Editor's Note:

The second session of the 14th National People's Congress (NPC) and the second session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) will conclude on March 11 and 10, respectively. The two sessions are a crucial window into China's whole-process people's democracy and will offer the world a window through which to observe the country's development and understand its policy direction for the following year.

The Global Times has initiated a series of articles under the theme "understanding China through motions and proposals." This article, the second installment of the series, glimpses into what kind of new social trends China is striving to create through the proposals and motions heatedly discussed in the two sessions.
A society that lightens burden for the young

During the two sessions, the well-known Chinese media personality Bai Yansong called for a more youth friendly society to help reduce their burdens, rather than blindly blaming younger generations for "ken lao" (or solely relying on parents). Bai's comments quickly won applause on the internet.

"Ken lao" has been a popular internet term in recent decades, describing a phenomenon of young people choosing to retreat to their homes and receive financial support from their families due to the competitive work environment.

China's 2024 Government Work Report pointed out to strengthen social security by reducing the burden of family planning, child-rearing, and education. Bai fully backs it, while calling for more reflection on how society could ramp up efforts to provide practical measures to reduce the burden on the younger generation.

From Bai's remarks, to motions calling for more affordable housing for young people; from proposals to including childcare in public services to empower young parents, from voices of lawmakers and political advisors to calls for more workplace off time for young employees … At this year's two sessions, issues that concern young people around employment, marriage and childbirth, housing, and healthcare have received attention from the public.

"China will improve the population development strategy, establish a policy system to boost birth rates, and bring down the costs of pregnancy and childbirth, child rearing and schooling," noted a Report to the 20th National Congress of the CPC. In 2024, many local governments have proposed that they will introduce more policies to boost birth rates.

According to the 2024 Report on Child-Rearing Costs released by YuWa Population Research think tank, raising a child to the age of 18 costs 6.3 times the per capita GDP. Financial pressure has also become a major killer for many young Chinese couples who are afraid to have children.

During the two sessions, many CPPCC National Committee members and NPC deputies have suggested integrating childcare services into the public service system.

Wu Ruijun, a member of CPPCC National Committee, pointed out that the childcare service institutions in China set a relatively high price, as they're often faced with high operational costs such as rent and labor expenses. NPC deputy Zhong Can further suggested that relevant policies should be established, providing free or low-cost venues for universal childcare services and thus reducing their operational costs to the minimum.

More policies that promote work-life balance have become a new highlight of this year's two sessions.

NPC deputy Huo Qigang suggested increasing the number of days off for young people, implementing a mandatory paid annual leave policy, and improving regulations on illegal practices by companies, because he believes that young Chinese people today have obviously short annual leave.

Similarly, political advisor Lü Guoquan from Hong Kong delegation proposed to enshrine the right to rest after work in law, and to increase the cost of illegal overtime work by companies to rectify the prevalent culture of overtime work.

Lü stated in a media interview that in the age of the internet, digital information technology has blurred the "boundaries" between work and life, with some employers still assigning work to employees remotely through platforms like WeChat after work hours, requiring them to respond to work-related messages and sacrificing their personal rest time.

Therefore, Lü suggested introducing relevant offline rest rights in labor laws and increasing the cost of illegal overtime work imposed by companies.

CPPCC National Committee member Jiang Shengnan called for reducing the burden on grass-roots workers in her proposal, reducing the cumbersome formalities in the workplace and avoiding wasting a large amount of time and energy on report filling and material writing. She suggested the effective use of big data platforms to coordinate and improve the efficiency of grass-roots work.

"We can tell from the two sessions that China places high hopes on the youth and intends to ease their burden. One keyword for this year's two sessions is the new quality productive forces, with young people being the mainstay. There are proposals and motions aiming to enhance the productivity of young people by reducing their burdens. For example, there is a proposal that technological workers should be free from tedious administrative work. The relevant measures and policies fully demonstrate the effectiveness of our socialist market economy system and reflect that the Party and the government do care for our young people," Su Wei, a professor from the Party School of the CPC Chongqing Municipal Committee, told the Global Times.
A society driven by scientific, tech innovation

The 2024 Government Work Report says that innovative development of the digital economy will be promoted, an Artificial Intelligence Plus initiative will be launched, and the country will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles.

This not only demonstrates China's ambition in the field of emerging technologies, but also reflects that artificial intelligence has become a new driving force for economic and social development. Artificial intelligence has also become one of the hottest topics during the two sessions.

NPC deputies and CPPCC National Committee members at the two sessions discussed the future development of the artificial intelligence industry from different perspectives, providing ideas for the future development of China's artificial intelligence industry.

Lei Jun, NPC deputy, also the founder of Chinese smartphone brand Xiaomi, proposed four motions, focusing on areas such as green and low-carbon, artificial intelligence, intelligent driving, and intelligent manufacturing.

In terms of artificial intelligence, Lei suggested to absorb artificial intelligence courses into the compulsory education stage, promoting artificial intelligence majors in universities, and encouraging large enterprises and training institutions to cultivate application-oriented talents in artificial intelligence.

Suggestions for the development of robots and intelligent manufacturing industry were also heatedly discussed in the two sessions. This year's key point "new quality productive forces" is also reflected on core element of technological innovation.

For example, China's robot industry is developing rapidly and is the world's largest consumer and producer of robots. High-end manufacturing plays an important role in China's economy. However, currently, more than 90 percent of robots used in high-end manufacturing are monopolized by foreign brands from developed Western countries.

In response to this, CPPCC National Committee member Sun Zhiqiang suggested that a national robot association should be established to create an innovative ecosystem for the robot industry that integrates technology, talent, platforms, finance, policies, and international cooperation, to promoting cross-sectoral coordination and achieve new quality productive forces.

Regional governments are also prioritizing innovation and emerging industries in their government reports this year. For instances, Central China's Anhui plans to become an innovation hub for quantum information, fusion energy and deep space exploration; while the city of Changsha in Central China is comprehensively building a global research and development center.

"Since the beginning of the reform and opening-up, the strategy for invigorating China through science and education has always been our focus. Today, only champions survive in the fierce global technological competition. That's why we are mobilizing the entire society to catch up with the new technological revolution," said Su.

A society that keeps high-level opening-up

In recent months, a series of measures have been implemented, sending a clear signal that China is steadfastly committed to expanding high-level opening-up to the outside world.

China introduced new immigration measures to encourage international travel to China; removed all restrictions on foreign investment in the manufacturing sector; issued "24 measures" to further optimize the foreign investment environment and has intensified efforts to attract foreign investment.

"One of the most core features of high-level opening-up to the outside world is institutional openness," Gu Xueming, president of the Chinese Academy of International Trade and Economic Cooperation, told the media. He said that at this year's two sessions, how to steadily expand institutional openness in terms of rules, regulations, management and standards have attracted attention from the public.

Keywords such as new driving forces for foreign trade, cross-border e-commerce, supply chain, foreign investment, and institutional opening have frequently appeared in local government work reports and motions and proposals of delegates.

In last year's economic "report card," China's new energy vehicle production and sales accounted for over 60 percent of the global market share; exports of electric vehicles, lithium batteries, and photovoltaic products - the "new three items" - increased by nearly 30 percent.

In the eyes of NPC deputy Lin Zhiying, China has a massive consumer market that drives the global economy. China is cultivating new foreign trade momentum, strengthening global supply chain management, expanding overseas markets and investing overseas.

Su Wei believes that the motions and proposals delivered by NPC deputies and CPPCC National Committee members demonstrate the concerted efforts of the Party and the government to create a more friendly society, which can achieve the greatest possible convergence of interests.

"It's normal to encounter problems on the path of development. What matters is that we have the courage to face these problems and the methods to solve them. The motions and proposals are pooling people's wisdom, and bringing Chinese people together to forge ahead," said Su.

Editor's Note:

In January 1933, with the Japanese army occupying Shanhaiguan in northeastern China, the Palace Museum in Beijing decided to relocate precious cultural relics, including bronzes, porcelain, paintings, and jade, to protect them from damage and looting. Ultimately, over 19,000 boxes of "national treasures," including those from the National Museum of Art (Guwu chenliesuo in Chinese), the Summer Palace, and the Imperial College (Guozijian in Chinese) were move from Beijing to Shanghai and southwestern provinces such as Sichuan and Guizhou. Later, some of them returned to the capital city, while some are preserving in the island of Taiwan. As they stood watch over the sea, they became a testament to the shared cultural heritage of both sides of the Straits.

This 20-year journey, spanning tens of thousands of miles, was a great feat in protecting cultural heritage during the War of Resistance against Japanese Aggression (1931-1945) and created the largest-scale miracle in preserving cultural heritage during World War II. To commemorate the history and inherit the spirit, the Palace Museum and the National Humanities History magazine of the People's Daily co-hosted "The Long March of the National Treasures: An Exhibition Commemorating the Southward Evacuation of the Palace Museum's Artifacts."

Recently, Global Times reporters Shan Jie and Lin Xiaoyi (GT) interviewed Xu Wanling (Xu), the director of the Institute for Research on the Palace Museum Collection's Evacuation to the South, as she recounted this special history and its echoes and lessons for today.
GT: Could you introduce the main functions and research content of the Institute for Research on the Palace Museum Collection's Evacuation to the South? In the institute's daily work, are there any specific academic projects or research topics that you particularly value?

Xu: Established in June 2017, the Institute for Research on the Palace Museum Collection's Evacuation to the South is a non-institutional entity of the Palace Museum, initially founded to promote specialized research on the southward evacuation of cultural relics.

From 2017 to 2019, we spent over two years organizing historical materials and conducting site research on the evacuation. We gradually discovered that, in addition to the Palace Museum and the Second Historical Archives of China holding extensive materials, archives like those in Southwest China's Chongqing Municipality, Sichuan Province, and Guizhou Province also preserve valuable records from 1937 to 1947 related to the westward evacuation and eastward return of cultural relics. These archives are precisely what the Palace Museum lacks. Based on this, we have gradually established a historical and factual framework for the southern, western, and eastern evacuations, as well as relocation to the island of Taiwan and the return to Beijing.

Currently, the institute's daily work mainly involves uncovering as much historical material as possible and conducting on-site research. Another area we have been expanding in recent years is the study of southward-evacuated relics. Previously, our research on Palace Museum relics focused on interpreting craftsmanship, cultural connotations, and artistic value from a historical perspective. But now, we have shifted to discerning whether a relic is a southward-evacuated one and to which route it belongs. This approach reveals important information about the relics' wartime relocation.

The concept of southward-evacuated relics allows us to view these objects from a more holistic perspective, understanding their profound historical and cultural connotations. For example, in the early 20th century, the National Museum of Art in Beijing and the establishment of the Palace Museum compiled an inventory of about 1.4 million items, including over 230,000 artifacts from the National Museum of Art and over 1.17 million artifacts from the Palace Museum. Later, to avoid war, some relics were moved south. After undergoing southern, western, and eastern evacuations, relocation to the island of Taiwan, and the returning to the northern cities, these relics (including books and documents) are now housed in museums, libraries, and archives across the Straits. Therefore, we are putting considerable effort into this research, as it reveals more of our cultural heritage's underlying significance, which is of special meaning and value.

During our research, we also discovered some intriguing relics, like two paintings displayed in the recent exhibition - Wang Chengpei's paintings "Luck in the Whole Nation" and "Prosperity Multiplies a Hundredfold" from the Qing Dynasty (1644-1911). Originally a pair of scrolls stored at the Palace Museum's Palace of Abstinence (Zhaigong), "Luck in the Whole Nation" stayed in Beiping (Beijing) in 1933, while "Prosperity Multiplies a Hundredfold" went south and eventually to the island of Taiwan, resulting in them being housed in separate Palace Museums across the Straits.
GT: In your view, why is it particularly important to commemorate the history of the Palace Museum's relics' southward evacuation?

Xu: From an academic research perspective, the history of the southward evacuation of relics offers us a wealth of information. First, the large-scale evacuation of relics during wartime, lasting over 20 years and spanning tens of thousands of miles, with almost complete preservation, is remarkable. Although there were incidents like car crashes and staircase collapses, causing minor damage to some relics, these were minimal compared with the vast number of relic boxes safely preserved. As museum staff, ensuring the safety of relics is always a top priority. The Palace Museum's predecessors not only protected these precious relics but also left behind valuable preservation experience and a rich spiritual legacy.

From a cultural value standpoint, during the wartime situation, both Palace Museum staff and people from all walks of life were deeply concerned about the safety of these relics. People in the education sector in Beijing at the time made it clear: "During our national crisis, everyone is determined that no sacrifice is too great. But the cultural artifacts that embody our national pride and are tied to the nation's lifeblood and spirit must on no account be sacrificed."

These relics are closely linked to the cultural lifeline of the Chinese nation. If we lost or destroyed them, Chinese culture would suffer greatly, even to the point of interruption. Although it has been over 90 years, reading those historical documents still resonates deeply and stirs our emotions.

GT: The southward evacuation of the Palace Museum can be considered a great feat. What factors, in your opinion, ensured its success?

Xu: First, it was a large-scale, organized operation, with all external conditions supporting the action. For instance, coordinating the special transportation of relics required professional arrangements, including dedicated train convoys, accompanying guards, and military personnel for protection.

Secondly, there was a need for dedicated storage space, initially renting sturdy foreign-owned warehouses or building reinforced concrete storerooms, later requisitioning bank vaults or even local temples and ancestral halls.

Additionally, many specific tasks had to be implemented, like supplying daily necessities such as food for Palace Museum staff who relocated. Therefore, the residents of Leshan and Emei in Sichuan Province allocated land and distributed food to them. These comprehensive arrangements and implementations could not have been achieved without the understanding and support of local governments, various departments, and the general public.

GT: What insights and impacts does the story of the relics' southward evacuation have on contemporary global practices in cultural heritage protection?

Xu: Due to my research on the Palace Museum's wartime relic preservation, I pay close attention to cases of cultural heritage protection during wartime worldwide. In 2017, the Palace Museum held an exhibition titled "Reborn from the Flames - Afghanistan: Treasures from the National Museum, Kabul." I was deeply moved by this exhibition, both amazed by Afghanistan's splendid civilization and saddened by its years of war.

In 2018, during my research visit to the UK, I particularly noticed how British museums protected their relics during wartime. Before the London Blitz, important collections from the National Gallery were evacuated to universities, libraries, and castles in Wales.

When war breaks out, its destructive power is unimaginable. Yet, in the face of such uncontrollable destruction, people still try their best to protect what they consider to be important artistic and cultural items. In fact, this is true worldwide. So, when we see such images, we are deeply impacted.

For our generation, studying the protection of cultural heritage during wartime often involves reconstructing understanding and imagination through historical images and documentary expressions. The reality and brutality of war are undoubtedly far beyond our imagination. Therefore, we should study this history, understand the devastation of war, and appreciate the value of peace.

Before preparing the exhibition, we visited the Commercial Press's history display in Beijing. I was touched by their history, which stated: "Sacrificed for national adversity and struggled for culture." The Commercial Press was bombed during the war, and its Oriental Library and ancient books were reduced to ashes in an instant. Yet, facing the bombing, it was quickly rebuilt. The ideals and courage of the intellectuals at the time, along with their guardianship of national culture, are spirits that transcend time.

Therefore, I believe studying the topic of the southward evacuation of relics, whether through exchange and cooperation, exhibition dissemination, or academic discussion, is to tell everyone the historical fact: During the entire War of Resistance against Japanese Aggression, China's cultural relics suffered heavy losses, but the Palace Museum's relics suffered minimally. This contrast between heavy loss and minimal damage is a fortunate outcome amid misfortune.
GT: What contributions does the commemorative touring exhibition of the southward evacuation of the Palace Museum's relics make to enhance the international community's understanding of China's cultural heritage?

Xu: Through research on the southward evacuation of relics and the relics themselves, we strengthen connections and cooperation with numerous domestic museums, archives, and libraries, continuously refining the historical context of the relics' evacuation and gradually expanding their cultural influence. At the same time, we actively promote exchanges and cooperation with foreign museums, sharing experiences and achievements in the protection of cultural relics during wartime.

Through these academic exchange activities, we aim to show the world the responsibilities and missions of museums, to protect the common cultural heritage of humanity, and to promote exchanges and mutual learning among different countries, ethnicities, and cultures. We hope these research and exchange activities provide new perspectives and pathways for global cultural heritage protection, creating new resonances and understanding.

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.

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."

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.

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.

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 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.

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.

Recruiters have explained job responsibilities for thousands of applicants at recruitment fairs, with job seekers rushing to these fairs. Such scenes were seen nationwide as the spring recruitment season started.

The demand for talent, especially in high-tech fields, is sharply increasing, the Global Times has learned. Analysts said that with the development of high-tech industries boosted by innovation-driven new productive forces, the demand for talent will continue to increase and more new jobs will be created.

Boosted by the rising popularity of Sora, a text-to-video model by OpenAI, the number of new jobs targeting artificial intelligence generated content (AIGC) on domestic recruitment site Liepin increased by 612.5 percent in the first week after the Spring Festival holidays starting February 19, on a yearly basis.

The average annual salary has reached 443,700 yuan ($61,667). Algorithm engineers and product managers are the top two roles in demand, with algorithm engineers accounting for 18.95 percent of the open positions and product managers accounting for 12.63 percent, according to a report released by Liepin on Monday.

Emerging fields such as new energy, new manufacturing and biomedicine accounted for five of the top 10 open roles with the highest salaries in the first week after the Spring Festival holidays, according to a report Zhilian Zhaopin, a Chinese job-hunting platform, sent to the Global Times.

The number of openings posted by the new-energy, electrical and power industries increased by 14.5 percent year-on-year, read the report.

Employment conditions in 2024 are expected to be more favorable compared with last year, Li Chang'an, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Thursday.

"The fundamentals for economic development this year remain relatively solid. Employment in 2023 improved from quarter to quarter," said Li.

By the end of 2023, the total number of employed people in China was 740.41 million, with 470.32 million in urban areas, accounting for 63.5 percent of the total, according to figures released by the National Bureau of Statistics (NBS) on Thursday.

The increase in newly employed people in urban areas stood at 12.44 million for the full year, 380,000 more than in 2022, said the bureau.

Although the number of new jobs continued to increase, analysts warned that the pressure on total employment and structural problems remains.

The number of college graduates in 2024 is expected to reach 11.79 million, an increase of 210,000, reaching a new high, according to the Ministry of Education.

The employment situation of college graduates is grim, but analysts said that China's high-quality development means a huge demand for well-educated workers.

The growing digital economy and the innovation-led new productive forces have created lots of new jobs, Pan Helin, a professor at Zhejiang University's International Business School, told the Global Times on Thursday.

New productive forces mean that advanced productivity has been freed from traditional economic growth models.

"The emergence of new productive forces is often accompanied by new industries, new business forms and new models. These new areas of the economy require a lot of talent, thus creating new jobs. The development of emerging industries such as the internet, big data and artificial intelligence has created new jobs," said Pan.

For example, by 2025, the total talent gap for energy-saving sectors and the new-energy vehicle industry is expected to reach 1.03 million, according to a Zhilian Zhaopin report published in January.

Analysts said that the focus should be on how to match the talent demand of enterprises with education at the university level.

"Certain industries and fields are facing challenges in hiring, particularly for skilled technicians, as talent demand continues to grow with technological advancements," said Li.

China's "demographic dividend" has been transforming into a "talent dividend," Sheng Laiyun, a deputy commissioner of the NBS, said on Thursday.

"The average length of education for China's working-age population has increased to 11.05 years, and the number of experts, scientific and technological research personnel, and research and development personnel all rank first in the world," said Sheng.