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.

Fundos de investimento : um tipo societário autônomo e suas principais características

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2016.

Stratégies des entreprises chinoises dans le secteur extractif dans l’Arctique

Poussée par une croissance économique rapide ces trente dernières années, la demande chinoise en matières premières a considérablement augmenté au cours de cette période. Premier importateur mondial de nombreux minerais depuis le début du XXIe siècle, la Chine, qui n’est pas un État côtier de l’Arctique, semble attentive au potentiel économique de la région, et notamment en ce qui a trait à l’exploitation des gisements miniers. Avec l’ouverture relative des accès maritimes à travers les passages arctiques, les entreprises chinoises seraient en mesure d’effectuer des économies sur les coûts de transport et pourraient plus aisément accéder aux gisements miniers du Groenland et de l’Arctique canadien. La montée en puissance de l’économie chinoise, qui s’est concrétisée depuis le début du siècle, son affirmation politique sur la scène mondiale, et sa diplomatie des ressources perçue comme agressive a contribué à développer une perception négative de la Chine au sein des opinions publiques canadiennes, danoises, groenlandaises, et islandaises. Dans un contexte de débats et d’inquiétudes sur les questions de souveraineté dans l’Arctique, les presses canadiennes, groenlandaises et danoises ont contribué à construire, dans leurs opinions publiques respectives ces dernières années, une certaine sinophobie face aux investissements directs à l’étranger chinois, qui débutent réellement en 2005. Par exemple, un sondage mené en 2015 par l’Asia Pacific Foundation of Canada faisait ressortir que près de 76% de la population canadienne était hostile à l’acquisition d’entreprises canadiennes par des entreprises chinoises, tous secteurs confondus. Au Groenland, la perspective d’opérations minières dirigées par des entreprises chinoises a provoqué l’ire des médias danois et groenlandais. Alors que certains dénoncent une stratégie géopolitique chinoise plus large dans cette région du monde, d’autres mettent l’accent sur les implications de la venue de nombreux travailleurs chinois, de même que sur les questions d’une Chine cherchant à assurer un accès à long terme aux ressources de la région, prétextant que le Groenland serait une région d’investissement majeur pour les entreprises chinoises. La Chine, par l’entremise de ses entreprises, chercherait-elle à faire main basse sur les ressources minières de l’Arctique ? L’Arctique canadien, le Groenland et le Grand Nord québécois sont-ils des territoires d’investissements majeurs pour les entreprises chinoises ? Comment les facteurs qui déterminent les choix des entreprises chinoises se sont-ils traduits dans l’Arctique ? Dans le cadre de cette recherche, trente-six entreprises et organes du gouvernement ont été consultés. Les résultats de l’enquête soulignent que ces territoires ne sont pas des régions où les entreprises chinoises investissent d’importantes sommes, mais demeurent attractifs en raison de la stabilité politique et du climat compétitif des affaires qui y règnent, ainsi que pour la qualité des ressources physiques qu’on y retrouve. Cependant, les acteurs chinois soulignent d’importants défis tels que le déficit en matière d’infrastructures maritimes et de communication dans l’Arctique, le manque d’informations sur les opportunités d’affaires, c’est le cas des projets disponibles au Groenland notamment, et les acteurs chinois soulignent également leur manque d’expérience à l’international, de même que le coût et la disponibilité de la main-d’oeuvre comme des défis importants pour les entreprises chinoises. En somme, les investissements des entreprises chinoises dans des projets miniers dans l’Arctique canadien et au Groenland s’insèrent, certes, dans les stratégies globales des entreprises chinoises qui visent à diversifier et sécuriser leurs sources d’approvisionnements. En revanche, s’il apparaît que les territoires arctiques ne sont pas des régions d’investissements majeurs pour les entreprises chinoises dans le secteur extractif, les acteurs chinois sondés raisonnent, de manière générale, selon une logique de marché et recherchent donc, pour la plupart, à assurer la rentabilité de leur entreprise par la réalisation de gains. Outre les fluctuations des prix des matières premières sur les marchés mondiaux qui affectent grandement les opérations minières globales, de nombreux facteurs dans l’Arctique tels que l’éloignement, les conditions météorologiques extrêmes, et le manque d’infrastructures augmentent considérablement le coût de faire des affaires dans le secteur minier dans l’Arctique, qui demeure un marché niche.

BRS Ártico: common bean cultivar with export-standard white grain.

BRS Ártico is a common bean cultivar with white grains with international standard size (62 g per 100 seeds), appropriate for cultivation in the Central region of Brazil and the state of Paraná. The cycle is semi-early, the yield potential 2677 kg ha-1 and BRS Ártico has moderate resistance to rust and curtobacterium wilt.

Modelling world investment markets using threshold conditional correlation models

In this paper we propose a parsimonious regime-switching approach to model the correlations between assets, the threshold conditional correlation (TCC) model. This method allows the dynamics of the correlations to change from one state (or regime) to another as a function of observable transition variables. Our model is similar in spirit to Silvennoinen and Teräsvirta (2009) and Pelletier (2006) but with the appealing feature that it does not suffer from the course of dimensionality. In particular, estimation of the parameters of the TCC involves a simple grid search procedure. In addition, it is easy to guarantee a positive definite correlation matrix because the TCC estimator is given by the sample correlation matrix, which is positive definite by construction. The methodology is illustrated by evaluating the behaviour of international equities, govenrment bonds and major exchange rates, first separately and then jointly. We also test and allow for different parts in the correlation matrix to be governed by different transition variables. For this, we estimate a multi-threshold TCC specification. Further, we evaluate the economic performance of the TCC model against a constant conditional correlation (CCC) estimator using a Diebold-Mariano type test. We conclude that threshold correlation modelling gives rise to a significant reduction in portfolio´s variance.

Modeling for the world crude oil and natural gas markets

Crude oil and natural gas have been essential energy sources and play a crucial role in the world economy. Changes in energy prices significantly impact economic growth. This study builds an econometric model to illustrate the substitute relation between crude oil and natural gas markets. Additionally, the determination of the oil and natural gas prices are endogenized, assuming imperfect competition to reflect a real market strategy. Our empirical results show that the overall performance of this system is acceptable, and the model can be applied to policy analysis for determining monetary or energy policy by introducing this model to the more comprehensive system.

Will improved access to capital dampen the need for more agricultural land? A CGE analysis of agricultural capital markets and world-wide biofuel policies. Factor Markets Working Paper No. 48, May 2013

This paper analyses the consequences of enhanced biofuel production in regions and countries of the world that have announced plans to implement or expand on biofuel policies. The analysis considers biofuel policies implemented as binding blending targets for transportation fuels. The chosen quantitative modelling approach is two-fold: it combines the analysis of biofuel policies in a multi-sectoral economic model (MAGNET) with systematic variation of the functioning of capital and labour markets. This paper adds to existing research by considering biofuel policies in the EU, the US and various other countries with considerable agricultural production and trade, such as Brazil, India and China. Moreover, the application multi-sectoral modelling system with different assumptions on the mobility of factor markets allows for the observation of changes in economic indicators under different conditions of how factor markets work. Systematic variation of factor mobility indicates that the ‘burden’ of global biofuel policies is not equally distributed across different factors within agricultural production. Agricultural land, as the pre-dominant and sector-specific factor, is, regardless of different degrees of inter-sectoral or intra-sectoral factor mobility, the most important factor limiting the expansion of agricultural production. More capital and higher employment in agriculture will ease the pressure on additional land use – but only partly. To expand agricultural production at global scale requires both land and mobile factors adapted to increase total factor productivity in agriculture in the most efficient way.

U.S. Commercial Center, São Paulo : your ticket to Brazil, one of the world's fastest-growing markets.

Mode of access: Internet.

U.S. Commercial Center, Shanghai : your ticket to China, one of the world's fastest-growing markets.

Mode of access: Internet.

U.S. commercial centers : your ticket to the world's fastest-growing markets.

Mode of access: Internet.

World coffee markets and national coffee parastatals since 1989: A comparative study of Colombia and Cote d'Ivoire

The International Coffee Agreements (ICA) involved the majority of nations producing and consuming coffee and provided relative economic stability to the coffee sectors of the exporting Third World countries. This study focuses on the serious impact of the 1989 collapse of the ICA on the domestic coffee sectors of Colombia and Côte d'Ivoire. In particular, the dissertation examines the role of the Colombian and Ivoirian coffee parastatals, the Federacion Nacional de Cafeteros de Colombia and the Caisse de Stabilisation et Soutien des Prix des Produits Agricoles, during the crisis and their transformation by it. ^ The theoretical framework employed in this study is borrowed from the literature on state-society relations. The methodology includes: in-depth analysis of the historical roles of the parastatal agencies in coffee production, state-society relations and economic development in Colombia and Côte d'Ivoire; interviews with parastatal administrators, producers and other knowledgeable informants in both countries; and a comprehensive review of newspaper articles and official statements of coffee policy published in Colombia and Côte d'Ivoire. prior to, during, and after the crisis. ^ The Colombian and Ivoirian coffee sectors and their producers faced serious economic and social problems following the drop in coffee prices. The coffee parastatals in Colombia and Côte d'lvoire first lost some of their responsibilities following the world coffee crisis. The Caisse was in the end eliminated while FEDECAFE struggled to remain in existence. Along the way, both entities faced protests from disgruntled coffee producers, who organized politically for the first time in their nations' histories. I argue that the outcome for the parastatals depended in part on the conditions of their formation, particularly the level of societal involvement in their creation. I also posit that the country's dependence on foreign aid played a key role in the fate of the parastatals. ^ This dissertation concludes that developments in the Colombian and Ivoirian coffee sectors have significantly contributed to the creation of the difficult political and economic conditions of both countries today. ^

World coffee markets and national coffee parastatals since 1989: a comparative study of Colombia and Cote D'ivoire

The International Coffee Agreements (ICA) involved the majority of nations producing and consuming coffee and provided relative economic stability to the coffee sectors of the exporting Third World countries. This study focuses on the serious impact of the 1989 collapse of the ICA on the domestic coffee sectors of Colombia and Cote d'Ivoire. In particular, the dissertation examines the role of the Colombian and Ivoirian coffee parastatals, the Federacion Nacional de Cafeteros de Colombia and the Caisse de Stabilisation et Soutien des Prix des Produits Agricoles, during the crisis and their transformation by it. The theoretical framework employed in this study is borrowed from the literature on state-society relations. The methodology includes: in-depth analysis of the historical roles of the parastatal agencies in coffee production, state-society relations and economic development in Colombia and Côte d'Ivoire; interviews with parastatal administrators, producers and other knowledgeable informants in both countries; and a comprehensive review of newspaper articles and official statements of coffee policy published in Colombia and Côte d'Ivoire prior to, during, and after the crisis. The Colombian and Ivoirian coffee sectors and their producers faced serious economic and social problems following the drop in coffee prices. The coffee parastatals in Colombia and Côte d'Ivoire first lost some of their responsibilities following the world coffee crisis. The Caisse was in the end eliminated while FEDECAFE struggled to remain in existence. Along the way, both entities faced protests from disgruntled coffee producers, who organized politically for the first time in their nations' histories. I argue that the outcome for the parastatals depended in part on the conditions of their formation, particularly the level of societal involvement in their creation. I also posit that the country's dependence on foreign aid played a key role in the fate of the parastatals. This dissertation concludes that developments in the Colombian and Ivoirian coffee sectors have significantly contributed to the creation of the difficult political and economic conditions of both countries today.