Pulling the levers of control, at the heart of Singapore’s political economy is the PAP government. The accumulation of power occurs through a recurring pattern of state collectivisation and economic liberalisation, while the nation’s wealth expands through state investment vehicles adapting to shifts in geopolitics and trends in international trade and finance. Launching our latest book Singapore’s State-Led Capitalism in a Rules-Based World Order by Lee Khuay Khiang. Examining how Singaporean leaders embrace change—by meticulously balancing control and freedom, prosperity and dominance—to stay in power. Read more here: https://lnkd.in/eqKS34Qh #book #academic #capitalism #politicalscience #internationalrelations #singapore #economy
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Hong Kong jumped two places to rank No. 5 in the latest IMD World Competitiveness Yearbook 2024. The city topped the rankings in sub-factors of "International trade" and "Business legislation". The findings recognize Hong Kong as one of the most competitive economies in the world and attest to its strong post-pandemic recovery. #hongkong #internationaltrade #business #economy #finance
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The future for foreign companies in China looks increasingly finite, writes Professor Louis Brennan in Nikkei Asia. The 'China Price' that once attracted foreign investment and gave China a competitive edge has shifted. Unpredictable regulations and tougher competition are making operations difficult. Read Professor Brennan’s op-ed to understand the factors driving this shift: https://lnkd.in/eSttMqh6 #TrinityBusiness #TransformingBusiness #TrinityCollege #EconomicTrends #MarketChallenges #TradePolicy #GlobalEconomy #ChineseEconomy
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It was a pleasure to host Prof. YU Miaojie, President and University Chair Professor of Liaoning University, and concurrently Liberal-Art Chair Professor of Peking University on 23rd October 2024 in our 5th webinar of this year’s “Staying in Dialogue with China” series on the structural transition of “economic globalization”. 📝 A key point he made: “China’s export will – for geopolitical reasons – diversify away from the EU and the US, targeting more Asian countries” 👉 Download the transcript of the webinar here: https://lnkd.in/eVX_7ccx In the webinar, Prof. YU touched on the following topics: 👉 economic globalization and multipolarity 👉 trends in Chinese outbound investment 👉 Beijing’s view of overcapacity 👉 trade diversification and Global South 👉 Investing in China and level playing field 👉 financial integration with global economy 👉 domestic vs international trade 💡 Professor Yu specializes in international trade and Chinese economic development. He acts as expert advisor to the UN, Asian Development Bank, Ministry of Finance, Ministry of Commerce, Counselors’ Office of the State Council, and various local governments. The webinar was moderated by Markus Herrmann Chen, Co-Founder and Managing Director of China Macro Group (CMG). #CMG #China #Economicglobalization #managementconsulting #StayinginDialoguewithChina
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International Executive Leader | Driving Growth & Transformation Across Global Markets
After reading the transcript of Professor Yu Miaojie’s recent discussion, I want to share a few key takeaways for those planning their year ahead and navigating the complexities of engaging with China: 1️⃣ Keep China on the Strategic Radar: With ongoing global tensions, it’s essential to approach China with a focused and adaptable strategy. Staying informed will be crucial for managing risk and identifying opportunities. 2️⃣ Prioritize Supply Chain Resilience: China’s shift towards domestic consumption could impact supply flows for global businesses. As you plan for 2024, look at diversifying your sourcing and enhancing logistics agility to protect against potential disruptions. 3️⃣ Balance Global Goals with Local Adaptation: China’s “dual circulation” strategy emphasizes both local growth and global connectivity. Ensure your plans balance global scale with region-specific strategies to align with market needs and regulatory expectations. 4️⃣ Data and Technology Are Essential Connectors: With potential regulatory shifts, a solid data infrastructure will be key. This enables agility, compliance, and competitive positioning as you navigate both Eastern and Western markets. These themes underscore the importance of flexibility and proactive engagement. How are you integrating China into your 2024 plans? #ChinaStrategy #GlobalPlanning #SupplyChain #MarketAdaptation
It was a pleasure to host Prof. YU Miaojie, President and University Chair Professor of Liaoning University, and concurrently Liberal-Art Chair Professor of Peking University on 23rd October 2024 in our 5th webinar of this year’s “Staying in Dialogue with China” series on the structural transition of “economic globalization”. 📝 A key point he made: “China’s export will – for geopolitical reasons – diversify away from the EU and the US, targeting more Asian countries” 👉 Download the transcript of the webinar here: https://lnkd.in/eVX_7ccx In the webinar, Prof. YU touched on the following topics: 👉 economic globalization and multipolarity 👉 trends in Chinese outbound investment 👉 Beijing’s view of overcapacity 👉 trade diversification and Global South 👉 Investing in China and level playing field 👉 financial integration with global economy 👉 domestic vs international trade 💡 Professor Yu specializes in international trade and Chinese economic development. He acts as expert advisor to the UN, Asian Development Bank, Ministry of Finance, Ministry of Commerce, Counselors’ Office of the State Council, and various local governments. The webinar was moderated by Markus Herrmann Chen, Co-Founder and Managing Director of China Macro Group (CMG). #CMG #China #Economicglobalization #managementconsulting #StayinginDialoguewithChina
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There is an increasing recognition that China’s state-capital model, at scale, is incompatible with Western, market-based economies. Similarly, a broadening political and international consensus is developing that China’s development is a threat to the continuance of the post-War liberal order. What is perhaps less recognized is that China’s industrial policy – based on its national security goals rather than economics – is a drag on global welfare and productivity growth and is itself a geopolitical destabilizer. #GlobalEntropy is devolving to bifurcation of the global economy. No matter who wins elections in the US or elsewhere there will be two economies, to polities, and two technology spheres. Everyone will be forced to choose. Are you ready? https://lnkd.in/e44DZsst #geopolitics #china #trade
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An Asia Policy essay by Shihoko Goto (Shihoko G.) examined the evolution of U.S.-Japan economic relations from competition for global markets to cooperation in staving off the threats confronting the rules-based economic order by focusing on the challenges both countries face from China’s weaponization of economic dominance (made possible by the generous support of the United States-Japan Foundation). https://bit.ly/3OJFMZk #USJapan #Japan #China #economic
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Why #Taiwan is crucial to the global economy & is a potential member of #CPTPP. Stay tuned for The Airport Economist Taiwan 🇹🇼 episode in 2025 Trade and Investment Queensland Ticker University of Technology Sydney
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A great article to share with you!
For Hong Kong, given its current woes... It behooves to acknowledge and respond to the question - "...a rethink of what the city needs to do to maintain its relevance in a less globalized and more polarized world" Pursuant, it comes down to sound leadership, vision, and quality of policymaking. The author offers pertinent context and pointed remarks about why Hong Kong should differentiate itself beyond "just another Chinese city" - "Hong Kong's economy has had a lost half-decade, contracting for three of the last five years. Growth may continue to be sluggish as the overall Chinese economy struggles with high levels of debt, excess manufacturing capacity, insufficient demand, deflationary pressures and a persistent decline in asset values." "Despite Hong Kong's connections with China -- the world's fastest-growing economy over the last three decades -- the city's economic growth has lagged that of Singapore by a considerable margin. As recently as 2003, Hong Kong GDP per capita was roughly equal to Singapore's. Today, Singapore is nearly 70% richer by this measure even though China grew much faster than Southeast Asia over the intervening period." "Recognizing that it had fallen behind, the Hong Kong government has introduced policies to support reindustrialization in recent years. While these efforts are laudable, the allocated resources are hardly sufficient after some 40 years of deindustrialization. Not only is Hong Kong too expensive for most parts of the manufacturing value chain, but its government lacks the know-how to undertake productive industrial policy." "Another important facet of Hong Kong's economic integration strategy has been the Hong Kong dollar's peg to its U.S. counterpart. As a result, the Hong Kong Monetary Authority has been propping up the local currency and pushing up interest rates over the last two years to keep up as the U.S. Federal Reserve raised rates to combat inflation. But Hong Kong did not have an inflation problem -- its problem was slow growth due to China's weak post-COVID recovery, which meant it needed lower interest rates and a weaker currency. Hong Kong's economy is far less synchronized with that of the U.S. than it was three decades ago. This suggests that the city should now have a more flexible exchange rate system. For instance, it could link the Hong Kong dollar to an undisclosed basket of currencies and allow it to fluctuate within a wider band, similar to how Singapore manages its exchange rate." #hongkong #china #economy #connector #hkd #trade #finance #manufacturing #growth https://lnkd.in/gfsuXtiJ
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Could tariffs or export quotas *improve* global welfare? For most economists and economic liberals - of which I tend to consider myself a member of both clubs - tariffs, subsidies and trade retaliation are always a bad idea. But most economists don't consider the case of the world's second largest economy and largest (by far) manufacturer spending more per year (1.7ppts of GDP) on a non-market-based industrial policy than it (officially) spends on defense, or that those policies' specific aim would be to undermine the industrial capacity of its adversaries. But that is exactly what China is doing and it is having serious negative welfare consequences (economic losses) for not only China and the US, but the world. Whatever your thoughts on free trade, industrial policy or geopolitics, I encourage you to read my *free* article on the topic and share it with as many people as you can. The issues here are serious and affect all of us. The world economy is already well on its way to bifurcation and that split is only going to widen. Are you and your business prepared for that? https://lnkd.in/eMQnxAsH #China #trade #tariffs #geopolitics
There is an increasing recognition that China’s state-capital model, at scale, is incompatible with Western, market-based economies. Similarly, a broadening political and international consensus is developing that China’s development is a threat to the continuance of the post-War liberal order. What is perhaps less recognized is that China’s industrial policy – based on its national security goals rather than economics – is a drag on global welfare and productivity growth and is itself a geopolitical destabilizer. #GlobalEntropy is devolving to bifurcation of the global economy. No matter who wins elections in the US or elsewhere there will be two economies, to polities, and two technology spheres. Everyone will be forced to choose. Are you ready? https://lnkd.in/e44DZsst #geopolitics #china #trade
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Li Qiang to tout ‘righteous’ China as Asean forum mutes criticism of Beijing: analysts Carl Thayer, professor emeritus of politics at the University of New South Wales in Australia, said the Philippines and Vietnam were likely to air their concerns with Li. “But these interventions won’t move the needle much with respect to Asean’s declaratory policy,” he said. Thayer said Laos – which holds the rotating chair of Asean this year – would play a “low-key reactive rather than proactive role”, and in upholding the bloc’s norm of consensus, criticisms of China would likely be muted. He expected the final statement issued by the chair would use Asean’s boilerplate formulation – that concerns were raised over actions that have raised tensions and undermined stability in the region while calling for restraint. China will emphasise that “recent tensions are the result of interference by a country outside the region and warn Southeast Asia states not to be taken in”, Thayer said. Li will “stress that China promotes peace in the South China Sea”, and that it was in Asean’s interest to work with China to complete the third reading of the long-delayed code of conduct for the waterway, he said. “Despite rising tensions in the South China Sea caused by China’s stepped up aggressiveness, Asean leaders will paper over their differences by putting a gloss on the summit’s outcomes.” #Dewey_Sim, South China Morning Post, October 10, 2024 https://lnkd.in/g3Zwc-Cj #Li_Qiang, #China, #ASEAN, #South_China_Sea, #Laos, #Southeast_Asia, #East_Asia_Summit, #Mao_Ning, #Philippines, #Vietnam, #economic_integration, #digital_economy, #artificial_intelligence, #Scarborouigh_Shoal, #Cart_Thayer, #Unniversity_of_New_South_Wales, #South_Korea, #code_of_conduct, #John_Bradford, #Zha_Daojing
