China plans to launch a “2024 Spring Breeze Action” nationwide from late January to early April, aiming to create 30 million jobs, the Ministry of Human Resources and Social Security said on Wednesday.
The initiative will specifically target rural labor and businesses with a shortfall of workers, focusing on guiding migrant workers returning to urban centers, promoting local employment and entrepreneurship, and organizing recruitment services for businesses, Yun Donglai, a senior official with the labor ministry's employment promotion department, said at a press conference.
This action includes six key aspects. Firstly, it involves accurately identifying needs across the labor market by delving into rural communities and workshops, using various methods to learn the work preferences of workers and the headcount requirements of employers, Yun said.
The action also includes conducting intensive recruitment by making full use of online platforms such as public recruitment websites and short video platforms, as well as public squares, stations and market places to launch targeted recruitment activities.
It will also facilitate joint recruitment between labor intensive regions and those regions short of laborers; encourage entrepreneurship by exploring entrepreneurial incubation bases and hometown entrepreneurship parks. Additionally, it will aim to match job opportunities and skill training for aged migrant workers.
The entire initiative is expected to create more than 30 million job opportunities, Yun noted.
The Spring Breeze Action has been underway for many years, representing a significant part of government-led efforts to promote employment, Li Changan, a professor at the Academy of China Open Economy Studies of the University of International Business and Economics, told the Global Times Wednesday.
The period from January to April is crucial for the labor market, particularly for groups like migrant workers, as the period around the Spring Festival holidays represents a crucial juncture for choosing a job, Li said.
Through the support of these policies, it could reduce the imbalance in employment information and enhance overall employment efficiency, Li said.
In 2023, China added a total of 12.44 million urban jobs, official data revealed. The surveyed urban unemployment rate in the country stood at 5.2 percent, down 0.4 percentage points from 2022.
The overall employment situation remains stable, with a continued improvement in employment for key demographic groups, the National Bureau of Statistics said in a report.
The China Chamber of Commerce to the EU (CCCEU) on Wednesday expressed concerns about the impact of the European Economic Security Package (EESP) presented by the European Commission (EC), warning that the move may shatter the confidence of Chinese businesses investing and operating in Europe.
The EC presented the EESP in Brussels on the same day, featuring revisions of the EU's foreign direct investment (FDI) screening mechanism and addressing aspects of the bloc's outbound investment, export controls, research security, and dual use goods.
This was regarded as part of the follow-up measures by the European Union (EU) targeting countries including China, their major trading partner, over so-called security issues, experts said.
The CCCEU closely monitors the ongoing development of the EU's economic security strategy and it expressed concerns about the impact of the EESP on Chinese companies' investment, trade, and innovation collaboration within Europe, the chamber said in a statement sent to the Global Times late on Wednesday.
Of particular note, the package suggests enforceable rules to tighten FDI screening and introduces measures that might impact the EU's outbound investment, exports, and research collaboration, potentially influencing the confidence of Chinese businesses investing and operating in Europe, the chamber said.
The EU's politically motivated attempt to "decouple" with China has been intensifying in recent years, which has directly contributed to a drop of Chinese investment flows to the region.
In 2022, Chinese investment flows to the EU were $6.9 billion, a 12.2 percent decline from 2021. This was partly attributed to regulatory barriers, as Chinese enterprises shifted from mergers and acquisitions (M&As) to greenfield investment in Europe.
A CCCEU survey of 180 Chinese companies and organizations last year found that 28 percent planned to expand their presence in Europe within the next 1-3 years, with 26 percent intending to increase investment and M&A activities.
There are also expectations within China's business community that the EU will create a more favorable investment and business environment for Chinese enterprises looking to develop in Europe.
On behalf of over a thousand Chinese enterprises in the EU, the CCCEU urged the EU to improve its investment and business climate, including efforts to "respect the global division of labor along global industrial chains, refrain from pursuing obsessive friendshoring in supply chains and trade tools through non-market means, and prevent the 'de-risking' strategy from being generalized to negatively affect industrial sectors."
The EU was also urged to ensure that Chinese enterprises enjoy the same equitable industrial opportunities, market access, and business environment as other enterprises in Europe, while maintaining dialogue and cooperation in the strategic development areas for China and Europe, such as new energy, the digital economy and green economy.
"Chinese enterprises view the European market as crucial to their global expansion and are prepared to intensify investments and engagement in Europe. The hope remains that the EU will foster a fair, non-discriminatory investment and business environment for Chinese companies," the CCCEU said.
Correct mutual perception is the basis for a thriving China-EU relationship and misperceptions can easily lead the relationship astray, causing instability and imbalances, Fu Cong, China's Ambassador to the EU, said in an article on January 18.
A healthy and stable China-EU relationship not only serves the interests of the two sides, but also meets the expectations of the wider global community, the ambassador noted.
China's economy is likely to continue running on its post-pandemic recovery track in 2024, boosted by the government's pro-growth policy accelerations, including higher fiscal spending and a looser credit environment orchestrated by the central bank to inspire corporate investment and household consumption.
Meanwhile, rising introduction of digital solutions, AI, robotics and quantum computing will bring about higher levels of industrial automation and productivity upgrade in China, fortifying the country's economic strength.
The policymakers still have potent policy tools to shore up economic growth. There exists some room to maneuver and stimulate the sizable Chinese economy by borrowing and spending on a wide variety of projects and services, including rural infrastructure, urban utilities, tech innovations and expansion of manufacturing plants as well as improving the country's sprawling social safety net, including the pension coverage for the retired people and better medical care for all newborns and other citizens.
The world's second largest economy expanded by 5.2 percent in 2023 from the previous year to top more than 26 trillion yuan, as it rebounded from nearly three years of stringent anti-coronavirus control measures. Compared to merely 3.0 percent rise in 2022, the 5.2-percent growth is significant and impressive, standing among the highest growths reported by the world's major economies.
It isn't easy for the country to obtain this feat as the global economic slowdown drags on which hamstrings overseas demand for Chinese products. At the same time, the global geopolitical conflict is deteriorating, and the geo-economic situation is becoming increasing complex thanks to the US government's ruthless attempt to strangle Chinese development by launching the tariffs war and restricting Chinese enterprises' imports of American high-tech products, such as semiconductor chips.
But Chinese companies are rapidly catching up in researching and developing new technologies. For example, an estimated 65 percent of the world's new-energy vehicles and quality batteries were manufactured in China last year. More than 31.6 percent of the cars, buses and trucks sold in the market in 2023 are electric or hybrid power vehicles, and the government has set an ambitious plan to strive for 45 percent new-energy-vehicle market penetration rate in 2027. Meanwhile, China now draws more than half of its electricity output from clean renewable sources, including wind turbines, solar panels, hydropower and nuclear power stations.
The mutually reinforcing growth of the NEV sector and the renewable green energy industry is expected to provide solid gains and new momentum for the overall economy in 2024 and beyond, and make up for the loss caused by the protracted housing market slowdown. Last year, China's manufacturing investment went up by 6.5 percent, while real estate development dropped by 9.6 percent, the National Bureau of Statistics said on Wednesday.
It is of great importance to put an early end to the three-year housing market correction since 2021 triggered by the pandemic, as the authorities and state-owned banks are ramping up monetary support by reducing property down payments and cutting mortgage rates to encourage more people to purchase homes and stabilize the market.
By all metrics, real estate is an important sector impacting GDP growth. If the housing prices keep dipping, more middle-class households would feel less financially secure, which may inhibit their enthusiasm to purchase other commodities. Now, all major Chinese cities including Beijing, Shenzhen and Shanghai have moved to relax prior administrative curbs on home purchases and sales, an effective way to shore up market morale. Developers are also able to have easier access to bank loans.
Despite the US' higher tariffs imposed on Chinese imports which dented bilateral trade volume by some 9 percent last year, China's foreign trade with other major trade partners, the ASEAN and China's neighboring countries and economies in particular, held up, reaching or slightly exceeding 2022 levels. Total exports denominated in Chinese yuan last year hit the previous year's levels. It is expected global trade situation is unlikely to improve very much this year, which calls for Chinese policymakers to think of more effective ways to explore the global market.
With regard to reinvigorating China's domestic consumption - a major force supporting economic growth, the government will continue to churn out tax reliefs and other incentives to ratchet up retail sales this year. Chinese residents were seen spending more on domestic travels, cinemas, restaurants and hotels in 2023, and big retailers seem to have finished the sale of their excess inventories they accumulated during the pandemic and have started to place new orders.
The 5.2 percent GDP growth last year could be considered a forceful rebuttal of Western media's reckless hype of the "China collapse" narrative. Kang Yi, the commissioner of the NBS, said Wednesday that China's national economy witnessed momentum of recovery, high quality development was steadily executed, and major pre-set economic targets were achieved. As for 2024, although the government hasn't announced a growth target, most Chinese economists have confidence that the country is able to realize about 5 percent growth in GDP.
At the Central Economic Work Conference held in December 2023, the policymakers stressed the need to expand domestic demand, noting that "efforts should be made to stimulate consumption with potentials and expand productive investment to create a virtuous cycle of consumption and investment. The development of digital consumption, green consumption and health consumption should be stepped up, and new growth levers such as consumption of smart home appliances, entertainment and tourism, sports and trendy domestic brands should be well fostered."
The Chinese economy has demonstrated remarkable resilience in 2023, as it emerged from the pandemic battering. Vehicle exports surged by 58 percent last year, as China surpassed Japan to become the world's largest vehicle exporter. Entering 2024, the Chinese economy, supported by a significant tick-up in government spending programs and possible interest rate lowering by the central bank, will keep forging ahead, acting as a major engine of the regional and global growth despite the persisting volatilities in the world.
The report to the 20th National Congress of the Communist Party of China (CPC) clearly states: "From this day forward, the central task of the CPC will be to lead the Chinese people of all ethnic groups in a concerted effort to realize the Second Centenary Goal of building China into a great modern socialist country in all respects and to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization." In this context, the 2023 Central Economic Work Conference further deepened the understanding of the laws governing economic work in the new era, emphasizing that "promoting Chinese modernization must be upheld as the foremost politics," which is of great significance.
Chinese modernization is one of a huge population, of common prosperity for all, of material and cultural-ethical advancement, of harmony between humanity and nature, and of peaceful development. It is a high-standard definition of modernization that not only has milestone significance for China's development but also provides a strong impetus for global modernization and offers a new choice for countries and peoples in the world that hope to accelerate development while maintaining their independence.
Promoting Chinese modernization as the "foremost politics" is determined by the nature of the CPC. This is a manifestation of the CPC's clear political stance which once again clarifies the greatest mission of mission-oriented political parties in the new era: to achieve the goal of becoming stronger through the advancement of Chinese modernization. At the same time, "foremost politics" also puts forward higher requirements for all aspects. First, all governmental departments across the country must form the greatest synergy and solidly promote the building of Chinese modernization; second, the whole society must form the greatest consensus and deepen reform and opening-up across the board, injecting strong momentum into the advancement of Chinese modernization.
Promoting Chinese modernization as the "foremost politics" requires a full understanding of the changes in the domestic and international environment, as well as the difficulties and challenges faced.
From an international perspective, we face four major challenges. First, there have been significant changes in the world pattern and situation, with the international order showing a trend of "fragmentation." Second, protectionism prevails in international trade, and the "decoupling" of the US and some Western countries from China will not stop. Third, a new round of "cognitive warfare" has begun in the economic sphere, as the expressions of "peak China," "China collapse" and "China uninvestable" still linger. Fourth, external forces are constantly creating conflicts around the Taiwan question and the South China Sea issue, attempting to once again obstruct China's modernization process.
To promote Chinese modernization as the "foremost politics," it is necessary to plan further major initiatives to comprehensively deepen reform to continue injecting strong impetus into promoting high-quality development and advancing Chinese modernization. We must adhere to high-quality development as the fundamental requirement of the new era, firmly grasp its priority task, and promote consensus-building and resource organization. The CPC needs to fulfill its core role of exercising overall leadership and coordinating the efforts of all sides. Moreover, we need to urge efforts to build a unified national market through regional economic integration and deepen rural land system reform, combining the promotion of a new type of urbanization and the comprehensive promotion of rural vitalization.
In particular, expanding high-level opening-up is necessary to promote Chinese modernization as the "foremost politics." First, while safeguarding national core interests, China should fulfill its responsibilities as a major country and provide a Chinese solution for world peace and development. Second, we must steadily expand institutional opening-up in terms of rules, regulations, management and standards, actively participate in the formulation of international rules, and strive for institutional power in global economic governance. Third, we should promote China's modernization through precise, unilateral opening-up. Fourth, we should seize the new opportunities brought by the Regional Comprehensive Economic Partnership Agreement (RCEP) and explore the construction of a China-ASEAN common market based on it. Fifth, we should encourage Chinese companies to extend their supply chains and industrial chains, cultivate multinational corporations, and promote domestic-international dual circulation.
Recent premium price of Arc'teryx ‘s new ALPHA SV hardshell jacket, a special series featuring the Chinese Dragon designated for the coming Chinese Lunar New Year has sparked heated discussion among consumers. On some platforms, the retail price of this Arc'teryx outdoor gear jumped from 8,200 yuan ($1,143) to 12,000 yuan ($1,673).
As of Tuesday, the price of the Dragon series remain elevated across online second-hand markets. Despite doubts over its high price and controversial “hunger marketing tactic”, some analysts believed that the limited editions are products with special symbols and meanings added to them, in fact, their prices have exceeded the cost of materials and the item’s proper value.
“This year's Dragon series is hard to purchase, maybe I will buy it at a flea market," said a customer surnamed Li who queued in line for six hours outside a flagship store at WF Central, a popular shopping location in Beijing, just to buy Arc'teryx apparel. In fact, this is not the first time the brand has launched Chinese zodiac jackets to woo local consumers.
The brand has enjoyed massive popularity in China. On lifestyle platform Xiaohongshu, contents with the hashtag "outdoor jackets" garnered 1.3 billion views, and there are 1.57 million daily posts sharing diverse experiences related to Arc’teryx.
Meanwhile, the number of Arc'teryx registered members in China has grown from 14,000 in 2018 to over 1.7 million as of September 2023. Arc'teryx was even listed in one of the most popular brands for middle-aged Chinese consumers.
According to media reports, its parent company Amer Sports owed by China’s Anta Sports earlier this month filed an initial public offering at the New York Stock Exchange. Amer Sports was acquired for 4.6 billion euros ($5.2 billion) by a consortium led by Anta Sports in 2018.
Amer Sports said in its third-quarter financial report that the expansion in Chinese mainland has been one of the major factors in the success of Arc’teryx, which obtained a total revenue of $940 million, an increase of 65.3 percent year-on-year.
Arc'teryx has become a must-have fashion for many middle-aged outdoor enthusiasts and affluent urbanities. However, as the price has been inflated, a 5,000-yuan premium price driven by fervent demand has sparked controversy over its worth.
“Although some buyers have equated the better quality with a higher price, the truth is the brand premium is definitely high on Chinese second-hand market,” said one Chinese netizen who is also a regular buyer of the brand, saying that the average price for an Arc'teryx jacket is between 7,000 to 8,000 yuan, and some special series are over-sold at 20,000 yuan.
Moreover, a popular Arc'teryx Beta LT shell jacket, which sold for over 6,000 yuan last year, has seen a price increase in a few months, according to a post on Xiaohongshu, some third-party stores list this flagship jacket for as much as 17,000 yuan.
Meanwhile, the brand is reportedly to adopt a “very limited distribution strategy” to keep its products rare on the market, however, the Arc'teryx buying craze never materialized in overseas markets, as reported by Beijing Business Today.
The price hike also reflects Chinese consumers’ growing appetite for outdoor sports, as many outdoor gear brands are gaining popularity, and their revenues continue to grow in the Chinese market, Liu Dingding, a veteran internet industry observer, told the Global Times on Tuesday.
China’s expanding middle-class and emerging outdoor lifestyle have combined to contribute to the growth of the outdoor sector, Liu said, adding that sneakers and jackets have turned into chic collections for the younger generation of consumers in the country.
At the end of 2023, China's e-commerce sports and outdoor products market is expected to be the world's largest market, with revenue expected to reach $3.35 billion, according to a development plan from the General Administration of Sport issued in October, 2022.
On Chinese e-commerce platform T-mall, the outdoor wear market has grown by 20 percent for two consecutive years. In 2022, outdoor jacket market size spiked by about 50 percent.
Data from its parental company VF Corporation showed that the American outdoor brand North Face posted revenues of $3.63 billion by the end of fiscal year 2023, up 11 percent year-on-year. Meanwhile, the company is set to invest an additional 30 million yuan ($4.19 million) to upgrade its operational center in China, according to the annual report of fiscal year 2023.
Both the North Face and Arc'teryx have been the beneficiaries of China’s strong outdoor sports market, Chinese experts noted.
The development plan indicated that the number of people participating in outdoor sports had exceeded 400 million at the end of 2021, with the outdoor sports market expected to exceed 3 trillion yuan by 2025, thepaper.cn said.
The Kanas scenic spot in Northwest China's Xinjiang Uygur Autonomous Region has garnered widespread praise online for its commendable act of providing free food and accommodation to stranded tourists amidst heavy snowstorms.
A staff member from Hemu Shanzhuang, a hotel within the scenic spot, confirmed with the Global Times on Sunday that many tourists have dialed to verify the reports about complimentary meals and accommodation. It has been confirmed that stranded tourists can indeed avail of free meals and accommodation at the hotel.
Xinjiang witnessed its first and longest-lasting snowfall of 2024 starting from January 6. Snowfall has been mainly concentrated in the northern part of the region, including Altay and Tacheng, according to the Xinjiang Meteorological Bureau.
As of January 11, at least 13 avalanches have occurred on the roads from Burqin county to Kanas, Hemu, and other scenic areas due to heavy snowfall in the Altay mountainous area. The snow depth in some sections reached over three meters.
During the continuous snowfall, local traffic police department implemented traffic controls on impacts sections of road starting from January 8, resulting in tourists being stranded in Kanas, Hemu, and other scenic areas.
On Saturday, the Burqin county issued a notice on its official video platform, stating that from January 11 until the roads are cleared, free food and accommodation will be provided to stranded tourists in three villages - Kanas village, Hemu village and Baihaba Village - within the Kanas Scenic Area.
A spokesperson for Burqin county also confirmed the news with thepaper.cn and he stated that the current snowfall situation has weakened, and the traffic police are making every effort to clear the roads and reopen them as soon as possible.
The act of offering free food and accommodation garnered widespread praise online. Numerous netizens expressed that such move is incredibly heartwarming. "A place as lovely as this is definitely worth visiting," one netizen commented.
Sinovac Biotech, one of the major inactivated vaccine manufactures in China, has reportedly halted COVID-19 vaccine production. The company did not confirm the news but industry observers believe it is a response to falling market demand.
A circulated document from Sinovac Life Sciences Co., Ltd titled "Scheme for Suspending Performance Bonuses for COVID-19 Projects" indicated that the company completely halted their production of COVID-19 vaccines, with vaccine products no longer on sale, according to Jimu News, a media outlet affiliated with Hubei Daily.
Sinovac Life Sciences is a subsidiary of Sinovac Biotech Ltd, one of the main inactivated vaccine manufactures in China. The document said that the company has decided to stop issuing performance bonuses for employees involved in the COVID-19 project starting from January 2024.
Citing one staff member from the product consultation hotline of Sinovac Biotech, Jimu News confirmed that the company's COVID-19 vaccine has indeed been discontinued. The report quoted the staff member as saying that if there is a need for the product, individuals would have to inquire with the local disease control center about its availability.
The news ignited a storm of discussions online, some of which was linked to the safety and efficacy of the vaccine. Sinovac Biotech has not responded to an interview request from the Global Times as of press time.
Sinovac Biotech's decision to suspend production of their COVID-19 vaccines is a response to what is believed to be falling market demand, and there is no need for undue alarm or exaggeration, Shao Yiming, an immunologist at the China CDC, also one of the chief medical advisors for the research and development of Chinese COVID-19 vaccines, told the Global Times on Thursday.
During the early phase of the COVID-19 epidemic, Sinovac was one of the few vaccine manufacturers approved for emergency use in the market. However, the country has now approved over 10 vaccine technologies, providing people with more choices. On top of that, the decline in demand for COVID-19 vaccinations, as a result of the strong immunity barrier established against the virus in the country, has also contributed to the suspension of production, Shao pointed out.
The Global Times learnt from several immunologists that citing Sinovac's business activity to suspend vaccines productions to question efficacy of the COVID-19 vaccine and safety of inactivated vaccines makes no sense.
The suspension of producing COVID-19 vaccines was not isolated to Sinovac Biotech, according to media reports. For example, on July 19, 2023, Stemirna Therapeutics, which was among domestic vaccine manufacturers racing to develop mRNA in China, suspended its trial operation due to "lack of demand." All of this happened just two and a half years after it obtained clinical approval for the COVID-19 mRNA vaccine in January 2021.
The current dominant JN.1 strain possesses a high transmission capability and the ability to evade the immune system, which implies that the effectiveness of first-generation vaccines based on the original strain may diminish. Vaccine manufacturers are under significant pressure to keep pace with virus mutations and ensure the efficacy of vaccines. It is possible for the vaccine to become outdated even before it is commercially available, a Beijing-based immunologist who preferred to remain anonymous told the Global Times.
In response to the fast mutation of the coronavirus, and the decrease in neutralizing antibody titers and protection rates against variant strains by the first-generation vaccines, at least five COVID-19 vaccines were approved for emergency use in December, 2023, media reports showed.
Meanwhile, the National Administration of Disease Control and Prevention had also strongly encouraged residents to receive jabs containing the XBB variant antigen component, especially for this year's autumn and winter seasons.
The key purpose of COVID-19 vaccine is to protect against death and severe illness, not infection. Significant evidence has demonstrated inactivated vaccine has been approved effective and relatively less serious adverse reactions, Shao noted. "It is meaningless to attack inactivated vaccines."
A study of the University of Hong Kong in 2022 revealed that three shots of CoronaVac offered approximately 98 percent protection against death or severe illness in people aged 60 and above in the city.
The latest report by Chinese Center for Disease Control and Prevention showed that throughout December 2023, a total of 3,779 locally transmitted cases of COVID-19 with valid genomic sequences were reported in the Chinese mainland. All cases were identified as Omicron variant, covering 72 evolutionary branches. The predominant variant was the XBB, with the top three being XBB.1.9 and its sub-branches, XBB.1.16 and its sub-branches, and XBB.1.22 and its sub-branches.
During the period, a total of 88 new severe cases and 11 deaths were reported. Among the deaths, two cases were caused by respiratory failure due to COVID-19 infection, and nine cases were due to the combination of underlying diseases and COVID-19 infection, according to China CDC.
Chinese diplomacy will adhere to the principle of confidence and self-reliance, openness and inclusiveness, fairness and justice and win-win cooperation to promote the common path to modernization for the people of all countries, top Chinese diplomat Wang Yi said at a seminar on Tuesday, as he reviewed the accomplishments China made in diplomacy in the previous year and reaffirmed the mission for 2024 that was set by the Central Conference on Work Relating to Foreign Affairs.
Analysts believe that with the comprehensive plans outlined at the Central Conference on Work Relating to Foreign Affairs, which was held in Beijing from December 27 to 28, 2023, China will continue to collaborate with the international community in addressing the increasing uncertainties and fulfill its role as a stabilizing and global engine.
Wang Yi, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and Chinese foreign minister, delivered a speech at the opening ceremony of the 2023 International Situation and China's Diplomacy Seminar held in Beijing on Tuesday.
Wang noted that 2023 was a year of profound changes in international relations and a year of solid progress in China's modernization, as well as a year of exploration and harvest for China's diplomacy. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, Chinese diplomacy has adhered to its principles, made new contributions and innovation to the construction of a strong country and the national rejuvenation, as well as to maintaining world peace and promoting common development in 2023.
Wang emphasized that in the past year, facing major issues concerning the future and development of humanity and the world, Chinese diplomacy has always stood on the side of historical correctness and progress, making decisions that have withstood the test of practice and time.
"In the face of cooperation and confrontation, we firmly choose cooperation; in the face of unity and division, we firmly choose unity; in the face of openness and closure, we firmly choose openness; in the face of peace and war, we firmly choose peace; in the face of multilateralism and unilateralism, we firmly choose multilateralism; in the face of justice and power, we firmly choose justice," said Wang.
With the Central Conference on Work Relating to Foreign Affairs guiding the direction of China's external work in 2024, the country will make further contributions to global governance amid growing challenges, observers said.
New challenges
At the Tuesday seminar, Wang reviewed the six highlights of China's diplomacy in 2023, including the head-of-state diplomacy, building a community with a shared future for mankind, the third Belt and Road Forum for International Cooperation, the expansion of the BRICS mechanism, the China-Central Asia Summit, and the historic reconciliation between Saudi Arabia and Iran.
On head-of-state diplomacy, Wang noted that throughout 2023, President Xi personally led and participated in two major diplomatic events, attended three multilateral summits, conducted four important visits, and held over 100 meetings, as well as conversations via video links and phone calls. These have showcased the diverse aspects of China in the new era, promoted China's two-way interactions with the world, and opened up a new chapter in China's foreign relations.
The interactions between President Xi and other top leaders have never been suspended in the past three years, and they only strengthened in 2023, providing strategic guidance to bilateral relations, Wang Huiyao, founder and president of the Center for China and Globalization (CCG), who also attended the Wednesday seminar, told the Global Times.
The expert noted that in 2023, China's diplomacy has been marked by both head-of-state diplomacy and home diplomacy. This includes having invited a large number of foreign leaders, ministers, officials and individuals from various sectors to visit China. Moreover, high-level exchanges have been accompanied by increased people-to-people exchanges between China and other countries, further solidifying the foundations of these bilateral relations.
Su Xiaohui, deputy director of the Department of International and Strategic Studies at the China Institute of International Studies, said that the year 2023 also held great significance for China as the country had implemented major-country diplomacy with Chinese characteristics in the new era, resulting in significant achievements.
For instance, following a meeting between their top leaders in San Francisco, China-US relations have gradually stabilized. Su noted that although there are still uncertainties in the bilateral relations, promoting stable China-US relations will benefit both countries and meet the expectations of the international community.
China's diplomatic achievements in 2023 did not happen by chance, Su told the Global Times, noting that China has actively worked to strengthen relations with neighboring countries and build consensus with developing countries in order to create a community of a shared future.
The expansion of the BRICS bloc highlights the growing influence of emerging economies in global governance, with China playing an increasingly important role. Additionally, China's commitment to promoting peace talks, justice, and fairness has helped facilitate reconciliation in the Middle East, Su said.
Su warned of uncertainties, especially those brought about by the US due to the US presidential election in 2024, coupled with intense domestic conflicts and polarization. The uncertainties will not only impact US domestic politics but also influence its foreign policies, causing growing concerns worldwide.
Su noted that the year 2024 holds significance as it marks the 75th anniversary of the establishment of the People's Republic of China. Chinese diplomacy will primarily prioritize domestic development and strive to create a favorable environment for growth. Consequently, China will place great emphasis on safeguarding global peace and stability.
All these highlights of Chinese diplomacy in 2023 have showcased the achievements and effectiveness of China's external work guided by Xi Jinping Thought on Diplomacy. Moreover, with the implementation of China's pragmatic diplomatic work and close collaboration with the Global South, the influence of China, one of the responsible major powers, has also increased, Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Tuesday.
Moreover, as the conflicts in Ukraine and the Middle East persist into 2024, the international situation has become entangled with chaos and uncertainties. In light of this, the international community is also eagerly anticipating China's increased involvement, Li said.
In 2024, China is poised to assume the role of a stabilizer and an engine, fostering international collaboration and propelling the world toward prosperity, Li said.
During the Wednesday seminar, Wang emphasized that in 2024, Chinese diplomacy, under the leadership of the CPC Central Committee with Comrade Xi at the core, will continue to combine China's development with the world's development and combine the interests of the Chinese people with the interests of the people of the world.
Together with other countries, we will shoulder the responsibilities of the times, work together to meet challenges, and promote the world toward a better and brighter future with a broader vision and more proactive actions, Wang said.
Chinese financial authorities vowed to strengthen policy support and funding to boost the real economy's revival and improve people's livelihood.
Lan Fo'an, the finance minister, stressed in an interview published on the People's Daily on Thursday that a "cautious and reasonable fiscal deficit" approach can facilitate expanded government expenditure, which could remain within a reasonable adjustment range to hedge against market risks.
In order to support China's post-disaster reconstruction and enhance resilience against future extreme weather events, the central government announced in October 2023 the issuance of an additional 1 trillion yuan ($137 billion) in special treasury bonds, which lifted the nation's fiscal deficit ratio from 3 to 3.8 percent of the country's GDP, Lan said.
"However, the government's debt ratio remains in an appropriate range despite an increased fiscal deficit ratio. Public budget expenditures are being maintained at a relatively high level in recent years by properly adjusting the deficit ratio, and securing the implementation of a national development strategy and welfare programs," said the minister.
Policies for cutting taxes and fees should be optimized to support the development of the real economy, especially for qualified manufacturing enterprises and research and development companies involved in integrated circuit and industrial mainframes, Lan noted, adding that special bonds should play an important role in government-led financing activities to leverage larger scale of social investment.
The annual Central Economic Work Conference held in December emphasized the need to introduce more polices to promote quality growth across the economy.
Lan said that the introduction of multiple policy tools including special government bonds, cutting taxes and fees, financing assurance and others will expand the expenditure scale and stabilize market expectations. He pledged to conduct standardized financial management in accordance with rule of law, to ensure that policy outcomes met designed goals.
From January to November 2023, China's general public budget revenue crossed the 20 trillion yuan milestone, up 7.9 percent year-on-year, which met expectations and was in line with the country's economic growth, said Lan.
Amid global headwinds including high inflation, rising interest rates and sluggish growth rate, China realized a steady economic recovery in 2023 which remains as a major engine for global economy growth, the minister noted.
China's finance ministry will further promote consumer spending, investment and stabilize foreign trade. Public services such as education, employment and public health will receive more financial support, Lan added.
The stocks of China Evergrande New Energy Vehicle Group plunged by more than 15 percent on Monday, as one of the company's executive directors was detained recently for violating the law.
The electric vehicle arm of the property developer China Evergrande Group announced in a filing to the Hong Kong Stock Exchange on Monday that its executive director Liu Yongzhuo was detained on suspicion of violating the law.
Stock trading was resumed at 13:00 pm on Monday after it was temporarily suspended in the morning session, pending a statement from the company.
The stock plunged 18.6 percent in the first week of 2024 after it said on January 1 that plans for it to sell shares to the US-listed NWTN had been scrapped.
This comes after Hui Ka Yan, founder of Evergrande, was placed under mandatory measures, according to a filing of the company in September.
China Evergrande said that it received notification from relevant authorities that Hui Ka Yan, an executive director of the company and chairman of the board of directors of the company, has been subject to mandatory measures in accordance with the law due to suspicion of committing serious criminal acts.
