Chinese President Xi Jinping calls for immediate efforts to promote self-reliance in science and technology and a greater boost to secure the country's grip on core technologies in key fields and equipment manufacturing while visiting a robot manufacturer in China's Shenyang. #GLOBALink
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On the shop floor of Shaoxing's Buting textile company in east China's Zhejiang province, processing and manufacturing machines are humming around the clock. Container trucks loaded with colorful textile fabrics are ready to depart for the Ningbo-Zhoushan port, one of the world's busiest ports in terms of cargo throughput.
Located at Shaoxing's Keqiao District, a global textile distribution center, the company has managed to keep an upward momentum in production and sales after a pause caused by the COVID-19 pandemic.
By sticking to a dynamic zero-COVID policy, China has largely put the latest waves of the pandemic under control. And manufacturers in the country have rebooted their on-site operation.
Despite the temporary disruption of the pandemic, the textile company has still maintained steady export growth, which stood at almost 200 million U.S. dollars last year, said Buting's General Manager Qian Shuijiang.
The company's performance is surely impressive. So is the country's economic resilience, which is reflected in the bouncing-back in the second quarter this year. It has proved once again that the Chinese economy, guided by "Xiconomics," the economic thought of Chinese President Xi Jinping, has flexibility and potential to forge ahead in an age of intertwined headwinds and uncertainties.
POLICY GUIDANCE FOR STABLE GROWTH
China's National Bureau of Statistics showed Friday that the country's GDP has secured positive growth in the second quarter and expanded 2.5 percent in the first half of the year.
Such an economic report card did not come easily. It was made amid a combination of tough challenges brought about by the lingering pandemic, simmering global geopolitical tensions and the staggering world economy.
In December, the tone-setting Central Economic Work Conference stressed the importance of maintaining stability while pursuing progress in 2022, and called for efforts to consolidate the economic foundations, enhance scientific and technological innovation, deepen reform via high-level opening-up, and boost high-quality development.
In response to multiple unexpected factors this year, the Chinese government has managed to follow the guideline of the meeting, and adopted in May a raft of targeted and vigorous measures, including raising tax refunds, smoothing logistics and transportation, boosting consumer spending and investment and safeguarding production, in order to stabilize economic performance and get the economy back to normal.
Thanks to those timely measures, China's economy saw a steady recovery amid the increasingly complicated global environment, demonstrating its strong resilience and ample potential for long-term development.
In June, the country's retail sales of consumer goods registered a year-on-year increase of 3.1 percent following drops in April and May, foreign trade picked up to 14.3 percent, and the value-added industrial output rose 3.9 percent year on year, up from a 0.7 percent gain in May. Meanwhile, China has successfully kept its consumer prices stable against the background of surging inflations in several major economies.
Over the years, the Chinese government has effectively responded to various unanticipated challenges through stable long-term macro planning as well as flexible and pragmatic micro policy adjustments, which has ensured the stability of economic fundamentals and achieved a sustainable growth, said Charles Onunaiju, director of the Abuja-based Center for China Studies in Nigeria.
"When you have the basic fundamentals put in place, it is easy to absorb shocks, especially unforeseen ones," he said.
ADDING CERTAINTY TO GLOBAL RECOVERY
For decades, China has maintained a major driving force of global economic growth. Since the onset of the pandemic, it has been stepping up efforts in stimulating domestic consumption, stabilizing industrial and supply chains and introducing more measures for wider opening-up. Its role in an integrated global economy has grown even more significant.
Trade has long been a key force to energize the global economy, and to electrify greater common development worldwide. China, a staunch champion of global trade and an open world economy, has maintained its position as the world's largest trading nation in goods for many years. In the first half of this year, China's trade with its top three trading partners -- the Association of Southeast Asian Nations, the European Union and the United States -- expanded by 10.6 percent, 7.5 percent and 11.7 percent respectively on an annual basis.
To help stabilize global supply chains rocked by the pandemic, many cities in China have offered more transportation services, and launched new direct air and sea routes to facilitate cross-border flow of people and goods, giving a strong boost to international trade and global recovery.
Take the recently launched container shipping line from Dongguan, a manufacturing hub in China's Guangdong province, to Britain's metropolitan Liverpool. The whole journey only takes 28 days, and is at the moment the fastest shipping line from south China to Europe.
China-Europe freight trains, launched in 2011, have also been playing a notable role in bolstering global trade, especially after the outbreak of the pandemic. On July 11, a freight train loaded with electronic products, mechanical parts and daily necessities arrived in Duisburg. It marked the 10,000th trip made by the trans-continental trade service operated by the China-Europe Railway Express (Chongqing).
While the freight trains have opened a door for Chinese firms to tap business opportunities in Europe, they have also brought real benefits for local economies. Duisport CEO Markus Bangen told Xinhua that the cooperation between Germany and China is mutually beneficial and he looks forward to widened bilateral cooperation.
"The stronger China's economic development is, the more countries that have trade and economic cooperation with China will benefit," said Anna Malindog-Uy, a researcher of Philippine-BRICS Strategic Studies, a think tank.
Agustin Carstens, general manager of the Bank for International Settlements, said in a recent interview with Xinhua that the world economy under severe shocks needs China.
China has been an engine of global growth for quite some decades, he said. "I think it's important for that to be preserved."
CONSOLIDATING GLOBAL CONFIDENCE
China attracted an increasing number of international investors in the past decades with a super-sized domestic market, a complete industrial chain, a favorable business environment, strong policy support for the real economy, as well as continuous efforts to opening-up.
Facing the downward pressure caused by Omicron-induced disruptions, foreign-funded enterprises have successfully coordinated pandemic response and business operations, and achieved stable revenue growth with the support of local authorities.
FCI Connectors Dongguan Ltd. is a subsidiary of U.S. Amphenol Corporation, one of the world's major suppliers of interconnect systems. The Dongguan company registered a total of 1.8 billion yuan (270 million dollars) in sales in 2021, and expects a 10-percent increase to about 2 billion yuan (296 million dollars) this year.
With growing understanding of the fact that the fundamentals of the Chinese economy remain unchanged, foreign firms have remained confident in China's development. Many of them have chosen to maintain or expand businesses in the world's second largest consumption market. Noel Quinn, group chief executive of HSBC, told Xinhua earlier that the financial institution expects to invest more than 3 billion yuan (440 million dollars) in China between 2020 and 2025.
Figures from China's Ministry of Commerce showed that in the first five months, foreign direct investment into the Chinese mainland, in actual use, expanded 17.3 percent from a year earlier.
In Onunaiju's view, China's pledge to continue optimizing the investment environment and opening up its market will help bolster the confidence of foreign investors and stabilize the expectations of international trade partners.
Malindog-Uy at the Philippine-BRICS Strategic Studies said she believes that China will continue to attract foreign investment in the future given its market size, rapid development of high-tech, competent labor resources as well as the relatively modern economic system.
"These positive factors will provide room and momentum for the continued recovery and growth of the Chinese economy in the future," she said.
Across the Hanjiang River in the city of Chaozhou, south China's Guangdong Province, there's an open-close bridge built in 1171. Chinese President Xi Jinping visited the bridge in October 2020 and stressed the importance of the bridge's protection. This story explains why. #XiJinping
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BEIJING, May 26 (Xinhua) -- A herd of wild Asian elephants had left their habitat and trekked about 500 km in Yunnan, southwest China. Thanks to protection measures, the herd returned to their "home" safely after a 17-month adventure. The tour is shared by Chinese President Xi Jinping.
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BEIJING, May 18 (Xinhua) -- Chinese President Xi Jinping Wednesday reiterated that China's resolve to open up at a high standard will not change, and the door of China will open still wider to the world.
Xi made the remarks when addressing the conference of the 70th anniversary of the China Council for the Promotion of International Trade (CCPIT) and the Global Trade and Investment Promotion Summit via video link.
Noting that founded in 1952 as a China-based institution with a global outlook, Xi said the CCPIT has been playing an important role in strengthening the bond of interest between Chinese and foreign businesses, promoting international economic and trade exchanges, and facilitating state-to-state relations.
The 70-year journey of the CCPIT has been an epitome of China's ever-expanding opening-up endeavor, and an important witness of how businesses from different countries could share in development opportunities and benefit from win-win cooperation, said Xi.
Xi stressed that with the world facing a pandemic and drastic changes both unseen in a century, economic globalization is experiencing headwinds, and the world is entering a new period of volatility and transformation. Now more than ever, business communities across the world yearn for peace and development, call for fairness and justice, and aspire for win-win cooperation.
Calling for pulling together to defeat COVID-19, Xi said the pandemic that has been going on unabated is posing a serious threat to the life and health of the people, and taking a heavy toll on the world economy.
He laid stress on putting people and their lives first, actively engaging in international cooperation on vaccine R&D, production and distribution, bolstering global public health governance, jointly building multiple lines of defense against the virus, and working for a global community of health for all.
Xi also called for reinvigorating trade and investment, urging balancing pandemic response and economic development, and strengthening macroeconomic policy coordination across countries.
He stressed the need to advance the UN's 2030 Agenda for Sustainable Development in all respects, and help the global economy upgrade its growth drivers, shift its growth model and adjust its structure so as to steer it onto a track of long-term, healthy and stable growth.
To allow development gains to better trickle down to people of all countries, Xi urged supporting the WTO-centered multilateral trading regime, ensuring security and stability of the global industrial and supply chains, and making the "pie" of cooperation bigger.
When it comes to unleashing the power of innovation in driving development, he called for tapping into the potential of innovation in spurring growth, jointly stepping up intellectual property protection, making rules on the basis of extensive participation and consensus building, and fostering an open, fair, equitable and non-discriminatory environment for scientific and technological development.
Xi stressed efforts to intensify exchanges and cooperation on innovation, facilitate integration of science and technology with economic growth, increase the sharing of innovation results, and remove all barriers that hamper the flow of knowledge, technology, talent and other factors of innovation.
Talking about improving on global governance, he urged upholding true multilateralism, embracing a global governance vision featuring extensive consultation, joint contribution and shared benefits, and mobilizing resources from across the world to meet global challenges and advance global development.
Xi called for choosing dialogue over confrontation, tearing down walls rather than erect walls, pursuing integration instead of decoupling, opting for inclusiveness, not exclusion, and guiding reforms of the global governance system with the principle of fairness and justice.
"China's resolve to open up at a high standard will not change, and that the door of China will open still wider to the world," Xi reiterated.
China will continue to foster an enabling business environment that is based on market principles, governed by law and up to international standards, Xi said, adding that China will pursue high-standard implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement and high-quality Belt and Road cooperation, and offer more market, investment and growth opportunities to the global business community.
"Let us join hands to uphold peace, development, cooperation and win-win partnership, work together to meet the problems facing the global economy, trade and investment, and jointly usher in an even brighter future," Xi said.
Chinese President Xi Jinping on Tuesday hailed the contributions made by young communists over the past century and called on them to offer energy and creativity to push forward national rejuvenation.
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For China watchers, the achievements that China has scored in the past decade are unprecedented. Leading the country throughout this period has been Xi Jinping. How have his policies transformed China and influenced the world? In our new series #XiImpression, two seasoned sinologists share their thoughts.
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The European Union and China held their 23rd bilateral Summit via videoconference on 1 April, bringing together President of the European Council Charles Michel, President of the European Commission Ursula von der Leyen, China’s Prime Minister Li Keqiang and President Xi Jinping.
The EU and China discussed extensively Russia’s military aggression against Ukraine, the world’s economy, food and energy security, and the fight against COVID-19.
The EU called on China to support efforts to bring about an immediate end to the bloodshed in Ukraine, consistent with China’s role in the world as a permanent member of the UN Security Council, and its uniquely close relations with Russia.
“As major global powers, the EU and China must work together on stopping Russia’s war in Ukraine as soon as possible. We have a common responsibility to maintain peace and stability, and a safe and sustainable world,” Charles Michel said. “We count on China’s support to achieve a lasting ceasefire, to stop the unjustifiable war and address the dramatic humanitarian crisis it has generated.”
“We underlined that the Russian invasion of Ukraine is not only a defining moment for our continent, but also for our relationship with the rest of the world. There must be respect for international law, as well as for Ukraine’s sovereignty and territorial integrity,” said Ursula von der Leyen, adding that China, as a permanent member of the UN Security Council, has a special responsibility.
Referring to the tightening of sanctions against Russia, von der Leyen said that more than 40 countries in total have joined these sanctions. “So we also made it very clear that China should, if not support, at least not interfere with our sanctions,” she stated in a joint press conference following the summit.
She also said that in terms of bilateral trade between the EU and China, continuing business with Russia carries great reputational risks: “This is a question of trust, of reliability and, of course, of decisions on long-term investments. Let me remind you that every day, China and the European Union trade almost €2 billion worth of goods and services. In comparison, trade between China and Russia is only some €330 million per day. So a prolongation of the war, and the disruptions it brings to the world economy, is therefore in no-one’s interest, certainly not in China’s.”