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South China Morning Post
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Why China's fight against excessive competition is different from past reforms
China's top leaders have raised concerns about excessive competition in the domestic market in recent weeks, signalling a shift in policy priorities. Advertisement In a meeting chaired by President Xi Jinping on July 1, the Central Finance and Economic Affairs Commission said Beijing needs to 'focus on key and difficult issues, regulate enterprises' disorderly and low-price competition' and 'guide enterprises to improve product quality and promote the orderly exit of outdated production capacity'. The rhetoric has brought back memories of Beijing's 2015 'supply-side structural reform' initiative, which aimed to eliminate excess capacity in major industries. But a decade later, Chinese leaders face a very different economic landscape. The Post breaks down the views of analysts on China's current challenges, and why authorities have spurred efforts to target neijuan – involution – the term used for excessive competition that yields diminishing returns. What happened in China's 2015 supply-side reform? Between 2015 and 2018, China implemented reforms to reduce capacity in key industries, especially steel and coal, according to a note from Morgan Stanley published on Thursday.
The Standard
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Bank of England chief warns top global banks against launching stablecoins
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South China Morning Post
10 hours ago
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Li Cheng and Andy Browne discuss what Trump gets wrong about China and where next for ties
Welcome to Open Dialogue, a new series from the Post where we bring together leading voices to discuss the stories and subjects occupying international headlines. In this edition, two leading China watchers discuss the consequential relationship between the world's two largest economies and how ties might develop under the second Donald Trump administration amid growing trade frictions. Professor Li Cheng, a leading political scientist who has studied China for decades, is the founding director of the University of Hong Kong's Centre on Contemporary China and the World. He previously spent 17 years at the Washington-based Brookings Institution, which included heading up the think tank's John L. Thornton China Centre. Andrew Browne is an award-winning journalist who has covered China for The Wall Street Journal, Bloomberg, Reuters and the South China Morning Post. More recently, he was a partner at advisory firm The Brunswick Group, where he advised some of the world's largest companies on geopolitical strategy from his New York base. The past few months have been a roller-coaster ride for US-China relations, beginning with President Donald Trump's 'Liberation Day' tariffs, followed by the tit-for-tat trade war and then trade negotiations. What are your assessments of the health of bilateral ties and how do you see things unfolding? Li: China certainly feels that the pressure is not just on China. Of course, China is a major trading partner of the US, but the US is not China's No 1 or No 2 trading partner and trade with the US is only 16 per cent of China's entire foreign trade – we should put that into perspective.
