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Chinese officials do not accept that the country has an excess supply problem, even as they acknowledge – in private – that domestic consumption is weak. But excess supply and insufficient demand are two sides of the same coin. Chinese policymakers also seem to think that supply creates its own demand, when it is usually the other way round.
These results pleased overseas investors and shareholders. However, the success of an e-commerce company like PDD, which focuses on low prices and the low-end consumer market and helps businesses reduce inventories, may not be a positive sign for a Chinese economy seeking not just growth, but also structural transformation and common prosperity.
Lawrence Wong has been sworn in as Singapore's prime minister, the city-state's fourth since its independence in 1965. The 51-year-old will usher in a new era and faces myriad challenges, including a falling birthrate, the rising cost of living, and potential disruptions to businesses from technological advances such as artificial intelligence.
Donald Low is a senior lecturer and professor of practice in public policy at the Hong Kong University of Science and Technology. He is also the director of leadership and public policy executive education there. He is the co-author of "PAP v. PAP: The Party's Struggle to Adapt to a Changing Singapore."
SINGAPORE: As the United States marches towards a repeat contest between President Joe Biden and predecessor Donald Trump, China is clear-eyed that regardless of who enters the Oval Office, America’s drive to contain Beijing is all but set to continue, say analysts.
Donald Low is a senior lecturer and professor of practice in public policy at the Hong Kong University of Science and Technology. He is also the director of leadership and public policy executive education there.