China's central bank on Sunday adjusted the pricing mechanism for mortgage rates, as the country aims to lower the financial burden on property owners. In accordance with the central bank's guidance, China's "big four" commercial banks issued statements confirming that they will adjust the interest rates on existing personal housing loans.
As part of a broader effort to stabilize the real estate sector, the policy adjustment will also help to boost consumption, adding to the optimistic sentiment in the market, analysts said.
The People’s Bank of China (PBC) announced on Sunday a significant reduction in mortgage rates for existing home loans, with an average estimated reduction of 0.5 percentage points, CCTV reported.
The adjustment aims to align the rates of existing loans with the national average for newly issued mortgages, thereby easing the interest burden on borrowers, the PBC said.
Commercial banks are required to carry out the adjustments for eligible existing mortgages by October 31, the PBC said.
Following the announcement from the central bank, China's "big four" commercial banks issued statements confirming that they will adjust the interest rates on existing personal housing loans in accordance with the central bank’s guidance.
“The adjustment of the existing mortgage interest rates has a very positive guiding effect. The reduction in monthly payments should have a positive impact in boosting consumer confidence,” Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times on Sunday.
Additionally, commercial personal housing loans will no longer differentiate between first-time and second-time home purchases. The minimum down payment requirement is now set at no less than 15 percent, the PBC said.
First-tier cities including Shanghai, and Guangzhou and Shenzhen in South China’s Guangdong Province all eased their property policies on Sunday.
Shenzhen announced that the minimum down payment ratio for commercial personal housing loans for first-time homebuyers will be adjusted to 15 percent.
Shanghai introduced seven new policies aimed at stabilizing the real estate market, effective from October 1, 2024.
Highlights among the measures include easing purchasing restrictions for non-resident families and individuals. Specifically, the requirement for continuous payment of social insurance or personal income tax has been adjusted to a minimum of one year prior to the purchase date for those buying homes outside the city’s outer ring.
Furthermore, the minimum down payment ratio for commercial personal housing loans for purchasing first homes in Shanghai has been set at no less than 15 percent, while for second homes it has been adjusted to a minimum of 25 percent.
Guangzhou also issued a notice on Sunday saying that all purchase restrictions for local families buying housing in Guangzhou will be lifted, CCTV reported.
The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Thursday to analyze the country’s current economic situation and make further plans for economic work.
Regarding the real estate market, efforts must be made to address public concerns, adjust housing purchase restrictions, reduce existing mortgage rates, improve land, fiscal and taxation, financial and other policies, and promote the formation of a new model of real estate development, the meeting concluded.
The Ministry of Housing and Urban-Rural Development said in a meeting on Sunday that it will support cities, especially first-tier cities, in effectively utilizing their independent real estate market regulation, and will adjust housing purchase restrictions based on local conditions.
It is expected that the pace of adjustments in housing policies across the country will accelerate. These new measures are expected to foster a positive trajectory for the real estate market, laying a solid foundation for continued development, Yan said.
China has long been committed to addressing global climate change and promoting sustainable development through technological innovation and international cooperation. Recently, the Global Times reporter Shan Jie (GT) interviewed Guo Huadong (Guo), an Academician of the Chinese Academy of Sciences and the Director-General of the International Research Center of Big Data for Sustainable Development Goals (CBAS), to discuss the role of big Earth data in helping Small Island Developing States (SIDS) achieve sustainable development and improve their disaster response capabilities. GT: How do you view the role of big Earth data in helping SIDS to achieve sustainable development goals and enhance disaster response capabilities? What kind of support can the CBAS provide to these countries?
Guo: We have been done a lot of work in the field of big data technology, and it is widely recognized that big data plays a crucial role in helping SIDS achieve their sustainable development goals and address the challenges of natural disasters.
Moreover, resources are also changing. Through big Earth data, we integrate various data sources, including satellite remote sensing, meteorology, and ecology, to offer a comprehensive, timely, and accurate means of monitoring and analyzing ecological environments and natural disasters. This plays a significant role in facilitating sustainable development goals.
The challenges faced by SIDS make big data especially important. Our research center can contribute significantly in several ways. First, these countries lack data in their development processes, whereas our center has abundant big Earth data resources. Second, these countries also lack methodologies, but we have established a scientific big data platform and identified that our satellite data resources have significant advantages in terms of technological tools and model development. Third, these countries lack the relevant talent, and we can provide training.
Our center has five major missions, with the fourth and fifth missions focusing on training talent in developing countries. The Small Island Developing States Capacity Building Workshop on Utilizing big Earth data for Sustainable Development Goals (SDGs) is one such example of our specific efforts in this regard.
In conclusion, big Earth data provides strong support for SIDS in addressing climate change and promoting sustainable development. We are committed to continuing to drive technological innovation and capacity building in this area, supporting these nations achieve safer and greener development.
GT: In September, you and your team released a series of data products for SIDS covering marine and land heatwaves, coral bleaching thermal stress, and etc. What new products will be released in the future?
Guo: Climate change has triggered a series of disasters, which are key global concerns and have a significant impact on sustainable development. Our big Earth data research focuses on greenhouse gases, particularly carbon dioxide and methane emissions, as well as the carbon sequestration capacity of natural ecosystems. In terms of natural disasters, we monitor global floods, droughts, heatwaves, and other disaster types, and analyze the impact of these disasters on populations and economies using spatial information. The released global mangrove remote sensing product has already played a role in combating climate change and promoting sustainable development.
To address global climate change and disaster challenges, we have made contributions in greenhouse gas emissions and natural disaster monitoring. For example, despite the increasing trend of global meteorological droughts, severe drought impacts have decreased due to human irrigation efforts, which shows the vital role of irrigation in mitigating drought. Looking ahead, climate change will continue to pose a long-term threat to humanity.
Recently, we collaborated with scholars worldwide and published an article in Innovation from the perspective of global governance, proposing a synergy between climate change responses and sustainable development goals, aiming to enhance efficiency and reduce costs. GT: You have witnessed the development of China's remote sensing technology alongside the nation. Could you share your observations and insights?
Guo: The development of remote sensing has been synchronized with China's reform and opening-up. China's reform began in 1978, the same year we started large-scale airborne remote sensing experiments, such as the Tengchong Airborne Remote Sensing Experiment, which used domestically developed payloads to observe resources in Tengchong, Southwest China's Yunnan Province. This experiment marked the beginning of China's remote sensing history.
After that, our remote sensing communities conducted environmental remote sensing in the Beijing-Tianjin-Hebei region in North China, followed by remote sensing for site selection for the Ertan Hydropower Station in Southwest China's Sichuan.
We refer to these three projects as the "three major battles," which officially opened the chapter of China's remote sensing history.
At the same time, China's reform and opening-up also unfolded. Therefore, I have always believed that remote sensing has progressed in tandem with China's reform and opening-up. Over the last 46 years, China's remote sensing technology has made significant advances. In satellite remote sensing, China has developed meteorological satellites, ocean satellites, resource satellites, and environmental satellites, and even sustainable development satellite and other scientific satellite systems, with commercial satellites developing rapidly as well. The progress is not only in spaceborne remote sensing but also in airborne remote sensing and remote sensing data processing software.
These remote sensing technologies have been applied extensively in resources, environment, energy, and other fields, achieving significant progress. China has become one of the global leaders in remote sensing technology, which has played a crucial role in monitoring resources and the environment, supporting national economic construction, social development, and national security.
International cooperation has also been integral to the development of remote sensing. In 2016, I initiated the Digital Belt and Road program(DBAR), aimed at leveraging digital technology to promote the Belt and Road Initiative. Initially, 28 countries participated, and it has now expanded to 59 countries with nine international excellence centers. Remote sensing has played a vital role in advancing global cooperation and development.
I also launched the "ABCC Plan," a comparative study of climate change remote sensing involving Australia, Brazil, China, and Canada. The aim of this plan is to utilize these countries' remote sensing capabilities to analyze and compare the impacts of global climate change.
GT: After years of working with remote sensing satellites as your "eyes" to observe the Earth, how do you view the improvement of China's ecological environment?
Guo: The improvements are clear. We often refer to remote sensing satellites as the "eyes in the sky," which offer a broader perspective than our human eyes. Remote sensing technology can observe objects across the full spectrum of electromagnetic waves, enabling effective observations even at night. For example, remote sensing satellites can detect not only the presence of water, but also analyze its transparency. High-resolution satellites can even accurately determine how many solar panels and wind turbines are installed in China.
Every year from 2019, we write a report entitled Big Earth Data in Support of Sustainable Development Goals. These reports provide detailed assessments of progress toward sustainable development goals through big data analysis. For example, in 2023, we found that China had achieved more than half of the total environment-related sustainable development goals ahead of schedule, with over 52 among 92 indicators showing significant improvement. This is especially impressive given the global context of climate change, the pandemic, and economic slowdowns. GT: What role do you think digital Earth plays in global sustainable development? What are the main challenges in its practical application and promotion?
Guo: The concept of digital Earth was proposed at the first International Symposium on Digital Earth in 1999. When a journalist asked me how I would describe digital Earth, I replied: "Digital Earth is about putting the Earth into a computer." Digital Earth gives us a comprehensive view of the Earth. As the concept of big data has evolved, digital Earth has entered the era of big data.
Big data offers a new paradigm for digital Earth. Its primary task is to use various algorithms and tools to extract knowledge from diverse, massive, and complex Earth data, develop relevant theories, and explain the mechanisms of social and physical systems to ensure the protection and sustainable development of the Earth. This is critical for achieving global sustainable development goals.
The challenges mainly lie in several areas: First, we need to strengthen research on theories, technologies, and methodologies to drive science and technology development through data. Second, with the rapid development of artificial intelligence and deep learning, data processing technologies must continuously innovate. Furthermore, it is essential to make our scientific platforms and data model resources accessible globally, especially for developing countries. In the future, we will build think tanks that leverage global resources to accelerate the realization of sustainable development goals.
GT: How does CBAS contribute to national and international sustainable development progress?
Guo: Since its inception, the center has achieved numerous accomplishments. We successfully launched China's first sustainable development science satellite, equipped with thermal infrared, glimmer, and multi-band imagers. The satellite data has been well utilized, with users from 104 countries worldwide downloading our data through SDGSAT-1 Open Science program, continuously promoting global data sharing.
Our data is already being used by several United Nations agencies, including the United Nations Environment Programme (UNEP) and the Food and Agriculture Organization (FAO). Additionally, our reports on Big Earth Data in Support of the Sustainable Development Goals arereleased by state leaders at international events. For instance, the 2019 report was one of four official documents submitted by China's delegation to the 74th session of the United Nations General Assembly.
The center has made significant contributions to international cooperation as well. We have signed memoranda of understanding with various UN agencies, such as UNEP and FAO. The center's SDGSAT-1 has been highly recognized by the central government and is listed as one of China's seven major actions to implement the 2030 Agenda.
We have also initiated the Internaional Forum on Big Data for Sustainable Development, Goals (FBAS) which has now been held for four years and has become a high-level think tank in the field of sustainable development around the world. The center has established a global cooperation network, attracting eight international institutions and six domestic partners. We also formed a Fellowship program comprising internationally renowned scholars, including former presidents of the UN General Assembly and former directors-general of UNESCO, which has greatly enhanced the center's international influence.
In 2023, Csaba Krösi, the President of the 77th United Nations General Assembly, visited the center and said he saw the most advanced technologies and achievements, and found like-minded partners. He said that his dream had come true that day, which was a great recognition of our work.
GT: What is the state of global data sharing? Are there still barriers?
Guo: In terms of data sharing, we have always believed that if data cannot be effectively shared, the potential of big data cannot be realized. Therefore, since the center's inception, we have attached great importance to data sharing. Our first sustainable development satellite has achieved global open sharing, and 104 countries are now using our data.
I want to emphasize that while our satellite investment is not large, it has already provided significant data support to many countries. For instance, out of the 193 UN member states, 104 have used our data. More than 100 research papers have been published using our data, which is also a recognition of the scientific value of our work.
Moreover, based on these data, we have released several reports for the United Nations and signed cooperation agreements with several international organizations to promote global data sharing and application.
GT: What replicable and scalable experiences can be drawn from the SIDS training program?
Guo: Although the number of SIDS is limited, they face common challenges, especially the threats posed by climate change and rising sea levels. The United Nations places great importance on these countries. In facing these challenges, they have a strong need for data and technical support.
We provide data support and technical training for small island countries. For instance, we promise to offer the data they need and help them compile relevant reports. Through the training workshops, they have learned how to access and analyze big Earth data, enhancing their capacity to respond to climate change and disasters. This training model can be extended to other developing countries.
Overall, the experiences from the SIDS training program can serve as valuable references for other developing nations, helping them address climate change and achieve sustainable development through data-driven solutions, capacity building, and international cooperation.
A launch ceremony for two new law enforcement vessels, namely the new command vessel No. 53108 and the high-speed patrol law enforcement vessel No. 53117, was held recently by the Yunnan provincial public security department's water patrol headquarters in Menghan town of Jinghong, Southwest China's Yunnan Province, marking the official completion of the fourth generation of law enforcement vessels for the Mekong River joint patrols and law enforcement missions by China, Laos, Myanmar and Thailand, the Xinhua News Agency reported on Thursday.
Compared with the existing law enforcement vessels, the performance of these two vessels, and their functions have been enhanced and expanded, Xinhua reported. Once commissioned, they will provide enhanced support for the joint patrols and law enforcement missions of China, Laos, Myanmar, and Thailand along the Mekong River.
According to Xinhua, to meet the requirements of joint Mekong River patrols and law enforcement missions for the new era and considering the hydrographic characteristics of the Lancang-Mekong waterway, the Yunnan authorities took the lead in designing and supervising the construction of these two vessels.
Construction of the two vessels began on April 1, 2024. According to the mooring test plan, the two vessels will sequentially undergo performance tests for various equipment, and will be commissioned for deployment accordingly.
The latest Mekong River joint patrol by China, Laos, Myanmar, and Thailand concluded on June 21, 2024, which covered over 630 kilometers and involved 130 law enforcement personnel.
The Mekong River, also known as the Lancang River in China, is an important waterway for cross-border transportation. Since December 2011, the four countries have been conducting cooperative river patrols, according to Xinhua.
On September 20, State Grid Taizhou Electric Power Company successfully completed a 10kV power generation operation and live-line work on a tension-proof lead wire in the Medical and High-Tech Zone of Taizhou city, Jiangsu Province, through a medium- and low-voltage coordinated operation without power interruption, using a "live-line-led, power generation-supported" maintenance method. This ensured continuous power supply to nine public transformers along the line and facilitated the smooth implementation of the underground wiring project for the North Yangtze River High-Speed Railway.
It has been reported that the North Yangtze River High-Speed Railway, also known as the Shanghai-Nanjing-Hefei High-Speed Railway is a key line of the Yangtze River corridor, one of the main routes in China's "eight vertical and eight horizontal" high-speed railway network. It is also an important part of the coastal and Beijing-Shanghai auxiliary routes. The railway-related road projects in downtown Taizhou, Jiangsu Province, are crucial supporting facilities for leveraging the economic impact of the Shanghai-Nanjing-Hefei high-speed railway along the Yangtze River. They are significant for accelerating the construction of the urban development framework, improving the regional road network structure, and reserving space for the city's future development.
To ensure the relocation and modification project, State Grid Taizhou Electric Power Company promptly sent its key personnel to the site, conducted site surveys, and discussed plans with multiple parties. Taking into account the actual situation, including historical line load data, load forecasting results, and the current road conditions, the company ultimately decided to adopt a "transfer + live-line + power generation" approach to minimize the impact on the power supply during the construction period.
State Grid Taizhou Electric Power Company also took preemptive measures such as converting load-bearing straight poles into tension poles and installing on-pole switches, to prepare for live-line work and power generation operations. On the day of construction, one medium-voltage generator truck and three low-voltage generators were mobilized to the site. Through a coordinated medium- and low-voltage power generation approach, the normal operation of nine transformers was thus ensured.
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.
"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. To love reading and enjoy reading is to love life and enjoy life.
When we immerse ourselves in the pages of a book, we are transported to worlds beyond our own, gaining insights into the human experience and expanding our understanding of ourselves and others.
Reading can fill our lives and purify our souls. I enjoy reading and I love life. I enjoy reading Chinese classics such as the Four Great Classical Novels of Chinese literature. Exploring the mythical and wonderful stories of demons and monsters in Journey to the West and experiencing the boldness of martial arts heroes in the Water Margin.
I also like to reflect upon the wars and turmoil during the historical period in Romance of the Three Kingdoms, while in Dream of the Red Chamber, I witness the prosperity and the ephemeral nature of the world.
Reading allows us to explore different perspectives, challenge our beliefs, and cultivate empathy. It is through stories that we connect with the past, envision the future, and find meaning of the present.
As we turn each page, we uncover not only the stories of others but also the deeper layers of our own identity. Books become mirrors that reflect our thoughts, fears, and desires, while serving as windows that open up to the vast world beyond our immediate surroundings.
In the quiet solitude of reading, we find a sanctuary - a place where we can confront our doubts, find comfort in shared experiences, and discover new passions.
To love reading is to embrace curiosity, to seek knowledge, and to nurture the soul with the richness of words. In this way, the act of reading becomes not just a pastime, but a vital part of living fully, with awareness and purpose.
The joy of reading is also found in the unexpected journeys it offers. A book can lead us down paths we never knew existed, introducing us to ideas that challenge our perceptions and inspire change. It is in these moments of revelation that we feel truly alive, energized by the discovery of new possibilities.
I also enjoy reading foreign classics and learning about the colorful lives portrayed by foreign writers. For example, The Chameleon by Anton Chekhov vividly satirized the shady phenomena of society at that time.
Another book called Jane Eyre tells me the life of the protagonist Jane Eyre and depicts her character. The story is written like an autobiography, making it the best self-monologue in the world. In the book, I was able to grasp the courageous character of a woman, and reflect on what empowers a woman is never the co-dependence on her family nor husband, but her own intellect and intuition.
To love reading is to continually seek growth, to feed our imagination, and to stay connected with the essence of what it means to be human.
It is an act of self-care, a way to nourish our minds and spirit, and a reminder that, in every story, there is something to be learned, savored, and cherished.
Through reading, we find companionship and a deeper connection to the world - a connection that enriches our lives.
Reading is a skill that can be continuously improved, allowing us to gain more from each book we pick up. In order to read better, I will try to consider why I am reading a particular book or text in the future.
The author is a student at Beijing National Day School
Chinese animated show Zhanshen debuted on Chinese streaming platforms on July 31. Two days later, the first episode had received over 100,000 likes on TikTok, with numerous discussions in various languages such as English, Thai, Indonesian and Russian. They were mainly two questions: "Where can I watch this new animation?" and "What is the name of this animation?"
Long and difficult to understand, Chinese names are often the first threshold foreigners must overcome to appreciate Chinese animation.
It is not a big problem as foreign followers can always reach an agreement on "what name" to call a work before the official English name is released. In this case they have settled on Battle through the Heavens, which is easier to remember and becomes a key to unlock the code of Chinese culture.
Together with #C-dramas, hashtags used by overseas followers like #donghua (cartoons), #xianxia (Lit: immortal heroes) and #Chinatravel are trending on overseas social media and video platforms like TikTok and YouTube.
Under them, millions of short videos and billions of views and likes prove that online novels, streaming dramas and animated works are becoming China's name card in the era of digital culture. As of August 1, the "C-drama" hashtag has about 1.8 million works on TikTok. If other entries such as "Chinesedrama" or "dramachina" are added, the total number of works exceeds 4 million.
Outside the English-speaking world, Chinese TV series have also gained a large number of fans. Vietnamese, Thai, Russian and other users not only learn about and discuss their favorite Chinese dramas in English, but also create introductions in their own languages. Besides this, they also voluntarily translate hit TV series into multiple languages.
Thanks to them, donghua, manhua (Chinese comics), xianxia, and wuxia (martial heroes) have turned into hashtags, sparking interests among more and more Gen Zers globally.
Quite different from the way Japan and South Korea's culture has expanded overseas, Chinese online novels, animations and streaming dramas' popularity overseas has been developing based on traditional Chinese culture right from the very beginning.
"Wuxia" and "xianxia" first became hits because these works inherit the style of ancient Chinese fantasy novels and martial arts novels, and incorporate Taoist culture while being full of fantasy elements and descriptions of love, friendship, and faith. In terms of visual presentation, from background drawing to character modeling, they also clearly highlight Chinese landscapes, ink techniques, East Asian looks and China's traditional clothing. Such cultural barriers have not blocked hardcore fans. Instead, they have discussions and recommend works to each other.
The world of xianxia opened by the cooperation of online literature and animation is full of not only unique cultural accumulation and magnificent imagination, but also unique visuals. Different from 2D animated movies in Japan, most Chinese tales and comics are produced in 3D.
Overseas fans can be regarded as an unexpected gain for China's cultural industry. Although China's major streaming sites have overseas platforms, most content, including streaming dramas and animated works, are not released overseas until they have finished their domestic runs.
Different from Japan and South Korea's strategy of creating content based on overseas culture, creators in China are encouraged to produce specialty content inspired by China's fine traditional culture.
The success of China's culture industry comes from the clustered industry model and "team battle" strategy when it comes to using IP. Many tech giants like Tencent have different major business sectors, ranging from online literature to film and television, animation and e-sports. After a category or IP makes a breakthrough, companies can quickly react to enlarge the IPs influence and establish a better reputation.
Overseas fans have also gradually become accustomed to the concept of having a single IP extend across novels, animation and streaming dramas. With this in mind, they actively look for more Chinese cultural works.
As more and more travelers visit China, many become more curious about Chinese culture. It seems that the hashtag #Chinatravel has added its magic to introducing the charm of Chinese culture. The unexpected overseas success of Chinese online novels, streaming series and animation reveals the unique charm of Chinese culture, expression and lifestyle.
