Chinese web users critical of remarks from new head of state TV



BEIJING // Thousands of Chinese web users have criticised the new head of the state-run China Central Television (CCTV) network over a speech in which he said journalists were "propaganda workers".

Hu Zhanfan - who was appointed to the top post at CCTV in November - said in May that journalists who defined themselves as "professionals" rather than "propaganda workers" were making a "fundamental mistake about identity".

"The first social responsibility and professional ethic of media staff should be understanding their role clearly and be a good mouthpiece," said the former chief editor of the state-owned national newspaper Guangming Daily.

China's ruling Communist Party would insist on "politicians running newspapers" and those in the media who gave "up the position of mouthpiece ... will never go far", Hu warned at an event hosted by the China National Media Association.

Hu's remarks were published by the official Xinhua news agency at the time but appear only to have caught the attention of web users today after one posted the Xinhua report on Weibo, China's equivalent of Twitter.

Tens of thousands of bloggers flooded social networking sites to criticise Hu's remarks and bemoan the lack of independent media in China.

"As a media student, I feel very depressed," said a web user called Bao Xiaomo. "People who are obviously doing advertising claim that they are doing news."

Another blogger said the speech showed that the needs of the Communist Party would always be considered more important than those of the people and the country.

Hu "learnt this well, and that is why he can be promoted as director of CCTV," the post said.

Hu's appointment was the latest in a string of recent leadership changes in organisations controlled by China's ruling Communist party.

He took the helm weeks after reports that the broadcaster of 37 channels was planning a major global expansion.

Beijing has earmarked ¥45 billion (Dh26bn) to fund the expansion of state-owned media groups including CCTV, Xinhua and China Radio International, according to previous reports.

CCTV reportedly plans to open studios in North America and Africa, each with more than 200 staff.

Last month China's Communist leaders called on the culture industry - a broad term taken to include the media - to raise its game and promote the Asian nation abroad as Beijing continues its "soft power" drive.

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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