Chinese government White Paper on Hong Kong

Here is the full text of the White Paper on Hong Kong issued by China's State Council on June 10th, 2014: 

The Practice of the "One Country, Two Systems" Policy in the Hong Kong Special Administrative Region

Photo © Ken Davies 2013.

• Foreword
• I. Hong Kong's Smooth Return to China
• II. Establishment of the Special Administrative Region System in Hong Kong
• III. Comprehensive Progress Made in Various Undertakings in the HKSAR
• IV. Efforts Made by the Central Government to Ensure the Prosperity and Development of the HKSAR
• V. Fully and Accurately Understanding and Implementing the Policy of "One Country, Two Systems"
• Conclusion

Road map for financial reform by Zhou Xiaochuan

This article is the first part of an excerpted translation from Chinese of a speech by Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, published in China Daily on December 11, 2013.

In a move to push for improving China's modern market system, the Third Plenary Session of the 18th Central Committee of the Communist Party of China has drawn up a road map for comprehensive and deepened reforms.

As the core of a modern economy, the financial sector is at the heart of China's socialist market system. To do a better job in the financial sector in the future, the country should firmly hold on to the essential principle that the financial sector should serve the real economy, adhere to the reform direction that the market dominates the distribution of financial resources, and stick to a development concept that prioritizes coordination between innovation and oversight.

In line with the plenum's mapped program, we need to comprehensively push for reforms, opening-up and development, and accelerate the establishment of a safe, sound and modern financial market system with a broader range of services, a reasonable structure and greater efficiency.

Waste management policy will take time

Article by Ken Davies in China Daily, Hong Kong edition on December 4, 2013

Editor's note: This is the first of a series of articles exploring policies to address Hong Kong's waste management challenges.

People in Hong Kong are impatient with the government’s policy on waste management.

This, as Christine Loh, Under Secretary for the Environment recently explained to me, is because they expect everything to happen at once, while the various initiatives taken by the government will take time to implement.

Transforming life through music in Hong Kong

Article by Ken Davies in China Daily, Hong Kong edition on November 22, 2013

The Greeks were right — children need to be educated in music so they can learn to live in harmony with others. This principle is starting to be applied here in Hong Kong.

This week on China Outlook: Is China buying the world?

Is China buying the world?

This week on China Outlook: 3rd Plenum & government statistics

Third Plenum reforms vague, but carry a hidden bite.

Government statistics -- still not fit for purpose.

What do ordinary people expect from the Third Plenum?

Third Plenum: reforms vague, but carry a hidden bite

Click here to read this article in China Outlook

CCPCC Reform Decision

The Decision on Major Issues Concerning Comprehensively Deepening Reforms was adopted at the close of the Third Plenary Session of the 18th CPC Central Committee on Tuesday 12 November 2013. The following is an abridged version of the full text of the document as published in China Daily on Saturday 16 November 2013:

3rd Plenum Communiqué 中国共产党第十八届中央委员会第三次全体会议公报 (English/中文)

(Passed at the 3rd Plenum of the 18th Congress of the Chinese Communist Party on 12 November 2013)

The 3rd Plenary Meeting of the 18th Congress of the Chinese Communist Party was held in Beijing from 9 to 12 November.

This Plenary Meeting was attended by 204 Central Committee members and 169 alternate Central Committee members. The Central Discipline Inspection Committee Standing Committee members and responsible comrades from relevant sides attended the meeting as non-voting delegates. A number of grass-roots comrades and expert scholars from among the representatives at the 18th Party Congress also attended as non-voting delegates.

Hong Kong should join the OECD

Article in China Daily, Hong Kong Edition on November 11, 2013 by Ken Davies.

Hong Kong can benefit from joining the Organisation for Economic Co-operation and Development (OECD), the world’s leading forum for sharing experience on all areas of policy apart from defense and national security.

Distorted view of China overlooks its many positive achievements

by Chandran Nair

[This article appeared in the South China Morning Post on September 11, 2013.]

The cover of a recent issue of The Economist featured a Chinese dragon encircling the globe, covering it in smoke and flame. The title read "The world's worst polluter." It was a bold cover typical of The Economist, but it betrayed deep-rooted ideological biases and did its readers a great disservice.

It was, in too many ways, what has become the quintessential "China story" - one that emphasises the nation's huge and growing impact on the world but chooses only to highlight its negative aspects - from environmental and foreign policy issues to investment in Africa, it would seem Beijing can't do anything right.

Hong Kong needs a bigger vision -- China Daily op-ed

China Outlook

I am now writing short articles on the Chinese economy for China Outlook, a new forward-looking magazine focusing on China. There is no byline for any article.

The lead story all this week has been on China's banks: Dysfunctional banking system fails the innovators.

The new lead story from today is: China's slowdown is structural, not cyclical.

Future articles will cover such topics as the rebalancing of China's economy and productivity growth in China.

China Outlook is here.

China's Economy: No Hard Landing

余永定:中国金融存在脆弱性 应加强短期跨境资本管理

中新社北京9月5日电 (记者 陈康亮)中国社科院世界经济研究所所长余永定5日在京表示，中国目前的金融体系存在一定的脆弱性，应加强短期跨境资本管理。

　　余永定是在由北京市金融工作局、中共北京市西城区委员会、北京市西城区人民政府共同主办的“第二届金融街论坛”上作如是表述的。

Five years of the 2008 Labor Contract Law

The World Bank has published a report on the implementation of China's Labor Contract Law, which came into force on January 1, 2008 after unprecedented public consultation that sparked a lively debate in which employers sought to weaken the law.

The report indicates general satisfaction with the way the law has been put into practice. Survey results show that nearly half of workers in the sample were happy with it, though an almost equally large number felt only  "so so". Over 90% of employers felt the implementation of the law was "strict" or "very strict". Differences in perceptions between urban resident and migrant workers were smaller than expected.

The complete report is available for download here.

China's ghost cities

最新消息：薄熙来案8月22日济南开庭审理

据新华社报道，济南市中级人民法院8月18日16时发布公告，该院定于8月22日8时30分在第五法庭公开开庭审理被告人薄熙来受贿、贪污、滥用职权一案。

China's rich travelers

It is no longer surprising that there are a lot of rich people in China. There are now 8,100 CNY billionaires in the country, 600 more than in 2012, including 2,700 identified by Hurun Research Institute, the key research institute that documents the wealth and spending habit's of China's richest. Hurun estimates that 5,400 have been missed, i.e. they represent "hidden" wealth. There are 600 individuals with USD1 billion or more in assets, 263 of them identified and 340 "hidden".

This is the background to Hurun's June 2013 report on The Chinese Luxury Traveler, summarized and linked below. What does this wealth of information mean for China and for the rest of the world? I try to answer these questions, briefly. You are welcome to add your comments and experiences.

think ASIA think HONG KONG

June 11, 2013, New York Hilton Midtown.

Jack So, Chairman of Hong Kong Trade Development Council

CY Leung, Chief Executive of Hong Kong

Ronnie Chan, Chairman, Hang Lung Properties

Marjorie Yang, Chairman, Esquel Group

Four of the opening speakers at this large-scale event. Please excuse the quality: all were taken from near the back of the main ballroom, so at a great distance from the subjects, with a pocket digital camera.

Will China's economy avoid the doldrums?

Ken Davies

OECD Observer May 31, 2013

Will China’s growth slowdown last and what does it mean for the rest of us?

The gradual US recovery is still not strong enough to pull up the rest of the world economy. Abenomics has not yet worked its magic in Japan, if it ever will. And Europe is clearly out for the count. So can China be the new engine of the world economy?

Ken Davies' "China Investment Policy: An Update" published by OECD

The Organisation for Economic Co-operation and Development (OECD) has just published China Investment Policy: an Update in the series OECD Working Papers on International Investment by Ken Davies.

Here is a brief summary of the Update and a link you can click on to download the complete book as a free PDF.

Coming soon: My report on China's investment policies

The Organisation for Economic Co-operation and Development (OECD) is about to publish an update on China's inward and outward investment policies. This will be in the form of a Working Paper under my authorship. This continues the series of three Investment Policies of China that I wrote and published from 2003 to 2008.

What was in those Reviews? What will be in the forthcoming update?

中国对外投资：一个新兴的政策框架 （主要资料汇编）

国际可持续发展研究院（IISD）进来出版了一本资料汇编，叫做中国对外投资：一个新兴的政策框架。

本汇编涵盖的文件绝大多数是于2000年1月到2012年1月期间颁布的，包括了中国

发布“走出去”战略以及后续的相关举措。2000年前颁布的政策有两部：周恩来总理

于1964年提出的《对外经济技术援助的八项原则》、赵紫阳总理于1983年提出的《中

非经济技术合作四项原则》。这两部文件反映了在2000年之前的几十年里中国政府一

直鼓励对外投资，这为之后的中国对外投资的政策方向定了基调。