The recent impeachment and subsequent removal from office of South Korean President Park Geun-hye have revealed the extent of state-business collusion in the country. But this is far from being a solely Korean story, as it puts ties between public and private actors under the spotlight.
China’s accession to the World Trade Organization in 2001 was greeted with great fanfare. But near silence has greeted the recent removal by the China Banking and Insurance Regulatory Commission of caps on foreign ownership of Chinese financial institutions. For Beijing, the apparent lack of interest might be an issue of too little, too late.
With environmental and societal concerns coming to the forefront of global discussion, adopting green finance is a matter of highest urgency. In Asia, the shift has already begun. Banks, funds, and companies are increasingly building systems for and investing in greener projects.
The Asia-Pacific casino sector has undergone many changes in the past 15 years. The success of Macao and Singapore has encouraged other regional jurisdictions, such as Japan, to follow suit. The recent passage of Japan’s legalization bill caused heated debate across Japanese society, but stakeholders can engage the community to achieve positive outcomes.
China has often been accused of practicing “debt-trap diplomacy”—miring supposed partners, particularly developing countries, in unsustainable debt-based relationships. But this is a misreading of the issue, and nowhere is this more apparent than in China’s dealings with Venezuela.
Corruption has long been a prominent problem in the Asia-Pacific, but many countries have seemingly lacked the will to combat it. Until measures are enacted to increase transparency and accountability in governance, corruption will continue to gnaw away at economic gains.
Wealth in Asia is growing rapidly, but philanthropy has not kept pace. Governments should improve regulation and change tax and fiscal policies to make it easier for Asians and corporations to give in a systematic way. They should also ensure donations can efficiently reach organizations working to meet society’s needs.
China’s Belt and Road Initiative seems to focus on connections with Africa, Central Asia, and Eastern Europe. But the country’s economic future is really in “netware” technology, similar to America’s. Contrary to how BRI is viewed and talked about now, China’s more profitable path actually points, as illuminated by the likes of Alibaba and Tencent, eastward to California.
Nearly 10% of stock market investors trade as if they are gambling. This leads to more trades and more money on the market, but yields much lower returns for the investors. We should acknowledge this behavior and boost financial education and risk assessment, rather than assuming that investors are perfectly rational.
Despite suspicions, China's engagement in developing Africa's telecom infrastructure has not led to an imposition of an authoritarian model of information control on the continent. Concerns should rather focus on the promotion of a top-down governmental model of development, which has proved inefficient.
The documentary “The China Hustle” exposes fraudulent transnational listings that are costing millions of investors billions of dollars. How can stock markets around the world combat this major threat to the global economy? The answer may lie in extraterritoriality.
China seems to be of two minds about blockchain, cracking down on cryptocurrencies while recognizing the enormous potential of the technology behind them. Only permissioned, centralized versions of blockchain will be allowed to develop in China, but doesn’t this defeat the purpose of a technology designed to be open, in more ways than one?
On February 1, 2018, AsiaGlobal Online invited Dr Lucas Chancel and Dr Li Yang from the Paris School of Economics to present and discuss trends in global income inequality, on the basis of the "World Inequality Report 2018." The report was co-written with Thomas Piketty and draws on the work of more than 100 researchers around the world, with Chancel as a lead coordinator. Below are videos of the presentations and brief summaries of the key takeaways.
China and Russia followed two distinct approaches to reform, leading to drastically different trajectories of economic growth. While both countries have experienced rising inequality over the last 30 years, Russia’s income distribution has worsened at a faster pace and in a bigger magnitude. What caused the difference in income distribution dynamics between the two? There are important lessons to be learned on the impact of policy decisions on inequality.
The world is looking on uneasily as China challenges the United States as a technological power, but a zero-sum game is not an inevitability. Governments, businesses, and civil society can come together to help the world break out of this duopoly for a more sustainable future.
What makes a currency global? The Spanish peso that started circulating internationally in the 16th century offers a case study. The opening of new trade routes and security innovations made it the world's most widely demanded currency. It facilitated the integration of China, the Americas, and Europe into a world economy, creating a status quo that lasted until the 19th century.