Out of the top ten biggest companies by market capitalization at the end of May 2017, seven belong to the new economy. Except for the third-ranking Microsoft, none of the other six was a household name twenty years ago.
In the two years since Chinese President Xi Jinping’s official announcement of the China-Pakistan Economic Corridor during his state visit to Pakistan on April 20, 2015, the first slate of “early harvest” CPEC projects are poised to be completed.
On May 15, 2017, Japan signaled its intention to join the Asian Infrastructure Investment Bank initiated by Beijing. The condition is for the AIIB to address Japan’s concerns about the environmental impact of AIIB-funded projects and other matters.
Yu’e Bao is a repository for leftover cash from online spending. The speedy growth of the fund highlights the pervasive role now played by technologies, which at the same time disrupts important erstwhile state-controlled economic pillars such as finance.
Recently, there have been three significant state visits to India by Malaysian PM Najib Razak, Bangladesh PM Sheikh Hasina, and Australian PM Malcolm Turnbull. All three countries are vital players in what the Modi Government has dubbed as India’s “Act East Policy.”
The rise of Uber and the challenges it now faces illustrate the pitfall of innovation. While one cannot argue against the sharing economy aspect of Uber, one cannot also ignore the regulatory arbitrage issues raised by the taxi drivers.
In October 2016, Philippine President Rodrigo Duterte visited China and Japan, two of the country’s important economic partners. His trips earned the Philippines millions of dollars’ worth of Chinese and Japanese loans and investments.