China-India business sees ideological differences
Shanghai
INDIA'S democratically elected Prime Minister Narendra Modi viewed Shanghai's gleaming skyscrapers at the weekend in search of pointers for his economy, but China believes its one-party state is a key reason for its growth miracle.
China began moving away from its closed-off, Maoist command economy in 1978, recruiting market forces under Deng Xiaoping's "reform and opening up" banner to power its rise to the world's No 2 economy. State infrastructure investment and favourable treatment for foreign companies have made Shanghai the planet's largest port, a gateway to the world for Chinese goods. "Shanghai is indeed among the Chinese cities with the most advanced economies," Shanghai Vice-Mayor Zhou Bo proudly told Mr Modi.
TRENDING NOW
Fed hike throws Singapore banks a margin lifeline; UOB likely to benefit more
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
Chagee, Mixue and Luckin won the market. Sustaining their edge is the harder part
Canada is upping oil flows to Asia, but South-east Asia’s refineries aren’t ready to handle them yet
