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.

Plurality, policy and the local: can hyperlocals fill the gap?

Over the last 15 years, the acceleration in media consolidation has presented a series of policy challenges around diversity of editorial output. While policy debates on national ownership limits and other regulatory interventions are important, developments at the local level are often marginalised. And yet, the direction of travel—towards more consolidation and more deregulation—has arguably been more debilitating for democracy at the local level, where the vast majority of citizens interact with hospitals, schools, transport systems and local councils. The decline of local media���including, in some towns, the wholesale disappearance of local newspapers—leaves citizens starved of information and local institutions less accountable. This article uses an existing conceptual framework for assessing whether and how journalism makes a real-life contribution to democratic life at the local level. Against this normative framework, it then assesses the contribution of hyperlocal media sites to local democracy. We present findings from the most extensive survey of the hyperlocal sector to date, a collaboration with research partners at Cardiff and Birmingham City Universities and Talk About Local, which analysed online questionnaires from over 180 local online media initiatives. Our research offers a unique insight into the funding, operational problems and sustainability of community media sites, and suggests they have the potential to fulfil a vital democratic and civic role. These data inform our conclusions and recommendations for policy initiatives that would invigorate hyperlocal sites and therefore provide a real alternative for otherwise democratically impoverished local communities.

Cultural policy of the GLC

Loraine Leeson shared a panel with Hilary Wainwright and Linda Bellos OBE to speak about the cultural legacy of the Greater London Council. As a former member of the GLC’s Community Arts sub-committee in the 1980s, she drew on this experience to highlight the usefully different model offered by its arts policies to the top-down, target-driven arts funding structures, which are so familiar today. GLC policies led to a different kind of art, and with new life now being breathed into the Labour movement, younger generations are looking to lessons from the past to learn how things can be done differently.

Decorative news feeds

This is the latest semi-permanent outdoor version of, 'Decorative Newsfeeds' and is located at The Junction Theatre in Cambridge, UK. Rather than a projection, the work is displayed here on three bespoke colour LED screens intergrated into the architecture of the building and visible in direct sunlight.

Decorative news feeds; beacon

'Decorative Newsfeeds' use a live feed from the web to present up to the minute headline news from around the world as a series of pleasant animations, allowing viewers to keep informed while contemplating a kind of readymade sculpture or perhaps an automatic drawing.

A quarter century of creative chaos: Xinhua News Agency 1980-2005

Chinese media in the context of China's rise have puzzled many scholars who used to understand media and communications phenomena by employing the theories generated from a few affluent Western democracies, notably the US. As a result, a complex but more accurate picture has been ignored. Under numerous theoretical polarizations, the contemporary social world seems little changed but polarized. This thesis aims to propose a different approach endeavoring to 'de-Westernize' or 'internationalize' media and communications studies. As a starting point, this study focuses on the globalization debate, Chinese media and news agency studies. The thesis has investigated the Chinese news agency, Xinhua, by employing Fuzzy Logic which captures the complexity of the change in the agency's business structure and journalistic practices over last 25 years. The change is also examined by scrutinizing the role of journalists in the interrelations of Xinhua with its news sources, media and nonmedia clients, and other news agencies. A combination of archive study and 94 semistructured interviews conducted in Beijing, Shanghai, Guangzhou, Hong Kong, Macau and London provides an inclusive account of the Chinese news institution. The key research findings drawn from the empirical research into Xinhua have justified the central argument of this thesis: Crisp Logic or the 'either/or' approach has failed to explain the dynamics of the change to the media system based in a 'non-Western' society. The numerous theoretical polarizations generated by Crisp Logic to a large extent have distorted the understanding of the contemporary social world by polarizing it. Fuzzy Logic serves better(though it is not the only choice)than the traditional approach to reflect on the set of variables existing between the two poles created by Crisp Logic. This thesis is the first doctorate research in the UK and other English-speaking countries to investigate Xinhua by 'going inside' the news institution's headquarters, local branches and overseas bureaus. This is the first comprehensive academic study of the agency, which not only examines the agency's recent change in business structure and journalistic practices, but also provides a historical account of the agency and its relationship with other social institutions. This is the first media study that employs Fuzzy Logic to understand the globalization theory, Chinese media and news agencies.

Good Practice in EU Public Service Media and Contemporary Practice in Jordan: A Comparative Analysis

UNESCO Amman Office Foreword: UNESCO Amman office is pleased to publish a comparative analysis between good Public Service Media (PSM) practices in Europe and the contemporary practice in Jordan. The study is part of the Support to Media in Jordan project, funded by the European Union, aiming to increase media freedom, media independence and journalistic professionalism in Jordan. The state owned broadcaster, Jordan Radio and Television (JRTV), has informed, entertained and educated Jordanians for decades. JRTV reaches almost every corner of the Kingdom and has the potential to serve all Jordanians with balanced, impartial and accurate news and programmes relevant to their day-to-day lives.Based on this potential there has been a long standing ambition to transform the JRTV from a state broadcaster to a public service broadcaster; from a TV and radio that predominately serves the state, to a broadcaster that serves the public and is independent from the Government of the day. This ambition is expressed also in the Support to Media in Jordan project, agreed between the Government an the EU, under which UNESCO has been asked to produce two studies: The comparative PSM analysis and a broader media landscape assessment based on UNESCO’s Media Development Indicators (MDI’s). The Jordanian MDI assessment was carried out by a team of national and international researchers during the first six months of 2015, and builds on the rich flora of recent studies on the Jordanian media landscape, as well as on original research. The study is available in Arabic and English. Professor Naomi Sakr carried out the comparative PSM analysis parallel to the MDI study, and in close cooperation with the MDI research team and UNESCO Amman office.

Survival or Sustainability? Contributions of Innovatively-Managed News Ventures to the Future of Egyptian Journalism

In the repressive political climate prevailing in Egypt in 2013-15, news ventures aspiring to high standards of reporting were forced to innovate. This paper analyses three Egyptian start-ups that experimented with novel revenue streams and news services during that period, to gain insights into their approaches to managing journalism. In the process it compares different criteria for assessing sustainability and concludes that, in adverse political environments, narrow economic measures of profitability and survival may give a misleading picture as to the sustainability of the kind of journalism conducive to democratic practice. Operating collaboratively, transparently and ethically may slow productivity and profitability in the short term while laying stronger foundations for durable relations among media teams, as well as with readers and advertisers, in the long run.

Muslims in Public and Media Discourse in Western Europe: The Reproduction of Aporia and Exclusion

This chapter scrutinizes the dominant public discourse in Western Europe. Drawing on examples from the UK, Germany, and France but also from the Netherlands, Denmark and Spain it illustrates the gradual transformation of discourse from an “exotic Islam” to a “threatening Islam” that endangers European values and safety and suggests that the combination of this “securitization” of Islam and the monopoly of the “Muslim voice” by radical Muslim activists leads to a vicious circle of misrecognition and enhancing the aporia of Europe's Muslims.