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Should restrictions on Chinese investment be relaxed immediately to boost export levels? Since the Indian Ministry of Finance recently released the Economic Survey for 2023-24 calling for the introduction of Chinese investment and the improvement of China-India relations, this topic has sparked intense debate within India. As the debate continues to escalate, there are also rumors that the Indian government is considering relaxing restrictions on Chinese investment and visa restrictions for Chinese citizens. This confirms a fundamental fact: The "Asia's strictest curbs on Chinese business" have indeed hindered India's industrial upgrading. It also indicates that more and more people in India are beginning to face up to this reality.

In 2020 New Delhi adopted a series of measures to obstruct normal economic and trade exchanges between the two countries under the guise of protecting domestic industries. These measures included strictly limiting the issuance of visas to Chinese citizens, banning hundreds of Chinese mobile applications, delaying the approval of Chinese investments, and reducing and even halting direct flights between the two countries. However, four years later, these measures have not achieved any results and are widely believed to have "undermined Modi's ambitions to make India a factory hub." In 2023, the share of manufacturing in India's GDP fell from 16 percent in 2015 to around 13 percent, far below the Modi government's target of 25 percent, a goal that has been postponed three times to 2025. Once again, it has been proven that decoupling does not lead to prosperity, and such extreme policies have essentially reached an impasse.

The development of India's manufacturing industry requires Chinese components, intermediate goods, and technical support. It is not realistic to bypass China. In recent years, the fastest-growing segment of China-India trade has been electronic products, presenting a great opportunity for India which is eager to expand and strengthen its manufacturing sector. However, a large number of skilled Chinese professionals have been kept out of the country due to visa restrictions. From footwear and textiles to engineering and electronics, Indian businesses have purchased machines from China but cannot use them productively without the help of Chinese technicians. The machines are lying idle, and export orders unfulfilled. Many Indian companies are eagerly waiting for the government to relax visa restrictions with China and resume direct flights between the two countries to boost their orders. It is evident who has been harmed by New Delhi's reckless moves.

In fact, over the past four years, the most vehement opposition to those policies has come from the very groups that New Delhi is trying to "protect." Some Indian media outlets have reported that in the past four years, Indian electronics manufacturers have suffered $15 billion in production losses and 100,000 job cuts due to escalating tensions with China. Indian business leaders and some scholars believe that India has almost missed out on the opportunities brought by the global industrial chain adjustment, as "the world is not waiting for India." The latest report from the Indian Ministry of Finance is actually a concentrated presentation of such voices, and it is worth the attention of the Indian policymakers.

The latest to speak out is the Indian Commerce and Industry Minister Piyush Goyal, who stated on July 30 that India is not re-thinking the issue of allowing Chinese investments into the country. This statement is regrettable and shows the wavering and division within the Indian government. Some Indian elites deeply rooted in their hostility toward China, interest groups, and Western lobbyists will continue to influence decision-making in New Delhi, but this does not change the fact that choosing to cooperate with China will benefit India's development. As the Global Times stated in a previous editorial, by continuing to refuse visas and resist resuming direct flights, India risks losing Chinese business and tourism to other destinations. New Delhi should do the correct math.

At the same time, we also noticed that many Western media outlets are closely watching the direction of India's policy toward China, trying to steer economic and trade issues toward geopolitical directions. Some American media outlets have openly stated that the Indian government's approach to Chinese investment must consider broader geopolitical implications, especially India's relationship with the US and other strategic partners, and reminded India to ensure that its economic interests are aligned with its strategic goals. This is actually telling India to follow America's lead. India, which places great emphasis on independent diplomacy, needs to be vigilant against such rhetoric.

The China-India relationship has important implications beyond bilateral relations. As two neighboring major developing countries and emerging economies, both countries should have the wisdom and capability to achieve peaceful coexistence and mutually beneficial cooperation, setting an example for other "Global South" countries. We urge New Delhi to face up to the growing domestic voices with a more positive and open attitude toward bilateral cooperation in the economic and trade fields. New Delhi should know that a timely correction of wrong policies will not lead it to "lose face," but will demonstrate India's maturity and confidence.

China and the US recently held their first senior officials' meeting on drug-tackling cooperation since the two countries launched a counternarcotics working group in January, with analysts describing it as a positive and pragmatic engagement.

They noted that China adheres to the principle of humanism and is always open to counternarcotics cooperation with other countries. However, the most important thing for the US to solve its drug problem lies in domestic drug control and improving multi-department collaboration, and if the US politicizes the fentanyl issue and smears other countries again, it will only undermine the hard-won achievements of cooperation.

At the meeting held in Washington on July 31 local time, both countries briefed each other on the latest progress made in their anti-drug work, including substance control, cooperation over relevant cases, technique exchanges, and multilateral cooperation, Xinhua reported on Friday.

The two sides also exchanged their concerns and clarified the direction of cooperation, agreeing to further strengthen dialogue and deepen counternarcotics cooperation on the basis of "mutual respect, managing differences and conducting mutually beneficial cooperation".

According to a White House statement released on Thursday local time, the discussions focused on ways to strengthen coordination on law enforcement actions; disrupt the illicit financing of transnational criminal organization networks; accelerate the scheduling of synthetic drugs and precursor chemicals; address the illicit diversion of precursor chemicals; and exchange information on emerging threats.   

In January this year, China and the US launched a bilateral counternarcotics working group, an implementation of the meeting between the two countries' heads of state in San Francisco and a crucial mechanism for coordinating bilateral efforts to counter the global manufacturing and trafficking of illicit synthetic drugs.

Wu Xinbo, director of the Center for American Studies at Fudan University, told the Global Times that the latest engagement is a phased outcome of the China-US joint efforts in the field of counternarcotics over the past six months, and the overall tone is positive and constructive.

The meeting is also aimed at making a plan for the next stage of cooperation, and dealing with the drug problem is of great political importance, especially in the context of the US election, Wu noted. 

Echoing Wu, Lü Xiang, a research fellow at the Chinese Academy of Social Sciences, said the meeting was a pragmatic one with less politicization. 

China takes an open attitude in counternarcotics cooperation with other countries, and we will not exclude any country, said Lü, noting that China will do its best to maintain dialogue and cooperation with the US in a humanitarian manner, especially as the US has one of the worst drug problems in the world.

According to the Xinhua release, the Chinese delegation had exchanges with several US authorities. The delegation will also have in-depth discussions on key cases with front-line investigators of the US Drug Enforcement Administration's San Francisco office.

Despite the collaboration with multiple departments, Lü said it is difficult to see which department is leading the collaboration in anti-drug tasks, which highlights the issue of lack of multi-agency coordination and lax law enforcement in the US.

At the same time, although the coordination between the two sides has been relatively successful, as the US has gradually adapted to China's stance and principles on drug control in the past few months, differences still remain, Wu said. 

For example, China has stressed that the US drug issue is largely a US domestic one, but the US has always blamed it on others, a manifestation of its inability to deal with its domestic drug problems, Wu said.

"If the US had done stricter domestic prescription control and law enforcement, there would be less demand," Wu said, "most countries did not export drugs to the US, but just raw chemical materials."

With a developed chemical industry that has the strongest management capacity in the world, China has the responsibility to maintain the security of the global chemical supply chain, and will not let fentanyl synthesized in the country flow abroad, Lü said.

China will not reject the US if it is really serious about seeking cooperation in anti-drug law enforcement. But the US' real problems will ultimately have to be solved largely by itself, he added. "If the US politicizes the anti-drug issue again, it will undoubtedly impact cooperation between the two countries again."

Hamas' political chief, Ismail Haniyeh, was targeted and killed in an Israeli strike early Wednesday while visiting Iran, according to a statement released by Hamas on the same day.

China said on Wednesday that it is closely monitoring the situation, and voiced its firm opposition to and condemnation of acts of assassination.

"We are closely following the incident. China firmly opposes and condemns the act of assassination and is deeply concerned that the incident may plunge the region into greater turmoil. China has been calling for settling regional disputes through negotiation and dialogue and an early, comprehensive and permanent ceasefire in Gaza and there should be no more escalation of the conflict and confrontation," Chinese Foreign Ministry spokesperson Lin Jian said on Wednesday.

Some Chinese experts said that the wave of conflicts in the Middle East is likely to overshadow the wave of reconciliation as the biggest issue now is the escalating tensions between Iran and Israel.

Wang Jin, an associate professor at the Institute of Middle Eastern Studies at Northwest University in Xi'an, believes the attack on Haniyeh could end political negotiations between Israel and Hamas.

"The ongoing dialogues are at a very critical stage, and this incident could negatively impact the direction of the Israeli-Palestinian situation," Wang said.

The death of Haniyeh is considered the "first most significant Israeli operation" since October 7, 2023, according to CNN, as the senior Hamas official was considered as a key interlocutor in hostage negotiations and a cease-fire deal in Gaza. His assassination will have a significant influence on negotiations.

The assassination of Haniyeh occurred one day after Israel claimed that a strike in Beirut, Lebanon on Tuesday had killed Hezbollah's most senior military commander, CNN said.

Israel is engaged in multi-front operations, striking Hezbollah in Lebanon on one side and launching attacks on Houthi forces in Yemen on the other. This latest strike within Iran's borders further highlights the escalating wave of conflicts in the Middle East, Sun Degang, director of the Center for Middle Eastern Studies at Fudan University, told the Global Times on Wednesday.

"As a result, reconciliation efforts between Israel and Palestine as well as peace talks between Hamas and Israel are likely to face significant setbacks," Sun said.

Further complications in relations

Some experts believe that Israel is currently adopting a two-pronged strategy.

"On one hand, it continues to carry out intermittent military strikes on Gaza. On the other, it is targeting Hamas' senior leaders through a policy of pinpoint elimination," Liu Zhongmin, a professor at the Middle East Studies Institute of Shanghai International Studies University, told the Global Times on Wednesday.

Since October last year, a number of senior Hamas officials have been killed as Israeli Prime Minister Benjamin Netanyahu vowed to eliminate Hamas, according to media reports. Other members of Haniyeh's family were killed by an Israeli air strike in June.

"This could lead to further complications in the relationship between Israel and Iran," Liu told the Global Times. Since the start of the latest Israeli-Palestinian conflict, tensions have also escalated between Hezbollah and Israel. Whether it is Hamas, Hezbollah or the Houthi rebels, they all receive a certain level of support from Iran, Liu noted.

"Although the military situation in southern Gaza has somewhat eased, the conflict between Hezbollah in Lebanon and Israel is escalating," Liu said. "The assassination of Haniyeh in Tehran has increased the risk of further conflict between Israel and Iran."

China's Special Envoy on Middle East Affairs Zhai Jun met with Iranian Ambassador to China Mohsen Bakhtiar on Tuesday.

The two sides agreed on the need to de-escalate tensions in southern Lebanon as quickly as possible to prevent the conflict from expanding or evolving into a regional war, according to a readout released by China's Ministry of Foreign Affairs on Wednesday.

Critical moment

With the death of Haniyeh, Hamas may face a leadership crisis, and there is bound to be significant internal struggles before new leaders emerge, some experts said, noting that the situation could put the entire organization at risk of division, further weakening its ability to act collectively.

"Hamas' power within the Palestinian factions has been weakened, raising new questions about who will govern the Gaza Strip in the future," Wen Shaobiao, an expert from the Shanghai International Studies University, told the Global Times on Wednesday.

"Based on the current situation in Gaza, the main armed forces of Hamas have been largely dismantled by the Israel Defense Forces, making it unlikely that Hamas can maintain control over the Gaza Strip. It is possible that new factions may emerge to fill the void," Wen told the Global Times.

The fate of Hamas has reached a very severe stage, as the organization's elite forces have suffered significant losses, Liu said.

"With the elimination of its top leader, Hamas faces the challenge of how to rebuild its organizational system," Liu said, noting that given the extent of damage to both its military and political structures and its leadership, Hamas is in a dire state.

Both China and Russia support a regional architecture centered around ASEAN, as the multilateral coordination mechanism helps to prevent major powers from excessively intervening, and especially NATO from extending its tentacles into the Asia-Pacific region, observers said Friday after Chinese Foreign Minister Wang Yi met with his Russian counterpart Sergey Lavrov in Vientiane, on the sidelines of the ASEAN ministerial meetings.

China is ready to work with Russia to uphold the ASEAN-centered, open and inclusive regional cooperation architecture, Wang told Lavrov.

Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, said that in the face of the volatile and complex international situation and external disturbances and obstacles, China is ready to work with Russia to uphold the original aspiration of lasting good neighborliness and friendship, firmly support each other, safeguard each other's core interests, and remain each other's good partners for development and revitalization.

Russia will work with China to support the centrality of ASEAN and prevent the interference and infiltration of external forces, Lavrov noted.

Relations between China and Russia are at their best time in history, and the meeting between Wang and Lavrov is a specific manifestation of the sound bilateral relations, Cui Heng, a research fellow from the Center for Russian Studies of East China Normal University, told the Global Times.

By working together, the two countries can effectively address common challenges and promote stability and cooperation, Cui said.

Both China and Russia support a regional architecture centered around ASEAN, as the multilateral coordination mechanism helps to prevent major powers from excessively intervening and disrupting the regionalization process for their own interests, especially NATO from extending its tentacles into the Asia-Pacific region, Cui said.

In a trilateral meeting on Thursday between Wang Yi, Lavrov and Lao Deputy Prime Minister and Foreign Minister Saleumxay Kommasith, Wang stressed that enhancing cooperation among the three countries will not only help safeguard their common interests, but also send a clear message of solidarity and cooperation among regional countries to join efforts to promote regional stability and prosperity and cope with risks and challenges.

Wang cited rising hegemonism, unilateralism and protectionism, and the undercurrents of "small courtyard, high fence" and "decoupling and breaking chains," coupled with persisting regional conflicts as pervading, destabilizing, uncertain and unpredictable factors around the world.

A statement on Lavrov's meeting with Wang from the Russian Foreign Ministry also said that "the two ministers went on to discuss ways to implement the concept of building a new security architecture for Eurasia."

Asian affairs are decided by Asians, and this trend is now very obvious. The Western-dominated global order has begun to fail, at least in Asia and Eurasia, and there has been a tendency for non-Western countries to cooperate bilaterally or multilaterally to dominate regional processes, Cui said.

However, bilateral relations between China and Russia differ from the normal kind of military-political alliance. The two countries transcend this model of state-to-state relations, adopting an approach of non-alliance, non-confrontation and not targeting any third party, Zhang Hong, an associate research fellow at the Institute of Russian, Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences, underscored.

China and Russia on Thursday held their eighth joint aerial strategic patrol that saw bombers of the two countries flying over the Bering Sea for the first time. The patrol closely followed a joint naval patrol that stretched from northern Pacific waters to the South China Sea and a joint naval exercise in waters off China's southern coast earlier this month.

Experts said it highlighted the growing China-Russia military cooperation and its contribution to peace and stability through providing global strategic balance.

The meeting between the foreign ministers of Russia and China was held on the second day after Wang Yi's meeting with Ukrainian Foreign Minister Dmytro Kuleba in Guangzhou.

According to Chinese Foreign Ministry spokesperson Mao Ning on Friday, China will send Special Representative of the Chinese Government on Eurasian Affairs Li Hui to visit Brazil, South Africa and Indonesia. Starting from July 28, Li will carry out the fourth round of shuttle diplomacy on the crisis, further exchange views with major members of the Global South on the current situation and the process of peace talks, discuss with them the de-escalation of the situation, and accumulate conditions for restoring the peace talks, Mao said.

China's role in promoting peace talks has become uniquely significant. Beijing has consistently promoted peace talks, has no direct interest in the Russia-Ukraine conflict, and does not profit from it. It is a trustworthy party, Zhang said.

The fighting is still ongoing, the prospect for peace talks remains unclear, and the conflict could further escalate and spill over. There is widespread concern among the international community, especially countries of the Global South, about the situation and the call for de-escalation has become all the more urgent, Mao noted.

Chinese President Xi Jinping held talks with President of the Democratic Republic of Timor-Leste Jose Ramos-Horta on Monday, saying that China's comprehensive deepening of reforms will provide new impetus and opportunities for global economic development and bilateral cooperation.

Noting that the third plenary session of the 20th Communist Party of China Central Committee was held successfully two weeks ago, Xi said China will further comprehensively deepen reform and promote high-quality development and high-level opening up, which will provide new impetus and new opportunities for global economic development and cooperation between China and Timor-Leste.

China is ready to work with Timor-Leste to take the two countries' comprehensive strategic partnership to a new level and bring more benefits to the two peoples, he said.

Ramos-Horta arrived in Beijing on Sunday for a state visit to China that will last till Wednesday, which is his first visit since he took office in 2022 and the first state visit to China by a Timor-Leste president since the two countries established diplomatic relations in 2002.

Xi emphasized that China is ready to work with Timor-Leste toward long-term and stable development of bilateral relations by firmly supporting each other to build a higher level of bilateral relations, adhering to mutual benefit and win-win situations to carry out higher-quality practical cooperation, and promoting a higher level of multilateral collaboration.

Chen Hong, executive director of the Asia Pacific Studies Center at East China Normal University, said on the basis of such cooperation, the two parties can make use of their respective strengths.

Ramos-Horta thanked China for its long-term and valuable support for Timor-Leste's economic and social development and its response to the COVID-19 pandemic. Timor-Leste hopes to further consolidate and develop its comprehensive strategic partnership with China, strengthen cooperation in areas such as food security and infrastructure development, so that to help Timor-Leste achieve development.

Timor-Leste also firmly adheres to the one-China principle, believes that Taiwan is an inalienable part of China's territory, opposes "Taiwan independence" and interference by external forces, and supports China's efforts to safeguard its national sovereignty and territorial integrity.

Ramos-Horta also said that the South China Sea issue should be resolved by the countries concerned through negotiations, and Timor-Leste is willing to work with China and other countries in the region to maintain peace and stability in the South China Sea.

The two countries signed a number of bilateral cooperation documents in the fields of agriculture, green development, digital economy and air transportation.

Chen told the Global Times on Monday that China, in particular, has extensive experience in these areas, which fully demonstrates what is meant by higher-quality practical cooperation, as Ramos-Horta also acknowledged during the talks that he had visited China several times since 1976 and had witnessed the radical changes that had taken place in the country.

Chinese technology companies are showcasing their cutting-edge artificial intelligence (AI) products to the world at the Paris Olympic Games, a move that has gained wide recognition, the Global Times learned from companies on Sunday.

The participation of Chinese companies highlighted their capability to shine at the world's top sports event. It also shows that China's AI technology is bringing a new level of innovation and efficiency to the world event, Chinese experts said.

"Alibaba plays an essential role when it comes to supporting technology during the Olympic Games, greatly increasing the efficiency and sustainability of Olympic Games operations," International Olympic Committee (IOC) President Thomas Bach said during an event in Paris on Saturday. He highlighted the partnership between the IOC and Alibaba as a significant step toward embracing the digital era in sports.

Chinese AI-driven technology is providing advanced solutions for various aspects of the Paris Olympics, including real-time live commentary, 360 degree livestreaming technology, visual searches and more, the Xinhua News Agency reported. AI applications developed by Chinese tech companies such as Alibaba, SenseTime, Baidu and Lenovo have benefited athletes, coaches, referees and spectators of the world sports competition.

As the Paris 2024 Olympics is ongoing, the world is witnessing a new era of sports broadcasting, one in which Chinese AI and cloud technology are playing a crucial role.

Alibaba told the Global Times on Sunday that more than two-thirds of the live broadcast signals will be facilitated by Alibaba's cloud broadcasting services, enabling transmission from Paris to more than 200 countries and regions globally, reaching billions of viewers worldwide.

Alibaba's large language model (LLM) Tongyi Qianwen is being used in assisting the IOC's official commentators during the Games, the company said.

Moreover, Alibaba's cloud computing unit is offering an AI-infused platform to support the broadcasting of the Paris 2024 Olympics, overtaking the satellite broadcasting system adopted six decades ago as the main method of distribution, the South China Morning Post reported. 

In addition to supporting the broadcast coverage, Chinese AI tools will assist athletes with analyzing their performances and will be deployed to "enhance the fairness and accuracy of judging and refereeing through the provision of precise metrics," according to the IOC.

Chinese AI company SenseTime told the Global Times that it is also working with the China men's national basketball team to offer AI-driven sports data analysis and advice on strategy during the competition. 

The Chinese national diving team utilizes Baidu's LLM Wenxin Yiyan to provide accurate information in a timely manner, and even score diving movements in real time for precise quantitative analysis and guidance.

According to the Olympic Broadcasting Services, it is collaborating with Alibaba to provide a record number of multi-camera replay systems with AI-powered, high-quality reconstruction in the cloud, to create three-dimensional models and mapping of additional viewpoints across 21 sports and disciplines. This will deliver more compelling replays from more camera angles.

The innovative use of AI technology is supporting the athletes and revolutionizing the way audiences experience the event, said experts. It's enhancing the viewing experience while setting new standards for future Olympic Games and the broader application of AI in sports and beyond.

AI is being integrated into every aspect of our lives, and it has made its way to the Paris 2024 Olympics, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Sunday.

Notably, the 2024 Summer Olympic Games in Paris is the first Olympic Games to implement AI technology at a significant level. In a groundbreaking initiative, the IOC launched the Olympic AI Agenda in April, setting out the envisioned impact that AI can deliver for sports. The Paris Games will witness the first examples of implementation, said the IOC on its official website.

AI can help to identify athletes and talent in every corner of the world. AI can provide more athletes with access to personalized training methods, superior sports equipment, and more individualized programs to stay fit and healthy, Bach said.

China's AI technology is expected to bring a new level of innovation and efficiency to the Paris 2024 Olympics, showcasing the country's cutting-edge capabilities in the field. The Paris Olympics serves as a platform for displaying athletic achievements and for demonstrating the power of AI innovation on the global stage, Liu Gang, chief economist at the Chinese Institute of New Generation AI Development Strategies, told the Global Times on Sunday.

Multinational companies are eagerly preparing for the seventh China International Import Expo (CIIE) as the 100-day countdown begins on Saturday. With a strong belief in the China market and its potential for growth, multinational companies will be showcasing new technologies and innovative products for the CIIE, which is scheduled to take place in Shanghai from November 5 to 10. 

Many of these companies are also ramping up their investments in China, demonstrating their confidence in the country's economic prospects, experts said, adding that the moves highlight the continued interest and commitment of foreign companies in the China mar-ket, rebuking any speculation about a decline in foreign investment.

US firm 3M will showcase a range of global debut and Chinese debut products in the new-ly established new material zone at the 7th CIIE. It will also introduce a variety of innova-tive products made from recycled and sustainable materials in the consumer market.

"China is a crucial market for 3M, and we have great confidence in the country's economic development. We will continue to increase our investment in the Chinese market and ex-pand our business operations," Ding Hongyu, vice-president of 3M told the Global Times on Friday.

The company will increase investment in areas such as new-energy vehicles, consumer electronics, and sustainable development. It will also increase investment in local R&D and manufacturing, Ding said.

The 3M factory in Jinshan district, Shanghai, is currently undergoing expansion. The pro-ject is expected to be completed by the end of this year or early next year, according to Ding.

German company Henkel will showcase its sustainable solutions in the adhesive technolo-gy and consumer goods sectors at this year's CIIE.

Henkel is investing around 500 million yuan ($69 million) in the expansion of its Shang-hai Innovation Experience Center. The center is expected to be completed and operational by 2025 and will become the company's second largest adhesive technology innovation center globally.

Earlier this year, Henkel's Asian consumer goods R&D center was inaugurated in Shanghai with an investment of around 100 million yuan.

"The accelerating formation of a green and low-carbon supply chain in the Chinese mar-ket, coupled with increasing consumer focus on environmental protection, is providing a vast market and platform for sustainable innovation technologies for companies like Hen-kel," Anna An, president of Henkel for Greater China, told the Global Times on Friday.

More than 150 international businesses have signed up to attend the CIIE in Shanghai for a seventh time, having attended all previous CIIEs, organizers said on Wednesday.

From January to June, China saw a significant increase in the establishment of new for-eign-invested enterprises, with a total of 26,870 set up during this period, marking a 14.2 percent rise compared to the previous year. 

The manufacturing sector emerged as a key attraction for foreign investment, with a total of 141.86 billion yuan invested in this industry, up 2.4 percentage points from last year. 

Hong Kong officials and the business community have voiced their support and enthusiasm for a resolution recently adopted at the third plenary session of the 20th Communist Party of China (CPC) Central Committee, vowing to make greater efforts to give full play to the advantages of the Hong Kong Special Administrative Region (HKSAR) for promoting Chinese modernization and high-quality development.

The reform-themed meeting, also referred to as the third plenum, adopted the resolution on further deepening reform comprehensively to advance Chinese modernization.

Harnessing the institutional strengths of the One Country, Two Systems policy, we will work to consolidate and enhance Hong Kong's status as an international financial, shipping and trade center, support Hong Kong and Macao in building themselves into international hubs for high-caliber talent, and improve relevant mechanisms to see the two regions playing a greater role in China's opening to the outside world, according to the resolution adopted at the third plenum.

"People from all walks of life in the HKSAR are uplifted and have full confidence in the future of our country and the city. We should join hands to help Hong Kong nurture new quality productive forces in a bid to contribute to the country's new round of reform and seize important opportunities," Hon Sunny Tan, chairman of the Hong Kong Productivity Council, told the Global Times.

Tan said that the council will fully support the development strategies of the country and the HKSAR, contribute to the transformation and upgrade of traditional industries and the nurture of new technologies, and bring in more international resources and talent, while helping more companies in the Chinese mainland to go global.

Following the conclusion of the third plenum, Hong Kong Financial Secretary Paul Chan Mo-po began his visit to Beijing starting from Tuesday, according to a statement on the HKSAR government website.

During his meeting with Xia Baolong, head of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Xia said that the central government is firmly committed to the implementation of the One Country, Two Systems principle, supporting Hong Kong in leveraging its own strength to implement the spirit of the third plenum, to pool together international top talent, deepen cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and play a better role in the country's opening up to the world.

The resolution pledged to support Hong Kong's development with specific measures proposed, which underlines the central government's great support for the development of the city, Yu Lingqu, director of Financial Development and SOE Research Department at the China Development Institute in Shenzhen, South China's Guangdong Province, told the Global Times on Wednesday.

"A new round of reform and opening-up will create golden opportunities for Hong Kong," Yu said.

"We should fully recognize and precisely understand the HKSAR's strategic position in China's further comprehensive reforms and seize new opportunities for new development in multiple aspects," Peter Lam, chairman of the Hong Kong Trade Development Council, told the Global Times.

Lam said that the city should give full play to the institutional advantage of the One Country, Two Systems principle to actively contribute to China's comprehensive opening-up, and build the city into an important bridgehead for the country's two-way opening-up by combing its unique advantages with the Chinese mainland's vast market, complete industrial system and strong sci-tech capacity.

Meanwhile, Hong Kong should deepen cooperation within the Guangdong-Hong Kong-Macao GBA and strengthen the docking of rules so as to tap the great mainland market, according to Lam.

The HKSAR plays a unique role in China's comprehensive reform to advance Chinese modernization, Liang Haiming, chairman of the China Silk Road iValley Research Institute, told the Global Times.

"As an international financial center, Hong Kong has a mature financial system and sweeping international network, which can provide comprehensive financial services for mainland companies' cross-border financing, merger and acquisition deals and risk management, and help them go global."

"With its rich experience and resources in international trade and shipping, Hong Kong can also provide more convenient and highly efficient international channels," Liang said.

This year, Hong Kong celebrates the 27th anniversary of its return to the motherland. Since its return to the motherland, with the firm support of the central government, the efforts of the HKSAR government, the concerted efforts of all sectors of society and the hard work of residents, Hong Kong has been riding the waves and constantly breaking new ground, creating success for the practice of the One Country, Two Systems principle.

Since Hong Kong's return to the motherland, while there have been ups and downs in our economy, the average growth rate has been about 2.6 percent per annum, higher than the average growth rate of 2.0 percent for advanced economies. In 2023, Hong Kong's per capita GDP was about $50,500, among the highest globally, according to data released by the HKSAR government.

Amid globalization, Hong Kong will continue to play its unique role and actively participate in global governance and cooperation to contribute its wisdom and strength for the building of a human community with a shared future. At the same time, by unswervingly safeguarding national sovereignty, security and development interests, the city will contribute its own strength for the great rejuvenation of the Chinese nation, Liang said.

Opening-up is a "defining feature of Chinese modernization," and the country will foster a first-rate business environment that is market-oriented, law-based, and internationalized and protect the rights and interests of foreign investors, according to a resolution on further deepening reform comprehensively to advance Chinese modernization. 

Observers said these remarks send a resounding signal on China's firm commitment to opening-up, which defies certain Western countries' unilateralism moves and is set to further share the development dividends of the world's second-largest economy with foreign investors. 

The resolution, which was adopted at the just-concluded third plenary session of the 20th Communist Party of China (CPC) Central Committee, describes opening-up as a "defining feature of Chinese modernization." 

"We must remain committed to the basic state policy of opening to the outside world and continue to promote reform through opening-up. Leveraging the strengths of China's enormous market, we will enhance our capacity for opening-up while expanding international cooperation and develop new institutions for a higher-standard open economy,'' according to the resolution.

China will foster a first-rate business environment that is market-oriented, law-based, and internationalized and protect the rights and interests of foreign investors in accordance with the law. China will expand the catalog of encouraged industries for foreign investment, appropriately shorten the negative list for foreign investment, remove all market access restrictions in the manufacturing sector, and promote wider opening with regard to telecommunications, the internet, education, culture, medical services, and other sectors in a well-conceived way, it said.

China will further reform its institutions and mechanisms to promote foreign investment, ensure national treatment for foreign-funded enterprises in terms of access to factors of production, license application, standards setting, and government procurement, and support them in collaborating with upstream and downstream enterprises in industrial chains.

The resolution of improving the high-standard open economic system includes five key areas: steadily expanding institutional opening up, deepening the foreign trade structural reform, further reforming the management systems for inward and outward investment, optimizing the layout for regional opening up, and improving the mechanisms for high-quality cooperation under the Belt and Road Initiative.

These initiatives signal a commitment to enhancing the breadth of openness, such as attracting foreign investment, and the quality, such as enabling Chinese companies to expand overseas, to accelerate economic transformation, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Sunday.

"Foreign investment plays a crucial role in China's economic development, both now and in the future. Meanwhile, they also benefited a lot from decades of China's miraculous rise. The initiatives provide foreign enterprises with greater confidence and assurance, effectively signaling that China offers abundant development opportunities and treats all investors equally," Bian said.

It also reflects China's proactive choice to expand its openness, which stands in sharp contrast to unilateralism and protectionist measures taken by Western nations, Gao Liankui, a Beijing-based economist, told the Global Times on Sunday. 

It also squarely debunked certain pessimist views claiming that foreign capitals have been fleeting out of China, analysts said. 

From January to June 2024, China established 26,870 new foreign-invested enterprises, up 14.2 percent year-on-year. However, the actual use of foreign capital amounted to 498.91 billion yuan ($68.63 billion), a decline of 29.1 percent from the previous year, China's Ministry of Commerce announced on July 13.

The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session, drawing up a sweeping blueprint that will guide China's reform and opening-up for years to come, according to a communique released on Thursday.

The communique was released following the completion of the third plenary session, which was held in Beijing from Monday to Thursday.

General Secretary of the CPC Central Committee Xi Jinping delivered important addresses. At the session, the Central Committee heard and discussed a report on the work of the Political Bureau, presented by Xi on behalf of the Political Bureau, according to the communique.

Amid a complex international and domestic situation, many in China and around the world have been closely following the reform-themed session, which is often referred to as the "third plenum." 

Over the past four decades or so, the "third plenums" have played critical roles in China's economic miracle. 

This edition of the third plenum not only reaffirmed China's unwavering commitment to reform and opening-up, but also drew a clear path for China's continuous high-quality development, which helps boost confidence both at home and abroad, experts said.

For the world, China's deepening reform and expanding opening-up will create greater opportunities amid a global economic downturn and rising economic protectionism, and China's high-quality development will help create a new type of international relations based on the principles of equality and mutual respect, foreign experts said. 

Clear path

In line with decades of tradition, the third plenary session of the 20th CPC Central Committee also focused on mapping out reform and opening-up plans. Noting that the present and the near future constitute a critical period for China's endeavor to build a great country and move toward national rejuvenation on all fronts through Chinese modernization, the session further elevated the importance of reform for the country and stressed the advancing of Chinese modernization.

"Chinese modernization has been advanced continuously through reform and opening-up, and it will surely embrace broader horizons through further reform and opening-up," the communique said. "We must purposefully give more prominence to reform and further deepen reform comprehensively with a view to advancing Chinese modernization in order to better deal with the complex developments both at home and abroad."

The reform tasks laid out in the resolution covered a wide range of areas from the economy and whole-process people's democracy to ecological conservation and national security, according to the communique. 

Economic reform, in particular, was a main focus. The third plenum said that China will build a high-standard socialist market economy in all respects by 2035. In building a high-standard socialist market economy, the role of the market must be better leveraged, with a fairer and more dynamic market environment to be fostered and resource allocation to be made as efficient and productive as possible. 

Various reforms will also be carried out to promote high-quality development, including deepening supply-side structural reform. Institutions and mechanisms will also be improved to foster new quality productive forces in line with local conditions. Reform tasks were also laid out for macroeconomic governance and key areas such as finance and taxation.

Li Daokui, director of Tsinghua University's Academic Center for Chinese Economic Practice and Thinking, said that the third plenary session not only lays out a clear path for reform in the coming years, but also reaffirmed China's commitment to reform and opening-up. 

"The communique put emphasis on both reform and opening-up and reaffirmed upholding the basic national policy of opening-up, which I believe offers further reassurance for foreign businesses and investors," Li told the Global Times on Thursday.

Describing opening-up as a "defining feature of Chinese modernization," the communique said that the Party will "steadily expand institutional opening-up, deepen foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening-up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative."

Among the highlights of the reform tasks, Li pointed to the various reform measures to ensure and enhance the people's well-being, including improving the income distribution system and the employment-first policy, which will help address the direct concerns of the people. The reform plan for building a high-standard socialist market economy is also of great significance, as it will help create a fairer and more dynamic market environment, Li said.

Boosting confidence

The sweeping reform plan laid out by the third plenum will have profound significance for both China and the world, and will help boost confidence amid rising risks and challenges for the world as a whole, Chinese and foreign experts said. 

"The reform tasks are critical in shaping China's economic development and its position on the global stage," Lian Ping, director of the China Chief Economist Forum, told the Global Times on Thursday. "The success of these reforms will directly affect whether China's economy can continue to rise in the next 10 years and beyond." 

While China's economy has maintained stable growth in recent years despite a global downturn, it faces a growing set of risks and challenges, including rising economic protectionism and geopolitical tensions. The reform measures are key to tackling these challenges and ensuring China's continuous high-quality development, experts said. 

"The goal of reform is to address long-standing problems and improve systems to remove hurdles for continued economic growth," Lian said.

The communique also said that the overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance.

This also reflects the effectiveness and importance of the CPC's leadership, according to Alexander Lomanov, deputy director for scientific work at the Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (Moscow).

"The CPC's ability to correctly assess the situation in the economy, proceed from the interests of the people, and defend these interests with all its strength is particularly important," Lomanov told the Global Times. "The top-level design in economic policy, which only the CPC leadership can provide, is very important."

The CPC's leadership is the source of confidence in China's economic development both in the short term and in the long run, experts said.

The third plenum not only mapped out reform tasks to ensure long-term high-quality development, but also conducted an analysis of the present situation and the tasks the Party faces, and urged firm commitment to accomplishing the goals for this year's economic and social development, according to the communique. 

Li said that the content suggests that more measures will be rolled out for the second half of 2024, especially in terms of expanding domestic demand, so as to ensure that the annual growth target will be met. 

"This is a very important message for the world," Li noted. 

Chinese modernization and China's continued high-quality development are also of great significance for the trend of multipolarization of the world, said Lomanov. 

"China's economic development creates favorable prerequisites for the creation of a new type of international relations based on the principles of equality and mutual respect, free from intimidation and pressure," Lomanov said.

The communique stressed that Chinese modernization is the modernization of peaceful development. "In foreign relations, China remains firmly committed to pursuing an independent foreign policy of peace and is dedicated to promoting a human community with a shared future," it noted.