker consumption service sector, is that by design? Is that something that the policy makers want? Or is this just more of an outgrowth of the pandemic changing global dynamics, potentially consumer spending dropping because of concerns about consumer debt, for example? I mean, what's driving that?Chen:I don't think it's intended or planned, or even foreseen by Beijing, by the leadership, I think when China started to get out of the pandemic, in April or May 2020, I mean, there was a real fear, because the rest of the world is experiencing the worst of the pandemic. So the worry, at the time, was China is going to face a demand collapse from the rest of the world. So you got a double whammy economic crisis. So just get out from the domestic demand collapse, you're going to see an external demand collapse.Chen:But somehow that external demand collapse didn't really happen, or just basically happened for one month or so. And turned out to be that the export was really strong. And people in Beijing could hardly believe that. And people say, "Oh, this is just temporary. Because this supply chain was disrupted. But maybe when the things get better next year, the demand will go away. And somebody might has to do with this stimulus checks, given by US government, European governments. Once that effect expires, the demand will go away."Chen:But, so far, it still hasn't gone away. And with Southeast Asia, and Eastern Europe, Latin America, lot of developing manufacture hubs in trouble, China basically became the only manufacture hub that can still maintain enough supplies. So I think that really caught a lot of people, including the Chinese government, by a big surprise.Bill:No, it is. It is really interesting. And so as you talk about the economy, I think you called it fire and ice, I mean, one area that seems a bit icy is real estate. And, obviously, Evergrande's been in the news. But there are plenty of real estate developers that have violated the three red lines, or seem to be in various states of default or near default on some of their debt.Bill:One thing that's been interesting is we've seen real estate stresses that are over the last 15 years or so. Every few years, it seems like there's a cycle, and it's usually policy driven. Because the policy makers want to crack down on real estate speculation and unproductive investment. But then when things start getting bad, and stressed, and companies start having problems, and prices maybe start looking like they're going to drop in some places, the policy makers always blink and pull back, and basically find ways to loosen things up, and let the market return.Bill:It seems like, this time, they've been much more disciplined, I think surprising a lot of people, in terms of being willing to ride out a lot more pain around the real estate sector. Is that a fair assessment? And, if it is, why is that? And if it's not, how do you see what's going on?Chen:Yeah. I tend to believe that this time is not that much different from previous episodes. I mean, I know there's the argument there, saying, "Xi really wants to reduce the share of the real estate in the economy, and wants to curb housing prices." But I don't think this is new. We have this episode, like you just mentioned, multiple times in the last 15 years. Basically every three years, we have a property cycle, from trough to peak to trough. Right? And the Chinese government, in both central and local, that will change policies very, very quickly.Chen:And this time is no different, right? Because you talk about the three red lines, the three red lines really were just introduced a year ago, last August. Right? And, well, the background of that was the PBOC, along with other policy makers, the property market recovered too quickly, and think they're doing too well. And housing prices in cities, especially big cities like Shenzhen or Shanghai, were rising too fast. And that was a little bit unanticipated. So they said, "No, we have to restrict the area, this kind of bull run."Chen:And now a year after Beijing and many local governments introduced restrictive policies, finally, we had three months in a row of property sales volume falling by double digits, on a year on year basis. But this is just three months, right? If you look at the previous cycles, especially 2015, 16, we could have the down cycle for 15 months. But this is just three, right? So Beijing has not blinked yet, because it's only three months. Right?Chen:And we are seeing a little bit some early signs, like PBOC two weeks ago said, "Oh, some banks misunderstood our intention, when we told them to restrict the lending. And some of the normal projects would not be restricted," blah, blah, blah. And then I think today, or yesterday, one of the state-owned media, Economic Daily again published article about these housing regulations. So I think we're seeing some signs that those things are easing a little bit. So it's not like they are just letting the market die.Bill:Right. Well, and I mean, there are real risks. I mean, there are real risks around ... I mean, I owned property in China for a while, and certainly had lots of friends, including some real estate developers, and people with lots of ... I mean, there was just this sense that, in these previous cycles, they would go until prices started dropping, and there was a risk of people getting really pissed off because they were losing money again.Bill:And so is that one of the things ... I mean, again, it doesn't seem like the prices have dropped that much yet in most places. Is that one of the things to look for, where if we start seeing housing prices actually go negative, is that one of the triggers that makes the government maybe start loosening faster, just because they're worried about how ... I mean, they have their constituency, and people who own property. They do care what they think, right?Chen:Yeah. That's certainly one thing they care about. And I think another thing they care about is the impact on economy, like the GDP, right? The housing and the real sector as a whole, if you found all the upstream industries all together, it'd account for probably one third of Chinese economy. Right? So if you kill the real estate sector, basically you kill the economy. And they can't do that. That's suicide.Bill:No. It's still a quarter of the economy. Right? So somewhere around there, if you add up all the various-Chen:Yeah. Depending on how you estimate, anywhere between 20% to a third, that's kind of the estimation. Yeah.Bill:So, Evergrande, there was a massive freak out over Evergrande. And I think it's maybe even a month ago, or a little longer. Did people overreact to what's going on at Evergrande. And what is going on there? And how do you think it gets resolved?Chen:Yeah. I think it has a little bit of sense that people were a little bit overreacting. I got called by Al Jazeera twice in two days, saying, "We need you to comment on Evergrande." I was like, "Come on, guys. You guys, yeah, are very respectful media TV, but you don't need to tell your audience in Qatar what's going on in Evergrande, in two days in a row. And one of that is a Sunday."Chen:So I was like, "Oh, this is really everywhere. Right? It's not just Bloomberg or Wall Street Journal. This has gone to non-financial media as well." And that was basically the main theme in the last week, or last two weeks of September. Right? So I think there was a little bit of overreaction, especially when you see headlines linking Evergrande to Lehman Brothers, and this sort of thing. And I have to say that this is at least the third time I hear a Chinese Lehman moment in the last ten years.Bill:I was just going to say, is the default analogy when ... Oh my God, China's Lehman moment. And we saw it. I remember it was, I think, 2013, when the interbank market basically went crazy, the end of Q2, early Q3. And I forget the other one. But, no, every time I see someone say, "China's Lehman market," basically, just to be honest, I just tune it out. Because it doesn't fit. And it never has. And if China has a big problem like Lehman Brothers, it won't be like Lehman brothers. It'll be something else, is my view.Chen:Yes, totally. And I don't know that even if Lehman Brothers exist today. I mean, if the same thing happens today, with the current federal reserve, with the current Fed chairman, that this will not have happened. Because they would just do QE.Bill:So what does happen with Evergrande? I mean, how does this thing get resolved?Chen:Evergrande, on the surface, just a very large company, over leveraged, and had a liquidity problem, maybe has solvency problem. We don't really know how much of its assets is real, or how much liability is real. Maybe its liability is a lot more than is stated. It says it has 2 trillion RMB liability, but if it has 2.5 trillion, then the company is insolvent, right? So we don't really know.Chen:And the thing is, we just start to see that this company started to have funding problem, since PBOC introduced the three red lines, because it failed in all the three. Banks were afraid of giving it money, and couldn't refinance in the bank market either. And the trust company, and the trust world that everyone saw, started to have problems. So, basically, with leverage at that size, you have to keep borrowing. To Evergrande, they're reducing the debt. And once that snowball stops moving, then basically you collapse, right? So I guess that's basically what it faced.Chen:And how we're going to resolve it, I think, in the best case scenario, that a lot of the estate projects will just ... First, they have to get it finished. And some of the land, or some other projects be sold to other developers. And Evergrande will downsize to a much smaller developer, and then will start to exist.Chen:And that's quite similar to what Wanda did. Wanda was a much bigger property developer five years ago. But then since has sold a lot of the projects, both in China and overseas. And, basically, right now, it's like a property management company, and doesn't have a lot of power assets. So that's what Wang Jianlin did to save himself, basically, and his company.Chen:So maybe, on Evergrande, if you're rational, you think that's a good scenario. But I think Hui Ka Yan doesn't want to give up. I think that he is betting on another big easing from Beijing. Right? Because he has been in this, I would say, in the live or die moment, at least twice in the last 15 years. Right? The first time I heard about Evergrande was 2007, right? I saw news that Hui Ka Yen was having drinks with the Hong Kong tycoons, and playing mahjong together. And, finally, he received a lot of money from the Hong Kong tycoons. And then that saved him in 2008, when the company was on the edge of collapse.Chen:And the second time was 2015. The company was again on the edge of collapse. And then it bet on a big easing from Beijing, and then property market turned around. It became much bigger. And I think, this time, Hui Ka Yen doesn't want give up. But he did say two weeks ago that he wants to move further from property developing, wants to become electricity car company. God knows whether he can succeed or not, but he's not going to just give up.Bill:Right. Right. No, he's the kind of ... I mean, that's why he's been so successful, and why he's been able to pull this off, right? I mean, he's just going to go until he can't go anymore. And it will be-Chen:Yeah, yeah. I think that the government ... Yeah. Sorry.Bill:No, go ahead. Go ahead, please.Chen:Yeah. I think from the government's perspective, the government would just want Evergrande to downsize, finish the existing projects, pay off your debt. It becomes a smaller company. And then your risk also is a lot smaller. But I'm not sure that's something that Hui Ka Yen has decided to do. Because then he will become a much less relevant person. Right?Bill:Right. And the government does also seem concerned now about the risks of defaults in the overseas debt markets. Right? I mean, it seems like this is the constant tension, right? They want introduce some discipline, and they want to avoid moral hazard, but they can't have a bunch of offshore bonds default in a short period of time. Right? Because then that potentially really screws up the market for them for a while, doesn't it?Chen:Yeah. That's actually an interesting point. Because when people ask me about Evergrande like a month and a half ago, and I was basically saying, "I think the dollar bond market matters the least for Beijing." Right? Because you have a different kind of creditors of Evergrande, right? You have the home buyers, who've paid, but they haven't received the houses. And then you have the construction firms and their workers. And you have the domestic banks, the domestic WMP holders, domestic trust companies. And they all matter a great deal for the Chinese financial system. And the last one is a hedge fund or someone who bought a bond in Hong Kong. But all of a sudden, they had a meeting a week ago, saying, "Hey, guys, we have to have a little bit discipline. Don't just run away. And you have to also take care of your offshore debt." I still haven't figured out why, what changed in their thinking. Maybe this is just a way to calm down the Wall Street. But why did they suddenly feel they have to calm down the Wall Street, six weeks after the crisis happened? I haven't figured out.Chen:My hypothesis is maybe some Wall Street bosses put some pressure on Chinese leadership. I did notice that a lot of the big bankers, and the big American company, and the senior executives had a video conference with Wang Qishan two or three weeks ago, in the name of the Xinhua advisory board.Bill:Right. Right, right, right. That's interesting. And I have to say, I find it very, very strange that the US Secretary of State, Blinken, brought up Evergrande a couple weeks ago, which he made some comment about hoping the Chinese manage ... I forget exactly, but it just-Chen:Well, he was asked by CNN, or someone. Yeah, he was asked.Bill:Oh, was it a response? He was asked? Okay. It just seemed like it was very out of his lane, in terms of what the Secretary of State would talk about. So-Chen:Yeah. He basically said, "People have to act responsibly."Bill:Interesting. I mean, I think it is interesting though. It definitely does seem to be a shift. So, speaking of shifts, I know we only have a few more minutes, but I'd love to get your thoughts on ... Again, this is something lots of people ... Outside of China, I know we're scratching their heads, but certainly folks I've talked to inside China too, are trying to really get their hands around, what does common prosperity mean? And, really, what changes, what policy direction are we really going to see around common prosperity? And there was that strange WeChat post that was from a very sort of Neo-Maoist-Chen:Li GuangmanBill:Yeah, yeah, the very Neo-Maoist blogger, that was picked up over the weekend by the online properties of Xinhua big state media properties, which caused a lot of consternation outside China, but I think inside China as well. And so it seems like the messaging is a little bit mixed, and there's obviously a lot of politics involved. But what do you see, or what's your guys' view, the point of view on what common prosperity means going forward?Chen:Well, we tend to think that common prosperity is next step after President Xi completed the poverty alleviation campaign, right? So after poverty alleviation, in theory, China should have no absolutely poorer people, right? Nobody's living in poverty anymore. And then what's the next step, right? That's not the end. Right? You get out of poverty, but you should get richer, and you have a better life.Chen:So I think that's something that he came up with after that, that we want everyone to have a more decent lifestyle. And, of course, he chose Zhejiang province, a province he spent five years as party secretary to be this pilot program, or pilot area for common prosperity. And the thing about Zhejiang was ... The thing Zhejiang published was rather, I would say, a standard, right? It basically said, "No, we want to increase the household time by one percentage point, or increase the GDP by certain percentage point. And then the equality among different cities should be restricted within a ratio, and people should be able to find the jobs very easily," blah, blah. So a lot like that.Chen:So it's still very pro growth, the Zhejiang plan. But we all know the common prosperity is not only about growth, it's also about redistribution, which is something Zhejiang did not mention very much in his own report, which is understandable. Because that requires tax policy changes that Zhejiang has no say. So Beijing has to decide what kind of tax, what you have to introduce, right? People talk about this property tax, and more pilot programs for property taxes. And then we talk about the consumption taxes. So this kind of stuff, Zhejiang has no say, right? So Beijing has to decide what exactly they're going to do with all these taxes.Chen:So there's certainly an element also about redistribution, restricting certain super rich, and especially those who got rich without behaving, how to say, legally, or you operate in gray area. For many years, there was no law or no regulation. You got rich, but maybe you broke the law. Right? So if you got rich through that channel, then maybe you have to rethink a little bit. Yeah. Or at least you have to change your model completely, because that's no longer tolerated. Right? Because the President did say, "We encourage everyone to work very hard to get rich. And that's great. But we also want to restrict people from getting rich using dodgy channels."Bill:Right. And I think that's what has certainly freaked out a fair number of people. Right? Because it's always unclear what the definition of dodgy or not legal actually is, and how far back they might go. And, that, I think also ties a bit into ... I know you guys have written a fair amount about all these various regulatory actions, and specifically around anti-monopoly policies and regulatory decisions, and also the changing approach to internet platform regulation.Bill:Are we in a new normal, when it comes to regulation? I talk to some people who think this is all passed, and it's going to get better again. But, to my perspective, it really feels like we're in a new era of this kind of stuff. And so, the big internet companies, their businesses are still good, but they're never going to be the same. And it feels like, their costs, they're going to have a lot higher cost base, because they're not going to be able to exploit workers and customers, like the way they used to be able to.Chen:Yeah. I think the compliance cost will certainly be a lot higher than before. And these regulations have passed. And they will stay here. They'll not go away. They'll not be rolled back. So I don't think there's anything like the end of the regulation, or the end of the regulatory competitor. There will be no end.Chen:But I do think maybe the peak is behind us. Think about the largest internet companies in China, Alibaba and Meituan were already punished for antitrust. And the Tencent was not directly affected by the trust, but the gaming thing was also mentioned, and a lot of other guys also name checked, like ByteDance, or Pinduoduo, they were also a little bit worried. So it is hard to say who will be bigger than Alibaba, who will be a bigger victim than Alibaba, it's very hard to ... Unless Tencent suddenly runs into a big trouble. But nobody else is bigger than Alibaba in the Chinese internet domain.Chen:So I guess, after these campaigns, maybe since we settled down a little bit, it will not be over, but we're likely to suddenly see another company find 18 billion RB immediately, or another large fintech company saying, "You have to dissolve, or you have to be separated into different arms." Nobody else is really as big as Ant Right? So I guess maybe we have passed a peak.Chen:And especially, this year, again, I think there's something different about this year, is since the very beginning, Xi made it very clear that this is a year that we don't have to worry very much about economic growth, because it's very easy. Right? They said the growth is targeted at 6% intentionally, which is a target they're going to reach anyway. Right? So, basically, they can do a lot of other things, like structural reforms, and some things they wanted to do in the past, but didn't have the time or the capacity. But, finally, this year, you can spend all your efforts in these things.Chen:But next year will be different again. But next year, actually, we'll go back to the normal China, that you have to be worried about growth target, right? Where is Beijing going to set the growth target? People are debating. I think it's still being something like five and a half percent. And I definitely don't think it'll be lower than 5%. And given the current trajectory, they have to change policy quite a bit to reach either target, especially…Bill:So you're saying, if they decide the target for next year is 5%, they'd have to ease up on some things for next year?Chen:Yeah. I think, five, there is a little bit. And if five and a half, they have to ease quite a lot. And that means you have to be a little bit nicer to companies in general. Right? So, last year in 2020, Xi had several symposiums with various people, and at least two with large companies, right? One, there was a foreign company, the other was all Chinese private firms.Chen:But, this year, at least on the record, I haven't seen any of these kind of symposiums with companies. Right? So he only does that when he's worried about the corporate sector. And, this year, he's not worried, apparently. But, next year, if he's worried again, he could come up, and then they'll have a conversation with these guys in person. And if he does that, then the crackdowns will be a lot softer, at least. Right?Bill:Interesting. So last question, I know you got to go, is what do you think we're going to see out of the sixth plenum, that investors and others should really be paying attention to, that starts ... I guess it starts on Monday and runs through, I think, Thursday next week, right?Chen:Yeah. Yeah. Well, the sixth plenum is all about one thing, right? It's this resolution about the accomplishments of the party in the last one, two years. Right? And I think the previous two resolutions, we had one in 1945, another in 1981, right? Maybe the 1981 one is more relevant, because of course that's more recent, and that was done by Deng Xiaoping. And, without the second, we wouldn't have known there would be another resolution. Right?Chen:But I think this time it's quite different. Because both in the first resolution, basically written by and approved by Chairman Mao, and the second one basically drafted and finally approved by Deng and Chen Yun and other old comrades. But they had to fight with a different ideology. Right?Chen:So in the first resolution, Chairman Mao was basically saying that the party made a lot of mistakes in the 1930s. Right? And ended up then with the Long March. And then we had the Zunyi conference. And then I had to be this poor core. And then the party was saved. Right? So there was a real fight between Mao and a lot of other guys, from Wang Ming and others. So he used that resolution to cement what happened in the party over the past 20 years or so, which was right and which was wrong. So that was basically that resolution was all about.Chen:And the 1981 resolution was similar. Right? So this old comrades had to ... They felt they had to come with something to summarize what happened since 1949, what was right, what was wrong? Where did chairman Mao did right? And where did he did wrong? And what we should do next? Right? So there was a lot of that. And also of course Hua Guofeng at the time was still relevant. Right? So he had to make sure that this 两个凡是, that whatever Mao said, we had to follow. Right? This is...Bill:Yeah, the two whateversChen:Yes. Yeah. So he had to crack that. So, in both occasions, there were clear things they had to correct. But, this time, I really don't think there's a clear thing that President Xi has to correct. Because no one is really arguing something else. And I think they usually talk about their mistakes, or some problems the party had since 1981. Maybe the biggest thing was what happened in the late '80s. Right?Chen:But since 1992, when Deng did this sudden speech, and everything was basically all about the reform, and open up, blah, blah. Of course, we had a little bit of chaos during the 18th party Congress, Bo Xilai and all these guys. But that, I think, was so minor, if you compare all the other accidents the party had over the last 100 years, right? Maybe it's only relevant in the last 40 years. So I think this all ...Chen:And also the name was a little bit different, right? The previous ones were all about resolutions on certain questions of the party's history. Right? And this one is not uncertain questions. There is no question. It is resolution on the party's accomplishments over the last 100 years, and the lessons. So I guess it's a big, big summary about what he has done. And, of course, this one I think will cement him as the core, right? And we have to follow whatever he thinks we should do so, and that's something definitely right.Bill:That's an interesting point, about if it's not actually about certain questions. And probably, certainly, if people want to ahead of this, I think reading that document ... I think it came out in August. It was basically a long piece about the party's accomplishments. I'm guessing that there'll be a lot in this resolution that is very similar to that language.Chen:Yeah, yeah.Bill:Right? I mean, it seems like it's a draft almost. And, really, like you said, it's not about settling a fight that's been going on, so much as more forward working. But so what does that mean? I mean, I assume this will tie into common prosperity. And I guess, this plenum, it really is going to be about this. There's probably nothing from a policy perspective that's going to affect the economy, or how investors should look at China in the near term, right?Chen:Yeah. I guess not that much in the near term. Well, of course, this one will set a stage for next year, where the big thing will happen. So the 20th party Congress, will get them to say, "No, we're going to follow this revolution, and then do whatever we should do in the next few years." Right.Bill:Great. Well, hey, I really appreciate your time. I think really want to thank you for being one of the first guest of Cynicism. And I will put a link to the Plenum website in the show notes. And I highly recommend anyone who is a financial market professional in China, you should go sign up for trial. Like I said, these guys, Chen Long and his team, and the Plenum research product is really quite terrific. So thanks again for your time. And I hope everything stays safe in Beijing. We see lots of headlines about COVID in Beijing right now. But I-Chen:Yeah, it is absolutely safe. If I go out, I may not be able to come back. So it's absolutely safe to stay here.Bill:Right. So you're probably not leaving Beijing until February, right? I mean, is it possible that you really can't leave before the Olympics?Chen:I think I can. I think, after next week, things may be a little bit relaxed. I think it's just partly because of next week, the sixth plenum.Bill:The plenum.Chen:And partly because the COVID clusters are still on the rise. But I think after next week, I might be able to travel a little bit.Bill:Great. Well, anyway, thanks again for your time. And I hope to talk to you soon.Chen:Yeah. Thank you, Bill. Yep. Get full access to Sinocism at sinocism.com/subscribe

Listen now (37 min) | Episode Notes: 2:20 - I think the economy is a little bit like ice and fire, for now. There are certain areas certainly doing pretty poorly. Of course, everyone always talking about the property market, Evergrande, and basically every couple weeks we see a property developer default…

Tensions have been building between the U.S. and China for some time, and the Biden administration and President Xi's leadership team have not found much new common ground. We'll look at how Xi Jinping's latest actions to focus on “Common Prosperity” have changed China's priorities, what the crackdown on certain industries means for markets, and how the U.S. is responding to these policy shifts for better or for worse.  The latest episode of Living Beyond Borders, a special podcast series from GZERO and Citi Private Bank, is the first in a two-part series on the relationship between the U.S. and China. Moderated by Caitlin Dean, Head of the Geostrategy Practice at Eurasia Group, this episode features David Bailin, Chief Investment Officer and Global Head of Investments for Citi Global Wealth, Steven Lo, Co-Head of Citi Global Wealth for Asia Pacific, and Ian Bremmer, President at Eurasia Group and GZERO Media. Subscribe to the GZERO World with Ian Bremmer Podcast on Apple Podcasts, Spotify, or your preferred podcast platform, to receive new episodes as soon as they're published.

Tensions have been building between the U.S. and China for some time, and the Biden administration and President Xi's leadership team have not found much new common ground. We'll look at how Xi Jinping's latest actions to focus on “Common Prosperity” have changed China's priorities, what the crackdown on certain industries means for markets, and how the U.S. is responding to these policy shifts for better or for worse.  The latest episode of Living Beyond Borders, a special podcast series from GZERO and Citi Private Bank, is the first in a two-part series on the relationship between the U.S. and China. Moderated by Caitlin Dean, Head of the Geostrategy Practice at Eurasia Group, this episode features David Bailin, Chief Investment Officer and Global Head of Investments for Citi Global Wealth, Steven Lo, Co-Head of Citi Global Wealth for Asia Pacific, and Ian Bremmer, President at Eurasia Group and GZERO Media.

Beijing knows it wants to discontinue the country's existing, unsustainable growth model. The latest "Common Prosperity" policy will only shift domestic demand at the margins; a full-fledged rebalancing will require a more radical transformation. A reading, by Emil Kalinowski.----------WHO----------Michael Pettis, Finance Professor at Peking University and Senior Fellow at Carnegie-Tsinghua Center, specializes in Chinese financial markets, economic history, global capital flows and the relationship between different sectors of national economies. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Amber Lights" by Chill Cole at Epidemic Sound.----------WHAT----------Will China's Common Prosperity Upgrade Dual Circulation?: https://bit.ly/2Z6CoCr----------WHERE----------Michael's Blog: https://carnegieendowment.org/chinafinancialmarketsMichael's Twitter: https://twitter.com/michaelxpettisEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

This week on the China Business Brief, the China-Britain Business Council's in-house policy team talk through some of the meanings that have been assigned to the Chinese government's goal to achieve Common Prosperity. As Torsten Weller (CBBC's UK-based policy analyst) explains, the term finds its origins in 1950s Maoist China but has come a long way since then and undergone a metamorphosis of late. From the recent crackdowns on the country's big tech companies to tax-evading celebrities, the term appears to have found widespread application since being revealed to have been the topic of a meeting chaired by President Xi and attended by China's top economic policy planners in August. But what exactly is Common Prosperity? Does it represent a return to socialist orthodoxy in China? And will it be able to bridge the wealth gap and reverse inequality in a meaningful way? The views expressed in the China Business Brief podcast are those of invited contributors and not necessarily those of the China-Britain Business Council (CBBC). We do not accept any liability if the podcast is used for an alternative purpose from which it is intended, nor to any third party in respect of this podcast.

Michael Pettis, professor of finance at the Guanghua School of Management at Peking University in Beijing, and coauthor, most recently, of Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace, analyzes what President Xi Jinping's new “common prosperity” policies mean for China and the global economy.

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What is going on with China's Evergrande Group? The property giant has dominated the headlines of late, with many analysts drawing comparisons with America's Lehman Brothers - the implication being that the company's demise could lurch the global economy into a crash. Joining the China Business Brief this week is Alicia Garcia-Herrero (Chief Economist for the Asia-Pacific at Natixis) to explain why analysts would be better comparing Evergrande's circumstances with those of Enron, the means through which the Chinese government can prevent the real estate market from contaminating other industries, and how foreign investors should react. But how did the company get into this position? Is Evergrande the latest victim of Common Prosperity? And how should foreign investors view the health of the China market in the wake of the tech crackdowns and Evergrande's fall from grace? To read more on Evergrande's predicament, head over to the CBBC Focus Magazine website, where the CBBC's Policy Analyst - and host of the China Business Brief - Joe Cash has written on what the collapse of Evergrande might mean for British banks: https://focus.cbbc.org/what-would-the-collapse-of-evergrande-mean-for-british-banks/ The views expressed in the China Business Brief podcast are those of invited contributors and not necessarily those of the China-Britain Business Council (CBBC). We do not accept any liability if the podcast is used for an alternative purpose from which it is intended, nor to any third party in respect of this podcast.

Expert Delivery - “นโยบาย Common Prosperity คือโอกาส หรือความเสี่ยงของจีน?” ดูแบบมีภาพได้ที่ : https://youtu.be/VsPeoMk-Mq0

China is in the eye of an almost perfect storm based on 4 factors:  real estate sector crisis; supply chain disruptions (e.g. ports to producer margins); the electricity power crisis;  and the move from wild west capitalism to Common Prosperity.  The short term hit to growth will produce the first contraction in China's Q3 GDP in most peoples' living memory.  But this does not herald the systemic collapse of China's economy or political system. It is a transition to a 4-5% secular rate of growth - typical of a middle income economy with unresolved structural issues.

In this episode of the ChinaPower Podcast, we are joined by Mr. Daniel H. Rosen to examine the impact of the Covid-19 pandemic on China's economic power. Mr. Rosen describes the variables that contribute to China's economic power and recounts how China's economy was initially impacted by the Covid-19 pandemic. He also discusses the primary measures the Chinese government took to rejuvenate its economy and evaluates which measures were the most significant. In addition, he evaluates the prospects of Chinese economic growth (both quarterly and yearly) and analyzes the various scenarios that may arise. Lastly, Mr. Rosen explains the potential impact of the Chinese Communist Party's “Common Prosperity” political campaign on China's economic growth.     Mr. Daniel H. Rosen is a founding partner of Rhodium Group and leads the firm's work on China, India and Asia. Mr. Rosen has twenty-six years of professional experience analyzing China's economy, commercial sector and external interactions. He is widely recognized for his contributions on the US-China economic relationship. A native of New York City, Mr. Rosen graduated with distinction from the graduate School of Foreign Service of Georgetown University (MSFS) and with honors in Asian Studies and Economics from the University of Texas, Austin (BA). 

Mimi Lau speaks with SCMP reporter Pearl Liu about the background to the US$300 billion debt crisis for China's property giant Evergrande, the warning signs from 2019 and escalating events this year that lead to protests across China. Desk editor Zhou Xin explores how Evergrande is part of China’s economic success story, Beijing’s changing “red lines” and how the capitalist excess of its "Belt Brother” CEO contrasts with Xi Jinping’s “Common Prosperity”. 

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Evergrande, China Real Estate, the Economy and Common Prosperity! Evergrande is a perfect Quantum Disruption.  The effects will flow through to the economy, deleveraging and the replacement of the current Chinese housing model by that clearly stipulated in President Xi Jinping's new ideology of Common Prosperity. It was a known-known that China was way over leveraged and saddled with a legacy of unproductive assets..  But we were told it didn't matter because the Chinese owed the debts to themselves.  Such comfortable, dumb. consensus forecasts have now been disrupted by a single Quantum event:  Evergrande going bust.   The housing market was a part of this architecture of inefficiency and inequality. Tycoons and corrupt officials reaped economic rents along the way. People buying houses to dwell in lost out and paid the economic rents to the rich. Inequality blossomed.   It's over!The short term cost will be recession.  The long term benefit is affordable housing, less wealth and income inequality and a more efficient economy.However, most international investors are on the losing side of this manichaean battle....and will suffer accordingly.

The potential debt default by China's massive Evergrande property group shows a government shift to lower debt and redistribute wealth, with important implications for chemical markets there and around the world.   -          Evergrande employs 200,000 people, its debt is greater than Portugal's GDP-          Most of China's growth has been based on borrowing-          Bubble may be about to burst-          Domestic consumption in China may fall-          President Xi introducing socialism through Common Prosperity philosophy  -          China slowdown could force closure of US plants relying on exports-          Polyurethanes, expandable polystyrene (EPS), polyvinyl chloride (PVC), phenolic resins could see negative China growth this year-          Longer term, China's economy may grow more slowly but sustainably-          Europe acylonitrile butadiene styrene (ABS), polystyrene (PS), expandable PS (EPS) hit by soaring logistics costs, delays-          Sky high container rates, road logistics also affected-          End use demand remains strong from automotive, construction   

Why South Korea's Bernie Sanders is no Bernie when it comes to foreign policy.  Why Australia's submarine decision is vulgar balancing (but not useless).  Marxism versus liberalism.  Why the pandemic proves the world sucks at collective action.  Xi Jinping's common prosperity drive pits labor against oligarchy, but not the way you think. Lil Uzi Hurt Tweet: https://twitter.com/lostblackboy/status/1437779312174845959Kim Tongfi Tweet: https://twitter.com/tongfi_kim/status/1436407499998081025?s=19Adam Tooze piece: https://www.nytimes.com/2021/09/01/opinion/covid-pandemic-global-economy-politics.htmlContributors: Hunter Marston, Jake Dellow, Ciara Mitchell, Gaby Magnuson

Common prosperity has become a real buzzword lately in Chinese media and government statements. But what exactly does the term represent, and what does it mean for companies? To dig into the topic, we chat with Lipei Zhang, our director in Beijing. More from USCBC: Will Common Prosperity Usher in China's Progressive Era? Learn more […]

"China's Common Prosperity Initiative and Market Socialism | Thinking Out Loud"In this episode of his "Thinking Out Loud" series, Double D discusses the series of reforms being implemented by the Communist Party of China (CPC), known collectively as the "Common Prosperity Initiative (CPI)."Double D uses articles from several sources to try and paint a coherent vision of what these reforms mean for the Chinese people, and for the CPC's vision of "socialism with Chinese characteristics."Along the way Double D gives a brief historical interlude, examining the legacy of Deng Xiaoping's opening of the Chinese economy, as well as a quick definition of Dialectical Materialism and how it applies to what the CPC calls "Market Socialism."Double D goes on to suggest that the CPI is a huge step in building Chinese socialism, a move which stands alongside the One Belt One Road initiative, as well as President Xi Jinping's rural worker cooperative program, as a clear alternative system to the current global neo-liberal order.Don't forget to join the YouTube fam!youtube.com/entitledmillennialsPlease help us produce more content and grow our channel by becoming a Patron!patreon.com/entitledmillennialsSupport the show and independent media!paypal.me/entitledmillennials

China’s wealth inequality has been put in the spotlight recently, with Chinese president Xi Jinping pressuring the country’s 1% to pitch in and help everyone else. We talk with Marketplace’s China correspondent Jennifer Pak to get a picture of what this approach means for China’s middle class. Here in the U.S., we look at how employers are cooking up ways to draw in and retain workers in the middle of the nationwide labor shortage.

Today we'll examine Beijing's crackdown of private enterprises to ensure that they serve the social and economic agenda of the CCP. We'll also take a look at whether this 'common prosperity' campaign may negatively affect China's status as the world's second-largest economy. Don't miss out!

China’s wealth inequality has been put in the spotlight recently, with Chinese president Xi Jinping pressuring the country’s 1% to pitch in and help everyone else. We talk with Marketplace’s China correspondent Jennifer Pak to get a picture of what this approach means for China’s middle class. Here in the U.S., we look at how employers are cooking up ways to draw in and retain workers in the middle of the nationwide labor shortage.

China has for many years been a substantial and lucrative tailwind for the Australian economy -- but recently we have seen the geopolitical relationship alter course. In today's QPod, Craig Balenzuela and Chief Economist Dr Matthew Peter explore the potential impacts and opportunities for institutional investors arising from Xi Jinping's common prosperity policy.

I was a guest on the Compounding Curiosity podcast, a new show founded by a ChinaTalk fan that focuses on ASEAN, and we had a halfway decent conversation! Hope you enjoy.Mentioned Content:After Xi: Future Scenarios for Leadership Succession in Post-xi Jinping EraChina Under Mao: A Revolution Derailed by Andrew G. WalderOuttro Music: 功夫胖KUNGFU-PEN -《阿修罗》https://www.youtube.com/watch?v=cRAO-f6LxUI Get bonus content on Patreon See acast.com/privacy for privacy and opt-out information.

I was a guest on the Compounding Curiosity podcast, a new show founded by a ChinaTalk fan that focuses on ASEAN, and we had a halfway decent conversation! Hope you enjoy.Mentioned Content:After Xi: Future Scenarios for Leadership Succession in Post-xi Jinping EraChina Under Mao: A Revolution Derailed by Andrew G. WalderOuttro Music: 功夫胖KUNGFU-PEN -《阿修罗》https://www.youtube.com/watch?v=cRAO-f6LxUI Get bonus content on Patreon See acast.com/privacy for privacy and opt-out information.

SAM FADDIS, former Clandestine Operations Officer, CIA, former Congressional Candidate, Editor, ANDMagazine.com, Author, “Beyond Repair: The Decline and Fall of the CIA,” @RealSamFaddis Sam Faddis The Taliban does not control the entirety of the Panjshir valley -Just because the President fled, that does not mean the entire government of Afghanistan ceased to exist Faddis argues that Americans are in the midst of a government that wants to give diplomatic recognition to a terrorist superstate Will $9 billion plus in frozen assets belonging to the Afghan government wind-up in the hands of the Taliban? Following the Taliban's recent decree, thousands of women may be subjugated into sex slavery in Afghanistan  GORDON CHANG, Contributor, Gatestone Institute, Newsweek, Author, “The Coming Collapse of China,” “Nuclear Showdown: North Korea Takes the World, “Losing South Korea,” and “The Great US-China Tech War,” @Gordongchang George Soros warns against investing in Xi Jinping's China Gordon Chang: Since assuming power in 2012, Xi Jinping has revers Mao Chang: Xi has disadvantaged nearly everyone in Chinese society, which makes for a lot of enemies - The Chinese political system may become more unpredictable and violent BILL WALTON, Chairman, Resolute Protector Foundation, Host, The Bill Walton Show, Senior Fellow, Discovery Institute's Center on Wealth, Poverty and Morality, @billwaltonshow George Soros: “Congress should pass legislation empowering the Securities and Exchange Commission to limit the flow of funds to China.” Bill Walton: According to Soros, pursuing “Common Prosperity,” which may be Xi's code word for Environmental, Social and Governance (ESG), does not augur well for foreign investors - “Chinese companies proclaiming not to pursue economic objects is bad for investors” Walton: “Even if we did want to show muscle against China in the kinetic front, we are incapable of doing that” - The culture of the progressives is holding the U.S. and its allies back

China has recently set a target of achieving “common prosperity. ” What does it mean? How can it be achieved? Why is China raising such a concept now?   As a matter of fact, the year 2021 actually marks the beginning of the next centenary goal of China around 2049 when the Republic marks its 100 years anniversary, after it reached the first long-term goal of “building a moderately prosperous society.”   From the near-term target of “common prosperity” to the long-term goal in 2049, what does it take for China to make those objectives true?   Join David Moser, professor at Capital Normal University, and Andy Mok, senior research fellow at the Center for China and Globalization for a discussion of the issue.

Angeline Tan, researcher for ISIS Malaysia, helps us understand President Xi Jin Ping's Common Prosperity agenda and what it means to China's broader society and economy as children from primary school age will begin learning “Xi Jinping Thought” as part of the national education syllabus. Image credit: pcruciatti / Shutterstock.com

McAlvany Weekly Commentary RAND Corp: Taliban running Afghanistan shows that Beijing is setting agenda of regional order China’s “Common Prosperity” is all about redistribution Seeing U.S. weakness, North Korea restarts plutonium production The post What If China Was In Charge of The World? appeared first on McAlvany Weekly Commentary.

China's Common Prosperity is a new ideology. It changes dramatically the operating system of the Chinese economy from creation of individual wealth to serving common prosperity by creation of a new middle class.  This is not a typical marxist-leninist goal of hefting the masses. It literally targets the creation of a new middle class through state intervention. This alters how investors are rewarded.  But more so, how Chinese society works.  It is closely linked to what we have seen in terms of the dramatic increase in regulation of  the private sector.

The show starts with John talking with BeiBei about the difficulty he had in deleting all the hundreds of files from previous Bridge episodes, not from a technical perspective, but from an emotional standpoint, and the feeling that even though all the shows are saved on a common server, there is something about deleting audio that goes against the grain of radio production. Switching gears, BeiBei shares some of the upcoming changes in China, when it comes to the concept of "Common Prosperity" and nations that are all connected in the world economy.

Markets have been hit by a series of crackdowns in private tutoring, data security and more. Underlying this is Beijing's effort to limit rich excesses and boost middle-class wealth, which could curb the performance of the country's biggest and best-known private companies. See acast.com/privacy for privacy and opt-out information.

นโยบาย Common Prosperity หรือ “มั่งคั่งร่วมกัน” จะส่งผลกระทบต่อระบบทุนนิยม ธุรกิจจีน และ ประชาชนชาวจีน อย่างไร ? สัมภาษณ์สด ดร.อาร์ม ตั้งนิรันดร ผู้อำนวยการ ศูนย์จีนศึกษา จุฬาลงกรณ์มหาวิทยาลัย ในลงทุนแมนจะเล่าให้ฟัง LIVE ผ่านช่องทาง Facebook และ Youtube ของ ลงทุนแมน

Kia ora, Welcome to Monday's Economy Watch where we follow the economic events and trends that affect New Zealand.I'm David Chaston and this is the International edition from Interest.co.nz.Today we lead with news the long-anticipated rise of robots and AI may now be happening, and will bring a new surge in productivity.But first up we should note that the Australian petrol retailer and distributor Ampol (ex-Caltex in Australia) is apparently in "advanced talks" to take over our listed Z Energy (ZEL, #22). Z Energy also operate the Caltex brand in New Zealand. If this deal proceeds, it will take $1.6 bln out of the NZX50, but the local shareholders will end up with these funds of course.And in different energy news, Swedish carmaker Volvo (owned by China's Geely Motors) has taken delivery of fossil-fuel-free steel and plans to make cars from it, demonstration ones to start. The iron ore mines and the steel making process was all powered by green hydrogen (hydrogen produced from hydroelectricity).The annual Jackson Hole meeting of central bankers is to be another 'virtual' event in 2021, mirroring its 2020 edition. This year the focus will be on 'the uneven economy" and will start on Saturday, NZT.One aspect may well be about how jobs aren't quite bouncing back as anticipated. This may well be because the pandemic has allowed job-replacing robots to gain ascendency. There was a lot of talk about such a move after the GFC, but i is now apparent firms did the work without rolling this technology out at scale. But that work has now been done and scale rollouts are now happening. It is expected to usher in a 'game-changing' burst of productivity - more output for the same or less labour inputs.AI will also be a core part of the new jobs landscape, and sure to bring to the surface many concerns.As the US approaches the heart of their summer holiday season, the American currency is on the rise - and many say it is now above 'fair value'. But its overvaluation is not extreme by historical standards. That will probably not prevent the greenback from rising a bit further over the next 6-12 months however. When US investors return after their Labor Day weekend, caution is likely to rule their emotions and a risk-off tone persist against the economic backdrop of slowing US momentum and reversing Chinese momentum.More immediately, the Canadians got their expected strong bounce in retail sales in June, with them up +4.2% as lockdown restrictions were eased in the month. From a pre-pandemic June 2019 base, the latest data is almost +10% higher, so they go into an election period there with a positive economic background.Canada doesn't have the inequality pressures its southern neighbour has. (Gini = 0.33.)And not like China. China has grown to be one of the most unequal large economies with a vast gap between the haves and have-nots. Their Gini index is 0.39. The US is 0.41 while New Zealand is 0.36. The higher these coefficients, the more unequal they are. Norway is 0.27, and Sweden 0.29.Now, an article has appeared in a prominent Chinese news outlet calling for wealth taxes and income redistribution to address the Chinese problem. Given that Chairman Xi himself is a princeling of the original CCP hierarchy, this would ordinarily be a brave and dangerous move. But it was probably sanctioned from the top, indicating Beijing has picked up the social signals that this is a stress point in modern China. (It may also have advantages in culling Xi rivals.) And it ties into the current campaign to bring under control a tech industry that has been operating cavalierly. "Common Prosperity" is the new Chinese catch-phrase.Meanwhile, their central bank left their Loan Prime Rate on hold for a 16th straight month today at 3.85%. But with the Chinese economy losing momentum, it won't be long before the PBOC is guiding rates lower. Even so, another round of large-scale credit-led stimulus doesn't appear to be on the cards for now. Another reserve ratio cut looks more likely to be their next action.Taiwanese export orders are still growing strongly in July, up +20% on a year ago and +37% higher than for July 2019. (Buyers completely discount the risks of a Chinese invasion or takeover.)The turmoil at Chinese container ports is also causing big problems at destinations. Buyers are bringing forward orders exacerbating the problems. For example, at the two large Los Angeles ports, which handle about a third of all US seaborne imports, nearly 40 ships are waiting to berth, almost as many as the last stressful logistics period in February. Normally no ships are waiting to load or unload.The selfishness of the Aussie lockdown protests, the ignorance, and the spreading of the virus in large groups is making containment of the outbreak there very difficult, while vaccination rates remain well below the 90% required. Those mainly at risk are the young, especially children. All this stems from a weak and slow initial response from the NSW state authorities who responded to short-term economic claims over proper public health measures. The situation may not be reversible now no matter what we desire. NSW now has more than 10,000 locally acquired cases, Victoria has 440, Queensland 39, ACT has 121. New Zealand now has 72 active cases and all ours have been transferred to managed isolation.The UST 10yr yield ended last week at 1.26%. The price of gold is little-changed from this time Saturday, and now at US$1781/oz and down -US$1.Oil prices are still slipping, so in the US they are now just over US$61.50/bbl, while the international Brent price is just over US$64.50/bbl.The Kiwi dollar opens today unchanged 68.3 USc and holding its lower level. Against the Australian dollar we are firmer at 95.8 AUc. Against the euro we are also very slightly firmer at 58.5 euro cents. That means our TWI-5 starts today at just under 72 and right at the bottom the 72-74 range of the past ten months.The bitcoin price has pretty much held at its new higher level of US$48,669 which is up just +0.7% from this time Saturday. Volatility in the past 24 hours has been low at just under +/- 1.7%.You can find links to the articles mentioned today in our show notes.And get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston and we'll do this again tomorrow.

China's social security fund posts the highest return in 11 years. The founder of Evergrande steps down as the chairman of its flagship real estate unit. Tencent's online music arm reports a fall in net profits. Plus, will the Taliban make a clean break with terrorists?

In this segment of By Any Means Necessary, Sean Blackmon and Jacquie Luqman are joined by John Ross, the senior fellow at the Chongyang Institute for Financial Studies at the Renmin University of China and author of the new book, “China's Great Road: Lessons for Marxist Theory and Socialist Practices” to discuss China's recent push for redistribution of wealth, the gulf in responses between US and Chinese economic elite to income inequality, and the development of common prosperity in China and how China's socialist system can facilitate that.

With massive progresses being made over the past decades, in particular the spectacular poverty alleviation achievement, what's the next step for China? The Chinese answer is Common Prosperity. What's common prosperity? How to achieve the new goal? When will China reach that stage? And most importantly, can China achieve common prosperity?