Economics
中国经济改革与外国专家的作用
Photo: copyright © / World Bank
I am a policy wonk. I have spent my entire professional career (first in the Government of India and then in the World Bank) watching up close how policy choices are made, how political processes play out and on how institutions and people form coalitions for or against any change based on their incentives. I have also worked in China for close to 8 years, and like so many before me, have fallen in love with the beautiful country, its people and civilizational depth and continue to be amazed at the sheer pace, scale and energy of the massive changes the country has undergone, lifting more than 800 million of its citizens out of poverty.
I just finished reading a majestic book entitled “Unlikely Partners: Chinese Reformers, Western Economists and the Making of Global China” that, in a sense, brings the two parts of my professional work together.
It chronicles in exquisite detail (including 88 pages of notes!) the ideological battles over the course and pace of economic reform in China after the death of Mao Zedong and the immensely positive role played by Western advisers in this process. The astonishing success of China that we take almost for granted today was, by no means, a sure thing. And the remarkable openness to external ideas and their willingness to experiment and adapt these to the Chinese context played a strong part in this success. The World Bank plays a prominent role throughout this journey starting with the April 1980 meeting between Deng Xiaoping and Robert McNamara. The Bank, in addition to producing the first set of comprehensive country reports for China, involving extensive fieldwork and unprecedented access to hitherto secret data, played a crucial convening role, calling upon the top global experts to advise the Government of China on difficult and politically treacherous issues like price decontrols, urban and industrial reform and the reform of state owned enterprises in a series of strategically timed meetings and high-level conferences. Perhaps the most prominent of these was the now famous September 1985 Bashan river cruise conference, in which for a week top Chinese officials sailed along Yangtze River discussed the nuts and bolts of economic reforms with the finest economic minds of the time like James Tobin and Janos Kornai. Several key economic policymaking figures in China today (like current PBC Governor Zhou Xiaochuan) figure prominently as young reformers of the time.
A personal connection for me in the book is the towering presence throughout of Edwin Lim, a former World Bank Country Director of China and later India. I worked with Ed as a rookie Ministry of Finance official in India in the late 1990s. I remember him as a very strong personality with an unwavering commitment to India’s development and a top-notch intellect. Ed looms large in the Bank’s early relationship in China’s reform process, starting from the first Bank mission and report in 1983, through the organization of the Bashan…
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
Business
News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.
Business Hook Daily News Podcast
Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.
Market Reactions and Economic Data
Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.
Mutual Fund Inflows and Upcoming IPOs
There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.
Cryptocurrency Surge
In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.
Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000
Business
Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
Henry Keswick, 86, a key figure in Jardine Matheson, passed away as the U.S. awaited election results, amid heightened tensions in U.S.-China relations during Trump’s presidency.
Henry Keswick’s Legacy
HONG KONG — The world turned its attention to the U.S. presidential election as news broke of Henry Keswick’s passing at the age of 86. A fourth-generation member of the British conglomerate Jardine Matheson, Keswick had a profound influence on the company, which has deep roots in Asia.
Navigating Challenges
Keswick’s leadership spanned significant challenges, including a strained relationship between the U.S. and China, particularly as Donald Trump prepared for his return to the White House. Under his stewardship, Jardine Matheson navigated a complex landscape in retail and real estate that dovetailed with geopolitical shifts.
A Lasting Impact
His contributions to Jardine Matheson and the broader business community have left an indelible mark. As companies reposition themselves amidst evolving international dynamics, Keswick’s legacy will undoubtedly continue to shape the future of the conglomerate he led.
Source : Henry Keswick, the Jardines scion who razed then restored China business
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