Chinese President Xi Jinping on Wednesday met with Finnish President Sauli Niinisto via video link.

US Congress has reportedly reached a deal on how much the US government will spend in 2024 in a significant move toward avoiding a shutdown, but it doesn't necessarily defuse the threat altogether, Chinese observers said.

The US government shutdown risk reflects Washington's "declining fiscal management and governance ability," which may negatively impact US economy and the financial market, they said
.
The deal would establish an overall spending level of $1.59 trillion in fiscal 2024, US media outlet NBC News reported on Monday, noting that the threat of a potential US government shutdown isn't completely ruled out yet, as Congress still needs to allocate the money, write the bills and approve them.

During the last five decades, there have been 21 US federal government shutdowns. A government shutdown would lead to the suspension of nonessential federal functions and result in millions of federal employees not receiving pay.

The repeated US federal government shutdowns and lingering threats reflect that the US government's relatively weak governance and fiscal management ability, although for many times, the US government is able to solve crises at the last minute, Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies, told the Global Times on Monday.

The continuous increase in US government debt will produce negative effect on the US economy in the long run, as Washington needs to pay more interest on its huge debt, Dong Yun, director of the Research Center for International Political Economics of the National Institution for Finance and Development, told the Global Times on Monday.

"The US' fiscal sustainability will continue to weaken, which may increase US financial sector instability and spill over to impact global markets," Dong said.
Dong said it's a general trend that many countries are diversifying their foreign assets and increasing holdings of gold, but only by promoting reforms to the international monetary system and boosting the development of emerging market economies can there be "more choices for a country's holdings of foreign assets."

Aside from shocks to the US itself, repeated government shutdowns will impact the US' influence in global affairs and accelerate the decline of US dollar hegemony in the world, Huo said.

Huo said that the continuous issuance of US Treasuries will make it difficult for the US government to repay its debts, which will reduce the reliability and credibility of US dollar-denominated assets.

The US' aggressive interest rate hikes to tame inflation has brought spillover effects to other countries, especially developing countries, making many economies rush to diversify payment using local currencies and increasing holdings of gold in 2023.

China's gold reserves reached 71.87 million ounces at the end of December, marking the 14th consecutive month of increase, latest data from the People's Bank of China showed.

The alarming conclusion has been drawn from the first-ever IUCN red list assessment of freshwater species, which identifies global heating, pollution, overfishing, and falling water levels as major threats to vital aquatic populations.

A comprehensive study by the International Union for Conservation of Nature (IUCN) highlights the precarious state of freshwater fish globally, with iconic species such as the Lake Turkana robber and the Mekong giant catfish facing the imminent risk of disappearing.

Of the 14,898 assessed species, a staggering 3,086 are now in danger of vanishing, with nearly one-fifth of all threatened freshwater species directly impacted by climate change-induced factors such as falling water levels and shifting seasons.

The assessment also sheds light on the escalating threats to other species, including mahogany, Atlantic salmon, and green turtles. Big leaf mahogany, a highly sought-after plant commercially, is now classified as endangered due to a 60% decline in numbers over the past 180 years.

Atlantic salmon, once abundant and considered of least concern, is now near threatened, with a 23% global population decline and disappearance from many UK rivers.

Amidst these alarming findings, the report also brings attention to positive conservation efforts. The saiga antelope, moving from critically endangered to near threatened, experienced a remarkable 1,100% population increase in just seven years in Kazakhstan. Similarly, the scimitar-horned oryx, once extinct in Chad due to overhunting, has seen successful reintroduction efforts, leading to a vulnerable classification.

IUCN President Razan Al Mubarak has emphasized the need for coordinated global conservation efforts in the face of the interconnected climate and biodiversity crises.

The report underscored the importance of addressing these issues to ensure the durability of conservation actions.

The assessment also highlights the vulnerability of central south Pacific and east Pacific green turtles, major victims of industrial and artisanal fishing, with rising global temperatures affecting their hatching success and sea temperature fluctuations endangering their nesting sites.

Since 2017, the permanent population of Beijing has been declining for six consecutive years, and the distribution of the population shows a pattern of multiple support points and gradient distribution, while the health and cultural quality of the population ranking among the top in the country, according to the Beijing Administration Institute (BAI) on Saturday.

On Saturday, the "Beijing Population Blue Book: Research Report on Beijing Population Development (2023)" was released by the BAI, analyzing and forecasting Beijing's population trends. It focuses on the population development of Beijing from various perspectives such as preschool education, youth population, childbearing age population, elderly population and the population living in the capital's metropolitan area, in addition to conducting in-depth research on coping with an ageing population.

The permanent population of the capital city was 21.843 million in 2022, with a registered population of 14.277 million, maintaining a steady decline in the size of the permanent population and a continued growth in the registered population.

In addition, in 2022, the birth rate for the city's permanent population continued to decline, and the natural growth rate of the permanent population revealed a negative value synchronized with the national level. In terms of population structure, the aging of the population has become more pronounced, while the proportion of the working-age population is still higher than the national average.

In 2022, the city's permanent population aged 60 and above was 4.651 million, accounting for 21.3 percent of the total population, which is 1.5 percentage points higher than the national average. The size of the working-age population aged 15 to 64 has been continuously declining from 2015, reaching 15.902 million in 2022, accounting for 72.8 percent of the total population, also higher than the national average.

In terms of population distribution, the report noted that the regional distribution of the population in the city has remained stable, showing a pattern of multiple support points and gradient distribution. Both the population size and proportion in downtown areas have declined, while the population size and proportion in the urban sub-center and the plain new city have increased. The number of residents living in the city's designated ecological conservation area has fluctuated, and the pattern of population distribution with multiple support points continues to form, which has helped Beijing achieve balanced development in multiple areas.

The report also points out that the health level and cultural quality of the population in this city are among the best in the country. In 2021, the average life expectancy of registered residents stood at 82.47 years, higher than the national average. In 2020, the average years of education for the permanent population aged 15 and above was 12.64 years, far exceeding the national average. In 2022, there were 56,181 people with a college degree or above per 100,000 permanent residents aged 15 and above in Beijing.

The stable size of high-quality labor force has laid a solid foundation for Beijing to build an international science and technology innovation center and high-level talent hub, and promote the deep integration of innovation chain, industry chain, capital chain and talent chain, it noted.

It also added that the city is still in an opportunity window for economic transformation and upgrading, which will not close in the short term. The document recommended greater focus on achieving a balanced population structure, leveraging the dividends of reform and talent, and releasing the dividends of population. In addition, the report also suggests that the city should make good use of the opportunities brought by the coordinated development of the Beijing-Tianjin-Hebei Region and enhance the vitality of Beijing's population development in building an integrated high-quality development demonstration zone.

China’s elite diving athletes Wang Zongyuan and Chen Yuxi have secured spots for the Paris 2024 Olympic Games after winning gold at the national diving championship on Wednesday in Wuhan, Central China’s Hubei Province.

Over 200 divers are competing at the annual event that will last till Tuesday. An analyst told the Global Times on Thursday that the championship, which serves as one of the three-leg qualifiers for the Paris Olympic Games, will help the national team to find some new diamonds in the rough.

China’s new diving talisman, 20-year-old Wang, ranked first in each of the six rounds in the final to triumph during the 3-meter springboard while two-time Olympic medalist Chen edged out Olympic champion Quan Hongchan to win gold during the 10-meter platform.

According to the point-based qualification for the Paris Olympic Games diving events announced by the Chinese Swimming Association, there are three legs of qualifiers, namely the national diving tournament in March, the ongoing national diving championship and the World Aquatics Championships to be held in Doha, Qatar in February 2024. 

The two best rankings out of the three legs of a diver are translated into points. The top four athletes with the most points in a single event will be selected into the Olympic roster.

Wang and Chen, who also won gold at the national tournament in March, have thus secured their berths for the Olympic Games.

“The victory shows that my training and hard work have paid off. I take every competition seriously, and hopefully I can do my best in every competition. However, I was not at my best during the preliminaries and made some mistakes,” said Chen, who lost to Quan in October’s Hangzhou Asian Games. 

“While the top divers are vying for spots for the Olympics, the national event also provides an opportunity for younger talents to make their mark. Jiang Linjing is a big surprise in the highly competitive 10-meter platform,” Liu Yu, a Beijing-based sports commentator, told the Global Times on Thursday.

Jiang Linjing, a 13-year-old diver from South China’s Guangdong Province, managed to finish third behind Olympic champions Chen and Quan.  

“They [Chen and Quan] are my idols. They were consistent in their dives and rarely make mistakes. I’m doing okay in training, but I tend to get nervous in big events,” said Jiang, who tried the 307C dive, one of the most difficult dives, for the first time in the competition. 

Eyes will be focused on the men’s 10-meter platform final on Saturday as this is the only event in which China failed to win gold at July’s World Aquatics Championship in Fukuoka, Japan. 

China swept 11 out of 12 golds on offer at the world championship and Australia’s Cassiel Rousseau upset China’s Lian Junjie and Yang Hao in a roller-coaster 10-meter platform final. 

Women’s 3-meter springboard will also take place on Saturday. 

In order to inspire athletes to innovate and take on challenging dives, the event has introduced special awards recognizing both the difficulty and groundbreaking achievements.

With the rise of social media networks and involvement of capital, fandom culture as a niche subculture has attracted more and more attention from the mainstream. 

From an external perspective, the rapid advancement of technology and social media platforms have served as prerequisites, while investment from the capital market has fueled its development. As to the internal factors, the formation of fan communities meets people's psychological needs. For one thing, in today's fast-paced modern society, some young people have made online platforms their first choice to ease loneliness and express their feelings, while fan clubs allow people to show off their personality, achieve self-satisfaction and gain a sense of community and belonging. 

Debate about fandom culture tends to focus on its potential dangers. 

To begin with, the distortion of values caused by group polarization, especially for younger generations, leads to shocking incidents like pouring out drink bottles just to obtain a QR code inside the bottle cap to support an idol. Besides wasting resources and over-consumption, craze-driven irrational behavior such as stalking, doxing, fighting, and invading people's privacy have endangered public safety. 

More seriously, the uneven occupation of online resources by celebrity topics or entertainment events triggered by a large amount of fan participation and capital manipulation takes atte  ntion away from significant issues that involve public life. Under such circumstances, our culture, sports, education, and businesses would likely be reduced to entertainment accessories, and the final result might lead to actually "amusing" ourselves to death. 

However, as some observers fret about these dystopian scenarios, others focus on the potential rewards.

First, personalized consumption in fandom culture boosts the economy. In August, a popular Chinese idol group fueled a ticket-buying binge in which the first batch of over 33,000 tickets were snapped up in a few seconds. Revenue on ticket and live-streaming platforms reached more than 100 million yuan ($13.6 million) and drove local tourism revenue up to 416 million yuan. With social media, forces converge quickly, and fans can do great things for their idols. Their desire for expression, interactivity, and participation leads to a long tail effect in the vast fan market, which contains enormous consumption potential and benefits upstream and downstream industry development. 

Secondly, fandom culture alleviates the crisis of contemporary social identity and soothes our souls. As a social subculture system, fandom culture is based on seeking social interaction and identity recognition. Fans build emotional trust, form a community with common ideals, and find a new identity and a sense of belonging through communication and interaction with group members in an increasingly atomized society. For fans who have gone through their youth accompanied by some idols, nostalgia reveals their inner desire for a familiar, safe, and stable environment that serves as a spiritual sanctuary and utopia for rosy memories, helping them confront the fragmentation of the modern world and the discomfort of the rapid changes under globalization.

Fandom culture also empowers society. An idol who constantly contributes positive energy is an essential source of cohesion in society. Fans' heartfelt wishes to become better people alongside their idols have led them to ask idols to behave with higher standards and set good examples. 

For instance, some celebrities encourage fans to develop good reading habits, promote Chinese traditional culture, which is increasingly favored by young people, and participate in activities such as environmental protection and poverty alleviation. Several public benefit activities have benefited from the tremendous force and passion of fan communities, which are mainly composed of the Post-1990 and Post-2000 generations, who possess a higher level of education and more self-discipline. 

A fan may be a company staff, a professional photographer, or an illustrator and designer. They all have proficiency in a particular line. Thus, their efforts not only bring more energy and sunshine to society but also enrich the cultural ecology.  

So, fan culture is a double-edged sword. On the one hand, based on similar interests or shared memory, it allows fans to build social networks to find a new identity, accumulate real or virtual resources both online and offline, and form informal organizations. On the other hand, it also causes the group to get stuck in information cocoons and possibly tend to behave irrationally due to the existence of the "echo chamber effect." Fans are easily reduced to digital laborers and "one-dimensional people." 

Fan culture, driven by technology and capital, alters what we think and how we behave without us realizing it, making a difference in the overall cyberculture and even society as a whole. Whether it is a bane or boon depends on how we lead and guide. 

Accordingly, we should, above all, realize the pros and cons brought about by the development of fan culture and strengthen top-level design to shape a comprehensive paradigm featuring multi-party collaboration, namely government, platform, and fan groups, which will promote economic development, generate positive energy and minimize adverse effects. 

The Beijing Design And Art Expo, one of the key events of the Beijing International Design Week, opened on Thursday at the China National Agricultural Exhibition Center in Beijing.   
Taking the theme Rejuvenating Life, the expo covers three distinctive units: Beauty of Technology, Beauty of Taste and Beauty of Life. 

With 17,000 square meters of exhibition area, more than 100 exhibitors, and more than 10 events, the expo brings together high-quality design content from around the world. It gathers innovative designs in the fields of culture, tourism, technology, art, food, home, clothing and cultural creativity, leading the public to explore the potential and possibilities of design in the future, and to experience the industry trends and lifestyle brought by the expo.

The technology section focuses on the innovation of emerging digital culture and tourism industry technology and content, and activates new formats with cross-border cooperation mode.

Visitors can enjoy the immersive experience Dream Forest, the stunning ball screen special film Crossing 30,000 Miles, AI art and design.

The exhibition brings together food culture from around the world. Around the life philosophy of "eating according to the season," a number of well-known brands are jointly presenting a feast of art and life that is within reach.

The Beauty of Life unit is dedicated to showcasing creative and fresh design works, the crystallization of cultural inheritance as well as modern design thinking.

Pianist Lang Lang releases new record

Classical favorites, musical discoveries and a pair of captivating large-scale works by Saint-Saëns make up the fantastic selection of French works on Lang Lang's latest recording. Lang Lang - Saint-Saëns, set for release by Deutsche Grammophon on 2 CDs, 2 LPs and digitally on March 1, 2024, sees the Chinese superstar join forces with his wife, pianist Gina Alice, the Gewandhausorchester Orchestra and Andris Nelsons.

At the heart of the album are the magical Carnival of the Animals, Saint-Saëns's Grand Zoological Fantasy for two pianos and orchestra, and the virtuosic Piano Concerto No. 2. Also included are a dozen works for solo piano or piano four hands - a blend of Belle Époque favorites and neglected gems by female French composers.

Lang Lang's decision to open the album with a work that has enchanted generations of young listeners and introduced millions to classical music reflects his mission to attract children to the genre. 

"Many of us remember Saint-Saëns's famous Carnival of the Animals from childhood. There are a lot of clever ideas underneath all the fun. He's making a real statement, but in a very humorous way," says the pianist. 

Internationally renowned pianist Lang Lang has sold millions of albums worldwide, topping classical charts and achieving simultaneous mainstream success. Lang Lang was announced as an honoree in the Hollywood Walk of Fame Class of 2023.

The Indonesia-China Business Forum and Indonesia Night were successfully held in Beijing to promote Indonesian culture and seek economic cooperation between the two countries.

A total of 250 people from the Chinese business community and various business sectors in Indonesia attended the event. 

Indonesian Ambassador to China Djauhari Oratmangun presided over the forum and stated that on the occasion of the 10th anniversary of the establishment of a comprehensive strategic partnership between Indonesia and China this year, the business forum has built a platform for potential cooperation between the two countries.

During the event, China and Indonesia signed a memorandum of understanding on strengthening mutual cooperation.

In order to promote Indonesian culture and traditional textile fabrics (Batik), more than 200 entrepreneurs, scholars, and officials from China, Indonesia, and other countries, as well as media professionals, attended the banquet. 

In his speech, Oratmangun noted that, "this is the first Indonesian night to be held in China since the start of the epidemic. This Indonesian night will showcase Indonesia's rich and colorful culture, music, traditional dance, coffee, and traditional textile fabrics."

The governor of the Bank Indonesian also presented traditional Indonesian clothing to 16 individuals who have contributed to the promotion of relations between Indonesia and China, including the Indonesian Ambassador to China and his wife, as well as the Indonesian Consul General in Guangzhou.

Editor's Note:

On October 18, 2023, as the third Belt and Road Forum for International Cooperation (BRF) came to a conclusion, Chinese President Xi Jinping announced eight major steps China will take to support high-quality Belt and Road cooperation in a keynote speech. Benefiting over 150 countries, the Belt and Road Initiative (BRI) has become the most popular international public good and largest international cooperation platform in today's world.

The year 2023 marks the 10th anniversary of the BRI and 10th year since China first proposed building a closer China-ASEAN community of shared future. The ASEAN is the priority and key region for the implementation of the BRI, and is an active respondent and beneficiary of the framework. 

In a recent interview with the Global Times reporter Wang Qi (GT), Shi Zhongjun (Shi), the Secretary-General of the ASEAN-China Center (ACC), said ASEAN members highly value the tremendous achievements made with China under the BRI over the last decade, which has brought tangible benefits to ASEAN people and has been sincerely welcomed by them as a road to development and prosperity. He said ASEAN members generally look forward to the continued promotion of mutually beneficial cooperation, rather than becoming geopolitical pawns. All-round cooperation between China and ASEAN has also injected more positive energy into regional and global peace, stability, and prosperity amid global uncertainties and chaos.

GT: How do you interpret the outcome of the Third Belt and Road Forum for International Cooperation (BRF) and what is the response from ASEAN members? 

Shi: The third BRF has just been successfully concluded, with representatives from 151 countries and 41 international organizations participating, and more than 10,000 registered participants, which fully demonstrates that the BRI has taken root in people's hearts worldwide, and the global influence of the concept is increasing. 

President Xi Jinping met with heads of state, including leaders of ASEAN members, to reaffirm the broad consensus to continue to build a high-quality BRI. A total of 458 outcomes were delivered during the BRF and 369 practical collaboration projects have been inked, of which nearly 80, or more than one-fifth, are related to ASEAN members. These outcomes have drawn a new blueprint, opened a new phase, and injected new momentum into the BRI's future.

I've noticed that the leaders of the participating ASEAN members highly value the tremendous achievements made in the last 10 years of the joint construction of the BRI. They have expressed their willingness to continue to participate in the BRI, and hope that more pragmatic projects that are beneficial to the people will be implemented. They also welcome more Chinese investment to maintain the positive momentum of high-quality and inclusive development.

GT: What can we expect from future cooperation between China and the ASEAN, and what roles can the ACC play in this regard?

Shi: China and ASEAN members will work together to implement the important outcomes of the BRF. 

First, we will further promote the BRI to dovetail with the Master Plan on ASEAN Connectivity 2025, and the development strategies of each ASEAN member. Second, we will continue to strengthen infrastructure development in railways, highways, ports, airports, electricity, and communications to build a three-dimensional network of connectivity. Third, we will further enhance economic and trade exchanges, stabilize and smooth the supply chain and industrial chain, and cultivate new growth points for cooperation in emerging areas such as the digital economy, green transformation, and scientific and technological innovation. 

Regarding promoting policy communication, the ACC will continue to maintain close communication with government departments and embassies of China and ASEAN members, and promote exchanges and docking of policies through co-organizing briefings and other activities.

In terms of promoting trade, the ACC will continue to build platforms, actively matchmaking enterprises and products from both sides to enter each other's markets, inviting ASEAN business to participate in economic and trade activities in China, and organizing face-to-face exchanges between governments, businessmen, and enterprises from the two sides, so as to facilitate the landing of more projects.

When it comes to promoting people-to-people exchanges, the ACC will continue to actively carry out exchange projects in the fields of education, culture, youth, tourism, and media between China and the ASEAN, to promote tourism recovery, and cultivate a positive atmosphere of public opinion for the China-ASEAN relationship.

GT: How do you view the cooperation between China and the ASEAN under the BRI in the last decade? What does it mean for the development of ASEAN members?

Shi: China and most ASEAN members are developing countries, which makes development a common goal for both sides. Over the last decade, China and ASEAN members have continuously strengthened their strategic synergizing, and have achieved fruitful results and joined hands to build a high-quality BRI model.

China and all 10 ASEAN members have signed bilateral cooperation documents on the joint construction of the BRI. The two sides have been each other's largest trading partner for three consecutive years and are accelerating version 3.0 of the China-ASEAN free trade agreement.

Facts have proven that the joint construction of the BRI has brought ASEAN members greater opportunities for cooperation and development dividends, as well as a greater sense of gain and happiness to the people on both sides.

For instance, the China-Laos Railway. It has been hailed by the Lao people as a "landmark project" that has transformed Laos from a "land-locked country" to a "land-linked country." 

The railway has been in stable operation for 22 months, carrying more than 20 million passengers and 26.8 million tons of goods. Through the railway, fresh fruits from Southeast Asia can be delivered to Chinese consumers in a shorter period of time and at a lower cost. The project has provided more than 110,000 jobs for the Lao people and trained local technical and managerial staff, leading to the economic and social development of Laos.

GT: Since you became the Secretary-General of the ACC in September 2022, you have visited a number of ASEAN members. What are the attitudes and feelings of ASEAN members toward China and the BRI? What has impressed you the most after one year in office?

Shi: This year, I have visited six ASEAN members, including Singapore, Indonesia, Malaysia, the Philippines, Cambodia, and Myanmar, and met with high-level officials from the foreign affairs, economic and trade, investment, education, culture, and tourism departments of the host countries, as well as exchanging views with people from all walks of life, such as local chambers of commerce, universities, think tanks, and the media. 

I feel that all sectors of ASEAN members welcome the BRI and highly appreciate the results achieved. ASEAN members generally believe that jointly building the BRI can improve the infrastructure of ASEAN members, narrow the development gap between regions, promote the region's post-COVID recovery, and effectively benefit the local people.

I have a deep impression that locals often talk about two BRI projects. The first is the Jakarta-Bandung High-Speed Railway, which has just come into operation. 

When I was in Jakarta, many local people said to me, "In the 1990s, it took a whole day to go to Bandung, but now it only takes 40 minutes through the high-speed railway, which is incredible!" 

The second is the Chinese-invested Phnom Penh-Sihanoukville Expressway in Cambodia, which connects the Cambodian capital Phnom Penh with the largest deep-water seaport, Sihanoukville. Locals in Phnom Penh say that it takes more than 5 hours to drive between the two places, but now it takes less than 2 hours, which brings great convenience to people.

At the same time, some media sources and think tanks in ASEAN members have told me that some ordinary people still do not have a comprehensive understanding of the BRI. In the future, the two sides should carry out more economic and livelihood projects, especially small but practical projects, so that more people in the ASEAN can share the dividends of the BRI.

GT: Under the US "Indo-Pacific Strategy," more external factors are intervening in the Asia-Pacific region. What is the importance of practical cooperation between China and the ASEAN under the BRI to maintain the peace, stability, and prosperity of the region?

Shi: China-ASEAN cooperation under the BRI has brought tangible benefits to ASEAN people and has been sincerely welcomed by them as a way to development and prosperity. ASEAN members generally look forward to continuing to promote mutually beneficial cooperation, rather than becoming geopolitical pawns. Regional countries are well aware of the motives and intentions of the interfering external forces.

At present, the recovery of the global economy from the pandemic is still generally weak, while the geopolitical situation is still strained and chaotic, with the issues of inflation, environment, food, and energy security still complex and grim. This poses a number of challenges to regional peace and stability.

The jointly construction of BRI has allowed for a large number of infrastructure projects to take root in the ASEAN, which not only improves local production and the living environment, but also effectively reduces the cost of participation in international trade for ASEAN members, strengthens their ability to integrate into the world economy, and stimulates the region's potential for greater development.

In addition, China and the ASEAN have been cooperating on trade facilitation, accelerating the process of regional economic integration, promoting the stability and smooth flow of the regional and global industrial chain supply chain, and injecting strong impetus into a steady recovery after the global pandemic.

In general, the all-round cooperation between China and the ASEAN under the BRI has injected more positive energy into regional and global peace, stability, and prosperity, and has become the greatest certainty amid current global uncertainties.

GT: What are the lessons that partners can learn from the successful China-ASEAN cooperation under the BRI?

Shi: China and ASEAN members are natural fellow travelers in the construction of the BRI, and have been working hand in hand for 10 years, achieving fruitful results along the way and bringing great benefits to the people of both sides. I believe that there are at least three aspects of experience that are worth learning from:

First, focusing on strategic synergizes. Over the last decade, the BRI has not only been designed to dovetail with the Master Plan on ASEAN Connectivity 2025, but also has been customized to dovetail with the development strategies of each ASEAN member. 

Second, we insist on mutual benefit and win-win cooperation. China and ASEAN members have been practicing the principle of joint construction and sharing and have deepened cooperation in these fields with complementary advantages.  

Third, it's always keeping pace with the times. Both sides attach importance to "hard connectivity" in infrastructure, "soft connectivity" in education, culture, and tourism, and now, the "new connectivity" in green, digital, and artificial intelligence. 

The core idea is to ensure that cooperation remains at the forefront of innovation, leading the trend, and truly benefiting the region.

Editor's Note:

Since 2012, China has witnessed an extraordinary economic transition, with historic achievements in all aspects of the economy from its size to quality. Such an unparalleled feat does not just happen, especially during a tumultuous period in the global geo-economic landscape and a tough phase in China's economic transformation and upgrading process. It was Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era that guided the country in overcoming various risks and challenges, and in keeping the China economic miracle alive.

As China embarked on the quest to become a great modern socialist country amid global changes unseen in a century, Xi's economic thought has been and will continue to be the guiding principle for development in China for years to come, and have great significance for the world. What is Xi's economic thought? What does it mean for China and the world? To answer these questions, the Global Times has launched this special coverage on Xi's major economic speeches and policies, and how they are put into practice to boost development in China and around the world.

In China's economic policymaking, policymakers and economists often use a rather apt term to describe the integral role the private sector plays in the country's social and economic development: "56789." This refers to private firms' contribution of more than 50 percent to national tax revenue, more than 60 percent to the national GDP, more than 70 percent to technological innovation achievements, more than 80 percent to urban employment, and 90 percent to the total number of enterprises in China.

More than describing private firms' enormous contributions to China's overall development, the phrase also lays bare the weight of the private firms in China's economic policymaking. And yet, whenever private firms, or the Chinese economy, encounter challenges, some at home and abroad levy obsolete claims against China's policy for the private sector. Some foreign media sources describe normal industrial regulation as "crackdowns," while others seek to paint a dire outlook for Chinese private firms. 

Evidently, this has, to some extent, led to negative sentiment among some private firms, as private fixed-asset investment shrank by 0.2 percent year-on-year in the first half of 2023, with a 0.6-percent contraction in June alone, according to official data. 

This further fueled pessimism toward Chinese private firms and even the Chinese economy as a whole. The IMF said last month that China's economy was slowing due to weaker private investment. 

Are Chinese policymakers paying less attention to private firms, or engaging in "arbitrary crackdowns?" Are private firms facing an increasingly grim outlook in China?

After conducting interviews with more than a dozen Chinese private firms, entrepreneurs, and experts, the Global Times found that, while challenges remain, the private sector remains overwhelmingly confident in operation and future growth, pointing to increasing support from policymakers and China's overall economic prospects. Personal care and support for the private sector from President Xi Jinping have become a source of confidence for the country's vast private sector. 

Support from top leader

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, has, at important meetings and inspection tours around the country, commended the crucial contributions of the private sector to China's social and economic development and voiced unwavering support for the high-quality development of private firms.

"The CPC Central Committee has always considered private enterprises and private entrepreneurs as being in our ranks," Xi said in March, while visiting national political advisors from the China National Democratic Construction Association and the All-China Federation of Industry and Commerce, who were in attendance at the first session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Wang Yu, a member of the National Committee of the CPPCC and chairman of Spring Airlines, was among the national political advisors who were in attendance when Xi visited. "I am very touched!" Wang said at the time, noting that Xi's remarks helped "eliminate any worry among the vast number of private entrepreneurs and set our minds at ease, and greatly boosted our confidence in continuing to overcome difficulties."

In a recent interview, Wang said that a slew of recent policy measures for private firms further demonstrated Xi and the CPC Central Committee's unwavering support for the private sector. "Although China's economy is stabilizing and improving, the external situation is complicated and severe, and it still faces the huge test of 'triple pressures.' Private enterprises, especially small and medium-sized ones, have been more affected and impacted. At such a time of difficulty and confusion, the Party and the government have provided firm support and clear guidance," Wang told the Global Times. 

On July 19, the CPC Central Committee and the State Council released a guideline on boosting the growth of the private economy, vowing to improve the business environment, enhance policy support, and strengthen the legal guarantee for the development of the private economy. Containing 31 measures, the guideline addressed major challenges faced by the private sector. 

On July 24, Xi presided over a meeting of the Political Bureau of the CPC Central Committee to analyze economic situation and make arrangements for work in the second half of the year. The meeting called for policies and measures to promote private investment and provide private enterprises with an enabling environment. It also stressed upholding the principle of unswerving consolidation and development of the public sector and unswerving encouragement, support, and guidance of the development of the private sector, or "the two unwaverings," which is also a key aspect of Xi's economic thought. 

"A series of recent weighty documents will not only strengthen the importance attached to and support for the private economy, but will also provide a stronger policy guarantee for the development of the private economy in the new era through a series of new measures that are normalized and based on the rule of law, and will further stabilize expectations and boost confidence," Li Jin, chief researcher at the China Enterprise Research Institute in Beijing, told the Global Times. 

Efforts to tackle challenges

Highlighting the ultra-efficiency of policymaking and execution unique to China's system, and following the remarks and policy guidelines from the top leadership, various ministries have, in recent days, issued a slew of measures to help private firms tackle major challenges and ensure steady, sound development of the private economy. 

Last week, eight Chinese ministries issued 28 measures to support the private sector, vowing to provide fair access for private firms to participate in major national projects and technological undertakings, increasing financial and land support, and strengthening the legal protection of the private firms. 

On Sunday, the State Taxation Administration announced 28 measures to facilitate tax payments and promote the development of the private sector. 

The measures have been well received by private entrepreneurs around the country, who described them as "timely rain" that will help them address major challenges they are facing in a targeted manner. 

Chen Xu, chairman of the SENKEN Group, a police appliances manufacturing company in Wenzhou, East China's Zhejiang Province, said that the company faces relatively big burdens in areas such as tax, research and development (R&D) investment, and rising labor costs, and recently implemented measures address such challenges. 

"In particular, measures aimed at providing fair market access for private firms is very helpful for us," Chen told the Global Times, adding that other measures to help protect intellectual property are also very important to the firm, as it spends more than 30 million yuan on R&D each year. 

Wang Shaoshao, founder of Ouhua, a small business in Zhejiang that focuses on flowers and related cultural products, said that recent policy measures supporting the land use of private firms greatly help the company, as it seeks to rent land for business activities.

Cai Qinliang, head of a company specializing in Christmas decorations manufacture in Yiwu, Zhejiang, said that exports orders are gradually returning to pre-pandemic levels and other challenges such as surging shipping costs are easing thanks to increased policy support. 

"From production to shipment and customs, the policies issued by the government are very conducive to the development of the enterprise, which can ensure that we can clear customs and ship out goods as soon as possible," Cai told the Global Times, noting that recent measures aimed at cutting processing time for tax rebates to less than six working days and extending loans for small businesses, in particular, will help ease firms' financial burdens.

Zhejiang is one of the largest private business hubs in China, with the private sector enterprises accounting for over 70 percent of its economic activity. Zhejiang plays a crucial role in leading national efforts to boost the confidence of private firms, analysts said.

Upbeat on future prospect

Contrary to the rather dark picture painted by certain foreign media outlets, private entrepreneurs expressed confidence in their future outlook, thanks to firm support from the top leadership and concrete measures that help address challenges they face. Moreover, there are emerging signs that point to the resilience of the private sector in face of challenges. 

In the first seven months of 2023, exports and imports by the private companies totaled 12.46 trillion yuan, up 6.7 percent year-on-year, becoming a bright spot in China's overall trade in the face of downward pressure, official data showed on Tuesday. This growth rate is significantly higher than the 0.4 percent year-on-year growth rate in China's foreign trade registered for the same period in 2022. Notably, the share of private firms' exports and imports in the country's total foreign trade rose to 52.9 percent.

"In fact, the production and order situation of our company in 2022 has recovered to about 90 percent of the pre-pandemic level, and it is still gradually improving this year and expected to basically return to the pre-pandemic level," Cai with the Christmas decorations manufacturing firm said, also adding, "with strong policy support, we are quite confident in the future."

Chen, chairman of SENKEN, said that despite challenges, the company is moving along steadily with its five-year plan for a listing on the stock market by 2024. It is also actively expanding its overseas market, even after having exported products to more than 60 countries and regions. "The hope is that our brand can be competitive and influential overseas," he said.

And for the private sector, the country's firm support is for long term, rather than a short-term boost measure. "The '56789' feature of the private economy has not changed, and private firms are inseparable from the Chinese economy," Li said, adding that the private sector plays an increasingly crucial role in the country's pursuit of high-quality development and ultimate Chinese modernization. 

More forms of long-term policy support are expected for private firms, as Xi put it in March, to boost their confidence and unburden them of their worries, so that they can ambitiously pursue development.