BEIJING // In the heart of Beijing's bustling central business district stand the dreams of Chinese manga. Several stories high, wrapped in steel and glass, lies part of China's aspirations to turn the most populous nation into a world-class animation centre.
"It is all fake," said Lu Ming, a 26-year-old animator sitting in his room littered with transformer toys, guitars and sketches.
The Chinese Communist Party is putting millions into the animation industry, having said it will invest 24 million yuan annually (Dh12.9m) for four years into development. But China's most successful comic artists see little of the funds and many buildings remain empty.
Mr Lu is one of the most respected comic book artists in China. His work is known internationally and in the underground movement on the mainland. He is now trying to publish his latest title in his homeland but is doubtful he will succeed. His work, though mostly apolitical, is deemed too sensitive by publishing houses.
Mr Lu is part of a growing group of manga artists that falls between communist party thinking and new capitalist interests. His work is considered unsuitable by the state, and not commercial enough for companies gaining state investments looking to mimic the Japanese business model.
During the 2008 Beijing Olympics he was commissioned by Adidas to produce billboards celebrating the Games. "That was just work. Not my real passion," he said, putting down the original pencil sketch.
Mr Lu wants to tell contemporary Chinese stories. Tales of woe or of dark anti-heroes on the fringes of Chinese society. His latest work is the tale of an adolescent who turns away from crime, inspired by Bruce Lee.
Comic books are on the rise in China. But while the comic book fans are happy, the artists are not. Artists such as Mr Lu focus on selling work to international markets. But despite the injection of government funds, he said, they would struggle to compete with Japanese comics, which are saturating the market through the internet.
"A lot has to do with the government policy," said Spencer Douglas from an animation company in Hong Kong.
"It is unlikely that anyone would like to publish something which is boundary-pushing, and if they did they would probably get shut down pretty quickly."
It is an indication of the complexities of censorship in China.
"It is not because it is against the government or for the government. It is about ideas. Like Batman Begins. The government permitted that movie. It is a simple story between good and evil. But Batman's The Dark Knight is more complicated, so the government censored it in China," Mr Lu said.
According to the institute of comic books, manga, known as manhua in Mandarin, has a combined distribution of three million titles a month, far smaller than markets in neighbouring Japan where manga outsell newspapers. Only 10 per cent of manga in the mainland is produced by home-grown artists. Entrepreneurs are looking at the size of the population and thinking of the potential profit.
"I think the money goes to businessmen that say that they are going to invest in animation, but they do not," says Benjamin, sitting across a table looking at his hands.
He is a leading comic book artist, more famous in Europe than he is in China.
Indeed, Benjamin last month became the first Chinese artist to produce a front cover for Marvel Comics. But, again, that work will never be shown in the mainland.
It is about the spread of ideas, Mr Lu said. A comic does not need to be anti-government to be restricted from being printed; it simply needs to offer ideas that could be interpreted as being so. In essence, the world's next super power is not keen on super heroes.
The first Chinese comics were used as propaganda during the Japanese occupation as a way to build resentment.
During Mao's 10-year Cultural Revolution, manga was used to teach communist ideals to the largely illiterate masses.
"We want to export our own culture," said Zheng Jun, the rock star turned writer behind the comic Tibetan Rock Dog, which is gaining interest from the Japanese animation company Mad House towards turning it into a movie.
As China continues to export its own culture, it could be used as part of the nation's soft power, Mr Douglas said.
The Chinese government's official policy is to restrict the amount of Japanese manga coming into China, an indication of the national rivalry that still exists between the two nations.
But it is likely that Japanese manga will continue to rise in popularity in China.
Part of the problem is the meek image of comics in China. They are seen as childish, said Cheng Cheng, an animator behind Tibetan Rock Dog.
* The National
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
PETER%20PAN%20%26%20WENDY
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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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