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6 White Paper on the Business Environment in China
inspection team, said. He refused to disclose the time and du- China’s leaders are not sitting on their laurels either. In mid-
ration of the upcoming inspections, but said certain Party and December 2014, as of this writing, China’s top leaders began
government departments would be rechecked. In addition to meeting to map out economic plans for 2015. According to
local Party and government units, the previous four rounds of Bloomberg, as the economy continues to slow with China
central inspections had covered seven public service institutes, facing deflation risks, economists expect the government to
six state-owned enterprises and two universities.8 lower next year’s economic growth target to 7 percent from
about 7.5 percent this year as it adapts to the “new normal”
Xinhua observed that central inspections had been respon- of a slower expansion pace. Analysts say this signals room for
sible for the downfall of corrupt high-level officials such as Su further monetary “easing”, with “more flexibility in combining
Rong, former vice chairman of the Chinese People’s Political interest rate and reserve requirement cuts with targeted easing
Consultative Conference National Committee, the country’s measures to maintain macro stability and address structural
top political advisory body.8 imbalances.” 40
Moving Forward: Hope
Every year, China coins a catchphrase to describe the year
that has just passed, an activity organized by the government-
backed Chinese National Language Monitoring and Research
Center in tandem with a publishing house and the website of
People’s Daily. This year, according to Xinhua, for the first time
Chinese Internet users were invited to assist with the selection
process.10
According to Xinhua, the recommendations, which flooded
the People’s Daily website by the thousands, include the phrase
“pai ying da hu” which means to “hunt tigers and swat flies,” a
phrase used by President Xi Jinping to show his determination
to root out corrupt officials, no matter how powerful.10
Another recommendation is “fa” or “law”, which was picked
as the theme for this year’s Fourth Plenum. “The word not only
reflects the fact that the government attaches a high importance
to it, it also means that more efforts are needed to raise public
awareness of rule of law,” wrote one microblogger named Zhou
Yanrong on the People’s Daily website.10
Mao Yushi, an economist, told local media that he had
recommended the character “pan” meaning “expectations”. He
said: “I expect progress in China’s constitutional reform, which
is a key issue in China now.”10
Another scholar, Hao Mingjian — the editor-in-chief of a
well-respected magazine that focuses on the study of Chinese
language – suggested the character “zhen” which can be
translated to mean “cheer up” or “rebounce”. Mr. Hao said that
he thinks “2014 was a year of cheer and hope, thanks to the
government crackdown against corruption.” 10
While it may be simplifying things a tad to use a catch
phrase– it is rather remarkable at how apropos these words do
seem to be - “hunt tigers and swat flies,” “law,” “expectations”,
“cheer and hope” at succinctly encapsulating the breadth and
volume of what has transpired this year in the areas of reform,
anti-corruption and the rule of law in China. Yes, there are
challenges and occasional setbacks but reforms are ongoing –
foreign companies in China can practise patience, exercise vigi-
lance and hope for the best.
42
inspection team, said. He refused to disclose the time and du- China’s leaders are not sitting on their laurels either. In mid-
ration of the upcoming inspections, but said certain Party and December 2014, as of this writing, China’s top leaders began
government departments would be rechecked. In addition to meeting to map out economic plans for 2015. According to
local Party and government units, the previous four rounds of Bloomberg, as the economy continues to slow with China
central inspections had covered seven public service institutes, facing deflation risks, economists expect the government to
six state-owned enterprises and two universities.8 lower next year’s economic growth target to 7 percent from
about 7.5 percent this year as it adapts to the “new normal”
Xinhua observed that central inspections had been respon- of a slower expansion pace. Analysts say this signals room for
sible for the downfall of corrupt high-level officials such as Su further monetary “easing”, with “more flexibility in combining
Rong, former vice chairman of the Chinese People’s Political interest rate and reserve requirement cuts with targeted easing
Consultative Conference National Committee, the country’s measures to maintain macro stability and address structural
top political advisory body.8 imbalances.” 40
Moving Forward: Hope
Every year, China coins a catchphrase to describe the year
that has just passed, an activity organized by the government-
backed Chinese National Language Monitoring and Research
Center in tandem with a publishing house and the website of
People’s Daily. This year, according to Xinhua, for the first time
Chinese Internet users were invited to assist with the selection
process.10
According to Xinhua, the recommendations, which flooded
the People’s Daily website by the thousands, include the phrase
“pai ying da hu” which means to “hunt tigers and swat flies,” a
phrase used by President Xi Jinping to show his determination
to root out corrupt officials, no matter how powerful.10
Another recommendation is “fa” or “law”, which was picked
as the theme for this year’s Fourth Plenum. “The word not only
reflects the fact that the government attaches a high importance
to it, it also means that more efforts are needed to raise public
awareness of rule of law,” wrote one microblogger named Zhou
Yanrong on the People’s Daily website.10
Mao Yushi, an economist, told local media that he had
recommended the character “pan” meaning “expectations”. He
said: “I expect progress in China’s constitutional reform, which
is a key issue in China now.”10
Another scholar, Hao Mingjian — the editor-in-chief of a
well-respected magazine that focuses on the study of Chinese
language – suggested the character “zhen” which can be
translated to mean “cheer up” or “rebounce”. Mr. Hao said that
he thinks “2014 was a year of cheer and hope, thanks to the
government crackdown against corruption.” 10
While it may be simplifying things a tad to use a catch
phrase– it is rather remarkable at how apropos these words do
seem to be - “hunt tigers and swat flies,” “law,” “expectations”,
“cheer and hope” at succinctly encapsulating the breadth and
volume of what has transpired this year in the areas of reform,
anti-corruption and the rule of law in China. Yes, there are
challenges and occasional setbacks but reforms are ongoing –
foreign companies in China can practise patience, exercise vigi-
lance and hope for the best.
42
