With endeavors from all sectors of society, the 226-meter-long dike breach at Dongting Lake, China's second-largest freshwater lake in Central China's Hunan Province, was sealed on Monday night with the restoration work proceeding from both land and water.

Zhang Yingchun, an executive vice governor of Hunan Province, said during the briefing that great efforts have been made to proceed the repairs to the breach as quickly as possible, with 485 personnel as well as 3,180 dump trucks and 85 vessels of all types being put into use without interruption.

The restoration of the dike, which started on Saturday afternoon, has accelerated since Sunday morning after the water level differences in and outside the breach narrowed and the water flow slowed down.

Rescue forces dumped rocks and raw materials into the water from four barges that contain 2,000 cubic meters of rock, while also combining the river closure measures of transverse dumping and end dumping. With these methods, experts estimated that the dike can be rebuilt at a speed of 3-4 meters per hour, the equivalent of 60 meters to 80 meters each day.

As the repairs proceeded in an orderly manner, the gap narrowed and the water flow speeded up, which caused the dumped sand and gravel to be easily washed away, increasing the difficulty of plugging the gap, an employee from China Anneng Construction Group Corp Ltd, one of the main forces undertaking the repair operation, told the Global Times on Monday.

Zhang Lirong, chief engineer from Anneng added during the Monday briefing that the biggest difficulty is that the breach with a width of 226 meters and an average water depth of more than 10 meters constitute a significant amount of work with diversified blocking material sources and long distance of transportation.

To address these difficulties, blocking materials are dumped from both land and water routes and the traffic was coordinated to assure the transportation of the materials.

"We have developed a plan to simultaneously use land and water routes for dumping and blocking, based on the conditions of the site's roads and waterways. We are enhancing traffic guidance and on-site coordinated command, and optimizing the techniques for mixing and dumping various material sources," Zhang said.

These difficulties were soon resolved in an orderly manner, according to Zhang.

Two cases of dike piping were identified on Monday morning at the 14.35-kilometer-long embankment, viewed as "the second line of defense" located between the breached dike in Tuanzhou township and the next dike in southern Qianlianghu township.

The main function of the embankment is to prevent the next embankment area from being flooded by acting as a barrier when a breach or overflow occurs in the forefront dike.

PLA officers and soldiers in Hunan Province rushed to the scene to carry out the emergency operations, according to the China Central Television (CCTV) Military Report.

Several dump trucks carrying sand and gravel arrived at the scene in less than 15 minutes. In addition, large self-unloading barges quickly transported a large amount of rocks and raw materials to the section of dike where the piping occurred.

According to experts from Hunan Provincial Department of Water Resources, the piping has been brought under initial control through efforts made by more than 300 rescue personnel, including armed police and firefighters who conducted emergency operations under the guidance of experts from the provincial department of water resources.

The PLA Southern Theater Command Air Force on Sunday night dispatched more than 700 officers and soldiers and 46 vehicles to Yueyang to carry out flood control and rescue tasks. Moreover, the PLA air force carried out tasks of patrolling and enforcing the dikes and production and life resumption tasks.

China's Ministry of Water Resources on Monday conducted consultation analyses and assessed the rainfall, water conditions, and flood situations in the Yangtze River, Huaihe River, and Yishu River basins, maintaining the Level-III flood control emergency response for East China's Anhui and Jiangxi provinces and Central China's Hubei and Hunan provinces, maintaining the Level-IV flood control emergency response for Northeast China's Heilongjiang Province, East China's Shandong and Jiangsu provinces and Southwest China's Chongqing Municipality, CCTV reported on Monday.

It is expected within the next 24 hours, water levels in Luoshan section, Dongting Lake, Taihu Lake in the middle and lower reaches of the Yangtze River will recede below warning levels whereas the water levels in Lianhuatang in Yueyang, the section between Jiujiang and Datong River, Poyang Lake and Xiushui county will remain above warning levels.

Xi Jinping, chairman of the Central Military Commission, has signed an order to commend an outstanding military unit and an individual.

Troop 92950 of the People's Liberation Army (PLA) was honored with a first-class merit citation.

Liu Aijun of the Army Engineering University of the PLA was honored a third-class merit citation in defense-related science and technology.

The Two AIs: Artificial Intelligence and Artistic Intelligence forum, organized by the China Academy of Art, was held on Saturday in Shanghai. As an essential part of the 2024 World Artificial Intelligence Conference (WAIC 2024), the forum attracted scholars, artists and technical experts from around the globe to explore the deep integration of artificial intelligence and art.

This forum delved into the relationship between artificial intelligence (AI) and artistic intelligence and also showcased the achievements of the China Academy of Art in promoting interdisciplinary integration and industry-academia research collaboration.

"AI's threat to humanity still comes from humans themselves. Artificial intelligence is not designed to mimic humans, nor to replace them. It has its own future, which is diverse and open," said Gao Shiming, president of the China Academy of Art.

Gao emphasized that the more advanced AI becomes, the more humanity needs artistic intelligence.

The China Academy of Art announced its continued commitment to collaborating with various sectors of society to explore new paths for high-quality development, contributing to the sustainable development of AI globally.

Professor Zhang Zheng, director of Amazon Web Services' (AWS) Shanghai Artificial Intelligence Lab, discussed the challenges of artistic creation in the era of large models, highlighting the importance of critical thinking.

"Compared to AI, humans are driven by an innate curiosity that allows us to think more deeply and explore broader unknown territories. The key is to cultivate critical thinking," Zhang noted.

Other speakers addressed the symbiotic relationship between art and technology from a historical perspective, pointing out the current lack of artistic context in AI-generated works.

Some examined AI as a new medium, stressing the importance of balance and creative control. Others argued for the need to maintain human individuality in the AI era and cautioned against over-reliance on AI technology.

The collaboration between China and the European Union in the realm of climate change has seen significant advancements. This cooperation has increasingly become a highlight of the comprehensive strategic partnership between the two sides, according to an official from China's top environmental authority on Sunday.

"Climate change is a common challenge facing all of humanity. Both China and the EU, as influential developing and developed economies, respectively, attach great importance to addressing climate issues," Pei Xiaofei, the spokesperson for the Ministry of Ecology and Environment (MEE), told the Global Times at the ministry's monthly press conference on Sunday.

The two sides have a solid foundation for climate cooperation. In recent years, they have issued joint statements on climate change, jointly initiated ministerial meetings on climate action, and signed and implemented a memorandum of understanding on enhancing carbon emission trading cooperation, conducting fruitful policy dialogues and practical cooperation. 

"Climate change cooperation has increasingly become a highlight of the comprehensive strategic partnership between China and Europe," he noted.

From April 8 to 11, a delegation representing climate envoys from the European Union and member states France, Germany, the Netherlands, and Denmark successfully visited China. 

During their visit, Special Envoy Liu Zhenmin and Deputy Minister Zhao Yingmin met with their European counterparts to discuss the focal points of the multilateral climate process, respective climate policies and actions, and China-Europe climate cooperation, according to Pei.

"Both sides agreed to implement the important consensus of Chinese leaders, deepen climate dialogue and cooperation, and jointly promote global climate governance," he introduced.

In 2020, China and the EU decided to establish a China-EU High-level Environment and Climate Dialogue and a China-EU High-level Digital Cooperation Dialogue, and forge China-EU green and digital partnerships.

This action not only enriches the strategic content of China-EU cooperation but also provided a systematic framework for China and Europe to jointly address the challenges of the era, Pei said.

China is willing to work with Europe to deepen planning cooperation in areas such as international climate negotiations, carbon markets, climate adaptation, and climate finance, and to make a positive contribution to the global response to climate change, he said.

According to the Dutch Embassy in China, the envoys learned about the impacts of climate change on China and visited the State Grid Corporation of China to discuss challenges and solutions related to integrating renewable energy into the power grid. 

The embassy's report highlighted that this visit marked a crucial step in China-Europe climate diplomacy and laid the groundwork for successful future cooperation. Constructive and regular dialogue between the EU and China is deemed essential for enhancing mutual understanding.

China's climate envoy Liu, before the visit, told the Global Times at an event in South China's Hainan Province that "our exchanges aim to strengthen the sharing of experiences in responding to climate change. The dialogue between China, Europe, and the US mainly focuses on how to effectively maintain measures against climate change and the multilateral process of global climate change."

After the Philippines repeatedly denied the "Gentleman's Agreement" and was later refuted by China with solid evidence, Manila has started a new political performance. On Wednesday, around 200 people on board five commercial fishing vessels set off from the Philippines, sailing toward the waters of Huangyan Dao under the banner of "defending rights," with an expected arrival on Thursday. The Philippine government has dispatched coast guard ships to escort this so-called "civilian fleet," and some Western media outlets have quickly picked up the story. This well-coordinated and professional approach is something we have seen in several previous incidents where the Philippines has stirred up trouble in the South China Sea.

Before departing, the Philippine Coast Guard deliberately emphasized that they have "nothing to do with the Philippine government," while the organizers loudly proclaimed their actions to be "civilian" and "peaceful." Such strenuous preparation has just given themselves away, revealing they know well that the move to challenge Huangyan Dao is neither a civilian action nor a peaceful one. What they are truly doing is using Philippine "fishermen" as a backdrop to provoke incidents, attempting to interfere with the normal law enforcement of the China Coast Guard and the regular fishing activities of Chinese fishermen. At the same time, they aim to gain sympathy from the international community through Western media, smear China, and incite a new round of friction or even confrontation between China and the Philippines at Huangyan Dao.

Noticeably, the so-called "civilian organization" behind this activity is far from being genuinely civilian. Its spokesperson previously publicly stated that all of the organization's activities are supported by the Philippine military. Additionally, media reports have revealed that this organization is funded by relevant American institutions. Therefore, this show is actually another act in the US' Project Myoushu in the South China Sea. Through this project, the US aims to increase its interference in the South China Sea situation, smear the law-enforcement actions of the China Coast Guard, encourage relevant countries in the South China Sea region to adopt a tough stance against China, and undermine the peaceful situation that China and other regional countries have been striving to establish. Thus, although this organization deliberately downplays its political nature on its website, it is essentially a business deal between Filipino politicians and Washington.

Huangyan Dao has always been China's territory. China has indisputable sovereignty over Huangyan Dao and its adjacent waters. China, as a party with absolute advantages in all aspects, has shown enough goodwill and patience toward the Philippines. China made a goodwill arrangement in 2016 for Filipino fishermen to fish with a small number of small fishing boats in the adjacent waters of Huangyan Dao, while China continues to oversee and monitor relevant activities of the Filipino fishermen in accordance with law. China has shown its utmost patience and tolerance toward the Philippines.

On one hand, the current Philippine government has accepted China's goodwill arrangement, but on the other hand, it greedily attempts to seize more benefits. It has used the urgent desire of the US to intervene in the South China Sea situation to support itself. China has always been against bullying small countries by big powers, but it will not accept any political blackmail from any country. Regarding the Philippines' show on Huangyan Dao, China has issued a clear warning: "If the Philippines abuses China's goodwill and infringes upon China's territorial sovereignty and jurisdiction, we will defend our rights and take countermeasures in accordance with the law. Relevant responsibilities and consequences shall be borne solely by the Philippines." China has always been low-key in its actions, but it will follow through with its words. Manila should understand and take in the meaning and weight of these words.

When Global Times reporters interviewed locals in the Philippines not long ago, many fishermen expressed unwillingness to participate in the Philippines' provocative actions against China. Even some US media outlets discovered during on-site interviews in the Philippines that local farmers praised a China-funded irrigation project. The outcome of the latest performance on Huangyan Dao is not difficult to predict: It will not have any impact on China's normal exercise of sovereignty on Huangyan Dao, but will only show the international community another act of lack of credibility by Manila. Not only does China see this clearly, but regional countries and the international community also see it very clearly. The current situation in the South China Sea is generally stable, and peace and cooperation are the mainstream in the region. In response to Manila's adventurism, other ASEAN countries have in general kept their distance.

There is an ancient Chinese saying: "A gentleman's acquaintance is as light as water, and a villain's acquaintance is as sweet as alcohol." Manila should carefully consider who is applauding its show in the South China Sea, giving it one sugar cube after another, and where these things that do not belong to it will ultimately push it.

The US has accused China of having "overcapacity" in new-energy industries, an area in which China is rapidly gaining strength, sparking global controversy. Yet, the US' flawed claim doesn't hold water when all relevant indicators are taken into account.

The most direct indicators for measuring overcapacity should be underutilization of capacity, low efficiency and profit reduction. If an economy suffers from overcapacity, it means that it has underutilized capacity, a large amount of unsold inventory, insufficient business operations, and needs to lower prices and reduce profits in order to move inventory.

On the contrary, if the capacity utilization rate of an economy is relatively high or similar compared with other economies and product inventory is decreasing while sales are growing rapidly, this situation cannot be called overcapacity.

Currently, the capacity utilization rate of China's industrial enterprises and the US, which accuses China of "overcapacity," both sits at around 75 percent. In addition, idle inventory in China is on a downward trend. China's manufacturing exports are also continuing to grow. Industries such as new-energy vehicles and photovoltaics are experiencing high export growth rates, with double-digit increases maintained in the first four months.

In terms of profit margins, in the first three months of this year, the profit of China's industrial enterprises above designated size increased by 4.3 percent compared to the same period last year. This indicates that China is not selling products at unreasonable prices to clear inventory.

Looking from all these aspects, the data simply does not support the claim that China is plagued by "overcapacity."

The fact is that China does not have an "overcapacity" issue as accused by the US. Instead, China has established a strong competitive edge across new-energy industries. China's companies have consolidated their advantages, especially in the solar panel and electric vehicle industries, largely outpacing American companies. This is the real issue for the US.

The competitiveness of Chinese enterprises and industries mainly comes from the high efficiency and hard-working spirit demonstrated by Chinese employees and entrepreneurs. The Chinese economy, an enormous system, has developed unparalleled economic scale in the world, which is the root of China's economic and industrial competitiveness and efficiency. 

As American industries and companies cannot compete with their Chinese counterparts, the US hopes to use any available unfair tactic to undermine China. However, the US government's economic policies do not conform to objective economic laws. The US' attempts to attribute China's success to subsidies and other factors will be futile in hindering the progress of Chinese industries.

The series of economic policies of the Biden administration are not in line with objective economic laws and counterproductive in advancing the development of its manufacturing industry, only adding obstacles to the normal operation and development of its manufacturing industry and companies. The Biden administration's efforts to revive manufacturing, reindustrialize, and achieve other goals will not be able to make real progress in this manner.

The emergence of the US' so-called "overcapacity" rhetoric against China's new-energy industries is also because the US needs to concoct a pretext to justify taking hostile measures and protectionist approaches against Chinese industries. The Biden administration has announced new tariffs as high as 100 percent on Chinese electric vehicles and additional import taxes on other Chinese goods. The Biden administration has been justifying this move with hype of "overcapacity" and "unfair competition."

The US accuses China of "overcapacity" while putting in place $370 billion in subsidies to the clean energy industry through its Inflation Reduction Act, which is a typical double-standard approach. If the US goes further in the wrong direction of protectionism and politicizing economic issues, it will only create more disruptions to the development of its economy and industries.

The US sees China as its top strategic rival rather than cooperating partner, but China is willing to engage in fair competition with the US. The US was once a great country. Hopefully, the US can return to fair and free competition and engage in win-win cooperation with China.

The free trade agreement (FTA) between China and Ecuador will become effective from May 1, China's Ministry of Commerce (MOFCOM) said on Monday. The move comes as China welcomes foreign ministers from Argentina, Bolivia and Peru as relationship between China and Latin American countries deepens.

Experts said that the deepened trade ties between China and Latin American countries show a clear economic complementarity between the two sides, which has strong sustainability and is less vulnerable to global economic and geopolitical factors.

China and Ecuador will cancel tariffs on 90 percent of tax items from each other in phases, of which about 60 percent will be canceled immediately after the agreement comes into effect, the MOFCOM said.

It means that most products from China entering the Ecuadorian market, such as plastic products, chemical fibers, steel products, machinery, electrical equipment, furniture, automobiles and parts, lithium batteries, will see import tariffs gradually reduced from the current 5 to 40 percent to zero. Similarly, Ecuadorian products like bananas, shrimp, fish, fish oil, fresh and dried flowers, cocoa, and coffee entering the Chinese market will also see import tariffs gradually reduced from the current 5 to 20 percent to zero.

"China has been making significant progress in advancing free trade negotiations in Latin America in recent years, including with Ecuador and it showcases a clear economic complementarity between the two sides," Zhou Zhiwei, an expert in Latin American studies at the Chinese Academy of Social Sciences told the Global Times.

Ecuador's agricultural and seafood products to China are expected to see significant boost once the FTA comes into effect, Zhou said.

The recent visits of several Latin American foreign ministers to China also reflect the positive trend of cooperation between China and Latin American countries and the complementarity of both sides in the economic field which "has strong sustainability and is less vulnerable to global economic and geopolitical factors," Zhou noted.

Argentina's Minister of Foreign Affairs, International Trade, and Worship, Diana Mondino, is visiting China from Saturday to May 1.

In addition, Minister of Foreign Affairs of Bolivia Celinda Sosa Lunda and Minister of Foreign Affairs of Peru Javier González-Olaechea Franco are also visiting China from April 28 to 30.

There are extensive prospects for cooperation between China and Argentina in the fields of new energy, with Argentina being a country rich in lithium resources, Jiang Shixue, a professor at the Center for Latin American Studies at Shanghai University, told the Global Times on Monday.

According to public information, China is Argentina's second largest trading partner, accounting for 13.8 percent of Argentina's total foreign trade. China is also Argentina's third largest export market and second largest source of imports. Chinese direct investment in Argentina is mainly focused on infrastructure, energy, and the new-energy industry.

Advancing in areas such as energy transition and agricultural cooperation is essential to support Argentina's key industries, Zhou said.

In terms of new-energy cooperation, the maturity of Chinese technology, coupled with predictable investments, is crucial for countries like Argentina to achieve sustainable economic growth, Zhou added.

The active communication and exchanges between China and Latin American countries also showed their confidence in China's market and economic growth, experts said.

As Latin American countries are intensively seeking cooperation with Asia-Pacific countries, the importance of China in the Asia-Pacific region is undeniable when considering market demand and investment availability, Zhou said.

China's trade with Latin American countries expanded 8.3 percent year-on-year in the first three months of 2024 to reach $120.63 billion, according to data from Chinese Customs.

The National Development and Reform Commission (NDRC), China's top economic planner, held a symposium in recent days with representatives of private companies on trade-ins of large-scale equipment and consumer products, according to a post seen on Monday on the NDRC's WeChat account.

The meeting added to a series of moves by the Chinese central government and departments to promote the upgrading of consumer items. Since the sweeping plan to shore up consumption was launched in March, spending on consumer goods has jumped, data from the country's e-commerce platforms showed. Sales of some items doubled during the just-concluded five-day May Day holidays that ended on Sunday.

Observers said that the spending spree presages a stepped-up recovery in the consumer market, which only grew mildly in the first quarter. Analysts expect that the trade-in fueled consumption could open up a huge market worth trillions of yuan throughout the year. They expect retail sales to grow more than 5 percent in 2024, helping the economy to navigate through rising headwinds and meet the GDP growth target of about 5 percent.

Private firms that took part in the NDRC meeting included battery maker Tianneng Group, equipment manufacturer Xizi UHC and Canny Elevator. Company attendees highlighted the huge market potential of equipment upgrades, which could help them improve their technology and competitiveness. Upgrades could also improve living standards and enhance the standards of public services such as education and healthcare, the NDRC post noted.

The meeting aligns with an overall plan the State Council, the country's cabinet, released in March, which aims to promote the large-scale renewal of equipment and trade-ins of consumer goods.

Since then, various Chinese departments have announced trade-in stimulus plans for different consumer goods, including vehicles, home appliances, industrial equipment and home decoration goods. The overarching plan has also been endorsed by dozens of localities such as Shanghai, East China's Zhejiang and Shandong provinces, and Central China's Henan Province, which issued corresponding detailed measures to fast-track the implementation of the plan.

These concrete efforts have borne fruit, the Global Times learned.

A spokesperson of e-commerce platform Suning told the Global Times on Monday that the new plan has "largely unleashed consumer vitality in the home appliance market."

The platform provided consumers who joined the trade-in plan during the May Day holidays with up to 5,000 yuan ($693.73) in subsidies and 10 percent price discounts on new consumer items.

According to data provided by Suning, sales of green, energy-saving appliances more than doubled during the May Day holidays thanks to the trade-in policy, while orders for home appliance renovations and replacements expanded by 96 percent year-on-year. Orders for replacement air conditioners jumped by 78 percent.

Another Chinese e-commerce platform, JD.com Inc, has not released its to-date sales data. But according to a statement the company sent to the Global Times on Monday, it is estimated that more than 20 million users will participate in the company's home appliance and home furnishings trade-in program, with more than 30 million units of used goods being recycled so far in 2024.

A number of Chinese vehicle makers including BYD, Xpeng and Nio have also joined the trade-in program, providing subsidies for consumers who scrapped old cars in exchange for new-energy vehicles, the Securities Times reported on Monday.

Observers said that consumer goods such as home appliances and vehicles are the leaders in taking advantage of the trade-in policy. The effects of the policy will gradually expand to large commodities such as industrial products and large-scale equipment.

He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Monday that the impact of the trade-in policy will be more apparent in the second half of the year.

"It is estimated that the policy could drive China's GDP by less than 1 percent in 2024, which is quite valuable," he said, calling for more substantial inputs from the government and companies to consolidate the result.

Analysts pointed out an imbalance in the recovery of China's consumption, as services consumption has been picking up while that of consumer goods remains "modest."

As the trade-in program is set to inject new vitality into goods consumption, He Weiwen projected that retail sales will accelerate in the second quarter and expand by 5-7 percent this year.

Retail sales rose 4.7 percent year-on-year to 12.03 trillion yuan in the first quarter, National Bureau of Statistics data showed.

China's Ministry of Commerce (MOFCOM) said on Wednesday it firmly opposes Washington's abuse of export controls and relentless attacks on certain Chinese firms, after the US revoked chip export licenses to Huawei amid suppression of China's tech sector.

The US revoked licenses that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to Huawei, Reuters reported on Tuesday, citing people familiar with the matter.

The US Commerce Department confirmed that it had revoked some licenses, without specifying which, according to the report.

The US export restrictions on the purely civilian use of chips are a typical act of economic coercion, which violates WTO rules and harms the interests of US firms, the MOFCOM said.

The actions taken by the US seriously violate its commitments to "not seeking decoupling from China" and "not hindering China's development" and they contradict the claim of "accurately defining national security," the MOFCOM added.

The move came after Huawei launched its first artificial intelligence-enabled laptop last month that uses Intel's new Core Ultra 9 processor, which drew fire from some US politicians, who claimed that such licenses had contributed to Huawei's resurgence.

Huawei was put on a US trade restriction list in 2019 meaning that the company's suppliers have to seek a special, difficult-to-obtain license before shipping. The licenses allow Qualcomm to sell older 4G chips for Huawei's handsets and Intel to ship central processors to Huawei for use in its laptops, Reuters reported.

US House Foreign Affairs Committee Chairman Michael McCaul confirmed the administration's decision in an interview on Tuesday. He said the move is key to preventing China from developing advanced artificial intelligence (AI), Bloomberg reported.

Experts said that it is impossible for the US to stop China's development of advanced AI through these restrictions, and the measures taken by the US will only make Chinese companies more determined to develop alternatives.

These export restrictions mainly affect end products, which may have a short-term impact on the sales of some low-end Huawei phones and some laptops, but the long-term impact will not be significant, Xiang Ligang, director-general of the Beijing-based Information Consumption Alliance, told the Global Times on Wednesday.

Xiang said that the US sanctions have forced Huawei to become even stronger. Huawei last year launched a new phone using its self-developed Kirin 9000S chip, a breakthrough that it was forced to make under the US sanctions.

As for laptop chips, if they are truly cut off, it will also make Huawei more determined to develop its own computer chips, Xiang said.

Despite the US restrictions, Huawei's revenue continues to grow rapidly. In the first quarter, Huawei achieved revenue of 178.45 billion yuan ($24.69 billion), up 36.66 percent year-on-year. Net profit rose more than fivefold to 19.65 billion yuan.

According to market research firm Canalys, in the first quarter, Huawei regained the top spot in the Chinese mainland smartphone market after 13 quarters, with a share of 17 percent.

Ma Jihua, a veteran telecom industry analyst, said that in response to the increasing chip capabilities of Chinese technology companies, the US has no more cards to play except to constantly patch up existing restrictions, a move that shows its bitterness in the face of China's technological advances.

The tightening of restrictions is merely a maneuver by certain US politicians to showcase their toughness on China. The actual impact is likely to be minimal and the effectiveness of the restrictions will diminish over time, Ma told the Global Times on Wednesday.

Forcing malicious competition against China, decoupling and cutting supply chains will only result in mutual harm, experts said.

As Chinese companies are progressing toward self-sufficiency, the performance of US companies is severely affected by the restrictions, resulting in weak demand for their products.

Bloomberg reported that Huawei is no longer among the top 10 customers of Qualcomm, and it is also not on Intel's list of top customers.

In April, Intel said its second-quarter revenue and profit would be below market estimates as it faces weak demand for its traditional data center and personal computer chips and trails in the surging market for AI components.

China's Ministry of Finance and the Cyberspace Administration of China have released a series of interim measures for data security management by accounting firms, effective from October 1, 2024, with the aim of standardizing data processing activities, according to an announcement by the finance ministry on Friday.

According the announcement, the interim measures are a refinement of the relevant provisions for the national network and data security management in the certified public accountant (CPA) profession, providing a basis for CPA firms to carry out data security management activities.

The measures are conducive to promoting the institutionalization and standardization of data security management in the CPA profession, and they respond to the development of the digital economy and further improve the basic system of the CPA profession, read the announcement.

The provisional measures regulate six main areas including standardization of data classification and grading, standardization of the management of manuscripts and enhancement of network management.

Up to now, 35 accounting firms in China have joined or created 28 international accounting networks, and the profession has become increasingly close to foreign exchanges and cooperation. The provisional measures stipulate that audit working papers from accounting firms should be deposited in China in accordance with the relevant regulations.

Accounting firms are not allowed to include in engagement letters or contracts clauses such as domestic project information. If overseas regulators need to access the domestic audit working papers due to regulatory needs, they should obtain them through the corresponding cross-border regulatory cooperation mechanism in accordance with the law, and the corresponding audit working papers should go through the relevant approval procedures before leaving the country.

Accounting firms should establish a level-by-level review mechanism for audit working papers on exit matters and implement data security control responsibilities, according to the announcement.

In addition, the interim measures require accounting firms to establish a data backup system to ensure that relevant audit working papers can still be accessed, retrieved and utilized in the event that the audit-related application system is taken out of service or restricted for external technical reasons. Encryption equipment should be set up and operated and maintained by a team in China.