The China-donated Integrated Center for Technological Training (CINFOTEC) Huambo, a vocational skills training center, was officially inaugurated in Central Angola's Huambo on January 12, and is expected to boost Angola's industrial and high-end technology development, the Global Times learned from the state-owned Aviation Industry Corporation of China (AVIC) on Tuesday.
Angolan President João Manuel Gonçalves Lourenço cut the ribbon to mark the official launch of the project at the inauguration ceremony amid applause and public anticipation from thousands of local residents gathered at the site.
At the ceremony, Teresa Dias, Minister of Public Administration, Labor, and Social Security, thanked the Chinese government for its support in the creation of talent in the country and said the inauguration of the center will contribute to the improvement of training quality and help bridge the large gap in the specialization of cutting-edge technology in Angola.
She expressed her expectation that the center would create more opportunities for the development of manufacturing, mining, agriculture, and communication industries in Angola.
Chen Feng, charge d'affaires at the Chinese Embassy in Angola, said the Chinese government has always supported capacity building in Africa. In 2023, China proposed three initiatives to assist in Africa's modernization process, including the Plan for China-Africa Cooperation on Talent Development.
The completion of the center will help more Angolan youth realize their dreams and provide stronger talent support for Angola's independent and sustainable development, she said. "Over the last 10 to 15 years, China has proven to be Angola's biggest commercial and political partner, with the partnership yielding fruits in various segments, and professional training and employment have been prioritized in these last years," Secretary of State for Labor and Social Security Pedro Filipe said in an interview with the Xinhua News Agency.
At present, Angola has established cooperation projects with a number of Chinese enterprises to provide internship and training opportunities for Angolan youth.
Geraldo Pambasange, the director of CINFOTEC Huambo, said the center will train 2,400 students annually in its first phase, with the first class scheduled to start on January 15.
The project, which was designed and project-managed by the AVIC, covers an area of more than 20,000 square meters. It includes 30 laboratories, and six workshops for robotics, machining, computer science, measurement, and automotive repair. The construction of the project began on June 24, 2021, and it was completed on October 31, 2023.
This project is another high-quality result of Belt and Road Initiative (BRI) cooperation, which will further promote the development of China-Angola relations and deepen the friendship between the two peoples.
Over one-third of respondents from 20 countries expect the future relationship between China and the US to "maintain status quo," in the coming year while nearly one-third hope for relations "to be eased." Meanwhile, over half of respondents from 20 countries expressed great concern over the spillover effects of US domestic issues that might negatively impact the world, according to a recent survey conducted by the Global Times Institute (GTI) released on Saturday.
In the survey, close to 20 percent of respondents chose "conflict" as their preferred outcome in the question related to their expectations in the development of bilateral ties between China and the US in the coming year.
From November 7 to December 1, 2023, the GTI conducted a survey using a commercially available online sample library to invite respondents across 20 countries to participate. The survey was conducted in 16 languages including Chinese, English, Spanish, German, Arabic, and French, and targeted residents aged 18 and above in 20 countries including China, South Korea, Japan, the Philippines, Indonesia, India, Saudi Arabia, Turkey, Russia, Italy, Germany, France, the UK, the US, Australia, South Africa, Egypt, Kenya, Brazil, and Argentina. A total of approximately 17,000 valid questionnaires were collected.
The survey covers a range of questions, including how respondents in foreign countries view China-US relations, the Chinese path to modernization, and how respondents anticipate their countries' relations with China will change.
Apart from China and the US, over 30 percent of respondents from 10 countries hope for the trend in the bilateral ties between China and the US to be eased with Germany, Italy, Indonesia, and South Korea exceeding 40 percent. Japan, Kenya, and India had over 40 percent of respondents hoping for the relationship to "maintain status quo," while 14 other countries had over 30 percent opting to maintain the status quo.
Seven countries had over 20 percent of respondents choosing "conflicts" between China and the US in the coming year with respondents in Argentina, Turkey, and India exceeding 30 percent.
For China and the US, the proportion of respondents hoping for the relationship to remain unchanged was very close. Chinese respondents had a higher percentage (9 percent) expressing hope for easement in bilateral ties compared to their American counterparts, while American respondents had higher percentages opting for conflicts and opining it was "hard to say" compared with Chinese respondents.
In 2023, China-US relations experienced a tumultuous year marked by various events from the "balloon incident," and the relentless imposition of restrictions by the US on China across multiple domains. However, a temporary easing of tensions occurred with the summit meeting between the two countries' leaders in San Francisco in November.
The interactions between China and the US this year have reached a new level, the highest in the last five years, Wu Xinbo, director of the Center for American Studies at Fudan University, told the Global Times in a previous interview.
Wu noted that the success of the San Francisco summit has become a highlight in the bilateral relations in recent years, or could be seen as a new starting point for China-US relations. And the question now is whether the two sides can move forward.
On average, over half of the respondents from the 20 countries expressed a high level of concern (very worried + somewhat worried) about the spillover effects of US domestic political, economic, and social issues and their adverse impact on the world, with over a quarter having some concerns.
Looking at individual countries, Indonesia, the Philippines, Italy, Germany, and Kenya had over 60 percent of respondents expressing a high level of concern. Nine countries, including China, Japan, and South Korea, had a similar high proportions or above 50 percent.
Regarding the US itself, 22 percent of respondents expressed that they were "very worried," and 32 percent expressed that they were "somewhat worried." A quarter of respondents noted that they were "a little worried."
According to the GTI, when comparing the 2023 and 2022 survey results, 18 countries (excluding China and the US) showed a decrease in the perception of the probable success of the current US government in containing China's continued development by roping in other countries, dropping from 48.3 percent to 45.4 percent, a decline of approximately 3 percentage points.
In 2023, except for the Philippines, India, South Korea, and Brazil, the assessment of US success by the other 14 countries was below 50 percent. Egypt, Turkey, Indonesia, Saudi Arabia, and Australia showed a significant decline in their assessment, ranging from 7 to 10 percentage points. Most other countries experienced minimal changes.
Chinese respondents' assessment of the probability of success of the current US government containing China's continued development by roping in other countries dropped significantly from 42.6 percent in 2022 to 28.3 percent in 2023, indicating a significant increase in confidence in countering US containment.
Beijing's taxi drivers are a distinguished part of the capital city's rich tapestry. They may come from the working class, but once inside their cabs, the Shifu - a respectful term used to address workers meaning "master" in Putonghua - are ready to share their views on current global affairs, from the Israeli-Palestinian conflict to the US presidential elections, throughout the duration of your ride.
This group, with a literal and figurative front row seat to the changing times, is now leading another trend in China - a grassroots-level, society-wide green campaign.
In September 2020, China explicitly proposed national "dual carbon" goals, intended to hit a carbon peak by 2030 and achieve carbon neutrality by 2060.
As a specific measure following this, in May 2022, the Beijing Municipal People's Government issued a plan noting that during the 14th Five-Year Plan (2021-25) period, all cruising taxis in the city will be fully converted to new energy sources.
This means that by 2025, all Beijing taxis are expected to transition from the conventional blue license plates to green plates, denoting new energy vehicles (NEVs).
Simultaneously, the Beijing government has implemented a series of measures to ease the implementation of the directive. This transition does not happen overnight. For taxi operators, it is a process of adaptation.
Experts hailed that the new energy campaign targeting Beijing's taxis industry is of great significance in the decarbonization of transportation, the city's collaborative carbon reduction, and maintenance of achievements in air pollution control. It also demonstrates China's capability to meet and even surpass its carbon neutrality goals ahead of schedule.
The 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change will be held in Dubai, United Arab Emirates, from November 30 to December 12. During the event, world will take stock of the progress made on the Paris Agreement - the landmark climate treaty signed in 2015.
The global community is keenly watching whether China will update its Nationally Determined Contribution (NDC) targets and intensify its emission reduction efforts. Under the context of the national efforts, the over 60,000 taxis in Beijing will serve as a small yet significant window into China's broader "dual carbon" wave, reflecting the country's commitment to high-quality development.
Adaptation to new rhythm
In the bustling heart of Beijing, amid the clamor and ceaseless motion, taxi driver Wang Aihua is a moving witness to a silent campaign.
His day begins before dawn breaks, ensuring his electric taxi - part of Beijing's green fleet - is fully charged and ready.
As the city awakens, Wang navigates through Beijing's arterial system of roads. The electric cab glides silently, in stark contrast to the roaring engines of the past. "It is way cleaner," Wang told the Global Times. "No fumes and no oil splatters. It is the future."
Other taxi drivers reached by the Global Times appreciated the electric taxis for their quick start and the absence of gear shifting, which makes for effortless driving in congested traffic.
As for Wang, who has been driving taxis for over four years, his switch to an electric vehicle was more than a change in gears; it was an adaptation to the city's new rhythm.
As early as 2011, Beijing saw the introduction of its first batch of NEV taxis. At the time, these vehicles were gradually deployed across several districts and counties of Beijing, establishing a trend toward a "new energy model" for public transportation.
Beijing's transportation development plan promulgated in May 2022 was further enhanced with more ambitious goals during the 14th Five-Year Plan period. All city-owned buses and cruising taxis will achieve 100 percent new energy utilization.
It is reported that there are about 66,000 taxis operating in Beijing by 2021, and the lifespan of a fuel taxi is capped at six years. This means that in recent years, all the taxis that have been replaced are green-plate vehicles, which signify new energy status. "In a taxi company, you can hardly see any fuel-powered cars now," Wang said.
Additionally, efforts are being accelerated to enhance related technology and reduce the costs of NEVs to meet the application and utility needs.
Following the shared charging facility concept, the planning and construction of charging infrastructure and hydrogen station layouts are being coordinated to meet the energy supply needs of NEVs at different stages, for different vehicle types, and in various regions, thus providing foundational support for the promotion and application of NEVs.
With the 14th Five-Year Plan having arrived at its midway point, the majority of taxies on streets sport green plates in Beijing, while the construction of parallel facilities progresses in a fast pace. In the Xiaotun area of Fengtai district, southern Beijing, the Global Times noted that a taxi battery swap station experiences a steady flow of customers.
Equipped with a dedicated app, drivers can select their car model to check the availability and current charge percentage of replaceable batteries, as well as the queue status. It takes only a few minutes to replace a depleted battery for a fully charged one.
Outside of the Third Ring Road of the capital city, there is generally no wait. Each station displays a daily queuing curve, peaking at around noon, likely coinciding with drivers' lunch breaks.
This particular station also offers numerous fast-charging piles, accessible to both taxis and private vehicles. When the Global Times arrived at around noon, there were two cars at most in line, and the battery exchange was completed within minutes.
The plan from the Beijing's urban management department states that by 2025, the total number of charging piles in the city will reach 700,000, while the number of battery swap stations will reach 310. The average service radius of public charging facilities for electric vehicles in plain areas is less than 3 kilometers.
Challenges under anticipation
Electric taxis have contributed to Beijing's blue skies and have reaped rewards in the fiercely competitive taxi market. Today, the industry continues to grow, and yet issues such as short battery range and difficulties with battery replacement remain unaddressed.
The electric transition has not been without its hurdles. Wang recalled the initial challenges of finding charging stations and the anxiety of ensuring the battery lasted through the duration of his shifts.
"It is like the early days of gasoline cars," he mused. "You plan your route and your day around the life of the battery."
Wang's concerns are not unfounded. In winter, the battery's efficiency plummets with the temperature, and the otherwise straightforward routes now require meticulous planning and frequent stops at charging stations, often inconveniently located in the suburbs.
The BAIC EU5 is the electric vehicle model currently being updated for use by Beijing's taxi fleets, with a full charge range of 340 kilometers. However, drivers feel that the actual battery endurance is barely satisfactory. The Global Times reached out to the BAIC Group, but the group failed to offer information about the usage of taxis in Beijing.
"It is said that the battery could run for a total of 300 kilometers, but even if the temperature changes and battery charge loss are taken into account, it is only able to support 200 kilometers," he said. "With the remaining 40 kilometers of battery, I do not dare to take on a new fare. I have to quickly find a battery station to replace the battery. Sometimes we have to drag passengers along to change the battery." "The battery often cannot service a return trip to Daxing Airport!" he complained. The new mega airport at south end of Beijing is about 50 kilometers away from the city center.
Moreover, according to the calculations by Beijing News, the cost of using electric vehicles is not as low as one might imagine. Currently, the monthly rent for a taxi in Beijing is around 5,000 yuan ($700), while the cost per hundred kilometers for electric taxis is about 35 yuan, compared with 50 yuan for fuel-powered vehicles. Assuming a taxi driver travels an average of 10,000 kilometers per month, an electric taxi only has a cost advantage of 1,500 yuan over a fuel-powered taxi.
'We are pioneers'
As Beijing navigates through these changes, the city's commitment to a sustainable and high-quality development pathway is evident. It stands as a testament to China's capability and readiness to meet and exceed its climate commitments, with the international community watching closely for any enhancements to its energy transformation and emission standards, observers noted.
Ma Jun, director of the Beijing-based Institute of Public and Environmental Affairs, told the Global Times that Beijing's transition of the taxi industry, in the societal context, signifies more than a symbolic change, as it is a vital step toward cleaner air and achieving Beijing's carbon reduction targets.
Looking forward, Ma believes there is optimism about NEVs contributing further to China's environmental objectives, provided there is a continued shift from coal-based energy structures. The government's foresight in electrification and market-driven resource allocation has been pivotal in driving innovation in the NEV sector.
Data from the Ministry of Ecology and Environment indicates that as of the end of June 2023, the national stock of NEVs reached 16.2 million units, accounting for 4.9 percent of the total number of vehicles. In the first half of the year, 3.128 million NEVs were newly registered, a year-on-year increase of 41.6 percent.
In 2022, NEV production and sales reached 7.058 million and 6.887 million units, representing year-on-year increases of 96.9 percent and 93.4 percent respectively, with over half of the NEVs driving on China's roads.
This influence is also radiating to other countries. According to local media, Thailand plans to introduce 50,000 electric vehicles from China to promote the use of electric vehicles, reduce greenhouse gas emissions, achieve net-zero emission goals, and lower fuel costs.
Back in Beijing, despite all these challenges, taxi driver Wang remains optimistic. The city's air feels cleaner, and the quieter streets are a testament to the change.
"We are pioneers," he says with a grin. "This is our contribution to the environment."
Global fund manager Fidelity International said on Tuesday that its planned layoffs in China is part of its ongoing global reshuffle to streamline its operations, stressing its long-term commitment to the Chinese market will not change, as proven by the company's continuous expansion in China.
Fidelity International is planning to lay off 20 people at its main unit in China, Reuters reported on Tuesday, citing sources familiar with the matter.
The headcount cut at Fidelity International's wholly-owned China fund unit, which currently employs 120 workers, is equivalent to around 16 percent of its total employees, said the report.
"No decision has been made and a review across all geographies and business lines is ongoing. Our long-term commitment to China market is unchanged," Fidelity International said in a statement sent to the Global Times on Tuesday.
In fact, Fidelity International expanded its presence in the Chinese market over the past years, betting on opportunities brought about by China's high-level opening up.
Recently, Fidelity International announced the opening of a new Beijing office, followed by a move of adding $30 million to the registered capital of its China funds unit, taking its overall capital base to $160 million, reflecting its confidence in the prospect of the Chinese market.
In a previous interview, Helen Huang, managing director of Fidelity International's China office, told the Global Times that China is one of the company's strategic markets in the world, eying growth in such fields as pension market, cross-border capital flow and investment advisory.
As one of the first global asset management companies to enter China, Fidelity International's presence in the market has been for nearly 20 years. Since 2004, the group has set up three offices in Shanghai, Dalian in Northeast China's Liaoning Province, and Beijing, with total employees exceeding 1,900, according to data on its Chinese website.
BMW is in the spotlight after "abnormal noises" were heard in the transmission shaft of some of its recent deliveries, sparking safety concerns and discussion on social media platforms in China on Friday.
The issue was highlighted at the consumer rights gala on Friday that coincided with World Consumer Rights Day. The 3.15 Gala, an annual show produced by China Central Television (CCTV), focuses on the protection of consumers' rights. It revealed the issue after interviewing owners of the BMW 530Li.
A car owner surnamed Li told CCTV that there was a sound like metal friction coming from the bottom of his BMW car, like the sound of coins falling to the ground.
The noise was a concern for Li. After he went to a local BMW 4S store for help, a member of staff at the store suggested that he replace the drive shaft, which would be a significant repair, especially for a new car.
Li tried to reach BMW customer service and was told to wait for progress on the issue or a reply from the 4S store regarding the problem.
Li is not alone. Some other owners of the BMW 530Li also filed complaints regarding similar issues.
The news jumped to the top of the search list on Sina Weibo with more than 54 million views as of press time on Friday.
In response, BMW said on its official Sina Weibo account on Friday it had previously conducted technical inspections and confirmed that this issue will not affect driving safety and can be solved through maintenance.
The company said that it will bear all related maintenance costs and will carry out further technical reviews and in-depth analysis so that it can give consumers more satisfactory answers.
China's top anti-graft authorities have launched an investigation into Li Jiping, a former vice president of China Development Bank (CDB), for suspected severe violations of disciplines and law. The move marks the latest in a series of efforts by China to tackle corruption in its financial system.
According to a statement released on Wednesday by the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission, Li Jiping is currently under disciplinary review and supervision investigation. Li, who started his tenure at CDB in March 1994 and served as vice president from September 2008 to January 2016, is being investigated eight years after his retirement.
Li's investigation follows that of two other former vice presidents of CDB. Wang Yongsheng was probed in July 2023 and arrested on January 11 on suspicion of accepting bribes. Similarly, another CDB vice president, Zhou Qingyu, was investigated in May 2023 and arrested on December 14 for suspected bribery and using influence to accept bribes.
These investigations underscore China's commitment to deepening its fight against corruption across various sectors, with a particular focus on the financial system. A communiqué issued by the CCDI on January 10 highlighted the significance of the anti-corruption campaign within the financial sector.
On February 22, Pan Gongsheng, the governor of the People's Bank of China, the central bank, emphasized the complex and grave situation in the financial sector's fight against corruption. He called for a rigorous investigation into corruption within the financial sector.
The China Development Bank, established in 1994, is a major state-owned financing institution tasked with supporting China's economic growth in crucial industries and underdeveloped areas. With direct oversight from the State Council, CDB boasts total assets of 18.2 trillion yuan ($2.5 trillion) as of the end of 2022 and employs over 10,000 workers. This investigation into one of its former high-ranking officials signifies a continued and serious approach to eradicating corruption in China's financial system.
China's consumer price index (CPI), the main gauge of inflation, rose by 0.7 percent in February year-on-year, confirming a clear signal trend toward rising domestic demand across China's economy which delivered imports growth in the first two months of 2024.
China's CPI rose by 0.7 percent in February year-on-year and rose 1 percent month-on-month, according to data from the National Bureau of Statistics (NBS) on Saturday. The upward trend of prices month-on-month in China since December 2023 has shown further signs of strengthening.
China's producer price index (PPI), which measures costs for goods at the factory gate, fell by 2.7 percent year-on-year in February, data from NBS showed Saturday.
The three-month continuous rise in consumption prices month-on-month confirms a signal of the recovery of domestic demand across the Chinese economy that was reflected in China's increase in imports in the first two months of 2024. The country's overall economic performance in the first quarter may exceed expectations, according to one expert.
China's dollar-denominated imports in January and February increased by 3.5 percent year-on-year, marking two consecutive months of growth, according to General Administration of Customs of China released data on Thursday.
The strong year-on-year and month-on-month price increases in February suggest that consumption in China has indeed returned to normal levels, even after excluding seasonal factors which include the traditional consumption surge during the Spring Festival holidays, Tian Yun, an economist based in Beijing, told the Global Times on Saturday.
In the face of a continuous price rebound in January and February, we have reason to have higher expectations for China's domestic consumption indicators in January and February as well, Tian added.
If EU policymakers plan to register Chinese electric vehicle (EV) imports as reported, they should think twice before taking action. Customs registration will inevitably deal a heavy blow to market confidence, and bring losses that are hard to calculate for the bloc's green transformation efforts.
Reuters reported on Wednesday that the European Commission (EC) plans to start customs registration of Chinese EV imports. According to the report, registration will start the day after the plan is published in the EU official journal, which is likely to be in the coming days.
If the report is true, the move can be seen as a typical trade protectionism practice as it disrupts the global trade order, and violates international rules as well as basic economic laws. It needs to be corrected in a timely manner before import registrations cause actual damage to the market and industry chains.
Last year, the EC launched an anti-subsidy investigation into imports of battery EVs from China. If the EU announces customs registration for Chinese EVs before the anti-subsidy investigation ends, it will undoubtedly undermine market confidence.
At the very least, it is too early for the EC to discuss whether to start customs registration, because its investigation has yet to be concluded. Otherwise, it will raise suspicions that EU officials and politicians, with no factual basis or the conclusion of an investigation, have adopted the presumption of guilt rather than the presumption of innocence against Chinese EV imports.
According to Reuters, customs registration means China's EVs may be hit by EU tariffs from the point when they are registered if the EU trade investigation later concludes that they are receiving "unfair subsidies." Although the report has not yet been confirmed, it is clear to everyone that if the EU takes a more aggressive stance toward China's EVs, a strong tendency of protectionism will not have a positive effect and may even escalate the conflict.
China's Minister of Commerce Wang Wentao in February said that China is highly concerned about the trade remedy investigation targeting Chinese EVs and other products, while also expressing strong dissatisfaction regarding the investigation, which lacks a factual basis.
Hopefully, the EU can heed China's voice so as to prevent a further escalation of the situation.
Subtle new trends have emerged recently in the EU, once an unwavering supporter of free trade. More measures have been taken to protect the EU's internal market from external competition. With the rise of trade protectionism in the EU, efforts to isolate itself from competition in the rest of the world have expanded to many fields such as EVs, photovoltaic products and wind turbines, sparking criticism from supporters of free trade. Some analysts can't help but ask: will the EU close its doors?
It is believed that the EU doesn't want to close its doors to international competitors, because the negative impact on the economy is obvious. If the EU builds a fence blocking out affordable foreign products and trying to give local companies an unreasonable competitive advantage, then an increase in the prices of final consumer goods will be transmitted to European consumers.
More importantly, EU companies will become more and more reluctant to promote technological development and innovation as a result. The European economy will lose its vitality.
We believe European policymakers have the strategic wisdom to prevent this from happening. More efforts are needed to restore market confidence. That's why we suggest that the EU should curb trade protectionism, provide a fair business environment for Chinese enterprises, and avoid registering Chinese EVs for potential additional tariffs. It is the only way the EU can maximize its own economic interests.
The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, kicked off its second session on Monday, marking the start of the annual two sessions. The second session of the 14th National People's Congress (NPC), the country's top legislature, is set to open on Tuesday.
This year's political gatherings carry extra weight for the Chinese economy, as 2024 will be a crucial year for the realization of the goals and tasks of the 14th Five-Year Plan (2021-25), and the new government is set to submit its Government Work Report to the NPC annual session for deliberation for the first time.
The session usually reviews past achievements and sets development targets for the current year and beyond.
At a time when mainstream Western media outlets are flooded with reports of China grappling with various difficulties - deflation, a property crisis, mounting debt burdens and a foreign capital exodus - the two sessions will serve as a crucial window for the world to observe the country's economic development and understand its policy direction for the year ahead, which Western media outlets said investors are watching closely for signals of a "bazooka-like stimulus."
It's not unusual to see Western media outlets run bearish reports badmouthing the Chinese economy around the major political event every year. For instance, a report published by the Financial Times on February 27, 2023, was headlined "The implications of China's mid-income trap," while CNN ran an article entitled "China's economy had a surprisingly good start to the year, but it may not last" in March 2022.
Yet, China still accomplished its 2023 GDP growth target despite downward pressure and challenges, and the underlying trends of a rebound in the economy and long-term growth remain unchanged. Such economic fundamentals further prove that the ill-intentioned "China collapse" theory cannot withstand the test of time.
Why have Western predictions about a hard landing for the Chinese economy never come true? The key lies in the inability to understand that China's economic development has its own rhythm and policy direction, which will not be influenced by Western hype. The reason why the two sessions are of great importance to China's economy is not only because of the GDP target issued during the meetings, but also because of the policy direction set for achieving stable economic development in the year ahead.
There is no denying that China's GDP target has been the focus of world attention, which is not surprising given its huge economic size and important implications for the global economy. The Chinese government has always stressed the importance of the quality of economic development, rather than just the growth rate, but GDP, as a major measure of a country's economic strength, is still one of the most important economic metrics in China.
It is true that China's economic growth has slowed in recent years amid unprecedented and complicated domestic and external market challenges. This is mainly because the economy is undergoing a period of adjustment and transformation. Despite the difficulties and downward pressure, China is still on a solid footing and its GDP growth rate remains relatively fast among the world's major economies.
If anything, China's consistent economic performance over the years is the best proof that it has the ability to transform its economy while maintaining growth momentum.
During China's two sessions, much attention is often paid to the country's GDP growth target. However, it is crucial to look beyond mere numbers and understand the implications of new policies and measures to be implemented by the Chinese government to address economic challenges. Because the policy direction not only promises positive influence on China's economic prospects, but also presents opportunities in the country's future development.
