BEIJING // Ninety years ago this month, a small group of leading left-wing thinkers met in Shanghai and founded a communist organisation for the city - the first in China. That inauspicious start gave rise to a party that is now the largest political organisation on the planet and has steered the country to become the world's second largest economy.
But while it has overseen a period of phenomenal economic growth and modernised large parts of the vast nation, analysts say the party appears no closer to adopting political reforms than it was 20 years ago.
The Communist Party of China, which officially came into existence in July 1921 and now has about 73 million members, has retained a grip on every significant lever of power in China.
The top echelon has a more consensual structure than during the autocracy of Mao's era, with the presidency rotated after two terms and executive power shared within a coterie of senior leaders. But there are few signs China's economic opening up will herald wider political reform such as tentative moves towards democracy.
According to Dr Ding Xueling, a professor of social science at Hong Kong University of Science and Technology, there have been a series of false dawns that were set to herald political reform. This, he said, suggested any current predictions that later generations of leadership, who have grown up in China's more internationally influenced society of the past three decades, will bring about reform will also probably prove to be incorrect.
"People in the past made forecasts 10 years ago, 15 years ago - when China becomes economically advanced, when China's international status improves, then the leadership will be more self-confident, more enlightened, more open to political reform," he said.
"Many, many senior scholars would make such forecasts 10 years ago, 15 years ago, but nothing came out. It wasn't on the central political agenda 20 years ago, it's not on the agenda today."
The party, he said, was responsive to some popular demands, but he said only "after huge cost on the part of ordinary citizens".
"For very small improvements, very many people have to suffer for a long time," he said.
Yet while the Communist Party of China's power has not diminished, despite the existence of several political parties without ties to the ruling group, some have questioned the extent to which this matters to the day-to-day lives of citizens in modern China.
While the one-child policy and the large urban-rural divide, for example, still exist as potential sources of discontent, individuals have far more freedom in their personal lives than was the case in previous decades, said Richard McGregor, the author of the recently published The Party: The Secret World of China's Communist Rulers.
They can more freely travel overseas, adopt the lifestyle of their choice and enjoy far greater spending power.
"The greater personal freedom they have given to individuals has allowed the party to exist underground," he said.
"Most people in China have little day-to-day contact with the Communist Party [of China]. It's like a radio in the background.
"As one young woman said: 'We don't care about the party, we only care about parties.'"
He also suggested there was a "so what?" attitude among foreign governments about China's lack of political reform and the party's "instinct for secrecy", given that the Chinese model was unlikely to be replicated overseas, apart from in neighbouring Vietnam, and because many other nations were benefiting from trade with China.
However, domestic concerns remain about corruption within the party, with widespread reports of officials taking bribes, an issue regarded as one that could spark increased social discontent.
Also, corruption and preferential treatment can extend beyond merely the financial, with the Chinese media having recently given extensive coverage to a case in Hubei province in central China where police apologised after beating up a woman who approached the local authorities - but only because she was the wife of a party official. The official People's Daily newspaper said the episode showed some felt it acceptable to allow "habitual beating under the mindset of maintaining stability by violence".
The view among many analysts is that political stability can last as long as China's furious double-digit economic growth continues.
According to Ren Xianfang, a China analyst at IHS Global Insight, the current "focus on economic development" was the party's way of "help[ing] maintain the legitimacy of the regime".
"The lesson of the past few decades suggest it's impossible to maintain stability without solid economic growth," she said. "They want to keep up growth for as long as possible, but to delay political reform for as long as possible."
Mr McGregor said he believed the party has also successfully created a perception that "if the party fell apart, the country would [too]".
"That's deliberate. 'You can't do it, so leave it to us.'"
@Email:dbardsley@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Company%20Profile
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY%20PROFILE
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The%20specs
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UAE currency: the story behind the money in your pockets
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Company%20profile
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
What's%20in%20my%20pazhamkootan%3F
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
More from Neighbourhood Watch:
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
The%20specs
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MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
