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.
NVIDIA CEO Jensen Huang made a splash again in the field of humanoid robots as he was reported to have predicted, in a recent interview, that humanoid robots will soon become mainstream products at prices reaching $10,000 to $20,000 per unit, making them accessible to a wide range of consumers. That will also revolutionize various other industries.
The statement came about a month after he introduced nine humanoid robots at NVIDIA's 2024 GPU Technology Conference (GTC) on March 18. "Building foundation models for general humanoid robots is one of the most exciting problems to solve in AI today," Hung said at that conference.
Hung's judgments, to some extent, can be viewed as a footnote to the golden age of the development of humanoid robots under the stimulus of the boosting of the artificial intelligent (AI) industry in recent years.
Research unveiled during the inaugural China Humanoid Robot Industry Conference in Beijing from April 9 to 10 predicted that the value of the Chinese humanoid robot market will surpass 10 billion yuan, reaching 10.47 billion yuan ($1.45 billion) by 2026, and is anticipated to soar to 119 billion yuan by 2030.
The booming market is seemingly telling people that intelligent humanoid robots that can simulate human thinking and consciousness, as depicted in films like Ex Machina and A.I. Artificial Intelligence. Artificial Intelligence, are almost a reality. But will they come as soon and as easily as predicted by the industry?
Golden age
Humanoid robots are dubbed "humanoid" because they are designed to emulate and potentially surpass human capabilities in form, function, behavior, and even cognitive processes, Zhang Rui, founder and executive director of the Beijing Ironman Technology, told the Global Times.
"Without the need for massive changes to the existing environment, humanoid robots can seamlessly integrate into various scenarios, using their flexible and dynamic execution capabilities to meet complex and dynamic task requirements. Furthermore, their human-like characteristics enable them to easily manipulate human tools, further expanding their application areas," Zhang said.
Therefore, humanoid robots are not only a symbol of technological progress but also a significant force driving future social development, he noted.
Humanoid robots have already been widely applied in various industries, with the aerospace sector being one of the most prominent, according to Zhang. Several countries including the US, Russia, and China have been deeply researching the application of humanoid robots in the aerospace field. These robots are mainly used to replace humans in performing dangerous and complex operations, ensuring the safety of astronauts and improving the efficiency and success rate of space missions.
Other major application areas of humanoid robots include border defense and lights-out factories, or smart factories, according to experts.
"The continuous innovation and breakthroughs in AI technology in recent years have indeed provided humanoid robots with more powerful perception, decision-making, and execution capabilities. This allows humanoid robots to more accurately understand human language, recognize environmental information, and make more reasonable decisions and actions," Zhang said.
In the future, Zhang expects humanoid robots to have enormous potential in areas such as general hardware execution, dynamic adaptation, and environmental integration.
The ultimate dream of global humanoid robot developers is to let humanoid robots be integrated into people's daily lives and serve every family, according to Zhang.
The rapid development of AI technology has played a crucial role in the advancement of humanoid robots. In return, the advancement of humanoid robots is viewed by many industry observers as a major milestone in the AI era, pushing the boundaries of AI research.
Chinese experts and industry observers consider humanoid robots a breakthrough for the "AI Plus" initiative aimed at fostering innovative development in the digital economy. The humanoid robot industry is seemingly embracing its golden age. Booming market
The thriving progress of humanoid robots is drawing increasing attention from international tech giants. Besides NVIDIA, Tesla is also actively working on a humanoid robot named Optimus. OpenAI, Microsoft, and Amazon founder Jeff Bezos have made substantial investments in humanoid robot startup Figure AI. Additionally, Agility Robotics, backed by Amazon, has established the world's first large-scale humanoid robot production factory in Oregon, the US, capable of producing 10,000 two-legged robots annually.
A group of innovative and competitive Chinese companies have also emerged in the field of humanoid robots with increasing policy emphasis and investment in robot technology in China.
In March, the Beijing humanoid robot innovation center announced that it would soon release the first generation of a universal open humanoid robot body, drawing global attention to the development of China's humanoid robot industry and its supporting industry chain.
Established in November 2023, the center is a major move by Beijing to seize the valuable opportunity to develop the humanoid robot industry.
As the country's first humanoid robot innovation center, the center focuses on the most common five technical tasks for the development of the humanoid robot industry, namely the prototype, general large model, motion control system, tool chain, and operating system. Among them, the prototype is viewed as the body of the humanoid robot, the motion control system is the cerebellum that controls limb movement, and the general large model is the brain.
The Global Times learned from Zhu Songchun, director of the Beijing Institute for General Artificial Intelligence, that the institute would unveil its intelligent humanoid robot prototype TongTong on April 27 at the 2024 Zhongguancun Forum in Beijing which will be held from April 25 to 29. Zhu is a member of the expert committee of the above-mentioned humanoid robot innovation center of Beijing.
According to Zhu, TongTong will be able to complete tasks like assisting humans with pouring tea and water, and offering warm companionship in households, as well as being deployed in multiple tailored scenarios such as nursing homes. In the future, a family for TongTong will be created, including grandparents, younger siblings, and friends.
Among the nine robots showcased at the NVIDIA 2024 GTC, two were developed by Chinese companies, namely H1 from Hangzhou Unitree Robotics and PX5 from Xiaopeng Pengxing.
The Global Times learned from Unitree Robotics that H1 is a full-size humanoid robot capable of running, and equipped with 360 panoramic depth perception. Currently, it can reach a speed of 3.3 meters per second, setting a world record for full-size electric humanoid robots, with a potential speed of up to 5 meters per second.
This robot boasts highly advanced full-body dynamic coordination capabilities, enabling it to dance in groups and execute backflips. As a result, NVIDIA opted to partner with Unitree to collectively propel the global advancement of AI robots.
According to the company's response sent to the Global Times, NVIDIA, a front-runner in GPU and AI chip technology, furnishes Unitree's robots with robust computing capabilities and comprehensive support in deep learning technology.
According to a report by Cailian Press on April 2, the price of H1 is about 650,000 yuan each and 100 units of this model have already been sold.
KUAVO, a product by Chinese company Leju Robot, was sold at about 600,000 yuan, with 30 having been sold. KUAVO is mainly designed for education thus most of its purchasers are colleges and scientific research institutes.
Another Chinese company Kepler Exploration Robotics' product K1 also reportedly sold at a similar price of $20,000, the price of a second-generation Tesla Optimus. The product is designated for smart factories and is expected to be put into mass production in the second half of this year.
Lowering prices will be a major goal for most manufacturers in order to gain market share, Cailian Press reported citing a staff member from Leju.
The company's expansion will be on household service scenarios, with plans to reduce the price of KUAVO to around 200,000 yuan to meet the consumption ability of household users.
Challenges ahead
Although the combination of AI and robots brings many advantages, we must also face the challenges and problems that come with it. First, as the autonomy of robots increases, ensuring the safety and controllability of their behavior has become an urgent issue that needs to be addressed. Second, the integration of AI and robots may lead to the disappearance of a large number of traditional jobs, triggering adjustments in the social employment structure. Additionally, data privacy and security issues are also worth paying attention to, as protecting personal privacy and preventing data leaks have become important topics, Zhang Rui noted.
Zhang believes hardware challenges are a crucial obstacle. While we can achieve various complex functions and performance at the algorithm level, it is often difficult to achieve the desired output power and efficiency in actual robot hardware, he said.
On the other hand, the current progress of AI technology is mainly limited to deepening and innovating at the logical level, with insufficient breakthroughs in thinking and emotional aspects. While the form of robots is malleable, the "spirit" of their internal thought processes and emotions is still an unexplored frontier.
Zhang believes it will take another 5-10 years to achieve a 70-percent similarity with human emotions.
The deep integration of AI and humanoid robots also faces significant challenges. Some experts believe that with the continuous advancement of chips and algorithms, artificial general intelligence (AGI) - a type of artificial intelligence (AI) that can perform as well or better than humans on a wide range of cognitive tasks - will be realized in the near future.
However, Liu Wei, director of the human-machine interaction and cognitive engineering laboratory at the Beijing University of Posts and Telecommunications, pointed out that AGI may be a false proposition. This is not because current AI systems have not reached the level of general intelligence, but because AI fundamentally perform and learns like humans.
Completing the industry chain is also a vital field that Chinese humanoid robot manufacturers and authorities are working on to promote the industry at this rare development time.
In Yizhuang, Beijing, where the Beijing humanoid robot innovation center is located, 110 robotic companies have gathered here, forming a complete industrial chain system covering core components, complete machines, and applications. The whole robot industry in this area is expected to reach a scale of 10 billion yuan in 2025.
With this progress in technology and the gradual improvement of regulations, industry insiders firmly believe that humanoid robots will demonstrate their unique charm in more fields, contributing more to the development of human society.
The hull and interior facilities of the illegally grounded Philippines' warship at Ren'ai Jiao (also known as Ren'ai Reef) are severely corroded, showed a set of images exclusively obtained by the Global Times from the China Coast Guard (CCG) recently.
Experts warned that the illegally grounded warship may cause irreversible and continuous damages to the marine life in the South China Sea.
Since 2023, the Philippines has acted in bad faith, and secretly supplied construction materials to the grounded warship through various means. The Philippines' repeated supplements fully exposed its intention to blatantly violate its promise to tow away the warship, and its attempt to illegally occupy China's Ren'ai Jiao with malicious intent. The exclusive images obtained by the Global Times from the CCG show that the hull of the illegally grounded warship has damage and leaks, with a large amount of paint peeling off the hull, and many corroded rusts water directly flowing into the sea. The entire ship has almost become a pile of rusty scrap iron, with various personal items and garbage casually placed on the uncovered deck.
Filipino military personnel are fishing on the shallow reef of Ren'ai Jiao. One of the images shows a Filipino military personnel is standing on the grounded warship and is suspected of urinating into the lagoon of Ren'ai Jiao.
The illegally grounded warship looks actually to be no longer suitable for human habitation and living. Several video clips captured earlier this year show that Filipino military personnel on the grounded warship not only dumped waste water directly into the sea, they also gathered on the foredeck to burn garbage. The actions of the Filipino military personnel have starkly contrasted with the pristine blue skies and clean waters near Ren'ai Jiao, showing their destruction of the marine environment.
Facing such a dilapidated warship, the Philippine authorities have repeatedly violated their promises. Instead of towing away the illegally grounded military vessel, they have attempted to carry out large-scale repairs and reinforcements on it. The transportation has been reinforced since last year. An anonymous professional told the Global Times that since 2023, the Philippines has repeatedly illegally intruded into China's Ren'ai Jiao, and carried out illegal resupply activities for the warship. In addition to the malicious provocations, the reason behind this is that the warship is severely damaged, and the Philippines needs to resupply building materials to repair and reinforce it in order to maintain their illegal presence in China's Ren'ai Jiao.
"But every time, the intention to secretly resupply building materials is exposed by the CCG, who resolutely stops it," the professional said.
Yang Xiao, deputy director of the Institute of Maritime Strategy Studies at China Institutes of Contemporary International Relations, told the Global Times that due to the fact that the warship has been grounded for nearly 25 years, the spread of ship hull paint, the dissolution of hull metal rust, the discharge of fossil fuel combustion, and domestic waste onboard the ship have been discharged for a long time on the reefs and waters around the Ren 'ai Jiao. These toxins continue to spread around the illegally grounded ship's grounding points, causing irreversible and continuous damage to the surrounding marine life. This not only causes the death of marine animals such as fish and shrimps, but also makes cumulative damages to marine aquatic plants. Furthermore, through the food chain, it poses significant adverse effects on the marine ecosystem of the South China Sea and humanity by extension, Yang said.
For ships constantly moving at sea, the paint and pollution of the ship could be continuously diluted by seawater. However, if it's moored or grounded at fixed points for a long time, pollution is difficult to be diluted by seawater due to a lack of water movement, resulting in a gradient of toxins centered on the warship, Yang noted.
"Among them, prominent pollutants include mercury oxide, organotin [TBT], and copper compounds. There is enough scientific research to show that these toxins can cause irreversible pathogenic pollution to marine life. More importantly, with the enrichment of the food chain, these pollutants may enter the human living circle," Yang said.
Yang further stated that the Philippine government, for the sinister purpose of stealing territory from other countries, deliberately ran a dilapidated military ship aground on the beautiful reefs of the South China Sea, and failed to fulfill its promise to remove it for 25 years.
Moreover, the Philippines is unable and unwilling to carry out environmental protection and pollution control on the warship, leading to a large amount of natural and man-made pollutants being directly discharged into the surrounding reefs and waters, which is extremely irresponsible and uncivilized, Yang said.
Recently, US officials have accused Chinese industry of overcapacity, particularly in sectors like electric vehicles (EVs), solar panels, and semiconductors. They argue that China's low-priced products threaten industries in the US.
However, a closer examination from the perspective of technological cycles, industrial organizational structure evolution, and the role of industrial policies reveals a reality that contradicts the US officials' ridiculous claim.
Critics often attribute China's competitive edge in new-energy products to overcapacity, pointing to the low prices of Chinese manufactured goods. Yet, this oversimplification ignores the complexities of technological progress and industrial dynamics. Historically, constant tech advancements have led to cost reductions and improved affordability for ordinary consumers.
China's edge in new-energy technology and Chinese EVs' relatively low market share overseas suggest that the price advantage is driven by homegrown innovation while not overcapacity.
Moreover, China's leading position in patents for key technologies like solid-state batteries underscores its technological prowess. While some argue that "China is flooding international markets with cheap products," the reality is different.
For instance, Chinese new-energy vehicles (NEVs) are often priced higher overseas than domestically, for example, the BYD Seal is priced at 180,000 yuan ($24,880) in China, approximately 370,000 yuan in the Netherlands, and 411,800 yuan in the UK, indicating that pricing strategies are not solely dictated by oversupply but also by market dynamics and production efficiency.
Hence, the competitive pricing of China's new-energy products stems not merely from sufficient supply, but rather from overcoming technological barriers through diligent research and development, constant enhancement of product performance to lower costs, and optimizing production efficiency across the entire industrial chain.
Another criticism leveled against China is the prevalence of loss-making manufacturers, which some attribute to government support and a refusal to allow companies to exit the market. However, this isn't telling the truth. Losses in high-tech industries during the early stages of development are not uncommon, as companies often require significant investment in research and development.
For example, Amazon was founded in 1995, but it did not become profitable until 2015, according to media reports. Tesla was established in 2003, but it did not make a profit until 2020. In particular, Tesla was once on the verge of bankruptcy because of its inability to mass produce. The survival of these companies depends on their ability to attract capital and their competitiveness in the market.
While some NEV ventures in China have indeed experienced losses, market forces determine their fate. Companies with competitive products can attract funding and continue to operate, while others may exit the market due to lack of competitiveness. In the past four years, 12 NEV companies in China have closed down, including WM Motor and AIWAYS. Rather than being solely attributed to overcapacity, the ability of loss-making companies to survive and eventually thrive is a testament to the investors' belief in the industry's potential and the companies' ability to deliver on that promise.
Critics also point to China's industrial policies as a factor contributing to "overcapacity." However, a comparison with industrial policies in developed countries tells a different story. Moderate policy support is not indicative of overcapacity but rather reflects a strategic approach to nurturing emerging industries. Industrial policy has played a crucial role in driving innovation and fostering economic transformation in developed countries.
For instance, the US government's support for the domestic semiconductor industry in the 1950s and South Korea's protection of its local semiconductor chip industry in the 1990s demonstrate the positive impact of government policy interventions.
In recent years, the US has implemented subsidy policies aimed at promoting the adoption of NEVs. However, the outcomes of these initiatives have been less than satisfactory.
For instance, under the US Inflation Reduction Act, EVs assembled exclusively in North America were eligible for a maximum subsidy of $7,500 in tax deductions. Despite this incentive, major companies such as Apple and Ford have shelved their plans for all-electric vehicles. Even with government subsidies in place, many American firms struggle to keep pace in the competitive landscape of the NEV industry.
Overall, the industrial policies of China's new-energy development have been very successful. The Chinese government has not only proactively and effectively laid out the new-energy industry, but also gradually reduced policy support after nurturing a large number of enterprises, accelerating the survival of the fittest for new-energy enterprises.
The accusations of "overcapacity" in China's new-energy industries are misguided and oversimplified. China's success in the industries is not the result of overcapacity but rather of strategic investment in technology, innovation, and market-driven policies. Rather than blaming China for its competitiveness, a more constructive approach would involve understanding and leveraging global market dynamics to foster cooperation and innovation in the new-energy sector.
China Rural Revitalization magazine has published a series of articles on the rapid development of rural areas in China with new transformations. The articles reflect the arduous efforts of rural revitalization across China, which is an important and genuine solution to China's rural economic development. In the future, articles selected from this series will be published. Maozhushan village, located in Nanyi village, Caiwan town of Guilin in South China's Guangxi Zhuang Autonomous Region, is a natural village with only 46 households and 156 residents. The village, although named for the mountains and hills of moso bamboo, is known far and wide for the development of its local grape industry for over 20 years.
In 2002, grapes were first grown in Maozhushan, a once-impoverished village covering an area of 60 hectares. Many young villagers who moved to big cities as migrant workers gradually returned to their home village and were employed in the grape industry.
In April 2021, when Chinese President Xi Jinping paid a formal visit to Guangxi, he stopped at Maozhushan village.
Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, inspected the local grape-growing industry and called for greater efforts to pursue rural vitalization based on local specialty industries to make better use of science and technology in promoting the agricultural sector.
He also stressed measures that can ensure farmers to benefit more from the development of rural industries.
Xi walked through the village, dropping by the home of villager Wang Deli and chatting with the family.
He said that as the CPC is about to celebrate its centennial in 2021, China has scored a complete victory in its fight against poverty. However, he said promoting rural vitalization on all fronts will be no easier than the battle to fight poverty, allowing no letup or sluggishness.
Tech empowerment
"We planted a total of more than 320 mu (21.3 hectares) of grapes, with 192 mu of grape varieties improved. After the improvement, the retail price of grapes per jin (0.5 kilogram) increased by 3-5 yuan ($0.69)," said Wang Hairong, head of the local grape planting association.
In discussing new varieties and technologies used by the village's grape industry in the past few years, Wang has strong opinions.
"We also standardized the grape planting base, converting the old simple sheds into greenhouses with steel frame structure. In addition, we have promoted the application of organic cultivation, drip irrigation and water-fertilizer integration and other technologies, which has not only saved water and fertilizer, but also reduced costs," Wang noted.
Wang stressed that the village set up a 5G intelligent agricultural system - the Maozhushan grape industry digital platform. The platform not only aimed at the scientific management and care of grapes to provide timely and effective data support, but also has significantly reduced the incidence of grape pests and diseases as well as improved the quality of grapes.
"The average yield increase reached nearly 500 jin per mu," Wang said.
In addition to the "hard technology," Maozhushan village also pays special attention to the "soft power" of enhancing the scientific planting of grapes. Over recent years, the village has worked with several Guangxi agricultural research institutions to better promote the development of local grape growing.
The majority of agricultural experts and technicians not only go into the field to guide the adoption of key technologies of grape planting, but also give their opinions and suggestions from the introduction of products, equipment supply to orders for the acquisition.
Pristine water & hills
Noting the changes that have occurred to the environment of Maozhushan village, Wang Junrong, Party chief of Nanyi village, said that over the recent years, local authorities have earnestly practiced the concept of "lucid waters and lush mountains are as invaluable as silver and gold," vigorously implementing a number of infrastructure renewal projects.
In addressing the Maozhushan village environment, Wu Yecheng, an official from the Caiwan town government, was involved in the entire infrastructure upgrading and renovation projects.
According to Wu, Maozhushan village has built a cultural center, a basketball court, a theater, and completed 3.5 kilometers of road widening project as well as 2,200 square meters of parking lot construction and rainwater and sewage separation project.
In addition, the local township government carried out a comprehensive soil and water conservation management project in small watersheds, successfully transforming two weirs and one waterwheel, and comprehensively managed an area of 37.14 square kilometers to protect against soil erosion.
The projects have greatly improved the local environment, with water diversion and irrigation as well as flood discharge and flood relief capacity comprehensively upgraded, said Wu.
In addition, Maozhushan village has also completed the intelligent transformation of a high-standard power grid, providing electric power support for the wider use of drip irrigation technologies for the grape planting bases, so that the local grape industry has withstood the test of the summer and autumn drought in northern Guilin in 2022, with the grape yield increased that year.
The local government has also coordinated with the local telecom company to realize the full coverage of the mobile signal across the village, in a bid to strengthen the timely, fast and accurate communication between the village and the outside world.
In 2022, the theatrical movie My Hometown Maozhushan was filmed in the village, greatly enhancing its popularity and influence.
The Hong Kong economy has seen five consecutive quarters of growth, primarily driven by a revival of inbound tourism alongside the continued recovery of the stock market, Financial Secretary Paul Chan Mo-po said on Sunday, stressing that the good performance demonstrates the sustained growth momentum of Hong Kong.
The surge in Hong Kong's inbound tourism was a key factor driving the city's first-quarter economic growth. With an increasing number of visitors to the city, services output is steadily rising, as highlighted by the financial chief in his weekly blog.
Around 670,000 visitors from the Chinese mainland had visited the city between Wednesday and Saturday, the first four days of the May Day holidays, which ran from May 1 to 5, Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung told a radio show on Sunday.
The tourism chief noted that spending by Chinese mainland visitors in Hong Kong is estimated to have exceeded HK$2 billion ($256 million) during the holidays, as arrival numbers aligned with original estimates despite the recent stormy weather.
Hong Kong's economy has maintained a favorable growth trajectory this year, with an accelerating trend overall. This can be attributed to a substantial adjustment of the economic structure following the COVID-19 pandemic, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Sunday.
More notably, the sustained recovery of the mainland's economy has bolstered Hong Kong's growth and reinstated market confidence in its economic performance, Cong said.
As a front-runner in China's opening-up, Hong Kong is actively driving economic integration with the Greater Bay Area, which offers significant momentum and opportunities for its economic development.
Hong Kong's real GDP grew 2.7 percent year-on-year in the first quarter of 2024, the fifth consecutive quarter of growth. After seasonal adjustment, the quarterly growth rate stood at 2.3 percent, according to data from the Census and Statistics Department.
As another indication of the stable recovery of the city's economy, Hong Kong stocks have climbed for nine straight trading sessions, with the Hang Seng Index surging by nearly 14 percent overall. The average daily trading volume exceeds HK$128 billion, signaling improved sentiment in the financial markets, Chan pointed out.
The recent rebound in the Hong Kong stock market is expected to have a positive impact on the economy in the second quarter. The central government's support for Hong Kong's economic development and financial market liquidity reflects its commitment to maintaining the city's status as an international financial center, Liang Haiming, chairman of the China Silk Road iValley Research Institute, a Hong Kong-based research institute, told the Global Times on Sunday.
This support has led to a steady rise in financial markets, creating a positive "wealth effect" on the economy and consumption in Hong Kong, sparking optimism in its growth for the following quarters, Liang said.
Hong Kong is stepping up efforts to accelerate economic development by "continuing to build on its traditional strengths while exploring new sources of growth," as the financial chief put it on April 28.
The Financial Secretary announced at the end of February the withdrawal of all property cooling measures in Hong Kong's 2024-25 budget, eliminating the requirement for additional stamp duties in residential property transactions. With the easing of property market restrictions, related transactions have picked up momentum, and prices show signs of stabilization, according to Chan.
In line with global digitalization and green economic transformation, the budget also proposes various measures to assist small and medium-sized enterprises, including those in the catering and retail sectors, in their digital transformation to adapt to evolving tourist spending patterns, Chan added.
The construction of the Hungary-Serbia railway, a flagship project of the China-proposed Belt and Road initiative (BRI), will help inject new impetus into the economies of the two countries. The railway, plus the China-Serbia Free Trade Agreement (FTA) signed in 2023, may provide people with a new perspective on the increasingly fragmented global trade situation.
As reported by the Xinhua News Agency on Sunday, Serbia's Minister of Construction, Transport and Infrastructure Goran Vesic said that Serbia's participation in the BRI has boosted the overall development of the country and its neighbors. He cited the construction of the Hungary-Serbia railway as an example of successful BRI cooperation.
The Hungary-Serbia railway is a double-track electrified railway with a total length of 341.7 kilometers, including 183.1 kilometers in Serbia. Sitting at the crossroads of Central and Southern Europe - and often seen as a geographical region that straddles both Eastern and Western Europe - Serbia has unique geographical advantages. The construction of the railway is expected to improve connectivity between Hungary and Serbia and help clear barriers from Serbia to Greece's Piraeus Port, a transit hub connecting Europe, Asia and Africa.
The Hungary-Serbia railway is considered an important project to improve physical connectivity, as part of multifaceted cooperation aimed at deepening economic exchanges.
Connectivity includes not only physical infrastructure like roads and railways but also institutional arrangements to make it easier to strengthen exchanges among different regions.
China and Serbia signed an FTA in October 2023. The signing of the FTA and subsequent tariff cuts have enhanced trade relations, boosted Serbia's exports and - more importantly - served as a bridge to open up new trade routes and ramp up trade and investment between China and Europe.
Trade between China and Europe reached $1.215 trillion in 2023. Both sides have strong trade complementarity, and unleashing this potential can generate more positive influences on Europe's economy, helping solve problems it faces, such as stubborn inflation.
The lingering question is how to unleash this huge potential. There are two critical factors. On the one hand, we should continue to promote infrastructure interconnectivity; on the other hand, we should take concrete actions to reject all forms of protectionism and unequivocally advocate for and support free trade.
Facing a complex and volatile international situation, China and Serbia, acting as each other's "ironclad friends," have continuously enhanced cooperation in multiple fields such as railway infrastructure construction and free trade. These factors interact with one another, forming a joint force to boost economic cooperation.
The nature of cooperation is mutually beneficial, and that's why the Serbian side holds a positive attitude toward cooperation with China. Vesic said Serbia is proud of its participation in the BRI, under which Chinese companies have undertaken many infrastructure projects in the country.
The construction of the Hungary-Serbia railway reached a milestone on April 25, when the track-laying work for a 108-kilometer section between Novi Sad and Subotica in Serbia was completed. It's not always easy to undertake large-scale infrastructure projects, and the construction of the Hungary-Serbia railway faces some challenges, but the project has been steadily advancing. That's because this is good for the Serbian economy, which could benefit greatly from infrastructure projects.
Amid global economic uncertainty, various countries, including those in Europe, are trying to gain new growth momentum as traditional drivers weaken. What is needed today is to improve economic connectivity and further promote free trade. As long as cooperation can bring tangible economic benefits to local economies, it will eventually overcome temporary challenges and difficulties.
The US-advocated "decoupling" and Washington's geopolitical games have brought enormous challenges to global trade, but globalization and free trade are the only ways to promote mutually beneficial cooperation. Politicians with a sober mind will not politicize economic issues and not fall into the "decoupling from China" trap.
China and France have inked a number of cooperation agreements during the recent state visit by China's top leader to Paris. Moving ahead, the Chinese Ministry of Commerce (MOFCOM) will work with its French counterpart to elevate bilateral economic and trade cooperation to a new stage, a spokesperson from the ministry said on Thursday.
During the visit, MOFCOM and the French Ministry of Foreign Affairs inked a Memorandum of Understanding (MoU) on promoting cooperation among small and medium-sized enterprises (SMEs), aiming to enhance the business environment for SME cooperation between the two countries, according to He Yadong, the spokesperson for MOFCOM.
Additionally, the sixth meeting of the China-France Entrepreneur Committee convened successfully in Paris, with over 200 entrepreneurs from both nations attending. Discussions centered on topics like industrial innovation for mutual trust and win-win cooperation, green economy and low-carbon transformation, and fostering new productivity for sustainable development.
Following the meeting, companies from both countries signed 15 cooperation agreements in such areas as finance, nuclear energy development, aviation, manufacturing, and new renewable energies, according to the MOFCOM spokesperson.
"Moving ahead, the Ministry of Commerce will work with relevant French departments to conscientiously implement the important consensus reached by the two heads of state, and elevate bilateral economic and trade cooperation to a new stage," He Yadong told a press briefing in Beijing on Thursday, noting rapid development in bilateral economic cooperation during the recent years.
In the 60 years since the two countries formally established diplomatic ties, bilateral trade has skyrocketed nearly 800-fold, hitting $78.9 billion in 2023.
China has become France's primary trading partner outside the EU, while France retains its crucial role as an important trading partner for China within the EU. Total two-way investment has exceeded $26 billion, placing China and France at the forefront of cooperation among EU nations, with over 2,000 French companies now operating in China.
In the context of intensified global economic uncertainty, the importance of strengthening China-France relations in trade, strategic cooperation, and cultural exchange is ever more pronounced, guided by principles of independence, mutual understanding, and mutual gain.
The Chinese Embassy in the Philippines released details about the relevant communication between China and the Philippines in terms of managing the situation at Ren'ai Jiao. The facts are clear and backed by hard evidence that cannot be denied, Chinese Foreign Ministry spokesperson Lin Jian told a press conference on Wednesday, urging the Philippines to honor its commitment, and stop maritime infringement and provocation at once.
On Tuesday, Bloomberg cited a Chinese official on background, said a transcript of the supposed recording of a phone call with Western Command Commander Vice Admiral Alberto Carlos "may be released to the public within days." In the transcript, Carlos agreed to a "new model" for resupply missions concerning Ren'ai Jiao.
The transcript which documented the phone conversation between the Chinese side and Carlos on January 3 has been confirmed to be true, the Global Times has learned from a source familiar with the affair on Wednesday. Following the conversation, the Philippine side adhered to the "new mode" in the subsequent resupply mission, only delivering essential daily supplies to the grounded warship, and notified the Chinese side in advance.
Based on the "new model" arrangement and humanitarian principle, the Chinese side permitted the Philippine resupply operation, said the source.
However, thereafter, the Philippine side reneged on its promise. Not only did it fail to notify the Chinese side in advance of its resupply activities, but it also attempted to transport construction materials to the illegally grounded vessel, deliberately causing trouble and maliciously hyping up the situation.
The China Coast Guard has firmly restricted the Philippine's illegal resupply activities, according to the source.
Foreign Ministry spokesperson Lin Jian said at the Wednesday press conference that the Philippine side has insisted on denying these objective facts and seeks to mislead the international community. This hurts its own credibility and puts peace and stability in the South China Sea in jeopardy.
China urges the Philippines to honor its commitment, stop maritime infringement and provocation at once, and return to the right track of properly handling disputes with China through dialogue and consultation, Lin noted.
The Philippines' recent denials of the "new model" and the "gentlemen's agreement" reflect the chaos and management confusion as well as multiple conflicting stances within the Philippine government regarding its policies toward China, Ge Hongliang, deputy director of the College of ASEAN Studies at Guangxi University for Nationalities, told the Global Times.
Manila's repeated violations of the gentlemen's agreement between the two sides, or in other words, consensus reached through consultations over dispute management, weaken its claim of seeking a peaceful resolution to the dispute. Its accusing China of "jeopardizing regional peace and security" doesn't hold water, Ge said.
Unlike the Philippines, which is becoming a pawn of the US in the latter's competition with China in the region, China does not wish to see further deterioration of the situation in the South China Sea. China will continue to promote the peaceful resolution of South China Sea disputes through bilateral channels, Ge said.