Take policy stability for example. There is no guarantee of policy stability because the systemic foundations are missing. As a result, changes in policy direction and political atmosphere, as well as personnel adjustments, will have a significant influence on the media market, a market that is very easily affected by non-economic factors. The level of uncertainty is highly pronounced in the media market. I think this is something Murdoch and his group have experienced.
China is in great need of foreign investment — in other words, money. However, foreign investors, including investors from Hong Kong and Taiwan that have long dreamed about the Chinese media market, must understand clearly that power still outweighs money in today’s China.
This is the greatest difference between the Chinese and Western economies.
Wang Dan is a visiting assistant professor at National Tsing Hua University’s College of Humanities and Social Sciences.
TRANSLATED BY EDDY CHANG
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