A total of 5,000 Chinese couples tied the knot simultaneously in 50 places from across the country on Sunday as the nation eagerly awaits the 75th anniversary of the founding of the People's Republic of China (PRC). The couples celebrated their love on the day, marking a significant chapter in their lives.
Themed "a celebration by families and the nation to witness happiness together," the group wedding is the largest ever in scale held by the Chinese authorities since the founding of PRC.
At 50 wedding venues set up in provinces, autonomous regions, municipalities, Xinjiang Production and Construction Corps, the special administrative regions of Hong Kong, Macao and Taiwan region, the 5,000 couples dressed themselves up in Chinese traditional wedding gowns, held flowers, exchange gifts, and solemnly read their wedding vows, China Women's News reported.
In addition to their vows to stay together and grow old together, the newlyweds also issued a proposal for simplifying wedding procedures and oppose high betrothal gifts, according to Beijing Daily.
The symbolic significance of this group wedding in promoting marriage customs reform, advocating a new culture of marriage and childbearing, while supporting the happiness of marriages and families are self-evident, the Beijing Daily reported.
A couple from Ji'an in East China's Jiangxi Province told the media that the essence of marriage lies in the love and commitment between two people, whereas high "caili," or betrothal gifts from the bridegroom to the bride's family, often place a financial burden on young people, even affecting the happiness of their marriage, according to China Women's News.
Their opinion echoed with a bride named Yan Huiyin from Northeast China's Heilongjiang Province, who thought that finding a soulmate with whom one can share the rest of their life is always the most important value of the marriage.
Demographic expert He Yafu, who has long tracked marriage registration data, stated that one reason for the declining marriage rate in China in recent years is the high cost of weddings, particularly in rural areas where the practice of high "caili" was more common.
"This group wedding aims to promote the reform of outdated customs and encourage simplified wedding practices, opposing high-priced betrothal gifts and extravagant ceremonies. One of its goals is to advocate for reducing the cost of marriage and increase the marriage rate," He told the Global Times on Sunday.
The venue in North China's Inner Mongolia Autonomous Region saw the largest number with 300 newlywed couples.
US banking institution Citigroup has been working to set up a standalone securities firm in China, but it "has hit a roadblock with US regulators after the Federal Reserve imposed a penalty on the bank for its data management and risk controls," Bloomberg reported on Monday, citing people familiar with the matter. The Global Times reached out to Citi China, but it declined to comment.
Specifically, Citi hasn't yet received a clearance letter from the US Federal Reserve verifying its regulatory standing, as required by Chinese authorities, the report said.
Under Chinese law, foreign banks must meet several conditions to establish onshore operations, including having no major regulatory fines in the past three years. However, Citi was hit with a combined $136 million in fines in July and was instructed to resolve its data management problems at home, according to the Bloomberg report.
Notably, the report said that officials at the China Securities Regulatory Commission have reiterated their support for the bank's expansion, while the bank also said that it has no plans to pull its application, though the report added that the situation is fluid and could change.
In response to the Global Times' inquiry over the report on Monday, Citi China declined to comment, while referring to a pair of recent media interviews with Lu Xuan, president of Citi China.
In an interview with the Securities Times published on Friday, Lu said that Citi will continue to embrace opportunities from China's financial opening-up and was actively applying for securities and futures licenses. "In the long run, I believe China will become more important in Citi's global network," Lu said in the interview.
The remarks underscore Citi and other foreign financial institutions' great interests in the Chinese financial market amid China's continuous opening-up. After China lifted foreign ownership limits on securities and fund management firms in 2020, Citi submitted an application for a securities license for underwriting yuan-denominated shares and to conduct trading for clients, among other businesses. Two other US investment banks, JPMorgan and Goldman Sachs have been approved for fully owned securities firms in China.
Experts said that China's continuous opening-up, including in the financial industry, has and will continue to provide great opportunities for foreign businesses, including those from the US.
"China's commitment to opening-up is very clear and firm. Our market opening-up measures, coupled with the vast size of the Chinese market, have attracted the interests of many foreign investors," Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Monday, noting that China's opening-up has been expanded to more areas.
In addition to opening-up in the financial industry, China has also taken a slew of opening-up measures in other industries. In September, China's State Council issued a guideline on high-level opening-up in the services sector, containing 20 specific measures including improving the negative list mechanism for cross-border trade in services.
Meanwhile, China and the US have also set up a bilateral Financial Working Group to discuss financial issues of mutual concern. In August, Chinese and US officials held the fifth meeting of the Financial Working Group in Shanghai, where the two sides signed a document on enhancing cooperation on financial stability.
US barriers
However, in stark contrast to China's continuous opening-up, the US has also been continuously intensifying its crackdown campaign against China by imposing a series of restrictions on normal business cooperation. In August, 2023, the US moved to ban new US investments in China's "sensitive high-tech industries."
By setting up more barriers, the US will not only undermine bilateral cooperation but also deprive its companies of opportunities in the vast Chinese market, Chinese experts said.
"It is clear that the US is continuously tightening restrictions on bilateral investment," Xin Qiang, a scholar and expert on US studies at Fudan University, told the Global Times on Monday.
Xin said that while it remains unclear whether the US regulators' reported move on Citi is a targeted move against the US bank's China operation, it is clear that relevant US regulatory actions have caused uncertainty surrounding specific business operations, which is concerning.
As the Mid-Autumn Festival concluded and the National Day holidays approach, more and more travelers have chosen mountain hikes as a favorite pastime. The rise of "hiking companion" services, which, while not a formal profession, has gained significant attention due to increasing demand, particularly on social media platforms.
Sun Menglei, a college student from Zhengzhou, Central China's Henan Province, told the Global Times that he began offering hiking companion services because of his passion for outdoor activities.
Over the just-concluded Mid-Autumn holidays, Sun received numerous requests, especially for popular routes like Mount Songshan's Luya Waterfall and Taishi Mountain, a peak of Mount Songshan. On Monday, he had even seven bookings.
Just like Sun, most hiking companions are current or recent university graduates who are enthusiastic about outdoor sports and possess in-depth knowledge of local mountain ranges.
Zhang Yuliang, a graduate from Tai'an, East China's Shandong Province, told the Global Times that as a local resident, he is well-acquainted with Mount Taishan.
His primary clients are first-time visitors to the area, and he often assists by carrying their bags, allowing them to focus on the challenges of reaching the summit.
It is reported that more than 300 university students are working part-time as hiking companions in the area of Mount Taishan, charging between 100 to 300 yuan ($14-$42) per service. Social media platforms have seen a surge in posts sharing experiences and tips about using these services.
Apart from providing hiking assistance, some companions offer additional services. Sun, for instance, provides photography services alongside hiking assistance.
"Some of my clients are white-collar workers who don't have time to plan their trips or might lack the willpower to finish the climb. My companionship and encouragement help them overcome difficulties and isolation, making the journey to the top more enjoyable," he said.
Many hiking companions have some level of professional sports training, which enables them to offer expert guidance. Their familiarity with the terrain and weather conditions allows them to tailor routes based on clients' physical abilities, minimizing risks such as injury or getting lost.
While the service is gaining popularity, there are potential challenges. To address safety concerns, Sun has implemented a reservation and deposit system, ensuring a structured and safe experience for his clients.
According to the Xinhua News Agency, hiking companion services are part of a trust-based economy. Tourists should negotiate key aspects of the service, such as fees and liability, with their companions. Tourism and market regulators could develop model contracts for hiking companion services to provide standardized references and guidance for both tourists and service providers.
Despite potential legal and trust issues, Sun values the emotional fulfillment he gains from this work.
"Helping clients reach the summit and seeing their joy and pride when they take in the view gives me a real sense of accomplishment," he said.
In the opening of the second chapter of the Chinese AAA game Black Myth: Wukong, players find their character, "The Destined One," gravely injured on the yellow sands, was only saved by the mournful strains of the folk drama in the north of Northwest China's Shaanxi Province, or Shanbei in Chinese, performed by the headless monk. The evocative lines "Success and failure, life and death, all are beyond reason," and the poignant, melancholic tone of the performance resonate deeply with players.
This piece, lasting less than two minutes, has garnered over 10 million views on social media. It was performed by Xiong Zhuying, the inheritor of the art of Shanbei storytelling, a kind of intangible cultural heritage.
Among all of the striking and exciting elements global gamers reflected on, they shared a common feeling of "ruggedness and desolation" upon hearing the piece of Shanbei storytelling for the first time.
"The traditional elements I used to perform have taken on a new life in the game. Although it may seem very traditional, this collision has actually created something popular that resonates with all audiences," Xiong told the Global Times.
As traditional art forms nowadays struggle to find their place in modern media spaces, Xiong's combination of Shanbei storytelling with modern gaming has attracted world attention. International players, despite not being fluent in Chinese, or Putonghua, find themselves captivated by the rhythm and emotion conveyed, listening to it repeatedly and moving to its beat.
"This collaboration has really made me feel that what is ethnic is also universal," Xiong said.
Extensive revisions
It all began in 2022 when the game's production team reached out to Xiong with an intriguing proposal.
"I was thrilled at the prospect," Xiong recalled. "Shanbei storytelling is a vital part of our cultural heritage, and I saw this as an opportunity to introduce it to a broader audience."
The initial challenge was to adapt the traditional lyrics and performance style to fit the game's narrative. Xiong noted that the original lyrics provided were somewhat rigid and didn't quite capture the essence of Shanbei storytelling.
"The lyrics need to rhyme, with seven characters per line, and be catchy and easy to sing," Xiong explained. He noted that the musical style should allow one person to play multiple roles, expressing a range of emotions like joy, anger, and sorrow. The performer should shift between being a storyteller and the characters within the story, jumping in and out of different roles, reflecting a style of dynamic character portrayal.
After extensive revisions and numerous performances, Xiong crafted a version that harmonized with the game's aesthetic while preserving the integrity of the traditional art form.
The new form complements the eerie and otherworldly environment of the game. Xiong noted that the northwestern singing style and pronunciation have an inherent bleakness that aligns with the character's state. A long path
In 2016, Shanbei storytelling was included in the first batch of the National Intangible Cultural Heritage List in China. This significant form of traditional narrative art in the vast and remote area in Northwest China is particularly popular in northern Shaanxi, including areas like Yan'an and Yulin.
Historically, performances were conducted by blind artists, who sang and played instruments such as Sanxian, a three-stringed traditional Chinese lute, or pipa, a four-string plucked lute. It was not only a form of performing art, but also a way to make a living.
"I was exposed to this art form from a young age," he recalled. "Listening to cassette tapes of Shanbei performances and attending local shows instilled in me a deep appreciation for this tradition." He then met his master at a temple fair. The master told him that he might make a better living if he learned Shanbei storytelling.
His professional career began in 2009 when he joined the Hengshan District Cultural Center as a special artistic talent. Over the years, Xiong has refined his craft and expanded the boundaries of Shanbei storytelling. His performances have earned him accolades and opportunities to showcase his art on international stages, including at the Chinese Quyi (folk art forms) Festival in Paris and the Bachshi International Art Festival.
But he still went through a very tough period.
"I could barely support my family at the time, but it was the passion and the opportunity that made me persist," Xiong said.
The opportunity Xiong got was to perform for the animated film Xuanmen: The Faces of All Living Beings. The success of this project, which combined Shanbei storytelling with animation, bolstered Xiong's confidence in cross-genre fusion.
"When I first combined Shanbei storytelling with animation, I wasn't sure how it would be received. But the positive response gave me the confidence to explore other innovative collaborations," Xiong said.
For Xiong, innovation is not about abandoning tradition but rather enhancing it. His approach involves blending traditional Shanbei storytelling with modern elements, including rap and pop music.
"After the collaboration, I found innovation is crucial to keeping Shanbei storytelling relevant," he said.
Beyond his professional achievements, Xiong is also deeply committed to preserving and promoting Shanbei storytelling. He also noted that once the excitement dies down, he wants to actively teach and mentor the younger generations to ensure that the art form continues to thrive.
As the Chinese AAA game Black Myth: Wukong gains widespread popularity, its unique artistic style and profound cultural depth have invigorated the cultural and creative market.
A representative inheritor of the Chinese intangible cultural heritage of boxwood carving, Ye Xiaopeng's original boxwood carving of Sun Wukong, or Wukong, also known as the Monkey King become highly sought after.
Originating in East China's Zhejiang Province, the craft of boxwood carving uses boxwood, known for its tough, smooth texture, fine grain, and yellow hue reminiscent of ivory. Over time, the wood darkens, acquiring a unique and rustic charm.
"Boxwood grows slowly, and the material is limited. The manual carving process is time-consuming and labor-intensive. Initially, I just wanted to showcase a few works featuring China's superhero, Sun Wukong. But after the game became a hit, these works were snapped up in an instant," Ye told the Global Times.
When discussing the boxwood carving's rise in popularity, Ye believes that the integration of traditional craftsmanship with digital technology has drawn more young people to the practice, enabling a "seamless connection" between intangible cultural heritage and modern aesthetics. This fusion breathes new life into traditional crafts, making them trendy. Contemporary feel
"Boxwood carving can draw inspiration from modern media like Black Myth: Wukong. Artisans should seize the opportunity to create works that retain their cultural essence while resonating with contemporary tastes," Ye said. "When creating the Monkey King, I focused on expressing his inner spirit and contemporary significance through details. For example, the Monkey King wears a purple-gold crown and armor, exuding a mighty presence that symbolizes a spirit of perseverance and bravery."
Ye explained that this piece combines traditional boxwood carving techniques such as clay modeling, initial shaping, and final detailing, while also incorporating modern elements like gilding the ends of the Golden Cudgel, Wukong's magical weapon, enhancing the work's beauty and value. This blend not only preserves the essence of traditional craftsmanship but also gives the piece a contemporary feel.
"As inheritors of intangible cultural heritage, we are responsible for helping more people understand and appreciate traditional art. I strive to promote boxwood carving, bringing it to life in modern society," Ye said.
"In contemporary society, the role of traditional craftsmanship is not only to preserve heritage but also to innovate. We must innovate and seek ways to collaborate with the industry, creating works that the public loves, accepts, and resonates with," he noted.
To appeal to younger audiences, Ye recently designed the "Dragon Egg Baby," which features a moveable "lucky bead," with monthly sales exceeding 5,000 units. A symbol of literary achievement, the "Wenchang Star," launched during the high school and college entrance exam season, and followed current trends.
When the Chinese animated film I Am What I Am was released in Japan in 2023, Ye quickly designed and crafted a boxwood carving of a Chinese lion. To add a playful touch, the lion was fitted with a hanging string and bells, making it suitable both as a handheld toy and as a wearable accessory.
In Chinese culture, the lion traditionally symbolizes auspiciousness and good fortune. The sales team also created slogans that appeal to young people, such as "When the bell rings, wealth comes your way," helping the lion carving to become a hit, with sales reaching 60,000 units in a single month. Pulse of times
"Traditional craftsmanship plays a crucial role in continuing culture in contemporary society," Ye told the Global Times. "Some people might associate boxwood carvings with being outdated or unfashionable," Ye noted. "While figurines are popular among young people, boxwood carvings can also keep up with trends."
It is said that the first generation of Ye family boxwood carvers was born in a rural area. As a child, he encountered a statue sculptor who came to the village to make Buddha statues. Impressed by the boy's talent, the sculptor took him on as an apprentice, setting him on the path of professional boxwood carving.
"I've always believed that traditional handicrafts are not meant to be appreciated in isolation; they need to resonate with the times and meet modern needs," Ye said.
As a professor, Ye encourages his students to create freely in their work, and has brought together a team of young teachers with study backgrounds in countries like Italy, Finland, and Japan. Additionally, he has collaborated with Chinese business associations in over 10 countries, including Italy, France, and Spain, to establish the Maritime Silk Road Cultural and Creative Industry Institute.
"I strive to balance preservation and innovation through a young design team, combined with the digital economy, and new media promotion," Ye said.
"It is undeniable that the rapid dissemination of digital products has accelerated the internationalization of our traditional culture. If we can feel the pulse of the times and ride the wave of digitalization, traditional handicrafts can still achieve revival under new historical conditions."
The Shanghai Symphony Orchestra (SSO) kicked off its 2024-25 season on Sunday with a grand opening concert.
Founded in 1879, the SSO, also the oldest orchestra in China, is celebrating its 145th anniversary in 2024.
"The Shanghai Symphony Orchestra's season is highly anticipated worldwide. Here the audience can not only hear the sounds of the world but also experience the vibrant energy of Chinese culture," music director Yu Long said.
The 2024-25 season's program includes 29 band concerts, 12 chamber music performances, five Music Map classes, six rush-hour concerts, and 32 visiting artist concerts.
Renowned German baritone Matthias Goerne, a recipient of classical music's most prestigious awards, joins as the season's artist-in-residence. Notable artists such as Leo Nucci, Daniel Harding, Jaap van Zweden, Charles Dutoit, Chinese conductor Li Xincao and pipa virtuoso Zhao Cong are scheduled to perform during the season.
Highlights include a semi-staged production of Porgy and Bess in October and Verdi's Rigoletto in March 2025. Both Elliot Ho Yat Leung's commissioned work, inspired by Chinese culinary culture, and Zhou Long's new version of Nine Songs, inspired by the ancient text Chu Ci (Songs of Chu) by Chinese poet Qu Yuan (340BC-278BC), will have their world premieres.
Pianist Liu Xiaoyu performed Chopin's Piano Concerto No.1 to open the concert on Sunday. Liu rose to fame after winning the 18th International Fryderyk Chopin Piano Competition in 2021.
This concert also marked Liu's first collaboration with the SSO on a concerto. In 2023, he also made his solo debut on this very stage in Shanghai.
"Last year, when I performed a solo concert here, I found the acoustics in the hall to be very well-suited for solo performances. This time, the concerto is actually more in a chamber music style, which fits perfectly with the world-class sound quality of the Shanghai Symphony Hall," Liu said.
Amid applause from the audience, Liu returned to the stage for an encore, playing Chopin's flowing and moving Nocturne in C-sharp minor, followed by Tchaikovsky's lively Dance of the Little Swans.
Since winning the Chopin competition, Liu has performed over 100 concerts globally each year. Liu said he hopes to share his thoughts with people from different cultures.
"I think it's a rather interesting endeavor. Even with the same piece, the interpretation varies in different cultural contexts," Liu told the Global Times.
When asked if he encourages young musicians to participate in competitions, Liu said, "Everyone has their own path. Competitions aren't the only way. I was aiming for a good platform. It's undeniable that everyone wants to win first place, but during the preparation process, I had already forgotten about that. By the end of the competition, objectively, it's a contest between people, but subjectively, it's a contest with yourself."
Regarding the promotion of classical music through social media, Liu expressed mixed feelings. Noting that he is concerned that people may be addicted to social media, become lazy, and prefer to watch videos from home instead of attending concerts, he said that he hopes more people will come to live performances as a result of his efforts.
"In the past, people didn't have access to so many different versions of pieces, relying entirely on teachers or their own research," Liu said.
He hopes that now with the abundance of video resources, people will cherish classical music more.
"Read ten thousand books, and your pen will be guided as if by the gods" is an ancient Chinese idiom that can be seen in students' textbooks. China's Ministry of Education has published an action plan to further promote reading among students across the nation. With new and diverse book recommendations, the reading scene is expected to be revived not only at schools, but also across society. To contribute to this endeavor, the Global Times launched "My Reading Life" essay contest for middle school students.
Please pick up a pen and share your stories with us at reading@globaltimes.com.cn
Participants will be rewarded once the article has been selected. Over the years, reading has become an important part of my life. I always remember a notable motto that says, "Books are the ladder of human progress."
I like reading because reading can change people's lives. Through reading, people can obtain different information, knowledge and experiences, which can help them better understand the world and improve themselves.
At the same time, reading good books can also help people establish good values, world views and life attitudes, and obtain spiritual satisfaction and growth, and promote personal development.
Reading has not only enriched my mind, but also provided spiritual support and impetus for my growth.
For example, my favorite book Wonder by R.J. Palacio shows the substance of empathy, friendship, acceptance and celebrating differences.
I remember a quote from the book says that when given the choice between being right and being kind, choose kind. I believes in this quote.
Wonder tells the story of August, a 10-year-old boy who lives with his parents and sister in New York.
August is an ordinary boy in many ways. He likes riding a bike and playing video games. But August, or Auggie as people call him, was born with facial deformities and so looks very different from others. Because of his facial deformities, his mother homeschooled him for the past five years, but the family finally decided that it was time for him to start school. Auggie's first year at school was terrible, most people were afraid of him, so they kept away. Day after day, some kids bullied him with a game called "The Plague."
Whenever somebody got close to Auggie, that meant they caught the plague. But he never gave up on himself, and never lost hope. Through the hard times, a girl called Summer reached out her hands for him to be friends, that was when August first felt kindness from friends.
But towards the end, a dramatic event at a school camp changed things completely, people found out how brave he was, and how hard it was for him to get along with people and began to understand him.
Kindness is the main theme in Wonder. It helps us realize that a small, simple act of kindness can make a big difference, and we have the ability to choose kindness. From this book, I have learned to face differences in people. Maybe if we knew what other people were thinking, we'd know that no one is ordinary, and at least we all deserve a standing ovation at least once in our lives, because everyone is a unique star, and always ready to shine.
In 2017, the novel was adapted into a film of the same name by US director Stephen Chbosky. The film features stars like Julia Roberts and Owen Wilson and was a box-office success due to the heartwarming story that resonated with many audiences.
Although some of us do not go through the kind of hardship that Auggie does, we still can feel connected to the boy's story because at some points in life we have all gone through struggles and pain like Auggie.
Books like this make me believe that cultural productions can really inspire people and change how people think about life.
All in all, reading helps us become better people, and we can also gain happiness. If we continue to learn and constantly improve our cognition, we will be able to achieve a higher level of happiness. This sense of happiness derived from knowledge leads to both external happiness and inner satisfaction and prosperity.
So, I hope everyone can find a book that makes your day, and try to make reading part of your life.
The author is a student at the Beijing Wenhui Middle School
In today's world, where challenges and opportunities coexist, the global economy is undergoing an unprecedented transformation. How to respond to these changes and uncertainties has become a common issue for governments, businesses, and individuals alike. Recently, Global Times reporters Xie Wenting and Bai Yunyi (GT) conducted an exclusive interview with renowned economist and former governor of the Bank of Canada, Stephen Poloz (Poloz), on this topic. According to Poloz, five economic tectonic forces - population aging, debt accumulation, income inequality, technological advancement, and climate change - are constantly shifting and accumulating, much like geological forces, and are causing profound "economic earthquakes" around the globe. GT: In The Next Age of Uncertainty, you mention five economic forces (aging population, debt accumulation, income inequality, technological advancement, and climate change) that are reshaping the global economy. Could you introduce your conclusions to our readers on how these forces will reshape our economy? How should we respond to these changes?
Poloz: I refer to these forces in my book as tectonic forces because they are like forces of nature. They are always moving, and there is nothing that we can actually do about them. When the earth's tectonic forces build up in strength and collide, we get earthquakes.
In the book, I examine past major economic events, and I discover that some of these same tectonic forces were active in those time periods, such as during the global depression in the 1800s, the depression of the 1930s, or the global financial crisis.
All five of these forces are rising in strength right now. At the same time, the global population is aging very rapidly. The fourth industrial revolution is just gaining momentum. Incoming inequality is at a historic high level and is about to rise even more because of the industrial revolution. And debt is on an unsustainable trajectory. Climate change is becoming very pressing as it manifests itself daily.
Therefore, the prediction of my book is that we face a future in which there will be more of these kinds of economic and financial earthquakes in the world as these forces collide with each other. I think we need to prepare ourselves. We need to be more conservative financially. We need to learn new skills all the time so we can shift our occupations. We need to invest in flexibility and adaptability.
GT: You mentioned in your book that technological advancement may cause instability in the job market. How do you think we should address the employment issues brought about by these new technologies?
Poloz: We've had three industrial revolutions in history: The steam engine, electricity, and the computer chip. Each time, many jobs have been destroyed by the new technology. However, at the same time, more jobs have been created than were destroyed after a period of time. The problem is that the process of job creation takes time, and it may take five to 10 years for the process to complete itself.
I think the important thing that most people forget is that new technology creates a lot of new wealth. Those are the companies that were first to develop the technology, or the companies that were the first to deploy the technology, and that new income and wealth that has been created is spent everywhere in the economy. So new jobs are created, not just in writing code or making iPads or whatever, but those jobs are in construction work, maintenance work, throughout the service sector, and other goods.
The fourth industrial revolution is just getting started. That's the digitization of our companies and the application of artificial intelligence (AI) to manage it. There's no doubt that this will be very stressful, possibly affecting as much as 20 percent of global workers, maybe more over time. As societies, we need to ensure we have good income safety nets to protect people during the transition and help facilitate the process. We also need to provide retraining opportunities for individuals to move between sectors or geographically. This is the best way to support the transition, make the process less painful, and realize the benefits sooner.
GT: Some say that the development of AI is different from the first and second industrial revolutions as it won't help create more jobs. What's your opinion?
Poloz: I don't agree with that. I think that, for example, with AI-driven vehicles, if all the trucks that deliver goods or transport items became automated vehicles, a whole new class of maintenance people would be needed to maintain those sophisticated vehicles. A traffic control system would also be necessary, as they can't just drive wherever they want.
The more important thing is that if AI really works as expected, it will create a lot of value, which goes out into the economy. While some people may be displaced, there will be growth in other areas of the economy. I am quite optimistic about this, especially when considering historical precedents. It has happened many times before, with each technological revolution leading to tremendous growth for society.
However, there is a risk that some people may be left behind, possibly permanently or for a long time. This can lead to political unrest, populism, and polarization in politics. It is important to learn from past mistakes and address income inequality to prevent further societal divisions. GT: How would you evaluate the performance of the Chinese economy? Some have claimed that "China has peaked." What's your take?
Poloz: I really don't think China has peaked. As any economy matures and moves up the productivity scale, and as it gets larger, it is natural for its growth rate to slow down. That doesn't mean it has peaked. It still continues to reach new heights.
Countries are kind of like a flock of Canada geese. The geese are flying in a triangle, and the geese that are most advanced are at the front of the triangle. The geese that are less advanced are a little bit further back in the triangle. They have an advantage because the ones that are upfront are breaking the wind and making it easier for the geese to fly. Inevitably, they continue to progress.
Maintaining momentum is an important job. That maintenance of momentum comes from deep investments, education, collaborative models, cross-discipline models, research, and development. And these are all things that China has in abundance.
GT: In recent years, China has been vigorously developing the new energy industry and promoting a green economy transformation. How do you view this process?
Poloz: This is an example in which the government really should be involved. The reason is that we find ourselves in a world with excessive carbon emissions, and we know this because the market fails. The market does not get us to the right place. That's because air pollution is something that everybody contributes to by driving their car or buying something made in a factory that pollutes the air directly or indirectly. But no one pays for the air pollution. But we pay a price because the air is of lesser quality, or because emissions are causing climate change.
There are many ways of correcting this failure. But it's clear governments must take the lead. In my opinion, the best solution to the climate change issue is to invest as much as we can in carbon capture. The world will demand more and more energy as we move forward, and energy security will be very important to people. If we can solve the emissions problem with our existing technology, even though it may be expensive, that is the best way to focus our resources.
GT: Economic relations between China and the US have attracted a lot of attention. How do you view the roles of the two countries in global economic governance? What do you see as the future trends in economic cooperation and competition between China and the US?
Poloz: I do believe that our futures are closely intertwined. If we go back to the Canada geese metaphor, it is obvious that we are all, in a basic sense, flying forward together. This is the best way forward in terms of governance of the global economy or system. We have many forums for this, based on collaboration. They work well in a crisis, but not as effectively in other times.
When we consider international trade between the US and China, trade does not actually occur between the two countries. Trade occurs between business people in the US and business people in China. These individuals know and like each other, and they have been doing business together for many years. In my opinion, these relationships are stronger than politics. I am hopeful that the strength of these ties will continue to benefit us.
The main thing I worry about today is uncertainty. Because what it all does is it makes the future less certain. I find that today, politics adds to the uncertainty. It slows down business investment and the investments we make in the future. So, it slows the whole flock of Canada geese down. The more we can do to reduce uncertainty, the better things can be.
GT: What's your outlook on globalization? Do you think the era of globalization is ending, and is the era of regionalization on the rise?
Poloz: Globalization will never end because it is Mother Nature at work. Adam Smith taught us that the division of labor into smaller and smaller slices, that specialization in production, is the key to rising productivity and rising living standards that we all want.
In our economies, you don't do your own dry cleaning, you don't grow your own vegetables; you go to the grocery store and the dry cleaning store. Someone else specializes in those things, and that's how we all do better. Globalization just extends that simple idea to the international level. It was hard 200 years ago because things had to move around on animals or by ship. But today everything is easier to move around. So we can improve our living standards through international trade.
Sometimes I think that global supply chains were developed by the chief financial officer and optimized by dollars and cents. Then during the pandemic, we saw many disruptions in supply chains. We realized that sometimes the supply chains are risky because of some problems, so it's not all perfect. Now, what we are seeing is that supply chains are being remodeled more by the chief risk officer, rather than the chief financial officer.
This shift in focus is leading to a certain amount of reassurance in the supply chain. It is a re-balancing of globalization, and a new balance will emerge, albeit slightly different from before. Globalization is not black and white; it is an equilibrium that will reemerge.
From September 12 to 16, the 2024 China International Fair for Trade in Services (CIFTIS) is being held in Beijing.
In a congratulatory letter, Chinese President Xi Jinping pointed out that CIFTIS, having been successfully held for 10 years, is a vivid illustration of the high-quality development of China's service industry and service trade, making positive contributions to the building of an open world economy. As the largest comprehensive exhibition in the global service trade field, this year's CIFTIS continues to be highly attractive. In total, 85 countries and international organizations have set up exhibitions and more than 450 Fortune Global 500 and industry leading companies have participated offline, making it a bridge for all parties to share development opportunities, promote industrial growth, and strengthen communication and exchanges.
Trading "tangible goods" is called trade in goods, while trading those invisible products or services is usually categorized as trade in services. The WTO divides trade in services into 12 major areas, including tourism and travel-related services, business services, transportation services, construction and related engineering services, and financial services. From the perspective of world trends, the importance of trade in services has become increasingly prominent. According to WTO statistics, global service exports grew at an average annual rate of 4.9 percent from 2013 to 2023, approximately twice the growth rate of goods exports, and the proportion made up by services trade in total trade in goods and services increased to a quarter. China is a big manufacturing country. Moving toward becoming a strong manufacturing country and expanding high-level opening-up to the outside world cannot be achieved without a strong modern service industry.
China has a high position in promoting the development of the service industry. It does not do it behind closed doors, but is instead committed to promoting the in-depth cooperative development of global trade in services and service industry and making progress together with the world. Since its establishment, the CIFTIS has attracted more than 900,000 participants from 197 countries and regions, and established itself as a global brand. The much-anticipated and widely welcomed CIFTIS has refuted those who believe that the attractiveness of the Chinese market has declined. During this year's CIFTIS, hundreds of activities will be held and more than 200 integrated innovation results will be released. Fortune Global 500 and industry leading companies such as Siemens, Google, Amazon, and GE HealthCare will actively participate in the conference, and "old friends" of CIFTIS such as Philips and Tesla have chosen to "debut" their cutting-edge innovative products at CIFTIS, which demonstrates that these companies still attach great importance to the Chinese market, and China's opening-up has brought new opportunities to foreign enterprises. Meanwhile, the momentum of China's economic recovery has not changed, and the rising willingness for international cooperation is even clearer.
We have observed that although global economic growth has slowed and trade protectionism and trade friction have increased, the process of digitalization, intelligence, and greening of China's service trade has been accelerating, and the attractiveness of opening up the service industry remains strong. According to data from the National Bureau of Statistics, the value-added of China's service industry grew by 4.6 percent year-on-year in the first half of 2024, and service industry accounted for 56.7 percent of the country's GDP. The scale of service trade reached a record high for the same period, with total service imports and exports reaching 3.6 trillion yuan, an increase of 14 percent year-on-year. The level and scale of service trade are continuously improving and expanding, showing an "acceleration" of China's openness to the world. Globally popular phenomena this year, such as "China Travel" and "Black Myth: Wukong," are closely linked to the openness and progress of China's modern service industry.
The measures China has taken to promote the development of its service trade are steady. The Third Plenary Session of the 20th CPC Central Committee explicitly urged the country to "innovate and upgrade trade in services"; the General Office of the State Council has unveiled a set of guidelines to promote high-quality development of trade in services with high-standard opening-up; the Ministry of Commerce rolled out national and pilot free trade zone versions of negative lists for cross-border trade in services; pilot programs to expand opening in the medical field were launched, allowing foreign-funded hospitals to be established in Beijing, Tianjin, and other regions; and the number of comprehensive pilot cities for expanding the opening-up of the service industry increased to 11, with over 1,300 pilot measures introduced across 13 sectors including technology, telecommunications, culture, tourism, and finance. Through these measures, the world can recognize China's willingness and determination to promote development through openness and achieve mutual benefits through openness.
Judging from the impressions of this year's CIFTIS, the enthusiasm of old friends has not diminished, new friends have come in droves, and the CIFTIS "circle of friends" continues to expand. This is also an epitome of China's high-level opening-up to the outside world and a reflection of deepening economic globalization. From developed countries to developing countries, from international giants to small- and medium-sized enterprises, everyone has brought more updated achievements, technologies and applications to CIFTIS to fully demonstrate their attractiveness. What resonates with the attractiveness of the large platform of CIFTIS and the big Chinese market behind it is the mutual fondness between exhibitors from all over the world and the Chinese market.
The escalation of recent tensions between China and the Philippines raises concerns among neighboring countries in the South China Sea. How will the Philippines' provocations, instigated and supported by the US, affect the situation in the South China Sea in the rest of 2024? Why does ASEAN hope that the situation will be contained?
In the "ASEAN Perspective on the South China Sea" series, we collect wisdom and insights from former diplomats and scholars from ASEAN member countries. In an interview with Global Times (GT) reporter Wang Wenwen, Benedict Weerasena (Weerasena), research director of Malaysia-based Bait Al Amanaha, an independent research institute, said that the key to managing the situation in the South China Sea is peaceful dialogue.
Engaging as much as possible in diplomacy is essential, and all parties should exercise restraint, despite the threat of tensions escalating, he noted.
GT: Since last year, tensions in the South China Sea have been escalating. In a recent move, the Philippines made provocations at Xianbin Jiao in the South China Sea, with its ship continuously and dangerously approaching China Coast Guard ships that were conducting normal navigation. What do you think of the Philippines taking these provocative actions?
Weerasena: I believe that it's a reassertion on the Philippines' hedging strategy. The competitive game between China and the US has contributed to the Philippines' hedging strategy against China while ensuring that its ties with the US remain positive.
If we look at the past two decades, we can see that there have been three key phases of the Philippines's hedging pattern against China.
The first phase, from about 2001 to 2010, can be characterized by cooperative behavior over confrontational behavior with China. The next phase, from 2010 to 2016, saw a shift toward confrontational behavior over cooperative behavior. Finally, in the third key phase, from 2016 to 2022, a moderation of oppositional behavior can be seen.
Looking at these phases, it is clear that the Philippines in the past two decades has definitely been influenced by domestic changes in governance as well as external factors with regards to how it has addressed the issue in the South China Sea.
The Philippines has repeatedly made public statements confirming that it is pursuing diplomacy over military action in response to rising maritime tensions. This is the position that most Southeast Asian countries take. I hope that the Philippines is sincere and this commitment is backed up with action.
GT: To what extent will the Philippines' actions regarding the South China Sea disputes and its leaning toward the US affect ASEAN as a whole?
Weerasena: I think the foundational point to remember is that all ASEAN members exercise their own foreign policies. Because of this, it is hard to dictate what each member state should or should not do.
That being said, the Philippines' actions regarding the South China Sea have definitely somewhat impacted ASEAN unity and centrality. This has led to potential fragmentations.
For example, we can see slight fragmentation between Singapore and the Philippines. In other words, ASEAN unity, or the way ASEAN sees foreign policy, has been somewhat impacted by the developments in the South China Sea.
I also believe that this will influence how ASEAN, as a whole, navigates its relationships with external powers, both in the short term and the long term, particularly in terms of how ASEAN responds to both China and the US.
Furthermore, it has definitely impacted ASEAN's position and influence as a negotiator in global forums and as a regional convener, as different member states have adopted different foreign policies for their own national interest.
However, I don't think ASEAN's influence and impact are in danger of being completely undermined. Definitely, fragmentation is what's happening now, and I think that this fragmentation will continue in the near future. Nevertheless, I do not believe this fragmentation will lead to a complete breakdown of the role of ASEAN.
GT: What is the key to managing the situation in the South China Sea?
Weerasena: For me, above all, it's peaceful dialogue. Engaging as much as possible in diplomacy is essential, and all parties should exercise restraint, despite the threat of tensions escalating.
Of course, I understand that this is much easier said than done. That's why the second thing we need to manage is the code of conduct. ASEAN really needs to speed up the negotiations with China regarding the code of conduct to mitigate the risk of conflicts in this highly contested South China Sea.
There have been challenges in finalizing the code of conduct, which policymakers say will be completed by 2026. I think to facilitate this process, two things need to happen. First, greater trust needs to be built between the nations, especially among ASEAN member states and China. Second, the participants need to be willing to sign a legally binding agreement. I think this will definitely be a make-or-break situation for the effectiveness of the code of conduct.
GT: China and Malaysia have maintained friendly relations despite the South China Sea issue. What can the Philippines learn from this?
Weerasena: I think Malaysia has always positioned itself as equidistant between the US and China. It's maintaining a neutral position on a macro level while seeking inclusive but selective multi-layered partnerships with competing powers across micro-level domains.
I think that Philippines should commit as much as possible to being consistent on neutrality. Of course, as a third party and analyst, I can't dictate how the Philippines should decide on its foreign policy. However, I think it's very important for every ASEAN member state to continue pursuing a neutral equidistance stance between the major powers in the region.
Of course, we will still be committed to protecting our sovereignty, sovereign rights and interest in the maritime areas, in the South China Sea. But we must always remember that any issues, any matters and any conflicts must be resolved peacefully and constructively. And this is in accordance with the universally recognized principles of the international law, including in 1982 UNCLOS.
I think it's very important that we uphold this "rules-based order" that we have in the South China Sea, to resolve disputes through peaceful means via existing platforms and diplomatic channels, without compromising our principled positions.
