阿拉爱上海

The 2024 China International Fair for Trade in Services (CIFTIS) has become a hub for Chinese and international visitors to exchange ideas on the latest innovations and technologies across industries. Many foreign attendees are impressed by China’s innovation and technology advancement, as many Chinese firms showcased their latest products. 

Chinese urban air mobility technology platform company EHang Holdings displayed its EH216-S - a domestically developed passenger-carrying unmanned aerial vehicle at this year’s CIFTIS. The electric vertical takeoff and landing (eVTOL) aircraft received approval from Chinese civil aviation authority in April to commence production.

Freshly stepping out of the cockpit of the aircraft after being briefed, Manfred Janssen, chief of KolnBusiness Economic Development Agency, told the Global Times that the experience was "very impressive."

“I learned that it is going to fly and operate this year. Good luck to it and I am looking forward to that. It is quite impressive to see how China has become a motor of innovation globally, and suddenly many things are going to happen in the aviation sector. It could be a nice solution to the big cities of the world,” Janssen told reporters.

CIFTIS has become a platform for people from around the world to exchange ideas, share expertise, and collaborate in the fields of green and digital economies.

Janssen, whose delegation signed a memorandum of understanding with their counterpart in Beijing, said the goal is to exchange ideas and explore cooperation between Cologne, Germany and Beijing in the pursuit of green transformation in the economy and industry. The official noted that among the Cologne delegation is Deutz AG, the inventor of internal combustion engine.

During the first two days of the exhibition, several hundreds of foreign guests have visited the booths with a keen interest on China’s emerging low-attitude economy, a staff member of the EHang told the Global Times.

The 2024 CIFTIS is the first large-scale international, comprehensive exhibition held after the third plenary session of the 20th Central Committee of the Communist Party of China. It underscores China's commitment to further opening up to the world and its readiness to share the benefits of its economic opportunities.

A total of 85 countries and international organizations attended the 2024 CIFTIS, held under the theme "Global Services, Shared Prosperity."

From Thursday to Monday, the China National Convention Center and Shougang Park in Beijing, the venues of the CIFTIS, were crowded with exhibitors and visitors from around the world. Displays featured a wide range of cutting-edge technologies, including AI-powered surgical robots, hydrogen fuel motorbikes, cloud-based AI digital hosts for live-streaming e-commerce, and service robots designed to maintain and replace blades for tunnel boring machines. These exhibits showcased China’s latest advancements in green, digital, and smart technologies, highlighting the nation's tech-driven approach to modernization.

Chinese express delivery firm STO Express showcased its self-developed omnidirectional sorting robot, which can effectively improve efficiency of the sorting process during deliveries.

Mu Yu, a STO representative, told the Global Times that many foreign visitors have expressed interests in the company’s unmanned delivery systems, which include unmanned delivery vehicles and parcel-delivery drones. "They inquired about our overseas business, but for now, we are focusing on the domestic market," Mu said.

“We hope to get a better pulse of the latest technical applications within the domestic and international services industry by participating the CIFTIS, and to see how to best optimize our development path amid the atmosphere of communication and exchange,” said Mu.
The emergence of cutting-edge technology has undoubtedly injected new vitality into services trade in China and around the world. These innovations not only enhance industry efficiency but also showcase China’s significant strengths in technological innovation, analysts said.

"These advanced technology displays at the 2024 CIFTIS are a concentrated expression of China's technological innovation strengths and are also strong proof that China provides innovative solutions to the world and expands opportunities for win-win cooperation," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Sunday.

"These innovative achievements have not only promoted the rapid development of related industries, but also contributed Chinese wisdom and Chinese strength to the prosperity of global trade in services. It is expected that China will achieve breakthroughs in more fields in the future and contribute more 'Chinese solutions' to global scientific and technological development," Wang said.

The latest pet craze sweeping the younger generation in China is different from what people expected, as stones become the beloved companions of the Generation Z. The topic of “pet stones” has amassed up to 2.4 million online views across Chinese social media platforms.

Youngsters are not just adopting stones as pets, but are also dressing them up and applying cream to them, which also become a popular topic on China’s X-like platform Sina Weibo. Many netizens are showcasing their creativity by naming their pet stones, some even adorning them with eye stickers, outfits, and even glasses.

Some netizens commented that stones are low-maintenance companions that never cause trouble, require no care or feeding, and silently “listen” to all your secrets, making them a good choice for pets, though some of the young claim stones cannot provide emotional comfort. 

In August, the sales of pet stones in China’s e-commerce platform Taobao.com increased by 246 percent compared with a month ago, according to media reports, with the target group mainly younger people. In addition to the pet stones, related clothing, containers and other peripheral commodities are also selling well on the market. 

China welcomes the US department of defense delegation to attend the ongoing Beijing Xiangshan Forum, and it's significant for the two militaries to maintain communication in order to avoid misjudgments and to better manage differences and risks, Lieutenant General He Lei, former vice president of the Academy of Military Sciences of the People’s Liberation Army (PLA), told the Global Times on Thursday on the sidelines of the 11th Beijing Xiangshan Forum.

According to earlier foreign media reports, the US Pentagon was sending Michael Chase, the deputy assistant secretary of defense, to attend the Beijing Xiangshan Forum. Chase is more senior than the US representative who attended last year’s security sforum, according to the reports.
When asked about the possible interactions with US military officers, He told reporters that China welcomes their visits and looks forward to conducting positive exchanges.

“The military-to-military relationship between China and the US is a stabilizer of bilateral relations,” said He. “And exchanges and cooperation between the two militaries are constructive for strengthening strategic communication, avoiding miscalculations, and managing divergences and risks.”

“Any communication is better than no communication,” He noted.

Ahead of the ongoing Beijing Xiangshan Forum, the theater commanders of the Chinese and US militaries on Tuesday had a video teleconference, marking the resumption of all military communication mechanisms agreed by the two heads of state at the San Francisco meeting in November 2023.

Earlier this year, high-level communication between the two militaries took place on May 31 when Chinese Defense Minister Dong Jun met with US Defense Secretary Lloyd Austin during the Shangri-La Dialogue in Singapore. The 17th China-US Defense Policy Coordination Talks convened in January in Washington, DC, and a China-US Military Maritime Consultative Agreement work group meeting took place in April in Hawaii.

“Currently, the relationship between Chinese and US militaries is developing in a positive way,” He said, “To some extent, it is the stabilizer and the ballast stone of bilateral ties.”

According to He, a meeting between the Pentagon delegation and the Chinese military at an equivalent level is likely to occur. “During the possible talks, Chinese side may further clarify its firm position and principles on China’s core interests.”

However, the lieutenant general also noted that with repetitive hyping of the “China threat” rhetoric, the US still holds misconceptions about China's development.

To properly handle the relationship between the two militaries, we must solve the issue of strategic perception, just like the first button of a shirt that must be put right, said He.

“Do the Chinese and American militaries perceive each other as friends, partners, or rivals? Is cooperation or competition the mainstream? A clear understanding of these issues is the most fundamental prerequisite for the correct handling of military-to-military relations,” said He.

In addition, the two sides should implement the consensus reached by the two heads of state. “We should do what we say and do without empty promises. We should never say one thing and do another,” He said, alluding to America's record of not keeping its promises.

China follows a path of peaceful development, and upholds the principle that all countries, big or small, strong or weak, rich or poor, should be treated equally. “China respects the international order based on the UN Charter, while the US thinks Washington dominates the world, and it wants to keep its hegemony forever,” He said.

“In fact, with its rapid development, China is by no means to become the hegemon of the world. The purpose of China's development is ensure a happier and better life for the Chinese people,” He stated. We will not engage in the so-called competition with any other country.”

China's development represents a force for world peace, and the strength of China's military is the growth of the force for resolutely defending national interests and safeguarding world peace, the lieutenant general said, adding that the Beijing Xiangshan Forum has highlighted peace or security for four consecutive sessions in its theme.

We hope that the US delegation can enjoy themselves during the forum and make a contribution to the development of friendly relations between the two militaries, He said.

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.