China’s capital market is more professional and global

China (capital) market is getting rid of its reputation as a “casino” In early March this year, the mainland Chinese stock market fell 15% in two weeks, the largest decline in many years. A video began to circulate on Weibo: a sheep was trapped in a fence on a mountain, and a hiker was climbing up to rescue it. The video narration is “The national team will save me”. The “national team” refers to China’s large state-owned enterprises. It is believed that whenever the Chinese stock market plummets, the “national team” will buy stocks to stabilize the market.

Sure enough, the “national team” really made a move on March 9. State media reported that large state-owned insurance companies bought shares. For observers who do not pay close attention to China’s finance, this fits a familiar pattern: As long as Chinese stocks turn from a big rise to a big fall, driven by short-term speculators and rumors, the government will eventually take action to restore calm to the stock market.

But for market professionals, this kind of story is “novel”. Because the Chinese stock market fell completely in line with the US technology stock index Nasdaq. Guan Qingyou, a well-known Chinese economist, believes that (the Chinese stock market has fallen) the fundamental cause is concerns about US inflation. This led to a surge in US Treasury bond yields, which in turn triggered a rise in global risk aversion and consequently hit China’s stock market. Foreign investors who helped boost the rise of China’s stock market last year are now withdrawing, and China’s large domestic fund management companies have also responded to the signal and rushed to reduce their holdings. In other words, this type of selling provides evidence for two important areas of progress in the Chinese capital market: it is more professional than before and is more intertwined with global finance.

The ubiquitous mobile payment provides another way for ordinary Chinese people to buy funds. With just a few clicks on Alipay or WeChat, users can choose from hundreds of financial products. About 100 million retail investors in China have long believed that they can beat professional investors. But Wang Qionghui, managing director of JP Morgan Asset Management, said that this view has changed in the past two years, and many Chinese are buying mutual funds at an unprecedented rate. Just as Chinese stockholders comment on the performance of certain stocks on social media, these fund buyers are now beginning to praise and criticize the performance of China’s top fund managers.

Hate crime or sex addiction? U.S. public opinion is arguing over the motives of the suspect in the Atlanta shooting on the 16th. The police emphasized that it was too early to reach a conclusion. The US Congress held a hearing specifically on discrimination against Asians for the first time in 30 years. Democratic congressmen warned that the threat faced by Asian Americans had reached a “crisis point” and emphasized that this was inciting during the epidemic. The direct result of the rise of anti-China rhetoric-in the mouth of the former US President Trump, the new crown virus was called “Chinese virus” and “Kung Fu flu”. No matter how the Atlanta shooting is ultimately characterized, in CNN’s words, its occurrence is an “escalation of fear” for Asian Americans. In the past two days, there have been many in the United States

Some people emphasize that discrimination and violence against Asians are “very un-American” behaviors, but some scholars bluntly said that this is actually “very American”.

“Emotional” hearings

On the 19th local time, US President Biden and Vice President Harris planned to visit Atlanta. According to the “New York Times” report, they will meet with local community leaders and members of Asian and Pacific parliament to discuss attacks and threats to related communities. On the 18th, Biden ordered the White House and the National Federal Building, military camps, and warships to be lowered at half-mast to mourn the victims in the Atlanta shooting. This lasted until the evening of the 22nd.

According to a report in the Washington Post on the 19th, White House officials have been calling Asian and Pacific Island community leaders in recent days to reiterate the government’s commitment to combating racial hatred. However, there is a problem that has caused concern: two months after taking office, only two senior advisers in the Biden administration were Asian. Can such a ruling team fully understand the needs and struggles of more than 21 million Asian Americans?

Even if Biden can “fully understand” it, it is hard to imagine that he can alleviate the problem in a short period of time. “For many Asian Americans, the shock incident in Atlanta feels like an inevitable climax, because there have been 3,800 anti-Asian hatred incidents in the past year.” At the hearing on the 18th, the U.S. House of Representatives Judiciary Committee Steve Cohen, chairman of the Subcommittee on Constitution, Civil Rights, and Civil Liberties, described what Asians have experienced since the beginning of the epidemic: verbal harassment, being spat, slapped, burned by thrown chemicals, cut by a utility knife, Was brutally pushed to the ground.

The British “Guardian” said that this hearing on the issue of discrimination against Asians was planned a few weeks ago, and the shooting has made it even more urgent. At the hearing, Meixin Zhao, chairman of the Asia-Pacific American Caucus of the U.S. Congress, said that the “target chosen by the Atlanta shooting suspect was not accidental.” The result of the increase is also related to the previous U.S. government’s continuous output of discriminatory remarks against Asians in the past four years.”

Regarding the atmosphere of this hearing, the “Washington Post” described it as “emotional” on the 19th, saying that congressmen of the two parties spoke intensely. According to Agence France-Presse, when Republican Congressman Roy warned that this hearing should “maintain” freedom of speech, he was immediately refuted. “I am not a virus,” said Liu Yunping, a Chinese Democratic Congressman. “No matter what political bonus you think you have gained by using racial labels to describe this virus, you are hurting Americans who happen to be Asian.” Another Chinese American. Assemblyman Meng Zhaowen said: “Our community is bleeding and we are in pain. Last year, we have been crying out for help.”

“Heartbroken, fear, anger, and fed up”

“Heartbreak, fear, anger, enough.” The BBC said that Washington DC held a parade and candlelight evening to commemorate the victims of Atlanta on the 18th. These four words express the common aspirations of those present. Although the US police emphasized that it is too early to assert that the case is related to racial hatred, some human rights organizations said that in any case, the Asian American community is now “full of fear and pain.” “I see the same news headlines every week, and I feel tired.” A Chinese woman said.

In CNN’s view, the increase in hatred and violence against Asian Americans during the epidemic “echoed a historical pattern”, that is, Asian Americans are regarded as targets in times of crisis because they are regarded as foreigners. A South Korean female high school student studying in the eastern United States said: “When I was walking, a passing car had its windows open, and then there was verbal abuse. If this goes on, I am worried that a gun will stick out from the car.”

The “Global Times” special correspondent lives in Seattle. Since the beginning of the epidemic, there has been a feeling that the local Chinese community is more worried about being attacked than worrying about getting the virus: many people avoid going to China, the “severely affected area” of Asian Asians. Many friends who are eligible to buy guns have hoarded ammunition to protect themselves if necessary; many Chinese communities have spontaneously formed neighborhood mutual aid groups… After the shooting, Chinese Chen Xin told reporters that he was worried Such incidents will cause other racists to follow suit and commit crimes.

Zhang Qiqi, who lives in Massachusetts, told AFP about how she and her two daughters (2 and 4 years old) talked about hate crimes: “We started to discuss how we would escape if we were attacked on the street. What is the plan. (But,) how can it be normal to say this to a two-year-old child?” She said that for most of her life, she had been taught to be a “model minority”. But now it seems that keeping a low profile leads to “no one pays attention to crimes against us.” The BBC said that some Asian Americans mentioned that they had been discriminated against by their parents since they were educated, but now it is time to speak up.

“Unfortunately, it is very American”

After the Atlanta shooting, many international media quoted the “3,800 incidents of hatred of Asians”, which came from a report released this week by the “Stop Hatred of Asian-Pacific Americans.” According to the ABC report, this report records the discrimination cases that occurred in the 50 states and Washington DC from March 19 last year to February 21 this year. More than 40% of the victims were of Chinese descent. The most relevant cases occurred in California, with a total of 1691.

Zhang Huayao, the founder of the “Stop Hatred Asia-Pacific Americans”, told the media on the 18th that most criminals target people they consider to be disadvantaged, such as the elderly, teenagers, and women. Of the eight victims in the shooting, six were Asian women. CNN said it was hard to believe that this was accidental. Some experts said that some of the suspect Robert Long’s remarks reflected the bad habits of demeaning women in Western culture and reflected prejudice against Asian women. They are generally regarded as docile and therefore regarded as “objects of libido”. Moreover, many Asian women work in the service industry and are more susceptible to racial discrimination. According to the “Guardian” report, an upcoming report from the “National Forum of Asian-Pacific Women” shows that during the epidemic, 50% of Chinese women interviewed and 64% of Korean women had been attacked by racial discrimination in public places. .

In the United States, discrimination against the overall Asian group is composed of complex factors. The New York Times quoted Erica Lee, a professor of history at the University of Minnesota, as saying that many people know nothing about the history of Asian Americans. And there is another stereotype that all Asians are successful in economics and education, which will lead to a false assumption that if they face discrimination, it will not be so bad.

According to the New York Times, some scholars and activists said that the shooting was not surprising because government officials and popular culture have been playing down the dangers of prejudice and stereotypes against Asians for years, just like this case. Even if anti-Asian violence is acknowledged, it is sometimes arbitrarily regarded as an isolated incident rather than a core part of the Asian American story. “In the past 24 hours, we have heard many people refer to discrimination and violence against Asians as non-American behavior. Unfortunately, it is very American.” Erica Lee said at the hearing on the 18th , Asian Americans have been “terrified”, and continued attacks on them mark a “systematic national tragedy” that will not disappear after the epidemic is over.

Vivin Zou, director of the National Forum of Asian-Pacific Women, believes that although the focus of attention is on hatred against Asians, the root of this problem is white supremacy. “Anyone can become a scapegoat at any time.” CNN quoted the Secretary of Homeland Security Majorcas as saying on the 19th that domestic extremism is the biggest threat to the United States.