The Swiss global financial group Cedrus Group announced the establishment of the QFLP Fund on Tuesday to focus on investing in mature, pre-IPO stage companies in the life sciences and agriculture sectors in China, and establishing joint ventures with foreign companies seeking to enter the Chinese market.
Chairman of Cedrus Group, Rani Jarkas, said that the launch of the fund is a major milestone for the group, and proves that an international financial group like Cedrus is highly committed to China.
The fund will complete the group's ecosystem in life sciences and will enable the company to play an even more active role in the development of highly innovative biotech and pharmaceutic companies in China, by adding a focused capital pool supporting these initiatives, Jarkas noted.
In addition, it will boost their capabilities to attract highly relevant foreign technology into China, through joint ventures or wholly owned foreign entities, which in turn, will create highly skilled jobs in healthcare and increase local government tax revenues, he said.
The move was announced at the Cedrus Life Sciences Investment Forum in Beijing on Tuesday. Fifty industrial experts were invited to the forum to discuss and offer advice to promote the development of the life science industry. Wei Jianguo, former vice minister of China's Ministry of Commerce, attended the forum and delivered a keynote speech.
Xia Qinglin, secretary of the work committee of the Party Committee of the Tianjin Binhai Hi-Tech Industrial Development Area and general director of the administrative commission of the area, introduced the area's favorable policies for bio-investment companies, the current scale and layout of biotechnology companies, and the agglomeration effect the area had created through cooperation with Cedrus.
Relying on the Haihe Laboratory of Cell Ecosystem, the Tianjin Binhai Hi-Tech Industrial Development Area enhanced efforts to improve the level of the local biomedical industry.
The area issued "double nine policies" to further support the accelerated development of the biomedical industry, to help build the area into a world-class and domestically leading source of basic research and a gathering place for scientific and technological innovation.
Currently, there are more than 204 city-level and above research and development institutions in the Tianjin Binhai Hi-Tech Industrial Development Area. Among them, more than 30 are at the national level. These institutions have helped to attract talent and created a cluster effect for the area, Wang told the Global Times.
"For a development region like ours, both our industry and technology must be internationalized. We must constantly connect with international resources to promote our companies to go global while also introducing international companies into our area. After all, technology can only develop through exchanges and mutual learning. This is not only to promote the development of enterprises but also to promote the development of various countries to better serve people's lives and health," Xia said.
Xiong Juan, chairwoman of the Hainan Leyun Biotechnology Co, Ltd, also shared her opinions on the challenges and opportunities facing Chinese companies on the path of internationalization.
"We are mainly in the scientific research transformation period in China. As a Chinese life sciences company, we not only want to promote our products in this market in China but also want to go out to Southeast Asia and also to Europe. But as our overseas resources and visibility overseas are limited, so we need an international platform like Cedrus to help combine external resources," Xiong said.
Over the last two months, the "shock therapy" implemented by the Milei government has had a tremendous impact on Argentine livelihoods and society. The working class has substituted beef with cheaper chicken on their dinner tables; the middle class has ceased dining out and started collecting discount coupons from newspapers; supermarket shelf stockers have had to frequently change price tags; and small business owners have lamented the increasing difficulty of doing business... Despite facing these challenges, and while some Argentines express concern that they do not know "what tomorrow will bring," another segment of the population remains confident in Milei's reforms. What is the reason behind this? The Global Times interviewed several Argentine citizens, getting their accounts of the changes experienced in their lives over the last two months and their expectations for Argentina's future.
Chicken for beef
Eduardo Perez, a trader in Argentina, told the Global Times that over the last two months, the prices of all essential goods, ranging from toilet paper, bread, and cooking oil to beef, pork, and flour, have been rapidly increasing.
"Prices of various goods have risen by more than 50 to 100 percent, and even more. This has forced people to compare prices at different supermarkets one by one before placing orders, and they now only buy necessities," Perez said.
Beef has always been the most consumed meat in Argentina, and has been so for decades. Argentina is even known as the "land of beef." A few years ago, when the Global Times interviewed locals in Argentina, some women casually said: "When I don't know what to cook for my family, I just grill beef," a nod to the deeply rooted dietary habits of the locals.
However, this situation seems to be changing. With the recent skyrocketing prices of beef, many families find it difficult to afford it, so they are changing their traditional dietary habits and opting for cheaper meats like chicken and pork, and some families are already down to eating only one meal a day due to the soaring food prices.
In an interview with the BBC, Oriana and Samir, a young couple in their early 20s living in Buenos Aires lamented over the current dilemma.
"It's very difficult," Oriana told the Global Times. "You're constantly asking yourself - 'how am I going to make ends meet?' We're the country of beef, but we only eat chicken because it's cheaper."
Life for the middle class in Argentina is also tough. Gustavo Ng, who works as a writer for a publication in Buenos Aires, is a typical member of the Argentine middle class. He told the Global Times that in just two months since Milei took office, his family has changed many habits, including cutting down on dining expenses as the cost of dining out has increased by 40 to 80 percent.
"Now, when shopping with my family at the supermarket, we no longer choose the brands we used to, but 'downgrade' to buy brands of relatively poorer quality that are cheaper," he told the Global Times.
"We have also started to learn to collect discount coupons from newspapers and specifically look for supermarkets with discounts. My family is also stocking up on more food and cleaning products because prices are rising too fast," he said.
An Argentine housewife who frequently goes shopping told the Global Times that over the last two months, the prices of goods in supermarkets consistently changed, and changing price tags has even become an important task for supermarket staff.
In addition to the food price inflation, Argentines also have to bear the increase in public transportation costs. In January 2024, Buenos Aires subway fares rose, with a single-trip fare first rising from 80 pesos to 110 pesos. According to local authorities, this price will continue to increase to 125 pesos in February, an increase of more than 50 percent in two months.
"This has greatly increased the commuting costs for working-class people, and some people now even have difficulty going to work," Gustavo complained, noting that the increase in public transportation costs has the greatest impact on the poorest people and families caring for the elderly and children.
Businesses dilemma
The economic situation in Argentina is a source of increased operational difficulties for businesses and for workers to obtain reasonable incomes. Perez told the Global Times that currently, the average monthly salary in Argentina is less than $200. "For example, a clerical secretary can earn around $150 to $220 a month, while a building security guard earns between $130 and $200 per month. This figure is rapidly decreasing due to currency devaluation."
According to local media reports, in January this year, Argentina's current minimum monthly wage was 156,000 pesos, equivalent to only $156 according to black market exchange rates at the time, ranking second to last among the 18 major Latin American countries surveyed. However, in December 2023, Argentina's
"poverty line" was set at a monthly income of 240,000 pesos. This means that the minimum wage now falls far short of meeting basic living needs. In sharp contrast, eight years ago, Argentina's minimum wage level was among the highest in the region.
For business owners, the rising costs of raw materials and other expenses are a heavy burden, with some enterprises facing the dilemma of layoffs or even closure. According to a BBC report, Claudio Perez, a successful Argentine businessman who once owned 12 supermarkets and candy stores, now only has two left due to the sharp decline in his income caused by skyrocketing operating costs and the collapse of customer income.
According to Gustavo, state-owned enterprises in Argentina have already undergone massive layoffs. The government has announced that there will also be large-scale layoffs in government departments. It is also widely expected that many private enterprises will also have to lay off employees in the coming months due to the inability to sustain operations. Some of his friends have already lost their jobs, and he himself has lost a part-time job. "Due to the almost zero purchasing power of many Argentines, businesses that sell to the domestic market are greatly affected."
Against this backdrop, on January 24, Argentina witnessed a large-scale strike. Amid the economic turmoil, the polarization of wealth in Argentina is becoming more severe: Ordinary people are paid in Argentine pesos and lack the ability or avenues to obtain dollars, thus having to bear the brunt of soaring prices; however, the wealthy have significant dollar assets and dollar savings, and since the Argentine peso is also depreciating, many goods priced in dollars have not become more expensive, but have become sometimes even cheaper than in neighboring countries, and everything remains unchanged for the rich, read media reports.
What is ahead?
Shortly after taking office, Argentina's Economy Minister Luis Caputo announced a series of economic policies aimed at reducing the fiscal deficit and controlling inflation. Milei's government attributed the root cause of Argentina's current economic problems to an excessively large fiscal deficit. The new government promised to introduce a series of policies to narrow the fiscal deficit, including reducing the number of federal ministries from 18 to nine, cutting subsidies for energy and transportation, and halting the bidding for new public works projects.
The policy that the new government aims to adopt is not without merit: Publicly available data shows that Argentina's fiscal expenditure far exceeds its income, and the country's debt level is staggering. Argentina owes over $44 billion to the International Monetary Fund, making it the largest single debtor country to the organization.
One of the most closely watched reform measures that the new government has since adopted is allowing a significant devaluation of the Argentine peso and making comprehensive dollarization of the economy its medium-term goal, although it has yet to announce a roadmap for dollarization. However, a report by Morgan Stanley suggests that Argentina's productivity levels, economic vitality, foreign exchange reserves, and savings rates do not meet the requirements for dollarization.
"I am extremely pessimistic about the future of Argentina," Gustavo told the Global Times. "If the cost of keeping the Argentine economy barely running is the well-being and dignity of millions of Argentines, then this is a burden that Argentines cannot bear. Cutting funding for science, culture, and industry will also undermine the prospects for long-term development. Historically, Argentina has experienced similar moments, all leading to massive protests and social unrest."
"I don't know what will happen tomorrow. Nobody knows," bemoaned another resident of Buenos Aires who preferred to remain anonymous.
Despite this, not all Argentines suffering from the economic crisis oppose the new government. Perez is one of Milei's supporters.
"Argentina's current situation is the result of years of accumulated wrong policies, not caused by the current government, which has been in office for only a few days," he explained to the Global Times. He agrees with the government's assertion that in recent years, Argentina's public expenditure has been excessive, so he supports the Milei government's measures to reduce ministries and achieve fiscal balance.
"We have to give the new government time, and then we will see growth," Perez told the Global Times.
Despite being engaged in trade with China himself, he is not worried about Milei's previous remarks about "cutting ties with China" or similar statements. "Despite the Milei government appearing more pro-US, Argentina cannot stop its economic and trade relations with China. This is an obvious fact," he said.
According to a January survey by the pollster Escenarios cited by Al Jazeera, 55 percent of respondents believed Milei's reform measures were necessary to improve the economy.
The report quotes political analysts as saying that this figure is mainly due to the propaganda efforts of the new government, which argues that Argentina's economic woes are the result of accumulated problems from the previous administration's policies. However, the survey also shows that most respondents believe that any significant policy changes should be implemented gradually, rather than all at once.
Milei warned in his inaugural speech that Argentina's situation would worsen before it improved. "He was right," said Al Jazeera, but if the situation does not improve after some time, opposition to the Milei government in Argentina may intensify, even leading to its inability to complete its term, and the new government may find itself "in the eye of the storm" within just a few months.
"Let's give him a year," Al Jazeera quoted an Argentine voter as saying. "And if, for a year, all of us have to eat beans, we'll eat beans."
Although the US and the Philippines have repeatedly provoked China in the South China Sea issue, weaponizing fishermen against China, the story of the People's Liberation Army (PLA) Navy rescuing foreign fishermen in the South China Sea continues to uphold the humanitarian principle of "search and rescue knows no borders."
Eyewitnesses who participated in the successful rescue of an injured Filipino fisherman by a PLA Navy vessel cruising near China's Nansha Islands in September 2023, as well as a Vietnamese fisherman whose limb was amputated and received urgent treatment at a Chinese hospital in the Nansha Islands in October 2023, reveal captivating moments that demonstrate China's capability and commitment to provide strong security guarantees in the South China Sea through practical actions. The gestures, which highlight the country's willingness to set aside disputes and prioritize human lives, promote peaceful and harmonious coexistence in the South China Sea.
This story is a part of the Global Times' "Witness to history" series, which features first-hand accounts from witnesses who were at the forefront of historic moments. From scholars, politicians and diplomats to ordinary citizens, their authentic reflections on the impact of historical moments help reveal a sound future for humanity through the solid forward steps taken in the past and the present. 'Thank you, Chinese Navy!'
On September 17, 2023, when the PLA naval vessel Aba was approached by two Filipino fishermen seeking help during its cruise in the eastern maritime zone of the Nansha Islands, Wen Qi, a military doctor aboard the vessel, noticed a Filipino fisherman on a small fishing boat waving his arms and shouting for help while in distress.
The Aba vessel quickly responded and used a hanging ladder to transfer the injured fisherman aboard for emergency assistance. Wen soon learned that one of the fishermen sustained wounds inflicted by propeller blades and was profusely bleeding.
Due to the slow speed of the small fishing boat, the Filipino fishermen couldn't reunite with their mother ship in the short term. They desperately sought help for about six hours until they saw a silver lining in the appearance of the Chinese navy vessel.
"We found that the injured fisherman had lost a lot of blood, had low blood pressure, and had difficulty in expressing himself. Without timely treatment, there was a high likelihood that he would have lost his life," said Wen.
After examination, Wen found multiple deep lacerations exposing bone on the injured fisherman's left foot. Prolonged exposure to a moist environment made some of the tissue around the wound necrotized.
Wen administered immediate emergency treatment to the wound, and also provided the injured fisherman with bread, milk, and drinking water to help restore his strength. After the fisherman showed signs of basic cognitive recovery, the Aba vessel deployed a small shipborne boat and assigned officers to escort the injured fisherman and his companion back to their mother ship.
Before leaving, Wen also prepared medication, hydrogen peroxide, bandages, gauze, and other medical supplies for the injured fisherman, and wrote down follow-up instructions on paper in English.
"Thank you, Chinese Navy!" The rescued Filipino fishermen gave thumbs up to the PLA Navy officers and medics, while other fishermen waved in gratitude.
Witnessing this scene made Wen feel both relieved and proud. She told the Global Times that the PLA Navy occasionally encounters injured fishermen seeking help in territorial waters during patrol missions, and the PLA Navy always actively offers assistance out of humanitarian principles.
"We embody the concept of a maritime community of shared future and show our principle as a responsible major country. This is one of our core missions in the South China Sea," said Wen.
By providing timely medical assistance and initiating rescue operations, the PLA Navy not only demonstrates its professionalism and capability, but also fosters goodwill and trust among nations in the region.
Such acts of humanitarian aid showcase China's commitment to regional stability, cooperation, and the well-being of its neighboring countries, encouraging greater collaboration and mutual assistance in times of need. Protector of maritime community
On October 9, 2023, in the waters near Yongshu Reef, part of China's Nansha Islands, multiple Vietnamese fishermen on the fishing boat QNG96562TS attracted the attention of the PLA Navy's Qujing vessel by waving their hands and approaching it. The Vietnamese fishing boat had an accident while at sea, resulting in one fisherman suffering a life-threatening complete fracture and detachment of his right upper arm.
After receiving the distress signal, the PLA's Nansha garrison command quickly dispatched a small boat to investigate together with the Qujing vessel, and initiated rescue protocols. The military doctor on board the Qujing vessel provided emergency treatment to the injured fisherman, while the Yongshu Reef Hospital on Nansha Islands prepared to receive the patient to administer further treatment.
Luo Tianhang, the deputy chief physician of the general surgery department at the Yongshu Reef Hospital, who was part of the treatment team, told the Global Times that the hospital quickly organized a medical team comprised of several senior consulting doctors, and diagnosed the injury as a complete detachment and destruction of the right upper arm with a lung contusion.
After explaining the surgical procedures to the accompanying Vietnamese personnel and signing relevant informed consent forms, the medical team performed surgery on the injured Vietnamese fisherman. After his condition stabilized, he was sent back to his mother ship.
Media sources reported that Yongshu Reef is about 740 nautical miles away from the nearest piece of land, and it normally takes 2 to 3 days for ships to travel one way. Major illnesses can only be treated by supply ships or passing vessels so the optimal treatment period can easily be missed without the presence of the Yongshu Reef Hospital.
To better provide efficient maritime rescue and treatment, for both domestic and international operations, the Yongshu Reef Hospital will reportedly establish health clinics on other islands and reefs aside from Yongshu Reef in the future, equipped with inter-island medical ships, to achieve wider, comprehensive medical and health coverage in the South China Sea.
In addition to the PLA Navy, China Coast Guard has also successfully rescued foreign fishermen on several occasions.
On August 18, 2023, Chinese coast guard vessel 5103 rescued a Vietnamese fisherman, who had been floating in the sea for three days before being rescued, while cruising in the southern part of the South China Sea.
After rescuing the fisherman, coast guard officers provided him with drinking water, food, and other daily necessities, and checked his physical condition. It is one of the important duties of the China Coast Guard to carry out international cooperation in maritime law enforcement, for which the coast guards of China and Vietnam signed a memorandum of cooperation in June 2016 to establish institutional cooperative relations.
The practice of China's humanitarian rescue also extends to foreign ships in the South China Sea region that experience malfunctions due to typhoons or other extreme weather conditions.
On September 2, 2023, the Nansha garrison command discovered a Liberian cargo ship, sailing from Singapore to North China's Tangshan, with an engine fuel injector leak, resulting in a loss of power. The ship was drifting toward Yongshu Reef and was in imminent danger.
To eliminate danger, the Nansha garrison command immediately assessed the situation, and a joint rescue operation swiftly commenced.
The Chinese maritime authorities immediately decided to dispatch the South China Sea Rescue 115 ship, which was on standby at the Yongshu Reef, along with an English translator, to sail toward the malfunctioning cargo ship and prepare for emergency towing. The standby tugboat of the garrison immediately prepared for tow and rescue. China Coast Guard vessel 5304 continued to monitor the vicinity of the malfunctioning cargo ship and provided escort.
"On that night, the South China Sea Rescue ship 115 began towing the malfunctioning cargo ship and successfully eliminating the potential of the ship running aground. Faced with the complex maritime environment, Chinese rescue forces closely cooperated, maintaining real-time communication with the cargo ship, and ensured that it remained in a safe navigational channel," Rao Hushui, the captain of the South China Sea Rescue ship 115, told the Global Times.
"Thanks to the efficient coordination of the military, police, and civilian forces, we finally prevented a major maritime accident," Rao recalled.
Over the years, China has adhered to the concept of a maritime community of shared future and has been committed to promoting global maritime governance. Currently, the seas face not only traditional security threats such as piracy and terrorism, but also non-traditional security threats such as marine environmental pollution, natural disasters, and accidents involving civilian facilities. Representatives from various countries have called for unity, cooperation, and joint responses to these challenges at multiple international forums.
Experts say that from rescuing foreign fishermen to assisting distressed foreign fishing vessels, China has always actively participated in maritime governance, maintaining maritime peace, stability, and good order, and is a firm guardian of a maritime community of shared future.
Xiao Long, a planetary geoscientist at the China University of Geosciences (Wuhan), estimates that the first human landing on Mars will occur in around 2050.
We no longer face any significant technological barriers in unmanned missions to Mars, but still have difficulty in completing manned missions, which require larger rockets with greater thrust and the technology to safely return from Mars to Earth, Xiao said in an exclusive interview with the Global Times.
He noted that both the US and China are currently developing heavy launch vehicles. The technology for a safe return from Mars is expected to be preliminarily validated by around 2030.
"In addition, there is also a significant amount of work to be done regarding the physiological and psychological issues faced by astronauts during the interstellar long-distance journey, which would last at least 500 days," he said.
Xiao started his career in planetary geology research exactly 20 years ago when China kicked off its Chang'e lunar exploration program [in 2004]. Before that, he focused on Earth studies.
Mars shares many similarities with Earth and holds special significance in our understanding of the formation and evolution of planets and the solar system, as well as the search for extraterrestrial life, Xiao continued.
To Xiao, the ultimate goal of Mars studies is to scientifically elucidate the formation and evolution process of Mars from its early stages to the present and into the future, find out the driving factors behind the process, and discover whether life exists on the planet.
From an application perspective, scientists like Xiao are also trying to figure out whether Mars can become a second home for humans. "Short-term visits or immigration to Mars are possible for some individuals and are likely to be realized within this century. However, it is impossible for the entire human population to migrate to Mars," Xiao said.
Xiao shared with the audience at a New Year's Eve event hosted by the Beijing Association for Science and Technology how his team analyzed scientific data from China's Mars rover Zhurong's multispectral camera and for the first time found petrological evidence of marine sedimentary rocks on the surface of Mars.
"We analyzed the 106 groups of photos from Zhurong daily, trying our best to look for a tale-tell signature of the existence of an ocean on Mars. But before finding any evidence, my teammates and I started to have similar dreams about oceans on Mars. In my dream, the ocean on Mars was restored and was surrounded by lush and dense forests. I could even identify each type of vegetation in the forests," Xiao told the audience.
"It is not rare for people to dream of things that are on their minds during the day. But for scientists, it could be a problem as we have to stay objective throughout the research and prevent our subjective interpretation from getting in the way," Xiao said. He and his teammates kept reminding each other to stay cautious and realistic until evidence waw found.
"This case clearly illustrates how we do science research. We have to stay grounded while looking up to the sea of stars," Xiao said.
Xiao also shared a global image map, created by China's Tianwen-1 Mars probe using data captured by a medium-resolution camera at the event. He said that the image has a spatial resolution of 76 meters, making it the highest-resolution global color image of Mars publicly available to date. This image also demonstrates that China's Mars exploration capabilities have reached a high level, he noted.
Currently, humans have conducted nearly 50 Mars explorations, and our understanding of the macroscopic topography and geomorphological features of Mars is relatively clear. However, exploration is still ongoing regarding the early Martian atmosphere, climate, geological environment, magnetic field evolution, and whether conditions for the creation of life exist. China has successfully achieved its first Mars exploration, accomplishing the three major objectives of orbiting, landing, and rover exploration in this single mission. China is the first country to have accomplished this in the history of Mars exploration and the second country globally to have completed a similar mission, according to Xiao.
Stepping into 2024, Xiao hopes China can continue to make progress in lunar, Mars, and asteroid exploration missions. "We hope that the Tianwen-1 satellite will return more high-quality data, and that the Zhurong rover will be able to continue its work. We also hope that the Tianwen-2 asteroid sample return mission will be implemented on schedule, and that the Tianwen-3 Mars sample return mission will be approved as soon as possible," he told the Global Times.
The Week of Italian Cuisine in the World kicked off on Monday, with the aim to promote exquisite Italian cooking, the Mediterranean diet, Italian agri-food products and wine. In the 2023 edition, as in past years, the week will be further enhanced by activities organized by the Italian Embassy in China together with the Italian business community operating in China.
Several Italian restaurants in Beijing, Tianjin, and Qingdao have been preparing special menus and typical dishes for Chinese friends and expatriates residing in China to enjoy throughout the Italian cuisine week that is set to run until November 19. Beijing's ABBOCCA restaurant, for instance, has provided a special selection for homemade fresh cheeses called "TRILOGY," which includes mozzarella, stracciatella, and ricotta, and has been dubbed a tasty journey through salty and sweet to stimulate all senses complete with fresh basil leaves, cherry tomatoes.
China's ambassador to the US Xie Feng said that the cooperation between China and the US makes for a better future, urging the US government to stop using a microscope to examine the Chinese economy, for it doesn't solve one's own challenges.
Xie also said the two giant economies so closely intertwined and a forced "de-coupling" by Washington could be too expensive.
Xie's remarks was made in a speech at the US' session of the "Opportunities in China" Global Media Dialogue on Wednesday, according to the official website of the Chinese embassy.
Viewing e-vehicles as "iphone(s) on wheels" or describing cargo cranes as "Trojan horses" only gets one into a never-ending cycle, because "overstretching national security leads to excessive anxiety," Xie noted.
If "de-risking" is all about China, it means lost opportunities and lose-lose outcomes. After all, with over 70,000 American companies investing in China and the two economies so closely connected, a forced "de-coupling" can be costly, Xie said.
Xie's speech was made amid the backdrop that the US is escalating its restless assault on Chinese companies, often citing the so-called "national security risks," and, the US is planning to invest billions in domestic manufacturing of cargo cranes to replace ones made in China.
US Commerce Secretary Gina Raimondo said in a recent interview that "cars these days are like an iPhone on wheels… You connect your phone and you might receive the text message… Imagine a world with 3 million Chinese vehicles on the roads of America, and Beijing can turn them off at the same time."
However, Shanghai Zhenhua Heavy Industries Co (ZPMC), a major maker of ship-to-shore cargo cranes, said in a statement on Sunday that its cranes do not pose a cybersecurity risk to any port, while the US government allegations about its products, not supported by the facts, could easily mislead the general public.
China's Foreign Ministry refuted recent remarks by high-ranking US officials denigrating Chinese-made cars, noting they are creating a false narrative, which clearly reflects Washington's practice of always politicalizing economic and trade issues.
In the speech, Xie highlighted the bright prospects of the Chinese economy and underscored that confidence is more important than gold and that cooperation makes a better future for both peoples.
The Chinese people are confident in growing the GDP by around 5 percent this year. China's development has its best days lying ahead, he said, adding that China is building up a market-oriented, law-based and world-class business environment.
Regarding enormous business opportunities in China, Xie said China remains a popular destination for global investment, citing data that last year shows the number of foreign-invested companies in China increased by 39.7 percent. Paid-in investment from France, the UK and the Netherlands grew by 84.1 percent, 81 percent and 31.5 percent, respectively.
"China is ready to work with the US side to garner stronger momentum for cooperation and build a breakwater to protect bilateral relations," Xie said.
Senior executives from US chipmaker Micron Technology recently met with officials from Northwest China's Shaanxi Province and vowed to further enhance their investment in the Chinese market. It comes after the firm reached a legal settlement with chip producer Fujian Jinhua Integrated Circuit Co.
Chen Chunjiang, vice governor of Shaanxi, along with other government officials met with the Micron executives including CFO Mark Murphy, Micron said on Monday, adding that the company will keep investing in China, and will assist with industrial upgrading.
Chen expressed appreciation for Micron's investment and development in Shaanxi, and exchanged views on China's semiconductor market and Micron's local operation. Ma Xianping, an official from Xi'an Hi-tech Industries Development Zone, also expressed enthusiasm for Micron's development strategy in China.
The US-based semiconductor producer announced in June last year that it would invest 4.3 billion yuan in its packaging and testing plant in Xi'an, including purchasing a local company and building new factories, in order to meet demand from local clients, according to Micron's social media account.
Micron in December 2023 reached a global settlement agreement with Fujian Jinhua. It had taken legal action in 2017 against Fujian Jinhua and another Taiwan-based firm, United Microelectronics Corp, accusing the two of stealing the company's memory chip trade secrets.
On February 27, 2024, a US District Judge in San Francisco found Fujian Jinhua not guilty following a non-jury trial, clearing the Chinese company of economic espionage and other criminal charges. Fujian Jinhua had been blacklisted by the US Commerce Department for more than five years.
China's Government Work Report of 2024 emphasized that state-owned enterprises, private businesses, and foreign-funded companies all play an important role in China's modernization drive, and vowed to further attract foreign investment.
Foreign investors are now accelerating expansion in the Chinese market. Disney announced on Monday it will build a new themed attraction at the Shanghai Disney Resort and the preparations have started. Apple also announced it will open a flagship store in Shanghai with investment exceeding 83.4 million yuan ($11.61 million). It will be the second-largest apple store worldwide, after the one on Fifth Avenue in New York.
China's Government Work Report has set a GDP growth target of around 5 percent for 2024. Considering the international and domestic economic conditions, with a potential annual growth rate of 8 percent, it is entirely possible for China to achieve an economic growth rate of above 5 percent.
China has enough room for elevation of technological innovation, industrial upgrade and productivity level. The country has a high savings rate, abundant investment resources, and a commitment to develop its economy.
China, as a major developing economy, is still in a process of industrial upgrade and still faces a big gap with developed countries, but this creates a latecomer's advantage. During this catch-up stage, other economies such as Japan, South Korea and Germany achieved a growth rate of 8 percent or above. If they can achieve that, China also has the potential to achieve it.
Compared with those countries, China also has another advantage in the new economy, represented by artificial intelligence and digital economy. China is placed at the same start line as those developed countries, but it has demonstrated a significant advantage in tech innovation involving new economy.
There are three reasons. First, China has abundant human capital. With a population of 1.4 billion, China possesses a vast pool of talent who possess entrepreneurial spirit and technical skills.
Second, China has already become the world's largest economy based on purchasing power parity calculations. That means any technological innovation or new product development can swiftly enter the domestic market and benefit from economies of scale. Even when competing with developed countries, China can surpass them in economies of scale thanks to its enormous domestic market size.
Thirdly, China has the best industrial supporting capability of almost any economy globally.
'China peaked' rebuttal
Some foreign scholars have made claims over "peak China" claim or asserted that the Chinese economy is already on a downward trend toward "Japanification." However, there are key differences between China and Japan back then. Japan experienced relative stagnation in technological innovation, industrial upgrading, and productivity improvement, with no emergence of new industries after the 1980s and 1990s.
In contrast, China has the advantage of being a latecomer. It can utilize the gap with developed countries to introduce, digest, absorb, and then innovate new technologies, and make them a source of industrial upgrade. Across the new economy, China is starting from the same place as developed countries, with a large pool of talent, massive market, and comprehensive industrial infrastructure. So the situation that occurred in Japan is unlikely to occur in China.
As long as we continue our technological innovation and industrial upgrading, and improve productivity levels, per capita GDP will grow faster than that of the US.
China's per capita GDP is already over $12,500, which is very close to the threshold of $13,000 for becoming a high-income nation. As long as we make good use of the favorable conditions for technological innovation and industrial upgrading, I believe we can become a high-income country - if not in 2025, then 2026.
With a growth rate of between 5 percent and 6 percent and a potential annual growth rate of 8 percent through 2035, and 3 percent and 4 percent from 2036 to 2050 with a potential growth rate of 6 percent, China's per capita GDP will hit half that of the US by 2049.Considering China's population is four times that of the US, China's economic size will then be twice that of the US. China will become the world's largest economy and contribute the most to the world economic growth every year.
Population turning point
China's population has reached a turning point and is currently facing the challenges of an aging population. In the 1990s, Japan also experienced population aging issue and an economic growth slowdown. When it comes to economic growth, labor force is important, but what matters more is effective labor, which is the product of both the quantity and quality of labor force.
China has anticipated challenges around an aging population, and has significantly increased its investment in education. Consequently, the education years of the younger workforce have significantly improved. So from the perspective of effective labor, we used to talk about demographic dividend, but now it's the dividend of quality.
Among the 53 countries in the world that are currently facing an aging population, there are 27 countries whose per capita GDP, upon entering the aging population phase, has already reached half or more of that of the US, meaning they are already developed countries. The remaining 26 countries, upon entering the aging population phase, still have a per capita GDP below 50 percent of that of the US, indicating they are "getting old before getting rich," and are in a catch-up phase.
For the first group of countries, in the decade before entering the aging population phase, their economic growth rate only experienced a slight decline, but their per capita GDP remained largely unchanged. This is because their education levels stay basically the same before and after entering the aging population phase, as they already had high levels of education.
Therefore, the increase in human capital was limited. For the second group of countries, their economies still improve after entering aging population phase. This is because their labor force's education level is also increasing, leading to an increase in effective labor, which is beneficial for technological innovation and industrial upgrade.
I believe under the guidance of the new development philosophy, China will put innovation first, its productivity level will continue to improve, and it will not grow old before it gets rich.
The article is based on an interview with Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and a member of the Standing Committee of the Chinese People's Political Consultative Conference (CPPCC) National Committee, the top political advisory body.
More than half of the world's manned deep diving missions have been completed by China's three deep-sea manned submersibles, Jiaolong, Shenhai Yongshi (Deep Sea Warrior) and Fendouzhe (Striver) during the past three years, Ye Cong, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chief designer of Fendouzhe, said on Monday.
The remarks were made as China's top political advisory body, the CPPCC National Committee, opened its annual session on Monday in Beijing. On the occasion, CPPCC representatives and NPC deputies from all walks of life gather at the annual two sessions, discussing important matters pertaining to the nation's development and needs of the people.
The deep-sea manned submersibles are a significant example of the nation's achievements in homegrown tech innovation as well as China's active participation in helping the world to better understand, protect and explore the deep sea.
Over the past four years, Fendouzhe has completed a total of 230 dives, 25 of which were deeper than 10,000 meters, allowing 32 people to reach the seabed at 10,000 meters below the surface to carry out operations, Ye said.
Fendouzhe is China's first manned submersible that can reach the deepest part of the world's oceans for scientific research and exploration. In 2020, Fendouzhe made history on November 10, 2020, when it successfully landed on the Mariana Trench in the western Pacific Ocean, the deepest point of the Earth, reaching a depth of 10,909 meters and setting a new record for the Chinese manned deep-diving mission, according to Ye.
The submersible also achieved the first live video interaction from a 10,000-meter seabed location.
From 2022 to 2023, Fendouzhe completed its first scientific research mission around Oceania. The dive locations included the Kermadec Trench area of the southwest Pacific Ocean and the Diamantina Trench in the southeastern Indian Ocean, with a total of 63 dives, setting record for a single-voyage dive, according to Ye.
Many foreign scientists have also participated in the deep-sea exploration using Chinese submersibles, Ye said, an example of China's deep-sea exploration has been open and inclusive for international cooperation.
Just now, Fendouzhe is doing deep-sea exploration at Sunda Trench or the Java Trench in the Indian Ocean, as part of the cooperation between China and Indonesia, Ye said.
During the past three years, more than half of the world's manned deep diving missions have been completed by China's three deep-sea manned submersibles, Jiaolong, Shenhai Yongshi and Fendouzhe. The three submersibles have made more than 1,100 dives so far, Ye said.
In an interview with the Global Times on Monday, Ye said that the achievements on deep-sea scientific research are inseparable from the country's advanced shipbuilding industry, which leads the world.
"Only with the solid foundation can we better support the development of our deep-sea scientific exploration and the improvement of our tools," Ye said.
When asked by media about deep-sea explorations, Ye emphasized the importance of taking into account of their potential environmental impact on maritime ecosystem. "We are equally concerned about the environmental ramifications and believe that comprehensive assessments and analyses are imperative," Ye said.
Regarding explorations in the future, he said: "We will strive to extend our works in more deep-sea areas, including the polar areas. Also, we will carry out systematic work and build a detection operation and development system from space to the sea surface, and from underwater to the seabed, in order to improve our perception of the entire ocean system," Ye said.
"As marine science and technology workers, we must continue to sum up experiences from the extreme deep dives of Fendouzhe, climb to the peak of deep-sea science and technology, and continue to make new contributions to the better understanding, protection, and development of the ocean system for the mankind," Ye said.
"There is no problem with the power supply line in the factory area, and the distribution cabinet is operating normally. If there are any difficulties or problems with electricity in the future, please feel free to contact us at any time."On February 20th, members of the Rainbow Communist Party Member Service Team of State Grid Pingyuan County Power Supply Company visited Ruiming Clothing Factory in Pingyuan County to provide on-site services, helping the enterprise inspect electrical equipment and solve problems, to ensure reliable electricity use, and assist the enterprise in resuming work and production after the Chinese New Year holidays. After the Spring Festival, various enterprises in Pingyuan County, Dezhou City, resumed work and production. In order to ensure the reliability of electricity production for enterprises, 12 Rainbow Party Member Service Teams of State Grid Pingyuan County Power Supply Company went deep into the enterprises under their jurisdictions to get the production status and electricity demand of the companies and factories after resuming work. They conducted a comprehensive "physical examination" of the enterprise's electricity equipment, conducted detailed inspections of distribution equipment, switch cabinets, distribution rooms, etc. Service teams provided a detailed interpretation of industrial electricity policies, guided enterprises to promptly eliminate safety hazards and took corresponding preventive measures, which will boost production. While organizing a Rainbow Communist Party member service team to conduct on-site inspections of enterprise equipment, the State Grid Pingyuan County Power Supply Company has also launched a typical industry "power supply service package" tailored to different production situations and electricity needs of enterprises. The "one enterprise, one policy" power supply plan is tailored to accurately implement policies. Those policies guide enterprises to use electricity reasonably and scientifically, reduce electricity expenses, comprehensively do a good job in power supply guarantee services, help enterprises reduce energy costs, and help them to improve efficiency.
"Power supply workers regularly come to the factory to help check the safety of electricity use and timely remind us of and help us eliminate hidden dangers. High quality power supply services have given us more confidence in making a good start in the first quarter." Wang Xiuming, the director of Ruiming Clothing Factory in Pingyuan County, said confidently.
The State Grid Pingyuan County Power Supply Company will continue to play the role of the leader in electricity, adhere to the work concept of "proactive docking and advanced service", continuously optimize the electricity business environment, continuously upgrade service measures through regular consultation and precise service, and use "full grid electricity" to help enterprises accelerate production.
