The Chicago Mercantile Exchange (CME) Group said that it will launch options on its existing US dollar/yuan futures on April 3, which experts said reflects the growing global influence of Chinese yuan.
Editor's Note: This year marks the 10th anniversary of the China-proposed Belt and Road Initiative (BRI), a global cooperation platform that demonstrates China's vision and provides solutions to the reform of the global governance system and multifaceted challenges. Against this backdrop, the Global Times is publishing a series of interviews with renowned scholars, think tanks, and financial institutions, sharing their insights and understanding of how the BRI has earned global recognition and reshaped global development. This is the third installment in the series.
A deputy to the 14th National People's Congress (NPC) proposed the government draft guidelines on building domestic industrial chains that serve foreign trade and investment, deepening the combination of Chinese industrial advantages together with the global market players to better cope with risks and headwinds, Chinese media thepaper.cn reported on Thursday.
China has applied self-developed intelligent recognition technology for identifying pests in six provinces, providing accurate information for farmers to take up follow-up actions, one expert told the Global Times.
Australia has joined other countries and scrapped the requirement for travelers coming from the Chinese mainland, Hong Kong and Macao to test for coronavirus before departure starting from Saturday local time, according to a statement published on the country's health and aged care department.
China's CPI increased 1% y-o-y in Feb, despite being down 0.5% compared with Jan: National Bureau of Statistics
Chinese industry representatives are concerned about the impact of EU's Foreign Subsidies Regulation (FSR), in what could be a new round of protectionism by the EU that will affect foreign companies doing business in Europe, experts said.
China has moved to overhaul its financial regulatory regime with a slew of institutional reforms launched on Tuesday, in what experts said was a sweeping push to improve supervision efficiency and prevent financial risks and loopholes against the backdrop of global financial fluctuations and China's rapidly evolving financial sector.
Deputies and members at the ongoing two sessions hailed China's move to form a national data bureau, and said that the move is “a response to the requirements of the digital China strategy” and will improve China's data security.
A Chinese agricultural tycoon has stressed the urgency of making further advances in livestock breeding by tapping digital technologies and biotechnologies and scaling up the agricultural value chain.
As one of the strategic energy categories of China's green transformation, hydrogen is playing a bigger role. Yet the management mechanism of the energy source and relevant infrastructure still need to catch up quickly to boost the nascent sector, industry observers said.
Mutually beneficial cooperation and progress of BRI infrastructure projects like Jakarta-Bandung High-Speed Rail will not be thrown off course by vicious attacks based on ulterior motives held in the West.
From jewelry to bouquets, both online platforms and offline shops are witnessing a significant increase in market demand from Chinese consumers in celebration of International Women's Day on Wednesday, which is representative of a surge in domestic consumption amid the nation's strengthened support.
In response to media reports that US Commerce Secretary Gina Raimondo is considering a trip to China this year, China's Ministry of Commerce (MOFCOM) said on Wednesday it has not received any proposals yet, but is open to the visit, adding that it is important for both sides to maintain communication.
The Chinese market will be a safe harbor for global capital as the country pursues a relatively independent macro policy and is in full swing to promote economic growth after emerging from COVID-19, while the US Fed regains hawkishness and signals higher-than-expected interest rate hikes, Chinese economists said.
Editor's Note: In the face of great external uncertainty caused by continued geopolitical conflicts and political interference in normal economic and trade cooperation, China has set its economic growth target at 5 percent this year. The modest target mirrors China's confidence in achieving steady economic growth while promoting transformation for quality growth. As the US' misguided policy stokes the possibility of more severe impacts on the global economy, will China realize a strong economic recovery this year? How should China continue to play the important role of a stabilizing force and contributor to the global economy? In an interview with the Global Times reporter Wang Yi (GT), Jeffrey Sachs (Sachs), renowned American economist, and professor at Columbia University, shared his views on these topics.
Since the start of 2023, foreign institutions have collectively raised their expectations for China's economic growth this year.
Zhang Huichen, a cherry farmer in her 30s in Zhanggezhuang Township, East China's Shandong Province, is adjusting the temperature and humidity of a cherry greenhouse through her smartphone on Monday. With a press in the button, the aster cloth slowly scrolls down, shielding her cherry plants from the scorching midday sun.
Official authorized e-sports merchandise for the 19th Asian Games, to be held in Hangzhou, East China's Zhejiang Province, in September 2023, has exploded in popularity among Chinese consumers, especially among e-sports lovers.
China National Offshore Oil Cooperation (CNOOC) announced on Wednesday that the last two component modules among a total of 35 contracted modules for Canada LNG (liquified natural gas) project were delivered in Qingdao, East China's Shandong Province.
China on Tuesday unveiled a sweeping reform plan for a slew of state institutions, with a focus on restructuring the Ministry of Science and Technology (MST) and establishing a national financial regulatory administration, underscoring the country's intensifying efforts to bolster its scientific-technology capabilities and economic and financial security amid growing external uncertainties.
President Xi Jinping's unswerving support and encouraging words for the country's private businesses have reverberated through the vast private sector, with many firms and entrepreneurs on Tuesday vowing to strive for sound development in line with the country's goal for high-quality development and take on a greater social responsibility of promoting common prosperity.
The State Administration for Market Regulation (SAMR), China's top market regulator, is currently promoting revision of the Anti-Unfair Competition Law, following the amendment of the Anti-Monopoly Law last year, aiming to create a fair and impartial market environment, Luo Wen, head of the SAMR, said during a media event on the sidelines of the two sessions in Beijing on Tuesday.
With the Holi festival approaching, some Indian media outlets have once again hyped up the issue of China-India competition, and now the focus has shifted toward "water guns." Originally published by TNN, an article was forwarded by the Times of India with the headline "Made in India finally trumps China in the war of colors in Delhi markets."
China's Minister of Housing and Urban-Rural Development Ni Hong said on Tuesday that he has full confidence in the recovery of the nation's housing market, given a fast rise in transactions.
China on Tuesday said it will form a national data bureau, a move that experts said is a timely way to accelerate the nation's modernization in the new digital era. It's expected to facilitate regulations on cross-border data transfers in an efficient manner.
China's foreign exchange reserves slightly decreased in February on a monthly basis to $3.1332 trillion, which analysts said the figure remained within a safe range and that China's current foreign exchange reserves are large enough to cover international payments.
China and Australia trade amounted to 259.7 billion yuan ($37.47 billion) in January and February, with both imports and exports achieving double-digit growth year-on-year, data from China's General Administration of Customs shows on Tuesday, amid the improved bilateral relations and the gradual unleashing of economic and trade potential.
Trade between China and Russia in the first two months of this year surged by 36.4 percent to hit 232.5 billion yuan ($33.59 billion), Chinese customs data showed on Tuesday, demonstrating the continuous strong growth momentum of bilateral economic cooperation.
Delegates from Guangdong, Hong Kong and Macao said they were inspired by the remarks made by Premier Li Keqiang regarding the development of Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in his Government Work Report delivered to the NPC, vowing to make the region even more integrated.
If Germany, as reported by media, moves to prohibit its telecom operators from using the components made by China's Huawei and ZTE in the 5G mobile networks, it could face massive economic costs, a Chinese industry expert said on Tuesday.
China has broken up foreign monopolies of high- performance semiconductor temperature controllers, according to Sun Dongming, a research fellow with the Chinese Academy of Sciences who is also a deputy to the 14th National People's Congress (NPC).
China's foreign trade goes off to a steady start in the first two months of 2023, with better-than-expected exports and improved trade quality, easing market concerns over the export outlook of the world's second-largest economy this year.
Two-way trade between China and the US reached 703 billion yuan ($101.2 billion) in the first two months this year, down 10.6 percent year-on-year, official data showed on Tuesday.
Technology decoupling will result in a lose-lose and all-lose situation, Chinese Foreign Minister Qin Gang said at a press conference on the sidelines of the ongoing Two Sessions on Tuesday.
"Which currency should China and Russia use in bilateral trade? Whichever currency that is safe, efficient and credible," Chinese Foreign Minister Qin Gang said at a press conference on the sidelines of the ongoing Two Sessions on Tuesday when asked by a Russian news agency on the state of currency settlement for trade between China and Russia.
The reform of the registration-based initial public offering (IPO) system will go hand in hand with stricter market monitoring and supervision, and the "entrance to the stock market" will be closely scrutinized, NPC deputies and CPPCC members said at the ongoing two sessions in Beijing.
China's Ministry of Natural Resources (MNR) announced on Monday plans to phase in a standard map system serving the application of self-driving vehicles by 2025, a move to develop China's fast-developing smart vehicles and related industries in real scenarios.
The Belt and Road Initiative (BRI) is pragmatic and open, and China should be the last one to be blamed for debt problems in BRI countries, Chinese Foreign Minister Qin Gang stressed on Tuesday at a press conference of the first session of the 14th National People's Congress.
China's top forex regulator, the State Administration of Foreign Exchange (SAFE), said that it has noticed claims made by US billionaire investor Mark Mobius that he cannot get his money out of the country. But SAFE said there has been no change in China's policy for cross-border remittance of funds, online news portal cls.cn reported on Monday.
Freight ships sail on the Yangtze River's Rugao section in East China's Jiangsu Province on March 6, 2023. The Yangtze River has seen a recovery of water transportation as spring comes, with ships carrying production materials for factories and agricultural materials for spring plowing shuttling back and forth. Photo: IC
Semiconductors, among many cutting-edge technologies, have been a hot topic during China's ongoing two sessions, where industry representatives and national political advisors have called for doubling down on key tech breakthroughs so as to improve the nation's self-sufficiency and tackle outside blockades.
Chinese officials said on Monday the country's goal to achieve a GDP growth target of around 5 percent in 2023 conforms to the long-term trend of economic development and the focus on tackling risks and improving quality and efficiency, underscoring China's focus on high-quality development.
Some US officials' claims that China-made cranes operating at US ports possibly play a role as "spying tools", as reported by some foreign media, are totally "groundless", Chinese officials and experts said on Monday.
It seems that India-Australia relations are now in a sweet spot, which hopefully will become a facilitator rather than a barrier to inter-Asia trade, and can help Australia further integrate itself into Asian industrial chains.
Foreign companies in China said that remarks that China will accelerate efforts to attract foreign investment, made in the Government Work Report at the ongoing two sessions, have strengthened their confidence in China.
Shares of companies involved in 6G, solar energy, shipyards, and instruments and gauges rose on Monday on Chinese stock markets, in response to the Government Work Report which put an emphasis on pooling resources to achieve breakthroughs in core technologies in manufacturing amid national efforts toward high-quality development.
China's fiscal policy in 2023 will focus on expanding consumption, promoting technological advancement and enhancing food security, efforts to boost the country's economic recovery, read the report on the central and local government draft budgets for 2023 submitted to the ongoing session of National People's Congress (NPC).
Chinese Premier Li Keqiang delivered a Government Work Report on Sunday on behalf of the State Council at the opening meeting of the first session of the 14th National People's Congress, part of the two sessions. The report reviewed major achievements in economic and social development that China has made in the past five years, which have been truly momentous and remarkable. This work report demonstrates China's willpower, resilience and confidence and sets targets for the year of 2023, which is the first year for the full implementation of the 20th CPC National Congress goals, a crucial year for the implementation of the 14th Five-Year Plan (2021-25), and a key year for the laying of the foundation to build a modern socialist country in all respects.
China's digital currency has further expanded its application scenarios, with the digital yuan app being linked to the broadly-used WeChat Pay.
Soaring orders for jeans rather than high-end business clothes from Western countries mirror woes in their economies. As lingering geopolitical conflicts continue to cast a pall on their economies, the myth of Western modernization has been shattered.
China's 6G-related shares edged up on Monday after a senior official pledged to accelerate research and development (R&D) of the next-generation mobile internet technology.
The US restriction and suppression cannot stop China's development and only serves to strengthen its determination and ability to be more self-reliant and technologically innovative, a spokesperson with China's Ministry of Foreign Affairs said on Monday, in responding to the US increasing attempts to "decouple" with China over technology and supply chains.
There remains serious challenge in the global supply chain for China's textile industry, which is facing a nefarious crackdown from the US government and its allies, and at the same time growing market competition from Southeast Asian economies. Now it is high time for China to better ensure supply chain security, according to Shi Weidong, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).
China's food and energy security, important components of the country's national security, are sufficiently ensured despite growing global uncertainties and hidden factors, senior government officials said on Monday.
An official from the National Development and Reform Commission (NDRC), China's top economic planner, said that the larger economic gap between China and the US was largely due to higher US inflation, which swells its nominal GDP volume.
The Biden administration is reportedly weighing plans to restrict US investment in China's high-tech sector, which may be one of the least effective ways to contain the sector's growth. Chinese developers face no shortage of capital and the nation remains a hot place for global investors, Chinese experts said on Sunday.
China has set its annual GDP growth target at around 5 percent for 2023, as the country embarked on a rapid economic recovery after a decisive victory against COVID-19, while putting emphasis on ensuring economic stability and high-quality growth, sustainable development amid global economic volatility and geopolitical uncertainty.
Graduates check out recruitment information at an agricultural job fair at Nanjing Agricultural University in Nanjing, East China's Jiangsu Province, on March 5, 2023. More than 230 agriculture-related companies from all over the country offered more than 10,000 jobs at the fair.
Farmers across China are ramping up for spring plowing with the preparation for fertilizers and other materials in place, while trying to expand planting area in order to shore up the country's food security.
China has set a goal to create about 12 million new urban jobs this year, up from last year's target of 11 million, and keep the urban surveyed unemployment rate at about 5.5 percent, with a focus on youth employment, according to the Government Work Report delivered at the first session of the 14th National People's Congress on Sunday.
Japan's “Lost Decade” of recession in 1990s is the result of its asset bubbles meltdown, exacerbated by the Plaza Accord. To draw an analogy between China and Japan is seriously flawed.
Chinese Minister of Science and Technology Wang Zhigang said on Sunday that China has done a lot of planning and research in areas related to artificial intelligence (AI) chatbots, but there may still be a lot of work to be done to achieve similar effect of OpenAI, the developer of the ChatGPT.
Amid Chinese travelers' rising desire for outbound tours, travel agencies have ramped up efforts to provide more targeted products to cope with a continuous boom in market demand, as multiple countries and regions have recently relaxed entry restrictions for Chinese tourists.
China's strength and self-reliance in science and technology and modernization of the industrial system are among the country's priorities in 2023, as showed in the Government Work Report published on Sunday. Policies will focus on core technology breakthroughs and the upgrading of industrial chains.
China's new-energy vehicle (NEV) sector, securing the world's top ranking in terms of output and sales for eighth consecutive year in 2022, has been put under the media spotlight in the world, which will continue to be a strong driving force in China's quest for green development.
Turnover tax rate for civil transportation could be cut, and the tariffs on imported aircraft and aviation materials be removed as the industry is still facing huge losses, said Wang Junjin, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body.
Chinese genetics giant BGI Group told the Global Times on Sunday that it “disagrees with” a latest US move to slap export restrictions on some of its units and will keep active communications with relevant parties to ensure a fair and just treatment.
China's leadership has vowed to unswervingly consolidate and develop the public sector and unswervingly encouraging, supporting, and guiding the development of the non-public sector in China.
China projects its 2023 grain output at 650 million tons, basically the same level with 2022, which will be the ninth year that grain output benchmark will be met since 2015.
China is developing medium-high orbit quantum satellite, Pan Jianwei, an academician of Chinese Academy of Sciences said on Saturday.
China's deficit-to-GDP ratio is set at 3 percent for 2023, according to the Government Work Report submitted by the State Council on Sunday to the national legislature for deliberation, as China puts emphasis on expanding domestic demand as one of its key agenda for propel economic growth this year.
China is set to accelerate efforts to attract and utilize more foreign investment, Chinese Premier Li Keqiang said in his Government Work Report delivered on Sunday, on behalf of the State Council to the opening meeting of the first session of the 14th National People's Congress, the top legislature.
China aims to expand its economy by around 5 percent in 2023, according to a government work report submitted Sunday to the national legislature for deliberation.
The China-Belarus Industrial Park is a landmark cooperation project under the framework of the Belt and Road Initiative (BRI). The park has suffered impacts including the COVID-19 pandemic, but it has withstood the challenges, and attracted more investment, mirroring a strong bilateral trade between the two countries, the Global Times has learned.
China has never attached any political conditions, nor has it sought any political self-interest, the country is willing to continue to promote the high-quality joint construction of the Belt and Road Initiative (BRI) for further development, Wang Chao, a spokesperson for the first session of the 14th National People's Congress (NPC), China's national legislature, said on Saturday.
The private sector will embrace new opportunities, and the stage for private enterprises will get bigger as the country's economy is expected to pick up in 2023, a spokesperson for the first session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) said Friday.
While the US government continues to push its crackdown measures on China's chip industry and offered "bait" to companies that are willing to estrange themselves from the mainland market, industry giants can't be persuaded to walk away from the world's second largest economy, as some industrial leaders expressed a wish to continue cooperating with China either by making public speeches or taking practical action.
The foreign ministers of QUAD countries met on Friday and reaffirmed the grouping's commitment for a “free and open Indo-Pacific,” releasing an 18-point joint statement that analysts viewed as lousy clichés with a confrontational mentality, as it singled out Russia and North Korea on regional security issues and played up the “China threat” in a subtle and veiled way.
With the improvement of the epidemic situation and the adjustment of the epidemic prevention and control policies, transactions have increased in China's real estate market recently. China will continue to promote the sector's smooth transition to a new development pattern, the People's Bank of China (PBC) said on Friday.
Chinese officials are backing the passage of a financial stability law that will provide supervision mechanisms for all kinds of financial activities so as to protect the interests of retail and smaller investors, and those who are insured, Yi Gang, governor of the People's Bank of China (PBC), said at a press conference on Friday.
Chinese officials are backing the passage of a financial stability law which will provide supervision mechanisms for all kinds of financial activities so as to protect the interests of the retail and smaller investors, and those who are insured, Yi Gang, governor of the People's Bank of China (PBC), said at a press conference on Friday.
As China is shrugging off the impact brought by the epidemic after the country has changed its COVID response in light of the evolving situation, China's official GDP growth target, which is closely watched as a window to show the world China's economy confidence has been in the spotlight at the two sessions.
China's services activity continues to maintain a rapid rebound in February, with the index for services activity hitting a new high since September 2022, as the country's economic recovery accelerates, boosting the domestic consumption, according to a private survey on Friday.
Global mining firm BHP has signed contracts with Shandong ports, which account for roughly one fourth of China's annual iron ore throughput, on settling the spot trade of iron ore yuan this year, the Global Times learned. As such, all the global four major iron ore producers are now cooperating with the Chinese ports to settle spot trade in yuan.
The land port Burang in Southwest China's Xizang (Tibet) Autonomous Region has restored the imports of goods from Nepal since March 1, meaning the two-way trade between China and Nepal has been fully resumed, said Xizang border management authority.
Chinese Vice Premier Liu He has investigated integrated circuit (IC) companies and chaired a symposium with them on Thursday, emphasizing the importance of mobilizing nationwide resources in the industry's development, and vowing to provide "real national treatment" to foreign experts amid the nation's strengthened commitment for core technology breakthrough.
The number of Chinese netizens reached 1.06 billion as of December of 2022, an increase of 35.49 million from the same period of 2021, with the internet availability rate reaching 75.6 percent, according to the 51st China Statistical Report on Internet Development released on Thursday by the China Internet Network Information Center (CNNIC).
The mutually beneficial economic and trade cooperation between China and the EU will inject more confidence and hope for global prosperity and stability, Chinese Foreign Ministry spokesperson Mao Ning said on Thursday.
Shenzhen in South China's Guangdong Province on Thursday released trial data exchange management regulations at the city level, in what experts called a pioneering move to standardize the data exchange mechanism, create a sound market environment and fuel China's digital development.
China and the US need to create a stable and predictable economic and trade environment, to enhance the confidence of enterprises in both countries, Commerce Minister Wang Shouwen told a press conference in Beijing on Thursday.
Some US importers are demanding refunds for Trump-era tariffs imposed on Chinese goods, the South China Morning Post reported on Tuesday. The businesses have argued that the US government illegally ignored public opinion before imposing additional tariffs on Chinese goods and failed to assess the damage it would do to the US economy. This shows American businesses are increasingly tired of continuing to pay for failed economic and trade policies of their government.
Bank of China said it will continue to expand the coverage of cross-border yuan settlement services, and that it aims to provide no less than 30 trillion yuan ($4.34 trillion) of settlement for domestic and foreign market entities throughout 2023.
The US House Foreign Affairs Committee voted on Wednesday to advance a bill that would grant President Joe Biden the authority to ban Chinese-owned short-video platform TikTok. Some people said it would be the most far-reaching set of US restriction on any social media app.
The US Trade Representative's (USTR) office on Wednesday said it will continue to extend targeted tariff exclusions for Chinese imports and conduct review process on the tariffs, another sign that the illegal US tariffs on China have failed and are consuming its own economy, experts said.
A deal for Myanmar's first wind power project with the participation of a Chinese energy infrastructure company was signed on Wednesday, a major step in bilateral new-energy cooperation, the Chinese Embassy in Myanmar said in a statement released on Thursday.
China's private economy, which contributes the lion's share of its GDP and tax revenue, has shown great resilience as China emerges from the COVID impact, and heavyweights are showing confidence in the nation's future development.
More 2,500 cars made in China are loaded through foldable frames onto a freighter in Taicang port, East China's Jiangsu Province, on March 2, 2023. The automobiles will be shipped to Greece, Spain, Italy and other European countries.
South China's Guangdong Province will ramp up financial support for high-quality economic development, vowing to build an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) with a focus on financial opening and innovation in Hengqin, Qianhai and Nansha, according to an action plan released by the Guangdong provincial government on Thursday.
This year marks the 10th anniversary of the China-proposed Belt and Road Initiative (BRI), a global cooperation platform that demonstrates China's vision and provides solutions for the reformation of the global governance system and other multifaceted challenges. Reflecting on the development of the BRI over the last decade, there has been no shortage of evidence demonstrating its success, a momentum that relentless Western crackdowns and smears were unable to curtail.