Can a Common Currency Foster a Shared Social Identity across Different Nations? The Case of the Euro

Fostering the emergence of a "European identity" was one of the declared goals of the euro adoption. Now, years after the physical introduction of the common currency, we assess whether there has been an effect on a shared European identity. We use two different datasets in order to assess the impact of the euro adoption on the fostering of a self-declared "European Identity". We find that the effect of the euro is statistically insignificant although it is precisely estimated. This result holds important implications for European policy makers. It also sheds new light on the formation of social identities.

Financial media, globalisation, and China’s economic integration: comparing narrative construction of the Economist and Caijing

In June 2015, legal frameworks of the Asian Infrastructural Investment Bank were signed by its 57 founding members. Proposed and initiated by China, this multilateral development bank is considered to be an Asian counterpart to break the monopoly of the World Bank and the International Monetary Fund. In October 2015, China’s Central Bank announced a benchmark interest rate cut to combat the economic slowdown. The easing policy coincides with the European Central Bank’s announcement of doubts over US Fed’s commitment to raise interest rates. Global stock markets responded positively to China’s move, with the exception of the indexes from Wall Street (Bland, 2015; Elliott, 2015). In the meantime, China’s ‘One Belt, One Road’ (or New Silk Road Economic Belt) became atopic of discourse in relation to its growing global economy, as China pledged $40 billion to trade and infrastructure projects (Bermingham, 2015). The foreign policy aims to reinforce the economic belt from western China through Central Asia towards Europe, as well as to construct maritime trading routes from coastal China through the South China Sea (Summers, 2015). In 2012, The Economist launched a new China section, to reveal the complexity of the‘meteoric rise’ of China. John Micklethwait, who was then the chief editor of the magazine, said that China’s emergence as a global power justified giving it a section of its own(Roush, 2012). In July 2015, Hu Shuli, the former chief editor of Caijing, announced the launch of a think tank and financial data service division called Caixin Insight Group, which encompasses the new Caixin China Purchasing Managers Index (PMI). Incooperation with with Markit Group, a principal global provider of PMI, the index soon became a widely cited economic indicator. One anecdote from November’s Caixin shows how much has changed: in a high-profile dialogue between Hu Shuli and Kevin Rudd, Hu insisted on asking questions in English; interestingly, the former Prime Minister of Australia insisted on replying in Chinese. These recent developments point to one thing: the economic ascent of China and its increasing influence on the power play between economics and politics in world markets. China has begun to take a more active role in rule making and enforcement under neoliberal frameworks. However, due to the country’s size and the scale of its economy in comparison to other countries, China’s version of globalisation has unique characteristics. The ‘Capitalist-socialist’ paradox is vital to China’s market-oriented transformation. In order to comprehend how such unique features are articulated and understood, there are several questions worth investigating in the realms of media and communication studies,such as how China’s neoliberal restructuring is portrayed and perceived by different types of interested parties, and how these portrayals are de-contextualised and re-contextualised in global or Anglo-American narratives. Therefore, based on a combination of the themes of globalisation, financial media and China’s economic integration, this thesis attempts to explore how financial media construct the narratives of China’s economic globalisation through the deployment of comparative and multi-disciplinary approaches. Two outstanding elite financial magazines, Britain’s The Economist, which has a global readership and influence, and Caijing, China’s leading financial magazine, are chosen as case studies to exemplify differing media discourses, representing, respectively, Anglo-American and Chinese socio-economic and political backgrounds, as well as their own journalistic cultures. This thesis tries to answer the questions of how and why China’s neoliberal restructuring is constructed from a globally-oriented perspective. The construction primarily involves people who are influential in business and policymaking. Hence, the analysis falls into the paradigm of elite-elite communication, which is an important but relatively less developed perspective in studying China and its globalisation. The comparing of characteristics of narrative construction are the result of the textual analysis of articles published over a ten-year period (mid-1998 to mid-2008). The corpus of samples come from the two media outlets’ coverage of three selected events:China becoming a member of the World Trade Organization, its outward direct investment, and the listing of stocks of Chinese companies in overseas exchanges, which are mutually exclusive in sample collection and collectively exhaustive in the inclusion of articles regarding China’s economic globalisation. The findings help to understand that, despite language, socio-economic and political differences, elite financial media with globally-oriented readerships share similar methods of and approaches to agenda setting, the evaluation of news prominence, the selection of frame, and the advocacy of deeply rooted neoliberal ideas. The comparison of their distinctive features reflects the different phases of building up the sense of identity in their readers as global elites, as well as the different economic interests that are aligned with the corresponding readerships. However, textual analysis is only relevant in terms of exploring how the narratives are constructed and the elements they include; textual analysis alone prevents us from seeing the obstacles and the constrains of the journalistic practices of construction. Therefore, this thesis provides a brief discussion of interviews with practitioners from the two media, in order to understand how similar or different narratives are manifested and perceived, how the concept of neoliberalism deviates from and is justified in the Chinese context, and how and for what purpose deviations arise from Western to Chinese contexts. The thesis also contributes to defining financial media in the domain of elite communication. The relevant and closely interlocking concepts of globalisation, elitism and neoliberalism are discussed, and are used as a theoretical bedrock in the analysis of texts and contexts. It is important to address the agenda-setting and ideological role of elite financial media, because of its narrative formula of infusing business facts with opinions,which is important in constructing the global elite identity as well as influencing neoliberal policy-making. On the other hand, ‘journalistic professionalism’ has been redefined, in that the elite identity is shared by the content producer, reader and the actors in the news stories emerging from the much-compressed news cycle. The professionalism of elite financial media requires a dual definition, that of being professional in the understanding of business facts and statistics, and that of being professional in the making sense of stories by deploying economic logic.

Book review: Chinese transnational networks

Review of Chinese transnational networks, edited by Tan Chee-Beng (London and New York: Routledge, 2007)

Book review: Chinese business in the making of a Malay state, 1882-1941: Kedah and Penang

Review of Chinese business in the making of a Malay State, 1882-1941: Kedah and Penang, by Wu Xiao An (London: RoutledgeCurzon, 2003)

Religion and returns in Europe

Drawing on social identity and social impact theory, this paper is the first to investigate the impact of religious preferences on share prices and expected returns at the country level. Using data from 12 European countries, our findings suggest that religion has a significant effect on the share price of companies whose activities are considered unethical, i.e., tobacco manufacturers and alcohol producers. The share price of these companies (called sin stocks) is depressed when they are located in a predominantly Protestant environment (relative to a Catholic environment). With investors in Protestant countries being more sin averse than in Catholic countries, they insist upon higher expected returns on sin stocks. Conversely, religious preferences do not have the same impact on the performance of other companies, e.g. socially responsible companies. Our results are robust to various methodologies and controlling for several firm-specific, industry-specific and country-specific characteristics.

中国四个城市吸引海外回流人才比较研究：一个政策的视角 (Returned highly skilled migrants in four Chinese cities: a policy perspective)

Most studies of returned highly skilled migrants in China were guided by a national approach, emphasizing how the size and direction of the return migration were shaped by national policies and practices. What have been overlooked are the flows of returned skills at the municipal level where talent attraction and employment really take place. To fill this gap, the author conducted a comparative study of the returned highly-skilled migration in Beijing, Shanghai, Guangzhou and Shenzhen, the four most important cities in China. Based on in-depth interviews with returned skills from different countries and with various occupational backgrounds, complemented by the analysis of talent policies that have been issued by each city since the early 1990s and relevant statistical data, this study finds that, first, municipal cities tend to make ‘localized policies’ in order to suit local situation and to increase flexibility and efficiency in their effort of enticing of talents, demonstrating a wide range of variations not yet discussed in previous literature. It is thus crucial to pay timely attention to municipalities in order to obtain a more accurate and balanced picture of returned skilled migration in China. Second, the flow of returned skills shall be perceived in a broader analytical framework, in which the attractiveness to skills comes mostly from the long-term career potentials made possible by the industrial structure of individual city and mediated by social, cultural and geographical factors. It is only within this larger framework and through the interaction with other factors that government policies play their modulator roles.

How does a house remember? heritage-ising return migration in an Indonesian-Chinese house museum in Guangdong, PRC

This paper is an attempt to integrate heritage and museum studies through exploring the complex relationship between the materiality of architecture and social memories with a house museum of return migration in Guangdong, PRC as a case study. It unveils that the ongoing process of memory is intrinsically intertwined with spatial and temporal dimensions of the physical dwelling and built environment and the wider social-historical context and power relations shaping them. I argue that it is the house as ‘object of exhibit’ just as much as the exhibits inside the house that materialises the turbulent and traumatic migratory experience of Returned Overseas Chinese, embodies their memories and exposes the contested nature of museumification. By looking at the socially and geographically marginalised dwelling of return migrants, the house draws people’s attention to the often neglected importance of conceptual periphery in re-theorising what is often assumed to be the core of heritage value. It points to the necessity to integrate displaced, diasporic, transnational subjects to heritage and museum studies that have been traditionally framed within national and territorial boundaries.

Collectors, Producers, and Circulators of Tibetan and Chinese Medicines in Sichuan Province

The act of prescribing pharmaceutical drugs to patients is normally the site of judgements about the drug’s efficacy and safety. The success of treatments and the licences for commodities depend on the biochemical identity of the drugs and of their path and transformations inside the body. However, the ‘supply chain’ outside the body is eschewed by such discourse, and its importance for both pharmaceutical brands and physician-centred historiographies is ignored. As this ethnographic fieldwork on Tibetan and Chinese medicines in Sichuan shows, overlooked social actors ensure reliable knowledge about medicinal things and materials long before patients take their medicine. This paper takes a step back from the final products—clearly defined as ‘Tibetan’ or ‘Chinese’—and introduces those who produce and distribute them. Via observations of particular regimes of circulation and processing, the actions of collecting, manufacturing, transporting, and educating appear as the first and foremost acts of efficacy and safety.

The stamp of identities: negotiating diasporic Chinese subjectivity in philatelic spaces

This paper examines the politics and poetics of identity construction and articulation among guiqiao (Returned Overseas Chinese) through a case study of a postage stamp exhibition put up jointly by an ordinary guiqiao and an official huaqiao (Overseas Chinese) museum in Quanzhou, China. Two conflicting meaning systems are identified in this exhibition. On the surface and mainly through words, it promulgates a highly clichéd China-centred discourse of huaqiao as patriotic subjects, legitimated by the authority of an official museum. Simultaneously, it articulates implicitly a “trans-local diasporic subjectivity” conveyed by the imagery of stamps and constituted by constant interactions between the materiality of stamps and the bodily experience of stamp collectors beyond the museum. This study contributes to the study of guiqiao, and of Chinese diaspora in general, in two ways. First, it complicates the conventional understanding of guiqiao identity by pinpointing contested negotiations between the state from above and guiqiao from below, involving simultaneously conflicts and compromises. Secondly, it brings to light the important role of body, affect and materiality in the construction and articulation of guiqiao identities, paving the way for integrating museum and migration studies with the potential to re-conceptualize transnational mobilities in the Chinese context and beyond.