Regulated Twilight -- Financial Magazine Series

Author: Editorial Department of "Caijing" Magazine
Publisher:
Publication Date: 2003-03-01
Features: This generation of Chinese people have the fortune to live in the great era of reform and opening-up, a time of stormy upheaval. The tide of reform is vast and rolling forward. However, the process of reform is neither smooth nor inevitable—it will inevitably encounter various obstacles and conflicts, large or small. Even the reform itself may make certain mistakes. In its course, reform has experienced failures, twists, and reversals, demonstrating a high degree of complexity and diversity. As I noted when commemorating the 20th anniversary of China's reform, the era of reform shares similarities with the one Dickens described at the beginning of A Tale of Two Cities: "It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the age of belief, it was the age of doubt; it was the age of light, it was the age of darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us; we were all going direct to Heaven, we were all going direct the other way—in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only."
Traditionally, the Chinese have the custom of recording events of their time by contemporaries for the sake of historical reflection. In this great era, we should even more diligently document and analyze our successes and failures, progress and setbacks, in order to summarize past experiences, clarify the direction forward, and better advance the cause of reform and opening-up. However, in the old days, the power to record history was largely monopolized by the authorities, resulting in the simplification and pruning of historical accounts to mere "imperial diaries." Based on this, the "official histories" became, to a great extent, "family chronicles" of the ruling class. During this process, omissions and embellishments made for the rulers' benefit further obscured history's true face. In the new era, such practices must not be repeated.
Reform is a people's cause, involving hundreds of millions of workers, peasants, professionals, entrepreneurs, and politicians. The most suitable chroniclers of their glories and setbacks are none other than the "uncrowned kings" of modern society—journalists. The requirement for accuracy and detail in journalistic writing makes news analysis the best form of documenting this living history. In a sense, today's news is tomorrow's history. The "Caijing" Magazine series, comprising selections from different issues of "Caijing," has transformed yesterday's news into today's history in this very way. However, it is an unfinished history, because reform continues, with every day bringing exciting developments, and our financial media constantly providing fresh material.
"Caijing" Magazine enjoys a high reputation among professionals and the general public in China, not only because it uses its powerful pen to expose dark practices in the economy but also because it has assembled a group of ambitious, talented, and socially responsible journalists. In the thick fog of the capital markets, they carry the heavy burden they might otherwise struggle to bear with their sincere hearts and slender shoulders. The "Caijing" readers must still vividly remember these shocking events. The introduction to the book "Shadows and Traps" states: "When revising these reports, the editorial team of 'Caijing' felt proud but also lamented the current state of China's securities market. The pride stems from the fact that each report has contributed to clarifying the market; the regret lies in the fact that although the dark side exposed in the reports has diminished, it remains far from satisfactory."
Who among us, when reading these words, could not share in the pride and sorrow with our admirable and beloved journalists? In another book, "The Twilight of Regulation," we find the story of China Telecom—the institutional transformation of a highly monopolized industry as it moved toward a market, filled with both joys and sorrows. "The Twilight of Regulation" foreshadows the long and cool night the telecom industry in China must endure before emerging into a bright, competitive market dawn. At this moment, the price hike of China Telecom is stirring fierce reactions across the globe, serving as a reminder that reform has no end.
In a market economy, newspapers and magazines are commodities, but not ordinary commodities—they are special goods carrying numerous social responsibilities and humanistic concerns. Therefore, how to balance the short-term interests of the industry with the interests of society is a critical issue. In the long run, the closer one gets to serving social interests while avoiding quick fixes, the more market benefits one will reap. Because social interests are the same as readers' interests. Ensuring social interests also ensures readers' interests, and readers are the ultimate consumers of media. However, economic phenomena are often obscure, and ordinary investors may not be able to discern their own interests intuitively. This allows false reporting and specious "theories" to flourish for a time, and inevitably, some will abandon their conscience, harm society, and ultimately destroy themselves, tempted by short-term gains. To run a media outlet well, one must uphold an ideal of serving readers, discard short-sightedness, and use free expression to observe and analyze society for the sake of public service.
Media operators should also have a deep love and reverence for the journalistic profession, as well as a lasting appreciation for the crown of the "uncrowned king."