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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Recent US solar sector bankruptcies have revealed a significant decline in its industrial competitiveness due to trade barriers, Chinese experts said on Sunday, noting that Chinese solar firms, with reduced dependence on the US market and driven by continuous technological innovation and supply chain advantages, will remain unaffected and continue to expand globally.

US investment bank Roth Capital Partners reported that over 100 US residential solar companies collapsed in 2023, six times the total of the previous three years. The firm predicts that more than 100 additional US solar companies are at risk of collapse.

Shares of SunPower, one of the largest solar equipment firms in the US, plunged 42 percent on Friday after Guggenheim Securities cut its price target to zero and warned of a potential delisting, following a 20 percent stock plummet on Thursday when the company announced it would pause some operations, according to media reports.

The bankruptcy wave among US solar companies is primarily attributed to their lack of competitiveness in the global supply chain, exacerbated by protectionist measures against advanced Chinese photovoltaic (PV) products, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Sunday.

"These measures have led to rising production and consumption costs for US businesses and consumers, as well as severely disrupting the global supply chain and global market," Lin said.

The US has employed WTO anti-dumping and anti-subsidy rules, along with domestic trade laws such as Sections 201 and 301, to restrict imports of Chinese PV products, resulting in minimal direct solar product exports from China to the US market.

In 2023, China's exports of PV cells to the US totaled $3.35 million, representing only 0.1 percent of its total exports, while PV modules totaled $13.15 million, making up a mere 0.03 percent of the overall export volume.

Recent years have seen a surge in global demand for PV products, and Chinese solar companies are reducing their dependence on the US market, with emerging markets such as the Middle East and Africa showing strong growth potential.

In recent months, major Chinese companies have unveiled plans to set up factories in the Middle East. On Tuesday, three leading Chinese solar firms, including JinkoSolar Co, TCL Zhonghuan Renewable Energy Technology Co and Sungrow, reached PV manufacturing agreements with Saudi Arabia, according to media reports.

US' protectionist measures, aimed at boosting the domestic industry by sanctioning Chinese PV companies, are proving ineffective and may backfire, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Sunday.

On May 14, the US announced tariff hikes on imports from China, including electric vehicles, lithium batteries and PV cells, adding to the existing Section 301 tariffs, according to media reports.

On June 7, the US issued a preliminary ruling in its investigation into solar products from four Southeast Asian countries, aiming to limit the entry of Chinese solar products into the US market.

"Global demand for renewable energy is surging amid the global green transition, providing Chinese solar manufacturers with significant opportunities to explore emerging markets. This expansion is expected to boost their global market share and competitiveness while also contributing positively to the global energy transition," Li said.

Experts noted that China's ramped-up efforts to increase its innovation capacity and competitive advantages will drive ongoing advancements in solar technology and cost reductions, which will enable it to explore broader markets.

Moreover, Chinese solar companies must adapt flexibly to the complex international trade environment, innovate their cooperation models, and develop diverse international partnerships to ensure long-term healthy development, they noted.

China's outstanding contributions to promoting global economic growth, maintaining multilateral trading mechanisms and supporting the reform agenda of the WTO have received wide endorsements during the ongoing ninth review of the trade policies and practices of China by the WTO being held in Geneva, Switzerland, the Xinhua News Agency reported. 

Representatives of WTO members as well as a WTO report issued on the review have also elaborated on China's unswerving commitment to facilitating trade liberalization, including reducing tariffs, optimizing customs procedures and introducing a negative list. Those measures, according to officials and observers, drive global trade and prompt more countries to integrate into the global supply chain. More importantly, they play an exemplary role in a world that is increasingly fragmented by certain Western countries' protectionist moves and small-clique approach. 

While the US, EU and certain other Western countries have attempted to seize the occasion to slander China's industrial policy, which they claimed "harms other countries," Chinese observers pointed out that those "who shout the loudest" are the ones who weaponize tariff tools and other trade remedy measures to rampantly target other countries' competitive industries. 

Those moves have erected trade barriers and caused chaos in the global supply chain, analysts warned, urging the US and other Western countries to abide by WTO rules and refrain from more protectionist measures that could lead to dire consequences for the global economy. 

The ninth review took place on Wednesday and the second session will be held on Friday. During the review, representatives of WTO members highly praised China's practical support, especially its assistance to the least-developed members, in accelerating development and further integrating into the multilateral trading system, according to the Xinhua News Agency report. 

As an important and responsible member of the WTO, China has made significant contributions to promoting discussion of a range of topics including investment facilitation, e-commerce negotiations, domestic regulation of trade in services, plastic pollution prevention and fishery subsidies. It also supported reforms in the WTO's dispute settlement mechanism and efforts to restore the functioning of the appellate body, according to the representatives.

A report by the WTO Secretariat was issued on Wednesday, which provided a comprehensive evaluation of China's economic and policy measures during the review period, which ran from 2021 to 2024. It listed China's achievements, ranging from an economic rebound, progress in making market-oriented reforms and trade expansion to the further liberalization of the foreign investment framework. 

"It is a fact-based and objective assessment that well recognized China's underpinning role in the global trade system. It also served as a strong pushback against smears by the US and other Western countries against China's trade pattern," Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Thursday. 

Vice Minister of Commerce Li Fei led the Chinese delegation to attend the review. In a speech, Li stressed that since the last review in October 2021, China has actively practiced multilateralism, continuously played an important role in global development and provided more opportunities to the world with its super-large market. 

Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday that it is also worth noting that the report underscored that China not only fulfills its opening-up commitment since joining WTO, but also firmly supports the functioning of multilateral trading system to play a pivotal role in global trade governance.  

While the WTO report also raised concerns on the transparency of government support and export restrictions on certain critical materials, Chinese analysts stressed that those measures taken by Chinese policymakers align with international practices and are in line with WTO rules. 

"The review is also a good chance for China to elaborate policy stance, strengthen communication with the trade organization and dispel unnecessary concerns," Gao said.

China's unwavering commitment to WTO obligations also stands in contrast to the unilateral moves by US and other Western economies, which have been wracking havoc on global supply chain and eroding the prospect of global trade, analysts pointed out. 

It is also ironic that the destroyers of global multilateral trading order are seizing the opportunity to accuse China of its industrial practices that they claimed detrimental to the interests of US and other emerging and developing economies.

According to a Reuters report, in a delivered speech, Washington accused Beijing of "predatory" industrial practices that harm other countries. An EU statement also claimed on Wednesday that China's "distortive" industrial policies create "further overcapacity in China with negative externalities for a wide range of WTO members."

Analysts said that those accusations laid bare the Western countries' double-standard, as they, while taking aim at Chinese practices, did not mention a word about the countless rounds of trade restrictions slapped on Chinese exports and the hefty subsidies provided to shore up industries at home.

"Those claims are not even written into the WTO report, indicating that they're heavily distorted from facts," Gao said. He stressed that regardless of the discords created by foreign forces, China will continue to be a stabilizer of the global trade, with its continuous advancement of reform and opening-up set to bring greater benefits to the world economy.

According to the WTO report, China's importance in the global economy and in trade was further accentuated during the 2021-2024 review period. China's economy expanded 5 percent in the first half of 2024, demonstrating strong resilience in the face of multiple headwinds. 

China's National Immigration Administration (NIA) announced on Monday that the country's 144-hour visa-free transit policy has been expanded to three more entry ports, taking the number of Chinese ports covered by the policy to 37. 

The move marks the ramped-up effort by Chinese government to facilitate international travel and opening-up with more convenient visa policy.

The three new ports are Zhengzhou Xinzheng International Airport in Central China's Henan Province, Lijiang Sanyi International Airport in Southwest China's Yunnan Province, and the Mohan railway port in Yunnan, the administration said in a statement.

Starting from Monday, the 144-hour visa-free transit policy at the Zhengzhou airport will allow visitors to travel within the administrative region of Henan. Additionally, the specific area covered by the 144-hour visa-free policy in Yunnan Province will be expanded from Kunming city to include eight other cities and regions within the province.

With the new addition of entry ports, the NIA has implemented the 144-hour visa-free transit policy in a total of 37 ports in China.

Foreign citizens from 54 countries including the US, Canada, and the UK who enter China through the designated entry ports and hold valid international travel documents and connecting tickets to a third country within 144 hours, will be allowed to stay in designated areas for tourism, business, and visiting relatives visa-free for 144 hours.

The NIA said that the 72/144-hour transit visa-free policies, implemented since January 2013, has played a crucial role in supporting the nation's high-level opening up and facilitating international travel and exchanges. 

The expansion of the visa-free transit policy in Henan and Yunnan provinces will offer foreign citizens more options when traveling to China for tourism and business. 

According to NIA, the total number of visa-free entries made by eligible foreigners exceeded 8.54 million in the first six months this year, accounting for 52 percent of the inbound trips during the first half year and representing a year-on-year growth of 190.1 percent.

China is supporting private enterprises in leading major technological breakthroughs, emphasizing the improvement of mechanisms for their participation in national projects. This is part of a series of significant measures launched following the recently concluded third plenary session of the 20th Central Committee of the Communist Party of China.

The third plenary session adopted a resolution on further deepening reforms designed to comprehensively advance Chinese modernization. Reforms and policies regarding the private economy are crucial components of this resolution.

The meeting highlighted the construction of a high-level socialist market economy system, while also emphasizing the need to better leverage market mechanisms to create a fairer and more dynamic market environment, stimulating the intrinsic motivation and innovative vitality of the entire society, according Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs.

Enterprises, as an essential part of China's economy, have played a crucial role in the development and construction of multiple innovation and high-tech fields. Enterprises have become the main source of effective invention patents in China. According to the National Intellectual Property Administration, in 2023, enterprises accounted for over 70 percent of effective invention patents, exceeding 3 million in total.

The resolution issued after the third plenary session further emphasized the importance of developing the private economy, aimed at promoting the complementary and common development of various ownership economies in China, Han said.

Further deepening reform comprehensively to advance Chinese modernization is a significant goal of this session, including attention to both private and state-owned enterprises. According to Han, China will push for independent operations and market-driven reforms of state-owned enterprises, and foster a better environment for the private sector, providing more opportunities through a long-term mechanism that supports capable private companies in leading national technological projects.

Administrative inspections involving private enterprises should be standardized, the best business environment is one governed by law, hence the need to formulate and introduce a law promoting the private economy, Han added.

Encouraging private enterprises to participate in major national projects is a development plan China highly values. Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), China's top economic planner, stated in March that private enterprises are encouraged and supported to participate in major national projects and shortfall projects.

The NDRC will continue to recommend high-quality projects to private capital, helping private capital to find projects and assisting private investment projects in fundings, Zheng stated.

Since the Third Plenary Session of the 18th CPC Central Committee in 2013, historic and remarkable accomplishments have been made in comprehensively deepening reform. Here are some numbers behind China's deepening reform.