China's Economy

The promise was pain. Anger China, so warned Beijing’s “wolf warrior” diplomats, and Australia’s economy would suffer. But for all the threats, tariffs and embargoes, Roland Rajah found the bark had resulted in only a small bite. That doesn’t mean that China’s trade sanctions haven’t

In April 2020, China was the first major economy to pilot a digital currency, the e-yuan or e-CNY. The e-CNY, which will eventually replace physical cash and is currently being tested in Chinese cities, is integrated with the Digital Currency Electronic Payment (DCEP) system and data processing

On 16 September, China officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comprising Australia and 10 other members. The free-trade pact is the most extensive in the region, and accounts for almost 14 per cent of global GDP. Before pulling

China’s financial system is changing. The country’s new Digital Currency Electronic Payment (DCEP) – a digital payment and processing network run by the Central Bank of China – and its digital currency, the digital yuan (e-CNY), is expected to completely replace physical cash. Unveiled

It has long been conventional wisdom that China would struggle to become an innovative nation. China’s controlled society, with lack of freedom of speech and expression, propaganda and censorship, together with an education system that emphasises rote learning and memorisation have been judged to

Outside observers have all but given up hope that China will engage in meaningful state-owned enterprise (SOE) reform. There is a pervasive sense that rather than shrinking SOEs, China’s leaders are committed to increasing their prominence within the economy. Foreign perceptions of Chinese SOEs

New world order The leadership of the World Trade Organisation may be the first test of whether the world can move on with normal life amid the divisions and recriminations as the US recovers from a bitter election. In one of its last international policy moves, the Trump administration last week

Against the fear and distrust that increasingly characterise Australia’s relationship with China, the Belt and Road Initiative looms large. Australian politicians from both major parties rarely agree on much openly, but nearly all agree that China uses the BRI to achieve geopolitical goals. Many

In the late hours of Tuesday evening last week, China’s new national security law for Hong Kong came into force. Seen by many as a response to the pro-democracy protests that erupted in the city last year, the law criminalises four types of national security offenses: sedition, subversion,

“CHINA’S GDP GROWS AT SLOWEST RATE IN 29 YEARS” bellowed the Financial Times headline last week. Never mind that this rate was still three times faster than OECD growth. The past decade has seen a relentlessly alarmist narrative about China’s slowing growth, yet China is still recording over

In the space of just a few decades, China has risen to the rank of a world power, and certainly an Asian regional power. And now China and the US have locked horns in a great-power struggle over trade, foreign investment, intellectual property, technology-transfer policies, industrial policy, cyber

Switch hitting If Australia’s senior international ministers were surprised by the sharpness of US Secretary of State Mike Pompeo’s approach to economic dependence on China at the recent AUSMIN talks, they should have studied the US trade data the previous day. A great divergence

China is sparing no efforts in promoting the Belt and Road Initiative (BRI), which, as Beijing claims, aims to enhance regional connectivity between China and countries in Asia, Africa, Europe, South America and even the Pacific. The role for SOEs is a two-way process. SEOs could affect China’s

While China still uses the rhetoric of “reform and opening up” its financial system remains relatively closed and is set to get even more unfriendly for foreign investors despite some recent announcements on liberalisation. The recent news that China continues to delay access by Visa and

With the US–China economic rivalry intensifying and “decoupling” becoming the mantra in Washington, what mindset, or economic model, is behind President Donald Trump’s response to China? Trump is a Republican, but not as we know them. Republicans favour free international trade,

In the four decades that have followed China’s initial stage of post-Mao “Reform and Opening Up”, the world has learned to expect great things from the Middle Kingdom’s centrally-planned economy. It has established itself as the low-end “factory of the world” and orchestrated an

If you believe the headlines, a new era of financial openness has started in China. Certainly, the number of recent announcements is unprecedented in terms of scope. This month saw index provider MSCI announce details about the inclusion of “China A” shares in its much-followed emerging

Markedly slower growth and imminent financial crisis have been the common dual predictions for China over the past decade. China’s growth has indeed slowed from its unsustainable breakneck pace in the two decades before the 2007–08 global crisis, but since then has settled down to a steady 6–7