China's real estate market showed positive changes during the week-long National Day holidays, as homebuyer confidence was revived by a new package of stimulus measures announced by the monetary authorities and individual Chinese cities recently to boost the healthy development of the important sector.

"Following the recent new policy pivots, inquiries for prior-dwelled homes in Beijing increased notably, as more people are now eligible to buy homes in the capital city," a Beijing-based property broker named Xia Zhiwei told the Global Times on Sunday.

Between October 1 and noon of October 3, the number of on-site inquiries for new homes in Beijing rose 92.5 percent on a yearly basis, and new home subscriptions nearly doubled. And, inquiries for used homes in Beijing jumped by 104.1 percent, according to a report seen on the Ministry of Housing and Urban-Rural Development (MOHURD) website.

During the Golden Week holidays, over 1,000 property developers across the country launched more than 2,000 promotion activities including offering discounts and vouchers to boost sales of new homes. The majority of the real estate projects involved in the promotions saw client enquiries surge by 50 percent year-on-year, data from the MOHURD showed.

Pu Zhan, deputy director of the policy research center under the MOHURD, said that various promotions have led to positive changes in the real estate market, with increases in both inquiries and transactions.

Recently, more than 50 Chinese cities, including first-tier cities Beijing, Shanghai, Guangzhou and Shenzhen, adjusted their real estate policies, with a range of measures unveiled to boost local property sales.

Among the cities, Guangzhou announced that there will be no restrictions on the number of homes purchased by families or individuals with or without local household registration in the city, according to a circular issued by the municipal government. As a result, the number of on-site inquiries for new property projects in Guangzhou rose nearly 200 percent lately.

Policy adjustments

"For some time now, the authorities has released policies targeting sectors including the real estate and the stock market with an intensity rarely seen before," Song Ding, a research fellow at the China Development Institute, told the Global Times on Sunday.

The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on September 26, and emphasized that ramped-up efforts will be made to stabilize the property market and reverse its downturn.

The meeting pointed out that the authorities will adjust housing purchase restrictions, reduce interest rates on existing mortgages, promptly improve land, fiscal, tax and financial policies, and promote a new model for real estate development.

The new round of property policies mainly focuses on improving the demand side, particularly addressing the evolving housing needs of many residents, according to Song.

On September 24, the People's Bank of China, the country's central bank, unveiled a new package of monetary measures, led by reductions in existing mortgage rates, in a bid to boost the country's real estate market and fire up consumer spending.

"Adjusting existing mortgage interest rates will have a positive guiding effect. The reduction in monthly payments should have a positive impact in boosting homebuyers' confidence," Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times.

Yan stressed the need to better pivot macro policy adjustments to help stimulate the housing market. "The development of the real estate sector in various regions in the country has their own characteristics, and it is crucial for local governments to hold autonomy in adjusting local property policies in line with their own conditions," Yan noted.

He said MOHURD's support for cities, especially the first-tier cities, to independently adjust real estate policies is a "forceful step" to elevate the market confidence and reignite homebuyers' enthusiasm.

Stable growth expected

Analysts remain largely positive for the future development of China's real estate market. "As the new policies begin to produce effects, the market is expected to march toward relatively stable growth, starting from the fourth quarter this year," Song said.

"Thanks to measures like lowering the down payments of a property, the market activity and potential market demand have greatly increased, and gradually an equilibrium between home sellers and home buyers will be formed," he said.

China's central bank decided to cut mortgage rates and lower minimum down payments for the prior-dwelled homes, as well as to reduce mortgage rates on existing home loans - all effective measures aimed to promote urban property sales and revive the real estate sector.

There is still great space for China's property sector to expand, bolstered by the country's ongoing urbanization and Chinese public's growing demand for good housing, Ni Hong, minister of the MOHURD, said at a press conference in August.

Nevertheless, as "market supply and demand shift, China's real estate market remains in the process of adjustment," Ni said. But positive signals have surfaced as various policy measures have started to take effect.

The ministry will continue to encourage local governments to run promotions and further implement the "white list" mechanism to ensure healthy competition in the real estate sector, which will enhance the long-term impact of the new policies, another official with the MOHURD said.

The proportion of lighthouse factories from China reached a record high in the new list released by the World Economic Forum (WEF) on Tuesday, highlighting the continuous efforts of Chinese companies to accelerate technology transformation and upgrading in the manufacturing sector.

The WEF announced that 22 innovative manufacturers have joined the Global Lighthouse Network, including the latest cohort of 19 Fourth Industrial Revolution (4IR) and three Sustainability Lighthouses across 10 countries, such as China, the Czech Republic and Germany. 

Of the total, 13 factories are located in China, accounting for nearly 60 percent, a record high.

Among the 19 new lighthouse factories this year, Mengniu Dairy (Ningxia) Co, SANY Renewable Energy in Shaoshan, Sanmen Nuclear Power Co, Zhengzhou Coal Mining Machinery (Group) Co and Taiyuan Heavy Industry Railway Transit Equipment Co are the world's first lighthouse factories in their respective sectors - dairy, wind energy equipment, nuclear power, coal mining machinery, and rail transit equipment. 

Additionally, a Chinese company established the first overseas lighthouse factory. Foxconn Industrial Internet Viet Nam Co overcame challenges like reliance on imported materials and focused on developing local talent. By implementing 40+ 4IR use cases, including advanced planning and AI-driven automation, the site increased labor productivity by 190 percent, achieved 99.5 percent on-time delivery and cut manufacturing costs by 45 percent. 

Digital technologies such as generative artificial intelligence and machine learning are key features of this batch of the "lighthouse factories."

The listed Hefei Midea Washing Machine Co told the Global Times that it has continued to explore and reconstruct new end-to-end green and sustainable capabilities, and has extensively deployed digital technologies to apply artificial intelligence in the product designing, manufacturing, and broad logistics.

Zhang Xiaoyi, vice president and CDO of Midea Group, said that the in-depth application of AI in the entire factory process covers 457 sub-scenarios, mainly through self-developed small sample intelligent algorithms and AI development cloud platforms, as well as IT&OT compound organizational construction guarantees, to cut large-scale promotion and operation and maintenance costs, which has helped cut energy consumption by 37.6 percent, and optimize logistical efficiency by 29 percent.

The latest cohort of Lighthouses reported an average 50 percent boost in labor productivity, due to various digital solutions such as interactive training programs, smart devices and wearables, and automated systems combining robotics, AI, and machine vision. 

Process modelling and root-cause analytics have also unlocked efficiency gains across Lighthouses' end-to-end supply chains, on average reducing energy consumption by 22 percent, inventory by 27 percent, and scrap or waste by 55 percent, WEF said.

Karel Eloot, a global senior partner at McKinsey, said that the "lighthouse factories" have truly surpassed the pilot stage, and currently nearly 60 percent of core application cases use advanced artificial intelligence technology, comparing to just 11 percent in 2019. This reflects that artificial intelligence is reshaping manufacturing and has reached an unprecedented level of maturity.

Lighthouse factories are known as "the most advanced factories in the world". McKinsey defines them as factories that have successfully transitioned Fourth Industrial Revolution technology from the pilot stage to large-scale integration, achieving significant financial and operational benefits.

Photos and information exclusively obtained by the Global Times on Saturday show that Chinese authorities’ interception, boarding, inspection and expulsion of a Vietnamese boat which illegally entered waters near China’s Xisha Islands on September 29 were conducted with restraint and in full accordance with the law. The Vietnamese government previously accused China of “brutal behavior” on the matter, which has been taken as an opportunity of the Philippines to hype its own claims in the South China Sea and draw Vietnam to its side against China.

Chinese Foreign Ministry was quoted by Reuters on Tuesday as saying that “Vietnamese fishing boats” illegally fished in the relevant waters of China’s Xisha Islands on September 29 without the permission of the Chinese government and that relevant Chinese authorities took measures to stop them.

The on-site operations were professional and restrained, and no injuries were found, the ministry stressed.

The Vietnamese foreign ministry said in a statement on Wednesday that Chinese law enforcers beat the Vietnamese fishermen and took away their fishing equipment when their boat was operating near “Hoang Sa,” Vietnam’s name for China’s Xisha Islands.

According to a source close to the matter, the Vietnamese vessels illegally intruded the Xisha islands at the night of September 29. The China Coast Guard law enforcement vessels then sounded its horn as a warning and required the Vietnamese vessel to accept inspection, but the latter refused to cooperate.
Photos obtained by the Global Times show that several individuals aboard the Vietnamese vessel held long bamboo poles to prevent Chinese law enforcement personnel from boarding the ship. During the inspection, the helmets of two of Chinese law enforcement support personnel were broken by a long bamboo pole, and one person sustained a cut on their hand.

Chinese law enforcement personnel presented their credentials to the fishermen on the vessel, indicating their identities and intentions, and requested them to comply, the source stated.

After the inspection, the Chinese law enforcement personnel seized the illegal catch of the Vietnamese vessel, informed the fishermen of the consequences of resisting law enforcement and illegally fishing in China’s territorial waters, and expelled them to 12 nautical miles outside China’s waters, according to the source.
Photos have showed clearly that the Chinese law enforcement personnel are very restrained and professional, Yang Xiao, deputy director of the Institute of Maritime Strategy Studies, China Institute of Contemporary International Relations, told the Global Times on Saturday.

“It is clear that the incident was caused by the fact that some Vietnamese fishermen were fishing illegally and resisting law enforcement. Additionally, China has constantly maintained communication and exchanged views with the Vietnamese authorities. China and Vietnam have the capability of handling this incident appropriately,” Chen Xidi, China Institute For Marine Affairs, Ministry of Natural Resources, told the Global Times.

While the issue is gradually blowing over, Philippine National Security Adviser Eduardo Ano issued a statement on Friday and accused Chinese maritime law enforcement authorities of carrying out “unjustified assault” on Vietnamese fishermen.

He also attempted to elevate the issue to an "international" level, claiming that the “use of force against civilians blatantly violates international law.”

“We stand with Vietnam in denouncing this egregious act and calling for accountability,” he said.

The Philippines has nothing to do with this incident. The Philippine National Security Adviser is just trying to hyping the issue to sell its own claims in the South China Sea region, Yang stressed.

The Philippine statement tries to expand the issue to an international level, but, after all, it is just an occasional conflict between Chinese authorities and Vietnamese fishing men during law enforcement process and has been settled via diplomatic channel according to territorial jurisdiction principles. “It is totally untenable to stir it up to an international level,” Yang said.

Chen echoed Yang, saying that “While China and Vietnam have demonstrated their willingness to actively manage disagreements and avoid escalation, the Philippines, driven by a desire to stir up trouble, has been stigmatizing China’s law enforcement as ‘violent and illegal actions’ in the South China Sea.” But “it won’t work,” Chen stressed.

“The Philippines attempted to vilify China’s lawful deterrence on illegal fishing as ‘proof’ of China’s bullying of its neighboring countries. Furthermore, it hypocritically declares that it has consistently condemned the use of force, aggression, and intimidation in the South China Sea, while demanding that all parties ‘exercise genuine self-restraint. It obviously overlooks the Philippines’ own history of persistent provocations and escalations, notably at Ren’ai Jiao and Xianbin Jiao, among other locations,” Chen noted.

It is evident that the Philippines is not genuinely striving to safeguard the safety of fishermen at sea in this incident, nor is it actively working to uphold peace and stability in the South China Sea. Instead, it appears intent on sowing discord between China, Vietnam, and other countries, thereby undermining the positive cooperative relationships between China and other ASEAN countries, Chen said.

The Philippines has been conducting constant, blatant provocations in the South China Sea this year. In August the intensity has been reinforced.

Discussing “unjustified assault” during law enforcement operations, the Philippines should reflect on its own actions before making allegations against others, an expert on maritime security told the Global Times.

In September 2019, eight officials from the Filipino coast guard were sentenced to jail terms of up to 14 years and ordered to pay for damages for conspiring to shoot and kill a fisherman from China’s Taiwan island in 2013.

“The Philippines is not in any position to make indiscreet remarks or criticisms of others on this issue,” the expert noted.

The 2024 Beijing Culture Forum will kick off in the Chinese capital from September 19 to 21, according to its organizers. With a permanent theme of "Inheritance, Creativity, Mutual Learning," the forum has "Enhance Cultural Exchanges for Common Progress" as its theme for this year.

Over 800 participants, including 240 foreign guests from more than 70 countries and regions will attend a main forum, six sub-forums, and 32 professional seminars and relevant cultural activities during the three-day event.

The participants will hold in-depth discussions on topics including mutual learning between civilizations and common progress, spiritual life and industrial development, cultural heritage protection and inheritance, new cultural business forms, and technological integration.

The main forum takes the application of Beijing's Central Axis as a UNESCO World Heritage site as one of its important contents, and releases a special report on Beijing's experience during the application and protection of Beijing's Central Axis as a UNESCO World Heritage site and the relevant situation of further strengthening the protection of historical and cultural cities. 

Meanwhile, the Ten Major Events in the Construction of National Cultural Centers in 2023 will also be announced.

The 2024 Beijing Culture Forum is committed to creating a cultural festival, in which all people can participate through hosting a number of cultural events including book fairs, film screenings and theaters staging. 

Autumnal Equinox, the 16th solar term of the lunar 24 solar terms, started on Sunday (September 22) this year and marks the midpoint of autumn, dividing the season into two equal parts. It also marks the harvest season. This year marks the seventh celebration of the Chinese Farmers' Harvest Festival, a time when farmers across the country share in the joy of the harvest. 

After Autumnal Equinox, the location of direct sunlight moves to the south, making days shorter and nights longer in the northern hemisphere. By this time, most regions in China have transitioned into the cooler autumn season. As cold air from the north meets the diminishing warm, humid air, it often results in precipitation.

Ancient Chinese tradition divides the Autumnal Equinox into three pentads: the first observes the softening of thunder, the second sees hibernating insects begin to nest, and in the third pentad, water starts to dry up.

During this season, crabs are considered particularly delicious. Eating crabs is believed to nourish the marrow and help clear internal heat from the body.

In South China, a custom for Autumnal Equinox is known as "having Qiucai (an autumn vegetable), a type of wild amaranth that is popular during this time. Every Autumnal Equinox day, Qiucai, verdant in the field, is collected and made into soup with fish, called "Qiutang" (autumn soup). 

Besides, Autumnal Equinox is the perfect season for kite flying. Children fly various kites, enjoying the pleasant weather. 

In North China, taro becomes a staple in the seasonal diet during this time. Health experts recommend having some more easily digestible foods in autumn. Taro is soft and nutritional. 

In some regions, there remains a folk tradition of extending greetings and well wishes for a successful autumn ploughing. 

Since ancient times, many places have had folk custom of mountaineering and sight-seeing. Due to the effects of air pressure and humidity, autumn often brings clear blue skies, white clouds, and cool breezes, making it perfect for mountaineering. 

During the Autumnal Equinox, the temperature difference between morning and evening becomes more pronounced, so people should adjust their attire to prevent catching colds.

Fitness exercises in this season can do more of cold-resistant exercises and aerobic exercises, such as hiking, walking and cycling. After the Autumnal Equinox, it is recommended not to engage in excessive exercise, as it may deplete yang energy. Instead, people may try some gentle exercises including tai chi, Baduanjin (an ancient Chinese qigong exercise combining movement), and Wuqinxi (the Five-Animal Exercises), so that the whole-body sweats slightly and not too tired. 

A total of 56 paintings from Russia's State Tretyakov Gallery are now on exhibition at the Capital Museum in Beijing as this year marks the 75th anniversary of China and Russia establishing diplomatic ties.

The exhibition, titled The Soul of Russia, is running from September 15 to December 8. It features 56 masterpieces by prominent Russian artists such as Ilya Repin, Ivan Shishkin, Vasily Tropinin, Ivan Aivazovsky and Vasily Surikov, covering more than 500 years of Russian art history - from the 16th century to the present. 

"The Chinese viewer can experience a retrospective of Russian art from iconic paintings to the second half of the 20th century," Director of the State Tretyakov Gallery Elena Pronicheva told the Global Times through an interpreter. 

"Regardless of the historical period, visitors will see the ideals that Russia lived by during this historical period and through."

Jointly organized by the Capital Museum and Russia's State Tretyakov Gallery, the exhibition spans diverse themes and styles, illustrating the rich cultural heritage and artistic diversity of Russia. 

The artworks are divided into four sections: landscapes, portraits, daily life, and historical scenes, offering a comprehensive look into Russia's natural beauty, people, and history.

High-profile artworks include Lenin in Smolny and Portrait of A.M.Gorky by Isaak Brodsky, Portrait of Anton Chekhov by Osip Braz, and Stormy Sea by Aivazovsky.

2024 and 2025 have been designated as Years of Culture between China and Russia.

"Culture as a kind of social sphere helps us get to know each other better, because we are neighbors," Pronicheva told the Global Times.

"Besides borders, we are also quite close to each other in thinking, we have a lot in common." 

This exhibition aims to deepen cultural exchange between China and Russia.

It offers Chinese audiences a rare perspective on Russian art and culture while fostering mutual understanding between the two nations.

"Through our exchanges with the Russian side, we are able to deepen our understanding of each other and of ourselves. This is an expression of the mutual learning between civilizations and the coexistence of cultures," Yu Runsheng, a professor of the Central Academy of Fine Arts, told the Global Times. 

"That we are able to organize such an exhibition demonstrates that our understanding of Russian painting and the entire history of Russian art has surpassed previous levels."

Previous exhibitions held in China featuring Russian paintings from the Tretyakov Gallery were mainly focused on a single topic rather than presenting a more comprehensive view like the current exhibition, according to Yu. 

He noted that the theme and overall outline of the exhibition were proposed by a Chinese academic team before communicating with Russian institutions, selecting the pieces they could provide to finalize the exhibition.

The Tretyakov Gallery is one of the most prominent art museums in Russia, renowned for its vast collection of Russian fine art. 

Founded in 1856 by merchant and art collector Pavel Tretyakov, the gallery houses over 180,000 works, spanning from early religious iconography to contemporary art.

In 1949, the Soviet Union became the first country in the world to establish diplomatic relations with the People's Republic of China. 

Since then, Russian art has had a lasting impact on Chinese artists.

Chinese tennis star Zheng Qinwen eased past 71st-ranked Kamilla Rakhimova of Russia with 6-1, 6-1 in the second round of a highly anticipated match at the China Open on Saturday. 

The match attracted more than 12,000 fans to the 15,000-capacity Diamond Court at the National Tennis Center in Beijing. 

Making her debut at this year's China Open thanks to a first-round bye as the fifth seed, Zheng said she was satisfied with her performance on Saturday after suffering frustrations since the US Open.

"I'm very satisfied with today's overall performance. I always practice with male players during training, and I often get beaten, which is frustrating, but today's match went really smoothly. I haven't had such a smooth match in a long time, especially since every match at the US Open was tough," Zheng said after the match. 

"I was surprised to see so many fans at the venue today, and I really appreciate everyone's support. I hope I can go further in the China Open, so you all can have more opportunities to watch me play."

Saturday's match was only Zheng's second appearance in the tournament after a surprising first-round exit in 2023. Zheng is currently ranked No.7 in the world, going up from world No.23 at this time same time in 2023. 

Zheng will take on 25th seed Dayana Yastremska of Ukraine in the third round. 

Zheng has expressed a desire to shift her focus away from the overwhelming glow of her Olympic gold medal in the women's singles and instead focus on her WTA Tour events, as her objective for the rest of the season is clear: to secure a spot in the year-ender WTA Finals. 

Zheng currently sits at No.9 in the Race to the Finals, trailing US players Emma Navarro and Danielle Collins by 498 and 108 points, respectively. 

Zheng's Finals campaign was made easier ahead of Saturday's match after compatriot and veteran Zhang Shuai defeated Navarro on Friday in the first round.

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.