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.

Apocalyptic Discourse in Contemporary Culture: Post-Millennial Perspectives of the End of the World

This interdisciplinary collection of essays focuses on critical and theoretical responses to the apocalypse of the late twentieth- and early twenty-first-century cultural production. Examining the ways in which apocalyptic discourses have had an impact on how we read the world’s globalised space, the traumatic burden of history, and the mutual relationship between language and eschatological belief, fifteen original essays by a group of internationally established and emerging critics reflect on the apocalypse, its past tradition, pervasive present and future legacy. The collection seeks to offer a new reading of the apocalypse, understood as a complex – and, frequently, paradoxical – paradigm of (contemporary) Western culture. The majority of published collections on the subject have been published prior to the year 2000 and, in their majority of cases, locate the apocalypse in the future and envision it as something imminent. This collection offers a post-millennial perspective that perceives "the end" as immanent and, simultaneously, rooted in the past tradition.

The Material Dynamics of a London-French Blog: A Multimodal Reading of Migrant Habitus

Through a fine-grained reading of a London-French blog, this article aims to shed light on the lived experience of the French community in London. The ethnosemiotic conceptual framework brings together ethnographic and semiotic schools of thought, focusing in particular on Pierre Bourdieu’s concept of habitus and Gunther Kress’s multimodal social semiotic analytical model. Habitus is broken down into its material manifestations of habitat, habit and habituation, all displayed in the blog and revealing of the blogger’s identity and positioning within the migration setting. As all modes are considered to be of equal semiotic potential, equivalent emphasis is placed on the multiple modes of meaning-making present in the blog, such as layout, colour, typography and language. By examining the dynamic relationships between blogger and audience, subjectivity and objectivity, on-line and on-land habitus, and intermodal dynamics themselves, through the prism of multimodality, hidden facets of the blogger’s cultural identity and sense of community belonging within the diasporic context begin to materialise.

Towards an Archaeology of Media Ecologies: The Case of Italian Free Radios

This article looks at the contemporary reinvention of the term Media Ecologies in the work of Matthew Fuller, arguing that its provenance is less form Postman's Media Ecology Association andmore form the work of Felix Guattari. It then presents an account of free radios in Italy and France in the 1970s and contemporary pirate radio as exemplary cases of media ecologies in Fuller's sense of the term

The Visual Representation of a Systematic Metaphor in a UK Media Text

Much has been written on the organizational power of metaphor in discourse, eg on metaphor ‘chains’ and ‘clusters’ of linguistic metaphor in discourse (Koller 2003, Cameron & Stelma 2004, Semino 2008) and the role of extended and systematic metaphor in organizing long stretches of language, even whole texts (Cameron et al 2009, Cameron & Maslen 2010, Deignan et al 2013, Semino et al 2013). However, at times, this work belies the intricacies of how a single metaphoric idea can impact on a text. The focus of this paper is a UK media article derived from a HM Treasury press release on alleviating poverty. The language of the article draws heavily on orientational (spatial) metaphors, particularly metaphors of movement around GOOD IS UP. Although GOOD IS UP can be considered a single metaphoric idea, the picture the reader builds up as they move line by line through this text is complex and multifaceted. I take the idea of “building up a picture” literally in order to investigate the schema of motion relating to GOOD IS UP. To do this, fifteen informants (Masters students at a London university), tutored in Cognitive Metaphor Theory, were asked to read the article and underline words and expressions they felt related to GOOD IS UP. The text was then read back to the informant with emphasis given to the words they had underlined, while they drew a pictorial representation of the article based on the meanings of these words, integrating their drawings into a single picture as they went along. I present examples of the drawings the informants produced. I propose that using Metaphor-led Discourse Analysis to produce visual material in this way offers useful insights into how metaphor contributes to meaning making at text level. It shows how a metaphoric idea, such as GOOD IS UP, provides the text producer with a rich and versatile meaning-making resource for constructing text; and gives a ‘mind-map’ of how certain aspects of a media text are decoded by the text receiver. It also offers a partial representation of the elusive, intermediate ‘deverbalized’ stage of translation (Lederer 1987), where the sense of the source text is held in the mind before it is transferred to the target language. References Cameron, L., R. Maslen, Z. Todd, J. Maule, P. Stratton & N. Stanley. 2009. ‘The discourse dynamic approach to metaphor and metaphor-led analysis’. Metaphor and Symbol, 24(2), 63-89. Cameron, L. & R. Maslen (eds). 2010. Metaphor Analysis: Research Practice in Applied Linguistics, Social Sciences and Humanities. London: Equinox. Cameron, L. & J. Stelma. 2004. ‘Metaphor Clusters in Discourse’. Journal of Applied Linguistics, 1(2), 107-136. Deignan, A., J. Littlemore & E. Semino. 2013. Figurative Language, Genre and Register. Cambridge: Cambridge University Press. Koller, V. 2003. ‘Metaphor Clusters, Metaphor Chains: Analyzing the Multifunctionality of Metaphor in Text’. metaphorik.de, 5, 115-134. Lederer, M. 1987. ‘La théorie interprétative de la traduction’ in Retour à La Traduction. Le Francais dans Le Monde. Semino, E. 2008. Metaphor in Discourse. Cambridge: Cambridge University Press. Semino, E., A. Deignan & J. Littlemore. 2013. ‘Metaphor, Genre, and Recontextualization’. Metaphor and Symbol. 28(1), 41-59.