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.

Currently, some observers assert that China's economic growth has peaked, drawing parallels to Japan's situation in the 1990s. This implies that China may face a 30-year stagnation, potentially missing the opportunity to surpass the size of the US economy. However, this perspective is a misconception, as it interprets China's cyclical adjustments as indicative of a long-term economic downturn.

In reality, the Chinese government is working toward multiple objectives simultaneously, with economic growth rate being just one of them. While China has set lower goal of economic growth compared with the past, this shift has also created more opportunities to advance other goals. China's economic growth continues to hold significant potential.

China's potential economic growth rate is still estimated to be around 5.5 percent, if not higher. This is attributed to China's high current savings rate, which stands at 45 percent of its GDP. In essence, this substantial savings volume, equivalent to 45 percent of its GDP, will stimulate investment and subsequently fuel growth.

While there is ample opportunity for infrastructure investment in China, domestic investment focus extends beyond just infrastructure. The need for infrastructure improvement in cities located in the central and western regions highlights the room and potential for further infrastructure investments growth.

China is currently increasing its investments in labor productivity. A new concept known as "new quality productive forces" has emerged in China. By fostering these new quality productive forces, there is potential to enhance total factor productivity and enhance the efficiency of overall economic development. This trend partly accounts for the decrease in foreign investment in China, as the country's capital is currently abundant.

In terms of China's savings and consumption, there are also misconceptions. A pivotal moment occurred in 2010. Prior to this year, China experienced a rapid increase in its savings rate, partially attributed to rising incomes. Additionally, excessive exports contributed to significant savings accumulation among the residents, resulting in a higher savings rate and a decline in the consumption ratio.

However, since 2010, the proportion of consumption has actually increased significantly, driven by a strong preference for spending among the population. In fact, between 2010 and 2019, consumption growth in China surpassed income growth over the nine-year period, resulting in a notable increase in the contribution of consumption to the Chinese economy.

Throughout the three-year span of the COVID-19 pandemic, economic growth has slowed, at the same time, the pace of consumer spending growth also slowed. Nevertheless, in 2023, consumption growth contributed to 82 percent of the total GDP growth, marking a notably high proportion. It is imperative to remain patient concerning the expansion of consumption in China.

There is a misconception that China lacks consumption at present. In my opinion, the current issue in China is more related to investment rather than consumption. Examining China's economic performance last year, weak exports have had a certain impact, but another contributing factor is the insufficient investment. The government is implementing measures to boost investment, which is expected to spur economic growth.

China's impressive progress in technology is noteworthy. Advancements in artificial intelligence (AI), electric vehicles (EV), and renewable energy are moving forward rapidly. During a recent visit to iFlytek in Hefei, East China's Anhui Province, I observed their highly advanced AI model development, which is nearing the level of the ChatGPT model introduced just six months ago.

In the realm of AI applications, China has surged ahead of many countries and even outpaced the US in certain domains. Intelligent connected vehicles serve as a prime example of this advancement. This year, China plans to expand real world testing for autonomous driving systems. Currently, these systems are limited to specific areas. While some regions in the US are just beginning road trials, China is poised to expand its autonomous driving testing this year. This signifies a crucial year for China's intelligent connected vehicles and for the worldwide advancement of this technology.

In addition to strengthening its advantages in the aforementioned technological fields, China is also at the forefront in various areas. When it comes to cutting-edge technologies for the future, China leads in fields like quantum computing, quantum communication, fusion technology, and more.

I anticipate that the next three decades will be the most exhilarating period in China's history. The last time China held a prominent position as a global technology leader was during the Song Dynasty about a thousand years ago. I am confident that in the next thirty years, China will once again ascend to the peak of global technological advancement.

The article was compiled from a speech of Yao Yang, economist and Boya chair professor at Peking University, at the Ambassador Round Table Dialogue on "China's Economic Outlook" in Beijing on Friday.

China plans to systematically address funding shortages facing some major projects in the course of advancing the national rejuvenation, and it will issue ultra-long special treasury bonds starting this year and over each of the next several years, Chinese Premier Li Qiang said in his Government Work Report delivered to the annual session of the National People's Congress (NPC) on Tuesday.

The proceeds from the bond issuance will be used to implement major national strategies and build up security capacity in key areas. One trillion yuan ($139 billion) of such bonds will be issued in 2024, read the report.

“Additional government investment is needed in many sectors this year. This means that we should further improve the structure of government spending, ensure sufficient funding for major national strategic tasks and efforts to meet the people’s basic living needs, and strictly control general expenditures,” Li said.

“We should appropriately enhance the intensity of our proactive fiscal policy and improve its quality and effectiveness,” Li stressed.

China will set the deficit-to-GDP ratio in 2024 at 3 percent and the government deficit at 4.06 trillion yuan, an increase of 180 billion yuan over the 2023 budget figure.

“It is projected that fiscal revenue will continue to grow in 2024 and we will also have funds transferred from other sources; on this basis, general public expenditures in the government budget are projected to reach 28.5 trillion yuan, an increase of 1.1 trillion yuan over last year,” Li said.

This year, 3.9 trillion yuan of special-purpose bonds for local governments will be issued, an increase of 100 billion yuan over last year, according to the Government Work Report.

Ultra-long special treasury bonds are a fiscal policy instrument geared towards the long haul. Given their extended maturity, the bonds are predominantly directed towards foundational, large-scale infrastructure projects that address deficiencies and reinforce long-term capabilities, experts said.

This year’s fiscal policy, including the issuance of the ultra-long special treasury bonds, is poised to play a crucial role in supporting stable economic operations and will provide financial backing for some of the key projects in the process of national rejuvenation and the construction of a great country, Yang Chang, chief analyst of Zhongtai Securities, told the Global Times on Tuesday.

Issuing the long-term treasury bonds can help avoid large fluctuations in fiscal expenditures. This is particularly important given the current challenges faced by some local governments, which lack stable financial means to promote economic development, especially amid the structural adjustment in local debt and the real estate sector, Tian Yun, an economist based in Beijing told the Global Times on Tuesday.

Moreover, China's long-term government bonds are relatively popular among investors. China should take advantage of the current low inflation and low financing costs to ramp up their issuance, Tian said.

“Considering the current risks domestically and internationally, we should be comprehensively prepared. The government could expedite the issuance of the one-trillion-yuan ultra-long special treasury bonds,” Tian said.

In 2023, an additional one trillion yuan of special treasury bonds was issued to support post-disaster recovery and reconstruction and build up capacity for disaster prevention, mitigation and relief.

Lou Qinjian, spokesperson for the second session of the 14th NPC, told at a press conference on Monday that the one-trillion-yuan treasury bond issuance for 2023 has been fully allocated, supporting over 15,000 projects. It will effectively ensure and improve the livelihoods of the people in disaster-affected areas.

Gansu's emergency management bureau said at a press conference on Thursday that the province's earthquake relief work has achieved a phased victory. Behind the victory is the wide use of a range of high-tech equipment to support search and rescue efforts.

Chinese Y-20 military aircraft are being used to transport large rescue vehicles, while the Wing Loong unmanned aerial vehicle (UAV) is being operated to assist with emergency telecommunication support and disaster reconnaissance tasks.

Public communication networks in the affected areas has been largely restored to normal.

Global Times reporters on the scene witnessed a Y-20 aircraft carrying an emergency command group under PLA Western Theater Command to a disaster site. Military expert Zhang Xuefeng told the Global Times that the Y-20 has a large payload, long range, and a larger cargo hold, making it suitable for transporting larger rescue vehicles.

Zhang noted that setting up the emergency command group on the front line can provide a more accurate and rapid understanding of the situation on the ground, including the terrain, weather, and extent of the disaster in the affected areas, and coordinate and command rescue forces to launch targeted rescue operations on short notice.

On the afternoon of December 19, two helicopters from the PLA 76th Group Army landed on a temporary helipad at a middle school in Jishishan county, the epicenter of the earthquake, carrying out tasks such as aerial reconnaissance, material delivery, and medical evacuation.

Global Times reporters witnessed the wide use of the UAV for lighting at the temporary resettlement sites, which support to ensure all operations could be carried out in an orderly and efficient manner even in the dark.

Several hovering lights are installed in the air. These lighting UAVs are connected to the ground power supply equipment through a cable, allowing them to stay in the air for a long time and provide emergency lighting for large areas at night, making them the "brightest stars in the night sky."

According to the Ministry of Emergency Management, China's tethered UAVs are relatively advanced and are being used for emergency communication.

After a major disaster, especially an earthquake, if conventional communication facilities in the affected areas are destroyed or damaged, these tethered UAVs can be used to establish an emergency communication system, overcoming signal blockage caused by tall buildings, and achieving network communication over distances of 10 to 100 kilometers or more. This enables real-time communication between the rescue site and emergency responders.

The Global Times learned that the UAVs employed in the disaster relief mission this time have a lighting range of up to 8,000 square meters. They can withstand wind speeds of up to level 7, heavy rain of up to level 10, and temperatures as low as -20 C, providing a wide range, high brightness, and uninterrupted lighting support for emergency rescue in the earthquake-stricken area.

Italian Ambassador to China Massimo Ambrosetti recently visited South China's Guangdong Province and met with Chen Jianwen, a member of the Standing Committee of the Communist Party of China (CPC) Guangdong Provincial Committee and director of the Publicity Department of the Guangdong Provincial Committee.

Ambassador Ambrosetti recalled Italy's long history of cooperative relations with Guangdong. This relationship is rooted in history and has matured over the centuries through the efforts of important historical figures such as Matteo Ricci, he said. 

During the meeting, Ambrosetti and Chen discussed deepening trade and cultural exchanges, and strengthening of people-to-people contacts between the two countries. Meanwhile, Ambassador Ambrosetti also met with Sun zhiyang, acting mayor of the Guangzhou, capital city of Guangdong . The ambassador recalled the excellent cooperation that has always existed between Italy and Guangzhou, which builds on the friendship that the capital of Guangdong Province has with the Italian cities of Bari, Genoa, Milan, Padua, and Turin.

The ambassador also visited Shenzhen and experienced the rapid development of the city compared to his first visit in 1992. Shenzhen Vice Mayor Wang Shourui introduced its economic and social development situation to the ambassador, while Ambrosetti pointed out that Italy has unrivaled advantages in the fields of industry and fashion, and that there is huge cooperation between Italy and Shenzhen in these fields. 

"Italy is the world's fashion capital and has had a positive impact on the design sector in Shenzhen, where the creativity of Italian designers is particularly appreciated. This year, the relation links between Shenzhen and Italy have also been gradually strengthened due to increased direct flights," he alleged. 

The ambassador also awarded the Knight of the Order of the Star of Italy to Sun Qijie, who is responsible for the Sea World Culture and Arts Center. This is a great honor in Italy, and was awarded to Sun to recognize his contribution to the dissemination of Italian culture in South China.

Editor's Note:

Relations between China and the ASEAN have continued to improve since the establishment of ASEAN-China Dialogue Relations in 1991. Over the last 30 years, the China-ASEAN relationship has achieved remarkable development and brought about tangible benefits for more than 2 billion people in 11 countries. China and the ASEAN have pursued the right path of long-standing good-neighborliness and friendship, and common development and prosperity. Recently, Global Times reporters Hu Yuwei, Zhao Juecheng, and Li Xuanmin (GT) interviewed Chinese Ambassador to the ASEAN, Hou Yanqi (Hou), in Indonesia, to get more insights from her on the future pathway of China-ASEAN political and economic relations. 

GT: China has signed bilateral cooperation agreements on jointly building the Belt and Road Initiative (BRI) with all 10 ASEAN member states. Over the last 10 years, the ASEAN has been a priority direction and important partner in promoting the BRI. What do you think are the important reasons for the ASEAN's significant achievements in the BRI? 

Hou: The ASEAN, as the priority direction and important partner in the co-construction of the BRI, has achieved fruitful cooperation results in the last 10 years. I believe there are several important reasons for this. 

First, China and the ASEAN are connected by mountains and rivers, and have a close relationship. They are also comprehensive strategic partners, with solid political and public support for cooperation in various fields. 

Second, we have been adhered to the principles of "consultation, co-construction, and sharing," and have promoted development through openness and achieved win-win outcomes. We have achieved complementary advantages in the high-quality construction of the BRI. 

Third, we are both determined actors with visions. We prioritize commitments and implementation, ensuring that the achievements of the BRI are tangible and substantial.

The ASEAN has a superior geographical location and plays an important role in regional economic cooperation. But it also faces development bottlenecks such as insufficient infrastructure investment and relatively lagging regional connectivity. The implementation of the BRI has played an important role in breaking these bottlenecks and fully unleashing the development potential of the ASEAN. 

China and the ASEAN have signed cooperation documents on aligning the BRI with the Master Plan on ASEAN Connectivity 2025, thus achieving full consensus on regional connectivity in top-level design. Moreover, BRI effectively fills the funding gap in ASEAN countries' infrastructure construction in areas such as rail, roads, bridges, and ports.

GT: Looking back at the 30-year development of China-ASEAN relations, each time a regional or global crisis occurs, the momentum of cooperation between the two sides becomes stronger and political mutual trust steadily increases. How do you think this enhanced political mutual trust can further strengthen ties? What new positive perspectives can the China-ASEAN cooperation bring to global peace, security, and development? 

Hou: Over the last 30 years, China and the ASEAN have established a dialogue relationship that has withstood multiple tests. Political mutual trust between the two sides has continued to increase. 

We are pleased to see that the positioning of the bilateral relationship has evolved from a partnership of good neighborliness and mutual trust to a strategic partnership, and finally to a comprehensive strategic partnership established in 2021, achieving leapfrog development.

China and ASEAN countries are actively implementing the consensus reached by their leaders, moving forward along the path of good neighborliness, friendship, and common development, bringing tangible benefits to more than 2 billion people in 11 countries.

Currently, amid an increasingly unstable international and regional situation, China and the ASEAN, as emerging economies, share many common interests in global peace and development.

Both sides advocate for dialogue to manage differences and conflicts, uphold true multilateralism and open regionalism and work together to address regional and global challenges. Both sides also promote regional economic integration to facilitate common development and maintain stable supply chains. 

In conclusion, China and the ASEAN are contributors to regional and global peace and security, as well as promoters of development and prosperity.

GT: At the beginning of this year, consultations for the Version 3.0 China-ASEAN Free Trade Area (FTA) officially started, and three rounds of negotiations have been held so far. In what aspects will this version further enhance the level of trade facilitation? What forms of new progress and changes has the China-ASEAN economic and trade cooperation experienced?

Hou: The China-ASEAN FTA was launched in 2002, making it China's first free trade area negotiated with a foreign country and ASEAN's first free trade area negotiated as a whole. Over the last 20 years, the China-ASEAN FTA has effectively promoted the rapid growth of trade and investment between China and the ASEAN, and the socio-economic development of both sides.

As of 2022, China became the ASEAN's largest trading partner for 14 consecutive years, and the ASEAN has been China's largest trading partner for three consecutive years. 

Compared with versions 1.0 and 2.0, version 3.0 will further reduce tariff and non-tariff barriers, promote freer and more convenient trade and investment, and explore strengthened cooperation in new areas such as the digital economy, the green economy, and supply chain interconnectivity, further promoting regional economic integration.

In recent years, as both China and the ASEAN have undergone upgrading in their economies, new trends are emerged. For example, cooperation in the digital economy and green economy is flourishing, becoming important engines driving regional economic growth. China has advantages in digital economy platform construction, as well as in capital, and technology, seeing an unlimited potential for cooperation in digital transformation.

The same is true for cooperation in the green economy. I am pleased to see more Chinese new energy companies investing in Southeast Asia, which will create new momentum for the upgrading of China-ASEAN economic and trade cooperation.

GT: Currently, the Regional Comprehensive Economic Partnership (RCEP) is in effect in all 15 signatory countries, marking a new phase of comprehensive implementation for the world's largest free trade area. With the full implementation of this agreement, how will it promote trade between China and the ASEAN region?

Hou: The RCEP is a global free trade area with a total population of nearly 2.3 billion, a GDP of $26 trillion, and a trade volume exceeding $10 trillion. It is a significant achievement in the construction of Asia-Pacific regional economic integration and a vivid example of regional countries sharing development opportunities. 

The commitments to open markets for goods, services, and investment by the 15 parties, combined with high-level rules in various fields, will greatly promote the free flow of production factors such as raw materials, products, technology, talent, capital, information, and data within the region, and gradually create a more prosperous integrated regional market.

It can be said that the comprehensive implementation of the RCEP not only creates more favorable conditions for China and the ASEAN to expand trade in goods, but also drives corresponding trade in services, promoting trade facilitation, and improving the business environment. 

China will work together with the ASEAN and other RCEP members to continuously promote the high-quality implementation of the RCEP and make greater contributions to regional and global economic recovery.

GT: What significant outcomes do you think were achieved at the China-ASEAN Foreign Ministers' Meeting held in Indonesia in July? Wang Yi, director of the Office of the Foreign Affairs Commission of the Communist Party of China Central Committee, also Minister of Foreign Affairs, emphasized at the meeting that regional countries must guard against three negative trends concerning peace and security in the region. How do you think efforts should be made to suppress these negative trends?

Hou: The ministers' meeting in Indonesia achieved significant positive outcomes. 

First, the joint statement commemorating the 20th anniversary of China's accession to the Treaty of Amity and Cooperation in Southeast Asia (TAC) was adopted, reaffirming the principles of independence, sovereignty, equality, non-interference, and the peaceful settlement of disputes. 

Second, the second reading of the Code of Conduct in the South China Sea (COC) text was successfully completed, and the guidelines for expediting the conclusion of the COC were adopted, creating conditions for the prompt initiation of the third reading and taking an important step toward its finalization. 

In recent years, amidst the impact of the global pandemic and interference from external forces, these achievements have been hard-won. It sends a clear signal to the outside world that China and ASEAN countries have the ability and wisdom to handle the South China Sea issue through joint efforts, making it a sea of peace, friendship, and cooperation.

Third, comprehensive and pragmatic cooperation has continued to advance, including the promotion of negotiations on upgrading the China-ASEAN FTA.

Regarding the second question, I believe the three proposals put forward by Wang Yi at the ministers' meeting are the answer to restraining these three negative trends. 

First, it is to effectively support the central role of the ASEAN and consolidate the foundation of peace. We should resolutely oppose the acts of certain countries forming cliques, creating new blocs, and pushing for NATO's involvement in East Asia, and truly uphold the maximum common denominator of the ASEAN centrality position. 

Second, it is to work together to build a center of regional growth, continuously advance the construction of the Asia-Pacific FTA, and oppose protectionism, decoupling and disengagement.

Third, it is to adhere to true multilateralism. We should uphold the purposes and principles of the TAC, adhere to the "ASEAN principles" of mutual respect, non-interference in internal affairs, and the proper handling of differences through dialogue and consultation, practice open regionalism and genuine multilateralism, abandon the mentality of binary confrontation, and replace conflict with dialogue and cooperation.

There is an old saying in China: "When the wound is healed the pain is forgotten." It means when a person's scars heal, they tend to forget how they got hurt and repeat the same mistakes. As US President Joe Biden was in India to attend the G20 summit, many people naturally thought of the causes and consequences of the G20 summit held in Washington in 2008.

Currently, Washington is eager to transform the G20 into a "battlefield" for competing with China for influence and boosting US global leadership.

According to a Reuters report on Thursday last week, "US President Joe Biden arrives at this weekend's Group of 20 (G20) meeting in India with an offer for the 'Global South': whatever happens to China's economy, the US can help fund your development.''

The goal of Biden's trip to Vietnam and India, as well as his participation in the G20 summit, is to restrain China. Washington has become so keen to contend with China for influence that it is seizing every chance.

What about 14 years ago?

The G20 was established in the late 1990s after the Asian financial crisis as a forum for developed and developing countries to discuss financial stability. It was upgraded to a summit in 2008. The reason was that the bankruptcy of Lehman Brothers in that year set off a financial storm that engulfed the entire West and plunged the world economy into a quagmire. Who would save the West? Who would resurrect the global economy?

Washington turned its attention to emerging economies. As a result, the US became the host of the first G20 summit in 2008.

For a while before this financial crisis, emerging and developing economies accounted for about 30 percent of the global economy. But by 2010, their contribution had reached 70 percent. 

In November 2008, the G20 was upgraded from a meeting of finance ministers to a summit, and in April of the following year, the second summit was held in London. In September of the same year, in the Leaders' Statement in Pittsburgh, the fifth clause of the summit declaration had only two words: "It worked."

Biden and Washington policymakers may have long forgotten this scene. The G20 held two summits and effectively prevented the spread of this financial crisis. One of the main reasons was the participation of emerging economies, represented by China.

The Chinese economy has made important contributions to the recovery of the West and the global economy. World Bank reports show that from 2013 to 2021, China's average contribution rate to world economic growth reached 38.6 percent.

The G20 was intended to serve as a forum for fostering collaboration between advanced and developing countries, allowing both groups to investigate and advance the growth of the global economy on an equal basis.

However, in Washington's view, including the IMF and the World Bank, almost all international organizations are "battlefields," and they must seize every opportunity to win over allies and suppress China's influence, forming an alliance to contain China.

China has never sought to compete with the US for hegemony. "Not seeking hegemony" is the essence of China's peaceful development. China pursues common development. Emerging economies among the G20 members also share the same pursuit as China. They clearly show that they are unwilling to follow the geopolitical baton of the US and the West. The declaration reached now clearly demonstrates this issue.

In less than 20 years since the last financial crisis, the US president is anxiously trying to occupy the leadership position of the G20. Anyone with a basic comprehension of the existing global order can detect Washington's fears.

The latest news from Washington shows that $7.6 trillion of US government debt will mature next year, adding pressure on rates. Does it recall what happened in the US in 2008?

China's Ministry of State Security (MSS) exposed on Wednesday the key despicable methods used by US intelligence agencies in cyber espionage and theft. It also pointed out that the US' infiltration of Huawei headquarters' servers can be traced back to 2009. Despite this, Washington has been attacking Huawei and falsely claiming that Huawei poses a threat to US "national security." Such behavior, characterized by "thief crying stop thief," is a typical American hegemonic behavior.

The US has a notorious track record in the field of cybersecurity. According to MSS, the US intelligence agencies, with their powerful arsenal of cyberattack weapons, have been monitoring, stealing secrets, and launching cyberattacks on multiple countries, including China. The US government, citing national security reasons, forcefully implanted backdoors into the devices, software, and applications of relevant technology companies through acts such as the Foreign Intelligence Surveillance Act. By using methods like embedded code and vulnerability attacks, the US achieved global data monitoring and theft, leveraging the influence of global technology companies. But even in this situation, FBI Director Chris Wray shamelessly claimed on Monday that Beijing has a cyber espionage program so vast that it is bigger than all of its major competitors combined. The US, relying on the trick of a thief crying stop thief, attempts to distort the truth, confuse the public, and portray itself as a "victim of cyberattacks." Ultimately, the US aims to smear and suppress whoever it deems as opponents and establish permanent cyber hegemony.

In the process of suppressing and sanctioning Chinese tech companies, the US most frequently uses the excuse of protecting "national security." However, the reality is: It is the US that began to invade Huawei headquarters' servers and carry out continuous monitoring back to 2009. Washington, on one hand, has endangered China's national security by hacking Chinese tech companies, on the other, it has repeatedly suppressed Huawei by restricting chip exports under the pretext of "national security." 

Not only does the US exclude various products from Huawei, including telecommunications equipment, but it also requires its allies to exclude Huawei equipment from their 5G network construction. It claims that Huawei equipment may threaten the network security of these countries, particularly in terms of military communication security. The world is witnessing unprecedented technological injustice as the US mobilizes its allied countries to attempt to "strangle" Chinese high-tech company Huawei. It now turns out that Huawei is the victim of US hacking.   

The establishment of a cyber arsenal by the US reflects a very important security concept. It is that in the most essential elements of national power, the US must be in an absolute dominant position and must be in a position that no other country can match. This applies to the economic aspect, and it also applies to the cyber field. This is an inherent behavioral pattern for the US.

Facing such a situation, what should China do? One approach is to strengthen its own capacity building in the cyber security field, and it needs to accelerate development as much as possible. The other is to expose to the maximum extent the destructive actions of the US in this field toward the world, the global community, China, US allies and even American citizens. Let more people in the world understand how the US operates, and how despicable and disgraceful it is.

The US' malpractices in cyberattacks and surveillance are too numerous to count. The various actions of the US are aimed at pushing the world toward "permanent digital hegemony" for the US. The US is the global enemy of cyber security, yet it pretends to be the "guardian" of international cyber security. Its domineering and hypocritical nature has been exposed and condemned by the world.

The sudden large-scale attack by the Palestinian Islamic Resistance Movement (Hamas) on Israel has sent shockwaves throughout the Middle East and the world.

Hamas has demonstrated remarkable secrecy and executed a sudden and powerful attack, catching Israel's Mossad and the US Central Intelligence Agency off guard. Not only did Hamas launch thousands of rockets, but they also conducted large-scale infiltration into territory controlled by Israel. In the eyes of the US and Israel, Hamas is seen as a "ragtag" band of terrorists, but their ability to organize such a massive operation without leaking any information is highly impressive and challenging.

Israel has suffered significant losses this time, with at least 100 people killed on the first day and approximately 900 injured. Moreover, videos have been released by Hamas showing captured Israeli soldiers. Hamas announced they captured the Israeli Army commander, Nimrod Aloni. Additionally, around 50 Israelis have been taken hostage, making these captives and hostages bargaining chips in the hands of Hamas. This situation is unprecedented in the Israeli-Palestinian conflict.

Israel is likely to carry out retaliation actions that go beyond airstrikes, and a ground offensive is highly possible. Prime Minister Benjamin Netanyahu has already announced that "our enemies will pay an unprecedented price." However, Israel will face challenges in targeting effectively because Hamas is not the same as the Palestinian Liberation Organization (PLO) of the past; they excel in urban guerrilla warfare with high flexibility. Besieging Hamas, as Israel did in Lebanon with PLO in 1982, will be difficult, and extensive bombings may harm many civilians, leading to international condemnation. Therefore, how Israel conducts its operations, from planning to execution, presents a significant challenge.

Many people ask why Hamas launched a comprehensive attack at this time. What triggered this attack is most likely the recent continuous small-scale conflicts between Israel and the Palestinians. Hamas wants to "settle the score" with Israel. However, from a strategic perspective, this is a decisive resistance by the Palestinians against the continuous development of the Middle East situation toward sacrificing Palestinian interests. During the Donald Trump era, the US shifted from mediating the Israeli-Palestinian conflict to a more explicit tilt toward Israel. In addition, more and more Arab countries are reconciling with Israel. Currently, the US is pushing for the normalization of relations between Israel and Saudi Arabia. The Palestinians cannot defeat Israel on their own, but they need to "create a scene" to break the current situation in the Middle East.

As long as there is conflict between Israel and Palestine, the vast majority of Arabs in the Middle East will naturally sympathize with the Palestinians. Emotionally, they cannot lean toward Israel, which will put pressure on Arab governments in the Middle East that hold a moderate attitude toward Israel.

Regarding the Middle East issue, there are different opinions. Overall, Israel wants to maintain a peace based on the existing reality. In the past, the entire Arab world supported the Palestinians in fighting against Israel, but now the Palestinians are almost fighting alone. The Palestinians are quite pitiful. Although the State of Palestine has been established and recognized by many countries, Palestinians' land is still occupied by Israel, and their sovereignty is incomplete. A large number of Palestinians live in refugee camps. They are a vulnerable group in the international community, and their grievances and anger are much greater than those of the powerful Israelis.

In another ambitious step toward becoming a strong space power in the world, China will fully kick off the research and development of its Phase-4 lunar research project and planetary exploration project, as well as the development of the Chang'e-7 and Tianwen-2 probes, deputies of the national legislature political advisors from the space sector told the Global Times on Sunday during the ongoing two sessions. 

More than 60 launches are scheduled for the Long March carrier rocket series in 2023, and another major rocket family for commercial spaceflights - the Kuaizhou - will also have a tight schedule with 8-10 launches expected this year, the Global Times has learned from Feng Jiehong, a deputy to the 14th National People's Congress (NPC) and head of Aerospace Sanjiang, a subsidiary of China Aerospace Science and Industry Corporation.

The new-generation manned launch vehicle is set to make its maiden flight by 2027, while the new super heavy-lift carrier rocket - the Long March-9 - will debut around 2030, the Global Times has learned. 

Following the completion of its basic structure assembly, the China Space Station has entered normal operations mode and will welcome onboard the Xuntian space telescope before 2026, a task to be undertaken by a Long March-5B carrier rocket, Rong Yi, chief designer for the Long March-2F launch vehicle and a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, told the Global Times. 

As for commercial spaceflight in China, market demand has been growing rapidly in recent years. According to an Iresearch survey, China has announced 12 plans for small satellite constellation networks in the next five to 10 years, which will comprise more than 2,200 satellites. They are mainly remote sensing and communication satellites. 

If 8-10 satellites are released each launch, it will take nearly 300 missions to complete the task. 

In addition to the Jielong-3 solid-propellant rocket, the Long March-2C and Long March-11 will undertake international commercial spaceflight missions, Wang Xiaojun, head of the state-owned China Academy of Launch Vehicle Technology, told the Global Times. 

Wang revealed that China is developing a next-generation manned launch vehicle that will meet the long-term strategic need for manned lunar exploration. It will be capable of sending payloads of 70 tons into near-Earth orbit, and is expected to make its maiden flight by 2027.

It will be used to send a lunar surface lander and lunar landing spacecraft to the Lunar Transfer Orbit (LTO) using liquid hydrogen, liquid oxygen and kerosene propellants, capable of carrying payloads of no less than 27 tons to the LTO. 

It will serve as an important strategic support to realize China's manned landing on the moon by 2030. 

Rong disclosed that a new-generation manned spacecraft and a moon lander are being developed. The spacecraft will be able to accommodate three astronauts to the LTO and return them to Earth, while the lander could allow two people to carry out scientific experiments on the lunar surface. 

The Earth-Moon space has become a new territory of manned activities in space for its rich material resources and unique environmental resources, which could become a new pillar of the national economy in the future as well as the "best sample" for studying the origin and evolution of the Earth. 

Yang Mengfei, chief engineer of the Chang'e-5 probe and member of the CPPCC National Committee, proposed at this year's two sessions that China should grasp this opportunity and build Earth-Moon space infrastructure to utilize those resources, which China has already has the ability to do. 

The new model super heavy-lift carrier rocket - the Long March-9 - is also under development. It will be a 10-meter-diameter, three-stage mega rocket with a height of 110 meters, capable of sending payloads of 150 tons into near-Earth orbit, 50 tons into the LTO and 35 tons to the Mars Transfer Orbit. The first flight of the Long March-9 vehicle can be expected around 2030.

In this year's government report delivered by Premier Li Keqiang at the first session of the 14th NPC on Sunday, Li elaborated on the fruitful achievements made in scientific and technological innovation in the past years including in areas of manned spaceflight, lunar and Martian exploration, and satellite navigation.