By Zhou Qiren
The better you understand currency, the better you can make fortune. Monetary Lessons compiles 51 opinion pieces that Pr. Zhou Qiren wrote on his column of The Economic Observer and several comments on other platforms. He dissects the dramatic changes of monetary markets and exchange rate and provides insights to bring clarity to readers. “Exchange rate refers to the prices of different currencies.” Followed the book*Why China Was Right: Reforms and Future, this book will illuminate the status quo of China’s exchange rate and currency.
By Sun Liping
The world is complicated. We suffered from its darkness, cruelty and caprice and were healed by its goodness, tenderness and harmony. A better understanding on how Chinese society works opens up to a better future. In the book Minimal Responsibility: Basic Order of Social Life in Transformational Chinese Society, Pr. Sun Liping offers insights on safeguarding the basic order of social life, balancing efficiency and justice and upholding equality and justice. China, in the past 20 years, valued institutional reforms, but ignored the building and maintenance of the basic order. Individual responsibility was failing and the basic order was failing apart. The frequent violations of order should be held in high esteem when we are promoting a harmonious society.
Rewritten by: Luo Xinying, Edited by: Du Zhixin, Wei Yiy
The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.
Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.
Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.
Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.
These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.
For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, makingHuawei anindustry leader.
So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.
At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across