Category Archives: Economic Development

When China Sneezes: Cantonese Property Giant ‘Risking Demolition’! #Evergrande

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Baht to the Future: Thailand Chasing 1,000,000 Foreigners! #goldenvisa

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Apocalypse Later: New IMF GDP Figures Revised Upwards! #PostCOVID

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Imposter Syndrome: What Miniso Teaches Us About Chinese Capitalism

As our company’s home city of London, England teeters on the brink of total commercial implosion, our Creative Director & CSO recently found himself marking a COVID-19 lockdown interval by getting caught in freezing and torrential rain some miles west of our corporate headquarters. En route to seeking refuge in the nearest shopping centre, he stumbled across what at first appeared to be a retail outlet with Mediolana branding on the frontage – but on closer inspection revealed itself to be the inaugural UK branch of none other than Miniso.

For the uninitiated, Miniso is that rarest of things: a retail store which is mired in controversy not about low wages or even suspect supply chains, but the very origins of its commercial operations. Walking around a Miniso shop feels – at least, superficially – like a quintessentially Japanese experience; however, the corporation is actually based in the southern Chinese city of Guangzhou, and in its early years claimed to be a famous Japanese marque despite having no physical presence in Japan – a total triumph of postmodernity.

This set us thinking: what does Miniso say about the present state of Chinese capitalism? After some reflection, we at Mediolana believe that there are two critical take-home lessons from this elusive retailer:

  1. The Chinese are coming. For all the legitimate questions raised over authenticity, the fact remains that the Miniso concept has been wildly successful: despite having only opened its first store in its home territory as recently as 2013, Miniso now vaunts north of 1,000 sites globally; the company is even quoted on the New York Stock Exchange (‘NYSE’). The arrival of a serious Chinese presence on the planet’s retail landscape is not a fad, and there will likely be many more such brands following in Miniso’s slipstream.
  2. The Chinese are disappearing. China’s incredible economic rise – the country’s economy was smaller than that of Iran as recently as 1990 – has decidedly not been accompanied by the integration of world-class Chinese consumer brands into popular culture beyond its borders: it is uncertain whether the PRC’s equivalents of Sony, Sharp and Sanyo even exist; the fact that Miniso has risen so high by pretending to be from somewhere else speaks volumes. China’s manufacturing competence has long been trusted by even prestigious Western and East Asian corporations; however, it may be some time before the nation’s manufacturing brands become loved for what they truly are.

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Eco-Warriors: West Africa Launches New Single Currency! #Eco #Africa

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Asian Century Latest: World’s Most Populous Continent Dominates New Passport Index!

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The Future is Now: Five Steps Towards a Greater Asia

In a media environment saturated with dissection of inconsequential minutiae, it is sometimes a struggle to keep one’s eyes on the ‘substantive images’: the developments of serious import that will concretely define the direction of the world. It was therefore with some relief that we at Mediolana became aware of Parag Khanna’s mildly provocative The Future is Asian: Commerce, Conflict and Culture in the 21st Century, a book that seeks to direct its audience’s attention to the inexorable rise of the planet’s most populous continent.

Khanna’s thesis correctly underscores the undeniable significance of Asia – an act which is not hard to accomplish, but which few have attempted with anything like his stridence and lucidity. Asia possesses a number of the world’s largest economies and most of the world’s foreign exchange reserves; its military potency is exceptional, particular in terms of manpower; and several of its more ambitious countries are taking giant strides on political stages both domestic and international.

Much of this material is borderline unarguable. However, Khanna’s work possibly falls short on its prescriptions for greater Asian integration, which he views as ‘natural’ for what he perceives as a ‘continental system’ similar to that of the European Union.

In fact, Asia is much more diverse – geographically, linguistically, religiously, culturally – than Europe. Democracies border onto dictatorships, while communist nations sustain curious alliances with putative theocracies. A huge amount remains to be accomplished when it comes to fashioning a coherent power bloc out of 49 states which have widely divergent political economies; after some contemplation, what follows are five steps towards a greater Asia:

  1. Asiavision. Pan-Asian soft power events – such as a continent-wide song contest à la Eurovision – can go a long way towards creating a genuinely continental cultural space.
  2. Abolishing absolute poverty. Speaking of soft power, Asia will never fulfil its potential while such large numbers of its citizens – particularly in regions such as South Asia – are needlessly languishing in morally indefensible penury.
  3. Urban infrastructure. China’s Belt and Road initiative – while mammoth in scale – still does not address the need for dramatic investments in public transportation across much of the continent, including the cross-border high-speed rail projects which can connect up regions.
  4. Legislation. Asia presently lacks a continent-wide equivalent of the European Commission, or indeed the African Commission. It should fill this gap with a directly-elected institution which has the technocratic expertise to harmonise and elevate the standing of environmental and industrial laws.
  5. Human rights. Far too many Asian nations (China, Saudi Arabia et al) have little to contribute in the field of basic human rights promotion; at the other end of the democratic spectrum, Asian states still reflexively take their cue from the West rather than evaluating trends more critically. An independent human rights court could go a long way towards remedying this.

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Maroc On: North African Kingdom Welcomes Over One Million Tourists Every Month!

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Capital Flows: Beijing’s Economic Expansion Smashes All Records! #China

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Off the Rails: HS2 Cycleway Cancellation ‘Highlights Rampant Innumeracy’! #HS2

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