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Media Digest
THIS WEEK> THIS WEEK NO. 13, 2014> PEOPLE & POINTS> Media Digest
UPDATED: March 25, 2014 NO. 13 MARCH 27, 2014
Media Digest
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China's Position in the Global Economy

South Reviews
March 12

Numerically, China is the second largest economy and boasts the title of the largest factory powerhouse in the world. The country produces countless products for the world market, from smart phones and toys to clothing.

However, the world factory position is based on a labor-intensive working mode. In many sectors, China is at the low end of the world's industrial chain. In the smart phone industry, for example, China cannot acquire either chip technologies or operation systems. Some may argue China-based patents are growing fast and exceeding those of developed countries. But most patents obtained in China are less important in the entire industrial chain. The real core technologies and standards are just out of reach. In short, China remains weak in science and technological innovation.

The situation regarding raw materials and markets that China faces is not optimistic either. For some strategic industrial materials, such as oil, natural gas and iron ore, China heavily relies on imports from other countries. With the lack of pricing power, China suffers losses when the market fluctuates. As for the world financial system, China is just a newcomer.

The country has decided to boost domestic demand and upgrade industries. Since the global financial storm, it has appeared increasingly important to the world economic recovery, which offers it opportunities to achieve sustainable growth.

Reform of State-Owned Enterprises

Oriental Outlook
March 13

Reforming China's state-owned enterprises (SOEs), which occupies a dominant position in the country's national economy, will always be a matter of heated debate.

Last November, the Third Plenary Session of the 18th Central Committee of the Communist Party of China explicitly indicated the direction of the reform. The country will improve the state assets management system, strengthen state assets oversight with capital management at the core, and reform the authorized operation mechanism for state capital as well as restructure a number of state capital operation organizations to run capital safely and efficiently.

A month later, Shanghai, China's economic hub that assembles many of the country's giant SOEs, issued a guideline policy of SOE reform. In recent years, Shanghai has taken a series of measures to reform SOEs. At present, Shanghai has made remarkable strides in establishing a mixed economy with cross-shareholding and blending of state-owned capital and private capital. Subsequently, many other local governments across the country also issued guidelines to promote SOE reform.

A highlight of the new round of SOE reform is to encourage employees of SOEs to become shareholders of their enterprises. Actually, many SOEs attempted to reform their rigid management using this method years ago. China's joint-stock system reform has lasted 20 years. However, watchdogs of state-owned capital have not yet reached consensus on this solution. Although China's capital market is growing rapidly, the capital and employees are still separated by the current mechanism. The Central Government aims to break barriers between capital owners and laborers and let more laborers share the fruits of economic growth through growing a mixed economy.

Consumer Rights Protection

Xinhua Daily Telegraph
March 17

China Central Television's (CCTV) annual evening show on March 15, World Consumer Rights Day, has once again become the focus of attention, with quality issues of commodities or services being addressed. Some people have thus exalted the show as being a celebration of the ordinary consumer. However, it is doubtful that a show alone will be able to effectively tackle commodity quality issues.

Aired since 1991, the show aims to expose bad business practices and help consumers fight for their rights. It plays an important supervisory role and has an immediate effect. In general, a number of quality problems are swiftly solved following the exposure on TV.

Currently, consumers in China have to depend on the media to fight for their legitimate rights. On occasions like the March 15 TV show, a large number of issues are simultaneously brought to light, and problems are tackled immediately by the relevant authorities. But it all seems like a movement that centers solely on a single day.

However, the effort by the media is far from enough to solve the many issues met by consumers in their daily lives. Overdependence on the media for help reflects the absence of effective legal supervision mechanisms and also the inaction of administrative departments.

The protection of consumers' rights requires long-term multifaceted solutions, and a TV show cannot be expected to perform the same duties as supervisory agencies. This show is not something that consumers can rely on to address their consumer rights issues on a year-round basis, despite its strong influence.



 
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