Archives for posts with tag: media

At China’s annual meeting of its top legislative body, three draft reports are usually submitted for delegates to discuss and approve.

They comprise the premier’s government work report, the National Development and Reform Commission’s economic development report, and the Ministry of Finance’s budget report.

The documents provide a review of the past year and explain how the central authorities will govern the country in the coming year.

This year’s plenary session will also review and approve the proposed 13th five-year plan for the period from 2016 through to 2020. 

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Here are the five key points to take away from the draft plan and reports.

1. Growth target set at 6.5 to 7 per cent

This year’s proposed target for gross domestic product expansion has been set at a range between 6.5 per cent to 7 per cent.

The range, rather than a specific number, reflects China’s dilemma between pursuing economic growth and pushing ahead with reforms.

Innovation would be the top driving force for future growth, according to Li’s work report.

2. Hong Kong, Macau to play bigger roles in China’s economic development; Taiwan policies to be maintained

Beijing will “elevate Hong Kong and Macau’s positions and roles in China’s economic development and opening up” according to their “distinctive strengths”, Li said.

In its draft 13th five-year plan, also released on Saturday, China pledged to support Hong Kong in furthering its status as a global financial, shipping and trading hub.

He added that Beijing would adhere to previous policies on Taiwan, “firmly oppose secessionist activities” and maintain peaceful development of cross-strait ties.

3. Further interest rate liberalisation; government-managed floating system to stay

China has pledged to further liberalise interest rates and stick to a government-managed floating system.

Beijing aimed this year to keep the yuan generally stable on a “reasonable and balanced level” and to control “abnormal flow of cross-border capital effectively”, according to the annual report of China’s top economic planner, the National Development and Reform Commission.

4. China to boost overseas defence

The premier also pledged to improve China’s ability to protect its citizens and businesses abroad.

China would ensure that the G20 summit in Hangzhou this September would go smoothly, Li said. Beijing would “participate constructively” in seeking solutions for global issues, he added.

The government has budgeted 954 billion yuan (HK$1.13 trillion) for defence spending this year – a 7.6 per cent increase from last year. 

5. Slack officials warned, blundering ones to get second chance, rewards for innovators

Li warned officials against neglecting their duties.

China has been facing a situation in which many cadres chose not to perform their duties at all for fear of making mistakes and getting hauled up amid the country’s ongoing corruption crackdown.

Li warned that the Communist Party would have zero tolerance for officials who slacked off on their jobs. There was room for correction for those who made mistakes and rewards for innovators, he said.

See the full article from the South China Morning Post here.

 

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Alibaba has been on an acquisition spree, most recently with a Hong Kong newspaper:

China’s Alibaba confirmed that it has “entered into a definite agreement to acquire” the struggling Hong Kong-based newspaper the South China Morning Post (SCMP). It includes all the assets of the SCMP Group, which includes stakes in some web startups. The financial terms are not disclosed.

“The South China Morning Post is unique because it focuses on coverage of China in the English language. This is a proposition that is in high demand by readers around the world who care to understand the world’s second largest economy,” said Joe Tsai, executive vice chairman of Alibaba Group, in a statement. “Our vision is to expand the SCMP’s readership globally through digital distribution and easier access to content.”

Alibaba’s buy-out of the SCMP is the latest in many big moves into media and content by the ecommerce titan. A few months ago, Alibaba paid out US$4.2 billion to acquire China’s top video site company, Youku Tudou. It runs the Youku and Tudou sites, which combine user-generated content with licensed movies and TV series. It also has a film studio.

Tsai explained their decision to the sub-100,000 readership of the SCMP: “So, you’re probably wondering why. Why is Alibaba buying into traditional media, considered by some a sunset industry? The simple answer is that we don’t see it that way.” He adds that SCMP will continue to focus on “editorial excellence” and keeping readers’ trust as it adapts to fit in with fast-evolving new media and the way news is read via social media. No specific plans are revealed.

The newspaper was founded in 1903. Alibaba is acquiring it from Malaysian tycoon Robert Kuok’s Kerry Media, which bought the controlling interest from News Corp in 1993. The SCMP has a paywall, but its slowly rising digital revenues are not making up for tanking print sales.

See the full article from TechinAsia here.

Alibaba also recently invested in music streaming- see more here.

Chinese Marketers Shift Ad Budgets From Mass Media to Content

Media costs have been soaring for years in China, even as advertisers face greater restrictions from government regulators on how and when they can use mass media.

Marketers are responding by shifting ad budgets into professionally-generated content, and local companies are doing more, and spending more, than their multinational competitors.

“Overall, we see local players being a lot braver in China with content initiatives and it’s paying off big,” said Amrita Randhawa, CEO of WPP’s Mindshare China, a leader in spotting and developing such content for both local and multinational marketers. Ms. Randhawa, a Mindshare veteran who took over as China CEO in 2013, is one of Ad Age’s 2015 Women to Watch China honorees.

Millward Brown’s 2015 BrandZ ranking of the 1,000 most valuable brands in China credits strong usage of content as a primary reason local brands like dairy company Yili Group and China Resources Sanjiu Medical & Pharmaceutical Co. have grown in valuation.

“The time has never been riper for content in China and the money is big too. Professionally-generated content is hugely underestimated by multinationals who wait for reams of data to take a call vs. local players, who take a punt on instinct and then work their butts off making the amplification bigger and better and getting the return,” Ms. Randhawa said.

Local companies are comfortable working directly with the TV stations, Ms. Randhawa noted, and make low profile chairman-to-chairman deals on a handshake—and then trust the shows will deliver. Once the deal is made, local firms spend heavily around the content, activating it across different media.

JiaDuoBao, for instance, capitalized on its “Voice of China” sponsorship by printing the show’s logo on cans, and including an eight-digit code allowing buyers to visit the show’s website to vote for their favorite singer and win a prize, according to Kantar.

Without the need for the levels of research and evaluation required by multinational brands, local companies expect their TV station partners to bring in strong enough ratings to justify their growing sponsorship expenditure.

See the original article in Ad Age here.