As the Spring Festival holidays are right around the corner, bustling Chinese markets are filled with consumers stocking up on holiday goodies ahead of the Year of Dragon. Amid China's continuous high-quality opening-up and consumption revival, Chinese consumers now can easily enjoy a wide range of global delicacies integrating with traditional Chinese food for gatherings, further perking up the holiday spirit.
The 40-day 2024 Spring Festival travel rush begins on January 26. China is expected to witness a record-high 9 billion passenger trips during the Chinese New Year's festive period. Check out the graphics for more insights!
The Chunyun or Spring Festival travel rush in 2024, the world's largest annual human migration, will run from Friday to March 5 for 40 days, with nine billion passenger trips expected to be made, marking a new historical high. China's consumption in 2023 played a vital role in bolstering the country's economic development, as final consumption contributed 82.5 percent of the total GDP growth. The strong momentum is expected to last in 2024, with the foreseeable booming Chinese New Year holidays poised for a steady recovery.
China released its annual economic results on Wednesday, reporting GDP growth of 5.2 percent, which fulfils its national target. The country's economic performance in 2023 can be summarized as a hard-won positive recovery. Chinese economy is making steady progress and will continue to provide strong impetus for the world economy. China remains an important engine for global economic growth. Over the years, its contribution to world economic growth has stayed at around 30 percent. As the second largest economy in the world, China has established solid fundamentals after years of development, which has enabled its economy to handle ups and downs. Experts believe this overall trend of long-term growth will not change.
Editor's Note: The first days of 2024 saw a surprise tourism peak, as many attractions in northern China were packed with crowds of visitors. Harbin, the capital city of Northeast China's Heilongjiang Province, has become the latest social media sensation, with its exquisite ice sculptures and fairy-tale snowy world. Momentum arising in the tourism sector in early 2024 will likely boost the country's travel market, and shore up the broad consumption rebounding this year.
Ice-snow-related economy has developed into an engine driving #China's tourism and sports industry. -During the 2024 New Year's Day holidays, the popularity of domestic ice and snow tourism increased by 216% compared to the previous period -Chongli, one of the venues of the #Beijing2022 #OlympicWinterGames, received 1.6487 million visitors from Nov 8 to Dec 31, 2023 -The number of visitors travelling to Harbin is 5 times that of Sanya during 2024 New Year's Day holidays -The total output value of China's ice-snow sector is forecast to hit 1 trillion yuan by 2025
Editor's Note: The new year of 2024 is rapidly approaching, which marks the beginning of the second decade of the Belt and Road Initiative (BRI). During the past 10 years, the BRI has turned from a visionary idea into actual infrastructure build-up, evolving to be the largest international cooperation platform for inclusive growth. Standing at the important junction of the BRI's 10th anniversary and looking forward, the BRI is set to scale new heights and gain new momentum of development in all participating countries.
China's manufacturing activity expanded at the fastest pace in more than one decade and the country remained the world's largest manufacturer due to its well-developed business ecosystem - a strong network of suppliers, manufacturers, and logistics companies. Now, the country is making great efforts to achieve industrial upgrade - through technological innovation - to further empower its economic development and better secure global supply chains. China's efficient supply chains are deeply rooted in its manufacturing ecosystem and remain unmatched in their resilience. This strength has made China a key hub across global supply chains, connecting developing countries with raw material suppliers and developed countries with technological and branding resources.
Editor's Note: As 2023 draws to its end, China's economy is again in the spotlight. Despite global geopolitical turbulences, the world's second largest economy has been largely resilient, overcoming some severe challenges and attaining impressive growth rates in GDP this year. The Chinese economy has continued to gain momentum, contributing up to one-third of the world's economic growth in 2023, and will remain one of the most dynamic engines of the global growth in 2024.
The 24th China-EU Summit will be held in Beijing on Thursday. Leaders from the two sides will hold an in-depth exchange of views on strategic issues critical to the future direction of China-EU relations and global issues of mutual interest to draw a blueprint for, identify the focus of and inject impetus to China-EU relations. At present, the complex international situation, unseen in one century, is evolving at an accelerated pace marked by increased volatility, sluggish world economy and emerging global challenges. The China-EU relationship is also facing new opportunities and challenges. China and the EU are partners, not rivals, and areas of common interests far exceed differences. China hopes that the two sides can work together to address global challenges, inject new impetus to the global economy, increase stability in international situation and provide strategic guidance for the sustained and sound development of China-EU relations.
Editor's Note: China is currently holding the world's first supply chain-themed exposition - China International Supply Chain Expo (CISCE) - from Tuesday to Saturday in Beijing. Hosting the expo displays the country's determination to exemplify the importance of maintaining a highly efficient and resilient global industrial chain and supply chain, which also illustrates China's resolve to stick to opening-up, while fight back against the so-called decoupling attempt by some countries.
Chinese President visited San Francisco last week at the invitation of US President for the China-US Summit and the annual APEC Economic Leaders' Meeting. The visit is of great significance, producing fruitful outcomes. It was an important opportunity for the two nations to build up trust, resolve misgivings, manage differences and expand cooperation in many domains. The summit will also bring enhanced certainty and stability to the world going through turmoil and volatility. The San Francisco meeting can be a new starting point for stabilizing China-US relations, as both countries need to make renewed efforts to translate the new vision into reality so that they realize sound, steady and sustained growth in bilateral relations.
Against the backdrop of sluggish economic recovery and geopolitical volatility in the world, the broad Asia-Pacific region has always been a driving force for economic growth. Meetings of Asia-Pacific Economic Cooperation (APEC), which started this week in San Francisco, have drawn global attention. During the past many years, China has been actively integrating itself into Asia-Pacific economic cooperation and contributing to regional stability. The international community hopes that China-US relations can get back on a track of sound and steady development in order to inject stability and certainty into global growth.
Editor's Note: Australian Prime Minister Anthony Albanese will visit China from November 4 to 7, China's Ministry of Foreign Affairs announced. This is Albanese's first visit to China since coming to power and the first visit by an Australian prime minister since 2016. Albanese said his visit to China is an important step in ensuring a stable and productive bilateral relationship. China stands ready to work with Australia to step up high-level exchanges, enhance cooperation and exchanges across the fields, promote continued improvement and growth of bilateral relations, and bring more benefits to the peoples of the two countries, said Mao Ning, spokesperson of the Foreign Ministry.
The recently concluded third Belt and Road Forum for International Cooperation (BRF), which gathered representatives from 151 countries and 41 international organizations, has achieved fruitful results and marks another important milestone in the building of the Belt and Road. As 2023 marks the 10th anniversary of the Belt and Road Initiative (BRI), the cooperation has realized historic achievements in the past decade, which opened up a road of cooperation, opportunity and prosperity leading to common development.
Editor's Note: From the Addis Ababa-Djibouti Railway, the first electrified railway in East Africa, to the Mombasa-Nairobi Railway, from the China-Laos Railway to the Jakarta-Bandung High-speed Railway in Southeast Asia, together with the China-Europe Railway Express, these all show that connectivity is a priority in building the China-proposed Belt and Road Initiative (BRI). Over the past decade, under the BRI connectivity framework, infrastructure projects have helped participating countries realize their dream for shared prosperity.
The Belt and Road Initiative (BRI) was proposed by China in 2013 to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road trade routes. Since its launch 10 years ago, thanks to the combined efforts of all parties, cooperation under the BRI framework has expanded beyond the borders of China to become an international effort. It has evolved from ideas into actions, from a vision into reality, and from a general framework into concrete projects. China released a white paper, named "The Belt and Road Initiative: A Key Pillar of the Global Community of Shared Future," highlighting the role that the iconic "century project" has played during the last decade and its achievements in living up to its goal of providing a platform for building a global community with a shared future.
After US President Joe Biden recently called China's economic problems a "ticking time bomb," Western media immediately set off a wave of negative public sentiment over China's economy. However, is China's economy as troubled as Western media and politicians have portrayed it to be? What will happen to the rest of the world if China stagnates? In fact, China's economic miracle has been driving global growth for decades. China has made great contributions to reshape the world market. In the West's swing toward anti-globalization, China actively participates in and promotes the implementation of multilateral cooperation. China remains the major engine of global growth, and the world is also full of confidence in China's growth.
#GTGraphic: China's digital trade has developed vigorously in recent years, with its total imports and exports of digital services growing 3.2% y-o-y in 2022 to reach $371.08 billion, providing a pool of business opportunities and injected strong impetus into open trade.
The international community is frustrated and outraged, voicing growing concerns over Japan's utterly irresponsible dumping of Fukushima nuclear-contaminated wastewater into the Pacific Ocean, which started on August 24. Japan is playing with fire, imperiling the world's oceans and endangering an indispensable living environment of future generations of humanity. All residents on this globe are duty-bound to continue to ratchet up opposition to Japan till Tokyo stops wastewater discharge.
#GTGraphic: China's trade with other #BRICS countries saw rapid expansion in the first 7 months of 2023: -Total trade: $330.62 billion, up 19.1% -Import and export of China's private enterprises: up 29.4% -Exports of NEVs: up 601.3% -Imports of energy products: up 17.3%
The US government has comprehensively upgraded its strategy of scientific and technological containment against China. It labeled China as a "strategic competitor" in 2017. The US' determination to fully "decouple" from China in key technological areas is enduring. The reality is the continuation of history. The US' scientific and technological containment of China has occurred across a seven-decade period. The history of China's scientific and technological development has evolved in response to the historical picture of the "choke" of the US and the West. At present, China's scientific and technological forces are more pragmatic in cooperating with friendly countries and regions, overcoming those who view China as a "threat," so as to ensure global cooperation. The US is seeking to disrupt the global order across trade, different industries and various supply chains. The negative impact has already hit US companies and its allies.
China's private investment in H1 2023 - Overall (except real estate): ↑9.4% - Manufacturing: ↑8.4% - Infrastructure: ↑15.6% Foreign trade of private enterprises: ↑8.9% Private companies account for: -65% of patents -75%+ of technological innovation -80%+ new product R&D
China's GDP expanded 5.5 percent in the first half of the year, faster than the 3 percent growth rate in 2022 and the average annual growth rate of 4.5 percent during the past three years of the pandemic. Even taking into account the situation in the second quarter which some media hyped as “lower-than-expected,” China's overall economic growth in the first half of the year is still the fastest among major economies, providing key support for global economic recovery.
The third China and Africa Economic and Trade Expo (CAETE) was held from June 29 to July 2 in Central China's Hunan Province. Held biennially, the CAETE brought together exhibitors from many countries and industries in its last two sessions. The event has been proved to be one of the most important economic and trade exchanges between China and African countries. This year marks the 10th anniversary of the China-proposed Belt and Road Initiative (BRI). Over the last decade, China and Africa have continuously deepened cooperation under the BRI and other mechanisms and platforms, with fruitful results attained in a wide range of sectors, including in trade and economic growth, infrastructure buildup, and raising people's livelihoods. The building of a China-Africa community of shared future in the new era has made significant progress.
Many foreign executives have visited China and more are coming, and the number of foreign investment projects is still increasing, at a time when the global economic recovery turns out to be weak and more countries have given top priority to development. In this context, China's large market and the great opportunities it surely offers have attracted widespread attention and strong expectations from the international community. Foreign investors on the hunt for growth potential do not need to look too far for the "next China" because the "next China" is still China, a senior McKinsey & Company executive claimed in February. The country's market is considered a safe haven for global capital and finance, as well as the best choice for investment. The Chinese economy is believed to be a powerful propeller and anchor for global economic recovery.
China's robust consumption during 2023 Dragon Boat Festival holidays: -Tourism trips: 106m, up 32.3% y-o-y -Tourism income: 37.31b yuan ($5.2b), up 44.5% y-o-y -Passenger trips: 140m, up 89.1% y-o-y -Box office: 848m, second highest
After engaging in a protracted political showdown on raising the US national debt limit – capped at $31.4 trillion at the current stage – the White House and the Republican-controlled Congress reached an initial deal on Saturday which is heading toward a vote on Wednesday in the House of Representatives, meaning the country will raise its debt ceiling for the 79th time since 1960. However, the US “fiscal bomb” has not been defused completely as the two political parties still jostle on the deal details of their compromises. Congressional lawmakers are supposed to approve the deal before June 5 to avoid a disastrous default.
Fruitful achievements are expected of China-Central Asia partnership after milestone summit Infographic:GT
The constant improvement of China's modern industrial system, backed up by the real economy, will determine whether China will progress and prevail in the increasingly fierce global competition, according to a policy statement after the meeting of the Central Commission for Financial and Economic Affairs which was convened on Friday. China now has the most complete industrial system in the world, and is playing an important role in the global industrial chain and supply chain. No matter what the future challenges and headwinds are, China's modernization must be based on a strong real economy, bolstered by persistent efforts in scientific research, technological innovation, and improvement of the dual-circulation system.
China's foreign trade in the first four months of 2023: Total volume: ￥13.32 tln, up 5.8% y-o-y Major trading partners: #ASEAN: ￥2.09 tln #EU: ￥1.8 tln #US: ￥1.5 tln Trade with Belt and Road countries: ￥4.61 tln
China's tourism rebounds during May Day holidays: -Domestic tourism trips: 274 mln -Tourism revenue: 148.1 bln yuan ($21.42 bln) -Box office: exceeded 1.5 bln yuan ($217 mln) as of 7 pm on Wed
China's economy is off to a solid start after the country declared a decisive victory against the COVID-19 pandemic. In the first quarter of 2023, GDP growth reached 4.5 percent, beating market expectations. Impressive recovery has also been seen in main economic drivers such as consumption, exports, and investment.
China's key economic index in Q1: -GDP: 28.50 trillion yuan, ↑4.5% yoy -Value-added industrial output: ↑3.0% yoy -Total retail sales of consumer goods: ↑5.8% yoy -Fixed-asset investment: ↑5.1% yoy -Surveyed urban unemployment rate: 5.5%
#GTGraphic: #China's foreign trade in Q1 2023: Total volume: ￥9.89 tln, up 4.8% y-o-y Major trading partners: #ASEAN: ￥1.56 tln #EU: ￥1.34 tln #US: ￥1.11 tln Trade with Belt and Road countries: ￥3.43 tln Trade with #RCEP members: ￥3.08 tln
A flurry of indicators including “excavator index” have suggested China's economic vitality in Q1 2023. - Avg. operating rate of excavators in Mar: 69.35% -No. of winning bids in Jan-Feb: ↑45.5% y-o-y -Crawler crane sales in Feb: ↑60.5% y-o-y See the #GTGraphic for more
In March 2018, then US President Donald Trump signed a presidential memorandum that imposed additional tariffs on Chinese products. Thus Washington launched into the biggest trade war against China in world trade history in recent decades. From the Trump to the Biden administration, from trade to technology and industry, US economic and trade policies to contain the development of China have become increasingly clear and confrontational over the last five years. It is worth noting that the trade war launched by the US against China has, so far, failed to achieve its intended goals. The main burden of US tariffs has fallen on domestic producers and consumers. Moreover, to avoid retaliatory tariffs from China and maintain access to Chinese customers, some automakers have moved production operations outside the US, further eroding US GDP. Unilateral tariffs have inflicted heavy losses on US businesses, families, and the US economy, while damaging the global economy and trade.
Chinese President Xi Jinping paid a state visit to Russia from March 20 to 22 at the invitation of Russian President Vladimir Putin, marking Xi's first foreign trip since being reelected as Chinese president on March 10. The trip further strengthened China-Russia bilateral cooperation that, officials said, has no limit nor forbidden zone. This infographic illustrates the thriving economic and trade cooperation between the two countries and the unlimited potential they hold.
On March 19, 2023, the Belgrade-Budapest Railway (Belgrade-Novi Sad section), a landmark project under the China-proposed Belt and Road Initiative (BRI), will soon welcome its first anniversary. With its outstanding product and service quality, the Belgrade-Novi Sad railway has offered a speedy, convenient, and comfort travel experience to the Serbian people. The railway is significant not only for the development of Serbia but also for the connectivity improvement between the region and other parts of Europe and Asia, contributing to improved connectivity among Central and Eastern European Countries (CEEC). Serbian President Aleksandar Vucic has, on multiple occasions, commended the progress made by the railway.
It took Silicon Valley Bank (SVB) 40 years to become the 16th-biggest lender in the US serving the tech industry. But it only took two days for its meltdown. When many were still pondering whether the biggest US bank failure since 2008 was another Lehman Moment that started the global financial crisis over a decade ago, Signature Bank, the 29th-biggest lender in the US, collapsed. Silvergate, another regional lender, also failed. The spectacular falls of the US banks exposed profound risks of the fragile US bank system.
Chinese Premier Li Keqiang delivered a Government Work Report on Sunday on behalf of the State Council at the opening meeting of the first session of the 14th National People's Congress, part of the two sessions. The report reviewed major achievements in economic and social development that China has made in the past five years, which have been truly momentous and remarkable. This work report demonstrates China's willpower, resilience and confidence and sets targets for the year of 2023, which is the first year for the full implementation of the 20th CPC National Congress goals, a crucial year for the implementation of the 14th Five-Year Plan (2021-25), and a key year for the laying of the foundation to build a modern socialist country in all respects.
One year on, the great success of the Beijing 2022 Winter Olympic Games created wide-ranging sustainable legacies and long-lasting benefits for the host city and its people, with all Olympic competition venues opened to the public. The vision of "engaging 300 million people in winter sports" has been achieved as scheduled. The winter sport and tourism craze ignited by the Olympics has maintained momentum during the 2022-2023 ice and snow season. Related industries are full of vitality and the snow and ice economy is entering a new track in China. All Games technology innovations and new standards will continue to serve the ever-expanding winter sports industry across the country.
Lantern Festival boosts consumption in China -Sales revenue of yuanxiao dumplings: up 113% y-o-y -Lantern sales: up 130% y-o-y -Booking for Lantern Festival activities: up 300% y-o-y
China's factory and services activity expanded for the first time in four months in January -- a clear sign of economic recovery. The manufacturing PMI bounced back into expansion at 50.1, while non-manufacturing PMI stood at 54.4, up from 41.6 in Dec.
Ahead of the Spring Festival holidays, the first after China entered a new phase of COVID response, many foreign media made dire predictions about China's epidemic situation and economic recovery, with some even declaring a "COVID catastrophe." However, what transpired during the holidays offered a resounding rebuttal to such fearmongering. A stunning rebound in travel and consumption fully reflected China's economic vitality and vast potential to contribute to global growth this year, as other major economies such as the US and the eurozone face recession risks.
China's economic growth led the world with an avg. annual growth of 4.5% from 2020 to 2022, more than double the global avg. China's GDP reached 114.9 trillion yuan in 2021 (up 8.4% y-o-y), accounting for 18.6% of the world's total.
The 7-day Spring Festival witnessed China's strong economic growth: -Passenger trips: 225 mln -Domestic tourism revenue: 375.84 bln yuan ($55.4 bln) -Box office: 6.758 bln ($996.1 mln) -Sales revenue of consumption-related sectors: up 12.2%
China on Tuesday reported a 3-percent GDP growth for 2022. Considering what officials call “many unexpected” negative factors last year, the growth rate is a hard-won result for an economy as large as China's. Still, many foreign media outlets seized the slower growth rate to smear China's economic development and anti-COVID efforts over the past three years, while completely ignoring the global downturn and sharp declines in Western economies. As these charts show, China's response to the pandemic is much more effective in both protecting public health as well as minimizing economic losses.
China's economy posted steady growth in 2022 with the country's GDP topping 121 trillion yuan or $18 trillion, setting a new record high. A total of 12.06 million new urban jobs were created in 2022.
China's foreign trade grows 7.7% y-o-y to 42.07 trillion yuan ($6.26 trillion) in 2022, making the country the No.1 goods trading nation around the world for a sixth consecutive year. Import and exports to ASEAN countries saw a significant increase of 15%.
The just concluded three-day New Year's Day holiday is the first official holiday after China on December 7, 2022 adjusted its response to COVID-19. With many regions across the country have experienced the infection peak during the COVID-19 exit wave, some foreign media had painted a rather grim picture for business activities during the holidays. However, as these charts show, busy scenes on streets of Beijing and other major cities and at factories, ports and construction sites across the nation pointed to a bustling start to 2023 and portend a robust recovery this year.
As 2022 draws to a close and China's response to the COVID-19 pandemic also enters a new chapter, it is of great significance to take stock of how the Chinese economy fared over the past three years under the pandemic. While Western media outlets spared no effort in smearing the economic impact of China's anti-epidemic measures, with some constantly peddling the cliché "China collapse" theory, China's economy - whether in terms of headline GDP growth or improvement of livelihood or investment in future higher-quality development - fared much better than other major economies, particularly Western economies, during the pandemic. Numbers don't lie. As this infographic shows, China's economic miracle remains unstoppable despite mounting challenges from the pandemic and other global crises.
Chinese society picks up recovery momentum as country optimizes epidemic response measures.
China has taken multiple measures to reinvigorate economy. Several provinces sent business delegations abroad to attract investment as industries such as film and tourism that were impacted by the epidemic gradually recover.
As inflation outpaces wage growth in the US, the traditional shopping season at the end of the year seems to have lost steam, with spending per consumer falling sharply. The number of gifts US consumers plan to buy during the holiday season has also fallen, with a heavier reliance on debt spending. Meanwhile, Made-in-China clearly remains indispensable for US consumers despite Washington's “decoupling” push.
Infographic: Made-in-China empowers World Cup Qatar Infographic
A trial run of the Jakarta-Bandung High-Speed Railway (HSR) will shine Indonesia's presidency of the G20 Summit this year. Being the first high-speed rail in ASEAN and the first high-speed rail project launched overseas that fully uses Chinese technology, standards and equipment, the Jakarta-Bandung HSR is also a landmark project promoting the China-proposed Belt and Road Initiative (BRI) and Indonesia's Global Maritime Axis strategy. The Jakarta-Bandung HSR, which will help boost regional economic development upon completion, is among other BRI railway projects that have become the new models of international cooperation.
-More than $73.52 billion worth of tentative deals inked, up 3.9% y-o-y -2,800+ enterprises from 127 countries and regions participated -438 new products, technologies and services showcased
As Europe preps for cold winter, China's exports of heating equipment skyrocketing
China's economic data from Jan to Sep, 2022: GDP: 87.03 tln yuan Value-added industrial output: up by 3.9% y-o-y Total retail sales of consumer goods: 32 tln yuan Newly created urban jobs: 10.45 mln Foreign trade: up by 9.9% y-o-y
Since the 18th CPC National Congress when China entered a new era of socialism with Chinese characteristics, the CPC Central Committee had committed to a people-centered development philosophy, and made it the immutable aim of all its work to deliver a better life for the people over the past decade.
For more than half a century since World War II, the US has frequently used various policies and sanctions to make other countries pay for its economic problems. Taking advantage of the dollar hegemony, the US has triggered catastrophic capital outflows from other countries, imported inflation and other problems throughout the world. US' economic and trade sanctions harmed global industrial and supply chain and its tech blockade disturbed global division of labor.
With a record high value of new contracts signed at the fair, the 19th China-ASEAN Expo (CAEXPO) concluded on Monday in Nanning, South China's Guangxi Zhuang Autonomous Region.
Since 2015, the production and sales of new-energy vehicles (NEVs) in China have ranked first in the world for seven consecutive years. The related industrial chain has been gradually stood up, with supporting infrastructure constantly improved. China's NEV industry has become an important force in leading the transformation and upgrade of the global automobile industry. The country's leading position in NEV has helped domestic auto industry enter a fast lane, where it used to lag behind countries such as Germany, Japan and the US. Now, China has become globally renowned for auto innovation and manufacturing.
As China and South Korea celebrate 30 years of rapidly developing bilateral relations, the two countries' massive economic and trade ties are also a highlight. However, as the US steps up pressure on South Korea and other allies to join its containment strategy against China, China-South Korea bilateral relations are also facing hurdles. Still, given the huge shared economic and trade interests between what officials call "eternal neighbors," there are still great prospect for further cooperation, including in chips and other advanced sectors, as shown on this page.
Taiwan has been an inalienable part of China since ancient times. Recently, as the US steps up its efforts to use Taiwan as a pawn to undermine China's development and progress, some Western politicians and media outlets are relentlessly distorting history and spreading lies about cross-Straits relations. But facts always prevail and numbers speak louder than words. The fact is Taiwan has, is and will always be an inalienable part of China. And in terms of social and economic development, riding the giant ship of the mainland's economy is the only path forward for Taiwan.
Shanghai's development in the past decade: -GDP: more than doubled -Per capita disposable income: more than doubled -Container throughput: ranked 1st globally for 12 consecutive years -Transaction volume in the financial market: over 4 times that of 2012
Northwest China's Xinjiang region was an important node of the ancient Silk Road, and is now a core area for the construction of the Silk Road Economic Belt, and the forefront of China's westward opening-up. Over the past few years, despite mounting Western pressure, Xinjiang's development has never been stalled and it has witnessed robust economic growth. During his inspection tour in Xinjiang last week, President Xi Jinping stressed that as the Belt and Road cooperation advances, Xinjiang is no longer a remote corner but a core area and a hub. By integrating into the country's overall plan of westward opening-up, Xinjiang is now embracing a period of strategic opportunities for high-quality development.
Performance of China's national carbon market after one-year operation: -Total trading volume: 194 million tons -Total turnover: 8.49 billion yuan -Compliance rate: 99.5% -Stable price: 41.46-61.38 yuan per ton
It's been more than four years since former US President Donald Trump launched a trade war against China. After multiple rounds of back-and-forth tariff hikes and adjustments between the world's two largest economies, it has become clear to global observers that a trade war is not going to fix the US' domestic economic problems, and has only served to stoke inflation, create unemployment and slowdown GDP growth.
In the first half of 2022, China's foreign trade hit 19.8 trillion yuan ($2.94 trillion), a y-o-y increase of 9.4%.
Amazing Xinjiang shines despite West smears
China is the world's largest laptop producer, responsible for about 90 percent of the world's total output. In 2021, China exported 221.83 million laptops, up 22.4 percent year-on-year. Chinese laptops account for about 90 percent of the EU's total imports from non-EU markets. It is said that one out of every three laptops in the world comes from Southwest China's Chongqing. How laptops made in Chongqing reach the desks of European consumers? A roughly two-week journey on the China-Europe freight train shows how the rail network has boosted China-Europe trade over the past six years since the trains merged into a unified brand.
China's economy was on an impressive recovery in May, as latest official data show: -value-added industrial output up 0.7% -total retail sales of consumer goods decrease 6.7%, a decrease of 4.4% from April -foreign trade up 9.6%
China's industrial output logged avg. annual growth of 6.3% in past decade as manufacturing sector gained strength. - Industrial value-added output rose to 37.3 trl yuan in 2021 - China built world's largest network infrastructure with 413 mln 5G mobile phone users
China's total imports & exports expanded 8.3% y-o-y to 16.04 trillion yuan($2.4 trillion) from Jan-May of 2022 - ASEAN continues to be China's largest trading partner, accounting for 14.8% of total foreign trade - Trade with Belt and Road countries jumped by 16.8% y-o-y
The Association of Southeast Asian Nations (ASEAN) remained China's largest trade partner, according to data released on Monday, and China has remained ASEAN's largest trading partner for 13 consecutive years from 2009 onwards. The two sides have remained committed to multilateralism and free trade, maintaining open markets, laying a solid foundation for future cooperation in new areas such as the digital economy. While an US-ASEAN summit will be held from Thursday, a Global Times survey found that 77.8 percent of people surveyed agree that the US is the biggest obstacle to productive China-ASEAN relations.
Northwest China's Xinjiang Uygur Autonomous Region, which produces nearly 90 percent of all cotton in China, entered its peak season of cotton sowing in April. Despite a relentless smear campaign by Western anti-China forces, the Xinjiang cotton industry still stands strong and has even greater prospects. Supported by advanced technologies and various efforts, the Xinjiang cotton industry has been improved in many aspects, from seedling to quality to market share, dealing a major blow to Western anti-China forces seeking to cripple a major industry that supports the livelihood of millions of Xinjiang residents.
The global energy landscape has been reshaped significantly with the ongoing Russia-Ukraine conflict, especially for the EU, which heavily relies on Russia for its energy supply. The bloc imports over 45 percent of its total natural gas from Russia. As Moscow, in response to Western sanctions, demanded ruble payment for natural gas trade starting on April 1, Europe is facing the risk of an unprecedented energy crisis, which could also create a ripple effect throughout other sectors.
State-owned enterprises undertook a number of projects and service tasks during the Beijing 2022 Winter Olympic Games, from venue construction to 5G signal to hydrogen fuel to solar and wind power. Their advanced technologies, products and services have been used everywhere to empower the Games. Their performance showcased the innovation and development of China's manufacturing industry.
The Beijing Winter Olympic Games will bring direct and indirect economic benefits in more than 50 industries, including environment, health, ecology, sport, science and technology and transportation. The 2022 Beijing Olympics will focus more on industrial upgrading, green and sustainable development, people's well-being and the coordinated development of the Beijing-Tianjin-Hebei region. According to the National Bureau of Statistics, the 2008 Beijing Olympics boosted China's GDP by an average of 0.3 percent a year from 2002 to 2008.
China's GDP expanded 8.1% in 2021, the fastest in nearly a decade, well above the government's annual target of achieving a growth rate above 6%.
China's exports and imports topped $6 trillion for the first time in 2021. The growth volume in 2021 hit $1.4t, equivalent to the annual foreign trade volume in 2005, customs data showed Friday.
The Beijing 2022 Olympic and Paralympic Winter Games will start from February 4. More than 200 technologies, including 5G, high-speed rail and new energy, have been tested and used in various aspects of the event to offer smart and convenient experiences for athletes and other guests. The use of advanced technologies will also ensure a green Olympics with 100 percent green power supply, the first time in Olympic history.
Workers of Jiangsu Power Transmission and Transformation Co erect an iron tower at a high altitude.
"To encourage 300 million people to participate in ice and snow sports" is the solemn promise China made to the intl community when Beijing made its bid for the 2022 Winter Olympic Games. The total scale of China's ice and snow industry is expected to reach 1 trillion yuan by 2025.
The RCEP will come into effect on Jan 1, 2022, marking the formation of the world's largest free trade zone in terms of trade volume. The agreement will come into effect in the first batch of 10 countries – six ASEAN members and China, Japan, New Zealand and Australia.
With Christmas just several days away, Americans are facing shortages of a wide variety of holiday items, including Christmas trees and gifts. Even if they can find things to buy, they will face higher prices for everything from meals to electricity to gasoline due to logistics woes and record high inflation in the country. That will weigh on consumer spending during the holidays and in turn on US economic activities, which are already struggling to recover from the COVID-19. This infographic shows how tough this Christmas will be for many Americans and why.
Joining the World Trade Organization (WTO) in 2001 has become a watershed event in China's development, and China has delivered global dividends by contributing nearly 30 percent on average to world economic growth over the past 20 years. China now boasts the largest middle-income population in the world and is a major trade partner for over 120 countries and regions. With openness as the hallmark of its development, China has seen its economy increasingly intertwined with its partners.
Since joining the WTO in 2001, #China's average contribution to global economic growth has been close to 30%. China has been an important engine driving the recovery and growth of the global economy. Check out the graphic for more information:
An opening ceremony will be held for the launch of China-Laos Railway on Friday. The railway, connecting Kunming in SW China's Yunnan Province to Laos' capital Vientiane, is more than 1,000 km long and will shorten the travel time to around 8 hours.
Can you imagine the total length of tunnels and bridges accounts for 87% of a 1,035-km-long railway? Click to read more about the miracles in China-Laos Railway with high construction difficulty.
The China-ASEAN comprehensive strategic partnership in numbers: - 150 mln COVID19 vaccine doses to ASEAN - Buying up to $150 bln of agricultural products from ASEAN -$1.5 bln in the next 3 years to support ASEAN's fight against COVID19 & economic recovery.
China has achieved rapid economic growth over the past decades. Here is the secret recipe for the economic miracle:
The 4th China International Import Expo (CIIE) ended on Wednesday, offering enterprises channels to expand their businesses and trade amid the COVID-19 pandemic. The event underscored China's vow to pursue an innovative, green and open development, offering opportunities for all to develop. The outcomes of the CIIE not only reflect China's huge consumption potential, but also boost confidence in global economic recovery. The CIIE is one of the most vivid scenes to show the resilience and efficiency of China's supply chain in the face of the pandemic.
Highlights of the 4th CIIE -$70.72 billion total intended transactions reached at the 4th CIIE -420+ new products, technologies and services unveiled at the expo -3,000 businesses from 127 countries and regions attended the 4th CIIE
The CIIE 2021 is just around the corner with more participants than ever: - Nearly 3,000 businesses from 127 countries & regions - 58 countries & regions and 3 intl organizations - Over 80% of Fortune Global 500 companies returning
20 years in the WTO: China's contribution to global trade growth - China's annual contribution to the world's economic growth is close to 30% - China has lowered its import tariffs to 7.5% on average - China has absorbed 25% of export products from the world's least-developed countries
China's GDP grew by 9.8% year-on-year and hit a total of 82.31 trillion yuan ($12.8 trillion) in the first three quarters of 2021. China's Q3 GDP expanded 4.9%, slowing down due to a range of economic challenges including a power crunch and supply chain issues.
Highlights of the 130th Canton fair - World's largest physical exhibition amid the pandemic - 2.82 million online exhibits will be uploaded, a record high. - held both online and offline for the 1st time