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SCHWEIZER
BOTSCHAFT IN BEIJING
EMBASSY OF SWITZERLAND IN BEIJING
AMBASSADE DE SUISSE EN CHINE |
Der wöchentliche
Presserückblick der Schweizer Botschaft in der VR China
The Weekly Press Review of the Swiss Embassy in the People's Republic
of China
La revue de presse hebdomadaire de l'Ambassade de Suisse en RP
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DPRK
Mongolia
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Swiss bliss as Les Bleus stunned in Euro epic (China Daily)
2021-06-30
Mbappe miss sends France packing after thrilling night of seesaw action Au revoir France, this summer belongs to Yann Sommer. The Switzerland goalkeeper, who left in the middle of the European Championship's group stage to be with his wife for the birth of their second daughter, made the biggest save of his life against one of the best players in the world. That gave the Swiss a 5-4 penalty shootout victory over World Cup champion France on Monday and a spot in the quarterfinals of a major soccer tournament for the first time in 67 years. The match had finished 3-3 after extra time. ^ top ^
Libya talks on national elections continue in Switzerland (Xinhua)
2021-06-29
Members of the Libyan Political Dialogue Forum (LPDF) started a week-long session at an undisclosed location in Switzerland on Monday aimed at clearing the way for national elections to be held in the North African country on Dec. 24, 2021, the United Nations (UN) Support Mission in Libya (UNSMIL) said. Jan Kubis, special envoy of the UN secretary-general for Libya, addressed the session via video conferencing. He said that steps needed to be taken to facilitate the holding of parliamentary and presidential elections as scheduled. "I call on you to overcome your differences and any trust deficit, focus your deliberations in the following days on reaching the largest possible consensus, and work constructively to bridge the remaining gaps through compromise," Kubis said. "There are less than six months left before the December elections. Your ability to reach a compromise in this meeting is critical to reaffirm and achieve the objectives you yourself agreed upon in the (LPDF) roadmap," he stressed. Back in January, the LPDF delegates already met in Switzerland and agreed on a selection mechanism for a new temporary executive authority in Libya. ^ top ^
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| Foreign Policy |
Grand celebrations showcase confidence (Global Times)
2021-07-02
Addressing a grand ceremony to celebrate the centennial of the Communist Party of China (CPC) at Tian'anmen Square in Beijing on Thursday marked by palpable joy and thundering cheers of a large crowd representing all sectors of Chinese society, Xi Jinping, general secretary of the CPC Central Committee, highlighted remarkable achievements of the past century, drew a promising future for the country's "irreversible" path toward rejuvenation while delivering stern warnings to forces that seek to undercut that path and divide the country. On a cloudy morning in the capital, the gloomy sky and rain obviously didn't affect the audience of all ages and from all professions, ethnic groups, other political parties and personages without party affiliation, as they gathered on the colorful square singing nostalgic songs of the revolutionary period and marveled at a spectacular airshow that featured some of the country's best fighter jets. Most notable was their constant and reverberant applause and cheers, as Xi, who is also the president of the country and chairman of the Central Military Commission, declared the completion of building a moderately prosperous society in all respects, warned anti-China forces against getting their heads battered at a "great wall of steel" formed by 1.4 billion people and stressed China's resolve to defend its territorial integrity and sovereignty regarding the island of Taiwan. As the 65-minute speech went on, the cheers and applause got louder, in what analysts say was a show of their excitement of the country's achievements under the CPC's leadership and their strong support and confidence for the higher missions outlined by Xi. The CPC has united and led the Chinese people over the past 100 years for one ultimate purpose: bring about the great rejuvenation of the Chinese nation. The CPC and the Chinese people, through tenacious struggles, have shown the world that China's rejuvenation has become a historic inevitability, Xi said. Beyond the crowd at Tian'anmen Square, the address was also aired for a national and international audience. As he issued stern warnings against foreign aggression, Xi also vowed that China has never bullied and will not bully others, and that China will continue to pursue cooperation under the Belt and Road Initiative and build a community with a shared future for mankind, while thanking international friends who have offered support to China. Chinese experts said the speech shows CPC's unbreakable affinity to the people; the iron will to defend national interests and sovereignty and smash any aggression; and the confidence to not just realize national rejuvenation for China, but also build a community with a shared future for mankind. Glories and promises The message that the CPC delivered through Xi's speech started from CPC's promise to its people and the country by reviewing the past glory and highlighting the latest achievements. It then confidently expounded CPC's legitimacy to lead the country and humbly expressed appreciation for the support and trust from the people and friends at home and abroad and also honored the contributions and sacrifice made by former leaders and martyrs. Xi also solemnly announced on Thursday that China has realized the first centennial goal: building a moderately prosperous society in all respects. "This means that we have brought about a historic resolution to the problem of absolute poverty in China, and we are now marching confidently toward the second centennial goal of building China into a great modern socialist country in all respects," Xi said. A moderately prosperous society is one of the most significant promises that the CPC has made to its people at the beginning of the reform and opening-up in 1978 when Deng Xiaoping was the core of the Party's second generation leadership. This is proof of the CPC's aspirations: to seek happiness for the Chinese people, said experts, noting that Chinese people are living in a safe and prosperous country that is even better than many developed Western countries that hold bias and hostility toward China's development. Zhang Weiwei, director of the China Institute of Fudan University in Shanghai, told the Global Times that the CPC can keep delivering what the Chinese people need because, thanks to the first-generation CPC leadership with Mao Zedong at its core, it has effectively integrated Marxism with Chinese realities. In around 30 years after the People's Republic of China (PRC) was established in 1949, the CPC under Mao's leadership laid a solid foundation in terms of politics, economy and society for the second generation leadership with Deng at its core to eventually find the path of socialism with Chinese characteristics since the late 70s, Zhang said. In the new era, under the CPC's leadership with Xi at its core, China has realized profound changes again, Zhang said, noting that "especially in the decisive victory in preventing and controlling the COVID-19 pandemic, we've made great achievements which most countries want but failed to achieve. This has greatly improved the confidence and pride of the Chinese people." Apart from honoring the founding fathers of the PRC, including Mao and Zhou Enlai (the first premier of the PRC) and major leaders of the second generation CPC leadership including Deng and Chen Yun (key designer of the PRC's economic system), Xi also expressed great respect to his two predecessors, Jiang Zemin and Hu Jintao, as they are chief representatives of Chinese Communists in the past 100 years who made tremendous and historic contributions to the rejuvenation of the Chinese nation. In Xi's speech, the word "people" was the most mentioned -- 88 times by the general secretary of the CPC Central Committee. No matter what and how foreign hostile forces try to stigmatize the CPC and attempt to split the affinity between the Chinese people and the CPC, those forces can't deny the achievements that the CPC has delivered to its people in the past 100 years, and there is no chance for these hostile forces to fool the Chinese people, analysts said. Cheers and applause pushed the ceremony to its climax when Xi announced that any attempt to split the Party from the Chinese people or to set the people against the Party is bound to fail. "The more than 95 million Party members and over 1.4 billion Chinese people will never allow such a scenario to come to pass," Xi said. China welcomes helpful suggestions, but will not accept sanctimonious preaching. "We are eager to learn from the achievements of other cultures, and welcome helpful suggestions and constructive criticism," said Xi. "We will not, however, accept sanctimonious preaching from those who feel they have the right to lecture us," he said, to the sound of applause. Analysts said this proves that the Chinese people have been tired of lectures from arrogant Western politicians and media outlets, especially after they saw the poor performance of the West in handling the pandemic and the petty political tricks they have played against China, so they share the same sentiment with the CPC, and this is also proof of the Party's affinity to the people. Great wall of steel In order to ensure the hard-won happiness for the Chinese people, the CPC must have the strength and wisdom to protect its people and the sovereignty of China, and due to the rising pressure and hostility from the West at the moment, especially from the US, the top leader of the CPC has voiced out the courage and determination to deal with foreign provocations and unsolved problems, especially national reunification with Taiwan. Xi's remarks were acclaimed by seas of cheers and applause from Tian'anmen Square. A climax appeared when Xi announced that the Chinese people will never allow any outside forces to bully, oppress or subjugate China. "Anyone who would attempt to do so will find themselves on a collision course with a great wall of steel forged by over 1.4 billion Chinese people," Xi said. A series of hostile actions from the US and its allies have infuriated Chinese people again and again. From the South China Sea issue hyped by the Obama administration, to the trade war and interference in China's Taiwan, Hong Kong and Xinjiang affairs in recent years, the Chinese people have clearly understood the hostility from the US government and almost no one in China held any illusions and wishful thinking toward the West. Experts said when the West complains about so-called "rising nationalism" in China, they should admit that it was Western provocations that sparked the anger of the Chinese people first, and the CPC's countermeasures are reflecting the reasonable demand from the Chinese people to defend China's national interests and their right to development. "We must take resolute action to utterly defeat any attempt at 'Taiwan independence,' and work together to create a bright future for national rejuvenation," Xi said, stressing that no one should underestimate the great resolve, the strong will, and the extraordinary ability of the Chinese people to defend their national sovereignty and territorial integrity. When Xi delivered the stern warning to secessionist forces trying to separate Taiwan from its motherland, cheers and applause almost interrupted the speech several times, in an apparent show of support for safeguarding national territorial integrity and sovereignty and pushing the occasion to another climax. At the time, many people shouted 'Yeah!' And they are mostly energetic young people with passion, including many officers and soldiers in PLA uniforms, the Global Times reporters saw at the square. This proves that to realize national reunification is a mission that must be accomplished, as the people desperately want to see reunification especially after the US and Taiwan secessionists have ganged up together in recent years, said Li Fei, a professor with the Taiwan Research Institute at Xiamen University. National reunification is essential for national rejuvenation, and the reason why the CPC has also showcased its military might by showing 15 J-20s of the PLA Air Force, one of the most advanced stealth fighter jets in the world, is that it shows to the hostile forces that China, under the leadership of the CPC, is capable of smashing all attempts that try to interrupt China's national reunification, experts said. Li said under the leadership of the CPC, the strength of the mainland to solve the Taiwan question has become increasingly mature in recent years, and in 2027, the year that marks the 100th anniversary of the founding of the PLA, the CPC will realize its centenary task of strengthening the military might of China, and at that time, the condition for the mainland to reunify with Taiwan would be more mature because the PLA's advantage in the region against foreign intervention, especially from the US, would be much more overwhelming. In the past 100 years, the CPC has made great efforts in strengthening China's capability to fight against foreign invasions whether in World War II against Japanese aggression or in wars with other countries after 1949. The CPC proves that the Chinese military can defeat even the most powerful military hegemony in the world in the Korean Peninsula in 1950s, and today, with much stronger military might, the CPC would become more fearless in a struggle with any powerful enemy. Faith and confidence China has powerful strength to protect itself but it won't use it to bully the weak as some Western countries have done in the past 100 years, because the CPC's ideas and the culture of the Chinese nation are totally different from those Western capitalist powers who are aggressive, expansionists, and colonialists in nature, experts said, adding that China's strength will be significant in balancing and deterring Western hegemony which should be held accountable for numerous wars and bloodshed worldwide in the past 100 years. Xi said "Peace, concord and harmony are the ideas the Chinese nation has pursued and carried forward for more than 5,000 years. The Chinese nation does not carry aggressive or hegemonic traits in its genes." The Party cares about the future of humanity, and wishes to move forward in tandem with all progressive forces around the world, Xi noted, adding that China has always worked to safeguard world peace, contribute to global development, and preserve international order. "We must continue working to promote the building of a community with a shared future for mankind," and "We will oppose hegemony and power politics, and strive to keep the wheels of history rolling toward bright horizons," Xi remarked. According to reports from some Russian media outlets on the CPC's ceremony on Thursday, Russians see this as a symbolic milestone of the second biggest economy in the world, and the biggest political power of the world showing allegiance to the ideology of communism, which showed the idea of building "a community with a shared future for mankind," and this might replace the liberalist world order dominated by the West. At present, the CPC is initiating or proposing great ideas with global influence. Whether for the rejuvenation of the Chinese nation or a community with a shared future for mankind, the CPC's confidence originates from the faith in its socialism with Chinese characteristics. "Why is the Communist Party of China capable？Why is socialism with Chinese characteristics so good? The ultimate reason is that Marxism works,"Xi said. At the end of the ceremony, the Internationale, the classic anthem of all communists around the globe written in 1871, was played by the military band, and from the top leaders of the country to the ordinary attendees at the square all stood up to sing the song and hundreds of thousands of doves, were released and flew to the sky. ^ top ^
US agency urges UN to move on investigation of alleged human rights abuses in China (SCMP)
2021-07-02
A US congressional body pushed United Nations Secretary General António Guterres on Thursday to act on recommendations by UN-appointed monitors and take special measures to investigate alleged human rights abuses by China. Highlighting the one-year anniversary of Hong Kong's controversial National Security Law (NSL) and also focusing on mainland China's far-western autonomous regions of Xinjiang and Tibet, Senator Jeff Merkley of Oregon and Representative Jim McGovern of Massachusetts, chairmen of the Congressional-Executive Commission on China (CECC), asked Guterres for "immediate measures to closely monitor and assess China's behaviour". The law, which was imposed on Hong Kong by Beijing, "has led to the rapid deterioration of fundamental freedoms in Hong Kong … Similarly, rights abuses across China have not abated", they said, supporting a statement on Monday by 50 independent UN human rights experts that China has broken with protocol by not allowing independent missions to investigate allegations of abuse. In that statement – issued by the office of UN High Commissioner on Human Rights Michelle Bachelet – the UN human rights experts expressed "alarm" about "the repression of protest and democracy advocacy in [Hong Kong], impunity for excessive use of force by police, the alleged use of chemical agents against protesters, the alleged sexual harassment and assault of women protesters in police stations and the alleged harassment of health care workers". That statement called for other measures, including a special UN session "to evaluate the range of violations" allegedly committed by Beijing and a new "mechanism … to closely monitor, analyse and report annually on the human rights situation in China". Hong Kong's national security law criminalises a range of behaviours under the broad headings of secession, subversion, terrorism and collusion with foreign powers, and has led to almost 130 arrests since its implementation, according to researchers at the Georgetown University Law Centre, with those arrested including political candidates, activists and journalists. Hong Kong authorities also invoked the law to force the Apple Daily newspaper to close last month, freezing its assets amid an investigation into whether it had advocated for foreign sanctions. In the CECC letter, Merkley – a Democratic sponsor of legislation that would ban all goods coming into the US from Xinjiang unless businesses can prove that they were not made using forced labour – and McGovern asked Guterres for an update on progress in instituting the UN measures or an explanation "for the failure to act". The CECC letter should be seen more as a reflection of the US government's resolve to pressure China than something that will spur Guterres into action or restrain Beijing, said Dimitar Gueorguiev, an assistant professor of political science at the Maxwell School of Citizenship and Public Affairs at Syracuse University. "Letters and appeals to [Guterres], as opposed to ambassadorial diplomacy, are more about public position-taking and signalling than they are about actual results," he said. "The bipartisan CECC thus signals a unified position on the part of the US that the human rights situation in China remains a key area of concern, even if Beijing wants to dismiss it." McGovern, also a Democrat, cosponsored a bill to ban sales of riot control equipment to Hong Kong law enforcement services, a measure that was passed along with the Hong Kong Human Rights and Democracy Act. Hong Kong police arrest 53 opposition lawmakers and activists, warn of more arrests Hong Kong police arrest 53 opposition lawmakers and activists, warn of more arrests The CECC letter also coincided with a UN Human Rights Council discussion marking the anniversary of the NSL featuring some of the statement signatories and Hong Kong activists including Nathan Law Kwun-chung. Law was elected to Hong Kong's Legislative Council in 2016 and at 23 became the city's youngest lawmaker, but was stripped of his seat in 2017 after a court found that he and several others had been insincere in taking their oaths. Law fled to Britain in June last year, days before Beijing imposed the security law, and London granted him asylum, finding that the NSL breached the 1984 Sino-British Joint Declaration, which laid out the terms of the city's handover in 1997. Saita Yukio, Japan's ambassador to the UN in Geneva, called the national security law "a major setback for Hong Kong's high degree of autonomy and freedom of speech and the press", adding that "it is critical for the international community to be united in strongly urging China to respect the rights and the freedoms of Hong Kong citizens". All the panellists criticised the law, leaving Jiang Yingfeng, China's minister-counsellor for human rights at the UN in Geneva, as the lone speaker in defence of Beijing's actions. "Twenty-four years ago, Hong Kong returned to China," Jiang said. "It was taken away by the British invader over 100 years ago; we will not allow our people, our territory to be hurt again. That's the purpose of Hong Kong's national security law. "Any attempt by the foreign forces to use Hong Kong-related issues to interfere in China's internal affairs, to jeopardise China's security and the development and to harm the rise of Chinese people will surely fail," he added. Jiang also referred to the celebration of the Chinese Communist Party's 100th anniversary in his remarks, asserting that the ruling party wants "independence, liberation, prosperity, and the good life, including human rights" for the country. Gueorguiev said the letter's delivery during the CCP centenary was no accident. "The timing of this position-taking is also worth noting," he said. "For one, it comes at a time when [Bachelet] is under pressure to make progress on a long-delayed effort to conduct an investigation of the human rights situation in Xinjiang. "More importantly, the letter coincides with the ruling Chinese Communist Party's July 1 centenary celebration and the human rights issue is the last thing Beijing wants to discuss during this self-congratulatory parade," he said. ^ top ^
Highlights of China-Russia economic, trade cooperation (People's Daily)
2021-07-02
This year marks the 20th anniversary of the signing of the China-Russia Treaty of Good-Neighborliness and Friendly Cooperation. Despite the impact of COVID-19, the two countries have actively enhanced economic ties, injecting new impetus into bilateral relations. China-Russia economic and trade cooperation has demonstrated great vitality over the years. In 2020, China remained Russia's primary trading partner for 11 consecutive years, while Russia was China's 10th largest trading partner. The following facts and figures offer a glimpse of the achievements of bilateral economic and trade cooperation since the start of 2021. -- Trade in goods hit a record high of 50.66 billion U.S. dollars in the Jan.-May period, up 23.6 percent year on year and expanding 19.3 percent compared with the same period in 2019. -- Bilateral services trade grew 20.9 percent year on year in the first quarter, marking the first positive growth since the outbreak of the pandemic. -- Trade structure between China and Russia has witnessed continuous improvements. The trade volume of mechanical and electrical products increased 46 percent year on year during the Jan.-May period, and that of high-tech products rose 37 percent from a year ago. Both growth rates were higher than that of bilateral trade in goods in the same period. -- Private enterprises were the biggest contributor to bilateral trade, with their proportion in bilateral trade in goods standing at 48.5 percent in the first four months, compared to 33.3 percent for state-owned enterprises, or 15.2 percent for foreign-funded enterprises. -- From January to May, China's non-financial direct investment in Russia increased by 48.3 percent year on year, while its newly signed contracted projects in Russia surged 93 percent year on year to 1.26 billion U.S. dollars. -- Solid progress has been made in the implementation of a series of major strategic projects, including the newly launched units of the Tianwan nuclear power plant and the Xudapu nuclear power plant, as well as the signing of a memorandum of understanding on jointly building an international scientific research station on the moon. ^ top ^
Chinese envoy urges U.S. to return to Iran deal with no preconditions (Xinhua)
2021-07-01
Geng Shuang, China's deputy permanent representative to the United Nations, on Wednesday urged the United States to return to the Joint Comprehensive Plan of Action (JCPOA), known commonly as the Iran nuclear deal or Iran deal. "As the Chinese saying goes, let he who tied the bell on the tiger's neck take it off. It is incumbent upon the U.S., the originator, to take the lead in returning to the JCPOA with no preconditions," Geng told the Security Council briefing on non-proliferation regarding the implementation of the Resolution 2231. "Iran, on the basis of this, should subsequently also return to full compliance. This is the right way to bring the Iranian nuclear deal back on track and achieve de-escalation of the situation in the region," he added. Security Council Resolution 2231 was a July 20, 2015 resolution endorsing the JCPOA on the nuclear program of Iran. It sets out an inspection process and schedule while also preparing for the removal of United Nations sanctions against Iran. The 15 nations on the Security Council unanimously endorsed the resolution, which had been negotiated by the permanent members of the United Nations Security Council - China, France, Russia, the United Kingdom, and the United States - plus Germany, the European Union, and Iran. Noting that the JCPOA is a diplomatic outcome achieved through hard work by all parties that engaged in consultation and negotiation, Geng said that the deal embodies the successful practice of multilateralism. "It is an essential safeguard for the international nuclear non-proliferation regime as well as the peace and stability in the Middle East," said the envoy. "The United States, in disregard of the opposition of the international community, obstinately made a unilateral withdrawal from the agreement, and has continued to apply maximum pressure on Iran. This is the root of the current dilemma of the Iranian nuclear issue," Geng noted. The United States announced its withdrawal from the Iran deal on May 8, 2018. "The withdrawal by the U.S. from the JCPOA has led to a serious trust deficit between the U.S. and Iran. This significantly hinders the resumption of compliance negotiation between the two sides," said Geng. "Out of the concern that the U.S. may once again walk away from the agreement, Iran has asked the current U.S. administration to provide a guarantee that it will not repeat the unilateral withdrawal from the JCPOA," Geng stressed. "This request is completely understandable and should be responded to. It is our hope that all parties will adopt a positive posture and show political wisdom in finding a solution," noted the envoy. ^ top ^
Washington and Beijing set out competing visions of international cooperation at G20 meeting (SCMP)
2021-06-30
The United States has told the G20 foreign ministers that "effective and accountable" international institutions are needed as Beijing pointedly warned against empty calls for multilateralism and "vaccine hoarding" by richer countries. Fresh off a week-long tour through Europe, US Secretary of State Antony Blinken drove home the message that the US had ditched the Trump era approach, telling the Group of 20 foreign ministers meeting in Italy that a "strong multilateral system is essential" to tackle issues from the Covid-19 pandemic to climate security. "We need to cooperate, and we need to do it effectively," Blinken said on Tuesday. "Multilateralism is what makes that possible." He also highlighted the US contribution to the Covax Facility that provides vaccines to developing countries, and said the US had promised to donate 580 million doses. Blinken's trip to Europe included stops in Germany, France, Italy and the Vatican as part of a drive to shore up transatlantic ties, and to play up the importance of a more coordinated approach between the US and its European partners against the rise of a more aggressive China. These efforts were clear at last month's G7 summit in Britain that culminated in a joint statement criticising China for human rights abuses in Xinjiang and Hong Kong and the presentation of a rival infrastructure plan to Beijing's Belt and Road Initiative – prompting the response from Beijing that "a small group of countries" could no longer dictate global decisions. Chinese foreign minister Wang Yi, who dialled into the G20 meeting in the southern Italian city of Matera from Beijing, said members needed to uphold multilateralism and work to build an open world economy, and avoid allowing "the fracturing of the global market, the politicisation of cooperation mechanisms and the dominance of ideology in rules and standards". "We need to pursue openness and inclusiveness, and oppose seclusion and exclusion," he said, according to a readout from China's foreign ministry. "Multilateralism is not a high-sounding slogan, let alone a facade for unilateralism." Wang also said that there needed to be greater "unity and cooperation" in fighting Covid-19, stressing China's provision of more than 450 million doses of its vaccines to nearly 100 countries. "We call on capable countries to avoid restricting exports or engaging in excessive hoarding, in order to make contributions to eliminating the 'immunisation gap'," he said. Both the US and China have backed developing countries' calls for intellectual property rights to be waived for Covid-19 vaccines, but vaccine access remains a critical issue, particularly in the face of deadly new variants. While Blinken held bilaterals on the sidelines of the G20 with his counterparts including from Japan, India, Saudi Arabia and Argentina, there was no scheduled meeting with Wang. The last time the two met was during their fiery sit-down in Alaska in March, where both sides publicly sparred over human rights, trade and the international order. Other countries in Matera also had harsh words for China, with Germany's foreign minister Heiko Maas telling reporters that it was important to sit down with counterparts from China and Russia – which sent only a deputy minister – to "openly address the fact that we do not think much of their vaccine diplomacy". The efforts should not be about "achieving short-term geostrategic advantages," he said. But even while countries sniped over key issues, the G20 nations signed onto the Matera Declaration, a collective call to work to alleviate food insecurity in the midst of the pandemic. "Beyond the differences and distances among some countries present at the G20 table, we are all in agreement on climate change, sustainability, on the great issues that today can only be resolved with global cooperation," Italy's Foreign Minister Luigi Di Maio said. ^ top ^
Confronting China for US worst strategy for India (Global Times)
2021-06-30
Bloomberg reported that India has "redirected at least 50,000 additional troops to its border with China." It would give the Indian army more options to confront China with a strategy known as "offensive defense." Indian side has not responded to this report, and it could not be ruled out that the US is provoking China-India relations through media reports. But it is true that Indian Defense Minister Rajnath Singh on Sunday visited Ladakh to boost the morale of Indian troops. From time to time, the Indian prime minister and defense minister go to the border to cheer up Indian troops there or inaugurate infrastructure projects in India's border region. This is certainly not conducive to easing China-India border tensions. It must be pointed out that the hardline policy that India has taken recently toward China has not benefited it at all. First of all, it is impossible for India to reap any benefit from the border confrontation with China, as the military capabilities of both sides are not at the same level. India simply cannot achieve any goal by flexing its military muscles. China is exercising restraint, and it is in India's best interest to match China's attitude to avoid intensifying the border dispute. Since the Galwan Valley clash, anti-China sentiment has risen in Indian public opinion, encouraging New Delhi to adopt a more assertive policy. Such a course toward China is like a cup of poison for India's national strategy. India could have worked with China for mutual development. Yet, it has turned its China policy into a strategic attrition, making possible advantages disadvantages. For India, this is almost like self-harming. China is India's largest trading partner, but trade between China and India is only half of the trade between China and Vietnam. This shows how low the degree of the Indian economy's openness is. In addition, India is economically acting rashly against China and calculating about "decoupling" with China. But just look at the huge gap between the economic situation of China and India in 2020 and the first half of this year - China performed best among major powers and India was among the worst. It is unwise for India to perform in a fit of pique against China. Even in the long run, China and India should properly resolve border disputes and become strategic partners that promote each other's development. Whether it is China or India, their development is destined to have a structural impact on the distribution of world power and will also lead to the unconditional squeezing from the US and its major allies. This is the inevitable nature of US hegemony and Western centralism. The US, Japan and Australia have tried their best to rope in India into the "Quad mechanism," trying to make India an "ally." They want to create a "dragon-elephant rivalry," in which China and India are hostile against each other and consume each other in the long run. This way, they can cause loss to China in the short term and impoverish India in the long term - strategically killing two birds with one stone. India tries to in turn take advantage of the US. But New Delhi is a weaker side and cannot gain the initiative in the US-India interaction. The US and the West want to curry favor with India only because of China. Otherwise, if India is poor, it will be abandoned; if it becomes powerful, it will be besieged just like China. India's best choice is carrying out balanced diplomacy with China and the US in its current position of strength. India's second best option is to have good relations with one side without offending the other side. Its worst choice is to completely turn to one side strategically and confront the other, as it is now. India is strategically controlled by the US, fighting for Washington's Indo-Pacific strategy and starting a contest with China that cannot be supported by India's strength. If the world's second largest power today were not China but India, the US could probably bring India down very quickly. That is because there are so many opportunities and means for the US to infiltrate and manipulate India, and India would have much more difficulty than China in keeping the country united facing challenges. What India and China mean to each other is much more complex and subtle than not only what radical and short-sighted nationalists see, but also what the US and Japan want Indians to see. China and India need to make good use of each other's strengths and progress together. They should never fall into a border standoff and needless competition pushed by the West. That would be a nightmare for India. ^ top ^
Success of China-UK cooperation serves as guide for future efforts: Chinese envoy (Xinhua)
2021-06-30
More than 800 Chinese enterprises have invested and set up businesses in Britain and the success of China-Britain cooperation serves as a guide for future efforts, Chinese Ambassador to Britain Zheng Zeguang has said. Delivering his keynote speech during the Online Exhibition of Achievements of Chinese Enterprises in Britain, which was held by the China Chamber of Commerce in the UK (CCCUK) on Monday, Zheng said China creates opportunities for Britain, rather than poses a threat. "The British people who are well-known for their good sense of history and pragmatism will come to an independent judgment. The two sides should move forward in the same direction, stick firmly to the right path and work together to achieve win-win results," Zheng added. "I hope that the business communities of our two countries will work together to bring out the full potential of this gold mine and deliver more tangible benefits to our peoples," said the ambassador. Fang Wenjian, chairman of the CCCUK, said the successful and uplifting stories illustrated by the exhibition point clearly to the fact that only cooperation will bring prosperity and tangible benefits to both sides. "We hope that this exhibition will serve to enhance understanding and mutual trust between the Chinese and British business communities, boost confidence, promote collaboration, and herald a new wide-ranging chapter of win-win cooperation," said Fang. For his part, Stephen Perry, chairman of Britain's 48 Group Club, said that Chinese companies have grown to be a significant part of the British economy providing jobs and capital. He said as the most innovative economies, Britain will need to have a strong relationship with Asia and China. Meanwhile, Sherard Cowper-Coles, chair of China-Britain Business Council and group head of Public Affairs HSBC Holdings, also celebrated the 20 years of achievements by Chinese companies in Britain. "Trade may sound abstract to some people, but for me, it's about real people making and buying in supermarkets. It's about groups on WeChat (a Chinese multi-purpose messaging, social media and mobile payment app) supporting English football team in the current tournament. It's about the export of pepper pig to China, and about all the Chinese goods and investment we welcome here in the UK," said Cowper-Coles during the event. "We are immensely proud, in (of) the relationship between 'Zhong Guo' (China in Chinese) and 'Ying Guo' (Britain in Chinese)," he added. Especially supported by the Chinese Embassy in Britain, the exhibition showcased nearly 130 photos of historical moments of Chinese enterprises in Britain, including finance, technology, infrastructure, energy and other sectors. Nearly 300 people from various Chinese and British political, business, and academic circles attended the online event. The event was live-streamed on Facebook and Twitter, attracting thousands of viewers in Britain and from abroad. The CCCUK was founded in 2001 (previously known as the China Enterprises Association in Britain), mainly consists of Chinese enterprises in Britain and Chinese economic and trade organisations. The CCCUK is a non-profit organisation representing and serving interests of Chinese enterprises, aiming to promote China-Britain economic and trade relations. ^ top ^
China's diplomacy website launched (China Daily)
2021-06-29
Internet users around the world can now get access to information on China's latest diplomatic measures as well as Xi Jinping Thought on Diplomacy by browsing an informative website launched on Monday. The information portal, China's Diplomacy in the New Era, can be accessed at www.chinadiplomacy.org.cn. With its slogan of "A better way to understand China", the website serves as an official platform to introduce and popularize Xi Jinping Thought on Diplomacy. It is currently available in Chinese and English, and other language versions are planned. The website was co-created by the China Internet Information Center under the China International Publishing Group and the leading think tank, the China Institute of International Studies, which is also home to the Xi Jinping Thought on Diplomacy Studies Center. Its operations are guided by the Publicity Department of the Communist Party of China Central Committee and the Foreign Ministry. The website collates important foreign affairs activities, remarks, statements and signed articles of Xi, general secretary of the CPC Central Committee, since the 18th National Congress of the CPC in 2012. For example, it contains the full text of his video speech to the Global Health Summit on May 21 this year. It has literature and studies that focus on Xi Jinping Thought on Diplomacy, and Xi's quotes and books are available at the website, which has a user-friendly design. One of its columns, "Diplomatic Timeline", features a dynamic online map that presents the footsteps of Xi's wide-ranging diplomatic activities including visits abroad and key international and regional meetings. The website constantly updates the latest news and information about China's diplomacy. ^ top ^
China, EU Set to Agree on Green Finance Definitions by Year-End, Official Says (Caixin)
2021-06-28
China and the EU are expected to finalize common classification standards for green projects by the end of this year, which can help attract overseas investors who are eying China's relatively high bond yields, officials and industry insiders said Thursday. Experts working on the final version have agreed on a common taxonomy for environmentally sustainable investments in terms of types of projects and methodologies, Zhang Bei, a deputy director of the finance institute of the People's Bank of China (PBOC), said at the Caixin Summer Summit 2021 in Beijing. In April, China released an updated list of industries and projects eligible to be funded by green bonds that excludes "the clean use of coal and other fossil energy," which aims to make China's green bond standards stricter and align them with global mainstream standards. Increasing coordination with other economies to attract overseas investments in domestic green projects is part of China's broader efforts to meet its ambitious goals to achieve peak carbon emissions by 2030 and carbon neutrality by 2060. China's benchmark interest rates and bond yields are higher than in many other major economies, which in turn has lured yield-hungry global investors. Investor confidence has also been given a further boost by China's strong recovery from the Covid-19 pandemic. Prices of green bonds are positioned to remain relatively stable even if the bond market shows greater volatility, which will appeal to long-term investors, Darryl Chan, executive director of the Hong Kong Monetary Authority (HKMA), told the forum. Converging taxonomies for green investments by China and the EU will make it easier for European investors to buy Chinese green bonds, said Lai Changgeng, CEO of BNP Paribas (China) Ltd., a subsidiary of French bank BNP Paribas SA. Hong Kong plans to adopt the common standards for green projects after they are formalized, Chan said. Currently, China's green bond taxonomy is roughly 80% similar with the standards relied upon by the EU, PBOC Governor Yi Gang said in early June in a panel discussion at the Green Swan conference. China is the world's largest green financial market. By the end of 2020, the country had outstanding green loans of $1.8 trillion, ranking first in the world. The outstanding value of green bonds was $125 billion, the second highest. ^ top ^
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Xi declares completion of moderately prosperous society (Global Times)
2021-07-02
At a grand ceremony to commemorate the 100th anniversary of the founding of the Communist Party of China (CPC) in Beijing on Thursday, Xi Jinping, general secretary of the CPC Central Committee, solemnly declared the completion of the goal of building China into a moderately prosperous society in all respects, marking the culmination of a 2,500-year journey of the Chinese people to pursue xiaokang - a peaceful and happy life, a century of earnest endeavor by the CPC and over four decades of relentless government efforts and Chinese ingenuity. The decisive voice of Xi when he made the declaration at the very beginning of his speech and the loud and lasting cheers from the crowd on the Tiananmen Square that was immersed in a festive atmosphere underscored the pride and exhilaration of the entire Chinese nation over the magnificent and hard-fought achievement reached with the blood and sweat of generations of Chinese. The historical weight of the announcement at such a historical moment cannot be overstated. The achievement is truly a milestone in almost every regard, and befitting the once-in-a-century occasion where a slew of achievements was highlighted by Xi, who is also Chinese president and chairman of the Central Military Commission. The objective contains a sweeping set of goals ranging from economic growth and political reform to environmental protection, but several breakthroughs shed further light on the historical significance of the mission. In the four decades or so since building a xiaokang society became an official goal for China's social and economic development, China's economy outstripped what were once considered economic miracles in Germany, Japan and South Korea by leaps and bounds and is closer than ever to overtake the US No.1 spot in economy, which it has held for 120 years. China lifted 770 million people - roughly the equivalent of the combined population of the US, Indonesia and Pakistan (the world's third, fourth and fifth most populous countries) - out of poverty. A confluence of factors contributed to such an achievement unparalleled in human society, but chief among them is the people-centered governance and the excellent policymaking and execution of the CPC, officials, economists and ordinary Chinese people said. Declaring the completion of the goal on such an important occasion is not just aimed at celebrating the remarkable achievements of the past but also inspiring confidence and unity as China embarks on a higher mission to build a modern socialist power amid challenges and uncertainties, they noted. "By any measurement, the goal has not only been completed but actually surpassed," Cao Heping, a professor of economics at Peking University in Beijing, told the Global Times. "There are countless standards, but the bottom line is that the Chinese people now live a life that they didn't even dare to imagine just four decades ago." The dream of a peaceful and happy life actually started 2,500 years ago, when the term xiaokang, which translates into "a moderately prosperous society," first appeared in ancient Chinese classic shijing ̶ "the Book of Poetry." The concept was revived in 1979, when the late Chinese leader Deng Xiaoping used the term to describe the goal of China's social and economic development during a meeting with then Japanese Prime Minister Masayoshi Ohira. Over time, the concept has been refined and upgraded and has become the overarching goal of China's social and economic development. In 1984, Deng set a specific goal to increase per capita GDP to $800 by the end of the century. The goal was expanded in 2002 to cover more areas such as economic growth and political reforms, and was further upgraded in 2012 to include goals for even more areas such as the environment. One of the most closely watched targets set in 2012 was the numerical goal of doubling 2010's GDP and per capita income for both urban and rural residents by 2020. Despite disruptions from the COVID-19 outbreak in 2020, China's GDP reached 105.6 trillion yuan ($14.72 trillion), more than double the roughly 39.8 trillion GDP in 2010. The goal for doubling per capita income was also surpassed, with per capita income reaching 43,834 yuan for urban residents and 17,131 yuan for rural residents. Beyond the statistics are the palpable improvements in people's lives. Until the reform and opening-up in 1978, although the living standards of urban residents had improved significantly, they generally still struggled to get enough food and clothing. A 54-year-old Beijing resident surnamed Li recalled that his family's income was less than 300 yuan in 1988, and the biggest expenditure was food, which, along with utilities, could take up a big chunk of their income. But after the reform and opening-up policies were carried out, Li, who was a management-level worker in the media industry, said his income started to increase each year. "My salary is rising every year, and so is my wife's, and my income even stood at 10,000 yuan one month in 2000," Li said, adding that his family could afford a refrigerator and even a car at that time. While Li is among the more affluent group of Chinese, such improvements are commonly seen elsewhere. The Engel coefficient of urban residents, which measures the proportion of income spent on food, dropped to a record low of 27.7 percent in 2018 from 57.5 percent in 1978, according to latest official data. The lower the reading indicated, the greater the affluence. Unmatched success For the country's rural areas, the biggest hurdle for reaching xiaokang was extreme poverty that had lasted for generations. The CPC started a battle against poverty and declared victory in 2020, lifting 770 million people out of absolute poverty - that's over twice the size of the US population of roughly 331 million, and accounting for 70 percent of the global population that has been lifted out of poverty. "The significant improvement in living standards for people is the most important part of the xiaokang goal," Liu Ying, research fellow at the Chongyang Institute for Financial Studies at Renmin University of China in Beijing, told the Global Times. Still, Liu added, China has made unprecedented achievements in many respects. "In terms of GDP growth and scale, there is definitely no precedent in history for what China has achieved," she said. There is no dispute over China's economic success on a global scale. Since 1978, China's GDP growth averaged over 9.2 percent annually for 42 years. That outstrips a 6.6 percent annual growth for 15 years in Germany during a period known as the Miracle on the Rhine starting 1951, or an 8.8 percent annual growth for 36 years in South Korea's Miracle on the Han River, according to news portal jin10.com. Japan maintained a higher 9.3 percent annual growth during the "Japanese economic miracle" but only for 23 years. "Considering all the factors, including vastly different population sizes and national conditions, there is simply no comparison," Cao said, "China's economic development defied long-perceived economic theories on how a country can grow from an underdeveloped one to a developing one toward being a developed one." How China achieved this has been a widely discussed question in recent years and especially during the centennial of the CPC. Countless historical and economic factors have been raised, but the single deciding factor that many had pointed to is the leadership of the CPC. CPC leadership "Building a moderately prosperous society in all respects has been a fighting goal for the Chinese people for thousands of years and it has been realized under the leadership of the CPC," Shen Xiang, a Party member and local official in Liangshan Yi Autonomous Prefecture, Southwest China's Sichuan, told the Global Times. Shen, who was a frontline worker during the battle against poverty in one of the poorest areas of the country before the victory was declared in 2020, said that it was the CPC's people-centered governance, coordinated development and original mission for common prosperity that had made the achievement possible. "It is the embodiment of the superiority of socialism with Chinese characteristics," Shen said, expressing his pride in the Party's success and his confidence that the CPC will continue to lead the Chinese people to greater heights. Inspiring confidence and unity was also a key theme of the nationwide celebrations of the centennial of the CPC and, in particular, of the declaration of completing the xiaokang goals on Thursday, Cao said. China has already announced new goals for the 14th Five-Year Plan (2021-25) and Long-Range Objectives through the Year 2035, including turning China into a high-income country and ultimately a modern socialist power. "It is also a reminder for the country of our long-term goal of great rejuvenation and a message of confidence and unity that we can and we will reach even higher goals," Cao said, but reminding that many challenges and uncertainties remain on the path forward. The message was loud and clear for millions of people around the country like Shen, who halted work and watched the ceremony on Thursday morning. "In the new journey, I believe that there are countless ordinary CPC members like me who are energized and ready to work toward the realization of the great rejuvenation of the Chinese nation," Shen said. ^ top ^
Xi confers highest Party honor ahead of CPC centenary, 'spirit to drive 2nd centenary goal' (Global Times)
2021-06-30
At a great historic moment of inheriting the past and forging ahead into the future, the Communist Party of China (CPC) Central Committee for the first time presented the highest honor in the Party to outstanding CPC members in different development phases of the country, with Chinese observers believing it is telling the world that the CPC with a spirit accumulated from hardships and achievements in the past century will lead the Chinese people to create more glory in the next 100 years despite rising hostility from the West. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, conferred the July 1 Medal on outstanding Party members at the Great Hall of the People Tuesday morning as the CPC marks its 100th anniversary this year. The 29 awardees were from various fields, including war heroes, scientists, community workers, artists, diplomats, and pioneers in national unity, educators and police. Three of them passed away, including Chen Hongjun, a border defense hero who held his post in the plateau for 10 years and died safeguarding China's territorial integrity against Indian troop's provocation in the Galwan Valley in June 2020. Among them, six fought to safeguard China's territorial integrity and sovereignty from the Chinese People's War of Liberation and the War to Resist US Aggression and Aid Korea, to the Sino-Vietnamese War and today's China-India border standoff, eight were from ethnic minority groups including Uygur, Tibetan and Manchu, four helped improve local people's life and contribute to China's efforts of building a moderately prosperous society in all respects and winning the crucial battle against poverty and four were ordinary grassroots workers in traditional industries and local communities. Recipients of the July 1 Medal embody the Chinese Communists' quality and spirit of maintaining staunch faith, Xi said, noting maintaining staunch faith is to stay true to the original aspiration and dedicate everything, even their lives, to the cause of the Party and people, Xi, also Chinese president and chairman of the Central Military Commission, said in an important speech at the ceremony. Xi called on CPC members and officials to boldly advance toward the second centenary goal of fully building a modern socialist country, as well as the Chinese Dream of national rejuvenation. Chinese analysts said that these awardees represent the spirits of the CPC in China's various development phases, such as fearing no sacrifice and never surrendering to foreign pressure or invasion and upholding national unity. Such virtues helped the CPC overcome hardships and forge glory in the past 100 years. They will surely continue to help the CPC create more glory in the second 100 years while leading the Chinese people to advance toward the Chinese Dream of national rejuvenation. Outstanding members who fought in the New Democratic Revolution [1919 - 49] and helped the country to realize national independence and people's liberation revealed the CPC members' spirit of fearing no sacrifice, fighting bravely and never surrendering to foreign pressures or military invasions, Su Wei, a professor at the Party School of the CPC Chongqing Municipal Committee, told the Global Times. And in building a modern socialist country, ordinary heroes from all walks of life and different ethnic groups united and used their own hands to work diligently to contribute to China's economic miracle and win the crucial battle against poverty. Despite difficulties, these representatives have forged ahead with determination and committed to innovation, Su said. The recipients include Ma Maojie, a heroine in the Yangtze River Crossing campaign during the War of Liberation [1946-49] who crossed the river six times under a hail of bullets and successfully sent three People's Liberation Army units through despite being shot in her arm. She did that when she was only 14. Lu Yuanjiu, a major contributor to China's "Two Bombs and One Satellite" project, also received the honor. He studied abroad but decided to return to the motherland despite some difficulties. Another recipient, Memetjan Wumer, is a leading model against religious extremist forces in Northwest China's Xinjiang Uygur Autonomous Region who faced death threats for his outstanding work. Zhang Guimei, who set up China's first free high school for girls from impoverished families and helped thousands of girls enter college, was among the 29 recipients. Zhang on behalf of the recipients said at the ceremony that she was just a normal teacher and what inspired her to do so was the original aspiration of a CPC member. Chinese people watched the live ceremony on Tuesday and were deeply moved by these heroes. Many on social media "paid tribute to these heroes and outstanding CPC members," and expressed wishes for the country's prosperity. Some said they could not hold back tears seeing these heroes and imagining what they have been through. Many young Chinese netizens who watched the ceremony also posted photos of their application letters to the Party or their Party emblem, saying that they "want to be lights," and the application letters were their lifetime promise made to the Party and Chinese people. "When Headmaster Zhang Guimei walked into the Great Hall of the People, my tears suddenly began to fall when I saw her hands which were covered by bandage," a netizen posted on Weibo. She has been diagnosed with bronchitis, arthritis and hypertension as the arduous work has taken a toll on her health. Yang Xiyu, a senior research fellow at the China Institute of International Studies in Beijing, told the Global Times that the ceremony served as a response to the West, which has been demonizing the CPC, stigmatizing China over the COVID-19 and hyping "genocide" rumors about Northwest China's Xinjiang Uygur Autonomous Region. The deeply touching deeds of the 29 outstanding CPC members told the West who are CPC members and what CPC does, Yang said. The CPC has never surrendered to foreign political pressure, not when CPC was a small party and definitely not when the CPC has become the largest ruling party in the world with more than 91 million members, analysts said. Facing the West's pressure, Yang said that the most valuable experience from the past 100 years was to firmly concentrate our efforts on bettering our own affairs. "The best way to silence the enemy is to concentrate on our own affairs, and China's achievements will erase rumors and smear," Yang said. CPC continues to flourish Song Luzheng, a research fellow at the China Institute of Fudan University in Shanghai, told the Global Times on Tuesday that one of the secrets of the CPC's success even after 100 years is its insistence on the belief that the Party is for serving the people. China's democracy is people-oriented, while in the West, democracy is based on procedural elections. After decades of competition between the two types of governance, especially in the post COVID-19 era, we found that China's people-oriented democracy is far better than the procedural-based electoral democracy in the West, Song said. The strong ability to correct mistakes and respond to challenges flexibly was another secret for CPC to maintain vitality, Song said. In the process of development in the past 100 years, the CPC has faced numerous obstacles, such as the CPC not finding the right direction in the early days of the Long March and then the Cultural Revolution. But with strong ability to correct mistakes and respond flexibly, the CPC found the right path, Song noted. The CPC's vitality cannot be fostered without the influx of talent from all walks of life, Song noted, adding that the 29 awardees represent the exemplary role of CPC members, regardless of profession, ethnic group, gender or age. The great achievement that China has made under the leadership of CPC shows that the West's governing system is not the only choice and China's achievements offer the world more options on development paths which countries could borrow but not blindly follow, Chinese analysts said. ^ top ^
Books for CPC history education published in ethnic minority languages (People's Daily)
2021-06-30
Four books, designated for the Communist Party of China (CPC) history learning and education, have been published in ethnic minority languages. The books are Xi Jinping's book on CPC history, the compilation of selected discourses of Mao Zedong, Deng Xiaoping, Jiang Zemin and Hu Jintao on the history of CPC, the book on 100 questions and answers regarding Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and the brief history of the CPC. The books have been translated and reviewed. They were published by the Ethnic Publishing House and other publishers, and are available nationwide. ^ top ^
Grand gala, fireworks mark centenary of CPC's founding (China Daily)
2021-06-29
Xi Jinping, general secretary of the Communist Party of China Central Committee, joined around 20,000 people on Monday evening to watch a grand gala in Beijing in celebration of the centenary of the CPC's founding. Members of the Standing Committee of the Political Bureau of the CPC Central Committee Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji and Han Zheng, as well as Vice-President Wang Qishan, were also among Party and State leaders who watched the gala at National Stadium, also known as the Bird's Nest. Shortly before 8 pm, Xi and other senior leaders walked into the stadium amid warm applause throughout the venue. Along with music and songs, fireworks displaying "100" lit up the night sky over the stadium. A shining Party emblem was shown on the stage, kicking off the grand gala event. Called The Great Journey, the four-part gala performance was presented in the style of a large-scale theater production. Through music and dance, stage plays, marching, dramas and documentary video, the performance vividly presented the CPC's 100-year endeavor in leading the people in pursuing revolution, construction and reform. […] ^ top ^
How China has achieved long-term social stability (Xinhua)
2021-06-28
In about one month, Guangdong Province, a manufacturing hub in south China, contained a recent resurgence of local COVID-19 infections, once again highlighting Chinese efficiency in tackling the raging virus. The global pandemic is a new test for the ruling Communist Party of China (CPC), the world's largest political party with nearly 92 million members to celebrate its centenary. And the CPC made it. China took the lead in controlling the epidemic and restoring the economy. Since founding the New China, the CPC has led the nation to ride out various major internal and external tests and accomplish tremendous and historic achievements through the arduous and consistent efforts of all ethnic groups. Rapid economic development and long-term social stability are described as two "miracles" that the CPC has realized over the past seven decades. Before 1978, the country experienced major tests, such as the War to Resist U.S. Aggression and Aid Korea (1950-1953) and the Tangshan earthquake in 1976. Since the reform and opening-up policy began over 40 years ago, China underwent the Asian financial crisis in 1997, the Yangtze River flood in 1998, the SARS epidemic in 2003, and the global financial crisis in 2008, among other hardships. Under the strong leadership of the CPC, China surmounted all these difficulties and obstacles in its development process. Besides eliminating absolute poverty, the country has tried various means to expand employment in recent years amid challenges both at home and abroad. From 2016 to 2020, China created more than 60 million jobs. The guarantee for China's long-term social stability lies in socialism with Chinese characteristics, of which the leadership of the CPC is the defining feature and the biggest strength. The picture of political and social stability, economic development, and ethnic unity in China are in sharp contrast to aggravating social divisions and political upheavals in some countries due to their systematic ills and selfish partisan interests. Dedicated to serving the people wholeheartedly, the CPC has always put people's interests first, improving people's livelihoods while developing the economy, fighting poverty and epidemics, and sticking to the goal of prosperity for all. The country is to realize the goal of building a moderately prosperous society in all respects this year. Besides income increases, Chinese citizens enjoy other tangible development benefits, such as access to better education, medical care, and a safe environment. For example, a "toilet revolution" in recent years has helped farmers bid farewell to shabby latrines and use flush toilets like city dwellers. The CPC has attached importance to the relationship between reform, development, and stability. Everyone has an increasingly strong sense of gain, happiness, and security in China. Through endeavors such as advancing rule of law and building a "safe China," China has been widely recognized as one of the safest countries worldwide. Meanwhile, the country's improved social governance on the principle of collaboration, participation, and mutual interests has also contributed significantly to social stability. The world is undergoing changes unseen in a century. The COVID-19 pandemic accelerates this evolution. Under such a complicated and uncertain international situation, the CPC will further advance reform, development, and stability to comprehensively build a modern socialist country. As the CPC upholds and improves Chinese socialism and modernizes the state governance system and capacity, China will continue its miracle of long-term social stability, which is also a significant contribution to global development. ^ top ^
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France to investigate fashion retailers for allegedly concealing crimes against humanity in Xinjiang (SCMP)
2021-07-02
French prosecutors have launched an inquiry into four fashion retailers suspected of concealing crimens against humanity in China's Xinjiang region, a judicial source said on Thursday. The procedure is linked to accusations against China over its treatment of minority Muslim Uygurs in the region, including the use of forced labour, the source said. The source said Uniqlo France, a unit of Japan's Fast Retailing, Zara owner Inditex, France's SMCP and Skechers were the subject of the investigation, confirming a report by French media website Mediapart. "An investigation has been opened by the crimes against humanity section of the anti-terrorism prosecution following the filing of a complaint," the source said. Inditex said it rejected the claims in the legal complaint, that it conducted rigorous traceability controls and would fully cooperate with the French investigation. "At Inditex, we have zero tolerance for all forms of forced labour and have established policies and procedures to ensure this practice does not take place in our supply chain," the company said in a statement. SMCP and Uniqlo France were not immediately available to comment outside of European business hours. Skechers did not immediately respond to a request for comment. Two non-governmental organisations (NGOs) filed a complaint in France in early April against multinationals for concealment of forced labour and crimes against humanity. Several Western brands including H&M, Burberry and Nike have been hit by consumer boycotts in China after raising concerns about forced labour in Xinjiang. The United States in late March highlighted a deteriorating picture for human rights across the world, calling out China's repression of Uygurs. ^ top ^
China's Xinjiang sees foreign trade surge in May (Xinhua)
2021-06-28
Northwest China's Xinjiang Uygur Autonomous Region reported 48.3 percent year-on-year growth in foreign trade in May, according to Urumqi Customs. In May, Xinjiang's total import and export value hit 12.54 billion yuan (about 1.94 billion U.S. dollars). The figure represents an increase of 21.9 percent from the same period in 2019, said the local customs. Additionally, the new data shows that the region's foreign trade has been increasing by more than 30 percent for three consecutive months. Xinjiang has also witnessed rapid growth momentum in trade volumes with its main trading partners including Kazakhstan, Kyrgyzstan and members of the Regional Comprehensive Economic Partnership (RCEP), said Urumqi Customs. In the first five months of 2021, the volume of imports and exports between Xinjiang and Kazakhstan hit 28.48 billion yuan, up 18.4 percent year on year. In May alone, the region's trade with RCEP members saw a roaring increase, registering a year-on-year growth of 50.1 percent. Mechanical and electrical products, clothing and clothing accessories, and shoes and boots were among the main commodities exported from the region, noted the customs bureau. ^ top ^
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Central govt's full jurisdiction over HK, Macao highlighted in Xi's speech (Global Times)
2021-07-02
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, said Thursday that we will stay true to letter and spirit of the principle of "one country, two systems," ensuring that the central government exercises overall jurisdiction over Hong Kong and Macao, and implement the legal systems and enforcement mechanisms for the two special administrative regions (SARs) to safeguard national security while protecting China's sovereignty, security and development interests. Attending a grand ceremony to celebrate the 100th anniversary of the CPC, Xi, also Chinese president and chairman of the Central Military Commission, sounded a strong alarm to secessionists and forces behind them, vowing to take resolute action to utterly defeat any attempt toward "Taiwan independence," which was echoed by seas of cheers and applause from the audience at Tiananmen Square. By integrating the fundamentals of the "one country, two systems" policy with new understanding about the evolving situation in Hong Kong and Macao, Xi's focus on the full jurisdiction of the central government over the two SARs stemmed from the experience accumulated during the process of practicing the policy in those two Chinese cities. This basic state policy has been enriched to provide backbone support for solving the Taiwan question in the near future, some experts said. We will stay true to the letter and spirit of the principle of "one country, two systems," under which the people of Hong Kong administer Hong Kong, and the people of Macao administer Macao, both with a high degree of autonomy, Xi said, noting that we will ensure the central government exercises overall jurisdiction over the two cities, and implementing the legal systems and enforcement mechanism for the two SARs to safeguard the sovereignty, security and interests of the country's development as well as the social stability and prosperity of Hong Kong and Macao, Xi said. Over the past two years, particularly in Hong Kong, there were severe problems endangering national security. B Summarizing Macao's experience, the central government has pushed forward the establishment of the legal and execution systems of safeguarding national security in Hong Kong, Li Xiaobing, an expert on Hong Kong affairs at Nankai University in Tianjin, told the Global Times on Thursday. "What we emphasize more now is to take sovereignty, national security and the interests of development as a whole… Hong Kong and Macao sit at the frontline of the country in getting along relations with the world, and we must draw up a system and legal bottom line on the national security issue," Li said. It is not a new thing to mention the full jurisdiction of the central government over Hong Kong. A white paper issued in June 2014 on the practice of "one country, two systems" pointed out that the central government has full jurisdiction, including power executed by the central government directly or power delegated to the Hong Kong authorities in accordance with the law. The full jurisdiction has become a baseline for the central government in governing the two SARs and coming up with relevant legislative and systemic arrangements, Tian Feilong, an associate professor at Beihang University's law faculty, told the Global Times on Thursday. Over the past year, the implementation of the national security law for Hong Kong, and electoral reform in ensuring the principle of only patriots governing Hong Kong, were dedicated to meet the goal of safeguarding the sovereignty, security and interests of the country's development as a whole in Hong Kong, and safeguarding national security is also the fundamental responsibility of the central government, Tian said. "The enriched 'one country, two systems' principle also boosted confidence in exploring the basic policy for the island of Taiwan in aiming at reunification as a historical task," Tian added. Xi said during the speech that solving the Taiwan question and completing reunification are historic mission and an unshakable commitment of the CPC. Cheers and shouts pushed the ceremony to another climax when Xi said "no one should underestimate the resolve, the will and the ability of the Chinese people to defend their national sovereignty and territorial integrity." It served as another clear, decisive message from the Chinese top leader to secessionists in the island as well as any external forces behind them, experts said, as such a strong reaction from the audience also showed that reunification is an inevitable trend, based on the collective will of the Chinese people. "After years of preparation and development, we can see that the reunification process has entered a countdown period," Li said, noting that it's also an important target for the CPC, which will strive to achieve it generation by generation. Some residents and scholars in Hong Kong told the Global Times that they were thrilled when they listened to Xi's speech, which was powerful, encouraging and full of confidence. "Meanwhile, people can't lower their guard. When the country has entered a new phase of development, it may trigger concern, fear and envy in the US-led West, which would seek to contain its rise jointly," Lau Siu-kai, a vice head of the Chinese Association of Hong Kong and Macao Studies, told the Global Times. "Besides the review of the significant achievements made by the CPC over the past 100 years, the speech made us think about the obstacles that lie ahead, especially external forces, when confronting new challenges and safeguarding national security," Lau said. ^ top ^
HK holds flag-raising ceremony with Chinese-style marching steps to celebrate CPC centennial (Global Times)
2021-07-02
Hong Kong on Thursday morning held a flag-raising ceremony along with Chinese-style marching steps, instead of the British-style used previously, to mark the centenary of the Communist Party of China (CPC) and the 24th anniversary of the city's return to the motherland. The ceremony was held at Golden Bauhinia Square at 8 am. Hong Kong-based Sing Tao Daily said that it is the first time that Hong Kong raised national and regional flags with Chinese-style marching steps instead of British style. Officials onsite sang the national anthem. Two helicopters hanging the national flag and the Hong Kong regional flag flew over Victoria Harbour. The fire-fighting boat and the police boat performed water salutes on the sea. Hong Kong Secretary for Security John Lee Ka-chiu said at a wine party after the flag-raising ceremony that the "One Country, Two Systems" is the best system for Hong Kong to maintain prosperity and stability. There have been some anti-China individuals making use of loopholes in the regional election system to damage the relationship between Hong Kong and the central government, Lee pointed out. But after all the challenges, the current Hong Kong government is more confident than any time in the last four years in managing the city, he said, noting that Hong Kong has resumed social and political stability and is capable in marching forward. Lee is serving as acting Chief Executive as Hong Kong Chief Executive Carrie Lam with other representatives from the city are currently in Beijing attending the celebration activities for the CPC's centenary. Lam is among those on the Tiananmen Rostrum as Xi Jinping, general secretary of the CPC Central Committee, makes an address at the ceremony marking the CPC centenary on Thursday morning. Hong Kong government on Thursday released the list of 746 awardees, including seven recipients of the Grand Bauhinia Medals and 18 Gold Bauhinia Star Medals. Among the Grand Bauhinia Medal recipients were Chief Justice Andrew Cheung Kui-nung and Secretary for Justice Teresa Cheng Yeuk-wah. 500 others have also been awarded for their contribution during the anti-epidemic battle. ^ top ^
In wake of Apple Daily's demise, European Parliament considers resolution on Hong Kong (SCMP)
2021-07-01
The European Parliament is considering a new resolution on Hong Kong in response to the city's crackdown on the Apple Daily newspaper, which was consistently critical of the local government and Beijing before being forced to shut down. The move would represent the first action by a legislative body at the European Union over Apple Daily's demise, after strong condemnation by the US and other Western countries. The newspaper printed its final edition last week after senior editors were arrested under Hong Kong's sweeping national security law and the government froze the assets of its parent company, Next Digital, leaving it unable to operate. Apple Daily's founder, Jimmy Lai Chee-ying, was arrested on suspicion of colluding with foreign forces and endangering national security, offences that contravene the law imposed on Hong Kong a year ago by Beijing. Political parties in the European Parliament are currently working up draft texts for a resolution, which will then be negotiated and worked into a single document. This is likely to be debated and voted on next Thursday morning as an urgency resolution at the plenary session in Strasbourg, according to multiple sources familiar with the issue. A decision will be taken on Thursday morning this week as to whether to add it to the agenda, when the political groups propose topics for "urgency resolutions" to the Parliament's Council of Presidents, with one MEP describing it as "a formality". Parliamentary resolutions are not binding for other EU agencies, rather they are seen as calls to action for the European Commission and the Council. There have been a number of Hong Kong-related resolutions over the past 18 months, including one on the national security law "and the need for the EU to defend Hong Kong's high degree of autonomy", which was adopted in June last year. This called for "Magnitsky-style sanctions on the leaders who conduct this crackdown on Hong Kong and its people and are responsible for serious human rights abuses". In the year since then, no such sanctions have been adopted, with the EU struggling to garner support among member states for any sort of action on Hong Kong. On two separate occasions this year, Hungary had vetoed efforts by the EU's foreign ministers to issue new measures on Hong Kong in response to the national security law and the Beijing's reform of the city's electoral system, which Brussels views as an erosion of the "one country, two systems" model of governance agreed in the handover of the territory from Britain to China in 1997. Among these actions were the suspension of the remaining 10 extradition treaties held by EU members with China, mechanisms to make it easier for Hongkongers to emigrate to the EU, and a full review of the broader EU relationship with Hong Kong. Hungary also torpedoed a critical statement by the EU's 27 foreign ministers, which was subsequently released unilaterally this month under the sole name of Josep Borrell, the EU's top diplomat. The EU last week sad the closure of Apple Daily as "seriously undermines media freedom and pluralism, which are essential for any open and free society". "The closure of Apple Daily's Hong Kong operations clearly shows how the National Security Law imposed by Beijing is being used to stifle freedom of the press and the free expression of opinions. The erosion of press freedom is also counter to Hong Kong's aspirations as an international business hub," it read. It added that freedom of the press is "enshrined in the Basic Law, and that China made international commitments under the Hong Kong Basic Law and the Sino-British Joint Declaration of 1984". However, political figures think it unlikely that major legislative action will be taken in response to the deteriorating situation in Hong Kong, which has seen dozens of opposition politicians and pro-democracy activists arrested. "Hong Kong, and with all due respect, is not going to be number one on the priority list of the European Union," Alexander Stubb, the former prime minister of Finland, told the Post. "It might have been dealt with a little bit differently had the United Kingdom still been a member of the European Union, but because it's not, Hong Kong is seen as obviously a prosperous centre, but at the same time as part of China." "The priority list is very simple. It's China first, and Hong Kong second. There are enough issues, such as Taiwan, Hong Kong, the Uygurs, the Belt and Road Initiative, to deal with there without a full focus on Hong Kong," he added. ^ top ^
Officials work on details to bring HK civil servants to mainland posts (Global Times)
2021-06-30
While the Hong Kong Secretary for the Civil Service urged Hong Kong civil servants to adapt to the local governance reshuffle and has communicated with the Hong Kong and Macao Affairs Office of the State Council and Guangdong Province to implement the exchange program for civil servants soon, authorities are still discussing the detailed arrangement of the program, a senior official told the Global Times on Tuesday. Patrick Nip, Hong Kong's civil service chief, told media on Monday that the city government has communicated with mainland authorities to make local civil servants take temporary positions in the mainland soon. In a previous Legislative Council session, Nip proposed on working with mainland authorities to enhance training for Hong Kong civil servants, media reported. It was considered a necessary and urgent task for Hong Kong officials to enhance capabilities in handling difficult situations. Some of the Hong Kong civil servants have been getting used to the administrative traditions left from the colonial era, stubbornly adhering to "procedural justice" and bureaucratic process but lacking the proper judgment in a complex political environment; they sometimes misunderstand the "one country, two systems," Tian Feilong, a member of the Beijing-based Chinese Association of Hong Kong and Macao Studies, told the Global Times on Tuesday. Coming to take temporary positions in the mainland will help Hong Kong civil servants deepen their understanding and recognition of the "one country, two systems," as well as about the Constitution and the overall political system of China to make them loyal while enhancing their governance capability, Tian said. A senior mainland official familiar with the matter told the Global Times on Tuesday that Hong Kong and the mainland are still working on the details of the exchange program, without giving any details about the program. During the Hong Kong social turmoil in 2019, some civil servants took part in anti-government protests and even riots, which raised public doubts about the loyalty of government officials. Since the implementation of the principle of "patriots governing Hong Kong," all civil servants have been required to take the oath of being loyal to the Hong Kong Special Administrative Region government and the Basic Law. On February 23, the HKSAR government revealed that a draft amendment on public officers stated that district councilors shall be required to take an oath of upholding the Basic Law and pledge allegiance to the city. Otherwise, they will be disqualified and banned from participating in elections for five years. "The exchange program will help cultivate the backbone force of the patriots who govern Hong Kong," Tian said, noting that it should also be a two-way exchange, which means mainland officials could have equivalent opportunities to work temporarily in Hong Kong to enhance mutual understanding. ^ top ^
People from various sectors in HK see changes for the better brought about by the National Security Law (Global Times)
2021-06-28
With the National Security Law (NSL) for Hong Kong having been enacted in the Hong Kong Special Administration Region (HKSAR) for a year, many ordinary Hong Kong residents have considered the law to be a "silver bullet" or a guardian that enables them to return to their peaceful daily life and provides them with the freedom to freely share patriotic sentiments. On the first anniversary of the enactment of the NSL, Global Times reporters Hu Yuwei and Zhao Juecheng talked to representatives from various sectors in Hong Kong including education, finance, security, and press to review the changes in society and their respective working sectors. Many feel they are morally justified and motivated to celebrate the centennial of the Communist Party of China (CPC) and to show support for the national security law for Hong Kong. The enactment of the NSL has brought about important changes in Hong Kong's education. Since the law was passed, I have not heard of any secondary schools that have continued to display political slogans and conduct the so-called demonstrations. The atmosphere on campus has apparently changed. In accordance with the NSL, the education bureau issued in February a notice to schools to start promoting education on national security and to launch relevant teaching staff training. The first batch of educational materials on national security was also published. Raising the national flag and singing the national anthem is also increasingly common in Hong Kong's schools. Even the practice of students making insulting gestures or adding insulting signs to the national flag while singing the national anthem has been completely banned since the implementation of the NSL. Another remarkable change in the education sector is replacing the much-criticized Hong Kong Liberal Studies and relevant textbooks with "Citizenship and Social Development" studies which had attached a new focus on national security. Though the reform has been imperative, the NSL surely brought the transformation into an upright path in a faster manner. Previously in Liberal Studies, some teachers with political bias would interpret the provisions selectively or interpret the Basic Law of the HKSAR in a prejudicial way to brainwash the students. Comparatively, the new course introduced the history in a more comprehensive and complete way, including the central government's discussions on Hong Kong after 1949, the Sino-British negotiations in the 1980s, and the process of drawing up the Basic Law in the 1990s. Recently, the atmosphere around the campus to celebrate the centenary of the founding of the CPC has gotten stronger, and the society is celebrating the day in an open and high-profile way. When such a social ethos becomes mainstream, fundamental reforms on campuses will not be far away. It is fortunate that the university campus has returned to a state of relative calm after the enactment of the NSL. Public unruly protests are no longer a common sight, and the infamously dubbed "Lennon Wall" had been cleaned up. The Students' Union, which was active in 2019, has ever since gone pretty silent. The campus has returned to a "politically chilled-out" atmosphere with only issues such as COVID-19 and vaccines being widely discussed. With the NSL currently in place, we mainland students are no longer worried about our own safety or privacy. We can more freely speak Putonghua on the campus and feel safe to communicate with local peers who might hold divergent political views without the fear of "being doxed" by some radical protestors as was the case during the conflict-ridden period in 2019. What happened in 2019 left a negative impression of local people on me. But as the dust settles on the social strife we had all experienced, I am pleased to learn that many Hong Kong people are quite nice and friendly, despite having different viewpoints and mind-sets due to a different social environment. In the long term, the NSL is far more likely to streamline relations between locals and mainlanders, and effectively help overcome prejudice between the two sides. The law is solid support needed by many mainland students to feel safe and comfortable while pursuing their studies here in Hong Kong. Days before the occasion to mark the first anniversary of the NSL, Apple Daily announced its closure. Undeniably, both the paper's appearance and departure have brought about a remarkable change to Hong Kong's media landscape. When I was a student, Apple Daily was a negative example due to its "bottomless tabloid style" which makes news more entertaining through vulgarizing it. To a large extent, it is more than just a media house, but a concerted effort that solidified a certain mind-set within the Hong Kong society over the past 20 or 30 years. Admittedly, the closure of Apple Daily has also raised concerns among some in Hong Kong's media industry. Just like when the NSL was first introduced, many Hong Kong media outlets would ask their legal advisers to explain what should be paid attention to, to avoid crossing the NSL red line. Some reporters and editors gradually realized the importance of the NSL and began to accept its authority. More started to understand that the media should also be responsible for their published works and remarks but not in an "absolute" freedom of speech setting. The content of media coverage is also evolving. For instance, patriotic voices are also increasing, rather than the once mainstreamed criticism against the Chinese central government and the CPC. It is clear that a new trend in public opinion has emerged. In the past, few audiences were interested in Hong Kong media's coverage of "one country, two systems" and "national governance," but now there is an increasing number of reports about these issues, and more readers are willing to participate in the discussion. […] ^ top ^
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| Taiwan |
Resolving Taiwan question a historic mission of CPC: Xi (China Daily)
2021-07-01
Resolving the Taiwan question and realizing China's complete reunification is a historic mission and an unshakable commitment of the Communist Party of China, Xi Jinping, general secretary of the CPC Central Committee, said on Thursday. Xi, also Chinese president and chairman of the Central Military Commission, made the remarks in Beijing at a ceremony marking the centenary of the CPC. "We must take resolute action to utterly defeat any attempt toward 'Taiwan independence,' and work together to create a bright future for national rejuvenation," Xi said. No one should underestimate the great resolve, the strong will, and the extraordinary ability of the Chinese people to defend their national sovereignty and territorial integrity, he stressed. ^ top ^
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| Economy |
Didi nets $4.4b from NY float, but faces challenges (China Daily)
2021-07-02
American depositary shares of Chinese ride-hailing giant Didi Global Inc ended their first trading day on the New York Stock Exchange 1 percent higher at $14.14 on Wednesday (local time), giving the company a market value of about $68 billion, but also sparking talk of a tough business environment ahead. The Beijing-based company raised $4.4 billion from its IPO of about 317 million ADS, or about 10 percent more than originally planned, according to an updated filing. That made it the second-largest US listing by a Chinese company on record, after Alibaba Group Holding Ltd. But experts said the listing size is lower than what some people had expected, suggesting the company may have faced some challenges, and might even encounter regulatory risks, going forward. Shen Meng, director of boutique investment bank Chanson and Co, said Didi has a dominant presence in China's ride-hailing market. But it faces risks such as stricter regulations, and the competition is also intensifying, given the rise of ride-hailing services offered by Chinese carmakers, Shen said. Didi's IPO followed a strong revenue performance in the first quarter of this year, with ride-hailing services resuming their operations against a background of a receding COVID-19 pandemic. Its revenue more than doubled to 42.2 billion yuan ($6.53 billion) in the first three months of this year from 20.5 billion yuan a year earlier. More importantly, it reported a profit of $95 million in the period, marking progress for Didi which had historically been unprofitable. Didi, which was founded in 2012, said in its IPO prospectus that it has 493 million annual active riders, and 41 million average daily transactions. It began expanding internationally in 2018, and the company now operates in 14 countries outside of China, including Brazil and Mexico. Didi said it will invest approximately 30 percent of the proceeds raised from the IPO to boost its technological capabilities, including shared mobility, electric vehicles and autonomous driving technologies. About another 30 percent will be used to grow its presence in international markets, and 20 percent in introducing new products and expanding existing offerings for consumers, Didi's prospectus said. Cheng Wei, founder and CEO of Didi, said in 2020 that in the next 10 years, Didi will optimize software and hardware simultaneously and rapidly iterate products and services, with the aim of achieving fully autonomous driving by 2030. Gu Dasong, executive director of transportation and development research center at Southeast University, said it will still take time for Didi to further improve its profitability while maintaining steady growth; and in the international market, it has to compete with the likes of Uber. Didi is the latest big-ticket Chinese corporate to have listed in the US stock market bucking the recent trend of some US-listed Chinese firms delisting to return home to list on domestic bourses instead. This year, like Didi, 28 other Chinese firms have made US IPOs, and raised $7.6 billion in the first six months, according to Refinitiv data. ^ top ^
IPOs, better ecosystem cheer capital markets (China Daily)
2021-07-02
Brighter days are ahead for the Chinese capital market, experts said on Thursday as the nation celebrated the 100th anniversary of the founding of the Communist Party of China, which is credited with pioneering opening-up that has transformed the country's financial services industry. The capital market has already seen sustained growth this year in terms of scale and value, coasting on the robust economic recovery in the first six months, they said. Now, with the overall modern financial ecosystem, complete with state-of-the-art technological architecture, solidifying rapidly, more progress can be expected in the capital market, they said. Data from market tracker Wind Info showed that 839 mutual fund products were launched in the first half, raising 1.61 trillion yuan ($249.3 billion) in all, an all-time high. Equity funds have stoked market heat, raising over 1.3 trillion yuan from various financial products issued in the past six months. Both the number and value of newly issued exchange traded funds, or ETFs, set records in the first half. Wind data showed 140 ETFs were issued as of June 30, 1.5 times the number during the same period last year. The ETFs raised more than 102 billion yuan, up 77.44 percent year-on-year. Technology-focused ETFs led the rise. Among the 30 ETFs that raised 1 billion yuan each, 18 have been tracking technology-related sub-indexes, according to Wind. Meanwhile, IPOs also have been active in the A-share market in the first half, thanks to China's stable economic recovery and implementation of the registration-based IPO mechanism, said experts from KPMG, a professional services provider. In all, 248 companies listed in the A-share market in the first six months, up 110 percent year-on-year, and raised 212.7 billion yuan, up 53 percent year-on-year, KPMG said. The IPO surge confirmed the importance of the Nasdaq-like STAR Market of the Shanghai bourse and the ChiNext of the Shenzhen Stock Exchange. Around 175 companies went public on the two technology-heavy boards over the past six months, raising 125.3 billion yuan. Of the 10 largest IPOs in the first half, six were on the STAR Market or the ChiNext. Industrial-scale manufacturers, technology, media and telecom－TMT－companies, and consumption firms were among those that raised the biggest amounts from their IPOs. KPMG analysts said brisk progress of digital economy and high-end manufacturing will encourage more TMT and industrial firms to consider listing in China. Louis Lau, partner of the capital markets advisory group at KPMG China, said: "Revised regulations aim to enhance overall market quality, in order to better serve high-quality economic development. This presents plenty of opportunities for qualified issuers as we are still in the middle of a boom in IPOs. "In addition, the dual-circulation development pattern places the domestic market as the mainstay for China's future growth. So, significant potential exists for domestic markets and local innovative growth enterprises to fuel China's economy." With the new delisting rules taking effect on Thursday, A-share companies with market capitalization lower than 300 million yuan for 20 consecutive trading days will be forced out of the market. Therefore, companies with long-term potential and strong market competitiveness will be more favored by investors, said Zhou Maohua, an analyst with China Everbright Bank. A Guotai Junan Securities research note said the A-share market will further mature with institutional investors playing a bigger role amid a sense of a level playing field created by market-friendly regulators. Chen Guo, chief strategist of Essence Securities, said China's economic upgrading and the rise of high-quality companies will buoy the peak performance of the A-share market in the long term. ^ top ^
Central banks up reserves of RMB to a high (People's Daily)
2021-07-02
Central banks around the world are holding record levels of reserves in Chinese yuan, according to IMF data. Analysts said the current five-year high marks another step forward for the Chinese currency's internationalization, a process that began a few years back. In the first quarter this year, various central banks held $287.46 billion worth of Chinese RMB in official foreign exchange reserves, the highest level since the fourth quarter of 2016 and representing 2.45 percent of the total, the International Monetary Fund reported on Wednesday. Typically, central banks hold foreign exchange reserves in leading currencies such as the US dollar, the pound sterling, the euro and the Japanese yen. It was in 2016 that the IMF included the RMB in its Special Drawing Rights or SDR basket for the first time. The volume of RMB in the IMF's Currency Composition of Official Foreign Exchange Reserves, or COFER, has increased for nine consecutive quarters, the IMF said. Analysts said that reflects improvement in the RMB's status as an international currency, which is playing a more important role in the global economy. A substantial increase in the volume of yuan-denominated claims in the IMF's COFER database has shown the widespread adoption of the Chinese RMB as a global reserve currency, according to a research note from Fitch Ratings. The US dollar had the largest 59.54 percent share of global foreign exchange reserves in the first quarter, followed by the euro (20.57 percent) and the Japanese yen (5.89 percent), IMF data showed. "If China's economy can sustain medium- to high-speed growth, and the financial market's liquidity and resilience could be strengthened, without any systemic financial crisis, then, the RMB may become the third-largest international currency by 2035," said Zhang Ming, deputy head of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, or CASS. Zhang predicted that the RMB, used for payments, trading and reserves, will surpass the British pound sterling and the Japanese yen in another decade, ranking third after the US dollar and the euro. The major factor that can influence the currency composition of central banks' reserve portfolios is exchange rate fluctuations, said Serkan Arslanalp, deputy division chief in the Balance of Payments Division of the IMF's Statistics Department. Other factors include changes in the relative values of different government securities. The RMB appreciated by more than 1.2 percent against the US dollar in the first half of this year, amid US dollar weakness against major currencies. The Chinese yuan's appreciation against the US dollar was partly due to higher foreign portfolio inflows, Fitch said. Economists predicted that in coming months, China's goods exports may weaken, as reopening of developed market economies will likely shift their consumption back to services. That could lead to a narrowing of the current account surplus and slower appreciation, or even depreciation, of the RMB. "Beijing is expected to implement measures, if necessary, to limit RMB appreciation," said Lu Ting, chief economist in China for Nomura Securities. The US dollar's share of global reserves in the first three months slightly rebounded to 59.54 percent from 58.94 percent－its lowest level in 25 years－in the fourth quarter of 2020, IMF data showed. But it still remains the dominant international reserve currency. Significant fluctuations in the interim, as well as active buying and selling decisions of central banks to support their own currencies, may have led to short-term variance of the US dollar's share in global reserves in the past, said Arslanalp of the IMF. However, taking an even longer-term view of the past, the decline of the US dollar's share in global reserves is unmistakable, and indicates that central banks have indeed been shifting gradually away from the greenback, Arslanalp added. Some analysts said as central banks in emerging markets and developing economies seek to further diversify the currency composition of their reserves, the US dollar's share will continue to fall. ^ top ^
IMF chief proposes appointment of Li Bo as deputy managing director (China Daily)
2021-06-29
The International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Monday announced her proposal to appoint Li Bo, currently deputy governor of the People's Bank of China (PBOC), as IMF deputy managing director. Georgieva made the announcement to the IMF Executive Board about three weeks after she said Deputy Managing Director Zhang Tao intends to conclude his service when his five-year term expires in August. Li's proposed appointment is to be effective Aug 23. "Mr. Li brings extensive experience in central banking and law," Georgieva said in a statement, noting that during Li's more than 14 years of service at the PBOC between 2004 and 2018, he held a variety of senior positions, including as head of the legal and regulation department, and of two monetary policy departments. "While at the PBOC, he was instrumental in supporting and implementing several important reforms and policies, including state-owned banking reform; anti-money laundering legislation; and establishing a macroprudential policy framework for China," Georgieva continued. Li has also served in a number of other public sector positions in China. He was the vice chairman of the All-China Federation of Returned Overseas Chinese from 2018 to 2019. He went on to serve as vice mayor of Chongqing Municipality from 2019 to 2021, overseeing the city's financial sector development, international trade, and foreign direct investment. Li returned to the PBOC in April 2021 to take up the position of deputy governor. Li received his undergraduate education from Renmin University of China in Beijing. He also holds an M.A. degree in Economics from Boston University, a Ph.D. degree in Economics from Stanford University, and a J.D. from Harvard Law School. Prior to joining the PBOC, Li was a practicing attorney with the New York law firm of Davis Polk & Wardwell for five years. The IMF managing director is assisted by a first deputy managing director and three deputy managing directors, according to the institution's official website. In March 2020, the IMF Executive Board approved Georgieva's appointment of Geoffrey Okamoto, a former US Treasury Department official, as the IMF's first deputy managing director, succeeding David Lipton, who took up the position in September 2011. The multilateral lender's second-highest ranking official has traditionally been an American. The other two deputy managing directors are Antoinette Monsio Sayeh, former Minister of Finance in Liberia, and Mitsuhiro Furusawa, former Vice Minister of Finance for International Affairs in Japan. ^ top ^
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| DPRK |
DPRK leader accuses senior officials of neglecting duties in anti-epidemic efforts (Xinhua)
2021-06-30
Kim Jong Un, the top leader of the Democratic People's Republic of Korea (DPRK), criticized some officials on Tuesday for neglecting their duties which had caused a "crucial case" in concerns of nationwide anti-epidemic efforts, the Korean Central News Agency (KCNA) reported Wednesday. At an enlarged meeting of the Political Bureau of the Central Committee of the Workers' Party of Korea, Kim, general secretary of the party, said some senior officials in charge of important state affairs "neglected the implementation of the important decisions of the party on taking organizational, institutional, material, scientific and technological measures... associated with the worldwide health crisis, and thus caused a crucial case of creating a great crisis in ensuring the security of the state and safety of the people and entailed grave consequences." "He analyzed in the strong terms that a major factor braking and hindering the implementation of the important tasks discussed and decided at the party congress and plenary meetings of the party is the lack of ability and irresponsibility of cadres," the KCNA added. Kim also called for "a more fierce partywide campaign" against "ideological faults and all sorts of negative elements" being exposed among them. At Tuesday's meeting, "an organizational issue" was also discussed, including the election of new politburo members and a secretary of the party's Central Committee, the report said. ^ top ^
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| Mongolia |
Democratic Party caucus offers cooperation (Montsame)
2021-06-30
The members of the Democratic Party (DP) caucus in the State Great Khural paid a courtesy call on President Ukhnaagiin Khurelsukh, On June 29. Chair of the DP caucus D.Ganbat MP wished the President, the first to be elected for a six-year term, success in his works, and extended an offer of cooperation from the caucus. President Khurelsukh expressed his appreciation and readiness for cooperation. Deputy chair of the DP caucus S.Odontuya MP expressed confidence in the President's ability to ensure unity of the people for the next six years. S.Odontuya MP asked the head of state to attach more importance to women's empowerment. President Khurelsukh pledged he will put special efforts into environmental protection, desertification, and conservation and promotion of traditional and cultural heritage during the entirety of his presidential term, and expressed willingness to collaborate with the DP caucus on these priority issues. "The consolidation and growth of the Democratic Party, carrying a history of more than 30 years, is crucial for political formation in Mongolia. It is high time that the political parties worked in hand-in-hand for the sake of national security, unity and common interests", the President remarked. ^ top ^
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Embassy of Switzerland
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The Press review is a random selection
of political and social related news gathered from various media
and news services located in the PRC, edited or translated by
the Embassy of Switzerland in Beijing and distributed among Swiss
Government Offices. The Embassy does not accept responsibility
for accuracy of quotes or truthfulness of content. Additionally
the contents of the selected news mustn't correspond to the opinion
of the Embassy.
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