chinese – भारतीय महासागर समाचार

Musk starts China trip to enhance ties amid US officials’ ‘overcapacity’ hype

Tesla CEO Elon Musk File Photo: Xinhua

Tesla CEO Elon Musk arrived in Beijing on Sunday at the invitation of the China Council for the Promotion of International Trade (CCPIT). Ren Hongbin, president of the CCPIT, met with Musk and engaged in discussions regarding future cooperation, according to China Media Group.

Despite so-called “overcapacity” hype by some US officials, companies like Tesla are eager to explore the Chinese market and engage in fierce competition with Chinese new energy enterprises.

Chinese analysts said Musk’s visit highlights the importance of the Chinese market to many American companies as they are enhancing ties, unlike politicians in Washington who always hype up anti-China rhetoric.

Musk is scheduled to engage with senior Chinese officials in Beijing to deliberate on the implementation strategy for Full Self-Driving technology in China which aims to enable autonomous driving mode on Tesla cars in China, reported Reuters.

FSD is available in countries including the US, but not in China, the BBC reported that the electric carmaker has previously taken steps to reassure Chinese authorities about the rollout of FSD in the country, including establishing a data center in Shanghai to process data about Chinese consumers in accordance with local laws.

The visit comes amid the largest auto show, or 2024 Beijing International Automotive Exhibition is underway which is open through Thursday. Global players such as Volkswagen and Mercedes-Benz have signaled their entry into new-energy vehicles (NEVs) on a large scale, highlighting their confidence in the Chinese market. Tesla does not have a booth at the show and it last attended the event in 2021.

According to Indian media outlet, Musk has postponed his visit to India last week.

China is Tesla’s second largest market after the US. The Tesla Gigafactory in Shanghai, which started production in 2020, is Tesla’s largest production center in the world. “For Tesla, the Chinese market is indispensable,” domestic media outlet reported.

“It is good to see electric vehicles making progress in China. All cars will be electric in the future,” Musk said in a video posted on social media, Reuters reported on Sunday.

Amid the rapid development of the NEV industry in China, the penetration rate of passenger NEVs exceeded 50 percent in the first half of April, as reported by China Central Television on Sunday, outperforming traditional gasoline-powered vehicles.

Musk’s last visit to China was in May 2023, when he met with leaders from several top Chinese officials in charge of foreign policy, industry and foreign trade. He also visited the Tesla Shanghai Gigafactory and met with leaders from the Shanghai municipal government.

Global Times

Singer shows the world his talent at UN

Zhou performing at the Chinese Language Day event at the United Nations headquarters in New York on April 18. MINLU ZHANG/CHINA DAILY

At the conclusion of the United Nations Chinese Language Day, fans of singer Zhou Shen accompanied him from the conference room all the way to the elevator doors. The singer waved goodbye and said “thank you” to those who enjoy his music as he stepped into the elevator.

“What I feel very happy about is that there are many people behind me who support and love me,” Zhou told China Daily in an exclusive interview inside UN headquarters in New York. “I feel that they are with me on every stage I stand on. I also want to tell them that we can work together to realize the dreams we want to realize.”

News of Zhou singing at the UN went viral last week. The topic has garnered in excess of 180 million views, and more than 1.72 million posts included it on social media platform Sina Weibo.

UN Chinese Language Day usually falls on April 20, but this year it was held on April 18. It was rainy and cold in New York, with the temperature reaching a maximum of 11 C. Some of Zhou’s fans waited outside the UN the entire afternoon to see him.

Azerbaijani ambassador praises China’s stance on new-energy collaboration, hoping for strengthened ties to boost green transformation

Customs staff members check the first “Qilu” freight train running from Jiaozhou, east China’s Shandong province to Baku, capital of Azerbaijan in Jiaozhou, Jan. 31, 2021. A freight train carrying 100 twenty-foot equivalent unit (TEU) containers’ goods such as tires and air conditions left Jiaozhou on Sunday, marking the launch of “Qilu” freight train services from Jiaozhou to Baku. (Photo by Xie Hao/Xinhua)

Azerbaijan is fully ready to develop economic and trade relations with China without setting any ceiling or limit in terms of scope, Ambassador of Azerbaijan to China Bunyad Huseynov said in an exclusive interview with the Global Times, giving examples of the potential for deeper cooperation in the new-energy industry, where the two countries are highly complementary.

As the world is at a crucial moment in the transition to green energy, the ambassador hopes to deepen cooperation with Chinese companies to achieve sustainable development and win-win outcomes.

Speaking at an investment promotion event held by the Embassy of Azerbaijan in China earlier this week, Huseynov said that China’s remarkable achievements in the field of new energy are well known, and highly complementary cooperation is already well underway.

Recently, Azerbaijan initiated a bidding process to build a new-energy vehicle (NEV) factory. Chinese automaker BYD won the bid and signed an agreement to establish a joint venture company and set up an electric bus production line in Azerbaijan, the ambassador said.

The country is planning to gradually replace fuel buses with electric ones in Baku, the capital of Azerbaijan, Huseynov said, indicating possible cooperation.

“We are also in communication with Contemporary Amperex Technology – a Chinese lithium-ion battery company – regarding the construction of energy storage projects in Azerbaijan,” the envoy said.

The Embassy of Azerbaijan in China is also actively promoting the green transformation and strengthening cooperation with Chinese companies in this field, including replacing the embassy’s fuel vehicles with BYD’s NEVs, the Global Times learned from the embassy.

Chinese companies are also involved in the green energy transition as investors, builders and operators, including in the photovoltaic power sector, according to the embassy.

Closer cooperation in the green field can be foreseen as both countries are playing an increasingly important role in tackling climate change on the world stage.

This November, Azerbaijan will host the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku.

In March, Azerbaijani Minister of Ecology and Natural Resources and president-designate of the COP29 Mukhtar Babayev visited China along with a delegation. This was the first visit of the country’s COP team abroad, to understand China’s expectations from the climate change conference.

“I believe that both countries share a high degree of consensus on the green agenda,” Huseynov said.

Ambassador of Azerbaijan to China Bunyad Huseynov Photo: Yin Yeping/GT

China takes the lead in wind energy and solar, as well as electric vehicles, and is willing to share its achievements with other countries, which the ambassador said “demonstrates China’s open and win-win cooperation attitude.”

Azerbaijan hopes to play a role as a regional growth hub, and cooperating with the booming Chinese new-energy industry can help it achieve its own transformation, Chinese experts said.

“Azerbaijan does not want to remain solely in the fields of fossil energy and raw materials. It hopes to make achievements in the new manufacturing industry, and strengthening cooperation with Chinese companies in the field is a natural option to reach that goal,” Zhang Hong, a senior research fellow at the Institute of Russian, Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences, told the Global Times on Thursday.

Deepening cooperation with Chinese enterprises can help Azerbaijan achieve its energy transformation faster and enhance its industrial innovation capabilities, meeting its needs for industrial modernization and development, Zhang said.

Azerbaijan is not alone. Countries such as Kazakhstan, Uzbekistan and Russia are also actively attracting Chinese NEV companies to invest in building factories in a bid to drive the development of their own NEV industry chains.

The positive moves of these regional countries are in stark contrast with the intensified protectionist actions taken by the US, experts said.

Asked for comments on the “overcapacity” narrative in new energy by some Western media outlets, the Azerbaijani ambassador said that China not only produces high-quality and affordable products but is also willing to share these achievements with the world.

“The world is at a crucial moment in the transition to green energy, and Chinese companies are collaborating with those from other countries with an open attitude to help them achieve this energy transformation,” Huseynov said, noting that “this initiative is worthy of praise.”

“Regardless of how certain media outlets may perceive it, I greatly appreciate China’s open and cooperative attitude,” Huseynov said

On a separate note, the ambassador highly commended the China-proposed Belt and Road Initiative, in which Azerbaijan has been one of the earliest and most active respondents and participants.

“The value of this global cooperation initiative lies in ‘building bridges rather than walls’,” Huseynov said, noting that this joint initiative “serves as a demonstration of the spirit of cooperation and openness, which is needed for global development at the current stage.”

11 films set to hit Chinese cinemas during May Day holidays

Two voice actors of Tian Xiwei and Yu Shi in Howl’s Moving Castle Photo:IC

A total of 11 films are set to hit cinemas during the upcoming May Day holidays from May 1 to 5. The ticket pre-sales during the May Day holidays had surpassed 30 million yuan ($4 million) as of Monday morning, with
Formed Police Unit, China’s first film based on China’s peacekeeping police, topping the highest-grossing pre-sale list, according to Chinese ticketing platform Beacon. Film insiders and analysts predicted that the total box office of the film season will reach 1.3 billion yuan.

Traversing multiple genres, the 11 films cover action, suspense, comedy, animation, and romance. Industry insiders told the Global Times that these films are very competitive.

Zhang Tong, a senior data analyst at ticketing platform Maoyan, told the Global Times on Monday that the new releases during each have their own unique characteristics and corresponding audiences.

He added that some films are relatively close in pre-sale earnings, and the final box office performance will still depend on the subsequent promotional reach and post-screening word-of-mouth.

“Based on current data, the total box office for the five-day holiday is expected to range around 1.3 billion yuan ($179.46 million),” he said.

A scene from the Howl’s Moving Castle Photo:IC

Highlighted live-action films

Formed Police Unit, starring leading Chinese actors Wang Yibo and Huang Jingyu, is the first commercial film focusing on China’s peacekeeping polices overseas. It tells the story of China’s peacekeeping police officers undertaking a sacred mission, traveling to foreign countries, and carrying out tasks in war-torn areas.

Media sources reported that, to present the real experiences of Chinese peacekeeping police in the mission area, the production team referenced a large quantity of documentary materials, crafting the scenes, props and environment as close to reality as possible.

The suspenseful comedy
Nothing Can’t be Undone by a Hotpot is currently ranked the second-highest-grossing film in the pre-sale list. The film combines comedic elements with the rising trend of script-killing suspense in recent years, cleverly integrating excellent traditional Chinese culture such as Sichuan opera and hotpot.

Action film
Twilight of the Warriors: Walled which was shortlisted for the Cannes Film Festival, brings together Hong Kong actors, including Louis Koo and Sammo Hung.

The plot follows troubled youth Chan Lok-kwun as he accidentally enters the Walled City, discovers the order amid its chaos, and learns important life lessons along the way.

Shi Wenxue, a film critic based in Beijing, told the Global Times that the schedules for various films are actually more diverse in terms of genres. Meanwhile, the “blockbuster effect” is becoming more evident in the Spring Festival and summer vacation periods.

But this year’s May Day movie lineup relatively lacks “blockbuster films,” and the highlights are also relatively average, so the expectations might not be as high as in 2023.

Hit animated film

According to Maoyan, the most-anticipated films are Japanese animated films
Howl’s Moving Castle, the classic work from mega animator Hayao Miyazaki and
Spy x Family
Code: White, an animated spy action comedy film released in Japan in 2023.

Miyazaki’s
The Boy and the Heron crowned the highest-grossing list during China’s Qingming Festival period, while this time, his previous work
Howl’s Moving Castle is set to debut in Chinese cinemas, and has also stirred up strong interest among moviegoers.

The hashtag “the role of Howl is the most handsome character among all Miyazaki’s works” is currently trending on Sina Weibo. Related topics on whether
Howl’s Moving Castle will re-show the glorious achievement of
Slam Dunk in Chinese film market have been discussed warmly on Chinese social media.

During 2023’s May Day holidays film period, Japanese classic animated film
Slam Dunk made a nostalgic return among Chinese moviegoers, becoming a phenomena among Japanese films in China.

Before its release, the pre-sales of the film had exceeded 100 million yuan, and in its first week.

It became the weekly box office champion with a score of 380 million yuan and finally grossed 660 million yuan in the Chinese mainland market.

Chen Jin, a data analyst at Beacon, told the Global Times on Monday that Miyazaki’s classic works boasts an ideal audience base and high recognition, appealing to audiences of all ages. However, whether
Howl’s Moving Castle is able to create a similar phenomenon is hard to predict.

Another Japanese animated film,
Spy x Family
Code: White, which was adapted from hit Japanese manga series
Spy x Family, tells the story of an outstanding spy who transforms into a psychologist, Loid, forming an unexpectedly heartwarming “disguised family” with telepath Anya and killer Yor, each harboring secrets.

After experiencing a series of hilarious family dramas together, they embark on their first “family trip” to defend world peace.

Among domestic animated films,
Nie Xiaoqian is based on a beautiful and tragic love story adapted from classic Chinese story Strange Tales from a Chinese Studio.

Another film
GG Bond and the
Beanstalk franchise based on an interstellar mission meets the viewing needs of the preschool audience.

Zhang noted that animated films are favored during the May Day period because the market supply caters to multiple age groups. Whether the real-action film
Formed Police Unit or
Howl’s Moving Castle will ultimately triumph is dependent on the taste of most Chinese Gen Zers and even younger audiences.

GT Voice: West’s overcapacity narratives can’t define China’s cooperation with developing nations

Illustration: Liu Xidan/Global Times

Chile has imposed temporary anti-dumping tariffs on Chinese steel products used in the country’s mining industry in a bid to support local producers, Bloomberg reported on Monday, citing a decree published over the weekend.

The individual case came at a time when US and European media outlets have unleashed a new wave of criticism and bad-mouthing of China’s economy, raising the alarm about shocks that so-called Chinese overcapacity will have on the global economy.

For instance, a recent report by the Wall Street Journal claimed that “cheap Chinese steel exports have flooded world markets.” Such a climate of opinion is based on groundless accusations and does not hold water.

Overall, the demand for steel products in the Latin American market is on the rise, and local steel companies are struggling to keep up with this demand. The introduction of Chinese steel products into the Latin American market has proven to be beneficial to the economic development of the region. For a long time, Latin American steel companies have faced the challenge of competition from Chinese steel products, which has led to friction in steel trade, and this is not a new problem.

Local anti-dumping measures against Chinese-made goods are not a new problem, either. China has attached great importance to these issues in recent years and has taken steps to address these issues by promoting cooperation, especially by enhancing complementarity or through investment. This is completely different from the US, which has imposed bans on Chinese-made products. The entry of Chinese-made products into developing markets has generally been beneficial to the development of these countries. Moreover, China has never resorted to coercive tactics to achieve the sale of these products, unlike Western powers did in the past.

Western attempts to depict some of China’s most competitive exports as a threat to global markets clearly have ulterior motives. Such hype often ignores the fact that the reason why Chinese products, especially steel, are so competitive in the global markets is because they are not only reasonably priced but also have reliable quality.

When it comes to playing up so-called overcapacity in China, the criticism by Western politicians and media outlets of Chinese products often reeks of protectionism, and conceals an incentive to evade competition with Chinese producers.

What is even more incomprehensible is that some US politicians have criticized Chinese products such as steel and electric vehicles, giving the impression that employment and industries in the US have been significantly affected by Chinese imports. However, the reality is that they have not bought much steel or many electric vehicles from China.

This suggests that there are geopolitical purposes to their economic criticism of China. Their attempt to smear Chinese products and squeeze them out of the global market with the “overcapacity” narrative is aimed at curbing China’s development by weakening the competitiveness of Chinese products.

At a time when the West is unable to provide greener, more affordable and more practical products that align with the needs of the developing world, it is resorting to spreading misinformation about Chinese products in an attempt to hinder developing countries from accessing the necessary resources.

This approach, which highlights Western selfishness and arrogance toward developing nations, is essentially an effort to maintain Western dominance in the global economy by keeping developing countries as suppliers of low-end goods, rather than fostering them as equal partners. This self-serving attitude disregards the pressing need for industrialization and economic diversification among developing countries, an obstacle to the balanced development of the global economy.

Developing countries are facing challenges during their industrialization process, such as access to capital, technology and infrastructure development. In this regard, Chinese products offer a solution by providing raw materials and machinery at competitive prices and with reliable quality, catering to the economic development needs of these nations.

By utilizing Chinese steel, machinery and other industrial goods, developing countries can lower the costs of industrialization and expedite the pace of their industrial growth.

Moreover, China’s collaboration with developing countries goes beyond commodity trade, encompassing manufacturing and infrastructure investments. Frameworks like the Belt and Road Initiative have facilitated extensive cooperation between China and developing nations in infrastructure construction, energy development, transportation and more. This collaboration plays a crucial role in advancing the industrialization and economic growth of developing countries.

In short, Chinese products and investments offer a boost to the industrialization of developing nations. It is imperative for them to capitalize on the opportunity to collaborate with China instead of being carried away by Western narratives.

Unlocking charm of Chinese culture in foreigners’ eyes

Illustration: Chen Xia/Global Times

Fond of Chinese classical literature, he expresses his understanding of
A Dream of the Red Chamber, one of the four great classics of Chinese literature, and Chinese poems through thousands of paintings. He is Canadian artist Brandon Collins-Green, or Lin Buran in Chinese. Often painting throughout the night, he has created more than 4,200 works. Living alone in a “shabby” 9-square-meter room that he rents for 350 yuan a month in the bustling downtown area of Nanchang, he has come a long way since he first came here in 2015 to pursue a master’s and doctoral degree in ancient Chinese literature.

Brandon loves learning about the minimalist lifestyle of ancient Chinese people. He seldom reads modern literature because he thinks the content is too standardized and stereotypical. “So far, I have read the novel thoroughly three times, translated most of its poems, songs, lantern riddles, and dialogues into English, and completed over 1 million words of essays and 2,000 related paintings during my PhD studies. Even my doctoral dissertation centers on the novel. The greatest influence of
A Dream of the Red Chamber on me was my outlook on life. I am a bit like Zhen Shiyin, a character in the novel. I have seen through all things in the world with little material desire,” said Brandon.

Timur Kuvatov, director-general and editor-in-chief of the Kazakhstan Today News Agency, is a Chinese martial arts fan. He has won martial arts championships multiple times and also served as a coach for the Kazakhstan martial arts team.

“Chinese martial arts are a treasure of Chinese civilization. They are not just a sport but also embodies Confucian, Taoist, and Buddhist ideas, reflecting the philosophical concept of ‘Harmony between Heaven and Humans,’ for example. It reflects the Chinese way of dealing with people, their understanding of life, nature, and the universe,” he said.

Vincent Cazeneuve, known as Wensen Qi in Chinese, is a French contemporary artist dedicated to lacquer creation. He settled down in Chongqing in 2009. His works have been exhibited in art institutions both in and outside of China, and private individuals have even collected some of them.

We have seen many people from around the world express their love for Chinese culture in various forms. What is the charm of Chinese culture that attracts these people?

First is its profoundness and inclusiveness. China has a long history and vast cultural heritage, which bears rich philosophical ideas, artistic treasures, and traditional skills. Chinese culture retains its traditional characteristics and actively absorbs the essence of other cultures, making it easier to accept and appreciate. Whereas modern technology has made aesthetics worldwide similar, which damages cultural diversity.

Second, distinct cultural background differences arouse intense curiosity, getting people interested in Chinese culture and wanting to learn more about the lifestyles, way of thinking, and values of the country. The significant difference between the East and West is that Eastern culture emphasizes “comprehension” more, while the West values “logic.” This means Oriental “logic” is subtle and not as apparent as Western thinking. When we look at traditional Chinese paintings and Western oil paintings, we can find large areas of blank spaces appear in the former, while the latter is filled with colors and much less blank space. This indicates that traditional Chinese painting requires more association and imagination to appreciate and comprehend.

Third, Chinese culture embodies practical values. Focusing on harmony, balance, and coordination among people, its wisdom and creative thinking help achieve self-value and provide unique perspectives and methods for solving universal problems.

Cross-cultural communication brings about benefits. We can broaden our horizons, expand our thinking, and enrich our life experiences. Sometimes, people from different cultures can establish deep emotional connections and enhance empathy. In addition, it also enables us to understand our own culture and identity better. Through comparison and conversation, we reflect upon our own culture, draw on the strengths of others, advance further development, and build a more inclusive and harmonious world.

The author is a faculty member with the School of Applied Economics, Renmin University of China. [email protected]

Debunking the fallacy of ‘Chinese economic data less transparent’

Illustration: Chen Xia/Global Times

Since the beginning of this year, foreign media outlets and institutions have been throwing mud at the Chinese economy by accusing it of a “lack of transparency in Chinese economic data.” Citing cases of individual Chinese provinces revising data from previous years, they claimed that the revisions were due to a previous falsification.

However, on the other hand, institutions such as the IMF have maintained high expectations for China’s economic growth. For example, in early February of 2024, the IMF released a report predicting that China’s economy will grow by 4.6 percent in 2024. On April 10, Goldman Sachs released a research report raising its forecasts for China’s year-on-year economic growth for the first quarter of 2024 to 7.5 percent and a 5 percent from 4.8 percent for the whole year.

How can we debunk the fallacy of “lack of transparency in Chinese economic data”?

To begin with, China’s economy is currently undergoing a period of structural adjustment, requiring attention to both addressing existing issues and sustaining robust development momentum. It is necessary to consider these two aspects as a whole rather than just looking at one-sided data.

Since 2022, China’s real estate sector has undergone a major adjustment, leading to a continuous weakening of the related industry investment chain and exposing debt risks in some regions or companies. Over the past 20 years, the real estate market has been booming, but the drawbacks brought about by a development model based on high leverage, high debt, and high turnover need to be addressed. Moreover, the interests involved in this industry are very broad.

Even so, at least seven or eight years ago, the government, enterprises, and academia were actively planning for new industries, new models, and new arenas, accumulating a considerable development foundation. Therefore, new growth points have emerged, including new-energy vehicles, lithium-ion batteries, photovoltaic equipment, among others.

In sectors including infrastructure construction, clothing, food, housing, transportation, education, healthcare, and aged care, China’s robust domestic demand market continues to thrive, driven by a sizable population, ongoing urbanization, and rising consumer spending levels – attributes not fully shared by other major economies.

According to the latest statistics, the total number of middle-income individuals in China has exceeded 500 million. China is the world’s second-largest consumer market and second-largest import market, as well as the largest automobile market, consumer electronics market, and online retail market. China’s manufacturing industry accounts for nearly 30 percent of the global total. The robust domestic market cycle, along with a steady export market, provides a solid foundation for the Chinese economy to weather fluctuations in the real estate sector.

The Purchasing Managers’ Index (PMI) for March showed that the PMI has been in the expansion territory for five consecutive months. The Consumer Price Index (CPI) has moderately rebounded, and exports have also increased. This indicates that the Chinese economy is indeed undergoing structural adjustments, and the process of eliminating the dependence on real estate is also underway. The consistent trend of economic stabilization and recovery persists.

Second, the lack of structural research on China’s economic data, confusing concepts, and oversimplified comparisons all contribute to “self-misleading” conclusion of the fallacy of “lack of transparency in Chinese economic data.”

When analyzing economic data, it is important to observe in terms of both amount and structure, as well as the corresponding context. In times of significant economic changes, it becomes even more essential to have structural analysis in mind.

A very typical case is that many foreign media and institutions have claimed that “foreign investment is not coming to China” based on the data from the State Administration of Foreign Exchange (SAFE). In fact, the rules for data statistics by the SAFE and the Ministry of Commerce (MOFCOM) are different, and from the perspective of both the stock and increment of foreign investment in China, the situation is not negative, and there are even some promising aspects. There is no such thing as “lack of transparency in Chinese economic data.”

Taking the foreign direct investment data from the second quarter of 2023. There are differences between the data from SAFE and MOFCOM. In fact, the SAFE data was compiled according to the “asset/liability principle,” while the MOFCOM data was compiled according to the “directional principle.”

Currently, most countries, including China and the US, compile foreign direct investment data based on the “directional principle” because this method can more directly reflect the source of investment and assess the situation of foreign investors entering the country, making it easier for international comparisons.

Generally, foreign direct investment data compiled with the “asset/liability principle” is usually higher than the data compiled with the “directional principle.” However, in recent years, there have been cases where the latter is higher than the former. Regardless of which data is used, it is not accurate to simply say that “Chinese economic data is not transparent” or to conclude that “foreign capital is withdrawing from China.”

Last but not least, foreign media and institutions view the Chinese economy with an ideological bias, deliberately exaggerating and sensationalizing individual cases in an attempt to influence public perception.

Driven by their own sense of superiority, some foreign media and institutions do not accept the reality that the Chinese economy is steadily recovering and can withstand internal and external pressures. They hold biased and skeptical attitudes toward Chinese economic data.

By highlighting the cases of data falsification by some Chinese companies, they magnify external concerns with the aim of influencing the perception of China’s economic governance. In response, we must not only pay full attention to and legally crack down on the falsification of data by individual companies, continuously improve supervision mechanisms, but also firmly counter the narrative of “lack of transparency in Chinese economic data” by some foreign media and institutions.

Currently, the various levels of investigation teams directly under the National Bureau of Statistics (NBS), including provincial, municipal, and county-level teams, are legally conducting data collection and screening, playing a significant role in ensuring the accuracy of data. Based on these data collection efforts, they are cracking down on cases of false reporting, over-reporting, and under-reporting.

For a long time, China’s economic governance and decision-making have been based on seeking truth from facts, relying on data from the NBS to have a full understanding of objectively existing problems. In recent years, a series of specific measures to boost the economy have been proposed based on these data and changes in the internal and external environment. Therefore, China does not have the motivation to “obscure” economic data.

The author is a senior financial observer. [email protected]

Beyond words: Embracing the beauty of Chinese expressions

When we delve into a language, we do more than just learn its words and grammar; we penetrate deeply into the soul and emotions of a culture.

Chinese, one of the world’s oldest languages, boasts rich expressions that convey profound philosophies and delicate emotions. Every Chinese learner harbors a special Chinese phrase in their heart, one that may serve as a bridge connecting them to the stories of Chinese culture, or a window through which they can observe the commonalities and resonances between different cultures.

As UN Chinese Language Day approaches, China Daily website has invited five friends from different countries to share the Chinese expressions that hold special significance in their hearts. Join us in experiencing the boundless charm of Chinese and its cross-cultural resonance!

GT Voice: To reassure Chinese investors, Philippines needs to do more

Illustration: Chen Xia/GT

If the Philippines wants to reassure Chinese companies about investing in the country, it may need to take tangible steps to mitigate risks for Chinese investors, rather than just providing optimistic rhetoric.

Philippine President Ferdinand Marcos Jr said that business deals that the Philippines secured at a summit with Japan and the US will not affect China’s investments in the country, Reuters reported on Friday.

Despite the diplomatic shift, the Marcos government may still hold some pragmatic thoughts on maintaining economic and investment ties with China due to the Philippines’ economic needs, but pressure from Washington and Tokyo could pose a dilemma.

It is not hard to see that in collusion with the US and Japan to serve their strategy of containing China, the Philippines has plunged itself into a geopolitical tug-of-war, which other ASEAN countries have been trying to avoid in their regional diplomacy.

Given the Philippines’ recent tough attitude toward China and its hype about the “China threat” at a trilateral summit with the US and Japan, it is impossible to expect that such developments won’t dampen Chinese investors’ confidence in the country.

Yet, no one can easily deny the importance of trade between China and the Philippines, especially at a time when the Southeast Asian country is grappling with multiple challenges such as inflation, energy security and outdated infrastructure.

Like other ASEAN members, the Philippines maintains strong economic and trade ties with China, a vital trading partner and investment source. Chinese investment, particularly in infrastructure, plays a critical role in the economic development of the Philippines.

Take China’s State Grid’s investment in the National Grid Corp of the Philippines as an example. This is a landmark project that underscores China’s important role in infrastructure development in the country. State Grid Corp has successfully operated the national transmission grid in the Philippines using its management experience and relevant technologies, contributing stable support for the country’s electricity supply and bringing tangible benefits to the economic and social development of the Philippines.

If anything, this is a prime example of why Marcos still tries to tread a fine line with Chinese investment. Normal economic and trade relations with China are still in line with the interests of ASEAN countries.

Under such circumstances, it is up to the Marcos government to stabilize economic and trade ties with China, especially Chinese investment in the Philippines.

A conducive environment is essential for any investment to thrive. However, excessive political risk can undermine investment confidence. Unfortunately, this is what many Chinese companies may fear in investing in the Philippines.

Even in the case of State Grid, the project has encountered political obstacles, highlighting the complexity of Chinese investment in the Philippines. In May 2023, Marcos reportedly backed a probe to determine whether the government should take over the country’s sole power grid operator, in part due to national security concerns, Nikkei Asia reported.

Obviously, the investment environment could become more complex and unpredictable. While the US and Japan promised some economic assistance to the Philippines during the trilateral meeting in Washington last week, they also urged the Philippines to diversify supply chains to reduce reliance on China. It is apparently an attempt to push the Philippines to “decouple” from China.

For instance, the three countries agreed to forge ties to strengthen supply chains for nickel, a critical mineral essential for the batteries used in electric vehicles, a move aimed at creating a supply chain that is not overly dependent on China, The Japan News reported on Sunday.

As an ASEAN member, the Philippines should keep pace with ASEAN members in economic and trade relations with China. If the Philippines wants to rely on military alliances with the US and Japan to resolve the South China Sea issue, it will be hard to reassure Chinese investors about the investment environment in the Philippines.

At the same time, the Philippine government must implement concrete measures to mitigate risks for Chinese enterprises and foster a conducive investment climate, rather than offering oral promises. These actions should include, but not be limited to, bolstering legal safeguards with clear, transparent and business-friendly policies, as well as ensuring a stable political and economic landscape.

China enters ‘show’ time, demonstrating resolve on opening-up

Visitors at the Hainan Pavilion at CICPE Photo: Qi Xijia/GT

Following intensive visits to China by foreign CEOs in March, China has entered a week of international trade exhibitions. This highlights the potential of China’s dynamic consumer market and the country’s unswerving commitment to opening-up.

Chinese officials have taken the opportunity to drive home the point that the door to China’s opening-up will only get wider, and representatives from leading multinationals told the Global Times that they are optimistic about the development of the Chinese consumer market, which is set to drive their revenue growth and instill new positivity into the global economy.

The 4th China International Consumer Products Expo (CICPE), Asia’s largest premium consumer products expo, began on Saturday in South China’s Hainan Province.

The six-day event, which lasts through April 18, will host more than 4,000 brands from 71 countries and regions to showcase their products for global consumers. More than 55,000 purchasers and professional buyers are expected to attend the event, with more than 300 brands launching about 1,000 new products during the expo.

In tandem with the CICPE, the Spring session of the China Import and Export Fair, or Canton Fair, will be held from Monday to May 5 in Guangzhou, South China’s Guangdong Province. A total of 137,000 buyers from 215 countries and regions have completed pre-registration for the mega trade show, according to China’s Ministry of Commerce.

The week of trade expos comes as the Chinese economy began the year on a solid footing, with some major international financial institutions raising their Chinese GDP projections for 2024. The resilience of the world’s second-largest economy and the attractiveness of its vast consumer market and manufacturing products offer a strong rebuttal to some Western media outlets’ hype about the Chinese economy reaching its peak, analysts said.

The international trade exhibitions allow the world to further identify and trust the China market and its economic prosperity, and also demonstrate the status of China’s economy, which plays a spearhead role in the world economy amid a complex global political environment, Cao Heping, an economist at Peking University, told the Global Times on Sunday.

Cao said that the observations and impressions of the investors who participate in the two trade shows will be conveyed abroad and boost confidence in the global market.

These overseas investors gain valuable firsthand information on China’s investment potential from these interactions, and they will be noticing the advantages of the China market in the unstable global political and economic environment, Cao noted.

Goldman Sachs and Citi recently released separate reports stating that China’s economy had gotten off to a good start in 2024. It is expected that the GDP growth target of “about 5 percent” set by the Chinese government can be achieved, and the forecast for China’s GDP growth rate for the full year has been raised, according to the Xinhua News Agency.

“The current wave of a backlash against economic globalization may be challenging, but the world will never return to a state of isolation. China will always be an important opportunity for global development. The door to China’s opening-up will only get wider,” said Peng Qinghua, vice chairman of the Standing Committee of the National People’s Congress, said in welcoming remarks for the CICPE on Saturday.

“The Chinese economy is resilient, dynamic and full of potential, and its strong long-term outlook remains unchanged,” Sheng Qiuping, Chinese vice minister of commerce, said in remarks on Saturday.

To many exhibitors, the CICPE, the first major international exhibition held in China so far this year, offers opportunities for global companies to explore the massive market in China.

“Expos such as the CICPE are wonderful opportunities to promote Ireland and what it has to offer, and they are excellent platforms for Irish companies to introduce themselves to Chinese consumers. Quite a few Irish companies return again and again to these expos,” Ambassador of Ireland to China Ann Derwin told the Global Times in an exclusive interview.

Ireland, the country of honor for the CICPE with a dedicated exhibition venue, aims to show its scientific and technological innovation, education, investment, tourism and culture.

With a population of 1.4 billion and a 400 million strong middle class, China has a per capita GDP exceeding $12,000, making it one of the most promising consumer markets in the world, analysts said.

Representatives of leading multinationals told the Global Times that they are optimistic about the development of the Chinese consumer market, which is set to drive their revenue growth and instill new positivity into the global economy.

Volkswagen Group China (VGC) demonstrated its commitment to Chinese customers with a spectacular lineup of 13 models at the CICPE.

“Building on our existing successful partnership with Hainan Province, and riding on the tremendous opportunities presented by the Hainan Free Trade Port, Volkswagen Group China is committed to contributing to the e-mobility and green development of Hainan,” Zhang Lan, VGC vice president of sales and marketing, told the Global Times on Saturday.

Since the beginning of 2024, China has accelerated its pace of opening-up, with the announcement of the 24-point measures to stabilize foreign investment and a range of visa exemption policies to facilitate business travel.

Efforts are also being strengthened to boost consumption by promoting equipment upgrades and consumer goods trade-ins, bringing new opportunities for foreign companies.

Jack Chan, EY China chairman, told the Global Times on Saturday that China is an important engine for global economic growth for all sorts of businesses, and China’s continued efforts to open up will provide more “motivation” for investors to tap into this massive market.

“We believe that the foreign investment performance in China this year will maintain a high-quality development trend,” Chan said. “We look forward to enhanced foreign investment in high-tech industries, the digital economy and sustainable development.”

Retail sales in the first two months of 2024 hit 8.13 trillion yuan ($1.14 trillion), increasing 5.5 percent year-on-year, according to the National Bureau of Statistics.

China is due to report its first-quarter growth data this week.