Chinese Tycoon Wang Jianlin Blames ‘Western Schooling’ for Son’s Comments About Wanting a Girlfriend With Big Boobs

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Wang Jianlin blames Western education for his son’s controversial remark that potential girlfriends needed to be “buxom”

Wang, one of the richest men in China, used an interview on state television on Tuesday evening to publicly defend his son, whose remark caused a furore on social media and led to condemnation by a state news agency. He also said he preferred to stay away from politics and said businessmen should “refrain from bribes”.

Wang said his son, Wang Sicong , had spent years studying overseas and had got into the habit of speaking whatever was on his mind.

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Tycoon takes to TV to defend offspring who caused uproar by saying he preferred ‘buxom’ girlfriends; his overseas schooling is to blame

The younger Wang was lambasted after making the remark on Valentine’s Day, with the state-run news agency Xinhua publishing a 1,287-word commentary condemning his remarks.

His father, who runs a property and cinema empire, said he was always ready to “take a hint” from others and not “speak carelessly”, but his son was more direct and had not learnt Chinese subtlety.

“He is smart. He went overseas to study at grade one and he has a Western-style of thinking,” said Wang.

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“Maybe after spending five or eight years in China, he will truly become Chinese.”

Wang Sicong, a board member of his father’s Wanda Group and the chairman of the private investment firm Prometheus Capital, is well-known for his outspoken comments on social media.

He made his latest eyebrow-raising remark after helping to raise more than 500,000 yuan (HK$630,000) for charity by auctioning the chance for a member of the public to watch a film with him.

Wang Jianlin’s son Wang Sicong, a board member at his father’s company, was chastised by state media and the public for a ‘crude’ comment about women. Wang Sicong said it was made in jest. Photo: SCMP Pictures

The senior Wang said he wanted his son to succeed in his own right in business, but would give him only two opportunities. “The third time he fails, he comes to work at Wanda,” he said.

The tycoon’s comments appeared to question Western customs and values, echoing remarks by government officials in recent months.

Education Minister Yuan Guiren said last month that universities must tightly control the use of text books from overseas that spread “Western values”. Read the rest of this entry »


Mini-sized Hong Kong? These Photos by French Photographer will Make You Look Twice

Originally posted on RocketNews24:

Red Cabs

Take a look at this picture. At first glance, it looks like a miniature diorama of a city street, with little cars, little street lights, little people… But it’s all so beautifully detailed, it can’t be just a replica right? What sorcery is this?!

Join us after the jump to see more of this amazing photography magic and cute miniature cityscapes by French artist Harold de Puymorin.

View original 157 more words


China’s Box-Office Expected to Hit 2 Billion During the New Year Holiday

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Driven by the ‪‎Spring Festival‬ period, one of the golden times for Chinese productions, China’s domestic movies are gaining more momentum

The ‪Chinese New Year‬ is approaching an end, but the country’s ‪movie‬ industry boom seems to have just begun, thanks to record high box-office sales during the New Year holiday.

Statistics show that across the country there were over nine million Chinese going to the movies during that period. On the first day of the Spring Festival, there was a record high intake of 356 million yuan or about $57 million at the ‪‎box office‬. That’s about 44 percent up on the same day last year.

Even on New Year’s Eve, a time traditionally devoted to family reunions, home banquets and the grand CCTV gala, Chinese moviegoers still spent 21 million yuan ($3.5 mln) in the country’s cinemas.

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By Sunday, box offices for the Spring Festival holiday reached 924 million yuan ($154 mln), a 42.15% increase from last year. Industry experts say that China’s movie market is expected to gross nearly 2 billion yuan ($300 mln) during the period.

There were 7 new movies released on the first day of the Chinese New Year, which could be one reason for the high sales.

The costume action movie “Dragon Blade” starring Chinese Kungfu star Jackie Chan leads the box office charts, creating about one third of the total income. It’s followed by Chow Yun-Fat’s family comedy “The Man from Macao II” and fantasy adventure “Zhongkui: Snow Girl and the Dark Crystal”.

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Rao Shuguang, the secretary-general of the China Film Association, says the recorded growth is also partly to do with the increased number of screens across the country, now at over 24,900.

Driven by the ‪‎Spring Festival‬ period, one of the golden times for Chinese productions, China’s domestic movies are gaining more momentum. Last year, Chinese domestic box-office revenue hit $4.7 billion, ranking the second largest in the world. Made-in-China movies accounted for 55 percent of the total. Read the rest of this entry »


Ed Feulner: Why Hong Kong Might Lose Its No. 1 Spot on the Index of Economic Freedom

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Hong Kong in many ways continues to act as a fine example for other countries who aspire to be economically free, its foothold on the No. 1 spot is slipping…

Ed Feulner writes: It’s good to be No. 1. But as any former champ will tell you, you have to avoid becoming complacent if you want to stay ahead of the pack. First-place finishes aren’t guaranteed, just ask Hong Kong.

Every year since 1995, the Heritage Foundation and The Wall Street Journal have measured the state of economic freedom in the world. We go country by country, poring over the details of who’s up, who’s down, and who’s treading water. Through all the changes we’ve charted, one thing hasn’t changed: Hong Kong takes the top slot.

“To see what Hong Kong does right, consider business licenses. Obtaining one there requires filling out a single form, and the process can be completed in a few hours. In many other countries, it’s more complicated and can take much longer. Bureaucracy, inefficiency and even corruption abound.”

“As the economic and financial gateway to China, and with an efficient regulatory framework, low and simple taxation, and sophisticated capital markets, the territory continues to offer the most convenient platform for international companies doing business on the mainland,” write the editors of the 2015 Index of Economic Freedom.

To see what Hong Kong does right, consider business licenses. Obtaining one there requires filling out a single form, and the process can be completed in a few hours. In many other countries, it’s more complicated and can take much longer. Bureaucracy, inefficiency and even corruption abound.

“As the economic and financial gateway to China, and with an efficient regulatory framework, low and simple taxation, and sophisticated capital markets, the territory continues to offer the most convenient platform for international companies doing business on the mainland.”

But while Hong Kong in many ways continues to act as a fine example for other countries who aspire to be economically free, its foothold on the No. 1 spot is slipping. Singapore, the perennial No. 2 finisher, has seen the gap between it and Hong Kong steadily narrow in recent years. Only two-tenths of a point (on a scale of 1-100) separate its Index score from Hong Kong’s.

In short, they’re virtually tied. And it’s worth noting that Singapore’s Index score is unchanged this year, which means Hong Kong has only itself to blame for coming within a hair’s breadth of losing the top slot. The question is, why? Read the rest of this entry »


Flaunting It On The Inside: China’s Corruption Crackdown Boosts Sales of Expensive Lingerie

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Sales Increase for Pricey Undergarments as Government Discourages Conspicuous Consumption

Laurie Burkitt and Alyssa Abkowitz report: Call it inconspicuous consumption. Lingerie stores in China are seeing strong sales of $300 bras and other pricey skivvies, defying a broad drop in luxury sales in the vast Chinese market. Italian lingerie maker La Perla—which once struggled to sell $2,000 strapless bustiers and other high-end undergarments in the region—saw sales at its 14 stores in China, Hong Kong and Taiwan jump 42% last year. Last month, La Perla opened a Shanghai men’s boutique, selling $200 silk boxers and $3,000 silk robes.

“I don’t want to overdress. But I don’t mind spending more than 1,000 yuan for a bra.”

– Ms. Zu, who works in pharmaceutical sourcing

Agent Provocateur, a London high-end lingerie company, said sales at the company’s four China boutiques are at least 25% above expectations. An Agent Provocateur saleswoman in a high-end Beijing mall said best sellers include a sheer bra with white-scallop details priced at 1,475 yuan, or about $240, and a 1,940 yuan lacy black bra.

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Consumers like Zu Yujing, a 30-year-old from the northern Chinese city of Tianjin, say spending on luxury clothing for the office or leisure is too ostentatious. But Ms. Zu splurges on custom-made pieces at a Beijing-based lingerie shop called Pillowbook, where she spent about 4,000 yuan on her last shopping spree.

“I don’t want to overdress,” said Ms. Zu, who works in pharmaceutical sourcing. “But I don’t mind spending more than 1,000 yuan for a bra.”

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Chinese consumers—famous for their appetite for designer bags and gold-plated iPhone cases—are now shying away from flashy logos and displays of wealth as a government austerity campaign shames officials who buy them. Sales of luxury goods, which include glitzy jewelry and couture, were down 1% last year in China, according to consulting firm Bain & Co.

But many Chinese appear to be flaunting their wealth under their clothes. Read the rest of this entry »


Taboo in Mainland Schools, Hong Kong Liberal Studies Make Beijing Officials Uneasy

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Officials in Hong Kong and Beijing fear that the unfettered freedom to discuss such topics in Hong Kong’s classrooms has helped breed a generation of unruly and unpatriotic youths

HONG KONG—Isabella Steger writes: High-school students in this city’s mandatory liberal studies class tackle issues that are strictly taboo in mainland Chinese schools—press freedom, civil disobedience and the rule of law.

“The biggest impact of liberal studies is that it encourages students to be much more aware of current affairs,” said Lo Yat-ko, a 30-year-old liberal studies teacher.

“In Hong Kong, we teach critical thinking, not like in China where they teach by indoctrination and memorizing”

— Ng Shun-wing, Hong Kong Institute of Education

That has become a big problem for some officials in Hong Kong and Beijing, who fear that the unfettered freedom to discuss such topics in Hong Kong’s classrooms has helped breed a generation of unruly and unpatriotic youths, and helped inspire the so-called Occupy pro-democracy protests that shook this semiautonomous Chinese city for 10 weeks late last year.

Excerpt: Lessons in Liberal Studies

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An excerpt from a liberal studies textbook explores the merits of street protests in Hong Kong. Photo: Longman New Senior Liberal Studies textbook

In the aftermath of those student-led protests, an education debate is once again brewing in Hong Kong. In November, the city’s Education Bureau launched a three-month review of the city’s school curriculum, the results of which will be announced in July.

Hong Kong Chief Executive Leung Chun-ying said in his annual policy address last month that the government would change the current high-school curriculum, with an aim to “reinforce students’ interest in and understanding of Chinese history and culture.” Mr. Leung said the government will also subsidize students to participate in exchange programs with schools on the mainland.

His comments come two years after the Hong Kong government, at Beijing’s behest, attempted to introduce mandatory patriotic education in the city’s schools, drawing accusations of indoctrination and sparking widespread demonstrations that forced the government to back down.

The latest curriculum review risks reigniting a new round of protests, but the government’s resolve for an overhaul appears to have deepened. Hong Kong and Beijing officials have grown more outspoken over school subjects, such as liberal studies, that address controversial topics and emphasize critical analysis.

Excerpt 2: Lessons in Liberal Studies

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An excerpt from a liberal studies textbook discusses the differences between life in Hong Kong and mainland China. Photo: Longman New Senior Liberal Studies textbook

Such topics and teaching methods are off-limits in mainland Chinese schools, which place a more traditional emphasis on rote learning and shun current events that are sensitive to the Communist Party.

Chen Zuoer, former deputy director of the State Council’s Hong Kong and Macau Affairs Office, said last month that Hong Kong youth needed to have their thinking “repaired” as they have been “brainwashed.”

The problems in Hong Kong’s education system “have now become the seeds of bitter melons and poisonous beans,” said Mr. Chen at a seminar held by a think tank in Beijing, adding that some protesters who were “babies during the handover were…waving the British flag.”

Hong Kong, a former British colony, returned to Chinese rule in 1997 and has since operated under a separate political system that grants residents far greater freedoms than their mainland counterparts. But some people in the city worry that those freedoms are eroding. Read the rest of this entry »


[VIDEO] Courtesy, Hong Kong Style: How to Politely Say ‘No’ in Cantonese

Smile and give them a pen

kamenoblog shares this language insight:

Last night my Cantonese professor taught my class how to politely refuse someone.

Instead of directly saying no, Cantonese speakers can give a subtle hint by giving an unwanted suitor a pen.

The words for “pen” and “no” sound similar in Cantonese. However, both words use different traditional Chinese characters:

筆 means “pen”

不是 (“bat si”/”m hai”) means “no”

Source: Milk Tea & Pudding


Study: China is Growing Less and Less Enamored with Social Media


Critics: Hong Kong’s TV Industry Hits New Low with Derivative Talk Show Clone of Shows Like David Letterman, Jimmy Fallon

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Vivienne Chow reports: Hong Kong’s television industry has hit a “new low” as TVB’s latest talk show Sze U Tonight was accused of copying popular American hosts such as Jimmy Fallon and David Letterman.

 “A TVB spokesman said Lee had already announced that his show would ‘take references’ from U.S. talk shows. But Lee insisted the show did not copy US shows entirely.”

Critics said the TVB show, hosted by comedian Johnson Lee Sze-chit, reflected the lack of creativity in the city’s TV productions – and even warned the alleged similarities in format and set designs could lead to legal action.

Sze U Tonight, which debuted on TVB Jade on Sunday, features Lee behind a desk interviewing celebrities sitting on a sofa, against the backdrop of Hong Kong’s skyline. It apparently bore a striking resemblance of the likes of The Tonight Show Starring Jimmy Fallon on NBC and Late Show with David Letterman on CBS.

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Lee’s desk, complete with an old-fashioned microphone, a pencil holder full of pencils and a coffee mug, was said to look like Letterman’s. The show also has a live band, a signature of Letterman’s show.

“Sze U Tonight risked falling into copyright traps, but it will depend on whether the U.S. networks decide to take legal action.”

Sze U Tonight achieved 16 rating points on Sunday – an equivalent to a TV audience of more than a million, accounting for a 93 per cent share. A TVB spokesman said Lee had already announced that his show would “take references” from US talk shows. But Lee insisted the show did not copy US shows entirely as it featured local content.

The South China Morning Post contacted NBC but the broadcaster has yet to comment on allegations its show has been copied.

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Barrister Albert Luk Wai-hung said it was common for TV stations to customise foreign shows. ATV screened quiz show Who Wants To Be A Millionaire? while TVB broadcast The Weakest Link in the 1990s. But ATV and TVB acquired the rights from foreign stations which had originally broadcast them overseas.

Mainland China has also acquired the rights to foreign shows, such as South Korea’s Running Man and Dad! Where Are We Going?

However, it is understood that TVB did not acquire the rights to any of the US talk shows for the production of Sze U Tonight. Read the rest of this entry »


Thousands take to Hong Kong’s Streets in the First Major Rally Since Occupy Central

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SCMP News on Twitter


Banksy Poster Art: Hong Kong’s Reclaiming Social Work Movement

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: Reclaiming social work movement, a fb community created by a group of social workers who care about the communities in hong kong, updated this profile photo today. it says “rather spoke out and die than living in silence”

(source: reclaiming social work movement fb page | graphic credit to Banksy @ 31jan15)


Xiao Shu: Yang Zili and the Paranoid Regime

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A journalist’s plight demonstrates the depth of China’s present illness

Xiao Shu writes: Chinese journalist Yang Zili first appeared in international headlines in 2001 after being arrested in Beijing and charged with “subverting state authority.” His crime was starting the “New Youth Society,” a salon with the stated mission of “seeking a road for social reform.” Mr. Yang eventually served eight years in prison for his involvement.

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“We had no idea how quickly the tide would turn. Mr. Yang is now in hiding.”

Once released from prison, Mr. Yang joined the Transition Institute. Unlike many other nongovernmental organizations in China, the Transition Institute isn’t engaged in direct social action but rather focuses on research work as a think tank. While there, Mr. Yang studied Chinese social issues and proved to be a prolific writer. Much of his work was on equal access to education and migrant-worker rights. His friends applauded his return to the public sphere within a profession that still allowed him to promote social change.

“Mr. Yang is now in hiding. Chinese authorities last year detained three leaders of the Transition Institute and six people indirectly involved, including the lawyer Xia Lin. The organization remains paralyzed.”

We had no idea how quickly the tide would turn. Mr. Yang is now in hiding. Chinese authorities last year detained three leaders of the Transition Institute and six people indirectly involved, including the lawyer Xia Lin. The organization remains paralyzed. It suffered this fate despite having a far more nuanced understanding of political struggle than did the New Youth Society in 2001.

Chinese former president Jiang Zemin - WANG ZHAO/AFP/Getty Images

Chinese former president Jiang Zemin – WANG ZHAO/AFP/Getty Images

“The decisive factor in the case against Mr. Yang was a set of written instructions from Jiang Zemin , China’s president at the time. ‘Because instructions had come down from heaven,’ Mr. Yang recalled years later, ‘every material fact was forcibly crushed.’ And so was the process of justice.”

The similarities and differences between these two cases reflect the deep uncertainty that all Chinese citizens face when confronted with contemporary “socialist rule of law.”

The New Youth Society focused on hot-button social issues like government corruption, unemployment among workers from state-owned enterprises, and rural development. Members were at first split over what to do with their activities. Either they could operate in secret, attempting to disguise their group from the authorities, or they could be entirely open, affirming their discussions in hopes of avoiding the impression they were being covert. Mr. Yang and others compromised: They didn’t actively promote their ideas, nor did they conceal them. Read the rest of this entry »


Hong Kong Police Hunt Mysterious Young Girl Over Audacious Tsim Sha Tsui Diamond Heist

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Hong Kong police say they are hunting a girl aged between 12 and 14 years old over the theft of a diamond necklace worth more than $4.6 million from a luxury jewelry store.

Police say she helped carry out the audacious theft with two women and a man, all aged between 30 and 40.

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Screen cap from the Emperor Jewelry website

“The young girl managed to steal a key from a drawer to open a cabinet while staff were distracted.”

The adults “pretended to be customers choosing items from the shop” police said, while the girl stole the necklace.

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Screen cap of the Emperor Jewelry website

“The three adults posed as big spenders and demanded employees show them jewellery in an apparent move to divert staff attention.”

The gang of four then left the store before a staff member realised it was missing.

The necklace was 100-carat gold embedded with more than 30 diamonds, the South China Morning Post said, and police confirmed it was worth HK$36 million.

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The young girl managed to steal a key from a drawer to open a cabinet while staff were distracted, the SCMP said, citing an unnamed police source.

“The three adults posed as big spenders and demanded employees show them jewelry in an apparent move to divert staff attention,” the source said. Read the rest of this entry »


[PHOTOS] Hong Kong’s Toxic Pollution Creates Gorgeous Neon-Blue Algae Blooms

Originally posted on Quartz:

The trippy indigo glow lighting up Hong Kong’s darkened shores doesn’t look like the handiwork of pig manure, fertilizer, and sewage. But that nutrient-packed combo is exactly what’s feeding the colony of bioluminescent Noctiluca scintillans, a single-cell organism that has bloomed in Hong Kong’s waters more and more frequently of late.

Unable to photosynthesize on their own, these little guys eat algae. But since they sometimes kill that algae and sometimes leave it living inside them, these dinoflagellates—which are commonly called “sea sparkles”—are neither fully plants nor fully animals. But even that bathtime-toy-esque name belies how destructive sea sparkles can be when their numbers grow too huge. While Noctiluca doesn’t produce neurotoxins, like many similar organisms do, they disrupt the food chain in a way that harms other marine life.

Many scientists suspect the recent uptick in unusually large Noctiluca blooms has to do with the surge in coastal populations around the Pearl River Delta, the…

View original 73 more words


‘Shameless, Uncreative, Dreadful’ Chinese Movies Vie to Be the Worst in Competition

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China’s Answer to Hollywood’s ‘Razzies’

Lilian Lin reports: As China’s film industry has grown, so too has the number of lemons it’s produced.

According to the organizers of this year’s Golden Broom Awards – which asks the public to choose the country’s worst film – this year’s contest is taking place amid “the most shameless, uncreative, dreadful” time in China’s film history.

“Many film critics in this country are bribed by film producers and genuine voice is scarce. There should be an award to represent the audience’s voice.”

“Some online users are complaining to me that they can hardly choose the worst because all of the selected are terrible,” said Cheng Qingsong, who first launched the awards, China’s answer to Hollywood’s Razzies, six years ago. Online voting for the country’s worst movie of the year recently began, with the winner to be announced in the middle of next month.

Last year, the contest attracted more than a million votes, up from merely several thousand in 2009.

“The past few years have witnessed the largest number of lousy films in China’s history that care the least about originality.”

China’s film market has mushroomed, with box-office receipts rising 36% last year to a record 29.6 billion yuan ($4.77 billion), according to the country’s film regulator. Mr. Cheng, a screenwriter and editor-in-chief of an independent film magazine, said he hoped the awards could help spur better movies in the future. “Many film critics in this country are bribed by film producers and genuine voice is scarce,” he said. “There should be an award to represent the audience’s voice.”

“The past few years have witnessed the largest number of lousy films in China’s history that care the least about originality,” he said, criticizing the country’s films as shallow, frequently “uncreative remakes of Hong Kong films.” Read the rest of this entry »


Hong Kong Leader Singles Out College Magazine For Helping Cause ‘Anarchy’

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This is not the first time that HKU, among the city’s most prestigious universities, has come under fire from the Hong Kong government and Beijing since the outbreak of student-led protests in September, which followed a decree from Beijing that Hong Kong should elect its leader from a handful of pre-screened candidates.

Isabella Steger reports: A relatively unknown student magazine at the University of Hong Kong may get a surge in readership after Hong Kong’s leader made a reference to the publication, warning that support for ideas it propagates could lead to “anarchy” in the city.

In his annual policy speech, Leung Chun-ying kicked off his address with a series of stern warnings against further attempts by Hong Kong people to challenge Beijing’s authority on the issue of constitutional reform. He specifically named ideas advocating self-determination for Hong Kong published in Undergrad, a monthly Chinese-language magazine published by HKU’s student union.

“The protest showed Beijing that Hong Kong people were not loyal so Beijing ratcheted up interference in Hong Kong, but it also catalyzed a new wave of native ideology.”

– From the article in Undergrad

Saying that Hong Kong problems should be solved by Hong Kong people “violates the constitution,” said Mr. Leung, warning that such slogans could help throw the city into anarchy.

“Regardless of the likelihood of Hong Kong independence…we must fight to the end for the freedom to at least talk about it.”

– Keyvin Wong, a former assistant editor in chief of Undergrad

Under the One Country, Two Systems framework, Hong Kong is supposed to have a high degree of autonomy, but many in the city fear growing encroachment from Beijing. Mr. Leung said Hong Kong’s autonomy is not absolute.

Joshua Wong, the 18 year-old leader of another student protest group Scholarism, called Mr. Leung’s reference to the magazine “stupid” because it will only serve to boost interest in the publication.

This is not the first time that HKU, among the city’s most prestigious universities, has come under fire from the Hong Kong government and Beijing since the outbreak of student-led protests in September, which followed a decree from Beijing that Hong Kong should elect its leader from a handful of pre-screened candidates. Read the rest of this entry »


Hong Kong Pro-Democracy Tycoon’s Home, Business Attacked with Firebombs

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Hong Kong activists kicked off a long-threatened mass civil disobedience protest Sunday to challenge Beijing over restrictions on voting reforms, escalating the battle for democracy in the former British colony after police arrested dozens of student demonstrators. 

HONG KONG –  Hong Kong police are investigating after small firebombs were thrown at the home and business of a pro-democracy media magnate in an apparent intimidation attempt.

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“The goal is intimidation…a continuation of the attacks against Mr. Lai and Next Media for its editorial position, which is at odds with the anti-democracy forces.”

– Next Media spokesman Mark Simon

Surveillance video showed a car backing up to the gates of Jimmy Lai‘s home early Monday and a masked attacker getting out and throwing what looks to be a Molotov cocktail before driving off.

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At about the same time, another incendiary device was thrown from a car at the entrance to his Next Media company. Its publications include the flagship pro-democracy Apple Daily, one of the city’s most popular newspapers.

No one was injured and the small fires were quickly extinguished. The cars used in the attacks were later found burned out and stripped of their license plates, according to local media reports.

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Lai is well known as a critic of Beijing and a staunch supporter of Hong Kong’s pro-democracy movement, which occupied streets for 11 weeks last year to press their demands for free elections. He was among the thousands of protesters who were tear-gassed by police as the protest movement erupted in September. Read the rest of this entry »


Stop Obsessing About Inequality. It’s Actually Decreasing Around the World

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Many Americans point to globalization as a bogeyman, robbing our country of good jobs and resources. But really, the phenomenon has ushered a period of unprecedented prosperity in many poor countries.

imrs.phpMarian L. Tupy writes: Is inequality increasing or decreasing? The answer depends on our point of reference.

In America, the income gap between the top 1 percent and the rest has grown. But if we look not at America, but the world, inequality is shrinking. We are witnessing, in the words of the World Bank’s Branko Milanovic, “the first decline in global inequality between world citizens since the Industrial Revolution.”

For most of human history, incomes were more equal, but terribly low. Two thousand years ago, GDP per person in the most advanced parts of the world hovered around $3.50 per day. That was the global average 1,800 years later.

Ask AP

But by the early 19th century, a pronounced income gap emerged between the West and the rest. Take the United States. In 1820, the U.S. was 1.9 times richer than the global average. The income gap grew to 4.1 in 1960 and reached its maximum level of 4.8 in 1999. By 2010, it had shrunk by 19 percent to 3.9.

That narrowing is not a function of declining Western incomes. During the Great Recession, for example, U.S. GDP per capita decreased by 4.8 percent between 2007 and 2009. It rebounded by 5.7 percent over the next 4 years and stands at an all-time high today. Rather, the narrowing of the income gap is a result of growing incomes in the rest of the world.

Consider the spectacular rise of Asia. In 1960, the U.S. was 11 times richer than Asia. Today, America is only 4.8 times richer than Asia.

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To understand why, let’s look at China.

Between 1958 and 1961, Mao Zedong attempted to transform China’s largely agricultural economy into an industrial one through the “Great Leap Forward.” His stated goal was to overtake UK’s industrial production in 15 years. Industrialization, which included building of factories at home as well as large-scale purchases of machinery abroad, was to be paid for by food produced on collective farms. Read the rest of this entry »


超富裕 HONG KONG PAYDAY, BABY!

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HONG KONG—Shares in blue chip firms Cheung Kong Holdings Ltd and Hutchison Whampoa surged on Monday after Asia’s richest person, Li Ka-shing ,announced the reorganization of his empire into two new companies.

By the close of trading in Hong Kong Monday, Mr. Li and his family’s stakes in Hutchison and Cheung Kong were valued at US$19.9 billion combined, up 14.5% from US$17.4 billion Friday. Cheung Kong soared 14.7% to close at 143.2 Hong Kong dollars (US$18.47) Monday, outperforming the benchmark Hang Seng Index’s 0.5% gain, while Hutchison Whampoa jumped 12.5% to close at HK$98.35.

Mr. Li, 86 years old, said Friday the real-estate assets of Cheung Kong and Hutchison will be carved out into a new company listed in Hong Kong, to be called CK Property. Read the rest of this entry »


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