China's trade deficit with its fourth largest trade partner, South Korea, expanded sevenfold during the first seven months of the year, as imports from the country accelerated, data from China's General Administration of Customs showed on Wednesday.

Trade with South Korea increased by 8 percent during the period to reach 1.32 trillion yuan ($184.07 billion), as the country becomes China's fourth largest trading partner. Trade with the Asian neighbor accounted for 5.3 percent of China's total trade.

China's imports from South Korea shot up by 16.4 percent to reach 720.11 billion yuan, with exports to the country came down by 0.6 percent to reach 600.47 billion yuan, GAC data showed. 

China's trade deficit with South Korea reached 119.64 billion yuan in the first seven months.

The foreign trade growth sped up by 0.4 percentage points from a reading of 7.6 percent during the January-June period, according to GAC. Imports growth also expanded by 0.7 percentage points as Chinese factory owners are purchasing more parts and materials to be turned into finished goods for export.

In July, South Korea, a leading indicator of China's tech imports, saw its China-bound exports leap 14.9 percent to hit a 21-month high of $11.4 billion, according to Reuters, citing data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association.

It made China once again the leading destination for South Korean products in the first seven months this year, the Yonhap news agency reported on Sunday, thanks to rising shipments of semiconductors.

Chinese experts attribute the rapid trade growth to the limitations of the relentless US chip trade restrictions imposed on China.

Li Tianguo, an associate professor at the National Institute of International Strategy, attributed China's widening trade deficit with South Korea to the trade of high-tech and intermediate products such as semiconductors, wireless communication equipment, and display panels.

"Currently, demand in the global semiconductor market is picking up, with inventory levels of related manufacturers continuing to decline and prices returning to normal levels, causing China's imports from South Korea to rise accordingly, ultimately expanding China's trade deficit with South Korea," Li told the Global Times on Wednesday.

Experts forecast that multiple cities in China will experience extended period of extreme heat in August, with authorities proactively taking measures such as turning off display lights to address challenges posed by peak electricity consumption.

With blistering heat set to once again descend over China, Jia Xiaolong, deputy director from China's National Climate Center (NCC), suggested that the relevant authorities should be ready to make preparations for the energy supply during peak period for electricity consumption, Xinhua News Agency reported.

Hangzhou in East China's Zhejiang Province has implemented measures such as pausing non-essential landscape lighting and suspending light shows from Monday to Friday to manage the power load during the ongoing extreme heat wave, local authorities announced on Tuesday.

The West Lake, a famed attraction located in Hangzhou, will temporarily suspend the power-generating musical fountains from August 6 to August 9, the site's management department said on Tuesday.

According to the State Grid Zhejiang Electric Power Co Ltd, the average household electricity consumption of Hangzhou residents in July totaled 549 kilowatt-hours (kWh), ranking first in the province, with 57 percent of the households doubling their electricity consumption from the previous month.

In July, Shanghai authorities released an electricity proposal, prioritizing household energy consumption, essential projects and business activities which support critical services. 

A district in Southwest China's Chongqing Municipality requested merchants to turn off their electronic advertising billboards from 12 pm to 8 am, suggesting that outdoor digital advertisings should be switched off or keep a low light level, an official from the local government announced in July.

East China's Jiangxi Province urged officials to avoid working with lights turned on during daytime or when offices are unoccupied and leaving the lights on all the time, according to an electricity conservation initiative issued by the local government.

Electricity conservation measures put in place by East China's Anhui Province suggested public institutions to act as standard bearers, such as setting the office air-conditioning higher than 26 C, suspending elevator access to low floors. Also, industrial enterprises are expected to voluntarily carry out staggered schedule for power use to minimize energy consumption and costs.

It is expected that in the first half of August, China will see two periods of extreme heat, of which August 3 to 7 searing heats in southern China will be featured by a wide range and high intensity. Temperatures in cities of East China's provinces, including Anhui, Jiangsu, Zhejiang and Jiangxi will reach 39 C to 42 C, Jia told Xinhua.

US Deputy Secretary of State Kurt Campbell stated on Tuesday that the US is "far behind" China in Africa and other "Global South" regions and "has much more work to do" during a hearing about assessing the US' ability to compete with China, the South China Morning Post reported. It is evident why Washington is showing anxiety in this regard. After all, the US has failed to prevent China from gaining increasing recognition and popularity in the Global South.

Currently, America's foreign diplomacy, lacking strategy and consistency, is closely focused on China, which makes its foreign policies short-sighted without a long-term plan. The purpose of Campbell talking about the Global South is clear. American policymakers, such as Campbell, cannot tolerate China's rising influence and power, so the US must confront China in all areas where China asserts its influence. In essence, the US' call for "more work to do" in Global South countries is simply a strategy to manipulate and weaponize these nations, using them as tools against China.

From the perspective of Washington, the Global South is now an integral part of the strategic competition between the US and China. The so-called "more work to do" in the Global South countries means that the US simply treats the Global South as a new frontline to compete with China, at the expense of turning these countries into a crisis-prone area. This is certainly not what the Global South and the international community expect.

The reason why the US lags far behind China's influence in Africa and other "Global South" regions is simple. The American elites have long ignored and paid little attention to Africa and other "Global South" regions. In their eyes, these regions are nothing more than "colonies" only with raw materials and markets to be harvested. America's sudden interest in the Global South comes from its utilitarian purpose to compete with China. The Global South is seen as nothing but a tool. If it were not for China's influence, the US would not pay attention or take it seriously at all.

Fortunately, the Global South is now fully aware of US' geopolitical intentions of creating small cliques and provoking confrontation. They will not easily be fooled by the US. The US hopes to drive a wedge between China and other Global South countries. However, the cooperation achievements made by China and other Global South countries based on equality, mutual benefit, and mutual respect are obvious to all, and such South-South cooperation is unshakable. "Global South" countries are not cargo on the geopolitical train led by any major power, instead, they are the driving force for world peace and development. They are not willing to be pawns and tools for the US to pursue its own geopolitical interests.

Furthermore, consider the way the US treats its own allies. Examples of the US betraying allies and making empty promises abound. In 2022, the US-led G7 announced it would raise $600 billion in support for some countries of the Global South, but this promise is still yet to be met. Such actions by the US have already eroded its influence and credibility significantly in the Global South.

The US' attention on the Global South, driven solely by geopolitical interests, is neither long-lasting nor sincere. As countries in the Global South gain a clearer and more profound understanding of the irresponsibility in US diplomacy, their resistance against US actions will undoubtedly become firmer and stronger. 

Philippine fishermen and environmental groups gathered in Quezon City for a forum to express their concerns about the risks of the Philippines becoming embroiled in a "proxy war" as a result of US military bases in the country. The gathering coincided with reports of joint maritime exercises between the Philippines and US navies in the South China Sea on Wednesday. The participants voiced their strong opposition to this potential escalation of tensions.

These groups condemned the high risks associated with increased militarization, emphasizing the need to focus on "Jobs, Not Wars" and peaceful dialogues to resolve tensions in the South China Sea. They oppose "aggression and wars" in the Philippines and the ASEAN region, saying that territorial tensions should not be used as an excuse for conflict.

The US and the Philippines began joint maritime activities in November to enhance their militaries' ability to operate in tandem amid strained tensions with China in the South China Sea. Experts say this move undoubtedly further militarizes the South China Sea and escalates the risk of conflicts.

During the forum, participants also highlighted the urgent need for the Philippine government to address environmental hazards, citing the recent oil tanker accident and subsequent oil spill in Manila Bay as a critical issue. The spill has adversely affected coastal areas, including Bataan, Bulacan and other nearby regions, posing significant threats to the livelihoods of local fishermen and the environment, according to the organizers.

Fishermen are calling on the government to prioritize solving domestic fishing livelihood and safety issues, rather than focusing on conflicts involving the intervention of external forces.

Pablo Rosales, National Chairperson of PANGISDA Pilipinas (National Federation of Small Fisherfolk), emphasized the disastrous impact of the oil spill on small fisherfolk, criticizing the government's negligence and demanding accountability from both the government and corporations involved.

Edlyn Rosales of PANGISDA Bataan stressed the immediate need for comprehensive environmental protection measures, highlighting the importance of sustainable jobs and a clean environment over wars that destroy resources and futures.

Efren Dominico, representing the United Federation of Fisherfolk in Lamao, Aurora Province of the Philippines, pointed out the long-term ecological damage caused by such spills and the slow response in mitigating these hazards. He asserted that the presence of military bases only heightens the risk of environmental disasters.

The forum also featured some regional leaders who reiterated their opposition to wars and aggression, advocating for a peaceful resolution to disputes in the South China Sea. They condemned the military presence and its implications on national security and local stability.

Veronica Cabe of NFBM (Nuclear Free Bataan Movement) highlighted the broader implications of militarization on national security and environmental sustainability, emphasizing the need to resist becoming pawns in a proxy war.

The groups urged the government to prioritize the welfare of its citizens over geopolitical interests, advocating for transparency and accountability in handling environmental and national security issues.

Since China announced its commitment to gradually raising the retirement age in a flexible and voluntarily manner, which is currently one of the lowest levels globally, many have hailed the policy as it allows people to work for more years in line with longer life expectancy. However, others remain skeptical.

One line of popular speculation online is that individuals born after 1990 may have to retire at the age of 65. Another common belief is that a delayed retirement would mean delayed access to pensions.

Gradually raising the retirement age in a prudent and orderly manner based on the principles of "voluntary participation with appropriate flexibility" was outlined in the Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, which was adopted at the third plenary session of the 20th CPC Central Committee.

The varied opinions on raising the retirement age are understandable, as each group has their own working status and lifestyle, which explains why the resolution highlights the principles of "voluntary participation with appropriate flexibility", Song Jian, a demographer from the Center for Population and Development Studies of the Renmin University of China told the Global Times on Thursday.

While acknowledging concerns of some people, especially the young, about uncertainties regarding the future, it is important to recognize that increasing the retirement age is not an overnight decision, but was proposed years ago since the 18th CPC National Congress in 2012 and included in the 14th Five-Year Plan (2021-2025), Song said.

Over the years, departments across all levels in the country have been considering how best to take small steps to raise the retirement age, while to provide flexibility, tailor policies for different groups, consider all factors, and make comprehensive plans, Song said.

The prediction that "regardless of gender, people born after 1990 will retire after the age of 65" lacks rigorous data support and does not have much reference value, Yuan Xin, deputy head of the China Population Association and a demographer from Nankai University in Tianjin, said, criticizing this point of view.

Yuan told the Global Times the determination of retirement age is a multifaceted socio-economic issue that requires careful consideration and the balancing of numerous factors. "The introduction of social policies should adhere to the basic principle that the smaller the impact and fluctuations on society and individuals, the better."

If the retirement age is suddenly raised from 60 to 62 within a year, it means that the labor market will suddenly increase by 30 to 40 million people. That would place excessive pressure on employment opportunities, he explained.

The same goes for individual retirees. If a person is expected to retire on January 1 next year, and the policy requires a two-month delay in retirement, this person is likely to accept it, but if suddenly the person was informed to delay retirement for two years, he may feel the change is very abrupt, Yuan said.

Currently, the average life expectancy of Chinese people has reached over 78 years, yet the retirement age remains one of the lowest in the world - 60 for men, 55 for women in white-collar jobs, and 50 for working-class women.

The current retirement age was set more than 70 years ago, when the average life expectancy of Chinese people was only about 45 years. Now it has reached 78.2 years. An unchanged retirement age cannot catch up with the current demographic and economic situations in an era of longevity, demographers said.

"People need actively adapt the fact we are already in a moderately ageing society. There is no going back to a young or maturing society," Yuan said.

From the perspective of aging speed, from 2000 to the present, the population of people aged 60 and above in China has increased from 130 million to nearly 300 million, with their proportion rising from 10 percent to over 21 percent, marking China's entry into a moderately aged society.

It is estimated that by 2035, when modernization is basically achieved, the elderly population will exceed 400 million, making up more than 30 percent of the population, entering the stage of a heavily aged society. By the middle of this century, the elderly population is expected to peak at 520 million, with the proportion surpassing 40 percent, marking the transition to a super-aged society, according to data provided by Yuan.

"It is necessary to recognize that elderly people are not a burden to society, but a potential social wealth. Delaying their retirement in a voluntarily basis would enable some who would like to choose longer period of time to create wealth," the demographer said.

As an individual nears retirement age, you may find yourself reaching a career ceiling, with limited opportunities for advancement and no potential for increased income. The fear of retirement tends to increase for those on the cusp of retirement, Song added.

Some voices also explained that the country is seeking to raise the retirement age because the current level pension cannot make ends meet. Yuan explained that delaying retirement or not, this pension issue will come eventually. This is caused by the contradiction between system design and changes in population structure.

Following the same pattern globally, the country's pension insurance system is also built on the basis of a young and adult society, but as aging becomes more and more severe, there are more and more people receiving pension and fewer and fewer people contribute to the pool, a reform on pension system is necessary, Yuan noted.

In recent years, China has been continuously reforming its pension system, focusing on urban-rural integration and ensuring that a wider population can enjoy a decent quality of life in retirement, Song told the Global Times.

Yuan described the current pension system in China as being supported by three pillars: the government provides basic pension insurance, enterprise annuities and occupational annuities form supplementary pension funds, and individual pension accounts, savings, and commercial insurance serve as the main pillar.

"We individuals are primarily responsible for taking care of our own retirement. One should have a full understanding and mental preparation for this," Yuan noted.

When meeting with Philippine Foreign Secretary Enrique Manalo in Vientiane, Laos on Friday, Chinese Foreign Minister Wang Yi warned the Philippine side over the deployment of a US intermediate missile system, and called on the Philippines to fulfill its commitments and refrain from changing its position as China has recently reached a temporary arrangement with the Southeast Asian country on the transportation and replenishment of humanitarian supplies to Ren'ai Jiao (Ren'ai Reef).

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China and the Philippines are close neighbors across the sea, and good neighborliness, mutually beneficial cooperation and common development are in the fundamental interests of the two countries, according to the Xinhua News Agency. 

He noted that the positive and negative lessons of China-Philippines relations in recent years have proved time and again that it is not easy to build good relations, but it is easy to destroy them.

At present, Wang said, China-Philippines relations are facing serious difficulties and challenges, are rooted in the fact that the Philippine side has repeatedly violated the consensus of the two sides and its own commitments, continuously pushed the infringement of rights at sea and magnified  negative aspects of public opinion.

China is gravely concerned about and firmly opposes recent developments, Wang said.

He added that if the Philippines introduces a US intermediate missile system, it will create regional tension and confrontation, triggering an arms race, which is totally not in line with the interests and aspirations of the Filipino people.

Wang said that China has recently reached a temporary arrangement with the Philippines on the transportation and replenishment of humanitarian supplies to Ren'ai Jiao in order to maintain the stability of the maritime situation. The key is for the Philippine side to fulfill its commitments and refrain from changing its position. Otherwise, he noted, China will respond resolutely.

Wang pointed out that bilateral relations are now at a crossroads and there is no way out of conflict and confrontation, except for dialogue and consultation.

He expressed the hope that the Philippine side will seriously think about the future of China-Philippines relations and work with China to push bilateral relations back on the right track at an early date.

Manalo, for his part, said the Philippines and China have a long history of traditional friendship and have established a comprehensive strategic cooperative relationship based on equal treatment and mutual benefit, Xinhua reported.

Despite the difficulties and challenges faced by the two sides due to maritime issues, the Philippines is committed to easing the situation through dialogue and consultation, and dealing with differences constructively, Manalo said.

He noted that the recent meeting of the bilateral consultative mechanism on the South China Sea, during which both sides agreed to manage the maritime situation, reflects the goodwill of both sides without compromising on their respective positions.

The Philippines is willing to implement this consensus, Manalo said, noting that next year is the 50th anniversary of the establishment of diplomatic relations between the Philippines and China, and the Philippines is willing to strengthen communication with China in a sincere and pragmatic manner to enhance mutual trust and improve bilateral relations.

The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing from Sept. 4 to 6, Chinese foreign ministry spokesperson Hua Chunying announced on Tuesday.

The theme of the summit is "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future," Hua said, adding that leaders of FOCAC's African members will attend the summit at the invitation of the forum.

Representatives of relevant African regional organizations and international organizations will attend relevant forum events, she added.

China's major securities brokerage CSC Financial Co, an affiliate of China CITIC Group, on Saturday refuted any assistance of financial frauds in a recent intern incident, stating that the company is ready to accept supervision to ensure compliance. 

Regarding the companies that are potentially applying for getting listed revealed in the incident, CSC Financial said it will strive to minimize the impact on its clients and protect their rights and interests, said a statement seen on the company's social media account.

Industry insiders pointed out that the incident sent a warning that Chinese securities firms should enhance internal management, which will benefit the healthy development of the overall industry. 

CSC Financial Co made the announcement on Saturday following a social media post a day ago, about one of the company's interns flaunting a luxury car and leaking three investment banking projects, which went viral in Chinese social media on Friday.

According to the posting, the intern drove a luxury sports car to the office, played golf after work, and disclosed details of three companies that are potentially applying for IPOs, including warehouse automation company Hai Robotics, robot maker WYBOTICS Co, and China Energy Xinkong Technology Co. 

In a response, CSC Financial immediately formed a working group to conduct investigation and found out the intern was recruited abnormally, violating company rule, noting that the person in charge of the intern's recruitment was fired, and the company will seek accountability of the head of the department.

The case could produce ripple effects on brokerages' IPO business, Dong Shaopeng, a senior research fellow with the Chongyang Institute for Financial Studies at the Renmin University of China, told the Global Times on Sunday.

Dong said that the rush to increase IPOs may lead to companies' falsification, and fraudulent auditing work, and he called for more efforts from Chinese securities firms to refine their business operations and assets management.

China Securities Regulatory Commission (CSRC) announced on April 9, 2024, to strengthen inspections on companies seeking IPOs in 2024 by increasing the intensity of inspections, the Xinhua News Agency reported. Inspections will be carried out on at least 25 percent of the applicants planning IPOs this year, up from about 5 percent in 2023.

There has been a notable surge in Chinese tourists booking flights and hotels in France and other European destinations, according to reports from multiple domestic travel platforms on Thursday. The Paris 2024 Olympic Games, set to open on July 26, have significantly increased interest in the city among Chinese tourists.

In the first week of the Olympics, flight bookings from major Chinese cities to Paris increased by over 150 percent year-on-year, and hotel bookings in central Paris surged more than fourfold, according to Tongcheng Travel. In terms of bookings, Paris is the second most popular European destination this summer, trailing only London, as reported by Qunar.

During the Olympics, average airfares from major Chinese cities to Paris have increased by over 10 percent compared to June. The most popular departure cities for travel to Paris and other major French destinations include Shanghai, Beijing, and Guangzhou, according to Tongcheng Travel.

In addition to traditional domestic group tours to Europe, destination group tours and customized tours are also popular. "Many Chinese tourists, while attending Olympic events, are opting for local tours in France, with in-depth tours of Paris or multi-day tours of nearby regions being particularly favored,"a representative from Tongcheng Travel told the Global Times on Thursday.

"I bought tickets for the Paris Olympic Games a year ago and booked the flights and hotel six months ago. The hotel costs 2,500 yuan ($350) per night, which is a bit expensive, but it's worth it to see the Chinese athletes in the table tennis finals!" a tourist from Beijing told the Global Times on Thursday.

"This time I'm traveling with my family and we've opted for a self-guided trip. Once we arrive in Paris, we'll decide whether to visit other countries since European destinations are close and flights are convenient," he added.

"Chinese people have always had a strong passion and interest in sporting events, especially the Olympics," Wang Jinwei, a professor from the School of Tourism Sciences at Beijing International Studies University told the Global Times on Thursday.

Paris has a deep connection with Olympic culture, hosting the Summer Olympic Games for the third time, following London. Also, as the "fashion capital," Paris has infused its local cultural flair into the event, such as the lavender-colored track. This unique blend of culture and history is a major draw for tourists, according to Wang.

"Additionally, because of the China's summer break, many students and families are heading to France for educational and cultural tours. The ease and speed of obtaining French visas, due to warming China-France relations, also play a significant role in facilitating these trips," Wang added.

The Paris Olympics, following the European Championship and coinciding with the summer holidays, has further boosted European travel interest. According to Qunar's data, from July 27 to the end of August, hotel bookings increased by 1.6 times in Italy, 1.5 times in Germany, and 1.67 times in both Spain and Switzerland compared to the same period last year. Average summer hotel prices in popular European destinations, such as Italy, Germany, and Spain, are 30 percent to 50 percent lower than those in France.

Aircraft manufacturer Boeing updated its market outlook, raising the demand for civil aircraft in the next 20 years from 42,595 in 2023 to nearly 44,000, an increase of approximately 3.24 percent, and China will lead all markets, being the largest single country market.

Air travel demand continues to outpace economic growth in an increasingly connected world. Four years after the pandemic grounded most of the global fleet, air traffic growth has returned to the long-term trend Boeing forecast 20 years ago.

Compared to 2023, passenger air traffic will rise an average of 4.7 percent annually over the next two decades, according to the forecast.

Boeing said South Asia passenger traffic will increase 7.4 percent, followed by Southeast Asia (7.2 percent) and Africa (6.4 percent), as emerging markets return to historical growth trends through the forecast period.

Eurasia is projected to lead all markets in airplane deliveries, accounting for 22 percent of the total, with North America and China each close behind at 20 percent, it said.

In terms of aircraft types, single-aisle aircraft will account for 71 percent of the fleet in 2043, while the growth of twin-aisle aircraft is mainly in the Middle East, which will account for 44 percent of the Middle East fleet in the future.

Boeing's rival Airbus also forecast in July that 45 percent of newly delivered aircraft will be used for replacements. Airbus predicts that the number of aircraft in its global fleet will double to 48,320 by 2043, while the number of aircraft in its global fleet in service in 2023 was 24,260.

Corresponding to the doubling of transport capacity, Airbus believes that passenger volume will more than double in the next 20 years.

In the first three years, passenger traffic will grow at an annual rate of about 8 percent to make up for growth lost during the epidemic. Starting in 2027, this indicator will return to about 3.6 percent. Airbus also believes that market growth in China and India will further shift the focus of aviation industry development to Asia.

However, contrary to optimistic market forecasts, the aircraft manufacturing chain is still "stuck" due to the loss of skilled technicians after the epidemic, shortage of raw materials, geopolitics and other factors, market insiders said.

Caixin reported that it will probably take 1-2 years for the supply chain to be fully restored.

Boeing is in the spotlight due to the door blowout incident earlier this year. In order to improve production quality, it lowered production speed. As of the first half of this year, Boeing has delivered 175 aircraft, 91 fewer than last year.

Data from Boeing's official website showed that it delivered 44 aircraft in June, making it Boeing's best month this year.

The Commercial Aircraft Corporation of China (COMAC), the manufacturer of the home-made large aircraft C919 is also trying to grab a share of the aircraft manufacturing market. Up to now, COMAC has delivered six passenger aircraft to China Eastern Airlines.

COMAC has brought 1:20 scale C919 and C929 aircraft models to the public at the ongoing Farnborough International Air Show in the UK, according to information it shared with the Global Times.