I was speaking this week with a reporter from Denmark’s Jutland Post about the likelihood China will create its own Al Jazeera.
The reporter had mentioned that Richard Li, the son of a famous Hong Kong tycoon, has finally struck a deal with Caijing magazine, China’s leading financial magazine, to set up an English-language financial news service. A number of reporters from Hong Kong’s South China Morning Post, among other newspapers, have reportedly been headhunted to join the service.
A Chinese Al Jazeera is always possible, but only so long as it focuses on economic news, rather than political news. I’ve written about this earlier in my book, “The New Silk Road”, but it’s worth repeating in the light of the deal between Richard Li and Caijing. The important point is that the Chinese media already does an impressive job at reporting economic news, not just in China, but also abroad in developing countries.
Here’s why. China has dozens of industry journals and newspapers, largely sponsored by official bodies and ministries. Some are searching for stories at home. Others are searching for stories abroad. The reporters will typically interview a few officials and factory owners, explain market conditions, and throw in some trade data for good measure. I’ve used their reporting from the Middle East heavily in my own analysis.
Take this article in the Economic Observer by Wen Jing as an example. Wen visited Egypt’s Suez economic zone earlier this year. He interviewed the local manager of Teda, a Chinese car manufacturer, met with the head of Egypt’s investment authority, and included a few statistics on energy costs and export subsidies. Looking for investment opportunities outside of China? The article might just catch your interest.
It sounds a lot like the Al Jazeera model, but applied to economics, rather than politics.
How so?
Well, Al Jazeera is focused on politics in mainly Islamic countries from East Asia to East Africa. It leverages its contacts and reputation in these countries to provide the sort of coverage that isn’t available in the Western media. (I’m referring here to both the Arabic-language and English-language channels).
Its Chinese-equivalent might try the same but instead focus on economics in mainly developing countries. It could likewise leverage its contacts and reputation to provide the sort of coverage that isn’t available in the Western media. (I’m thinking of the Chinese traders, investors, and consular officials already active in most countries).
Importantly, as the story of Wen Jing illustrates, there is already a precedent for this in the print media. It wouldn’t be a surprise for the television media to catch up. And if you’re an Egyptian official trying to attract foreign investment then you would naturally roll out the red carpet for reporters from a Chinese business channel.
There’s also an economic rationale for it. China not only ranks as the world’s second largest exporter, but its exports to Africa, the Middle East, and Latin America have surged from $20 billion to over $200 billion between 1998 and 2008. That’s a lot of Chinese manufacturers who now have an economic stake in the growing developing markets.
Neither is demand limited to a Chinese-languge channel. After all, Al Jazeera started as an Arabic-language, only to later spawn an English-language alternative. Might African traders one day watch an English-language business channel, headquartered in Shanghai, to learn about the latest market conditions in Latin America?
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