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Cyril Ip

Articles by Cyril Ip

Will China and its E7 emerging economies render the G7 a redundant clique?

December 5, 2021

[unable to retrieve full-text content]What is the E7?The Emerging 7 (E7) consists of the BRIC countries of Brazil, Russia, India and China plus Mexico, Indonesia and Turkey.Unlike the Group of 7 (G7), the E7 is not an actual forum nor alliance, but merely a concept created by economists John Hawksworth and Gordon Cookson in 2006 to highlight the economic potential of emerging countries versus advanced economies.In comparison, the G7 was created in 1973 and includes Canada, France, Germany, Italy, Japan, the United Kingdom and the…

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How did China’s digital music industry become the second largest in the world?

November 28, 2021

[unable to retrieve full-text content]How big is China’s music industry?China’s music industry has grown rapidly to become one of the world’s largest over the past decade. Since breaking into the top 10 of the International Federation of the Phonographic Industry’s (IFPI’s) global rankings of music markets in 2017, it has risen to seventh place, just behind South Korea.But in terms of revenue from digital music, China was second only to the United States with US$2 billion in sales last year, and that number is expected to exceed US…

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Chinese graduates lament Western degrees no longer a fast track for top jobs

November 27, 2021

[unable to retrieve full-text content]As degrees from overseas universities lose their competitive edge in China, graduates returning for work are getting mixed signals from employers, with some concerned the job market favours candidates who obtained local qualifications, despite an enduring “West is best” mentality in certain parts of society.The total number of Chinese nationals studying overseas in 2019 was 703,500, according to the Ministry of Education. In the 2019-20 academic year, China sent more than 100,000 new university…

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Singles’ Day sales hit by rising anti-consumerism sentiment, China’s youth warn of ‘vicious circle’

November 12, 2021

[unable to retrieve full-text content]Anti-consumerism sentiment among young people in China concerned with overindulgence dominated the world’s largest online shopping festival this year, adding to the recent social phenomena of “lying flat” and “involution”.Despite raking in 540.3 billion yuan (US$84.4 billion) in sales and beating last year’s turnover, this year’s Singles’ Day sales grew at its slowest rate since Alibaba created the online shopping extravaganza in 2009. Alibaba is the owner of the South China Morning Post.A…

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China’s luxury goods market: how big is it, and what impact has the coronavirus pandemic had?

November 6, 2021

[unable to retrieve full-text content]China is a key driver of global sales of luxury goods, from expensive jewellery to private jets.While the global market for high-end products has taken a hit during the coronavirus pandemic, mainland China’s share of that pie has increased. Here’s a snapshot of the country’s appetite for the finer things in life.How big is China’s luxury goods market?China’s share of the global luxury goods market was about 32 per cent in 2020, but in five years it is set to surpass the United States to become…

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China consumption: how important is it to the world’s No 2 economy?

October 29, 2021

[unable to retrieve full-text content]How important is consumption to the Chinese economy?Consumption, which measures the final purchase of goods and services by households, accounts for more than half of China’s gross domestic product (GDP) and its share continues to increase. In the first three quarters of this year, consumer spending contributed 64.8 per cent of GDP, the biggest driver of growth for the Chinese economy.Consumption was at its peak in 2000, when its annual share of China’s GDP was 63.9 per cent. But that figure…

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