The major economies in the G-7 need more investments in R&D and collaboration in science and technology to compete with China, says former US assistant trade representative Harry Broadman at CNBC. “We’ve done really well among democratic countries collaborating on investment and trade, but we’ve done an extraordinarily poor job in R&D,” he said.
The new US president Biden is following closely his predecessor’s approach on China. Wrongly, says long-term China correspondent Ian Johnson in an opinion piece at the New York Times. “Washington’s plan appears to be to wait for the results of the comprehensive review of America’s national security policy toward China that Mr. Biden announced in February. This caution is a mistake,” says Johnson.
Women are among the most active in the workforce, but political participation is lagging like nowhere else in the world. Social commentator Zhang Lijiia dives into the patriarchal culture of China and how political participation in government can be improved, for the South China Morning Post.
Decision-makers in China’s consumption are increasingly singles, with women becoming another major force to take into account, says marketing expert Ashley Dudarenok at the state-owned broadcaster CGTN. Mostly women decide on the purchase of a house, at the end of 2021 likely to be 82% of the deciding purchasers.
Cosmetics sold in China require up to May 1, 2021, animal tests to prove they are safe for consumers. Since their users required cruel-free cosmetics, foreign manufacturers had a hard time selling cosmetics to Chinese consumers. But times are changing, although only a little, says China-lawyer Mark Schaub in the China Law Insight in a review of upcoming legal change.
China’s government shocked the fintech industry by introducing firm financial measures, similar to the banking sector. Ant Financial even had to cancel its massive IPO. But what we have seen is only the start of more government action to regulate the internet, says fintech expert Sara Hsu in the Diplomat. Managing capital and data are key elements.
China counts more than 1,000 billionaires in US dollar terms, overtaking solidly the US, according to the Hurun Rich List ranking. “We’re currently in the heart of a new industrial revolution, with new technologies including artificial intelligence, blockchain, cloud, data and e-commerce creating new opportunities for entrepreneurs and leading to a concentration of wealth and economic power on a scale never seen before,” said Hurun Report Chairman and chief researcher Rupert Hoogewerf, according to Shine.
China’s automotive industry has traditionally taken a backseat compared to global competitors, but is planning a major overtake when it comes to pushing startups on self-driving, says China lawyer Mark Schaub in the Asia Nikkei. “In China, if you always wait till the law comes into effect, you are six months to a year behind what the regulators are saying,” Schaub said.