On Chinese Media

Blockchain Hype

Oriental Outlook Issue No. 27， 2016

At the time of writing， 8.97 million results showed up in Google when the keyword “blockchain” was searched. Chinas leading search engine Baidu found 9.1 million websites related to this term.

The Economist likens the blockchain to a trust machine which， by virtue of technology， enables individuals to cooperate without a neutral third party in a trustless world. The Wall Street Journal believes that it is“one of the most powerful innovations in finance in 500 years.” In some peoples eyes the ultimate solution to credit issues， the blockchain is applicable to every industry and sector and will dramatically change the world.

The State of Blockchain： Q1 2016， released by industrial research institute CoinDesk， has revealed that increasingly more traditional financial institutions are showing interest in this sector. As many as 56 blockchain proposals were announced in the first quarter of this year.

Meantime， capital investments have started to flow into this field. The McKinsey report of May 2016 showed that blockchain technology companies in Silicon Valley and New York have become popular among VC firms in the last two years. Back in 2015， VC investment in bitcoin and blockchain start-ups amounted to US $480 million. In the first quarter of 2016， the figure stood at US $16 million.

In the U.S.， Democratic presidential candidate Hillary Clinton has openly backed research and application of the blockchain. In the U.K.， the governments Chief Scientific Advisor Mark Walport has proposed that the government bring the blockchain into line with state strategies. This new industry is booming in China as well. At the end of last June， the China Internet Finance Association decided to set up a team led by former president of the Bank of China Li Lihui， to make intensive studies into the appliance and influence of blockchain in the financial sector.

While the hype is building， we should perhaps look again at what blockchain technology actually is. Why is it sweeping the world？ Does it indeed have the power to thoroughly change human society？

The Shenzhen Gene

China Economic Weekly Issue No. 30， 2016

A young city full of challenges and opportunities， Shenzhen carries a gene that encourages people to innovate and start up new companies.

The city attracts countless aspirants as it has always taken the lead in Chinas reform and opening-up. People here prefer to spend their green years on their career rather than on early marriage， and never underestimate anyones potential.

Having grown rapidly from a fishing village to a modern metropolis with international influence， Shenzhen has impressed the world with its fast development. Today， the city has shifted its focus from speed to quality and standards.

Soon after taking the position of the new Party chief in 2012， Xi Jinping visited Shenzhen on his first inspection tour， when he stressed that the special economic zone should adhere to the reform and opening-up policy and so benefit the people and the country. In addition， the city was encouraged to strive towards breakthroughs and new advancements.

The article gives insight into the efforts Shenzhen will make in a bid to enhance its modernity， globalization and innovation in the 13th Five-Year Plan Period （2016-2020） and showcases stories of several entrepreneurs in the city.

Secondary Education in the U.S.

Life Week Issue No. 31， 2016

The number of Chinese applicants to U.S. senior high schools has skyrocketed in the last decade. In 2005， just 65 Chinese high school students were studying in the U.S. The figure jumped to 23，562 by 2013， making Chinese the largest group of international students in American senior high schools. Parents believe that a secondary education in the U.S. may pave the way for further education in Ivy League Schools. In addition， their children are expected to be nurtured with the idea of a liberal arts education， which is a long-standing philosophy in Western education and thought.

Before modern universities emerged in the 19th century， liberal arts had always been a key element of higher education， especially in the U.K. However， it was gradually replaced by the idea of specialized education in the 20th century. While it has declined in the U.K.， liberal arts education has thrived in the U.S. and has been further transformed to better adapt to a modern education system.

Private boarding schools are preferred by most Chinese students. In these schools， students learn to think from different perspectives and review new and old knowledge. In an era that is more open than ever before， new elites are taught to be inclusive， so to embrace the cultures of a diversified world.

Re-engage Karl Marx and the Young

Peoples Weekly Issue No. 14， 2016

“I was born in the 1990s， and Im your Bruno Mars. You are my Venus， my dear Marx…” The song Marx Is A Post-90s Generation， produced by a group of youngsters born in the 1980s and 90s， has become popular on Chinese social media.

How can this German philosopher of the 19th century influence the post-90s generation in todays China？ In universities， Karl Marx and his theory are much discussed. For instance， over 110 symposiums have been held in Changchun Normal University in northeast China to discuss such topics as whether Marxism is outdated in the present time， and how an individual could benefit from Marxism.

In a letter to his peer Uchida Tatsuru， Japanese writer Ishikawa Yasuhiro wrote that Karl Marx and Friedrich Engels were in their late 20s when they accomplished the Manifesto of the Communist Party. Although still a freshman when he read the philosophers hypothesis， Yasuhiro was impressed that they had pondered on profound issues while young and been able to give in-depth answers. The writer recalled that he was inspired by their spirit， behind which he sensed a remarkable world.

Late Retirement

Money Begets Money Issue No. 14， 2016

Sixty and 55 are the respective retirement ages for most men and women in China at the present time. However， faced with a relatively early retirement age and ever-increasing longevity， China is to raise the statutory retirement age.

Delaying retirement may be good for society. For example， working five years longer means an extra five years worth of endowment insurance， which will increase a workers pension by the time he/she retires. Meanwhile， the government may preserve or increase the value of pensions through investments to benefit more retirees. On top of that， human resources can be better allocated. Capable experts in various fields may contribute longer to society while helping the development of more young talents.

Nevertheless， a late retirement is challenged by practical social problems. Take employment for example. The younger generation could be affected. A companys workforce could remain relatively stable as long as there are no drastic changes taking place in the market environment， or in price and product quantity. If people are required to work longer， companies will have to employ more aged workers， so reducing employment of younger people and aggravating joblessness among graduates.

Full consideration needs to be undertaken whenever a policy is carried out.