Building a model city has a long tradition among China’s reform-era leaders. Shenzhen’s rise from fishing village to manufacturing powerhouse is forever connected with the name Deng Xiaoping. Jiang Zemin tied his legacy to the development of Shanghai’s Pudong District into China’s leading financial center. Now Xi Jinping aims to connect his name with Xiongan, a sustainable and smartly planned parallel city right next to Beijing.
Under its new chairman Guo Shuqing, the China Banking Regulatory Commission (CRBC) has rolled out a series of measures to slow down the rapid rise of China’s shadow banking assets. The concern is that these unregulated assets could trigger a financial panic. But a sudden reduction in shadow banking assets could actually cause, rather than prevent, a financial panic and it could also trigger a substantial reduction of growth.
Expectations were unusually high for this year’s EU-China Summit. After US President Donald Trump had alienated European leaders at the G7 meeting in Italy, Germany’s Chancellor Angela Merkel had called on Europeans to ‘take our fate into our own hands.’ Her statement was widely interpreted as signaling a strategic realignment.
Three months after Hong Kong’s handover in 1997, Hong Kong’s first Chief Executive Tung Chee-hwa said, rather naively, “the Chinese in Hong Kong should be proud of being Chinese. I earnestly hope that our youths will develop a sense of patriotism and nationalism through familiarizing with the culture of our motherland.” Such hopes have been dashed. Today many Hong Kong citizens do not, and have no wish to, identify with the Chinese mainland.
Germany and China should use the G20 summit in Hamburg to advance the global climate policy agenda. This was the message of a Chinese-German conference, whose participants discussed how to keep up the international momentum after US President Donald Trump had announced his country’s withdrawal from the Paris Agreement.
On the eve of Donald Trump and Xi Jinping's meeting at the G20 summit, not much appears to be left of the honeymoon atmosphere generated during the two leaders' summit at Trump's Mar-a-Lago resort in April.
The Shanghai Cooperation Organization’s (SCO) recent decision to accept India and Pakistan as full members is a major gain for the organization’s most powerful member China. The SCO members represent 40 percent of the world’s population and generate 20 percent of global GDP, and it now stretches across a large part of the strategically critical Eurasia-South Asia landmass.