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.

Policy Solutions and International Perspectives on the Funding of Public Service Media Content for Children: A Report for Stakeholders

This project on Policy Solutions and International Perspectives on the Funding of Public Service Media Content for Children began on 8 February 2016 and concludes on 31 May 2016. Its outcomes contribute to the policy-making process around BBC Charter Review, which has raised concerns about the financial sustainability of UK-produced children’s screen content. The aim of this project is to evaluate different funding possibilities for public service children’s content in a more challenging and competitive multiplatform media environment, drawing on experiences outside the UK. The project addresses the following questions: • What forms of alternative funding exist to support public service content for children in a transforming multiplatform media environment? • What can we learn from the types of funding and support for children’s screen content that are available elsewhere in the world – in terms of regulatory foundations, administration, accountability, levels of funding, amounts and types of content supported? • How effective are these funding systems and funding sources for supporting domestically produced content (range and numbers of projects supported; audience reach)? This stakeholder report constitutes the main outcome of the project and provides an overview and analysis of alternatives for supporting and funding home-grown children’s screen content across both traditional broadcasting outlets and emerging digital platforms. The report has been made publicly available, so that it can inform policy work and responses to the UK Government White Paper, A BBC for the Future, published by the Department of Culture, Media and Sport in May 2016.

Regulation and Social Media: Speed Bumps or the Code 2.0

“Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us. You have no sovereignty where we gather (…)” (Barlow 1996). Barlow’s declaration of independence of February 8 1996 was an expression of the libertarian approaches that have run through the Internet since its inception, and is the root of the misapprehension that the internet is somehow unregulated by state sovereignty. But why was it published that day? What happened?

Power, Arab media Moguldum & gender rights as entertainment in the Middle East

Discourse is a giant field of research and gender related rights are still a disputed area of thinking. Thus, when Arab transnational satellite televisions produce dialogues, images, stories and narratives about the disputed “universal” gender rights in the Middle East, the big questions remain how and why. According to De Beauvoir (1949), one becomes woman and to Butler (1990) one is not born a gender at all but is “done” and “undone” to become one via discourse. Islamic feminism speaks of a cultural/religious specificity in defending women rights and even gender diversity based on new Quranic interpretations. The gender, “Al-Naw’u”, remains synonym to sex “Al Jins” as gender and queer theories never developed in Arabic in tandem with the European institutions or the theories of the19th century– especially those ideas emerging from studies of the mental asylum. This research tries to understand gender related “rights” and “wrongs” as manifest in the discursive institutions owned by media mogul Prince Al Waleed Ben Talal Al Saud. The trouble of such a study is lexical, ideological and institutional at the same time. Since we lack a critique of the discourses and narratives addressed in the pan-Arab satellite channels, in general it is difficult to understand their significance and influence in everyday life practices. What language is used to speak of gender rights or wrongs? Which ideology is favoured in this practice of legitimisation and/or policing? Using case studies, CDA of social and religious talk shows, narrative analysis of Arabic cinemas, this research adapted triangulation to show the complexity of conversing and narrating gender related content at the micro and macro levels within an institution of power. Using semi-structured interviews from fieldwork in Egypt (2009) and Lebanon (2011), archive research and online ethnography, the research exposes the power structure under which gender discourses evolve. It emerges that gender content is abundant on the Pan Arab satellite space, “manufactured” on talk shows and plotted tactfully in the cinematic “creative-act”. The result is a complex discourse of gender content that scratches the surface calling for interpretation. So how and why do gender rights and wrongs find place on Prince Al Waleed’s Media Empire?

Understanding Media Production: A rejoinder to Murdock and Golding

This article is a rejoinder to Murdock and Golding’s response to my critique of the political economy of communications (PEC) analysis of media production (see Author 2015). This article sets this exchange in the context of a broader debate in recent editions of Media, Culture & Society (Garnham 2016, Fuchs, 2016) about the value of PEC. Much of this debate stems from Garnham’s (2011) critical review of 40 years of PEC research.

Guerrilla Networks: An Anarcheology of 1970s Radical Media Ecologies

A monograph based on my sabbatical research on radical media ecologies in the 1970s in film, video, radio, television and music. This project aims to develop the paradgims of media archaeology and ecologies in a political way via the concepts of media anarchaeology and guerrilla networks

Telephones, Voice Recorders, Microphones, Phonographs: A Media Archaeology of Sonic Technologies in Twin Peaks

This article argues that sonic technologies, such as telephones, voice recorders and phonographs, alongside more (audio)visual ones such as flickering fluorescent lights, videos, and the television sets are crucial to the world of Twin Peaks, and constitute this world as both a communications network with portals to the unknown, and an accumulation of recordings of ghosted voices and entities, perhaps finding its ultimate expression in the backwards reprocessed speech in the Black Lodge. This lodge can be understood as a space in which there are nothing but recordings, albeit now on a cosmic, spiritual and demonic level. Using a media archaeological approach to these devices in the series, this paper will argue that they were already operating by a media archaeological logic, generating the world of Twin Peaks as a haunted archive of sonic and other mediations.

Breaking Open the Black Boxes: media archaeology, anarchaeology and media materiality

An essay on the emergent methodology of media archaeology, in realtion to the material turn in approaches to digital media. In particular, this article advocates taking up Siegfried Zielinski's concept of 'anarchaeology', but in a different sense to the way it was originally proposed, in order to emphasise the political potentials of a media (an)archaeological methodological approach.

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