China’s quality development is profoundly smooth, steady

 

China's economy is stable and on the rise.

During the ongoing 20th National Congress of the Communist Party of China (CPC), an official in charge of the National Development and Reform Commission said at a press conference that judging from the current situation, China's economy rebounded significantly in the third quarter, and from a global perspective, China's economic performance is still remarkable. Although affected by changes in the domestic and external environment, there are still some outstanding contradictions and problems in the current economic operation. However, China has a population of more than 1.4 billion and coupled with basic conditions such as a complete industrial system and a comprehensive industrial chain, "China's economic stabilization and improvement will be further consolidated."

We have noticed that the assessments that some well-established international agencies made recently on China's economy coincide with China's own remarks. A well-known consulting agency said that most preliminary economic data indicated that China's economy recovered in the third quarter. Experts from the Economist Intelligence Unit also believe that compared with the economic difficulties of various countries in the world, "China has some unique advantages at the moment," which enables China's economy to maintain positive growth even when faced with great internal and external pressure.

Of course, when people pay attention to and discuss China, there are also negative and pessimistic arguments, and some even regard China's development and security, government and market, openness and independence as contradictory to each other. Part of it comes from taking wishful thinking as fact, because it has long been "standard configurations" for some US and Western public opinion to downplay China; at the same time, part of it results from looking at "speed" with the outdated thinking and vision, without understanding the deep logic of China's high-quality development.

If we observe the Chinese economy from the perspective of quality development, we will look through the complicated and indistinguishable superficial information to see the ongoing evolution and the improvement of the Chinese economy. In recent years, although the growth rate of China's economy has declined a bit compared with some periods in the past, its economic structure has been continuously optimized and its development momentum has been enhancing. In particular, the development speed of high-tech industries is equal to doubling the average development speed of the entire industry. Some major technological fields have made their ways to the global frontier, transformed by innovation-driven factors instead of the factors such as land, capital and labor in the past. At the same time, the energy consumption per unit of GDP has continued to decline. The sky is bluer, the mountains are greener, and the water is clearer. Although facing some temporary challenges and difficulties, China has enhanced its ability to overcome difficulties in its economy. 

Illustration: Chen Xia/GT 

The report to the 20th CPC National Congress stressed that "To build a modern socialist country in all respects, we must, first and foremost, pursue high-quality development." If the Chinese people are to live a better life and the Chinese nation is to realize its great rejuvenation, maintaining economic growth is of course very necessary. At the same time, the Chinese people have a broader and more comprehensive understanding of growth. And high-quality development is a new concept in which "innovation is the primary driver, coordination is an endogenous trait, eco-friendly growth prevails, openness to the world is the only way, and shared growth is the ultimate goal." This is also China's proactive pursuit of following the laws of economic development, adapting to changes in major social contradictions, and maintaining sustainable and sound economic development.

Compared with the past, China now puts more emphasis on maintaining national security, because the global security situation today has become more complicated, especially when the US is fanning flames and creating geopolitical crises everywhere and treating China as its No.1 strategic competitor. Against the backdrop of a sudden increase in external risks and a more insecure world, where can development come from without the overall favorable environment of national security? Some US and Western public opinions have deliberately put development on the opposite side of security, simply because in their hearts, they do not want China to be secure, nor do they want China to grow and develop.

The giant ship of China has always pointed to a determined direction, never going off its course nor turning around. In the new era, the CPC, in accordance with the changes in reality at home and abroad, has taken precautions and foresight to extend and develop the experience summed up in the past decades, and then has established a new development concept and strategic plan, which is coherent and consistent with the past development direction.

One thing that is absolutely certain is that China cannot copy the Western model for its development, and anyone expecting China to follow that path is bound to feel disappointed and will complain that "China has changed." But in fact it's not China that has changed. Instead, it is that they have made a wrong judgment from the very beginning; it can even be said that those who have been bad-mouthing China are disappointed, which just shows that China has done the right thing.

Although China is already the second largest economy in the world, its per capita income is still far behind that of developed countries, which means greater economic growth space.

Implementing the spirit of the report to the 20th CPC National Congress, insisting that development is the "first priority" and high-quality development as the "primary task," we have ample reasons to maintain confidence in the Chinese economy. 

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Malays in need of a paradigm shift

 

A PARADIGM shift occurs when the usual ways of thinking or doing things are replaced by new and different ways. This normally happens when fundamentals are progressively changed.

Developing a country takes time, starting with a holistic education that seeks to address the emotional, social and ethical needs of students, apart from academic studies and skills training. Students must reflect on their actions and how they impact the local and global community, and engage in projects that require critical thinking skills towards solving real-world problems.

But if education is centred on rote learning just to pass school examinations and plagiarism to gain academic qualifications, young adults will be unproductive, and the country will remain poor. This is evident in Malaysia as huge numbers of graduates are churned out every year but most are underemployed or remain unemployed for months.

Not in Singapore, though. It separated from Malaysia in 1965 and developed on its own to become a rich nation, thanks mainly to good governance and sound education. Although the cost of living in Singapore is high to match the high living standards, the average Singaporean salary is several times higher than in Malaysia, allowing for more disposable income and savings. Hence, there are about a million Malaysians, or former Malaysians, residing in Singapore, and another 350,000 workers and students who commuted daily from Johor in pre-pandemic times. Malaysia had also lost much of its human capital to many countries around the world over the years, initially to Britain and then to the United States and Australia and, in recent years, China.

While other non-english speaking countries have adopted or promoted English as their second language to be better connected to the world, we are doing the exact opposite. In fact, some politicians seem bent on nurturing island mentalities in cultivating their support base by sowing fear of other races, religions and languages. Those who truly love their own race, religion and language would focus on lifting their community, which would be admired universally. But such efforts require too much hard work, it seems. Sadly, our country will not be transformed if people remain insular, if we remain, as the Malay proverb puts it, “katak di bawah tempurung” (frog under a coconut) shell).

One of the best ways for Malaysians to be exposed to the world is to be multilingual by not only learning our national language but also other important languages. Mandarin and Tamil could easily be learned in vernacular primary schools, and these students could later contribute greatly to economic and cultural ties with China and South India. Likewise for Arabic, Japanese, Korean, German, French and Spanish. In any case, learning at least three languages would expose Malaysians to a great variety of cultures and ideas.

Apart from the valuable exposure gained by communicating with people of different races, religion and cultures, it is also necessary for those at the top to come down from their ivory towers.

Recently, Transport Minister Datuk Seri Wee Ka Siong made a surprise visit to the Road Transport Department in Johor Baru and was shocked by the long queue for counter service. He rightfully described the counter service system as “ancient”. He then used Facebook to voice his unhappiness about a host of problems and the immediate actions that he had taken.

If we wish to modernise, we should not continue to be bogged down by antiquated methods and mindsets. We should continuously take small, medium and large incremental steps to move forward.

If not, we will stagnate and be left behind while other countries, such as Indonesia, race ahead. But some of our politicians seem to prefer to harp on racial, religious and language issues, and raise petty matters in Parliament hoping to gain popularity.

Perhaps a paradigm shift will only occur when a coalition wins by a two-thirds majority in the next general elections and the economy ends up in total shambles. Perhaps if everyone is forced to work together to rescue our country from total disaster, we could still rise from the ashes.

- S CHAN Kuala Lumpur

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We don't need billionaire philanthropists, we need change !

An elderly woman sitting inside a store at a border village near the demilitarized zone in Yeoncheon, South Korea, Jan on 8, 2016. PHOTO: REUTERS 

Society needs people who adopt business models that can enrich ordinary people's lives and free them from a life bound by servitude and dependency.

These days we praise charitable donations and philanthropy; however, we must understand that they are the symptoms of a dysfunctional society, not the remedy.

It’s similar to the Red Cross during wartime; they can’t stop the war. In many ways, they propagate the dysfunctions because the biggest funders of these temporary resolutions are also the greatest oppressors of our society, from whom these dysfunctions stem.

There are, for example, many people suffering around the world from curable diseases simply because they don’t have access to proper medical assistance. Why do they have no access? Because they are too poor.

That is to say, this problem is derived from the massive income inequality around the world. If they could earn a sufficient living on their own, they wouldn’t need any charitable aid from developed nations. They don’t need rich philanthropists giving them millions of dollars. What they need is rich philanthropists to stop hoarding money and allow them to make a sustainable living.

Let’s look at Bill Gates, who was simply driven to make as much money as possible at any cost. Along the way, he has smothered many smaller companies, copied others’ ideas, and snuffed out many innovative competing products. Yet, all is forgiven and forgotten because now he donates a lot of money.

It is exactly this type of thinking that breeds income inequality around the world, which leads to people dying from poverty, and thus preserves the need for these billionaire philanthropists to remedy the situation.

Another exemplary indication of this problem is Lance Armstrong. He cheated to further his career and eventually got caught. Yet, today he is still a millionaire and is respected by millions of people: 3.8 million followers on Twitter to be exact. Why? Because he is a philanthropist who donated lots of money to cancer charities. None of this would have happened had he not cheated, but people forgive and forget. In our society, winners prosper no matter the means, as long as they become philanthropists in the end.

Take a moment to think of the other cyclists who didn’t allow themselves to cheat. Where are they now? Can you name them? Are they rich and famous?

To address the real origin of the problem, we need to change the way we go about earning and spending money at the very basic level. Instead of being driven to become philanthropists, treat people around you without greed and with consideration. Make your living and enable others around you to do so as well. If you aim to save money in order to be a philanthropist, you provoke everyone to be protective and hoard money also in order to control how the money gets spent. The more everyone does it, the more we are compelled and even forced to do it. We need to stop this vicious circle.

The resolution I’m putting forward is not a utopian concept. We simply need more people investigating and adopting business models that can enrich ordinary people’s lives, which can free us from a life bound by servitude and dependency.

In turn, this would empower us to solve our societal problems without asking such billionaires to solve them for us with their accumulated wealth. Nowadays I’m starting to see more and more entrepreneurs and business owners trying to figure this out, and it is quite inspiring. I think the real change derives from the ordinary things we do.

If this type of mission is to succeed and be sustained, the principal function of business must be ordinary. It is impossible for a sustainable economy to remain healthy and upright if it is only supported by the crutch of charitable donations and philanthropy.

The principal drive to better our society must come from ordinary businesses.

Hero-worshipping rich benefactors and philanthropists encourages everyone to accumulate more wealth than they need. We do not need billionaire philanthropists; we need ordinary business owners who treat other humans with respect and encouragement.

They are not rare or even uncommon; they exist all around us if we look carefully enough. It’s just that we are so busy looking up to iconic figures like the Bill Gateses of the world that we can’t see them.

By Justin Hiraga
  / 
Asia News Network

Justin Hiraga is an assistant professor at the Department of International Business Languages of Seokyeong University in Seoul. He can be contacted at jthiraga@gmail.com. –Ed.

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Evaluate enemies and friends

Illustration: Liu Rui/GTChina must evaluate friends and enemies 

Since 2013, China has been engaging in "major power" diplomacy. In the past, the term "major powers" referred to countries such as the US, Japan, Russia, the UK and Brazil, while now the major power is China itself.

The shift in China's diplomatic status means the country's diplomatic approaches face a new challenge: Does diplomacy have to distinguish between enemies and friends?

Before China's non-alignment policy was raised in the report to the 12th CPC National Congress in 1982, China's diplomacy distinguished between enemies and friends.

In the 1950s, based on the different social systems, China categorized other countries into imperialist states, capitalist states, nationalist states and socialist ones.

In the following two decades, these countries were divided into the superpowers, developed countries and developing ones, given the international status of different countries.

These two categorizations differ in standards, but reflected the then diplomatic notion of distinguishing between enemies and friends.

The report to the 12th CPC National Congress also said that "the Five Principles of Peaceful Coexistence are applicable to our relations with all countries, including socialist countries."

From then, China began to discard the "enemies-or-friends" concept and focus on economic cooperation with all the countries based on an equal footing.

There have been some variations in China's diplomacy, particularly in relation to how it categorized other countries after the Tiananmen incident in 1989.

One means adopted in 1997 classified the countries into neighboring, developing and developed ones. In 2002, the sequence was changed into developed, neighboring and developing countries.

Such categorization adds flexibility to diplomatic principles and, as some believed, fits the globalization era and discards the Cold War mentality that stuck to the old way of distinguishing between enemies and friends.

However, such categorization and sequence also have their flaws. When a principle is too flexible, its guiding role is weakened.

For instance, both Cambodia and the Philippines are China's neighboring countries and belong to developing countries, but the latter can sometimes pose diplomatic trouble for China.

Similarly, Russia and Japan belong to the same category, but we can enhance strategic cooperation with Russia while isolating Japan politically.

In the following decade, the overall national strength of China will remain greater than that of all the other countries except the US. China has to shoulder more international responsibilities and maintain international order by providing public benefit, so as to maintain its own interests.

But if China doesn't distinguish between enemies and friends, it will find it difficult to do so.

Only when China is clear about which country it can hold responsible on certain occasions, or which country can enjoy more public benefits, can it make the right decision.

Any big country, when helping shape international order, will protect its friends rather than enemy countries. It will raise proposals beneficial for its partners rather than competitors, and provide public benefit for those playing by the rules rather than breaking the rules.

If we don't distinguish between enemies and friends, it will also be difficult for us to adopt the diplomatic principle of amity, sincerity, mutual benefit and inclusiveness.

For example, politically we can get close to Russia and Cambodia but not Japan's Abe government or the Philippines' Aquino III government, because otherwise the latter two may dare to adopt even more hostile policies toward China.

Diplomatically, we can stick to the principle of credibility only with countries that we have established diplomatic ties with, but not with those who don't admit China's sovereignty or support the so-called "Taiwan independence." Economically, China can take the initiative to help developing countries rather than the US which has already entered the developed phase.

To build up an international environment that best works for China's rejuvenation, China's categorization of foreign countries can be based on interests.

We can classify all the countries into friendly, cooperative, ordinary or conflicting ones.

To friendly countries, China should lend a helping hand; to cooperative ones, it can offer some preferential policies. We should work on an equal footing with ordinary countries, while taking countermeasures to conflicting ones.

The US is the only country that is more powerful than China. We may consider listing China's relationship with it in a single category as "a new type of major power relationship."

It is a relationship between a rising country and a dominant one, and as the US is more powerful than China, the two should stay equal and be mutually beneficial, which is more favorable to the US. Therefore, this also reflects tolerance of China's foreign policies.

Since the Opium Wars in the 19th century, China has accumulated rich diplomatic experience to counter countries stronger than itself. But in modern times, it lacks the experience of dealing with countries weaker than itself. It tests China's diplomatic wisdom as whether or not to distinguish between enemies and friends.

By Yan Xuetong Viewpoint, Source: Global Times Published: 2014-8-27 18:58:02
The author is director of the Institute of Modern International Relations, Tsinghua University. opinion@globaltimes.com.cn

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Be willing to embrace change

Trade and open markets power China ahead. By embracing openness, China has transformed itself and perhaps even the world.

Change is the essence of life. Be willing to surrender what you are for what you could become

MY first impression of China when I first visited in 1985 was one of backwardness. There were bicycles and Mao suits everywhere.

I was fortunate because my second visit was 22 years later, in 2007. Frankly, I was astounded by what I saw. People went about in the latest fashions and cars had replaced the bicycles.

Fast forward to 2014 – when I again visited in conjunction with the 40th anniversary of Malaysia and China’s bilateral ties, accompanying Prime Minister Datuk Seri Najib Tun Razak – and we found that the pace of development was just as frenetic.

Incidentally, this was my second visit to China this year and I still have a couple more trips planned.

China is now the second biggest economy in the world and in Purchasing Power Parity (PPP) terms, the largest.

The World Bank estimates that the number of Chinese living under the international poverty line (US$1.25 a day) fell from 43% of the world’s total poor population in 1981 to 13% in 2010.

China’s Gross Domestic Product (GDP) per capita doubled to 38,354 yuan (RM19,672) from 2009 to 2012 alone.

Change, it seems, is the only constant in China. But how did this come about?

I would argue that it’s because they embraced reform and openness.

Under Deng Xiaoping, China sought “socialism with Chinese characteristics”: in effect, opening itself and its markets to the wider world.

One significant initiative which China embarked upon was joining the World Trade Organisation (WTO) in 2001.

This was a watershed and was not an easy decision for China.

Accession, especially in China’s case, is a lengthy and thorough pro­cess. Negotiations for China to join WTO took 15 years.

Countries often had to make significant concessions to the entire WTO membership and no exceptions were made for China.

However, the Chinese government proved willing to dismantle much of its restrictive institutional regime.

But WTO membership for China was not just to get better access to international markets.

It was also a defensive measure: to prevent unilateral actions from being taken against their goods by trading partners.

For instance, as a member of the WTO, China is protected from unilateral tariff hikes.

Other countries with grievances against it will have to bring their case to WTO’s tribunals.

Among the requirements for WTO entry, China also had to reduce its bound tariffs on industrial goods to an average of about 9% by 2005. Agricultural tariffs were cut to 15% while most quotas and licence requirements were eliminated.

All in all, China had to relax over 7,000 tariffs, quotas and other trade barriers.

Furthermore, it had to open up its markets to foreign firms and end state-controlled distribution of products.

China, significantly, made more market-opening commitments for services than most WTO members had.

From a centrally planned economy, China has now embraced capitalistic economic principles.

At the same time, China moved to strengthen its own capacities. It moved away from agro-based exports to manufacturing.

Also, the first of many Special Economic Zones were established in 1980, including today’s iconic Shenzen.

All of these were bold and unprecedented moves, all the more so given China’s strong nationalism and its traditional aversion to foreign entanglements. But open up it did and the results are clear for all to see.

In 2013, the WTO reported that China had overtaken the United States as the largest trading nation in the world, with total trade valued at US$4.16 trillion (RM13.23 trillion).

In that year, China’s total exports value was US$2.21 trillion (RM7.03 trillion) compared to US$1.58 trillion (RM5.02 trillion) for the US.

China, in fact, is now the largest trading partner for more than 120 countries, including Malaysia.

China is also the biggest market for automobiles, with 20 million cars sold in 2013. In comparison, the US sold only 14 million cars.

Indeed, from 2002 (after it joined the WTO) to 2013, the growth of its total trade rocketed to an annual average of more than 21%.

Its GDP for the corresponding period grew from US$1.3 trillion (RM4.13 trillion) to over US$9 trillion (RM28.6 trillion) in 2013.

Of course, China’s leaders had no way of knowing that all of these reforms would bear such remarkable fruit.

It was a risk they had to take, but it was one that paid off handsomely.

By embracing openness, China has transformed itself and perhaps even the world.

The lessons from China for Malaysia and other countries are clear: we have to be willing to embrace change.

Otherwise, the only other option is stagnation and decline.

By Datuk Seri Mustapa Mohamed

Datuk Seri Mustapa Mohamed is Minister of International Trade and Industry. The views expressed here are entirely the writer’s own. Fair and reasonable comments are most ­welcome at mustapa@miti.gov.my

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Dos and don’ts when leaving for a new job

 EVERYONE has heard of Greg Smith. After all, it's not every day that a top executive at Goldman Sachs resigned in such a public and high-profile way. He told the whole world, via an op-ed piece in The New York Times, that he could no longer stomach the company culture which he described “as toxic and destructive as I have ever seen it”.

Hailed as a hero by many, especially on the social media sites, Smith was nevertheless also castigated by commentators who questioned his real motive. “The reason he's been at Goldman Sachs for 12 years is that he liked the name and probably liked the money,” one wrote.

We all learn, from day one, that we should never burn our bridges when we part ways with our employers. After all, we no longer live in an era where we serve only one employer throughout our working life.

Rolling stones do gather a lot of moss these days.

So while employers do understand when we move to greener pastures, they are unlikely to be sympathetic to you if you decide to badmouth them on your way out.

And bosses do talk to other bosses, more so if you work in a niche industry where everyone knows, well, everyone.

A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, in this January 19, 2011 file photo. A Goldman Sachs executive director published a withering resignation letter in the New York Times, saying the investment bank is a "toxic and destructive" place where managing directors referred to their own clients as "muppets." - REUTERS

 

As much as I salute Greg Smith for his courage to place his resignation letter in the public domain, I think the rest of us mortal souls will prefer more down-to-earth advice on how to quit a job.

I am no expert on this but here is a short list of dos and don'ts which may be useful.

1. Don't bash your boss, or your company, on social media or anywhere else

It is amazing how people on FaceBook share so openly about the goings-on in the office, including all the nasty stuff about the bosses. Hello there! If stupidity is an acceptable reason for you to lose your job, the boss will show you the door straight away. Sometimes, even private conversations in public places, like restaurants, can have ramifications beyond your control.

Someone who intends to hire you may have second thoughts as chances are if you say bad things about your previous boss, you are more likely to say the same about him. A good principle to follow is: Don't say anything about anyone in private what you would not say in public.

2. Don't play poker with your offers

After you get an offer, you may be tempted to check if your boss would make you a counter-offer. The people who play poker with their offer letters are those with huge egos who think that the office cannot run without them.

Although some employers may play along and give you the raise you demand, you can be sure that the relationship will never be the same again.

3. Do keep your options open

It has been said that no one leaves a company but a boss. So, while a situation may arise where you no longer find it easy to work with your immediate boss, always remember that circumstances may change which may make it possible for you to return to the company in the future.

So you may have to eat humble pie if your exit remarks are vicious and harmful to the reputation of the company. I can't imagine Greg Smith getting a job at Goldman Sachs again, unless he buys the company.

4. Do be professional to the last day of employment

All of us have to give notice before quitting. It's not as dramatic as what we see in the movies when you are immediately told to pack up and go. So from the time you give your notice until the official last day, conduct yourself with full professionalism. If there are things to pass on, do so in an orderly manner. Say your goodbyes without being too emotional about it.

5. Do stay away from your old office

I got this advice from a friend many years ago. He said it is natural, when you move into a new job, that you will actually regret having made the move. In a new environment, you suddenly yearn for the old job where you are comfortable with friends.

Many make the mistake of going back to hang out with their former colleagues and this only adds to their frustrations. His advice: Make a conscious effort to keep away from your former colleagues for at least six months. Concentrate on your new job and build up new relationships first. Then hanging out with old friends after that won't be so traumatic.

Deputy executive editor Soo Ewe Jin is glad that a new column, Talking HR, is now available on StarBiz every Tuesday. All of us in the working world will benefit from the good advice given by the professionals. 

Change or be changed!

Image by Danny Choo via Flickr

WE all know that people and businesses who don’t adapt get phased out. Generation X, of which I am part of, has seen the evolution of technology transform how we live our daily lives.

From the VHS tape to the DVD and Blu-ray discs, and from snailmail to email, there are numerous examples how one way of doing things has given way to a faster, better and cheaper methods.

The bankruptcy of Kodak is the latest proof of how businesses can become irrelevant if they don’t keep up with the times. Research In Motion Ltd, the maker of BlackBerry phones, is feeling what Nokia has gone through. The digital age is moving along at breakneck speed and is transforming a multitude of industries and leaving an indelible mark on people and businesses.



There are companies that have done well to make changes on the fly. Most famous is Apple and before that Corning, which was – and maybe still is – famous for its cookingware rather than its fibre optics.

The need to transform is also not lost on corporate Malaysia. A lot of the big banks have done so and have become a lot better at what they do today. MMC Corp changed from a miner to an infrastructure player and the likes of Genting and IOI have expanded dramatically in the business they are in to become world giants today.

That transformation is also seen in the big institutions in Malaysia. The Employees Provident Fund restructured its portfolio from owning 400-plus stocks, some of which most punters will not touch today, to a leaner portfolio of around 100. Its narrower focus has allowed it to take the plunge into private equity and property and, as a result, the returns it can make for depositors should also improve in time.

The same can be said of Khazanah Nasional Bhd. In 2004, when Khazanah first started under new “management”, it had a bunch of old assets sitting in its books. They included stakes in some of the largest companies in the country, but sitting idle and waiting for results was not the way to go.

Khazanah restructured its portfolio, and from a bunch of companies that was heavily leaning towards utilities and telecoms, it invested in new businesses and industries. New investments were in part funded by monies from asset sales such as the divestment of Khazanah’s legacy stakes in Pos Malaysia and Proton.

As a result, Khazanah’s returns improved. During a recent briefing with the media, Khazanah revealed that if it had just sat on it and relied on the government-linked companies’ transformation programme alone, its returns would have been a meagre 2% a year.

But it did not do that and instead invested in new businesses which it felt will bring better growth. Those new investments brought in a return of 22% a year.

One such investment is the hospital business. Integrated Healthcare Holdings (IHH), which consists of hospital investments such as Apollo Hospital Enterprise Ltd and Parkway Holdings, recently made a big acquisition in Turkey when it bought Acibadem.

Healthcare in the demographics in which IHH operates will be hugely lucrative. India, South-East Asia and now Turkey have the desired young but ageing population with growing incomes.

IHH is slated for a massive listing and the changes that some entities in corporate Malaysia have undertaken should be a showcase of how transforming when it needs to be done should be the course of action.

● Deputy news editor Jagdev Singh Sidhu wonders when the retirement age in the private sector will be raised.