As the 2024 China International Fair for Trade in Services (CIFTIS) is set to commence on Thursday, attending companies and exhibitors expressed optimism about leveraging China's rapidly growing services sector and benefiting from the country's innovation-driven growth.
On Wednesday, the China National Convention Center was decorated for China's upcoming international services trade fair, featuring exhibits ranging from artificial intelligence (AI)-powered surgical robots to hydrogen fuel motorbikes, giving the event a tech-driven, futuristic feel, the Global Times observed.
"For the 2024 CIFTIS, we have high-tech products on display, including AI, modern logistics, state-of-the-art equipment, and digital culture and sports. These reflect the integration of technology and industry, showcasing the latest achievements in new-quality productive forces," Wang Yudong, a staff member in charge of arranging part of the exhibits, told the Global Times on Wednesday. "All high-tech products are organically integrated with the concept of services trade serving the world."
A total of 85 countries and international organizations have confirmed that their attendance at the 2024 CIFTIS, which will showcase key trends in the world's second-largest economy, focusing on the development of new-quality productive forces, as well as tech and innovation-driven growth.
At the UAE booth, a representative told the Global Times, "On the occasion of the 40th anniversary of diplomatic ties between our two countries, we want to showcase that the oil industry is not the only highlight of our diversified economy. We also excel in tourism, finance, and aviation."
A number of Global 500 firms, including Siemens and Amazon, will attend the event which runs from September 12 to 16 in Beijing.
French industrial giant Schneider Electric will set up a booth at the CIFTIS and showcase itself in the national pavilion of France, the Guest of Honor at the 2024 CIFTIS.
China is the second largest market for the company, the company said, noting that it will continue increasing innovation and development in China.
At the 2024 CIFTIS, the Schneider Electric will formally establish a service business China hub. The hub will support Chinese users by focusing on talent, research and development, supply chain, and ecosystem pillars, aiming to further boost China's industrial transformation and enterprise development, according to the company.
The services industry in China has enjoyed a greater level of openness, setting a new record for services trade volume, Jack Chan, EY China chairman, told the Global Times on Wednesday. Chan predicted that China's services sector and services trade are expected to maintain upward momentum across the second half of the year.
China's services trade saw rapid growth in the first half of 2024, with total trade in services reached 3.59 trillion yuan ($501 billion), up by 14 percent year-on-year, data from China's Ministry of Commerce showed in August.
The CIFTIS is an international, comprehensive large-scale exhibition and trading platform for services trade. It underlines China's commitment to opening up its services sector and sharing vast market potential with the world, analysts said.
Chinese Premier Li Qiang is scheduled to travel to Saudi Arabia to chair the Fourth Meeting of the High-Level Chinese-Saudi Joint Committee and visit Saudi Arabia and the UAE from Tuesday to Friday. Analysts anticipate the trip will further promote cooperation between China and the two countries, particularly in the fields of energy, finance and high-tech, and provide positive impetus for regional development.
The China-Saudi Arabia High-Level Joint Committee was established in 2016. The third meeting was held in February 2019, co-chaired by then Chinese Vice Premier Han Zheng and Saudi Arabia's crown prince Mohammed bin Salman Al Saud, according to the Xinhua News Agency.
The China-Saudi Arabia High-Level Joint Committee and Premier Li's visits to Saudi Arabia and the UAE are expected to further promote pragmatic cooperation in energy, which is the main field of bilateral cooperation, seek deeper collaboration on high-tech exchanges, enhance financial cooperation to drive economic stability, and expand infrastructure projects, Sun Degang, director of the Center for Middle Eastern Studies at Fudan University, told the Global Times on Tuesday.
The expert noted that China and Saudi Arabia may also achieve some breakthroughs in cross-border crude oil transaction settlements.
According to a report from the South China Morning Post, Bandar Al-khorayef, Saudi minister of industry and mineral resources, said that Saudi Arabia is "open to new ideas," including use of the yuan for crude settlements.
In recent years, China has become the primary trading partner for many Arab states and as many countries increasingly seek to reduce reliance on the US dollar, diversifying the payment system is a natural progression. This shift is not intended to undermine the dollar but reflects evolving trade dynamics and practical cooperation needs between China and Arab nations. Such diversification also aligns with the interests of both sides and broader global economic trends, Sun noted.
While China and Arab countries staying committed to building of a community with a shared future, this endeavor demands ongoing innovation and expansion in both the scope and level of their cooperation. Saudi Arabia and the UAE, as China's two most important trading partners in the Middle East and key hubs for innovation, will play a pivotal role in China-Arab cooperation, analysts said.
China's focus on resolving disputes through economic cooperation and mutual benefit not only helps ease tensions in the Middle East, but also paves the way for long-term stability and prosperity in the region, Sun added.
Chinese President Xi Jinping and his wife, Peng Liyuan, hosted a banquet at the Great Hall of the People in Beijing on Wednesday evening, welcoming African and international guests attending the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), and posted for a group photo with the guests. In his toast at the welcoming banquet, President Xi frequently mentioned the China-Africa community with a shared future, emphasizing that it is built on a strong foundation, has been blessed with a good start, and enjoys broad prospects. He noted that it sets a stellar example for building a community with a shared future for mankind. There is no doubt that this summit will be another historic event witnessing and developing the China-Africa community with a shared future in the new era.
Over the past few days, heads of state, government leaders and representatives from over 50 FOCAC members, along with the chairperson of the African Union Commission, the secretary-general of the UN and several heads of international organizations, have gathered in Beijing. This has not only set a new record for the scale of diplomatic events that China has hosted in recent years and the number of attending leaders, but it has also become a significant milestone in the history of China-Africa relations and interactions among "Global South" countries. Meanwhile, enthusiasm for the 2024 Beijing Summit of FOCAC continues to rise on multiple levels. According to statistics, the summit has attracted over 3,000 registered journalists from China and abroad, setting a new record for FOCAC. An important supporting event, the Eighth Conference of Chinese and African Entrepreneurs, is also expected to reach a scale of 1,000 participants this year. Enthusiastic registration far exceeded expectations, with 408 representatives from 48 African countries signing up to participate.
Matching the rising momentum, the content of China-Africa cooperation is also continuously being updated and elevated. This summit is expected to achieve three "new" outcomes: embarking on a new journey toward building a high-level China-Africa community with a shared future, gathering new momentum for deepening cooperation across various sectors between China and Africa, and writing a new chapter in the friendship between the people of China and Africa. China-Africa cooperation, while is being strengthened in traditional industries such as agriculture, infrastructure, and manufacturing, is also expanding to include more emerging sectors and new elements like green development, healthcare, finance, and digital innovation.
For example, at the Conference of Chinese and African Entrepreneurs, corporate representatives will mainly discuss about and share experiences on the two topics of "promoting the integration of industrial and supply chains" and "driving the development of emerging industries." Cooperation in the field of new energy vehicles has also become a highlight of the summit. The strong complementarity between China and Africa, along with China's massive production capacity and Africa's high expectations for cooperation with China, provides powerful support for the joint pursuit of modernization between China and Africa.
The deepening of China-Africa cooperation and the enduring spirit of China-Africa friendship are rooted in the shared destiny that has been evident at every stage of the development of China-Africa relations. Following the establishment of the People's Republic of China, China's first-generation leaders, together with the older generation of African politicians, pioneered a new era of China-Africa relations. Since the 21st century, especially in the new era, China and Africa have continuously strengthened their comprehensive, multi-dimensional cooperation across various fields, including trade, agriculture, education, science and technology, and healthcare, yielding fruitful results. In 2023, China-Africa trade reached $282.1 billion, with China maintaining its position as Africa's largest trading partner for 15 consecutive years.
"We have been fighting shoulder to shoulder imperialism, colonialism, and hegemonism, and advancing hand in hand along the path of development, revitalization, and modernization." This is the most direct, accurate and vivid summary of China-Africa relations.
In recent years, driven by the Belt and Road Initiative (BRI) cooperation, Africa's industrialization and various infrastructure capabilities have seen significant improvements. The previous sessions of the FOCAC have consistently emphasized "industrial integration" and "industrialization" in their action plans. To date, 52 African countries and the African Union Commission have signed BRI Cooperation Documents with China. China will also sign new cooperation plans with some African countries to promote the continued deepening of the China-Africa cooperation in building the "Belt and Road." In recent years, China and Africa have collaborated to build and upgrade nearly 100,000 kilometers of roads, over 10,000 kilometers of railways, nearly a thousand bridges, and close to a hundred ports. This has greatly improved Africa's transportation network, significantly enhancing logistics efficiency and market access, and playing a significant role in promoting the economic development of African countries.
In the coverage of the FOCAC Beijing Summit, Western media outlets that were critical of China and China-Africa cooperation have changed their tone. Aside from the usual repetition of clichés like "debt traps," which have been repeatedly debunked by facts, some outlets have shifted to explore why China has such strong appeal in Africa and has gained support from African countries. Some media outlets that have long bad-mouthed China-Africa cooperation have to admit that African countries have benefited greatly from their engagement with China. In fact, at a time when economic globalization is facing a severe "trust crisis," the collaboration between China and Africa to expand the economic development "cake" provides insights and direction for global economic development. China and Africa have also been actively practicing their commitment to the pursuit of universally beneficial and inclusive economic globalization through concrete actions.
There is a proverb in Africa: "You can never tie a knot with one hand." Similarly, there is a Chinese proverb: "A single strand does not make a thread. nor can one hand clap." In the journey of development and revitalization, China and Africa have achieved fruitful results through mutually beneficial cooperation and exchanges. In the future, the 2.8 billion people of China and Africa will strengthen their unity and cooperation, which will surely inject new momentum into cooperation among the "Global South" and open up new horizons for building a community with a shared future for mankind.
China on Thursday unveiled a conceptual plan outlining its first mission to defend against a near-Earth asteroid, and called for multi-level and comprehensive international cooperation regarding asteroid defense, showcasing its commitment as a responsible space power in addressing threats posed by near-Earth asteroids to the safety of humanity.
The country's first near-Earth asteroid defense mission is expected to observe an asteroid closely before impacting it to alter its orbit around 2030, the Xinhua News Agency reported on Thursday.
The blueprint for the country's asteroid defense involves two spacecraft - an impactor and an observer - launched into space with one rocket, Xinhua quoted Tang Yuhua, deputy chief designer of Chang'e-7 Mission, as saying.
The observer will first move around the small asteroid to be targeted, for the purposes of detection, before guiding the impactor from afar to strike it. After the kinetic impact, the observer will further have an accompanying flight with the very asteroid that changes its orbit, according to Tang.
The plan was released by China's Deep Space Exploration Lab on the 2nd International Deep Space Exploration Conference (Tiandu Forum) held in Huangshan, East China's Anhui Province.
According to the CCTV report, there are over 35,000 near-Earth asteroids in the solar system. While the likelihood of highly destructive collision events is extremely low, their potential consequences can be significant if they occur.
The severity of an impact is directly related to the size of an asteroid. An asteroid the size of a soccer field could cause catastrophic consequences in a regional area on Earth, whereas an asteroid the size of a town could trigger a global disaster, leading to mass extinction of species, CCTV said.
As a responsible space power, China recognizes the significant threat posed by near-Earth asteroids to the safety of both the Earth and humanity, and is therefore planning its inaugural near-Earth asteroid defense mission, actively contributing Chinese wisdom and solutions to the global endeavor of asteroid defense, according to the report.
Tang also expressed earnest desire for multi-level and comprehensive collaboration with the international community in areas such as joint research and development, joint observation, and data sharing, in efforts to jointly safeguard shared future through concerted efforts in asteroid defense.
After China and Nigeria elevated their ties to a comprehensive strategic partnership, Uba Sani, the governor of Nigeria's Kaduna State, said he is thrilled to see his state partner with China in a "smart city" project, which aligns with the country's industrialization.
Kaduna State lies at the southern end of Nigeria's northern plateau, and 80 percent of its 5 million population work in agriculture, according to media reports.
The smart city project will be built under cooperation with Chinese tech giant Huawei - "a very reliable partner," Sani told the Global Times.
The project will enhance public security, efficiency and transparency in public service, and help his state to establish an e-government, make education, healthcare and talent cultivation "smart," and boost the use of renewable energy, the governor said.
Sani hopes to form a joint committee between Kaduna government and Huawei "in one or two weeks."
The smart city project is one of several broader deals between China and Nigeria that have been inked during the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).
Chinese President Xi Jinping and Nigerian President Bola Tinubu held talks on Tuesday and announced the elevation of China-Nigeria ties. They also witnessed the signing of cooperation documents including the application of the BeiDou Navigation Satellite System, peanut exports to China and news media cooperation.
Sani said that China plays a significant role in Nigeria's industrialization, and he is "more hopeful and confident that [after] this time [at the FOCAC], we will see more fruits."
Kaduna State has Nigeria's first modernized railroad, the Abuja-Kaduna Railway. It is the first railway in Africa built based on Chinese technical standards.
Sani revealed that two months ago his state partnered with North China's Hebei Province to construct an industrial park. Hopefully, more investors from China will be attracted to Nigeria, he said.
China's focus on fostering and enhancing the big data ecosystem will greatly drive the high-quality growth of its digital economy and promote international cooperation, experts and industry insiders from home and abroad said at the China International Big Data Industry Expo 2024.
This year's expo, which kicked off on Wednesday in Guiyang, Southwest China's Guizhou Province, showcases the latest applications of big data technology and digital transformation. It also highlights China's efforts to strengthen international digital cooperation, especially in data flows, the Global Times learned.
Analysts said that cross-border data flows are critical for global socioeconomic interactions and underpin international business operations, logistics, supply chains and communication.
"There are significant opportunities for global cooperation in the big data-related sectors," Atul Athavale, a Germany-based cloud AI architect who is working with Huawei's research institute in Europe, told the Global Times on Wednesday.
Athavale noted that Germany remains open to cooperation, indicating a positive trend in China-Europe business relations.
"While the geopolitical landscape may present challenges, there will always be opportunities for businesses to connect and collaborate," said Athavale.
Right before the expo, China and the EU established a mechanism for cross-border data flow communications on Tuesday to enhance two-way data flows.
This mechanism aims to facilitate the secure and efficient transfer of data between China and the EU, promoting economic growth and innovation.
Apart from China-EU cooperation in the digital field, China is advancing global cooperation, with Chinese companies having contributed to the global process of digitalization and big data cooperation.
Chen Xuannian, a manager at Chinasie, a Guangzhou-based information technology firm, told the Global Times that the company helps enterprises complete their digital intelligence transformations and is actively offering digital services to about 200 Chinese companies operating overseas.
Data has become a new factor of production and serves as the key element of the digital economy, a representative of iFlytek told the Global Times. The company is rolling out numerous AI-driven applications for global users.
In recent years, China's data industry has grown, and preliminary calculations have indicated that the industry will maintain an annual growth of more than 20 percent over the coming years, Liu Liehong, head of the National Data Administration, said on Tuesday at a sideline event at the Big Data Expo 2024.
China has formed a relatively complete data industry chain, covering the entire life cycle of acquisition, storage, calculation, management and use, the official said, noting that the administration will work on a four-part approach to nurture the development of the data industry, and improve the quality of the digital economy.
Hong Kong will create better environment for expanding yuan usage, offering more yuan products and risk management tools to enable international investors to use yuan for trade and investment, Hong Kong Financial Secretary Paul Chan Mo-po said on Thursday.
Chan made the remarks at the Bund Summit, jointly organized by China Finance 40 Forum and China Center for International Economic Exchanges in Shanghai.
Hong Kong will also continue to support the central, provincial, and municipal authorities of the Chinese mainland to issue the yuan-denominated bonds in Hong Kong, Chan said.
He said mBridge - a platform jointly developed by the People's Bank of China, the Hong Kong Monetary Authority, and other central banks to facilitate faster cross-border settlements using the respective currencies - has reached its minimum viable product stage and begun serving corporate transactions in June.
Over the long-term, the project will lower trade transaction costs and facilitate multilateral capital flows, while supporting the internationalization of the yuan, Chan noted.
The Chinese yuan retained its place as the 4th most active currency for global payments by value in July for the ninth straight month, with its share rising to 4.74 percent, according to data provided by SWIFT. This marks steady internationalization of the currency amid the country's resilient economic growth and firm commitment to reform and opening-up.
As an international financial center, Hong Kong can play a unique and vital role in advancing the high-level opening-up of the Chinese mainland's financial sector, Chan said.
He said that Hong Kong is the preferred conduit to access the Chinese mainland's financial market.
"On the back of the One Country, Two Systems framework, we practice common law, with a highly regarded rule of law culture, and ensure the free flow of capital, talent, and information," Chan said.
International financial institutions maintain a strong presence in Hong Kong, with over 70 of the world's top 100 banks, and 7 out of the top 10 global insurance companies now operating in the city, data showed.
For the past four decades, Hong Kong has acted as a "testing ground" for the mainland's financial market reform and opening-up, beginning with the introduction of H-shares for mainland-based enterprises on the Hong Kong Stock Exchange in the 1990s, Chan said.
With the staunch support of the central government, the "Connect Schemes" between the mainland and Hong Kong are expanding. In April this year, the China Securities Regulatory Commission announced further measures to enhance the system's scope and depth, one of which is the inclusion of the yuan counter in the Stock Connect.
China's technological development in tunnel boring machines (TBMs) has greatly advanced, from scratch to cutting-edge over the past decade, exemplifying the country's progress in high-tech manufacturing.
Currently, seven out of every 10 TBMs used worldwide come from China, while 95 percent of the TBMs operating in the country were manufactured domestically, according to media reports.
In a recent development, China’s largest-diameter underwater shield tunnel began the tunneling process on Sunday for Huanggang Road in Jinan city, East China’s Shandong Province, using the “Shanhe” TBM with a diameter of 17.5 meters, China Media Group reported on Monday.
TBMs can excavate tunnels using a circular cross-section that drills through soil and rock strata, seamlessly laying concrete segments to construct tunnels, subway tubes and sewer lines.
The “Shanhe” TBM is 163 meters in length, 5,200 tons in weight, and the diameter is equivalent to the height of a 6-storey building, which will operate through 3,290 meters in the tunnel that has a total length of 5,755 meters.
The length of the “Shanhe” TBM is equivalent to 16 connected buses with a weight equivalent to 520 adult elephants, making it the largest among the TBMs used in construction projects globally, said Huang Lu, a project manager in charge of the TBM.
The “Shanhe” TBM is equipped with advanced equipment, including dedicated telescopic cameras. The relatively larger TBM requires a more complex manufacturing process and poses construction difficulties, with higher risks compared with traditional models, according to CMG.
In recent years, the diameter of TBMs produced in China has been increasing, enabling their use in a wider range of applications and significantly improving the efficiency of construction projects. The use of TBMs has also been extending from traditional fields such as the construction of urban rail transportation to more sectors including railway construction, mining, and other industries, offering a new growth point for economic development.
China’s continuous industrial upgrading and transformation will further spur high-quality economic development, while the rapid development of emerging industries including the high-tech manufacturing will become an important engine driving up the economy, Wang Peng, an associate research fellow from the Beijing Academy of Social Sciences, told the Global Times.
The market scale of China’s TBMs reached 27.6 billion yuan ($3.87 billion), achieving year-on-year growth of 14.05 percent in 2022, which is expected to reach 40 billion yuan in 2024, according to data from the China Construction Machinery Association.
Profits generated by Chinese industrial enterprises above the designated size increased by 3.6 percent year-on-year in the first seven months, up 0.1 percentage points from the first half year, the National Bureau of Statistics said in August. High-tech manufacturing led the way, with the sector's profits soaring 12.8 percent year-on-year from January to July. The improvement boosted overall industrial profit growth rate by 2.1 percentage points.
From the stunning portrayal of Chinese modernization to the inspiring tales of self-improvement and perseverance demonstrated in the nation's technological advancements, from the unwavering sportsmanship and profound patriotism exhibited by Olympic athletes to the unique emphasis on the rule of law in education, Chinese primary and high school students embraced the start of their new school year by attending exceptional "first lessons," setting out on a path to becoming a resilient, patriotic and self-assured generation.
At the opening ceremony of the new semester at Beijing No.4 High School on Sunday, Ying Yong, procurator-general of the Supreme People's Procuratorate, delivered the first rule of law class to the students. He explained the importance of respecting and abiding by the law.
Ying delivered the "first lesson" as the school's vice principal for rule of law, whose responsibility includes not only carrying out legal education for minors, but also assisting schools in establishing a comprehensive mechanism for preventing sexual abuse, sexual harassment, campus bullying, and integrating judicial protection into school protection.
Officially taking effect in 2022, the policy of vice principals for rule of law in primary and secondary schools plays an important role in promoting the thorough implementation of education laws and juvenile delinquency prevention laws. It is of great significance for effectively protecting the legitimate rights and interests of young people and promoting their healthy growth, analysts said.
The problem of school bullying nowadays is partially attributed to a lack of sufficient education on the rule of law. Therefore, emphasizing such education is conducive to strengthening the protection of minors, Xiong Bingqi, director of the 21st Century Education Research Institute, told the Global Times on Monday.
In addition, the "first lesson" of the new school year broadcast by China Central Television on Sunday evening also offered students a great chance to appreciate a "lovely China" by inviting guests such as historians, wildlife rescuers, Olympic athletes, military transport aircraft captains, and AI and aerospace technology experts to share their stories of unremitting self-improvement.
A wide range of images such as the oracle bone pits in the Yin Ruins, the cross-sea bridge spanning the Lingding Channel, and the landing of the Chang'e-6 probe on the far side of the moon also allowed students to witness the stunning landscapes of China and experience the rapid progress it has made over the years.
The series of inspirational, motivational lessons inspired students' interest in scientific exploration and promoted their spirit of patriotism, innovation, and hard work.
