China's stock markets staged a miraculous turnaround on Thursday, with the Shanghai Composite Stock Index regaining the psychologically important 2,800 points and closing at 2,845.78.
Analysts said the market is expected to stabilize and return to normal operations along with the country's sustained economic recovery, calling for stepped-up policy support to bolster the economy and beef up investors' confidence.
In the morning session on Thursday, the Shanghai Composite Index broke the 2,800 points and set a record low since May 2020. However, the Shanghai Composite Index closed up by 0.43 percent to end at 2,845.78 and the Shenzhen Component Index rose by 1.0 percent to 8,847.
"The recent fall in both A-share and Hong Kong stock markets reflects the pessimistic sentiment of investors. Once market expectations improve, domestic capital markets will gradually rebound," Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co, told the Global Times on Thursday.
In 2024, China's stock market may display a path from decline-to-rise in 2024, Yang said.
Intensified macro-policies are needed to drive up investment, consumption and the property sector to enhance investors' confidence, he said, noting that institutional investors are expected to enter the A-share market to explore opportunities at the moment.
"Along with the continuous upswing in the country's economic recovery, bearish news will gradually disappear. As a result, the stock market is expected to stabilize and return to normal operations," Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at the Renmin University of China, told the Global Times on Thursday.
Dong said that financial regulators need to strengthen communications with investors to avoid investors' misinterpretation of regulations. In addition, authorities should strictly crack down on illegal behaviors in the field in accordance with laws.
Following the Central Financial Work Conference in October, a key meeting held on Tuesday reiterated building China into a country with great financial strength. Financial oversight needs to have "teeth and thorns" and be sharp-pointed, the meeting stressed, pointing out that law enforcement should be strict in market access, prudential oversight and behavioral regulation.
China's GDP expanded 5.2 percent year-on-year in 2023, higher than the target of about 5 percent set at the beginning of the year, official data showed.
In my opinion, China should set an economic growth target of 5 percent or above for 2024, as the global economy is projected to slow this year.
The reason is that the recovery of China's economy in 2023 was driven by increased consumption - that is, largely by putting existing capacity back to work. But the investment in China's economy in 2023 was not strong enough.
Fixed-asset investment reached 50.3 trillion yuan ($6.9 trillion), only up 3 percent year-on-year, according to data from the National Bureau of Statistics.
This means that, given that an economic recovery has already been taking place after the COVID-19 downturn, it is likely that capacity constraints will begin to appear unless fixed-asset investment increases during 2024.
If the rate of growth of investment increases, which is necessary if capacity problems are not to be encountered, growth of a bit above 5 percent is possible. But it is not possible to guarantee in advance that fixed-asset investment will increase - this will depend on policy.
It would be unwise to definitively set a target "above 5 percent" - although that would be desirable. Falling below 5 percent would, however, have strongly undesirable economic and social consequences. I would therefore formulate it as "5 percent or above."
China's shipbuilding industry achieved marked growth in 2023, as shipbuilding completions exceeded half of the global total, or reaching 50.2 percent, further solidifying the country's leading position in the shipbuilding sector, according to data released by the Ministry of Industry and Information Technology (MIIT) on Monday.
In 2023, China's shipbuilding completions totaled 42.32 million deadweight tons (dwt), representing an increase of 11.8 percent year-on-year. New orders amounted to 71.2 million dwt, a significant jump of 56.4 percent from last year. As of the end of December, the backlog of orders stood at 139.39 million dwt, which also saw an increase of 32 percent year-on-year, MIIT data showed.
In terms of global market share, three key indicators in China's shipbuilding industry, including completions, new orders received, and backlog of orders, had made significant progress, accounting for 50.2 percent, 66.6 percent, and 55.0 percent of the global total in terms of dwt, respectively. In terms of Compensated Gross Tonnage (CGT), these figures stood at 47.6 percent, 60.2percent, and 47.6 percent, respectively.
The growing figures allowed China's shipbuilding industry to maintain its leading position globally, with the local shipbuilding sector thriving despite a global demand drop.
Chinese shipbuilding companies maintain the leading position in global market competition. Among the top 10 shipbuilding firms with the most shipbuilding completions, five of them are from China.
The significant growth achieved by China's shipbuilding industry in 2023, despite the global downturn in demand, demonstrates the country's resilience and competitiveness in the sector. This is attributed to a combination of factors including advanced technology and green production.
China's shipbuilding industry achieved a breakthrough in the manufacturing of large cruise ships in 2023. The country's first domestically produced large cruise ship, the Adora Magic City, launched in June 2023 and embarked on its maiden commercial voyage on January 1, 2024.
To meet the demand for vehicle exports from local customers, several Chinese shipbuilding companies have started mass production of ro-ro- ships. Domestic ports are also improving related infrastructure. Taicang Port in East China's Jiangsu Province, invested over 2 billion yuan ($281 million) to build the largest automobile ro-ro- terminal, with an annual transport capacity of 1.3 million vehicles.
New market demand for environmentally friendly shipbuilding is being met in China. A Chinese shipbuilding company, Guangzhou Shipyard International Co, said that over 60 percent of its current orders are for methanol powered dual-fuel ships or liquefied natural gas fired dual-fuel models. Compared to traditional container ships, the ships can reduce carbon emissions by 20 percent while cutting 85 percent of nitrogen oxide and 99 percent of sulfur emissions.
The Working Group on Enhancing Climate Action in the 2020s between China and the US was successfully launched on Friday via video conference with officials from the two sides engaging in in-depth and friendly discussions on key areas of cooperation, including energy transition, methane, circular economy, low-carbon provinces or states and cities.
This conference took place as part of a series of interactions between China and the US in various sectors at the beginning of 2024 amid efforts to implement the consensus reached during the top leaders' meeting in San Francisco last year and to further stabilize bilateral relations, analysts said. However, they also cautioned about potential negative factors from the US side that could impact the relationship, including the US' recent interfering in the Taiwan regional leader election.
The Friday video meeting was co-chaired by Xie Zhenhua, China's special envoy for climate change, and John Kerry, US special presidential envoy for climate. The two sides have agreed to maintain close communication, exchange and mutual learning, and carry out practical cooperation under the working group mechanism, in accordance with the consensus of the Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis, according to China's Ministry of Ecology and Environment.
The Friday meeting is a continuation of a series of exchanges between China and the US in different fields. On Thursday, Chinese Commerce Minister Wang Wentao held a phone call with US Commerce Secretary Gina Raimondo. On Wednesday, Chinese State Councilor and Minister of Public Security Wang Xiaohong met with US Department of Homeland Security Secretary Alejandro Mayorkas via video link.
China and the US started this intensive cross-departmental exchange at the beginning of the year, which indicates that both sides are earnestly implementing the consensus reached at the San Francisco summit, Li Haidong, a professor at the China Foreign Affairs University, told the Global Times.
The frequent interactions are positive and demonstrate that at the beginning of this year, on the basis of broad communication and exchange, China and the US are actively managing their differences, said Li, noting that all these communications are also beneficial for both sides.
However, whether this trend can last and China-US relations can be further stabilized depend crucially on whether the Biden administration shows leadership decisiveness and takes concrete actions to prevent negative factors or extreme forces within the US from damaging the bilateral relationship and ensure that US policy toward China does not deteriorate sharply due to domestic political factors, said Li.
Lü Xiang, a research fellow at the Chinese Academy of Social Sciences, noted that the US still perceives China as a competitor, indicating the potential for confrontation between the two sides. Moreover, the US has not ceased its provocations, especially on the South China Sea and the Taiwan question, necessitating China's heightened vigilance, Lü told the Global Times.
For example, according to media reports, the Biden administration will dispatch a delegation comprised of former senior officials to the island of Taiwan shortly after the island's regional leader election to be held on Saturday.
China's Foreign Ministry spokesperson said on Friday that the US leaders have repeatedly expressed their adherence to the one-China principle, not supporting "Taiwan independence," and not seeking to use the Taiwan question as a tool to contain China.
"We hope that the US side will abide by its commitments, handle Taiwan-related questions carefully and properly, cease official exchanges with the island of Taiwan, refrain from sending any wrong signals to the separatist forces advocating 'Taiwan independence,' and refrain from interfering in Taiwan's regional elections in any form," said Mao.
If the US side genuinely wishes to maintain peace and stability in the Taiwan Straits, it should clearly oppose "Taiwan independence" and support China's peaceful reunification, said the spokesperson.
The US' tactics of saying one thing and doing another is shown in not only the Taiwan question but also other issues, and this is one of the cruxes of the bilateral relations, Li said.
The Taiwan question is the most serious and core issue of China-US relations at any time and China has put priority on it in dealing with its relations with the US, Li said, urging the US to fulfill its commitments on the Taiwan question and work in the same direction in promoting bilateral relations instead of damaging it.
With the completion of the first trial voyage of China's first domestically built drilling ship, the Mengxiang (Dream in English), the country officially became the third country in the world - following the US and Japan - to possess its own professional ocean drillship, which is dubbed as the aircraft carrier in marine science.
With this ship, Chinese scientists will certainly make great contributions to international deep ocean exploration, Tuo Shouting, director of the Integrated Ocean Drilling Program (IODP)-China Office, told the Global Times in an exclusive interview.
On December 27, 2023, the Mengxiang completed its trial voyage in the waters of the Pearl River Estuary in South China's Guangdong Province, marking a step forward for the country's exploration of deep-sea resources.
The ship sailed 500 nautical miles. The performance and various indicators of its main power and other marine systems all met relevant standards.
With a length of 179.8 meters and a width of 32.8 meters, the Mengxiang can travel 15,000 nautical miles and sustain itself for 120 days without returning to port.
The ship, featuring high stability and structural strength, can operate in unlimited navigational areas worldwide and drill as deep as 11,000 meters in the sea.
Boasting a world-leading marine drilling capacity, the ship will drill through the Earth's crust and into the upper mantle, contributing to the exploration of marine energy resources, protection of national energy security, and maritime power construction.
The mantle, accounting for four-fifths of the Earth's volume and three-fourths of its mass, is full of scientific mysteries waiting to be explored by scientists.
Construction of the Mengxiang kicked off in November 2021 and is planned to be comprehensively completed in 2024. The ship was officially named Mengxiang on December 18, 2023, when it started its trial voyage.
"The vessel not only carries the dream of the Chinese people to build a maritime power, but also carries the dream of global scientists to 'penetrate the Moho discontinuity and enter the upper mantle,' and carries the dream of human beings to develop deep Earth resources," Li Jinfa, director of the Geological Survey under the Ministry of Natural Resources, told media when explaining the name of the vessel.
From participant to leader
China has been a participant in the IODP for a long time. With the completion of the construction of the Mengxiang, China will be able to independently organize expeditions, just like the US, Japan and Europe, Tuo Shouting said.
He expected that, with the vessel, China can transit from a participant to a leader of the program, playing a more significant role in international deep-sea drilling.
The IODP is an international marine research collaboration that explores Earth's history and dynamics using ocean-going research platforms to recover data recorded in seafloor sediments and rocks and monitor subseafloor environments. The program now has more than 20 member nations.
China started to participate in the program as an associate member in 1998 and became an official member in 2004.
Currently, China sends eight to nine scientists every year to attend the voyages of the US drillship Resolution to join global scientists to conduct research.
According to Tuo, the most prominent achievements of Chinese scientists in previous missions are the four ocean drilling expeditions in the South China Sea, through which Chinese scientists made a series of breakthroughs in the deep parts of the South China Sea, proposed new understandings related to climate change and basin formation, and challenged the traditional Atlantic model theory.
The achievements have helped China win the international leading position in deep-sea research in the South China Sea and provided important theoretical reference for deep water oil and gas exploration in the region, Tuo said.
Due to the phased end of the IODP in 2024 and the planned retirement of the US vessel Resolution the same year, Europe and Japan are organizing and initiating the next phase of program. Therefore, China is also preparing to launch its own expedition plan and seeking to cooperate with Europe and Japan to jointly lead global ocean drilling, Tuo said.
He revealed that China has already been compiling an international ocean drilling implementation plan (2025-2035) and the completion of Mengxiang will provide key equipment support for China-led expeditions in the future.
China-initiated ocean drilling will greatly enhance the country's innovation capabilities in deep-sea scientific research, observation and exploration, and development of intelligent equipment, Tuo said.
Moreover, ocean drilling has long been a "rich man's club" in the developed world, but the waters at the heart of many scientific problems lie within the exclusive economic zones of developing countries. China will actively expand international cooperation partnerships and build a Belt and Road ocean drilling alliance through cooperation with developing countries, especially those associated with the Belt and Road Initiative. This will promote China's platform to carry out expeditions globally and help more developing countries enter the field of deep-sea research, Tuo stressed.
China's Generation Z skateboarders have rocked the Asian Games like no one had imagined - bagging three of four gold medals of the discipline. It was not only just about the medals, but also about the energy, vitality and the uniqueness they inject into the Games.
On September 27, the youngest member of the Chinese delegation Cui Chenxi, 13, wrote her name in Chinese sports history after becoming the youngest Asian Games champion for her nation. In the same match, 18-year-old Zeng Wenhui bagged silver in women's street.
In the men's park, 15-year-old Chen Ye finished first. In men's street, China's 16-year-old Zhang Jie snatched a gold while his teammate 19-year-old Su Jianjun won a bronze. In the women's park final, Chinese athlete Li Yujuan, 20, won the silver medal, while Mao Jiasi, 15, won the bronze.
No doubt that skateboarding is a young and up-and-coming sport. Throughout the four days of the skateboarding competition, there was a friendly, young and relaxed atmosphere in the arena. In women's street final, seven of the eight contestants are under 18. Women's street final was even attended by the youngest athlete of the Asian Games at the age of nine. These athletes, however, showed the brilliant athleticism just like their role models, passed down from generation to generation.
No pressure
Speaking with the Global Times, the young medalists displayed a similar fighting spirit and the adherence to excellence just like the veteran athletes, but they also showed something noticeably different - their relaxed mindset toward pressure, their independence growing up as an athlete, and the unwavering support they received from their parents.
After becoming Team China's youngest ever Asian Games champion, Cui told the Global Times that the title did not add any extra pressure.
"I made a mistake in my first run, and on the second attempt, my coach wanted me to be steady, but I was eager to try a riskier maneuver on my own, and in the end, it worked out," Cui said.
The champion is always at ease. In the mix zone after the final, Cui instructed all the media reporters to line up and sought their opinions on where she should stand before patiently and frankly giving answers to all the questions. She said that she never actually expected the gold but she really wanted to win.
"I might be telling some of these stories in Hangzhou to my classmates when I get back," said the middle-school girl. "I think they would be happy for me."
Different from traditional sports, there is no fixed action pattern in skateboarding. It requires skaters to freely use their imagination and creativity, which is challenging and makes the sport popular among fans. Similar to earlier generations, professional skateboards often mention that they started the sport because they found it fun.
"When I started skateboarding, I felt that it was a very exciting and thrilling sport. I felt very happy after completing each move," Chen said, comparing it to the piano and other hobbies that his father, Chen Wanqin, tried to introduce to him, but which he found boring compared with playing with a skateboard.
When asked about his interest over skateboarding, Zhang Jie, who just won men's street, also shrugged grand expressions, but accredited all to "cool and fun."
Family support
The Gen-Z athletes also share similar positive family atmosphere. Usually training on their own without a professional team, they hailed the support they received from their family.
After winning the final, Cui put on the Chinese national flag on her back and skated around the venue to a loud cheer. In the audience sat her father, who first introduced Cui to skateboarding and took her training at the age of nine.
For Chen, the training area made by Chen's father became the focus of media attention after his inspirational win. In an interview with the Global Times, Chen expressed his gratitude to his father as the person he most wanted to thank after winning the gold medal.
"I'm grateful to my father for building two bowls for training for me and studying skateboarding skills with me," Chen said. Chen said that he fell in love with skateboarding when he first encountered the sport in a shopping mall at the age of 8.
Once Chen Ye showed his true passion, his father respected him the choice and supported him. In 2019, Chen Ye joined the Guangdong provincial skateboarding team. To help his son's training, Chen Wanqin and his wife rented a warehouse of more than 200 square meters to build a practice bowl for him.
After finishing second in the men's skateboarding park event at the 2021 National Games of China, Chen Wanqin built a new 900-square-meter skateboard park with a max height of nine meters in 2022 in order to improve his son's performance. Chen Ye said that during that time, his father quit his job and even spent all his savings to support his passion.
The Chinese skateboarding team, composed of athletes born after the year of 2000, continues to make breakthroughs, and the future looks promising. Showered by love, support and confidence, they are never afraid to share their ambition to go to the top.
"First I will concentrate on getting there, then I can make a big attack," Cui told the Global Times when asked about Paris 2024.
The 19th Chinese American Film Festival (CAFF) and the Chinese American Television Festival (CATF) kicked off on Thursday in Los Angeles, the US, contributing to a close cultural exchange between the world's two largest film markets.
In a video address at the opening ceremony, Yang Guorui, deputy director of China's National Radio and Television Administration, said that over the last 19 years, Chinese-American film and TV festivals have set up a successful platform for China-US exchanges and cooperation in the audiovisual industry, according to Xinhua News Agency.
James Su, chairman of the CAFF and the CATF, told the Global Times on WeChat that the festivals have been eyed as avenues for the promotion of cooperation in the film and television industry between China and the US and enhancement of cultural exchanges and mutual learning. The festivals have built a bridge of friendship through film and television culture for better communication, understanding, and mutual benefit in the two countries.
Outstanding works
With the theme "Better Films, Better World," over 500 film and television works have applied to compete in the Golden Angel Award. Su noted the organizing committee's hopes that the festivals will bring peace, harmony, and love back to the world were based on the theme.
At the ceremony, all the winners were announced, with The Wandering Earth II, the closing film at the festivals, crowned the Best Film, and Meg 2: The Trench, the opening film, earning the title of Best China and US Cooperation Film.
Disney's Avatar: The Way of Water and Guardians of the Galaxy Vol. 3, Universal Pictures' Fast X, Paramount Pictures' Transformers: Rise of the Beasts, and Sony Pictures' Spider-Man: Across the Spider-Verse were all awarded the Most Popular US Films in China.
The Knockout was recognized as the Best TV Series. Guo Fan and Xu Jizhou were named the Best Directors of CAFF and CATF for their work The Wandering Earth II and The Knockout respectively.
Outstanding Chinese film and television works such as Manifesto, 30,000 Miles from Chang'an, Lost in the Stars, Wild Bloom, and Long River in the World received the Golden Angel Award for the top 10 films and television dramas.
Eleven works including Path Finders, About the Clouds, and Tale of the Night received the China Culture Communication Award, which was established in 2021.
The purpose of the China Culture Communication Award, according to Su, is to recognize that the organizing committee views film and television art as a cultural conduit, and culture serves as an important bridge for human exchanges and mutual learning.
"The international spread of Chinese culture contributes to mutual exchanges and learning between Chinese civilization and global civilizations, aiding the modernization and internationalization of Chinese culture," he said.
Over 10 Chinese films will be screened during the screening week of the festivals.
According to Su, this marks the first face-to-face dialogue between leading figures in the Chinese and American film and television industry and experts and scholars since the start of the global pandemic. They assembled in Los Angeles to jointly explore cooperation and the future of the Chinese-American film and television industry.
He mentioned that compared to previous years, this year's festival has seen a more practical and proactive approach from both China and the US. The Los Angeles County Government in the US designated November as "Chinese American Film Festival, TV Festival Month" for the eighth consecutive year, and officials at various levels in the US are actively supporting this year's event.
Comprehensive support
Founded in 2005, the festival is a China-US cultural event recognized by both the US and Chinese governments. The annual event is usually held in November in Los Angeles.
One of the highlights of this year's edition is the introduction of the "investment and innovation unit," which provides comprehensive support for excellent film projects from both China and the US. The unit is dedicated to identifying talented filmmakers from both countries with creative potential and recognizing and supporting outstanding projects that have international, artistic, intellectual, and market value.
The festival will combine the best American culture with Chinese culture in an open and inclusive manner. By discovering and supporting high-quality works, it seeks to further enhance the progress and international reach of film and television culture in the new era, according to Su.
Additionally, a TV program will officially be launched on ICITI TV, a TV station based in Los Angeles, on Friday, to introduce the ancient history and fruitful tourism resource of Southwest China's Guizhou Province.
Yu Jinlong, a Beijing-based cultural critic, told the Global Times that CAFF and CATF can enhance cultural and artistic exchange between China and the US, allowing US citizens to learn more about China's rich history, culture, and contemporary achievements, thus strengthening people-to-people exchanges and contributing to the stability and development of China-US relations.
Recently, Gavin Newsom, governor of the US state of California, concluded a week-long visit to China after engaging in discussions with Chinese officials, local authorities, and business representatives on topics related to cultural exchange, climate change, economic development, and tourism.
Yu pointed out that as high-level exchanges between the two countries intensify, signs of a warming trend in China-US cultural relations are emerging.
A large-scale cemetery containing more than 200 tombs was recently discovered in Xianyang, Northwest China's Shaanxi Province. The tomb cluster was confirmed to be a burial place for the people of the Qin Dynasty (221BC-206BC).
Archaeologists found a total of 237 ancient tombs, excavated in Xianyang's Jiantan village, dated from the late Warring States Period (475BC-221BC) to the Qin period. According to the tombs' design, archaeologists were able to determine the area was used as a public cemetery.
Besides the prolific Qin tombs, 26 other tombs were also unearthed. They belong to other historical periods such as the Han (206BC-AD220), Tang (618-907), Northern Song (960-1127) and Ming (1368-1644) dynasties.
Seven additional tombs belong to the last imperial dynasty of China, the Qing (1644-1911), archaeologist Jia Zhengyu told the Global Times, noting that it was fascinating to see how this area has been "historically recognized by ancient Chinese people as a burial place."
"Although most of these tombs belong to the Qin dynasty, we still can see the continuity of Chinese burial traditions from the site," Jia told the Global Times.
Archaeologists noticed that the Qin tombs in the eastern and western parts of the site were very similar in terms of configuration and the types of burial objects unearthed from them.
Archaeologist Xue Ruiming told the Global Times that this arrangement reflects that a "planning system for burials" may have already been implemented by ancient Chinese. Xue also said that the discovery "reminds people of the Chinese belief in treating the deceased as if they were alive."
Other than tombs, a total of 878 cultural relics were also unearthed from the site. The funerary objects unearthed in the eastern areas are mainly artifacts made of clay, copper and iron. Those objects were commonly used by ancient people in everyday lives.
"As the burial objects were mainly practical in nature, this led us to be even more confident that the area was a public cemetery for common people," said Zhao Xuyang, deputy director of the Institute of Cultural Relics and Archaeology of Xianyang.
Although the site was not seen as high-grade, some burial objects discovered in the western part of the ancient cemetery still reveal the "tastes of ordinary people," Jia told the Global Times.
In addition to a copper mirror and a jade seal, 10 glazed pottery sheep sculptures were unearthed from the ruins. Such tiny sculptures were vividly engraved with patterns that were commonly seen on Chinese silk brocades. Zhao said that exquisite objects like these are rarely seen in tombs from the same period.
"The site is like a melting pot of different Chinese burial traditions. It also reveals the evolution of Chinese burial customs," Jia remarked.
Prior to the 2023 discovery, in 1995 and 2022, another 805 tombs were consecutively discovered in the local Ta'er Po area that is close to Xiantan village. Around 95 percent of the Ta'er Po tombs were also from the late Warring States and Qin periods.
The three discoveries confirm the "eastern suburb of Xianyang city was indeed an ancient cemetery," said Zhao, adding that by comparing tombs from the three excavations, researchers can better investigate their exact time periods.
Following an incident in which a vehicle rammed into the Chinese Consulate in San Francisco on Monday afternoon local time, the Chinese Foreign Ministry, along with the Chinese consulate, voiced strong condemnations of this attack, and urged the US to swiftly conduct an inquiry and to take robust measures to ensure the safety of Chinese diplomatic establishments and personnel.
San Francisco police and fire crews attended the consulate after the vehicle crashed into the consulate's visa office on Monday, CBS News reported, citing the San Francisco Fire Department.
San Francisco police fatally shot the suspect who drove the vehicle, media reported, citing authorities.
The incident unfolded at 3:09 pm when an unidentified suspect drove a car into the visa office, located at Laguna Street and Geary Boulevard, and the vehicle came to a rest inside the office's lobby, local news site KTVU FOX 2 reported.
Police responded to the scene and made contact with the driver. During this encounter, an officer-involved shooting occurred, and the wounded male suspect was taken to a hospital where he later died, according to the news site. Police have not yet named the suspect.
On the morning of Tuesday Beijing time, an unidentified individual rammed a vehicle into the visa office of our Consulate-General in San Francisco in an attempt to hurt people and consulate staff on the spot, Wang Wenbin, spokesperson of the Chinese Foreign Ministry, said at a routine press conference on Tuesday. The consulate swiftly responded to and dealt with the situation. The perpetrator was brought under control by the local police.
China has demanded a speedy investigation and effective steps from the US to ensure the safety of Chinese diplomatic missions and personnel in accordance with the Vienna Convention on Consular Relations, Wang said.
The Chinese Consulate General in San Francisco strongly condemned the attack and said it has lodged a formal protest with the US side.
This action posed a grave threat to the safety of the staff and the public inside the visa hall, causing serious damage to the consulate's facilities and property. The nature of this incident is extremely heinous, a consulate spokesperson said.
We strongly condemn this violent attack and reserve the right to pursue accountability related to this incident. We have lodged a formal protest with the US side, demanding a swift investigation to uncover the truth and to deal with the incident in accordance with the law, the consulate spokesperson said.
This is not the first time the Chinese consulate in San Francisco was attacked. In 2014, it was heavily damaged after an unidentified person set fire to the main gate, according to media reports.
After each of these incidents, the US government promised to enhance security for Chinese consulates, but subsequent events suggest that these promises have not been adequately upheld, media professional Hu Xijin said in a Weibo post on Tuesday.
It is evident that the situation in US society is chaotic, and it places Chinese consulate staff in a perilous situation akin to "diplomats in a war zone," Hu said, noting that the failure of the local police to prevent such incidents undoubtedly becomes a stain on US diplomacy.
Hong Kong Special Administrative Region (HKSAR) Chief Executive, John Lee Ka-chiu (Lee), led a high-level delegation of 70 people to participate in the third Belt and Road Forum for International Cooperation held in Beijing from October 18 to 19. At the forum, he invited entrepreneurs to Hong Kong to set up belt and road offices. After the forum, he sat down with the Global Times (GT) reporters Xie Wenting and Bai Yunyi for an exclusive interview, sharing his insights on Hong Kong's role in the BRI and Hong Kong's strengths on the global stage. Lee also touched on the "competitive role" of the Hong Kong-Singapore relationship, noting that as long as the "pie" of development is made big enough, everyone can also get a larger share.
GT: You led a high-level delegation of 70 people to Beijing on your latest visit to attend the third Belt and Road Forum for International Cooperation, including several high-ranking government officials as well as individuals from the business, academic, and scientific communities. What was the consideration behind this? What is Hong Kong's role in the Belt and Road Initiative (BRI)?
Lee: I hope to use this platform of the forum to better promote Hong Kong and seek business opportunities. Many of our delegates have also established personal connections with entrepreneurs from various regions, giving them the opportunity to personally introduce Hong Kong's advantages and services, which will be more persuasive.
Hong Kong is a participant, promoter, and beneficiary of the BRI. In the joint construction of the BRI, Hong Kong has its own unique advantages. We boast the position of "eight centers," namely, an international financial center, an international trade center, an international shipping center, and an Asia-Pacific international legal and dispute resolution service center, as well as four emerging centers: An international innovation and technology center, a Chinese and foreign cultural and art exchange center, an international aviation hub, and a regional intellectual property trading center. I believe that Hong Kong can play its role in promoting financial connectivity, attracting international investment, and promoting the internationalization of the Chinese currency renminbi (RMB).
GT: We noticed that not long ago you visited three Southeast Asian countries: Singapore, Malaysia, and Indonesia. How do you evaluate the prospects for cooperation between Hong Kong and Southeast Asian countries under the framework of the BRI? Which are the areas that hold the greatest potential? In the past, people have often said that Hong Kong is a "bridge" between the East and the West. In the future, do you think Hong Kong will play a similar role between the Chinese mainland and Southeast Asia?
Lee: Hong Kong has a unique status granted by the central government and the One Country, Two Systems policy is implemented in the city. As one of the few cities in the world that can concentrate both China's advantages and international advantages, we are very lucky, and should therefore make good use of this advantage.
First, Hong Kong can help enterprises in the Chinese mainland go global, including in terms of financing, introducing talents, and scientific and technological cooperation. We can give full play to Hong Kong's functions as an international city. This is the "capital" we have accumulated over the years.
Second, Hong Kong attaches great importance to regional cooperation and hopes to have good relations with our neighbors. The ASEAN is Hong Kong's second-largest trading partner, after the Chinese mainland. This is why one of my two official trips this year was to the three ASEAN members, and I will also take time to visit other states.
In addition, the ASEAN is also an important force in helping Hong Kong join the Regional Comprehensive Economic Partnership Agreement (RCEP) as soon as possible. I am very happy that when communicating with ASEAN states this time, many of them expressed their support for Hong Kong's joining of the RCEP. In the future, we will continue to promote regional cooperation with the ASEAN.
GT: Many people view Singapore as Hong Kong's "competitor" and believe that Singapore has the potential to replace Hong Kong as Asia's international financial center. What's your opinion on this view? Will Hong Kong be replaced by Singapore? Are Hong Kong and Singapore in competition, or do they have more room for complementarity and cooperation?
Lee: Hong Kong and many places have dual competitive and cooperative relationship. Competition is a good thing. Only with competition can we make progress. Healthy competition is beneficial. In fact, I have a very good relationship with Singapore's leadership. We often discuss how there is a lot of room for cooperation and development.
I think the most important thing (for a city) is to compete with itself. Competing with competitors is important, but it is likely that one day you will have surpassed your competitors. Will you not have goals then? So, every day we have to be the object of our own competition, to surpass what we accomplished the day before, and apply this philosophy to the future as an effective long-term goal.
Therefore, I often tell my colleagues that Hong Kong needs to compete and cooperate with other regions, taking advantage of their strengths and compensating for their weaknesses. This is beneficial for our own development. Cooperation between Hong Kong and all countries and regions is aimed at mutual benefit and win-win outcomes.
Relationships that only benefit one side are not sustainable. Maybe this time you gain more and I gain less, but next time I gain more and you gain less, and that's good.
In the end, what is the most important goal of competition? Is it the development of the economy or improving the lives of the people? As long as the "pie" of development is made big enough, everyone can also get a larger share. This is our ultimate goal.
GT: Some international media outlets have claimed that Hong Kong's international status and international attractiveness have declined in recent years. How do you respond to this claim?
Lee: Hong Kong is attractive in many aspects. In world rankings, Hong Kong holds many top positions: Our investment environment is ranked first globally, our offshore RMB trading volume is the highest in the world, and we are also the world's longest-living city. Hong Kong's public transportation system is ranked first among over 60 advanced cities, and we are the only city with an area of only 1,100 square kilometers that has five "Top 100" universities. Hong Kong also ranks second in many indicators worldwide: economic freedom, government efficiency, and innovation environment are all ranked second globally. Hong Kong has many aspects that other regions in the world envy.
The epidemic in the last few years has indeed slowed down Hong Kong's development in some areas. Some places in the world relaxed epidemic control measures relatively early, and therefore have a time advantage, but I think this advantage (relative to Hong Kong) is only temporary. Since resuming customs clearance, Hong Kong has fully integrated with the world. We are also "catching up with time" in different fields. Now, the work of the HKSAR government is all results-oriented, and many citizens also believe that many things are progressing faster this year than before. I think these are all positive factors for Hong Kong (in terms of international attractiveness).
GT: This year alone, you have visited many places in the Chinese mainland, from Beijing to Guangzhou, Shenzhen to Hainan, and Chongqing to Guizhou, among others… As the head of HKSAR, why do you visit the mainland so frequently? During these trips, what made a particularly profound impact on you?
Lee: I visited different places (in the mainland) to gain understanding. In fact, the main reason was I felt it imperative to do. Hong Kong's biggest opportunity lies in the country's development. It is most beneficial to Hong Kong to fully and proactively integrate into the overall development of the country.
At the end of 2022, I established the Steering Group on Integration into National Development to strengthen the integration of the entire HKSAR government and the entire society into the overall national development. This means that we need to develop close relations with different provinces and cities to work together for mutual benefit and win-win results. I attach great importance to this aspect and will continue to establish cooperative relationships (between them and Hong Kong) in different places.
Hong Kong now has different cooperation mechanisms and systems with many provinces and cities. I also often share my ideas with the leaders of various places in the mainland, that is, our cooperation must be "one plus one equals two." Hong Kong will put its best foot forward and so will our partners. This is "invincible."
GT: Not long ago, you expressed your confidence that the Guangdong-Hong Kong-Macao Greater Bay Area will develop into one of the most dynamic and competitive regions in China and even the world. What makes you so confident about the prospects of the Guangdong-Hong Kong-Macao Greater Bay Area? The idea of the Greater Bay Area has been proposed for many years. Do you think the construction of the Greater Bay Area will usher in some big breakthroughs in the next year or two?
Lee: I believe that the Greater Bay Area is one of the most promising regions for development in the country. Currently, Hong Kong and Shenzhen have already achieved a high level of integration, and have formed strong cooperation ties with the entire Guangdong Province. With nine cities and two special administrative regions, each with its own advantages, it is no longer just a case of "one plus on," but rather the synergy of all 11 entities working together, resulting in significant collaborative efficiency.
Hong Kong has a lot to contribute to the Greater Bay Area and the country. First, there is a wealth of talent in Hong Kong. The city is able to attract international talents, with its highly internationalized universities that are among the top in the world.
Additionally, there are scholarships and exchange programs available, such as the "Belt and Road Scholarship," further enhancing the internationalization of Hong Kong's talent pool. Hong Kong's professionals in fields such as accounting and engineering are also highly aligned with international standards.
Second, Hong Kong has a strong advantage in scientific research. In the current complex global (geopolitical) environment, many researchers who had previously left Hong Kong or the Chinese mainland are now looking to return and conduct research in Hong Kong.
Third, Hong Kong implements the common law system, which is similar to the legal systems of many developed countries. As a result, these countries are more familiar with and trust Hong Kong's legal system. This can attract more international partners for cooperation and also make Hong Kong a preferred arbitration venue for international trade disputes.
The entire Greater Bay Area has a population of 86 million and its GDP is equivalent to the 10th largest economy in the world. It is larger than many countries, so the Greater Bay Area can compete strongly with other countries as a whole.
I feel very happy and proud that Hong Kong has the opportunity to contribute to the development of the Greater Bay Area, and Hong Kong will also benefit greatly from it, injecting strong momentum into its own economic development.
