“Profound transformation”
While US-China relations may not be splashed across headlines quite as much as they were during the heyday of Trump’s tariffs and trade restrictions, there has been a recent uptick in coverage of the Middle Kingdom. A few news items, such as this one on the “fabrication” of Chinese economic data, come as no surprise (see Mark Twain’s comments on statistics). Even this one regarding some shady practices on IP is, to the first approximation, somewhat unfortunately, business as usual. However, there are also more significant shifts at hand. As explained by what the Asia Times calls a “possibly historic article”, “a profound transformation is happening”. The article, originally a WeChat blog, made its way up the chain of Chinese state media and described how “the economic, financial, cultural and political fields are undergoing a profound transformation” as China responds to the “complex international environment” and impositions from the US, including “military threats, economic and scientific blockades, [and] financial attacks”. While state propaganda is likely cheaper than a dime a dozen, there’s no denying that China has walked the walk as it works on “people-centered change”. As an article from BNN explains, the “campaign calling for ‘common prosperity’ has intensified in recent weeks, with agencies vowing to step up tax enforcement, crackdown on labor abuses, and take action against ‘fan culture’ in the entertainment industry”. While some of these changes may seem relatively inconsequential, such as the rules on video gameplay, others “have roiled markets”, including the clampdown on monopolistic behavior and the introduction of new data regulations. These changes have been accompanied by a rise in Chinese companies, such as Alibaba and Tencent, contributing to “common prosperity” initiatives. Looking to remain in good graces? Time will tell how long this will appease the state juggernaut from imposing further regulations as it works on its “capital-centered to people-centered change”. As the original blog ominously warns, “those who stand in the way of this people-centred change will be abandoned”.
