Chinese President Xi Jinping held talks with President of the Democratic Republic of Timor-Leste Jose Ramos-Horta on Monday.

The electric vehicle division of China's embattled real estate developer Evergrande Group saw its shares fall by over 7 percent on Monday morning, as the unit announced on Sunday that the creditors of its two subsidiaries had asked a court to start bankruptcy proceedings.

Evergrande New Energy Vehicle (Guangdong) Co and Evergrande Smart Automotive (Guangdong) Co have received a notice from local court on Friday saying that creditors of the two companies have applied for court-ordered bankruptcy and reorganization, China Evergrande New Energy Vehicle Group said in a filing with the Hong Kong Exchanges and Clearing Ltd.

"The notice has a material impact on the production and operating activities of the company and its relevant subsidiaries," the EV auto said in the statement.

Following the announcement, China Evergrande New Energy Vehicle Group saw its share drop by 7.46 percent to as low as HK$0.31 ($0.04) by noon on Monday.

The development adds growing pressure on the cash-strapped carmaker. The EV business had racked up a total loss of 110 billion yuan as of the end of last year, according to the company's financial report. And it only had 129 million yuan left in its bank accounts.

China Evergrande New Energy Vehicle Group said in January that its Vice Chairman Liu Yongzhuo was detained and is put under criminal investigation, adding more chaos to the troubled firm.

In May, China Evergrande New Energy Vehicle Group said liquidators had agreed on behalf of the key shareholders to sell a stake of 29 percent of the EV unit, and may also extend a new line of credit to support car production.

In May, the China Securities Regulatory Commission fined Evergrande 4.175 billion yuan for fraudulent bond issuance and information disclosure violations, while imposing a lifetime ban on Hui Ka Yan, also known as Xu Jiayin, the founder of the real estate developer, from the securities market. Hui Ka Yan was also fined 47 million yuan.

The penalty marked "the strictest law enforcement" since 2019, when China's financial sector regulators set up a unified law enforcement mechanism of the country's bond market.

The US is once again feeling anxious about supercomputers, a strategic emerging industry. The Wall Street Journal recently published an article stating that China is getting "secretive" about its supercomputers. According to the article, Chinese scientists have become more secretive and have stopped participating in the TOP500 forum, making it harder for the US government to know who has faster supercomputers between China and the US. In the latest TOP500 ranking released in June, the US dominated the top three spots and held half of the top 10, while China's "Sunway TaihuLight" ranked 13th and "Tianhe-2A" ranked 16th. This significant disparity in rankings has made the US suspicious, fearing that China is engaged in a supercomputing "covert war" against it, thus accusing China of hindering international supercomputing exchanges by keeping secrets.

This is not the first time the US media has stirred up this topic. Two years ago, Voice of America published an article asking, "Why is China, which leads in supercomputing, being so secretive?" The US' suspicion and anxiety are not surprising. From 2010 to 2019, China topped the TOP500 list 11 times out of 20 evaluations, and the US started to launch wave after wave of chip bans and entity list sanctions against Chinese supercomputing institutions under the pretext of "national security." As a result, China's presence in the TOP500 rankings has dimmed. Initially, US media were pleased that China had opted out and relinquished the top spot. However, in recent years, speculation about how much strength China is hiding has grown. TOP500 co-founder Jack Dongarra repeatedly stated that China has faster supercomputers, even speculating that China's supercomputer power may exceed all other countries.

Setting aside China's progress in supercomputing, the key issue is that while the TOP500 list increasingly serves as a tool for the US Department of Commerce to sanction and suppress Chinese supercomputers, they still expect Chinese institutions to willingly participate and be targeted. This is unreasonable. Supercomputing was once a field where China and the US had close technological cooperation and exchange. However, now the landscape of international supercomputing exchanges is filled with pitfalls, primarily due to the US' near-terroristic sanction measures to maintain its technological hegemony.

In April 2021, the US Department of Commerce added seven Chinese supercomputing entities to the so-called "Entity List," alleging that they were "destabilizing military modernization." In October 2023, another 13 Chinese entities were added to the "Entity List," on the grounds that their involvement in the development of advanced computing integrated circuits "can be used to provide artificial intelligence capabilities for the further development of weapons of mass destruction, advanced weapons systems, and high-tech surveillance applications that create national security concerns." China's development of supercomputing technology is often labeled as a "threat to US national security" and subjected to unreasonable unilateral sanctions. Therefore, it is quite natural for Chinese scientists to refrain from attending international supercomputing forums, as they need to guard against the possibility of the US engaging in "entrapment" under the guise of long-arm jurisdiction during international technical exchanges.

"Entrapment" is by no means an alarmist term. The global TOP500 supercomputing rankings are updated every six months, and supercomputers from China, Japan, and the US have all claimed the title of "world's fastest supercomputer." However, in recent years, China's leading supercomputing companies have refrained from participating in the TOP500 rankings because companies that perform well on this list risk being blacklisted by the US and facing even harsher sanctions. With Washington wielding a big stick of sanctions at the door, constantly watching whose supercomputing performance threatens the US position and then sanctioning them, it has severely disrupted normal academic exchanges and a healthy competitive environment.

As for The Wall Street Journal's accusation that "Chinese scientists also reduced how much data they shared in other scientific forums," this is a clear double standard. The important fact not mentioned in the article is that the US is even more "secretive" than China regarding supercomputing technology. In addition to sanctioning Chinese supercomputing companies, Washington now even sanctions Chinese supercomputing academic conferences. The US Department of Commerce sends unified emails to foreign companies, warning them not to participate in or support supercomputing conferences held by China. In fact, Chinese experts still participate in some international supercomputing conferences, while many American experts no longer dare to communicate with their Chinese counterparts for fear of being accused of "leaking secrets" or even "espionage." Currently, US administrative orders and regulations that restrict and suppress China's high-tech industry are beginning to produce a McCarthy-era-like chilling effect. This has seriously damaged the atmosphere of China-US technological exchanges and hindered the progress of science and technology for all humanity.

Supercomputing plays an important role in many fields, such as weather forecasting, gene sequencing, materials design, and pharmaceuticals. It should not become "central to the US-China technological Cold War" as described by The Wall Street Journal. Some Western scientists have expressed concern about the potential division, believing it will slow down the development of AI and other technologies. It is important to emphasize that the key to preventing this division is to jointly resist the technological unilateralism and technological terrorism of the US, creating a good atmosphere for global scientific exchange and cooperation. China's supercomputing is not an untouchable "secret," but the key is for the US to abandon its well-known habit of technological intimidation.

The Third International Cooperation Forum on RCEP Trade and Investment was held on Tuesday in Kunming, Southwest China's Yunnan Province, showcasing the latest achievements of the Regional Comprehensive Economic Partnership (RCEP). New cooperation agreements were signed between Chinese and Laotian companies, further deepening ties between the two countries.

The forum focused on high-quality implementation of the RCEP, strengthening cross-border supply chains and leveraging RCEP opportunities for Yunnan's development strategy. Attendees included Liu Yong, vice governor of Yunnan Province and Manothong Vongsay, vice Minister of Industry and Commerce of Laos.

Laotian government officials and business representatives told the Global Times that economic and trade interactions with China are vital for Laos, with the RCEP playing a significant role in enhancing cooperation between the two countries.

The RCEP serves as a guiding light, providing a platform for sustainable and inclusive economic recovery. As an RECP member country, Laos must utilize this agreement to share new opportunities and work toward global economic growth and development, Manothong Vongsay noted at the forum.

Trade with China is crucial, and the RCEP has provided supporting policies to increase trade between China and Laos, offering more opportunities and business for our logistics company, Sakda Chindavong, head of Vientiane Logistics Park Investor Recruitment Unit, told the Global Times on Wednesday.

Benefiting from the RCEP, China-Laos bilateral trade volume has increased rapidly. According to data from China's General Administration of Customs, in the first half of 2024, total import and export volume between China and Laos reached 29.5 billion yuan ($4 billion), a 35.2 percent increase from the same period last year. Imports totaled 16 billion yuan, up 41.7 percent year-on-year, while exports reached 13.5 billion yuan, growing by 30.2 percent.

"We see significant potential for the RCEP to stimulate cross-border e-commerce and increase micro, small, and medium enterprises participation in international trade," added Manothong Vongsay.

This year marks the 15th anniversary of the China-Laos comprehensive strategic cooperative partnership and the first year of implementing the new action plan for building a community with a shared future between the two countries. With Laos assuming the rotating presidency of ASEAN, new opportunities arise for China and Laos to deepen bilateral cooperation across various fields, Chinese Foreign Ministry spokesperson Mao Ning said at a regular press briefing on Tuesday.

Cooperation between China and Laos spans multiple areas, with the China-Laos railway facilitating easier imports and exports. Laos can also trade more directly and swiftly with Europe and Central Asian countries via the China Europe Railway Express, significantly aiding its trade relations, Sakda Chindavong said.

Chinese Foreign Minister Wang Yi is scheduled to attend several key ASEAN meetings in Vientiane, Laos, and he will make an official visit to the country. His visit is expected to accelerate negotiations on the China-ASEAN Free Trade Agreement 3.0, promote high-quality Belt and Road cooperation, ensure high-quality implementation of the RCEP, and expand cooperation in emerging industries to advance regional economic integration.

Chinese electric vehicle (EV) enterprises including Xpeng and Chery have continued to sign cooperation agreements with EU automakers despite the bloc's decision to impose temporary tariffs on Chinese EVs.

Industry insiders and experts said that the move highlighted China's opening-up for a win-win situation in strong contrast to the bloc's protectionism. They noted that China and the EU have promising prospects for cooperation in the EV sector and urged the EU to face up to healthy competition with Chinese car companies.

Xpeng announced on Monday that the company and the Volkswagen Group are expanding their platform and software cooperation to jointly develop zonal electric/electronic architecture, which will turn pure electric models of the Volkswagen brand into software-defined vehicles in China, according to a statement it sent to the Global Times.

Ralf Brandstätter, board member of Volkswagen AG for China, said in the statement that it is a clear proof of the excellent cooperation between Volkswagen Group China Technology Co and Xpeng. 

"This will not only strengthen the competitiveness of the company's global electric platform in China, but also reduce technological complexities and increase cost efficiency across the region," he noted.

"This collaboration between Xpeng and Volkswagen is a case of Chinese car companies exporting technology, which will lead to a win-win situation," Zhang Xiang, secretary general of the International Intelligent Vehicle Engineering Association, told the Global Times on Monday.

Chery and Jaguar Land Rover said on June 19 that they had signed a letter of intent covering strategic cooperation. Their joint venture company will launch and produce a series of electric products, equipped with Chery's electrification platform and using Jaguar Land Rover's authorized Freelander brand.

Leapmotor and Stellantis announced on May 14 that they had approved the establishment of Leapmotor International, a JV that is 51 percent owned by Stellantis and 49 percent by Leapmotor.

The JV has the exclusive right to conduct export and sales operations of Leapmotor vehicles to all other markets outside of China, as well as the exclusive right to produce the company's vehicle products locally.

Zhang said that compared with the EC's political aim of cracking down on Chinese EVs, European carmakers can directly feel the detrimental effects of the bloc's temporary tariffs on mutual cooperation. That's why European companies continue to strengthen cooperation with China despite pressure from the EU.

Chinese carmakers have mastered the core technology of new-energy vehicles with a high degree of intelligence, which can provide European consumers with cost-effective EVs, while building factories overseas can drive the development of the local industry chain, the expert noted.

While China continues to share its EV technology with the world, Chinese car companies are protesting the EU's protectionism and defending their rights and interests.

According to a statement sent to the Global Times on Monday, SAIC Motor Corp submitted its defense against the EC's anti-subsidy preliminary ruling at a hearing held by the EC on Friday, noting that it reserves the right to take further legal measures in response to the EC's unfair preliminary ruling.

During the hearing, the company noted that the EC's investigation involves commercially sensitive information, such as a request for cooperation in providing chemical formulas related to batteries, which is beyond the normal scope of the investigation.

"Open competition leads to progress, while protectionism will only result in backwardness. It is hoped that China and the EU will accelerate the cohesion of innovative forces through win-win cooperation and create global green development," the company said.

In the so-called investigation and evidence-gathering process on the European side, Europe embodies an increasingly unilateralist approach that the bloc has strongly opposed previously, said Cui Hongjian, a professor at the Academy of Regional and Global Governance under Beijing Foreign Studies University.

Since China is an important trading partner for Europe, disputes should be resolved as peacefully as possible and in a legally compliant manner, Cui told the Global Times, noting that establishing close cooperation with China is the best long-term solution for the development of the European industry.

China's economy is on track for stable growth, with strong policies and reforms needed for a sustainable economic recovery, a Chinese official said following a key meeting to draw up the next blueprint for China's economy.

Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, made the remarks at a press conference on Friday, providing an overview on the guiding principles from the third plenary session of the 20th Communist Party of China (CPC) Central Committee.

Analysts believe that reform measures adopted during the plenum will provide a boost to China's economic growth and instill confidence in the market. They anticipate that policy measures aimed at stimulating domestic demand and promoting the development of new quality productive forces will be implemented.

China's economy is currently showing signs of stable and healthy development, with key macroeconomic indicators meeting market expectations. However, there are still challenges such as insufficient effective demand, difficulties in business operations for some companies, and financial challenges for certain pockets of the country, which required targeted policy effort and reforms, Han said.

The remarks came after the plenum emphasized the unwavering commitment to achieving the 2024 social-economic development goals and responded to questions of a "temperature difference" between China's booming macro data and experiences of individual businesses and industries in the Chinese economy.

During the press conference, Han highlighted the importance of ensuring the stable and healthy growth of the real estate market, promoting the rapid development of emerging and future industries, boosting domestic demand and stabilizing employment, in boosting the sustained growth of Chinese economy.

There is still considerable room for high-quality development in China's real estate sector as China's new urbanization advances. Efforts will be made to ensure delivery of homes, eliminate modes of excessive debt, high turnover, and high leverage, while better meeting the needs of genuine homebuyers, Han said.

Efforts should also be made to cultivate and strengthen emerging industries and establish investment mechanisms for emerging industries, as highlighted by the third plenum, Han said.

Han also emphasized on expanding domestic demand, particularly consumer spending, leveraging the advantages of China's large-scale market to boost consumption and investment.

The Chinese government has expressed a willingness to proactively boost domestic demand. We expect that efforts will be made to put in place stimulus policies aimed at expanding domestic demand, improve employment environment and maintain stable growth, Darius Tang, associate director of Corporates, Fitch Bohua, told the Global Times in a statement on Friday.

New quality productive forces driven by artificial intelligence, biomedicine, and advanced manufacturing will continue to facilitate the successful transformation and upgrading of China's economic structure, Tang said.

Efforts will be made to build a unified national market, including the development of a unified urban-rural construction land market, a nationwide integrated technology and data market, and a unified national electricity market, Han added

China will also make institutional improvements to facilitate high-quality and full employment, and enhance the development of the aged care industry.

"We expect that China will increase investment in the fields of education, healthcare and pension that are directly linked to people's livelihoods and well-being, boost consumer confidence and convert current excessive household savings into new forms of consumption," Tang said.

The third plenum has adopted a resolution which puts forward more than 300 important reform measures, all of which involve reforms on the levels of systems, mechanisms, and institutions.

The third plenum has provided a boost and confidence for China's modernization goals. The emphasis on promoting market vitality and establishing a unified national market, as well as prioritizing the well-being of the people, will likely lead to new growth opportunities and measures to promote the wellbeing of the people, He Weiwen, a senior fellow from the Center for China and Globalization, told the Global Times on Friday.

"The reforms outlined in the third plenum are both forward-thinking and practical, and are expected to have a positive impact on the economy in the second half of the year," He said.

China's GDP expanded 5 percent to reach 61.68 trillion yuan ($8.49 trillion) in the first half of 2024, data from the National Bureau of Statistics showed, demonstrating the resilience and innate strength of the world's second-largest economy.

Editor's Note: The Communist Party of China (CPC) will convene, on July 15 in Beijing, the third plenary session of its 20th central committee, which is expected to focus on deepening reform and advancing Chinese modernization. John Ross, senior fellow at Chongyang Institute for Financial Studies, Renmin University of China, shared his perspectives with the Global Times (GT) on his expectation on the upcoming meeting.

GT: How do you assess the significance of the coming Third Plenum for China's economic development and reform over the next decade, as the country faces growing geopolitical complexity in the world?

John Ross: The upcoming plenum is of great significance for both domestic and international reasons. Domestically, China has already achieved its first centenary goal - building a moderately prosperous society in all respects by its national standards. If China manages to double its per capita income by 2035 compared to 2020, it will well exceed the threshold for a high-income economy by international standards.

The living standards, life opportunities, demands, and expectations of China's population will have increased enormously. The Chinese economy will correspondingly become far more diverse and sophisticated. Achieving such a transformation in a country with 1.4 billion people - surpassing the combined populations of all other high-income economies - will stand as an unprecedented achievement in human history. This historical perspective underscores the profound significance of the plenum.

GT: In light of the opportunities and challenges ahead for China's economy, how do you anticipate the plenum will guide and advance economic reforms in critical areas such as technological innovation, capital market regulation, and accelerate the private sector, real estate, and opening-up? 

John Ross:  China's transition to a high-income economy requires a sustained increase in high-quality productivity, achievable only through substantial investments in research and development and the application of its outputs. This shift is already being realized in multiple sectors such as telecommunications, green industries, high-tech products such as drones, and social platforms.

The plenum will need to set forth guidelines for the widespread adoption of these advancements throughout the entire economy. China's technological leadership in these and other industries forms the foundation for its evolving role in the global economy and consequently as a leading technological innovator in its opening-up policies.

GT: How do you evaluate the role of the CPC's leadership and institutional advantages in contributing to the country's economic achievements and future development?

John Ross: The remarkable transformation of China, from being one of the world's poorest countries in 1949 to emerging as the world's second-largest economy within just over 70 years is entirely credited to the pivotal role and visionary leadership of the CPC. No other political party in the world can claim a comparable achievement. This stands as an objective fact.

GT:  What are your expectations regarding the plenum's role in advancing China's distinctive modernization?

John Ross: Throughout each phase of its journey the country has consistently encountered diverse and evolving challenges. The CPC's resilience and vitality are evidenced by its ability to devise precise and effective responses to these challenges at every turn, as evidenced by the significant milestones achieved in China's economic and social advancement. Looking ahead, I am confident that the upcoming Third Plenum will mark another crucial step forward in this on-going transformative process.

Chinese industry insiders and experts said India's reported plan to make it easier for Chinese citizens to get visas to visit India is positive for people-to-people exchanges between the two countries, which is facing a surge in demand in the post-pandemic era.

The remarks were made in response to media reports that the Indian government is making preparations to cut down visa delays for Chinese technicians, under the pressure of the country's business groups, Bloomberg reported on Wednesday.

However, Chinese engineers and technicians are largely wary. 

An executive from a Chinese technology company told the Global Times on Thursday that the news has been circulating for a while, but it depends on when the Indian authorities will heed to the calls from the civilian sectors and take concrete steps to lessen such curbs. "In fact, in recent months the Indian government has tightened the review process for visa extensions for Chinese citizens working in India."

"The Indian government treated the issuance of visas to Chinese citizens as a bargaining chip," the person said on condition of anonymity.

There has been a rather unfair approach being practiced by New Delhi. Visa applications submitted by companies from China's Taiwan Island, or companies of a joint venture, were processed on an expedited basis to help the Indian authority to realize its ambition to build India into a semiconductor manufacturing hub, the person said. "In contrast, a very lengthy process of application is awaiting Chinese nationals."

According to Bloomberg, the Indian Department of Promotion of Industry and Internal Trade is working with the ministries of home and external affairs to lay a framework that will fast-track visas for the engineers and technicians from China, with the aim to cut down the visa processing time to within 30 days from the four to five months it currently takes. 

India used to put in place a blanket restriction on visa application by Chinese nationals after bilateral ties soured under Prime Minister Narendra Modi's government since the two countries' border clash in 2020.

Chinese analysts called for New Delhi to drop its restrictive visa practices, which they refer to as a "double-edged sword" that both served the Indian purpose to look tough on China, but actually undermined its economic interests.

"China and India, the two largest developing countries in the world, are facing a surge in demand in people-to-people exchanges," Dai Yonghong, director of Institute of Area and International Studies, Shenzhen University, told the Global Times on Thursday. "Regrettably, such a demand has been suppressed by the Indian authority's visa restrictions."

Despite frayed ties, India still imports a lot of equipment from China, and many of these machines need technicians and engineers to operate and repair.

A report published by the Economic Times in June said that Indian electronics manufacturers have suffered $15 billion in economic losses and 100,000 job cuts due to escalating tensions with China. Visa delays for Chinese executives are hindering the industry's expansion plans, leading to a $10-billion export loss and $2 billion in value-added loss.

A Chinese national who recently returned from India told the Global Times that he once saw two Chinese engineers were maintaining a machine at an Indian industrial plant that needs 20 people to maintain, resulting in production efficiency being held back.

Local media estimated that India issued just 2,000 visas to Chinese nationals in 2024 from about 200,000 before the pandemic in 2019, according to Bloomberg.

Visa facilitation is an important component in a country's opening-up and business environment, streamlined visa application process increases a country's appeal to business community, investors and tourists, Dai noted, calling the Indian government to scrap visa restrictive measures for Chinese technicians, as well as Chinese government officials, scholars and tourists.

The complementarity between China and India in industrial cooperation is greater than that of India and Western developed economies, and China's advantages in technology, capital and management expertise can be of great use to India, Dai said. 

"The Indian government needs to work on improving its business environment, so as not to hamper its industrialization, manufacturing sector upgrade and overall competitiveness," Dai said.

"I think the Indian government is wise enough to realize that the West may be not willing to give it the best of their technologies, capital and management," Dai said. "China should be the more suitable choice as a partner."

Lingshan Island is covered in green grass, lush trees, singing birds, and fragrant flowers in the summer. The sound of laughter resounds endlessly, and most of the tourists on the island come to see the "carbon-negative sea island".
How did they achieve “Carbon-Negative”?

Carbon emission reduction is not an easy task, and the core of it is “electricity”. To change the way of life and production of the islanders, it is important to ensure that the island has a safe and reliable power supply.

To protect the safe and reliable operation of the island power supply, the State Grid Qingdao Huangdao District Power Supply Company developed an innovative Submarine Cable Inspection Robot, which has increased inspection efficiency from the traditional 0.2 kilometers per hour to 3.2 kilometers. This changed the “fault repair” of submarine cables to “full monitoring.”

The State Grid Qingdao Huangdao District Power Supply Company developed an innovative Submarine Cable Inspection Robot in action.

In addition, since 2020, the State Grid Qingdao Huangdao District Power Supply Company has fully implemented the Lingshan Island distribution network renovation project, completing 12 low-voltage substation upgrades and replacing 7.8 kilometers of overhead wires.

What are the benefits of “Carbon-Negative”

The “Carbon-Negative” sign has promoted the steady improvement of Lingshan Island’s cultural tourism industry, forming a tourism aggregating effect.

To ensure reliable power supply throughout the tourist season, Gu Yongjun, Miao Zaiwei, and Xiao Yonglei, grid managers of the Qingdao Huangdao District Power Supply Company of SGCC, carry out safe electricity inspection at each hostel every day before the peak of electricity consumption, helping to timely eliminate hidden dangers.

This year marks their 33rd year working on the island. “We are busier during the tourist season. It is hard, but we can see the whole island becoming more and more beautiful, and everyone's life getting better and better and that makes it all worth it, and we all feel proud of the work.” Gu Yongjun said.

Chinese President Xi Jinping expressed his sympathy to former US President Donald Trump on Sunday, following the shooting incident at Trump's rally in Pennsylvania. China is paying attention to the incident, China's Foreign Ministry said.