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“Socialist Modern” Shenzhen comparable to Hong Kong, leading recovery

Commemorating the 40th anniversary of the transition from a muddy village in Shenzhen to a metropolis, the speech highlights the anti-democratization movement and government crackdown in Hong Kong, where Shenzhen’s GDP competition was seen ahead of Hong Kong. It will continue.

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Hong Kong Chief Executive Carrie Lam will postpone her annual speech to the Legislative Council to attend the event and will meet with Xi this week. Lamb was sitting behind Han Zheng, Beijing’s highest representative in Hong Kong.

US sanctions have fueled the former British colony’s questioning its position as a global financial center and the Communist Party’s attempt to isolate its economy from international forces.

“The world is undergoing significant changes that have never been seen in a century, and the COVID-19 pandemic is accelerating the entire process,” Xi said.

“The world has entered a period of change in the turmoil. China is now at an important stage of great rejuvenation of the Chinese nation. This has changed from fast growth to high quality growth.”

The party is trying to balance greater market freedom and innovation with tighter ideological restrictions by giving incentives to loyal companies. Leaders of Chinese tech companies, including Ren Zhengfei, the founder of telecommunications giant Huawei, were in the audience.

Xi said Shenzhen will introduce a series of major reforms to achieve a “higher level of socialist market”, suggesting that special economic zone changes will be rolled out nationwide.

Shenzhen was established 40 anniversary of the China’s Xi Jinping Jintao of special economic zones, center, and other leaders. credit:AP

The city is at the forefront of deploying digital currencies that are migrating payment systems to apps, eliminating the use of cash and providing huge amounts of data to central banks in China. It has the potential to challenge US global financial leadership and circumvent financial sanctions. Last week, Shenzhen issued 10 million yuan ($ 2 million) (named DC / EP) in digital currency to 50,000 residents.

The currency has the potential to create the world’s largest centralized repository of financial transaction data, according to a report released Wednesday by the Australian Institute for Strategic Policy.

“Over time, we speculate that China’s one-party system will encourage or mandate foreigners to use DC / EP for certain categories of cross-border transactions as a condition of access to the Chinese market. It’s not easy to be reluctant to do it. ” ..

“Therefore, in the long run, the success of DC / EP could significantly extend the ability of a one-party system to monitor and shape economic behavior far beyond the borders of the People’s Republic of China.”

Eryk Bagshaw is a Chinese correspondent for The Sydney Morning Herald and The Age. Due to travel restrictions, he is currently based in Canberra.

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“Socialist Modern” Shenzhen comparable to Hong Kong, leading recovery

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