Foreign investors increased their holdings of Chinese bonds in June for a 10th consecutive month, and the amount hit a new high, data showed. Observers said on Sunday these figures underscore foreign capital's strong confidence in the stable growth prospects of the world's second-largest economy, and their positive feedback on steady progress in financial market opening-up.
As the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) draws up a sweeping blueprint to guide China's reform and opening-up for years to come, it is expected that the conference will channel more confidence and stability into the country's financial market, adding to its allure as an investment destination as global financial volatility increases, analysts said.
As of the end of June, the value of bonds held by foreign investors in the interbank market set a new record of 4.31 trillion yuan ($592.88 billion), data released by the Shanghai Head Office of the People's Bank of China, the country's central bank, showed on Friday.
It was the 10th month in a row for foreign investors to raise their holdings, with the amount exceeding 1 trillion yuan during the past 10 months, financial news website eastmoney.com reported.
Foreign financial institutions also accelerated their entry into China's interbank bond market. As of the end of June, a total of 1,133 foreign entities had entered the market, the report showed.
Observers said that the overwhelming interest in yuan-denominated bonds among global investors mirrored their investment value, which includes minor price fluctuations and stable returns, especially as a Fed interest rate cut looms and concerns grow about the potential high volatility of US Treasury debt.
"The yields of Chinese bonds are also relatively immune to global financial market fluctuations, which is another reason for their increasing attractiveness," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Sunday.
The reform-focused third plenum was held in Beijing from July 15 to 18. The gathering reaffirmed China's unwavering commitment to reform and opening-up and drew a clear path for China's continuous high-quality development.
Chinese and foreign analysts said that the third plenum will consolidate foreign investors' confidence in the outlook for the Chinese economy, which is the underlying logic behind their expanding investment in yuan-denominated assets.
"Even though the Chinese economy is facing some challenges, China will do better compared with many developed countries in 2024. As promoted in the third plenum, China will focus on high-quality development, and deepen its supply-side structural reform to create new drivers and strengths for realizing growth," Maya Majueran, director of Belt and Road Initiative Sri Lanka, a Sri Lanka-based organization that specializes in BRI cooperation, told the Global Times over the weekend.
He stressed that with these new and positive developments, China will achieve its GDP growth goal of about 5 percent, and that will create fresh opportunities for the world, injecting confidence and impetus into the global economic recovery.
China's bond market opening-up is seen as a crucial step in China's two-way financial market opening-up. The Bond Connect program was launched in July 2017, aiming to make the Chinese mainland's interbank bond market accessible to overseas investors and international bond markets for mainland investors.
At least 821 international investors had entered the Chinese mainland bond market via the program's northbound leg as of the end of May, according to Bond Connect Co, the management entity of the program.
Chinese bonds have also been included in major bond indexes such as the Bloomberg Barclays Global Aggregate Index, JPMorgan's Government Bond Index-Emerging Markets Index and the FTSE World Government Bond Index in the past seven years, signaling a further enhancement in the maturity and international influence of China's bond market.
China equity funds have welcomed rising capital inflows for a string of five consecutive weeks, reflecting a vote of confidence in the stable recovery of the world's second-largest economy amid multiple sound macro-economic figures and expectations for measures on further comprehensively deepening reform and advancing Chinese modernization.
While key economic data are due to be published, analysts forecast the country's GDP growth rate will be 5.2 percent in the first half of the year, laying a solid foundation for the achievement of pre-set annual GDP growth target. They called for targeted fiscal and monetary policies to tackle remaining challenges across the economy.
Chinese Premier Li Qiang on Tuesday held a symposium on the economic outlook. Li called for the solid implementation of macro policies and enhancement of the effectiveness of the policies to promote the healthy development of the economy, the Xinhua News Agency reported.
According to data released by global industry information provider Emerging Portfolio Fund Research, Chinese equity funds have seen capital inflows for the fifth straight week by July 3, while the country's bond funds reported flows for eight consecutive weeks, Shanghai Securities News reported on Wednesday.
Recently, it is becoming a point of consensus among foreign financial institutions that investors' confidence in China's financial markets are storming back amid the country's improved macro-policies.
Although Chinese stocks have now dropped somewhat after a strong bounce back of 32 percent in the first five months of the year, we still maintain the view that Chinese stocks will bounce again over the upcoming months, Hu Yifan, regional chief investment officer and head of macroeconomics for Asia-Pacific at UBS Global Wealth Management, wrote in a note sent to the Global Times.
Now is a good opportunity for investors to seize China's stock market opportunities amid the country's improving market fundamentals and deepening reforms, Hu added.
Compared with developed markets, the valuations of Chinese stocks remain low, indicating further growth potential for Chinese stocks, Singapore's DBS said in investment insights for the third quarter. The bank says robust profit prospect will support the optimistic development momentum.
Notable growth of high-frequency data in various sectors indicated the potential of China's domestic demand, the resilience of foreign trade and enterprises' innovation vitality, underscoring the recovery momentum of the world's second-largest economy.
The consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year-on-year in June, rising for the fifth straight month as improving consumer sentiment continued to drive domestic demand, data from the National Bureau of Statistics showed on Wednesday.
China set to publish its GDP and several other macro-economic data on July 15.
The economy experienced an overall recovery in the first half of 2024, with the economic growth rate expected to reach around 5.2 percent, laying a solid foundation for the achievement of annual GDP growth target, Wen Bin, chief economist from China Minsheng Bank, told the Global Times.
Wen said exports play a remarkable role in driving the economy. "In the second quarter, export growth rate continues to rebound, which contributes to investment and production in the manufacturing sector. However, domestic consumption remains weak at the moment, whereas infrastructure investment should strengthen," he said.
Analysts said that the upcoming third plenary session of the 20th Communist Party of China Central Committee to be held between July 15-18 in will serve as a barometer to see how policymakers press ahead with comprehensively deepening reform and further shoring up the vitality of the real economy.
On the Tuesday seminar, Premier Li emphasized the need to pursue innovation-driven development to consolidate the economic recovery momentum while giving full play to the role of enterprises and strengthening targeted policy support for enterprises to achieve breakthroughs in more core technologies in key fields.
Since the beginning of 2024, the development of new quality productive forces has been picking up speed. In the future, China should continue to boost related reforms and innovations through developing new quality productive forces in order to enhance enterprises' innovation vitality and achieve high-quality development, Chen Fengying, an economist and former director of the Institute of World Economic Studies at the China Institutes of Contemporary International Relations, told the Global Times on Wednesday.
By cultivating new technologies and new industries while upgrading traditional industries, China will continue to inject fresh vigor into global development, Chen said, forecasting that China will continue to be a major engine of the global economy this year by contributing about 30 percent to global growth.
China's foreign trade in the first half of the year has set a new high, representing a year-on-year increase of 6.1 percent to 21.17 trillion yuan ($2.9 trillion), indicating a positive momentum in the country's foreign trade as well as improvement of the national economy.
The data were released before the third plenary session of the 20th Communist Party of China Central Committee, which will be held from July 15 to 18 in Beijing. The plenum will primarily examine issues related to further comprehensively deepening reforms and advancing Chinese modernization.
According to the General Administration of Customs (GAC) on Friday, the country's foreign trade for the first time in the same period in history exceeded 21 trillion yuan. Moreover, the growth rate of the country's foreign trade accelerated quarter by quarter, as it grew 7.4 percent in the second quarter, 2.5 percentage points higher than the first quarter and 5.7 percentage points higher than the fourth quarter of last year.
Imports in January-June period totaled 9.04 trillion yuan, up 5.2 percent year-on-year and exports stood at 12.13 trillion yuan, an increase of 6.9 percent year-on-year. In the first half of the year, ASEAN maintained China's largest trading partner, with bilateral trade value reaching 3.36 trillion yuan, an increase of 10.5 percent, accounting for 15.9 percent of China's total foreign trade. The EU was the second largest trading partner, but bilateral trade value declined 0.7 percent. The US became the third largest trading partner, with bilateral trade increasing 2.9 year-on-year.
South Korea was the country's fourth largest trading partner in the period, and total value between the two countries reached 1.13 trillion yuan, an increase of 7.6 percent. The trade deficit with South Korea rose by 14.3 fold, GAC said.
During the same period, China's foreign trade with partner countries of the Belt and Road Initiative amounted to 10.03 trillion yuan, up 7.2 percent.
In the first half of the year, Chinese private enterprises excelled in foreign trade, with import and export totaling 11.64 trillion yuan, an increase of 11.2 percent, which accounts for 55 percent of the total value of the country's foreign trade, an increase of 2.5 percentage points over the same period last year.
GAC noted that electromechanical products accounted for nearly 60 percent of the country's exports, and automatic data processing equipment and its components, integrated circuits, as well as auto exports, continued to grow.
From January to June, China's exports of electromechanical products reached 7.14 trillion yuan, an increase of 8.2 percent, accounting for 58.9 percent of the total value of exports. Among them, exports of automatic data-processing equipment and its parts and components totaled 683.77 billion yuan, representing an increase of 10.3 percent. Exports of integrated circuits rose 25.6 percent to 542.74 billion yuan, and exports of automobiles stood at 391.76 billion yuan, soaring 22.2 percent compared with the same period last year.
About 1,500 listed Chinese companies had made preliminary earnings announcements for the first half as of Sunday, with many in sectors such as semiconductors, vehicles and retail reporting remarkable revenue growth. Analysts said that the economic recovery, targeted policies to boost domestic demand and accelerated domestic replacements contributed to the positive results, and they expressed confidence in the long-term rebound of the A-share market.
According to industry information data provider Wind, A-share companies including Chen Ke Ming Food Manufacturing Co, molybdenum producer CMOC Group and Shanghai Metersbonwe Fashion and Accessories Co, were among those reporting strong first-half results, with profits rising by up to 1,025 percent year-on-year.
Some semiconductor companies posted revenue recoveries, especially storage chip manufacturers. Tianshui Huatian Technology Co, which packages and tests integrated circuit products, said on Saturday that first-half profit could reach 190 million yuan ($26.2 million) to 230 million yuan, up 202 percent to 266 percent year-on-year.
IC design firm Montage Technology said its estimated first-half profit would be 583 million yuan to 623 million yuan, up more than sixfold year-on-year.
Veteran telecom industry observer Ma Jihua attributed chip companies' performance to a couple of factors.
"Sales of automobiles, especially new-energy vehicles, and smartphones remain robust this year, driving the IC sector's prosperity," Ma told the Global Times on Sunday.
Amid the ongoing US crackdown on Chinese high-tech firms, domestic companies are turning to local replacements for internet and artificial intelligence chips, Ma said. Along with efforts to fight for breakthroughs in core technologies, Chinese chip firms have achieved notable growth in their production capacity and international competitiveness, giving a boost to chip exports, he said.
China's first-half foreign trade reached to 21.17 trillion yuan, up 6.1 percent year-on-year, indicating positive momentum and the improvement of the national economy.
In the first half, the economy maintained an overall recovery, serving as strong support for listed companies' financial results, analysts said.
To support the ongoing economic recovery and healthy development of the A-share market, the authorities have rolled out a series of targeted policies. In March, the State Council, the cabinet, released an action plan to promote the large-scale renewal of equipment and trade-ins of consumer goods.
In April, the cabinet released a guideline on strengthening regulation, forestalling risks and promoting the high-quality development of the capital market.
Recently, the China Securities Regulatory Commission suspended securities relending, a tool used for short-selling, in another step to stabilize the capital market.
"The authorities are expected to increase efforts to stabilize economic growth in the second half of the year, which is expected to further lift investors' confidence," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Sunday.
Both fiscal and monetary policies should step up to support private enterprises' recovery and encourage them to create more jobs and increase incomes, Yang said. A series of forceful macro adjustments will stabilize the real estate market and lift the stock market, he said, expressing confidence in China's long-term economic prospects.
While there are fluctuations in the growth trajectory of China’s economy in the second quarter this year, the trend is positive, said a spokesperson from the National Bureau of Statistics (NBS) on Monday.
Generally speaking, the favorable factors for development in China exceed the unfavorable factors, and the economic growth trend will remain stable and positive in the long term, the spokesperson said.
The remarks came after China’s GDP for the second quarter expanded by 4.7 percent year-on-year, a slight slowdown from the 5.3-percent growth seen in the first quarter.
The dip in GDP growth in the second quarter was affected by some short-term factors such as extreme weather and floods. It also reflects the increasing challenges in current economic operation, including inadequate domestic market demand and clogged domestic circulation, the spokesperson noted.
Despite the challenges posed by external uncertainties and domestic structural adjustment, China’s economy has withstood pressure and operated relatively smoothly, the spokesperson said.
In the second quarter, the gross economic output exceeded 32 trillion yuan ($4.40 trillion), and its industrial added value and total import and export of goods both surpassed 10 trillion yuan.
Looking ahead to the second half of the year, favorable conditions for China's development still outweigh the negative factors, the spokesperson said, adding that the summer grain and vegetable oil harvest , improving external demand, and the potential for growth in market demand will provide a solid foundation for economic growth.
The industrial structure upgrade, implementation of large-scale equipment renewal, consumer products trade-ins, and issuance of special government bonds, will further boost economic growth and enhance operational vitality, the spokesperson noted.
The Third Plenary Session of the 20th CPC Central Committee is expected to come out with a new roadmap on comprehensively deepening the reform and advancing Chinese-style modernization, the spokesperson said.
Since the 18th CPC National Congress, China's economy has overcome various challenges and steadily built up its economic strength.
From 2013 to 2023, the Chinese economy has achieved an average annual growth rate of 6.1 percent, ranking among the leaders in the world, and contributing over 30 percent to global economic growth each year.
Last year, the country’s total economic output exceeded 126 trillion yuan, maintaining the second position in all economies, and the country’s per capita GDP has surpassed the $12,000 for three consecutive years.
Also, employment and prices have remained largely stable, with over 140 million new urban jobs created from 2013 to 2023. The international balance of payments was kept generally stable, with foreign exchange reserves hovering above $3.2 trillion in recent years.
While major cities remain popular, exploring small towns via high-speed rail is becoming a popular option. Visa-free policies also mean that more foreign tourists are visiting China this summer.
On Qunar, a domestic travel platform, travelers from the US, South Korea, Russia, Vietnam, and Malaysia have shown the most interest in high-speed rail bookings, favoring two-hour high-speed rail journeys, such as going from Southwest China's Sichuan Province to Southwest China's Chongqing, according to a report Qunar sent to the Global Times.
"I took the high-speed train from Zhuhai to Guangzhou. It is fantastic, much better than driving a car," Luke Serdar, a tourist from Australia told the Global Times on Monday. Serdar has 59,000 fans on Douyin and has published lots of content about travel in China.
In a two-hour high-speed rail zone around Shanghai and its surrounding cities, Yiwu in East China's Zhejiang Province is popular among foreign tourists. A foreign blogger noted that his childhood Christmas gifts were labeled "MADE IN CHINA," making him think Santa was Chinese. In Yiwu, he bought many sports products and said that its Olympic spirit is second only to Paris, according to Qunar's report.
"We are highlighting lesser-known attractions such as rural tourism, small intangible cultural heritage projects, and the daily lives of people in second- and third-tier cities, which helps to present a more vibrant, diverse, and multi-dimensional China to foreigners," Wang Jinwei, a professor at the School of Tourism Sciences at Beijing International Studies University, told the Global Times on Monday.
China is vast, and foreigners are eager to visit many cities in a single trip. On the Qunar platform, a Russian traveler visited 16 cities within six months while a Turkish traveler visited 12 cities. Over 10 percent of foreign tourists returned for a second visit within six months.
Serdar has visited five Chinese cities so far. He said that he likes the night markets and street food. "I am happy to say that the food in China is so good that I know I will be replacing my diet back home with Chinese food. Now I can understand why a foreigner would return home heavier."
"We hope more foreigners visit and share the 'real China' in international media. First-time visitors can see China's development, convenience, and safety. On subsequent visits, they can explore lesser-known spots and experience the local culture more deeply," Wang added.
"Once I return to Australia I'll be doing what I can to get back here as quickly as possible. Yes, I love China that much! After 20 amazing days in China I will be strongly recommending it to my friends, who can utilise the 144-hour transit visa-free policy," Serdar added.
"The visa-free policy is a milestone in China's opening-up to the world. I believe it will eventually be extended to more countries or allow longer visa-free stays. This win-win policy enhances trade and cultural exchanges between China and other countries," Wang said.
In the first half of this year, bookings from abroad on the eLong hotel-booking platform nearly doubled year-on-year. Hotels in major cities are expected to see significant growth in foreign guest bookings, according to a report from online travel platform Tongcheng.
In the first half of 2024, there were 14.635 million foreign passenger trips into China, a year-on-year increase of 152.7 percent. Among these, 8.542 million were visa-free entries, accounting for 52 percent and marking a 190.1 percent year-on-year increase, according to data from the National Immigration Administration.
Chinese President Xi Jinping's first Central Asia visit as head of state dates back to 2013 when he proposed the concept of the Silk Road Economic Belt in Astana. In the following years, he visited the region frequently for bilateral and multilateral discussions. On July 2 to July 6, the Chinese president again set foot on this land for attending the 24th Meeting of the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) in Astana, and paid state visits to Kazakhstan and Tajikistan.
Streets adorned with Chinese flags, crowds dancing at the airport, children singing Chinese songs, grand official welcome ceremonies…Global Times reporters observed these moments during Xi's visit and tracked his footsteps to Central Asia in the past, which combined telling a story of historical friendship, fruitful cooperation, and a promising future.
In five days, Xi attended more than 30 bilateral and multilateral events, which involved political, economic, and cultural topics, and included reunions with old friends, while also meeting new friends, Chinese Foreign Minister Wang Yi said at a press conference.
It is significant to guide the direction of the development of the SCO, deepening China's good-neighborly relations with regional countries, and promoting the substantial advancement of building a community of shared future among neighboring countries, said Wang.
Bridges for mutual learning between civilizations
As Xi's plane entered the Kazakh airspace, two fighter jets from the Kazakh Air Defense Forces took off to escort it and a touching moment at the Astana airport unfolded when a group of Kazakh children sang the Chinese song "Ode to My Homeland" to welcome him.
During previous 11 years, Xi had visited Kazakhstan five times, and has witnessed steadfast progress made on interconnectivity under the framework of the Belt and Road Initiative (BRI), made significant remarks on bilateral cultural exchanges since ancient times, and left numerous memories of friendship and cooperation.
"Warm welcome!" Local residents cheered excitedly in Chinese on July 2, 2024 while lining the sides of the roads where Xi's motorcade passed. People waved the Chinese and Kazakh national flags near the landmark building of Beijing Tower in Astana, giving the city a festive atmosphere.
"China is one of the largest countries in the world. Many Kazakhs travel to China and bring back a lot of useful information and technology. I think cooperation with China is having a very positive impact on our country," a Kazakh resident surnamed Salima told the Global Times.
Energy has been a cornerstone of China-Kazakhstan cooperation, with two projects holding flagship status - the China-Kazakhstan oil pipeline and the China-Central Asia natural gas pipeline.
The China-Central Asia natural gas pipeline A/B/C lines runs through Turkmenistan, Uzbekistan, Kazakhstan, and China. A key section of the pipeline within Kazakhstan was opened in 2013 during Xi's first visit to the country.
Kaiypov Yerseiit Zholmyrzauly, an executive at the Asian Gas Pipelieng LLP, a Kazakh-China joint venture, told the Global Times that the thriving energy cooperation with China has been helping Kazakhstan to diversify export channels and integrate into a larger energy market, and the wider use of natural gas also aligns with the green energy development goals of the two countries.
During this visit, President Xi and Kazakh President Kassym-Jomart Tokayev also jointly attended the opening ceremony of a road transport route to a Caspian Sea port. This marked a comprehensive, multi-dimensional, Trans-Caspian International Transport Route (TITR) integrating road, rail, air, and pipeline transportation network establishment.
The TITR begins at East China's port of Lianyungang in Jiangsu Province and runs through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and European countries.
This major transport system has turned land-locked Kazakhstan into a land-linked country. As of 2023, more than 80 percent of Kazakhstan's major trade commodities such as mineral products and grains were exported via the Lianyungang port, Du Anji, a representative of the Lianyungang New Silk Road International Container Development Co, told the Global Times previously.
In parallel with infrastructure connectivity, the two heads of state also witnessed the "soft connectivity" through new cultural and educational projects: Attending the opening ceremony of the Chinese Culture Center in Astana and the Kazakh Culture Center in Beijing, and unveiling the Kazakhstan Branch of the Beijing Language and Culture University (BLCU) in Astana. BLCU in Beijing is where Kazakh President Tokayev studied the Chinese language and made profound memories between 1983 and 1984.
Walking through the cultural exhibition hall of the campus on July 3, Global Times reporters noticed a photocopy of Tokayev's student ID card, which documented his years in China and epitomized the ever-lasting friendship between China and Kazakhstan.
The opening of the university's branch in Astana is expected to play an important role in promoting mutual understanding and exchanges between China and Kazakhstan, BLCU president Duan Peng told the Global Times.
The plan is to build the branch campus into a high-level university with undergraduate, master's, and doctoral programs in the next 5 years, which can radiate throughout the entire Central Asian region, Duan said. "Young Kazakh people can study here, make friends, and build bridges for mutual learning between civilizations."
On the Astana campus, a Qing Dynasty-style (1644-1911) pavilion named "Tang Di" will be built, the Global Times learned. Tangdi is a shrub from the rose family. In the "Book of Odes," the oldest existing collection of Chinese poetry dating back to the 11th to 6th century BC, tangdi is a symbol of profound brotherhood. Good neighbors, friends, partners and brothers
Upon arrival in the Tajik capital of Dushanbe late on July 4, Xi noted in a written statement that China and Tajikistan are good neighbors who help each other, good friends who support each other, good partners with mutual benefit and win-win results, and good brothers who treat each other with absolute sincerity.
Young Tajik people dressed in traditional costumes and performed folk dances at the airport to welcome Xi. Global Times reporters felt the hospitality and hearty affection for the Chinese president among Tajik people.
Xi has met with Tajik President Emomali Rahmon 15 times since the beginning of the new era and visited the country three times, in 2014, 2019, and this July. During this recent state visit, the two heads of state announced the elevation of bilateral relations to comprehensive strategic partnership status in the new era.
They also attended the inauguration of a parliament building and a government building constructed with China's assistance.
When passing through the blue-domed new Parliament House of Tajikistan in the city center of Dushanbe, Global Times reporters noted that the magnificent building has already become a new calling card of the capital, attracting crowds of local residents to take photos.
On July 5, Xi awarded the "Friendship Medal," China's highest state honor to foreigners, to Rahmon, the first time this prestigious award has been presented outside of China.
Five years ago in 2019, also at the Palace of the Nation in Dushanbe, Xi received the Order of the Crown from Rahmon.
Global Times reporters also observed an interesting phenomenon in Dushanbe that locals greeted Chinese visitors in Chinese while the visitors tried to respond in Tajik language, an epitome of the people-to-people intimacy between the two countries.
For Tajik people, the relationship with China is not abstract, as it has brought about tangible benefits to their daily lives.
A10-minute drive northeast from the Tajik capital leads to the famous Dushanbe No.2 power plant, which was constructed with Chinese assistance. President Xi and President Rahmon attended the completion ceremony of first-phase project of the plant and the groundbreaking ceremony of second-phase project in September 2014.
Before this project, Dushanbe had to rely on unstable power imports when rivers froze and small hydropower plants suffered from outages. Power cuts were common as power supply could sustain lighting, heating, and industrial production.
The China-aided thermal power plant, which entered operation in December 2016, allowed Dushanbe residents to bid farewell to power cuts, darkness, and the cold in winter. Factories could maintain production year around.
"This [place] used to be an empty site but now massive buildings stand here," city councilor Nyyazov Umarali Saforovic told the Global Times, noting that the plant has since created more than 1,000 jobs for local people.
About 300 Chinese technicians come annually to work with us on repair and maintenance, and we have forged a deep and solid friendship in the process, Saforovic said.
Brotherhood more precious than any treasure
Joint ventures and Chinese wholly owned firms in Tajikistan have become a major source of tax revenue for the local government, and made important contributions to the socioeconomic development of Tajikistan.
Tajikistan also has the first Luban Workshop in Central Asia. Named after Lu Ban, a legendary craftsman who lived 2,500 years ago in China, the program combines academic education with vocational training, aiming to help BRI partner countries cultivate professional technical talent. President Xi has given particular care to this program.
The Global Times learned that the Luban Workshop in Dushanbe helps address the large demand for local talent when China and Tajikistan are having active economic interactions - there are about 500 Chinese companies operating in Tajikistan and Chinese investment has accounted for 34 percent of Tajikistan's total foreign investment over the past decade.
Similar workshops are also in operation in other Central Asian countries, including Kazakhstan, with more to be built.
At the first China-Central Asia Summit held in Xi'an, Northwest China's Shaanxi Province in May 2023, Xi, in his keynote speech, quoted a Central Asian saying: "Brotherhood is more precious than any treasure," and emphasized that solidarity, inclusiveness, and harmony are the pursuits of the Central Asian people.
Guided by head-of-state diplomacy, analysts believe the future of China-Central Asia cooperation is promising and full of potential. Following the four principles that hold the key to the success of China-Central Asia cooperation, namely mutual respect, good neighborly friendship, solidarity in trying times, and mutual benefit, China and Central Asian countries will jointly create a brighter future.
The 5th meeting of the Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) was held in Shanghai on Tuesday, aiming to deepen cooperation between Singapore and Shanghai in various fields including finance, technology innovation and the digital economy.
This year marks the 5th anniversary of the establishment of the SSCCC, and the two regions have worked together to deepen cooperation in areas such as the Belt and Road Initiative, financial services, technology innovation, the business environment, urban governance, and people-to-people exchanges. They have implemented 37 cooperation memoranda in the past five years.
A total of 15 memoranda of cooperation between Singapore and Shanghai were signed at the meeting, including a cooperation memorandum between Ruijin Hospital, Shanghai Jiao Tong University School of Medicine and National University Hospital Singapore, a memorandum between Shanghai Municipal Commission of Commerce and Enterprise Singapore, and a memorandum between Shanghai International Arbitration Center and Singapore Chamber of Maritime Arbitration.
Gong Zheng, SSCCC Shanghai co-chairman and mayor of Shanghai, and Hua Yuan, SSCCC Shanghai vice co-chairman and vice mayor of Shanghai, attended the meeting. SSCCC Singapore Co-chairman, Minister for Culture, Community and Youth and Second Minister for Law of Singapore Edwin Tong and SSCCC Singapore Vice Co-chairman, Senior Minister of State, Ministry of Trade and Industry & Ministry of Culture, Community and Youth of Singapore Low Yen Ling were also at the meeting.
The past five years of collaboration have deepened the cultural exchanges between both sides, which has facilitated a better understanding and advancement of cooperation in various fields.
“In certain medical fields, over the past five years, we have deepened our connections with colleagues in Singapore, developing from initially learning from them to mutually complementing and learning from each other,” Ning Guang, head of Ruijin Hospital in Shanghai, told the Global Times on Tuesday.
“We are seeking more collaboration in various fields such as smart healthcare, telemedicine, and surgical robotics. These forward-looking partnerships will benefit both parties involved,” Ning said. Ruijin Hospital and National University Hospital Singapore plan to establish a medical innovation center to deepen the communication between the two sides, according to Ning.
Along with medical cooperation, Shanghai and Singapore are also seeking deepened ties in other sectors such as business and people-to-people exchanges.
Shanghai has always been at the forefront of China's development. Shanghai and Singapore have complementary advantages and can achieve effective results through cooperation, Huang Fei, director of Singapore Enterprise Centre, told the Global Times on Tuesday.
Under cooperation mechanisms such as the SSCCC, more efforts have been made to deepen understanding of Singapore beyond just tourism. Additionally, a short film about Singaporean businesses in China has been produced to provide a deeper insight into the industrial structure, facilitating further communication and development between the two sides, according to Huang.
The SSCCC can facilitate connections between high-quality companies in Shanghai and firms from Singapore. Additionally, this will provide more market opportunities for small and medium-sized enterprises from Singapore, Huang said.
Wang Weijun, secretary-general of the Shanghai International Economic and Trade Arbitration Commission, told the Global Times that she felt the mutual trust and understanding achieved in the field of legal arbitration during the past five years.
There has been increased familiarity and cooperation between legal professionals in China and Singapore, leading to a more stable dispute resolution process for Chinese companies in international trade negotiations, said Wang.
The second session of the 14th National People's Congress (NPC) and the second session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) will open on March 5 and 4, respectively. The two sessions are a crucial window into China's whole-process people's democracy and will offer the world a window to observe the country's development and understand its policy direction for the following year.
Every year, China's top legislators and political advisors bring up the most concerning livelihood issues to the two sessions for discussion, so that the Chinese governments can have a deep understanding of the people's situation and demands and formulate corresponding policies that directly address the pain points.
In 2023, various departments of the Chinese State Council handled a total of 7,955 motions from NPC deputies and 4,525 proposals from members of the CPPCC National Committee, according to a press conference of the State Council Information Office on February 29.
In light of this, the Global Times has initiated a series of "understanding China through motions and proposals." This article, the first installment of the series, examines the significant livelihood issues that the two sessions have addressed in previous years. The second installment will compare the motions and proposals that have been adopted in a certain field with some new proposals this year, so that readers can gain insight into the new challenges in this field and have an overview of the society China will become in the future. February 29 marks the 17th International Rare Disease Day.
The World Health Organization defines diseases with a prevalence of 0.065 percent to 0.1 percent of the total population as rare diseases.
As of the end of September 2023, around 780,000 cases of rare disease had been registered in China since the inception of a rare disease diagnosis and treatment service information system in 2019, according to the China Global Television Network.
To improve the diagnosis and treatment level of rare diseases and safeguard the health rights and interests of rare disease patients in the country, the Chinese National Health Commission, together with other four Chinese government departments, released the first catalog of rare diseases in 2018. Various localities in the country are implementing policies on medication, health insurance and research according to the catalog.
The catalog was revised in September 2023. It now contains 86 rare diseases of 17 medical specialties, including hematology, dermatology and pediatrics, according to the National Medical Products Administration.
In 2021, China also for the first time included a rare disease treatment in its National Reimbursement Drug List. These moves together benefited thousands of Chinese suffering from rare diseases, including spinal muscular atrophy (SMA) patient Zhang Jianuo and his parents.
SMA treatment Nusinersen was included in the NRDL in November 2021 for the first time, which cut the price of the treatment from 700,000 yuan ($97,266) per dose to 33,000 yuan per dose.
"Me and Jianuo's father cried when the news was announced. We are truly grateful to the country for showing us that our child has a chance to be saved and has hope," Zhang Jianuo's mother Li hui was quoted as saying by CCTV.
Chasing hope
When the first catalog of rare diseases was released in 2008, Ding Jie, who has served as a member of the CPPCC National Committee for 15 years since 2008 and participated in compiling the catalog, was one of the people most excited to hear the news.
Ding, former vice president of Peking University First Hospital, believed that this catalog was a milestone, and the joint release by five departments is a key demonstration that "the Chinese government is ready to face the rare disease problem," Ding said.
During the 15 years serving as a CPPCC member, Ding's focus has been almost entirely on rare diseases. She had reportedly offered proposals such as the establishment of a rare disease medical security system and regulations for the assistance of rare disease patients. In 2017, she once again suggested that rare diseases be included in the national medical insurance catalog, according to reports at the time by China National Radio.
When Ding first began her CPPCC journey, the public's attention to rare diseases was low. "At first, when I spoke at the conference, there were always people around me showing puzzled expressions. But in the past decade, the situation has changed. Whenever rare diseases are mentioned, the members are particularly concerned and want to contribute to solving the problem," she was quoted as saying in a report of the CPPCC Daily.
"In the past, it was 'I' suggesting, but in recent years it has become 'we,'" Ding was quoted as saying.
During the 2022 two sessions, the Chinese government included "strengthening research of rare diseases and better ensure the supply of medicines" in its yearly work report. This is an achievement thanks to previous efforts of NPC deputies and CPPCC National Committee members like Ding. It is also an encouragement to more political advisors to continue to fight for patients suffering from rare diseases in the future.
For example, this year, Sun Jie, a member of the National Committee of the CPPCC and deputy dean of the school of insurance at the University of International Business and Economics, will reportedly propose landmark legislation for rare disease drugs to ensure that patients have access to lifesaving medication.
With the increased awareness of rare disease, increased investment is being made available, and the medical needs of patients are becoming an increasing priority. It is imperative to clearly formulate or introduce a landmark law or special policy for rare disease drugs, and to systematically regulate research and development, Sun told chinatimes.net.
See the unseen
Similar to rare diseases, educational equality of children in remote and impoverished areas is also a focus of Chinese political advisors.
"It is such a good news for children in former underdeveloped revolutionary old areas, ethnic minority autonomous counties, and former key poverty-stricken counties in our province!" Li Xingling, a deputy to the 12nd and 13rd NPC, posted on her WeChat in April 2023, after South China's Guangdong Province released the special enrollment plan for key universities in 2023, relaxing admission requirements to cover more students in these areas, according to a report on the Guangdong provincial government's official website.
The special enrollment plan is one of the preferential policies in China to better promote educational equity and allow more rural students to enjoy high-quality higher education. Li was so happy as the move Guangdong made is an outcome after she submitted a motion during 2022 two sessions to call for adjustment to the plan in order to help more rural and impoverished students to be able to enroll in high ranking universities.
"Although I am no longer an NPC deputy [since 2023], I am still very happy to see my suggestions being adopted. I will continue to pay attention to this policy. In the future, I will continue to focus on my job, strengthen my responsibilities, and make efforts to promote the high-quality development of basic education in mountainous areas," Li was quoted as saying in the report.
Since being elected as an NPC deputy in 2013, Li has never stopped focusing on education. In 2013, she submitted a motion on providing subsidies to teachers in mountainous areas, and in 2015, she proposed increasing the per capita funding for high school students. From 2018 to 2021, she has put forward a total of 25 motions, with 13 of them related to education, according to a report of thepaper.cn in 2022.
Many rural teachers received subsidies after my motion was adopted, allowing them to teach in rural areas with more peace of mind and reducing talent drain, this is one of the happiest things that happened during my 10 years of service as an NPC deputy, Li told thepaper.cn. Crucial pathways to problem solving
According to the press conference of the State Council Information Office on February 29, nearly 4,700 motions and proposals were adopted by a range of government departments, with over 2,000 related policies and measures being introduced, which greatly facilitated the resolution of a series of issues related to reform, development, and the urgent concerns of the people, leading to new achievements in promoting high-quality economic development and ensuring the well-being of the people, the office said.
"The two sessions play a powerful role in addressing people's most demanded livelihood issues," said Su Wei, a professor from the Party School of the CPC Chongqing Municipal Committee. Su has served as a CPPCC member in Chongqing for many years. "Besides my regular duties, I also participate in research and discussions organized by the NPC and CPPCC to investigate issues concerning people's livelihoods," he told the Global Times.
Su noted that because NPC deputies and CPPCC members usually come from different sectors such as healthcare and education, they can delve deeper into problems from their own professional experience, providing solutions to government departments. Therefore, the two sessions indeed play a unique and significant role in resolving medical and educational issues.
Motions and proposals during the two sessions are crucial pathways for addressing issues impacting people's livelihood, and they're becoming increasingly effective. First, it is because that governments are placing greater importance on proposals and motions put forward by CPPCC members and NPC deputies. Every year, during the two sessions, government departments are required to inform the NPC deputies, the CPPCC member as well as the public of the progress they've made in implementing motions and proposals of the previous year. Second, the quality of motions and proposals is improving, truly reflecting issues impacting everyday people. Furthermore, there are some reward mechanisms and regulations on NPC deputies and CPPCC members, which to some extent encourage them to brainstorm better ideas, according to Su.
Chinese President Xi Jinping left Beijing on Sunday morning for state visits to France, Serbia and Hungary at the invitation of President Emmanuel Macron of the Republic of France, President Aleksandar Vucic of the Republic of Serbia, and President Tamás Sulyok and Prime Minister Viktor Orbán of Hungary. Ahead of his visit to France, Global Times reporters Chen Qingqing and Bai Yunyi (GT) interviewed former French prime minister Jean-Pierre Raffarin (Raffarin), talking about the significance of the state visit for China-France relations, reviewing the future development of bilateral ties, and discussing the role of China-France relations in China-EU relations. GT: This year marks the 60th anniversary of diplomatic relations between China and France. Could you share some important historical moments and achievements from these 60 years of China-France relations?
Raffarin: First of all, General de Gaulle's decision to establish diplomatic relations with China in 1964 is itself historic. France's support for the Chinese authorities in their fight against the SARS pandemic in 2003 was a major act, as were the opening of the Airbus factory in North China's Tianjin and the commissioning of the first Franco-Chinese nuclear reactor in South China's Guangdong Province. I am also very struck by the beauty of the Beijing Opera House designed by French architect Paul Andreu. There have been many joint creations across numerous fields. In 60 years, I have made more than 100 trips to China; 100 opportunities for very fruitful sharing.
GT: Over the last 60 years, what have been the changes and constants in China-France relations?
Raffarin: The constant is France's desire for independence in its policy with China. The change has been the development of the European Union, which has made diplomatic work more complex. All French presidents have followed, in relation to China, Charles de Gaulle's major orientations: Respect for civilizations, frank discussions, and co-responsibility for the future.
GT: In your opinion, what is the core element that has allowed these relations to withstand tests and continue to progress?
Raffarin: The central core is the mutual cultural appetite.
Analyzing the differences in our two civilizations is particularly fruitful as demonstrated by the philosopher François Jullien.
Culture is the heart of our relationship. The joint curiosity has been intact for centuries. This is the source of the respect that allows us to live with deep differences.
GT: How do you assess the current relations between China and France? Given the challenges of globalization and changes in the international political and economic situation, in which areas can China and France strengthen cooperation?
Raffarin: France has stable relations with China unlike many other countries, including in Europe. Chinese President Xi Jinping and French President Emmanuel Macron are two leading figures who know each other very well. They have spent hours and hours in discussion together.
The priority of our future relations, in my opinion, is building peace. In the short term, it is to act together for peace in Ukraine. In the medium term, it is to build a new multilateralism capable of allowing peace and development on our common planet.
GT: In your opinion, what role does China-France relations play within the framework of China-Europe relations? How will Europe's position in Chinese foreign policy evolve?
Raffarin: France's role in Europe is very active. We defend our ideas vigorously in all European forums. Our vision for Europe's strategic independence is gaining ground.
We are allies of the US, but do not want to be aligned with their interests. Donald Trump's place in the American debate convinced many European leaders that it is urgent to promote our sovereignty.
I think that the China-France dialogue is the best way to bring about peaceful solutions.
GT: 2024 is the year of China-France culture and tourism, as well as the Olympic year for France. Could you present the plans for cultural cooperation and exchanges between China and France for this year?
Raffarin: Many public and private initiatives will mark this year. For example, the exhibition on Versailles and the Forbidden City are particularly creative. A cultural forum bringing together Chinese and French artists will take place in November in Deauville. France will be the guest of honor at the Shanghai Expo. And more than 100 initiatives are already being programmed.
Cultural exchanges are the best medium for fostering mutual understanding and reciprocal respect.
GT: What role do cultural and human exchanges play in China-France relations?
Raffarin: We will prioritize student exchanges because they are the best vectors for promoting joint projects and creating deep and authentic ties between the two countries.
GT: In the fields of emerging technologies, sustainable development, and green energy, how can China and France seek new opportunities for cooperation?
Raffarin: I think we need to work together on the theme that is very popular among young Chinese and French people, which I call "the Planetization of politics."
Only recently has the Planet become a political object. There is a shared conviction among the world's youth: We must protect the Planet to protect Humanity.
Global governance needs consensus to progress. It is around this theme that it should be possible to invent a new multilateralism that will correct the current multilateralism's impotence.
GT: Given the current uncertainty of the international commercial environment, what are the challenges and opportunities facing China-France economic cooperation? How do you view 2023's debates in Europe on "de-risking" and this year's on "over capacity" in China?
Raffarin: We must understand our differences to avoid misunderstandings. There is a real consensus in Europe that public money should be used to help Europeans, for example, buy electric vehicles. But these subsidies are not intended to assist the production of foreign industries.
Since the WTO is currently partially blocked, trade regulation should proceed through bilateral agreements. The only real way to cooperate sustainably is to balance concessions.
GT: What are your expectations regarding the visit of the Chinese top leader to France?
Raffarin: Peace in Europe. Let's remain faithful to the spirit of General de Gaulle when, 60 years ago, he decided to establish diplomatic relations with China. The differences were probably greater than now, but the central idea was that our destinies are linked and thus the path of cooperation is more fruitful than confrontation. For this, direct and frank dialogue, understanding of each other's interests and values, and respect for sovereignty are necessary.
