Magdalena Czechonska, director of the Culture Office at the Embassy of the Republic of Poland in China visited the "Instant and Eternity," a Polish Amber Culture and Art Exhibition at the Tianjin Museum on August 20.
This is the first international exhibition introduced by the Tianjin Museum in recent years. It is also an important cultural exchange project between Poland and China.
The exhibition features at least 600 artworks made of amber. Artifacts featured in the exhibition include a Fairy Tale Chess set made of silver and amber, a set of art jewelry by Iwona Tamborska, a dress decorated with amber, as well as an amber seal selected from the Han Dynasty (206BC-AD220). Many visitors may not know that three-quarters of global sales of amber come from Poland. Czechonska also met Yao Yang, director of the Tianjin Museum.
The exhibition is open until August 25.
China and Poland boast a long history and profound cultural traditions, and people-to-people and cultural exchanges between the two sides have become increasingly active in recent years.
The People's Bank of China (PBC), the country's central bank, has conducted three major monetary policy adjustments to precisely support economic growth this year, and it will continue to strengthen counter-cyclical and cross-cyclical adjustments to consolidate the economic recovery, said PBC Governor Pan Gongsheng.
China's financial system is stable overall, with risks in key sectors being resolved in an orderly fashion, Pan said in an interview with state broadcaster China Central Television on Saturday.
The central bank will make significant efforts in the areas of technology finance, green finance, inclusive finance, pension finance and digital finance, Pan said, and it will continue to promote financial opening-up by increasing the transparency, stability and predictability of relevant policies.
The third plenary session of the 20th Central Committee of the Communist Party of China pointed to efforts to deepen reform of the financial system. It said that the country will move faster to improve the central bank system and the monetary policy transmission mechanism.
Reforms outlined in the resolution adopted by the third plenum chart the direction of monetary and fiscal policies as well as industrial development policies so as to enhance social expectations, Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Sunday.
Amid the trend of interest rate cuts in major economies, it is expected that the PBC may announce cuts to interest rates or the reserve requirement ratio by the end of 2024, Wen Bin, chief economist at China Minsheng Bank, told the Global Times.
Thanks to favorable factors including a low interest rate environment, stable real estate market and policies to boost consumption, consumers' willingness to spend and borrow will gradually recover, he said.
Chinese Premier Li Qiang on Friday concluded his visit to Belarus, during which Beijing and Minsk pledged to further promote practical cooperation in various fields ranging from trade, finance, security and agriculture to science and technology, and education, according to a joint communique released by the Chinese Foreign Ministry on Friday.
Analysts said Premier Li's visit to Belarus demonstrates a high-level political mutual trust and the momentum of close cooperation between the two countries. The expanding China-Belarus cooperation will also inject impetus into the steady development of bilateral relations and also play an exemplary role in the region.
Li arrived in Minsk on Thursday after co-chairing the 29th regular meeting between the Chinese and Russian heads of government in Moscow and a visit to Russia.
During a meeting with Belarusian President Alexander Lukashenko on Thursday local time, Premier Li said that China stands ready to work with the Belarusian side to push for the high-level development of their all-weather comprehensive strategic partnership to better benefit the two peoples.
Li said that China-Belarus relations, regardless of how the international situation changes, have always shown vigor and vitality since the establishment of diplomatic ties 32 years ago.
Noting that China will continue to firmly support Belarus in pursuing a development path suited to its national conditions, Li said that China stands ready to further synergize development strategies with Belarus, solidly advance cooperation in various fields, steadily expand trade scale.
Lukashenko hailed that Belarus-China relations are enjoying a strong momentum of development and are at an all-time high. He said that Belarus stands ready to maintain close high-level exchanges with China, and to deepen practical cooperation in the fields of economy, trade, agriculture, science and technology.
In meeting with Belarusian Prime Minister Roman Golovchenko, Li said China stands ready to work with Belarus to firmly support each other in defending core interests and remain each other's true friend and good partner.
In the joint communique, the two sides also expressed that they will firmly oppose external forces' interference in other countries' internal affairs under any pretext.
The communique said that Belarus reiterates its firm commitment to the one-China principle, firmly opposes any form of "Taiwan independence" and firmly supports the Chinese government in achieving national reunification.
On regional hotspot issues, the two sides expressed support for peaceful resolution of conflicts and constructive bilateral dialogue between countries.
Yang Jin, an associate research fellow with the Institute of Russian, Eastern European and Central Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that Premier Li's visit to Minsk highlights a high-level political mutual trust and the momentum of close cooperation between China and Belarus, which will continue in the future.
Premier Li's visit is also part of frequent political interactions between the two countries in recent years. President Lukashenko visited China twice in 2023. He also met with Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organization summit in Astana, Kazakhstan, in July 2024.
Zhao Huirong, an Eastern European studies expert from the Chinese Academy of Social Sciences, said that exchanges at the government level will effectively implement the strategic plans of the two heads of state, consolidate political trust and provide new impetus for the steady development of bilateral relations.
"China-Belarus relations are a role model of a new type of international relations," Zhao said, "The two countries uphold mutual respect, mutual benefit, and share the same views on the international order and affairs, which is why they have achieved fruitful results in both bilateral and multilateral cooperation."
Expanding scope
In terms of practical cooperation, the China-Belarus joint communique said the two countries will enhance cooperation in industrial supply chains, and cooperation in service trade and e-commerce.
The communique said the two sides will jointly promote the high-quality development of the China-Belarus Industrial Park, and agreed to strengthen cooperation on China-Europe freight trains by promoting infrastructure connectivity, and jointly ensuring the safety of the China-Europe freight train transport corridor.
The two sides have also expressed willingness to strengthen cooperation in agriculture and welcome each other's high-quality agricultural products to enter their markets.
In addition to the traditional cooperative sectors, the communiques said the two countries will carry out mutually beneficial cooperation in the fields of information and communication technology.
The two sides said they will deepen cooperation in biomedicine, culture and tourism, sports, news and communication.
The communique said that the two sides will support practical cooperation between scientific research institutions, universities and enterprises, and encourage the establishment of joint laboratories, joint applied research centers, joint ventures, high-tech parks and other scientific research institutions.
The document said the two countries will expand interbank credit and financial cooperation and expand channels for bilateral financial cooperation. The two sides hope to increase the proportion of local currency used in bilateral trade, investment, credit and other economic transactions and establish an effective local currency settlement system.
According to Yang, the communiques demonstrate three characteristics of China-Belarus cooperation: "rich in content, pragmatic, and high in quality."
China-Belarus cooperation also reflects the concrete measures taken by China to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC), which includes further expanding high-standard opening-up and expanding high-quality international cooperation.
"Belarus appreciates the development experience of Chinese modernization and hopes to learn from China's experience in governance," Zhao said, adding that cooperation with China in various fields can also help Belarus effectively maintain national stability and economic development.
On Thursday, the two countries also inked an agreement on trade in services and investments, which will further tap the potential of trade in services and investment cooperation and promote the high-quality joint construction of the Belt and Road Initiative (BRI).
Cui Hongjian, a professor from the Academy of Regional and Global Governance with Beijing Foreign Studies University said that China-Belarus cooperation will play an exemplary role in the region, as Belarus is not only an important partner but also a crucial hub for BRI and China-Europe freight trains.
Through some institutionalized, long-term frameworks, the two sides can further activate the potential for sustainable development in the areas of trade in services and also some emerging industries such as new energy and digital economy, Cui said.
According to data from the Chinese Foreign Ministry, China is the second-largest trading partner of Belarus and its largest trading partner in Asia, with bilateral trade exceeding $8.4 billion in 2023.
The Chinese swim team has faced unprecedented levels of anti-doping scrutiny, undergoing nearly 200 tests administered by the International Testing Agency (ITA) since arriving in France, according to Yu Liang, the national swim team nutritionist.
This intensive testing regime has sparked concerns about the impact on athletes' rest and preparation for the upcoming Paris Olympics. Yu highlighted the disruption caused by the frequent tests.
"We've been in France for 10 days now, and during these 10 days, our 31 athletes have not only been training and adjusting to the time difference but have also been subjected to nearly 200 doping tests by the ITA, averaging almost 20 tests per day," Yu said in a social media post on Sina Weibo.
The Chinese national swim team is now training in Deauville before moving to Paris.
"Each athlete has been tested 5-7 times on average. The tests come early in the morning before we're even awake, during midday rest periods, forcing us to rest on hotel lobby sofas, and even late at night, keeping us up past midnight."
Yu's Sina Weibo post was later deleted for unspecified reasons, but it has already been widely circulated on social media.
An unnamed official within the ITA acknowledged the high frequency of testing but insisted it was part of the mandated plan.
"The number of tests is indeed excessive, but we can't do anything about it - it's all part of the plan given to us from above," the unnamed official said as quoted by Yu.
"I can't imagine the cooperation level you and the Chinese athletes have shown. If it were another team, they would have been complaining loudly and filing complaints all over the place by now."
The increased scrutiny of Chinese swimmers is set against a backdrop of ongoing tensions between the World Anti-Doping Agency (WADA) and the US.
Former senior International Olympic Committee member Dick Pound warned that the US' legal overreach, specifically through the Rodchenkov Act, could jeopardize the US' status as a future Olympic host. This Act, which extends US jurisdiction over international sporting events, is seen as non-compliant with WADA's anti-doping code.
Pound suggested that WADA might review US compliance, potentially affecting Los Angeles' hosting of the 2028 Summer Olympics and Salt Lake City's bid for the 2034 Winter Olympics.
"The Rodchenkov Act is problematic," Pound said in an interview with the Reuters news agency published on Wednesday.
"It's out of step with the international anti-doping code and could lead to the US being declared non-compliant."
Chinese swimmers have been subjected to far more tests than their US counterparts. Data from the Aquatics Integrity Unit shows that top Chinese swimmers like Zhang Yufei, Qin Haiyang, and Li Bingjie each underwent over 40 anti-doping tests in 2023. In contrast, leading US swimmers such as Lilly King, Caeleb Dressel, and Katie Ledecky were tested around 10 times.
The scrutiny intensified following positive tests for the banned substance trimetazidine (TMZ) by 23 Chinese swimmers during a 2021 domestic competition. Subsequent investigations attributed the results to contaminated food, a conclusion accepted by both WADA and World Aquatics.
Despite this, the ITA has mandated that Chinese athletes be tested at least eight times from January 1, 2024, to the start of the Paris Olympics, double the frequency of athletes from other countries.
Additionally, these tests are to be conducted by non-Chinese authorities, and samples analyzed outside of China to ensure impartiality, according to swimming's governing body World Aquatics.
The swimming events at the Paris Olympics are set to begin on July 27, a day after the opening ceremony.
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.
