GT investigates: Nearly 90 percent of Chinese respondents believe US lacks sincerity in improving bilateral ties: GT survey

Editor's Note:

The year 2023 witnessed many changes in the international landscape and also saw more voices from the Global South on the global stage. It was also a year in which the US continued to forcefully impose its ideology on other countries, Japan's nuclear-contaminated wastewater dumping was internationally condemned, and the Palestine-Israeli conflict broke out, all posing diverse risks to global peace and stability. Conversely, in 2023, China made great strides in economic recovery and diplomacy, and unveiled significant technological breakthroughs.

In this year full of uncertainties, what was the common people's perspective on global issues? The Global Times Research Center recently conducted its 18th annual public opinion survey themed "How Chinese People View the World." Based on the survey results, China-Russia relations were considered to be the most important neighboring relationship for the fifth consecutive year. At the same time, nearly 90 percent of respondents believe that the US lacks sincerity in improving China-US relations, and more than half of the respondents believe that China should retaliate against US sanctions and targeted moves.

This is the second installment of the survey.
China-Russia relations rank top

The survey mainly collected data through online questionnaires using member invitations, and was conducted from December 4 to December 15, 2023. The survey sample covered 16 cities in the seven major regions of the Chinese mainland. The survey targeted ordinary Chinese citizens aged between 18 and 69. A total of 1,897 valid questionnaires were collected.

In response to the question "Among the following bilateral relationships, which three do you think are the most important for China at the current stage?" 58.8 percent of respondents chose "China-Russia relations," while "China-US relations" (51.8 percent) and "China-EU relations" (38.4 percent) ranked second and third respectively. China-Russia relations have ranked first for three consecutive years according to data.

In China's neighboring relations, those with Russia have been the most important for respondents for five consecutive years. This time, with a mention rate of 66.1 percent, it has become the most important neighboring relationship among respondents.

Zhao Long, deputy director of the Institute for Global Governance Studies at Shanghai Institutes for International Studies, told the Global Times that multiple factors make the relationship between China and Russia the most important neighboring relationship in the eyes of the public.

First, China and Russia are each other's largest neighbors, sharing a border that stretches 4,300 kilometers. The two countries have highly complementary economic structures, with China being Russia's largest trading partner for 13 consecutive years. Bilateral trade increased from $8 billion in the year 2000 to over $200 billion in 2023. Second, China and Russia engage in strategic coordination on major international and regional issues. Finally, the high level of mutual trust and cooperation between China and Russia naturally extends to the promotion of people-to-people exchanges and cooperation, Zhao elaborated.

In the face of the current complex international situation, the high-quality strategic cooperation between China and Russia highlights the resilience, vitality, and value of the bilateral relations, which is why the public pays attention to the two neighbors' relationship, he said.

In a previous exclusive interview with the Global Times, Russian Ambassador to China Igor Morgulov said that a shifting geopolitical landscape does not affect China-Russia mutual political trust.

"Under the strategic guidance of the leaders of our two countries, Russia-China relations have reached the highest level in history and have the nature of a comprehensive strategic partnership of coordination. The two sides have a high degree of mutual trust, respect each other's interests, and carry out mutually beneficial and close cooperation in all fields. We are good neighbors. There is a Chinese proverb that goes, 'A distant relative is not as good as a close neighbor.'" Morgulov told the Global Times.

Zhao told the Global Times that China and Russia are important forces in promoting a more multipolar world order and the democratization of international relations. The influence of China-Russia relations goes beyond the bilateral scope and is crucial to the world order and the future of humanity. The "global significance" of China-Russia relations can be understood multidimensionally through politics, security, and economy.

Politically, the two countries can jointly voice their support for international fairness and justice, strategically coordinate their positions on major international and regional issues, and propose plans and initiatives through multilateral platforms such as the United Nations Security Council. In terms of security, China and Russia emphasize the importance of breaking away from the constraints of a Cold War mentality, Zhao said.

Additionally, the survey found that 63.3 percent of respondents expressed a desire for the improvement of China-Australia relations in a separate question. Nearly half (49.7 percent) of all respondents expressed hope for a relatively close and friendly relationship between China and Australia, and 13.5 percent hoped for a very close and friendly relationship.

Chen Hong, executive director of the Asia Pacific Studies Centre at the East China Normal University, told the Global Times that the current China-Australia relationship is generally stable and shows signs of improvement. This is attributed to the meeting between the leaders of the two countries in Bali and the consensus reached during Australian Prime Minister Anthony Albanese's visit to China in November 2023. Previous disputes between the two countries are gradually being resolved.

It is worth noting that 25.8 percent of respondents prefer for China-Australia relations to remain unchanged. Chen said that this also indicates the extent to which the Morrison administration damaged China-Australia relations in the past.

However, overall, Chinese people generally believe that the relationship between China and Australia should not become confrontational. Australia must fully recognize its importance in the eyes of the Chinese people and cherish the hard-won friendly relationship, he said.

When compared with the softening tone in China-Australia relations, the survey found that due to the recent provocative actions of the Philippines in the South China Sea that violated international law, 40.6 percent of respondents expressed support for communication and cooperation with the Philippines to ease tensions in the South China Sea, while some 30.3 percent of respondents support taking more or stronger actions against the Philippines. Nearly a quarter of respondents said they supported maintaining the status quo.

Chen said that the Chinese government's advocacy for resolving disputes through dialogue and consultation is in line with public opinion. However, if the Philippines persists in its unilateral actions, China will resolutely defend its rights in accordance with the law.
US lacks sincerity in improving ties

In the survey, multiple questions were set regarding the China-US ties.

The survey result showed that 63.1 percent of the respondents expressed an unfavorable attitude toward the Biden administration. More than half of the respondents also held a negative view toward Republican and Democratic politicians at 55.3 percent and 53 percent respectively. The proportion of respondents who dislike the Biden administration increased by 3.3 percentage points compared with 2022. The percentage of respondents who dislike the American media reached 43.9 percent, an increase of 5.6 percentage points year-on-year, and the likeability rate was also less than 10 percent.

In recent years, the Biden administration has treated China as a strategic competitor and imposed restrictions on China in various areas such as technology and the economy. In this survey, 51.4 percent of the respondents believe that China should retaliate against the US. Nearly 90 percent of respondents expressed they believe that the US lacks sincerity in improving China-US relations.

Conversely, respondents still had a relatively favorable view of American film and television productions (48.5 percent) and sports leagues (41.9 percent), but both experienced a decrease in favorability of 11.2 and 8.6 percentage points respectively year-on-year.

Qiang Ge, professor at the National Academy of Governance, told the Global Times that the Chinese public has a negative view of Biden administration and the two parties in the US mainly because the US has repeatedly unjustifiably suppressed and demonized China in recent years.

However, many Chinese people still enjoy American sports and film and television products, which precisely shows that the Chinese people do not dislike the country, but rather the American political arena has destroyed goodwill among the Chinese people toward the US. The decline in favorability, to some extent, indicates that people's aversion to American politics has affected their perception of American culture, Qiang said.

The survey showed that when asked about their views on American democracy, freedom, and human rights in recent years, over three-quarters of respondents expressed a lack of support or a decrease of the same, an overall increase of 5.3 percentage points year-on-year. Regarding the performance of the US in the current Palestinian-Israeli conflict, 55.4 percent of the respondents said they believe it is irresponsible, 42.4 percent believe it is unethical, 38.9 percent believe it is unfair, and 36.4 percent believe that the US is hindering an early resolution to the Palestinian-Israeli conflict.

Sun Degang, director of the Center for Middle Eastern Studies at Fudan University, told Global Times that this poll result sends several signals: First, as the so-called hegemonic power in the Middle East, the US has not provided a good solution to the Palestinian-Israeli conflict, so Chinese respondents feel that the US lacks the ability. Second, civilians in the Gaza Strip are facing a serious humanitarian crisis, but the US continues to exercise its veto power in the United Nations Security Council, providing more time for Israel's military offensive. This reflects US' double standards. Finally, the US stands in opposition to world peace, as indicated by its policy-making that is still driven by self-interest, which will continue to diminish its global appeal, influence, and discourse power.

China actively promotes open, inclusive global cooperation

The "China's International Perspective" section of the survey reveals the Chinese public's views on the international situation. According to the survey data, 66.9 percent of respondents stated that they watch, read, or listen to international news daily, with 49.6 percent of respondents reporting a frequency of "1-3 times per day" in their exposure to international news.

Li Long, vice president of the Institute of Public Opinion and Social Governance at South China Normal University, told the Global Times that an increase in international news consumption reflects the increasing international vision of the Chinese people.

Currently, Chinese people are paying more attention to China's role and influence in international affairs. According to the survey, 92.4 percent of respondents believe that the Belt and Road Initiative (BRI) has increased attention paid to countries which participated in the initiative.

"The support of the Chinese people for their country's foreign policy helps to strengthen China's cooperative relationship with the countries participating in the BRI. It also enables the government to focus on the needs and opinions of the public while promoting fair and sustainable development in bilateral cooperation," said Li.

At the same time, 96.7 percent of the respondents agreed that the increase in the BRICS countries has a positive significance. In August 2023, during the 15th BRICS Summit, it was announced that Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates had been invited to join the BRICS cooperation mechanism. Their membership took effect on January 1.

Feng Xingke, secretary general of the World Financial Forum and director of the Center for BRICS and Global Governance, told the Global Times that the reason why the respondents were optimistic about the expansion of BRICS is mainly due to the continuous attempts by the US and the West to foment conflict to contain China's development, which has caused strong resentment among the Chinese people.

"The BRICS mechanism, on the other hand, despite its different national conditions, systems, and cultures, upholds the spirit of mutual respect and understanding, equality, solidarity, openness, inclusiveness, and consensus. The spirit of win-win cooperation has kept this mechanism alive and benefited every country in it," Feng said.

The expansion of the BRICS countries will also further deepen the new type of globalization, experts pointed out, noting that the expansion process of the BRICS through including more countries has further strengthened the voice of the Global South. At a rate of 95.1 percent, respondents believe that the Global South may become an important force influencing the global development pattern in the next 10 years.

Currently, the global economy is stumbling forward and facing challenges. When asked about their expectations for the global economy over the next year, 58.3 percent of respondents were relatively optimistic, an overall increase of 6.7 percentage points compared with 2022. It is worth noting that 67.0 percent of respondents hold an optimistic attitude toward the future development of the Chinese economy in the next year, with 22.0 percent considering themselves to be "very optimistic" while 45.0 percent are "relatively optimistic."

He Zili, professor at the School of Economics at Nankai University, told the Global Times that China implemented a series of measures to stabilize the economy in the last year, achieving significant results, which is an important reason for the increased confidence in the respondents.

"The position of the Chinese economy in the global economy is becoming increasingly important. Therefore, as long as the Chinese economy continues to recover and improve, there will be more stability in the global economy," He said.

He pointed out that the digital economy and the intelligent transformation of traditional manufacturing will be the key areas for China's economic focus in the future. According to the survey results, 73.6 percent of respondents expect foreign-funded enterprises to play a role in China's economic development, and foreign-funded enterprises in the health, energy, infrastructure, ecological protection, and new energy vehicle industries are seen as having good prospects in China.

China has a huge market demand and policy support in these industries, making it highly attractive to multinational companies. Looking ahead, China will create a better business environment to promote the quality and level of foreign investment utilization in our country, He said.

Kissinger's great goal was to create a structure of peace and stability: biographer

The best way to commemorate Henry Kissinger may well be to remember the importance of diplomacy and the need for great powers to behave responsibly and soberly in their relations with each other, Thomas A. Schwartz, a renowned academician and author of Henry Kissinger and American Power: A Political Biography, told the Global Times on Thursday.

As the biography author who spent long time with Kissinger for the book, Schwartz noted that Kissinger's great goal was to "create a structure of peace and stability, and we would honor him by pursuing that effort."

Former US secretary of state Henry Kissinger died on Wednesday at his home in Connecticut at the age of 100, Kissinger Associates Inc said in a statement.

He is viewed as an important figure in the China-US icebreaking process in 1972 while his secret trip to China in 1971 paved the way for a thawing of bilateral relations, which ushered in a new era in China-US relations and for the world.

Kissinger was an "intermediary" between China and the US government. He carried messages to Chinese leaders from the US and carried responses back to American presidents. He played a leading role in US foreign policy during the Nixon and Ford presidencies, and his diplomatic ideas continued to have a profound impact on the US government's foreign policy even after he left office.

According to records, since then Kissinger has visited China more than 100 times in his lifetime with his last visit having been made in July 2023 when bilateral ties hit a low point.

"We need more figures, who are in that realm of communicating between the two countries. And we need to have a whole range of institutional dialogues between government, military, and economic officials, so that there is a constant understanding," Schwartz told the Global Times previously.

Schwartz also said that, although Kissinger was 100, he was still surprised when he heard the news of his death.

"Two days ago I watched an interview he did, and he was still sharp and articulate, and his analysis of international issues remained impressive. He seemed indestructible," he said.

Kissinger was known for his longevity as he kept maintained a grueling 15-hour workday and demanding international travel schedule even at the age of 99, according to media reports. On China's social media platforms, some netizens discussed heatedly about his habit of staying up late and eating fried food but can still keep healthy and energetic.

In response to the question about what lessons current and future world leaders should draw from Kissinger's experiences and diplomatic strategies, he underscored negotiation in which Kissinger had strong faith.

"Kissinger firmly believed in negotiation, and he believed in sticking with negotiations even in the most difficult circumstances. He believed that diplomacy was better than hostility, and that nations with different systems could coexist and live together peacefully," he said. "This sounds simplistic, but it really was something he constantly advocated and sought to achieve."

In a previous interview with the Global Times, Schwartz said that a major difference between Kissinger and diplomats in the US today is that, presently "a lot of our diplomats have relatively little sense of the broader range of history. Kissinger had a sense from history that terrible things can happen. And I think American diplomats today sometimes don't recognize the degree of danger that can come from careless diplomacy."

In this sense, Kissinger always had a sense that people needed to be extraordinarily careful in undertaking diplomatic tests, and that people should not treat disputes between nations lightly.

"There is a tendency to think of short-term advantages instead of long-term interests. I think Kissinger had a broader and a longer term sense, partly because he was thinking as a historian, or as someone who has a vision of a longer period, he pointed out," he said.

According to Schwartz, Kissinger hoped that Americans will have a broader historical vision of world stability and a broader understanding of other countries. "I think he would like that to be his legacy: A better understanding of the world and of other countries, and of the need for effective diplomacy to maintain peace."

Xi's reply letter to Philadelphia Orchestra praises cultural envoy for connecting two peoples

Editor's Note:

Chinese people believe that letters are as valuable as gold. For thousands of years, letters, across mountains and oceans, have been delivering the writers' sentiments, friendship, and expectations.

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has managed to find time to reply to some letters from different parts of the society and the world despite his busy work schedule. Xi is also Chinese president and chairman of the Central Military Commission.

Through his letters, Xi has corresponded with international friends from all walks of life on numerous occasions. His letters have also been delivered to "home" senders such as Chinese experts and artists. The Global Times traced and contacted some of the addressees of Xi's letters to hear the inspiring stories behind the letters.

This installment tells the story of letters exchanged between Xi and Matias Tarnopolsky, president and CEO of the Philadelphia Orchestra.
When Chinese President Xi Jinping replied to a letter from Matias Tarnopolsky, president and CEO of the Philadelphia Orchestra, on November 10, the friendship of half a century was further strengthened through the art of music. This not only reflects the importance that both sides attach to cultural exchanges, but also provides a good opportunity for cooperation and understanding between the two countries.

On the evening of November 10, the National Centre for the Performing Arts (NCPA) in Beijing hosted a concert titled "50 Years of Friendship" to commemorate the 50th anniversary of the Philadelphia Orchestra's first visit to China in 1973. The concert was performed by the Philadelphia Orchestra and the China National Symphony Orchestra.

As the baton of Tristan Rais-Sherman, assistant conductor of the Philadelphia Orchestra, was raised, the Overture of Candide composed by American conductor Leonard Bernstein was played to unveil the performance. The spirited piece was followed by a tranquil Chinese melody, Two Springs Reflect the Moon, that both Chinese and American audiences were familiar with.

Ahead of Friday's special concert, the letter was read inside the concert hall, in which President Xi expressed hopes that orchestras and artists from China, the US, and across the world would persist in efforts to strengthen people-to-people ties between China and the US, and spread friendship among the peoples of the world. Tarnopolsky said he was honored and grateful.

The concert was held at a special moment as, on the other side of the NCPA, the ballet Giselle mounted by the American Ballet Theater was also in progress on the same day.

These cultural exchanges were held only several days ahead of the planned meeting of the heads of state of China and the US.

"It's going to be an important meeting, and we're very much looking forward to it and receiving President Xi in our country," Tarnopolsky said on the day of the concert.

During the interview after the inaugural performance in Beijing, Tarnopolsky told the Global Times that he was honored and grateful to receive the letter from Xi.

"It is an honor for the Philadelphia Orchestra to receive a letter from President Xi in this moment of 50 years of visits to China. And we're very grateful for the warmth of the welcome that the Philadelphia Orchestra always receives in China," he said.

"President Xi has recognized that is a very important gesture and encourages us to keep coming and keep playing music and making these connections with the people of China."

No matter how the world changes, he believes that there are neither hierarchies nor differences between people when it comes to music. "Music can give voice to ideas that words alone cannot convey," added the CEO.
Collaborative endeavor

Tarnopolsky firstly wrote to Xi, reviewing the history of the orchestra's ties with China and introducing the activities to be held in China in November to commemorate the 50th anniversary of its first China tour.

In return, President Xi wrote back to Tarnopolsky.

In his reply, President Xi said that he hopes the orchestra and artists from China, the US, and across the world will continue efforts to strengthen people-to-people ties between China and the US, and spread friendship among the peoples of the world.

Half a century ago, the orchestra's historic China tour marked a thaw in China-US cultural exchanges, which was a very important part in the normalization process of the two countries' diplomatic relations. Since then, the orchestra had visited China 12 times as an active cultural envoy, playing an instrumental role in strengthening China-US ties, Xi said.

Over the course of half a century, the orchestra has served as a dynamic cultural envoy between China and the US. Some of the musicians, such as Davyd Booth, were part of the ensemble since their first visit to China in 1973.

Ryan Fleur, executive director of the Philadelphia Orchestra, told the Global Times on Friday that the 50th anniversary celebration was a collaborative endeavor from both sides, which was made possible by the invitation from The Chinese People's Association for Friendship with Foreign Countries that has been their partner since 1973.

But the connection of the orchestra with China goes back even further: As early as the 1940s, the orchestra staged concerts to raise funds for China's Eighth Route Army led by the Communist Party of China (CPC), in their resistance against Japanese aggression during World War II.

"It was a great achievement. Both China and the US want to celebrate the 50th anniversary of the tour, which was a historic event. Music had a profound impact on people's lives, and the orchestras' performance in 1973 was a life-changing event for many people," Tarnopolsky told the Global Times in a previous interview.

Adding to that, the CEO gave a glimpse into the perceived future.

"We're planning the next 50 years. And we also have another Chinese Lunar New Year concert planned in Philadelphia, so we'll be celebrating Chinese Lunar New Year in January."

Exchanges beyond music

Visits by the Philadelphia Orchestra to China over the years have been very influential to musicians from the two countries. They not only get to share the same stage, but also have exchanges beyond the musical arena.

Fifty years has passed, contributions by two members of the then Central Philharmonic (now China National Symphony Orchestra), 90-year-old Zhu Xinren and 88-year-old Yang Shi, in training with US musicians continue to be unforgettable experiences.

Eugene Ormandy, the then conductor of the Philadelphia Orchestra until 1980, and other US musicians watched a performance by their Chinese counterparts on September 15, 1973. They showed great interest in the string ensemble Two Springs Reflect the Moon, which had just been adapted by Wu Zuqiang, leader of the composition group of the Central Philharmonic. The charm of Chinese melody immediately attracted them.

"They asked to get the score sheets in the hopes of performing it in the US. It was just finished a year before by Wu and the debut had made it possible for it to head to the US stage," violinist Zhu recalled.

Chinese conductor Li Delun led the Chinese orchestra in a performance of one movement from Beethoven's Fifth Symphony. He then handed his baton to Ormandy and requested that he conduct the next movement. Ormandy led the orchestra to thunderous applause.

"Music connects the world. He also praised us young performers for our strong receptivity. This can be said to have been a worldwide cooperation," said Zhu.

When musicians had talks after the performances, US musicians were particularly surprised when they saw the musical instruments that their Chinese counterparts held, recalled Yang.

At the time, the conditions under which our orchestra mounted performances were not good as instruments were broken or glued back together, and the scores were old handwritten ones and were pasted together. "They didn't expect that our musicians could play such good music with such instruments."

Musical instruments were given as gifts to each other. Chinese musicians were moved when their US counterparts presented them with instruments such as a clarinet, trumpet, flute, and a set of triangles, as well as scores of famous European and American composers, and hundreds of records and orchestra's professional books.

For the Central Philharmonic, which was facing a difficult period at the time, these instruments and materials solved the orchestra's urgent needs. Yang Shi said: "They sent us a batch of woodwind and brass instruments, which was a timely help. But the instruments we gave them also made them even more surprised and happy."

The Chinese musicians presented pipa, Chinese gongs, erhu, flower drums, and other national musical instruments that best represent Chinese music as gifts to US musicians. Zhu recalled: "The indispensable Chinese musical instrument is the gong. The gong we sent was custom-made by a master from Shandong. The diameter of the gong is 1.1 meters. Their gong is only 60 centimeters. So when they saw that we brought in such a big one, they were all shocked."

This past weekend, China again bestowed another gift to the Philadelphia Orchestra to mark the special occasion: A rare vinyl record of Yellow River.

As Yin Bo, deputy director of the China National Symphony Orchestra, noted on Friday, Chinese and American musicians will collaborate through music to foster cultural understanding among the youth of both nations.

"The gesture from President Xi was an acknowledgment and an incentive for most literary and art workers," Liu Zhiyong, deputy chief of the same orchestra said. "President Xi's reply letter conveyed his sincere aspiration for enhancing extensive cultural exchanges and cooperation between China and the US."

Diplomats attend the 2023 Basketball Game for Foreigners in Beijing

The 2023 Basketball Game for Foreigners commenced recently in Beijing. The game was co-organized by the Foreign Affairs Office of the People's Government of Beijing Municipality and the Beijing Municipal Bureau of Sports. 

Nearly 30 expatriates from 17 countries such as Japan, United States, Brazil, South Korea, Zambia, and other countries participated in the match.

The Mongolian Embassy in China, five universities including the University of Science and Technology Beijing (USTB), and the Beijing-Japanese Club Basketball Association (Beijing 56°ers) formed eight teams to participate in the competition.

The event has been held for six consecutive years, with a high reputation among embassies and expatriates, and has so far seen more than 60 teams with about 1,400 expatriates in Beijing participate in the tournament, to an audience of 20,000 local and international spectators. 

This is the first time that this year's basketball tournament has been included in a Beijing-level social basketball activity, the Beijing Second Community Cup Basketball League Three-Person Basketball Tournament.

Zolboo Enkbold from the Mongolian Embassy in China expressed his excitement at participating in matches with all the teams, and commended the activity for being carefully organized with a warm atmosphere geared toward the enrichment of the cultural and sports lives of expatriates in Beijing.

Alexandre, a Mozambican student from the USTB, said it was his first time to participate in a three-player basketball tournament in Beijing, for which he was very happy, and he hoped to continue to actively participate in similar activities in the future.

Chinese central bank’s Monetary Policy Committee is reshuffled with new securities chief added

The Monetary Policy Committee of the People's Bank of China (PBC), China's central bank, has been reshuffled, with Wu Qing, new head of the China Securities Regulatory Commission, and another PBC official and two economists becoming new members.

Meanwhile, Yi Huiman, former CSRC head, and three others withdrew from the committee, according to the PBC website on Tuesday.

This is the first committee reshuffle following the amendment of some rules for the Monetary Policy Committee on January 18.

The amended rules added that the committee will adhere to the leadership of the Communist Party of China, improve the modern monetary policy framework and report important matters to the CPC Central Committee and the State Council, the cabinet.

The Monetary Policy Committee is a consultative body for the making of monetary policy by the central bank, whose responsibility is to advise on the formulation and adjustment of monetary policy and policy targets within a certain period, application of monetary policy instruments, major monetary policy measures and the coordination between monetary policy and other macroeconomic tools.

The committee plays its advisory role on the basis of comprehensive research on macroeconomic situation and the macroeconomic targets set by the central government, according to an introduction on the PBC website.

The Monetary Policy Committee performs its duty by convening the regular quarterly meeting. On December 27, the committee held its fourth-quarter meeting, stressing that China will step up the implementation of the new monetary policy that it put in place.

The adopted policies include maintaining reasonable and sufficient liquidity, guide reasonable credit growth and a balanced credit supply, and keep the scale of social financing and money supply in line with the set targets for economic growth and consumer price levels.

China vows to further support NEV development, accelerate technology innovation

China is ramping up support for the development of new-energy vehicles (NEVs) and accelerating technology innovation to consolidate the industry's advantage, officials said at an industrial forum on Saturday.

The NEV industry in China is expected to see continued growth this year, building on its success in 2023, thanks to a competitive edge in the industry chain, experts said.

Zheng Shanjie, head of the National Development and Reform Commission, the country's top economic planner, called on key NEV manufacturers to focus on quality improvement, cost reduction, technological innovation and international cooperation to consolidate and expand their development advantages. Zheng made the comments at the 2024 China EV 100 Forum held in Beijing on Saturday.

The development of China's NEV industry demonstrates economic vitality, manufacturing improvement and China's commitment addressing climate change, Zheng said.

The forum, which marks its 10th anniversary this year, witnessed every milestone in the industry's development. 

In the past decade, China's production and sales of NEVs have increased from 75,000 to 9.5 million annually, adding a new bright spot to China's manufacturing industry, Deputy Minister of Industry and Information Technology Shan Zhongde said at the same forum.

In 2023, production of NEVs exceeded 9.58 million, up 35.8 percent year-on-year. Sales hit 9.49 million, up 37.9 percent, while exports soared 77.6 percent to more than 1.2 million, according to the China Association of Automobile Manufacturers (CAAM).

In the first two months of 2024, production reached 1.252 million, up 28.2 percent, and sales reached 1.207 million, up 29.4 percent, according to the CAAM.

Addressing the development of Chinese NEVs, Shan said it is necessary to uphold fair and transparent economic and trade rules on the international level, while strengthening the development of vehicle chips and basic software, and continuously improving the low-temperature adaptability, safety and charging convenience of NEVs on the domestic front.

The remarks by senior Chinese officials clarified the strong support for the development of NEVs at the national level, Wu Shuocheng, a veteran automobile analyst, told the Global Times on Sunday. 

In the domestic market, encouraging policies for trade-ins will continue to benefit buyers. Despite uncertainties in EU and US import policies, Chinese NEVs remain competitive in the overseas market, Wu said.

By establishing research and development facilities, sales centers and even complete vehicle factories in overseas markets, Chinese electric vehicles are effectively mitigating risks, Wu noted.

Shan said that the Ministry of Industry and Information Technology (MIIT) will enhance support for the high-quality, systematic and overseas expansion of China's NEV industry.

The ministry will tackle key technologies such as batteries, chips, operating systems and autonomous driving in order to enhance the resilience and competitiveness of China's NEV industry. It also pledged to improve the policy system to support leading enterprises to grow larger and stronger while phasing out outdated companies. 

The MIIT also vowed to expand NEV trade-ins, consumption of connected vehicles and trials of high-level autonomous driving in urban areas. The ministry is also committed to assisting NEV companies to expand overseas and it welcomes global auto companies to invest in China.

China's NEV advantages lie in its large-scale production capabilities, low costs, high quality, accumulated experience and leadership in smart technology, Zhang Xiang, visiting professor at the Engineering Department of Huanghe Science and Technology University, told the Global Times on Sunday. 

The next stage of development should be focused on core technological innovation such as intelligent connectivity and autonomous driving, as well as advances in automotive chips, operating systems and software, Zhang said.

The Government Work Report delivered at this year's national legislature session stressed the role of the automotive industry in stimulating consumption and enhancing the country's industrial competitive advantage. 

China will boost spending on intelligent connected NEVs, consolidate the advantage of connected vehicles and build more charging facilities, among the tasks for 2024, according to the Government Work Report.

Chinese mainland official slams DPP for jeopardizing Taiwan's chip industry

Chen Binhua, a spokesperson for the Taiwan Affairs Office of the State Council, on Wednesday criticized the Democratic Progressive Party (DPP) authorities in Taiwan for jeopardizing the island's chip industry by catering to external forces. It comes amid growing concerns on the island about the future of the critical industry.

At a press briefing, Chen was asked to comment on a recent article about how the US' so-called CHIPS Act could hurt Taiwan's chip industry.

Chen pointed out that the article reflects serious concerns about the DPP authorities catering to external forces without any principle or bottom line, as well as concerns that Taiwan's key industries are being hollowed out, that core enterprises have been suppressed, and competitive advantages have been weakened.

"If Taiwan's economic autonomy in industrial development and its sway in the global production and supply chain are lost, how much 'family fortune' will it still have? In the end, it will only become an 'abandoned piece' instead of a 'chess piece,'" Chen said. "So the views of these industry experts are by no means alarmist."

The article was published jointly on February 26 by three leading figures in Taiwan's chip industry, cautioning that the US "CHIPS Act" could undermine Taiwan Semiconductor Manufacturing Co (TSMC) and strangle the island's semiconductor industry.

In the article, "How America's CHIPS Act hurts Taiwan," Burn Lin, former R&D vice president of TSMC, pointed out that "the US CHIPS Act is so poorly designed that it is likely to undercut Taiwan's TSMC, the world's leading semiconductor manufacturer, and leave the entire industry even more vulnerable than it already is."

The article, which was published by Project Syndicate, was also signed by many other experts from Taiwan and has sparked heated discussion in political and business circles in the island, with some pointing out that the DPP authorities are using semiconductor manufacturers like TSMC as a bargaining chip by forcing them to build factories abroad in order to attract external forces to "support Taiwan."

The so-called CHIPS and Science Act, which was approved by the administration of President Joe Biden on August 9, 2022, plans to hand out $52 billion in subsidies to lure semiconductor manufacturers to relocate to the US, with the aim of maintaining and advancing its scientific and technological edge.

Taiwan's semiconductor industry has become a key target for US officials and TSMC has been effectively coerced to step up building plants in the US.

Chinese officials have repeatedly slammed the protectionist US moves and crackdown measures in the chip industry, saying that US export controls and suppression of Chinese semiconductor companies are acts of economic bullying.

China's EV success due to globalization, good quality, cost control, not subsidy: FM spokesperson

The success of China's electric vehicles (EV) is "the success of globalization," and Chinese-made EVs are internationally popular due to their good quality, production capacity and cost controls, instead of subsidies, a Foreign Ministry spokesperson said on Wednesday.

"We hope that the EU side will abide by WTO rules, honor its commitment to market openness, respect the laws of the market economy and the innovation efforts of Chinese enterprises, prudently use trade remedy tools and jointly safeguard China-EU economic and trade cooperation," Wang Wenbin, the spokesperson, said during a regular press conference, when asked about the EU's probe into Chinese EVs.

Across the global EV supply chains, the interests of all parties are intertwined, Wang said, adding that Chinese EVs have contributed to global green and low-carbon development.

As to China's anti-dumping investigations into imported brandy from the EU, Wang reiterated China's commitment to a high level of opening-up and upholding the principles of the market economy and WTO rules, and this will not change.

"We are ready to provide an open, inclusive, transparent and non-discriminatory business environment to foreign companies, including those from the EU, to conduct trade and investment cooperation in China," Wang said.

The Ministry of Commerce (MOCFOM) announced on January 5 that it will launch an anti-dumping probe into some imported brandy from the EU. The investigation was initiated at the request of Chinese companies, an official in charge of the MOFCOM's Trade Remedy and Investigation Bureau said.

Upon receipt of the application, the MOFCOM examined it in accordance with Chinese laws and regulations and in compliance with WTO rules, and it held that the application met the requirements for filing an anti-dumping investigation, the official said.

"We will conduct the investigation according to relevant Chinese laws and regulations, as well as WTO rules, in an open and transparent way and safeguard the rights of all stakeholders in the process," Shu Jueting, a spokesperson for the MOFCOM, said on January 12.

China's anti-dumping investigations accord with China's legal framework and the WTO guidelines, and a decision will be based on factual evidence. However, EU investigations into Chinese EVs have not followed the WTO rules and they smack of trade protectionism, Chinese analysts said.

According to the WTO's anti-subsidy regulations, the EU is required to first demonstrate that Chinese EVs have received subsidies and that this has affected local manufacturers. However, the bloc has not proved any receipt of subsidies nor shown that local EU production of EVs has been affected by imports from China, Sun Yanhong, a senior research fellow at the Institute of European Studies under the Chinese Academy of Social Sciences, told the Global Times.

Some critics in the EU claim that China-made EVs sold in the EU market have a clear price advantage over those made by local manufacturers, but they never mention that Chinese cars sold in the EU are about twice as expensive as those sold in China, industry insiders pointed out.

They added that components such as motors, controllers and chargers used in China-made EVs come from European companies, including but not limited to Bosch, Siemens and Alstom. Chinese EVs producers are also working with European automakers to promote technological innovations.

For example, Bosch on Monday won the approval to start construction of the second phase of a production base for new-energy vehicle components and a self-driving research and development (R&D) center in Suzhou, East China's Jiangsu Province, the Suzhou Industrial Park announced on its WeChat account on Tuesday.

Total investment for Bosch's Suzhou production and R&D base will exceed $1 billion. Phase one of the project is expected to begin trial production in September, and formal mass production will be achieved in early 2025.

Analysts said that opening-up has promoted the development of China's EV industry. China has maintained an open and welcoming attitude toward EV companies from around the world, including Volkswagen and Tesla.

China’s goal of doubling GDP in 2035 from 2020 isn’t out of reach

China's central government has unveiled this year's GDP growth target, at about 5 percent, on par with last year's rate. The target has made market investors rejoice, giving them higher confidence in an across-the-board revival of China-related equities and other assets in the coming months. As expected, the country's A-share market has held on to strong gains in the past two weeks of robust trading.

But not all are elated with China's growth target. A good number of Western politicians and media pundits have claimed it is "too aggressive and lofty," a goal that may not be pulled off. Some of them are annoyed and disgruntled with China's resolve, and have started to curse the Chinese economy, predicting it will "capsize" and never close the current gap with the GDP of the US in nominal terms.

It's laughable and mean to diminish and denigrate others' economies. Last year, amid the Western media chorus of "China's economic collapse," the country's GDP expanded by 5.2 percent over a year earlier, with yearly added output value of more than 6 trillion yuan ($835 billion).

Compared with 2023, when China had just bid goodbye to the protracted and distressing three-year pandemic, there are better and riper conditions now to pursue a growth rate of about 5 percent in 2024. The lingering impact of the COVID-19 pandemic has been largely eliminated, and nearly all the fundamentals of the economy have been rehabilitated and shored up, which paves the way for a possible takeoff this year.

The central government is ready to fuel the economy in 2024 with a volley of growth-reinforcing stimulus policies, to be whipped up by a new mandate - brewing new quality productive forces to help build a stronger and greater country.

China is currently leading in the global endeavor in green and renewable energy, in electric vehicle and high-end battery development, in high-speed mobile telecom networks and railway roll-outs, in autonomous driving, deep space, modern robotics, artificial intelligence, quantum computing and other advanced sectors of information technology research and development. Naturally and consequentially, the country will be a front-runner in finding and creating new quality productive forces.

During a press conference held at the sidelines of the second session of the 14th National People's Congress recently, China's leading economic planners and policymakers discussed the magnitude of macro stimulus and overall policy direction for this year and beyond.

Collectively, officials displayed elevated confidence before global audiences that they are upbeat about realizing this year's growth targets, despite facing worldwide volatility including wars, conflicts, rising economic protectionism and technology isolation.

As to whether the GDP growth target of 5 percent is attainable, Zheng Shanjie, head of the National Development and Reform Commission, said it was set following the central government's comprehensive assessment, "taking into account current and long-term needs and possibilities" and the target is "a positive goal reachable with a jump," meaning through earnest hard work.

Lan Fo'an, the finance minister, and Pan Gongsheng, the governor of the People's Bank of China, the central bank, pledged more fiscal and monetary policy support to boost the economic revival. Commerce Minister Wang Wentao announced plans for a large-scale national trade-in event this year, aiming at replacing outdated manufacturing equipment, worn-out cars and home appliances to propel domestic consumption.

Wu Qing, head of the China Securities Regulatory Commission, vowed to significantly tighten capital market oversight to prevent irrational volatility.

Fiscally, China plans to issue an additional 3.9 trillion yuan in local government bonds in 2024 to support local government coffers, providing more financial resources for infrastructure construction and rural revitalization, including an initiative to dole out more welfare benefits to elderly rural residents.

The central government will issue ultra-long special treasury bonds starting this year and over each of the next several years to ramp up fiscal stimulus to support overall economic growth.

Monetarily, the central bank said it still has sufficient policy room in its toolbox. In contrast to other major economies, China isn't burdened by high inflation, which enables the central bank to maintain a lower interest rate policy and provide ample market liquidity. This will benefit Chinese business expansion, aid consumer spending and ratchet up overall economic activity in 2024.

Last month, the central bank reduced the benchmark five-year interest rate by 25 basis points. This move aims to ease the long-term burden on enterprises and is expected to significantly benefit the real estate sector, as the mortgage rates were lowered accordingly.

The economy has gotten off to a very strong start, as evidenced by steadily rising foreign trade. In the first two months, China's merchandise exports rose 10.3 percent year-on-year.

Meanwhile, the number of tourists who ventured out during the eight-day Chinese Lunar New Year holidays marked a staggering increase of 19 percent compared with the pre-pandemic number in 2019.

The upbeat figures show China's economic activity is rapidly gaining pace. With the government's enhanced fiscal and monetary stimulus, backed up by an improving stock market performance, the momentum for growth will accumulate and consistently build.

Provided China continues to focus on tech innovation, foster new quality productive forces and stick to the opening-up policy, typically helping its Belt and Road Initiative partners and the Global South to develop and prosper, the central government's development blueprint for 2035 - when GDP is to double from the 2020 level - isn't out of reach at all.

Global funds speed up investment in Chinese stocks as concerted measures drive economic, market recovery: analysts

China's A-share market has seen a sustained rebound recently, with multiple overseas financial institutions voicing intentions to boost their holdings. Analysts suggest that the influx of foreign capital serves as a barometer, and they believe that concerted measures will keep driving economic growth and market recovery in 2024.

"Global funds are returning to China stocks," Bloomberg reported on Tuesday, citing Morgan Stanley analysts.

Outflows from Chinese equities slowed into the end of February and regional active managers started adding growth and technology stocks, analysts said.

China's stock market is now highly attractive from a valuation standpoint, making A-shares particularly appealing, Zhu Liang, investment director of AllianceBernstein Fund Management Co, said in a note introducing the company's investment outlook in 2024.

China's listed companies are expected to maintain profit growth in 2024. It is estimated that the earnings per share of A-shares will increase about 17 percent this year. If valuation multiples remain unchanged, the profit growth suggests that the Chinese stock market should perform quite well, Zhu said.

Kinger Lau, chief China equity strategist at Goldman Sachs, and his team maintain a cautiously optimistic outlook on the Chinese stock market, anticipating that economic improvements will drive a rebound in corporate profits. Given that A-share valuations are currently at historic lows, the team maintains its "overweight" stance on A-shares, according to the company's 2024 investment outlook released via its official WeChat account in December 2023.

Goldman Sachs expects 10 percent profit growth for shares in the MSCI China Index and 11 percent profit growth for companies in the onshore CSI 300 Index in 2024.

Capital from the Middle East has continued to bet on Chinese assets, with investments spanning multiple popular sectors including new-energy vehicles, petrochemicals, pharmaceuticals, steel and more.

China-based E Fund Management and leading Saudi Arabian asset manager Riyad Capital have recently signed an agreement to exchange expertise and cooperate in local investment areas.

Analysts had previously expected that capital from the Middle East would increase its investment in the Chinese capital market, which could potentially bring an annual inflow of funds of about 20 billion yuan ($2.78 billion) to A-shares in the Chinese mainland and H-shares in the Hong Kong Special Administrative Region, according to financial publication stcn.com.

After hitting a low point of 2,635 on February 5, the benchmark Shanghai Composite Index rebounded and gained for eight straight days. It has remained above 3,000 points in recent trading sessions.

In February, A-shares reversed the trend of continuous net outflows of foreign capital seen in the previous six months. Northbound capital - overseas money flowing into China's A-share market via the Hong Kong stock exchange - increased holdings in the A-share market by a substantial 60.74 billion yuan, reaching a 13-month high.

The net buying volume of northbound capital in A-shares for the month already surpassed the total for the entire year of 2023, financial data provider Wind showed.

"The downturn in the A-share market last year deviated from China's normal economic fundamentals and the previous continuous net outflow of northbound capital was abnormal," Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Wednesday.

Some foreign funds that engaged in malicious short-selling underestimated not only China's resolve to stabilize its capital market but also the resilience of its economy, Hu noted.

The underlying stability of the capital market should be enhanced, according to the Government Work Report submitted to the second session of the 14th National People's Congress on Tuesday.

This sets a clear direction for the reform and development of the capital market this year, addressing the concerns of all market participants, including investors, about the current state of the capital market, experts said.

Moreover, the People's Bank of China (PBC), the country's central bank, will continue to strengthen the connectivity between domestic and foreign financial markets, attracting more overseas investors to the country's markets, PBC Governor Pan Gongsheng said at a press conference on Wednesday.

As of the end of January, foreign investors had been net purchasers of Chinese bonds for 12 consecutive months, with cumulative net purchases of 1.8 trillion yuan, Pan said.

Looking at the global landscape, the US Federal Reserve is expected to start a rate-cutting cycle by the second half of this year, which is likely to provide support for the yuan's performance this year. It is estimated that foreign capital inflows into A-shares for 2024 could range from 100 billion to 200 billion yuan, Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co, told the Global Times on Wednesday.