The Government Work Report submitted Tuesday to China's national legislature for deliberation during the ongoing annual two sessions has generated strong confidence among Japanese enterprises in China as it shows the Chinese government's determination to keep promoting opening-up and optimizing the business environment for foreign-funded enterprises.
China's A-share market is again making headlines as media outlets, citing Morgan Stanley analysts, said that "global funds are returning to China stocks." It seems that what has collapsed is the "China collapse" theory, not China's stock market.
China's merchandise trade in the first two months of 2024 hit a record high of 6.61 trillion yuan ($918.3 billion), up 8.7 percent year-on-year, the General Administration of Customs (GAC) announced on Thursday, beating forecasts and signaling a good start to the new year.
China has set its 2024 GDP growth target at around 5 percent, which has been viewed as a signal of strong confidence that the world's second-largest economy could navigate through multifaceted pressure and boost a steady expansion this year.
Chinese-made electric vehicles (EVs) were subject to a special customs registration process starting from Thursday by the European Commission (EC), as the EU is moving closer to adopting new protectionist measures such as punitive tariffs targeting Chinese EVs in the bloc.
Deputies from East China's Jiangsu Province who interacted with Chinese President Xi Jinping during a deliberation at the second session of the 14th National People's Congress, told the Global Times on Thursday that they had been deeply inspired and vowed to accelerate the development of new quality productive forces.
China should ramp up efforts to promote independent scientific exploration and innovation in artificial intelligence (AI), as the country seeks to pursue a unique path of AI innovation with Chinese characteristics, Xu Jiuping, a member of the CPPCC National Committee and a professor at Sichuan University, told the Global Times.
The Chinese economy has fared quite well and has showed strong resilience under the huge combined pressure over the past years. We still believe that China was, is, and will remain the factory of the world thanks to the improved productivity levels, broad and deep industrial clusters, and well-established infrastructure, Denis Depoux, Global Managing Director at Roland Berger, told the Global Times in an interview on Thursday.
China's Government Work Report for the first time stated that the underlying stability of the capital market should be enhanced, which sends a strong signal on China's commitment to building itself into a financial powerhouse.
New technology breakthroughs are reshaping the global economic landscape. It has become a broad public consensus to foster new quality productive forces that will accelerate economic growth in the coming many years.
China announced Thursday to waive visa requirements for citizens from six European countries, including Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg, signaling the country's commitment to attract more foreign visitors, effective on March 14.
Developing new quality productive forces has become a major theme in China's policymaking since it was first put forward by Chinese President Xi Jinping in September 2023. It is also listed as a priority for this year's economic tasks outlined in the Government Work Report delivered to the ongoing two sessions in Beijing.
China's exports to the US reached 522 billion yuan ($72.52 billion) in the first two months of 2024, up 8.1 percent year-on-year, which analysts said reflects the strong competitiveness of Chinese products despite Washington's protectionism.
China's trade with India in the first two months of 2024 surged by 15.8 percent year-on-year, ranking the country as having one of the fastest growth rates among China's trading partners, data from the General Administration of Customs showed on Thursday.
China's integrated circuits (IC) or semiconductor chips export surged by nearly 30 percent in the first two months of 2024 amid the country's efforts to climb up the global technological ladder, despite mounting assaults by the US and its allies to slow down China's technology rise.
China's foreign trade in goods in the first two months of 2024 hit a record high of 6.61 trillion yuan ($918.3 billion), rising 8.7 percent year-on-year, signaling a good start of foreign trade in the new year, data from the General Administration of Customs showed on Thursday.
The US Senate approved a bill on Wednesday (US time) to prohibit contracting with Chinese biotech providers including BGI Group, MGI and Complete Genomics, in the latest move by Washington to expand suppression on Chinese companies in the new medicine field under the guise of national security.
China's foreign trade in Jan-Feb hit record high, up 8.7% y-o-y
The China Chamber of Commerce to the EU (CCCEU) on Wednesday voiced its disappointment with the EU's mandate for customs registration of electric vehicle (EV) imports from China while an investigation remains ongoing, according to a statement that the chamber sent to the Global Times.
The US' escalating suppression of China's auto industry is a typical example of the politicization of trade and economic issues, experts said on Wednesday, warning that the US action will backfire and will hinder the development of the world's auto sector.
A Chinese scientist and national political advisor has proposed further integration of artificial intelligence (AI) in the manufacturing industry, with the aim of boosting its high-quality development and dealing with the challenges ahead.
In his first public appearance before media since taking his new post, Wu Qing, head of China's securities watchdog, outlined on Wednesday his plan to ensure the stable development of the capital market, the world's second largest, and vowed to beef up institutional buildup and to better ensure investor protection.
Ning Jizhe, a member of the standing committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the former chief of the National Bureau of Statistics, expressed his confidence in China achieving the GDP growth target of about 5 percent this year, while dismissing hype about the Chinese economy entering a recession.
If EU policymakers plan to register Chinese electric vehicle (EV) imports as reported, they should think twice before taking action. Customs registration will inevitably deal a heavy blow to market confidence, and bring losses that are hard to calculate for the bloc's green transformation efforts.
It is normal to see people come and go, yet Hong Kong never lost its sheen to international talents, nor is the city's global role dwindling, said deputies to the 14th National People's Congress (NPC), China's national legislature, refuting foreign media's hype that “brain drain” is threatening the city's status as an international financial hub.
China's monetary policymakers have a rich toolbox and ample options, and there is still further room to slash the reserve requirement ratio (RRR), Pan Gongsheng, governor of the People's Bank of China (PBC), the central bank, said on Wednesday.
Officials from Hong Kong and Macao special administrative regions welcomed the Chinese mainland's expansion of the Individual Visit Scheme (IVS) to Xi'an and Qingdao cities, starting from Wednesday, noting that the new arrangement will be conducive to the development of local tourism and promote personnel exchange between Hong Kong and Macao and the mainland.
US lawmakers have introduced legislation that threatens to ban TikTok from app stores operated by Apple and Google unless the popular short video platform divests itself from ByteDance, its parent company, within about six months – a move that represents a latest crackdown on Chinese companies for so-called national security reasons, Chinese experts said.
China's A-share market has seen a sustained rebound recently, with multiple overseas financial institutions voicing intentions to boost their holdings. Analysts suggest that the influx of foreign capital serves as a barometer, and they believe that concerted measures will keep driving economic growth and market recovery in 2024.
Protecting the legitimate rights and interests of investors, especially small and medium-sized consumers, is the core task of the China Securities Regulatory Commission (CSRC), Wu Qing, chairman of the CSRC, China's top securities regulator, said in his first appearance before media during the ongoing two sessions.
China's issuance of ultra-long special treasury bonds in the coming years to come is a major policy to boost consumption and support long-term high-quality development, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), the country's top economic planner, said on Wednesday.
A deputy to the National People's Congress (NPC) called for efforts to tackle shortage and bottleneck in China's roll-on/roll-off (Ro-RO) cargo vessel capacity so as to improve transportation conditions of the country's surging new-energy vehicle (NEV) exports.
China is committed to promoting high-level openness, fostering mutual benefit and win-win outcomes, and welcomes foreign diplomats stationed in China to observe China's annual two sessions, the Foreign Ministry said on Wednesday.
China's securities regulator vows to protect small investors' interests, strengthen market regulation
China still has room to further cut RRR: central bank governor
China's exports likely to grow 10% y-o-y in the first two months: NDRC head
As China is making rapid progress in computing power, it is necessary to build a national unified computing power service market, a political advisor said at the annual two sessions.
Foreign companies still have confidence in China, a view boosted by the release of the Government Work Report on Tuesday, which said China will ramp up efforts to attract foreign investors, including further shortening the "negative list" for foreign investment.
A Chinese national lawmaker has called for more progress in implantable brain-computer interface (BCI) technology, so as to be able to produce fully domestically made systems and related products and eventually gain dominance in the key emerging industry.
China's semiconductor sales grew 26.6 percent year-on-year in January, faster than the rates in the US or the world, according to an industry report on Monday, showing that the clampdown by the US on China's technology industry including semiconductors has failed, experts said.
Rhetoric from US officials like Blinken attempting to discredit China's investments in the PICs cannot fool anyone. The attempts by the US to interfere with the PICs' legitimate rights to freely choose to expand economic and trade cooperation with China are futile.
Sales of iPhones in the Chinese market posted a double-digit year-on-year decline in the first six weeks of 2024. Analysts said the US tech company is struggling in the competition with rising Chinese rivals.
While the travel craze during the Spring Festival holidays has only just ended, Chinese tourists are eagerly planning their upcoming trips for the May Day holidays, summer vacation and even National Day holidays in October, with bookings for outbound trips already picking up steam, according to online travel agencies.
China on Tuesday set a growth target of around 5 percent for its economy in 2024, a "forward-looking and pragmatic" goal which deputies and economists said sends strong signals that the world's second-largest economy will sustain its firm recovery momentum this year despite rising headwinds, while putting more emphasis on ensuring economic stability and transforming growth models.
Liu Qingfeng, a deputy to the National People's Congress and chairman of Chinese AI company iFlytek, put forward a motion suggesting the country formulate an AGI (artificial general intelligence) development plan, aiming to promote the systematic growth of the country's AGI sector, while narrowing the technology gap between China and the US, according to a document sent to the Global Times on Tuesday by iFlytek.
Invigorating China through science and education was listed among the 10 major tasks in this year's Government Work Report, reflecting the emphasis Chinese policymakers have attached to the vital area as China climbs up the global technological ladder.
China has set the deficit-to-GDP ratio for this year at 3 percent. The goal not only conforms to the current conditions of the overall recovery of the Chinese economy, but also helps control the government's overall debt levels and increase fiscal sustainability in order to reserve larger policy room for dealing with possible risks and challenges in the future, an official said on Tuesday following the release of the Government Work Report.
China vows to use scientific and technological innovation to lead the modernization of its industrial system and move faster to develop new quality productive forces in the Government Work Report submitted on Tuesday to the National People's Congress (NPC) for deliberation, as part of the major tasks for economic and social development in 2024.
China will launch an artificial intelligence (AI) Plus initiative to promote the innovative development of digital economy, according to a government work report submitted on Tuesday to the national legislature for deliberation.
China's Minister of Science and Technology Yin Hejun pledged on Tuesday to work out favorable policies and provide more resources to support young talent and scientific researchers under the age of 35, and try to optimize China's talent reserve and their training mechanism.
China plans to systematically address funding shortages facing some major projects in the course of advancing the national rejuvenation, and it will issue ultra-long special treasury bonds starting this year and over each of the next several years, Chinese Premier Li Qiang said in his Government Work Report delivered to the annual session of the National People's Congress (NPC) on Tuesday.
China will ramp up efforts to attract foreign investment, including further shortening the “negative list” for foreign investment, and all market access restrictions on foreign investment in manufacturing will be abolished, according to a government work report delivered by Chinese Premier Li Qiang to the annual session of the National People's Congress (NPC) on Tuesday.
China's central government aims to create over 12 million new urban jobs in 2024, with surveyed urban unemployment rate of around 5.5 percent, according to the Government Work Report delivered by Chinese Premier Li Qiang in Beijing on Tuesday.
Amid discriminatory hiring practices that some companies in China are seeking younger workers under the age of 35, a political advisor suggested to this year's two sessions that efforts should be made to appropriately relax age restrictions for candidates sitting for civil servant examinations.
China sets deficit-to-GDP ratio of 3 pct for 2024
China aims to create over 12 million urban jobs in 2024
This week, China kicked off the two sessions, one of the most important political gatherings annually. The event offers an important window for the outside world to understand China's development, and where the world's second-largest economy is headed and top policy priorities in 2024.
China's ultra-deep oil well broke through the 10,000-meter depth mark on Monday, after 279 days of drilling. This is China's first well to exceed a vertical depth of more than 10,000 meters. It has the record for the deepest well in Asia and also the world record for the shortest time taken to drill a 10,000-meter deep well.
Enterprises from the Taiwan region are optimistic about the economic development of the Chinese mainland and pledge to continue investing to better take advantage of the economic recovery in 2024, representatives of business and industry groups from the island told the Global Times on Monday.
China has established a basic independent industry chain for superconducting quantum computers, and it's one of the very few countries that can independently produce quantum computers, which are believed to be critical for future development, a leading Chinese scientist told the Global Times.
A root cause of why the US-launched smear campaign against the Chinese economy has become hysterical lies in the fact that only by vilifying China can the US-led West find an excuse for its unjust actions and attacks against the Chinese economy.
China's top political advisory body started its annual session on Monday in Beijing, ushering in an important political season that will highlight new missions to steadily boost high-quality development in a bid to build the country into a great modern socialist country while injecting new impetus into global growth.
China officially kicked off the two sessions this week, and the highly-anticipated Government Work Report, which contains a cluster of key economic goals, will be delivered. What we most look forward to is the formulation of some economic development indicators this year. Ultimately, it's about how the central government sets economic growth targets, especially regarding how to focus on the transformation of China's economy, while tackling with downward pressure and external uncertainties.
China's chunyun for 2024 - the Spring Festival travel rush - will officially conclude on Tuesday. An estimated 9 billion passenger trips are expected to have been made during the 40-day rush, with bustling scenes seen across China from busy markets to hustling railway activity, which are vivid displays of economic vitality.
US Congressional leaders on Sunday unveiled budget legislation that would prevent China from purchasing oil from the US Strategic Petroleum Reserve (SPR), according to Reuters. However, the move will have little to no impact on China and is merely a political stunt, experts said.
Members of the Chinese People's Political Consultative Conference (CPPCC) National Committee have proposed building a science and technology innovation center in Northwest China's Xinjiang Uygur Autonomous Region oriented toward Central Asia, in a bid to promote the Belt and Road Initiative (BRI) and local development.
The threshold for China's individual income tax exemption should be raised to ease pressure on middle- and low-income earners and propel domestic consumption and economic recovery, according to Dong Mingzhu, a prominent entrepreneur and deputy to the National People's Congress (NPC).
In order to facilitate travel between China and other countries and regions, China has introduced the “three reductions and three exemptions” policy, such as unilaterally implementing visa exemptions for citizens from certain countries. China welcomes more foreign visitors and will continue to provide a safe, comfortable, and convenient travel environment for them, Mao Ning, a spokesperson of Chinese Foreign Ministry, said on Monday.
A group of CPPCC members are putting forth a proposal, recommending the inclusion of nuclear-generated electricity into the country's green electricity certification, as the country's expanding fleet of nuclear generators are capable of providing over 160 billion kilowatt hours of electricity per year now.
China's Foreign Ministry on Monday refuted recent remarks by high-ranking US officials denigrating Chinese-made cars, noting they are of false narrative, and clearly reflecting their over-politicization and over-securitization of economic and trade issues.
Fostering artificial intelligence (AI) literacy is a long-term endeavor that involves cultivating students' interest and ability from a young age. A deputy to the National People's Congress (NPC) suggested on Monday the country integrate AI literacy education into the nine-year compulsory education curriculum, introduce a general AI course, and incorporate relevant content into primary and secondary school activities.
This week, China kicked off the two sessions, one of the most important political gatherings annually. The event offers an important window for the outside world to understand China's development, and where the world's second-largest economy is headed and top policy priorities in 2024.
China's Guangdong-Hong Kong-Macao Greater Bay Area (GBA) now is accelerating the economic integration and coordination with surrounding regions as the area has become one of the most promising growth poles of the worlds.
The incident involving Lionel Messi not playing in Hong Kong has no impact on the city's plans to host mega events, as it is considered just an isolated case, according to a Hong Kong deputy to the National People's Congress (NPC) speaking to the Global Times. The city is set to host several major events to enhance its prestige.
As the global artificial intelligence (AI) industry kicks off a new wave of development enthusiasm, AI technology is set to be a hot topic during the two sessions, with a number of members of the Chinese People's Political Consultative Conference (CPPCC) National Committee saying that in the AI arena, China should adhere to independent innovation, as the country is capable of taking a development path of large language models (LLMs) with Chinese characteristics.
The US government's new policy toward China is driven by trade protectionism, offering the world further evidence of economic bullying and coercion.
China will officially kick off the annual two sessions on Monday, one of the most important political gatherings for the year that will set the tone for the country's policy priorities in a wide range of sectors from the economy, diplomacy, military to social development.
Businesses in the Hong Kong Special Administrative Region (HKSAR) expect more individual visitors from the Chinese mainland, where more cities have joined the individual visit scheme (IVS) that allows residents to visit Hong Kong and Macao without a guided tour. Analysts said such expansion bodes well for the two SARs as it looks to boost their economies by increasing tourist spending.
Chinese officials have called on Chinese and US businesses to expand cooperation and help stabilize bilateral ties, as US companies continue to express great interest in the Chinese market; however, Chinese officials are also firmly countering Washington's slander and crackdowns against China.
The "price war" among automakers in China that started in early 2023 has shown no signs of abating. Particularly in the new-energy vehicle (NEV) sector, both traditional and emerging players keep cutting prices or launching limited-time promotions, tactics that analysts anticipate will persist throughout the year.
Political advisors will continue to put forth suggestions and strategies to promote and enlarge employment, a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) said on Sunday, addressing a matter of great importance.
European business groups are emphasizing the potential of the Chinese market this year, particularly in sectors such as new energy and healthcare, and anticipating more cooperation and government support in further tapping into these opportunities.
Editor's Note: While China's economy is undergoing a crucial transformation and upgrade amid the current complex international environment, Western propaganda machines persist in attempting to undermine China's economic progress by creating biased and inaccurate narratives. To counter these false claims, the Global Times is publishing a series of articles that unveil the reality of China's consistent economic development.
The Chinese economy is resilient, has huge potential and vitality and its growth momentum will continue to strengthen and lead to a bring future, according to a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).
China has seen no “exodus” of foreign enterprises. Against the backdrop of the global decline in cross-border investment, foreign investors' enthusiasm for investing in China has not waned, and they remain largely optimistic about the country's future growth prospects, Chinese Ambassador to Japan Wu Jianghao said in a recent interview with Japanese media.
Chinese Vice President Han Zheng on Friday called on the business communities in China and the US to consolidate the foundation of their friendship and mutual trust and expand cooperation scope.
China's leading digital economy with its large-scale data resources, diverse data types and rich application scenarios have provided advantages for the country's artificial intelligence (AI) sector, Qi Xiangdong, chairman of Qi An Xin Technology Group, who is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), told the Global Times on Friday.
The People's Bank of China (PBC), the central bank, will guide Chinese pay-ment platforms to raise the single transaction limit for foreign nationals using mobile payment services from $1,000 to $5,000 and the annual transaction limit from $10,000 to $50,000, amid efforts to improve payment convenience, officials told a press conference on Friday.
Foreign watchers' pessimistic views on China's economy stem from ignorance of the logic of China's economic policy formation. As the weighting of China's policy-making has shifted more toward development, the outlook for GDP growth in 2024 is promising.
The private Caixin Manufacturing Purchasing Managers' Index (PMI) reached 50.9 in February, up from 50.8 in January, standing at the expansion territory for four consecutive months, indicating an overall improvement in Chinese economy.
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has stressed vigorously promoting the high-quality development of new energy in China to make greater contributions to building a clean and beautiful world.
China Chamber of Commerce to the EU (CCCEU) told the Global Times that the voting outcome of Corporate Sustainability Due Diligence Directive (CSDDD) on February 28 is perceived as a response to the apprehensions widely shared by the business communities. It addresses worries regarding burdensome compliance and excessive administrative costs that could potentially result from the proposed CSDDD rules.
Editor's Note: At the beginning of 2024, a number of multinational companies have released their financial reports, announcing their performance in the Chinese market and affirming the importance of the Chinese market in their global business map. While some Western organizations and media are using all possible tactics to discredit China's economy, the global business community is converging on China, busy creating opportunities for cooperation and capturing market opportunities.
The good news is that EU members blocked on Wednesday new rules requiring large companies to check if their supply chains use so-called forced labor or cause environmental damage, but it is not yet time to celebrate, as there are still many tough battles ahead.
Villagers hired by a local agricultural cooperative harvest mushrooms in Wenzhou, East China's Zhejiang Province on February 29, 2024. In recent years, the local government has encouraged farmers to utilize the winter fallow field to develop agricultural economy, aiming to generate more economic benefits for farmers and contribute to the overall prosperity of rural areas. Photo: VCG
Recruiters have explained job responsibilities for thousands of applicants at recruitment fairs, with job seekers rushing to these fairs. Such scenes were seen nationwide as the spring recruitment season started.
China's Foreign Ministry on Thursday urged the US to stop slandering and smearing China on data security, and maintain an open, fair and non-discriminatory business environment, after the Biden administration on Wednesday unveiled an executive order barring genomic data transfers to China over the repeatedly cited claim of national security.
Chinese and US airlines will increase passenger flights from March 31, an official of the Civil Aviation Administration of China (CAAC) said on Thursday, a positive sign of flight recovery between the two countries.
The A-share market experienced a notable rebound on Thursday, with the Shanghai Composite Index (SCI) surpassing the 3,000-point threshold and all three major Chinese indexes ending the month on a positive note and breaking a six-month streak of losses.
American companies in China have recognized the improvement in China's economy and the continuous improvement of the business environment, which reflects the confidence of those investing in China and deepening their roots here, China's Ministry of Commerce (MOFCOM) spokesperson He Yadong said at a regular press conference on Thursday, referring to the results of the latest report from the American Chamber of Commerce in China (AmCham China).