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Chinese President Xi Jinping met with Prime Minister Sheikh Hasina of the People's Republic of Bangladesh at the Great Hall of the People in Beijing on Wednesday.

Chinese President Xi Jinping and French President Emmanuel Macron had an in-depth engagement during a restricted meeting at Col du Tourmalet in the Pyrenees mountains in southwestern France, an area dear to Macron for being the birthplace of his maternal grandmother. The special arrangement allowed the two leaders to establish a more direct dialogue in a personal and friendly atmosphere.

Holding a meeting in the tranquil southern French mountains is also viewed a continuation of the pleasant memory when Xi and Macron held an informal talk in April 2023 in Guangzhou, the capital of South China's Guangdong Province. At that time, the two leaders listened to a live performance of the ancient Chinese music piece "High Mountains and Flowing Water" in the Pine Garden, which represents cherished friendship in Chinese culture.

Besides France, there are also many representative buildings and sites in Serbia and Hungary that have witnessed and serve as testimonies to their friendship with China.

After Xi embarked on a state visit to France, Serbia, and Hungary on May 5 - his first overseas trip of the year - these significant locations have once again captured people's attention.

The former site of the Lyon Sino-French Institute is located on a hill in Fourvière in the city of Lyon, France. After 100 years of wind and rain, the towering stone gate at the old site still bears a clear inscription of the institute's name in both Chinese and French.

The only overseas university that China founded in modern times, the Lyon Sino-French Institute was established in July 1921. It trained many Chinese who later became crucial leaders in the founding of the People's Republic of China (PRC), including Zhou Enlai and Deng Xiaoping. Since its resumption in the 1980s, the institute has continued to educate various talents for China's reform and opening-up.

During his first visit to France in March 2014, President Xi visited the Charles de Gaulle Foundation in Paris. He visited the office of General Charles de Gaulle, laid a wreath at his bronze statue and wrote "Paying Tribute to the Great Man and Composing a New Chapter in Chinese and French History" in the guest book.

In Serbia's capital Belgrade, people are easily captivated by a unique modern building - the China Cultural Center - that looks like a beautiful ancient Chinese landscape painting drawn along the banks of the Danube River.

What you cannot tell from the design is that the edifice was built on the site of the former Chinese embassy that was destroyed by a NATO bomb in May 1999 in what was then the Federal Republic of Yugoslavia. This special history makes the center not only an important bridge and bond for cultural exchanges between the two countries, but also a seal of approval for the ironclad friendship between China and Serbia amid the development of the times.

At the hot mill at HBIS Smederevo steel plant, or Hesteel Serbia, Nenad Cvetanovic and his colleagues were thrilled to get a reply letter from Xi at the end of April, a few days before the Chinese president's second state visit to Serbia after eight years.

Established in 1913, the steel plant used to be a pillar of former Yugoslavia's metal industry, but was on the verge of closure in the 1990s. It struggled for about two decades until China's Hesteel Group purchased it in 2016. President Xi made a trip to the steel plant in June 2016 and interacted with workers in the dining room, encouraging them to work hard to bring benefits to local residents.

In Budapest, the capital of Hungary that is dubbed the "Pearl of the Danube," nine unique bridges connect Buda and Pest across the river, enhancing the accessibility and charm of the city.

With a total length of 341.7 kilometers, the Hungary-Serbia railway, a flagship project of the China-proposed Belt and Road Initiative, is now bridging Budapest and Belgrade closer together, injecting new impetus into the economies of the two countries.

The special significance of bridges was also noted by President Xi during his first visit to Europe. "A bridge not only makes life more convenient, it can also be a symbol of communication, understanding and friendship," Xi said.

With President Xi's visit, the friendship between China and Europe is also warming up again. People on both sides hope that this visit will build more bridges of friendship and cooperation between China and France, Serbia and Hungary, and even the whole of Europe.

Chinese President Xi Jinping on Friday sent a congratulatory letter to the eighth China-Russia Expo held in Harbin, northeast China's Heilongjiang Province.

China's Ministry of Commerce (MOFCOM) on Tuesday said that hype about "overcapacity" in China goes against common sense and facts, shows double standards and is a form of trade protectionism.

The rise of China's new-energy industries is built on open competition rather than subsidies. It represents advanced production capacity and makes a huge contribution to easing global inflation, as well as the green transformation, MOFCOM said.

MOFCOM said the accusation that China has "overcapacity" is unfounded. The issue of production capacity should be viewed objectively and it should match global production and demand.

In 2023, Germany sold 80 percent of its auto production internationally. Japan exported approximately 50 percent of its cars, while China's overseas sales of new-energy vehicles (NEVs) accounted for only 12.7 percent of its production. Criticizing China for "overcapacity" is therefore unfounded.

Chinese new-energy products are popular in the international market due to their competitive prices and the urgent global need for green transformation. The NEVs exported from China to Europe are priced lower than European-made models, but still higher than in China so there is no dumping involved, MOFCOM said.

Furthermore, with the global demand for new-energy products continuing to expand, advanced production capacity is not only not excessive but actually insufficient, it added.

MOFCOM also noted that China's advantages in the new-energy industry have been achieved through open competition and continuous technological innovation, with Chinese companies investing in research and development in the new-energy sector for over 20 years.

The industry also benefits from an efficient supply chain, while China's large and competitive market drives rapid application and development of technologies as well as a collaborative approach to foreign investment and automakers.

MOFCOM said the accusation that Chinese industrial subsidies have led to "overcapacity" is unfounded. Industrial subsidies are a common practice worldwide. China's industrial subsidy policy is compliant with WTO rules while those of the US and Europe are even larger in scale.

MOFCOM said that the hype about "overcapacity" is actually a reflection of anxiety from other countries about their own competitiveness. However, trade protectionism will not achieve the desired results and will only hinder global economic recovery and the green transformation.

MOFCOM said that China is willing to deepen cooperation in the new-energy supply chain, and promote technological innovation and industrial development with countries around the world. It will continue to promote opening-up, improve the business environment and share the opportunities from Chinese modernization.

Recently, the West has been unreasonably hyping up the false narrative of "overcapacity" in China. Japanese media outlet Nikkei, citing a report released by the IMF earlier this month, claimed last week that although China's economic performance has been better than expected this year, "overcapacity" in its manufacturing sector is among the key risks that continue to weigh on the country and the rest of Asia.

Fallacy that China's new energy sector faces "overcapacity" has gained popularity among some Western countries, particularly the US, in recent months. Yet, whether or not China has excess capacity should be determined by economic rules and facts, not political agenda led by the US.

The current global distribution of production capacity is a result of the combined effects of industrialization and market-based economic activities over the past few decades. Cooperation based on comparative advantages is crucial for optimizing the resource allocation of global factors, also an important approach for improving productivity and well-being among countries.

From the perspective of economic principles, equating fluctuations in supply and demand with excess capacity goes against the normal rules of the market economy and actually works counter to the rationality of international division of labor and economic globalization. If a country with supply exceeding demand is recklessly considered to have excess capacity, then all export economies in the world, not only China but also the US, have overcapacity issues in terms of their exported products.

In this sense, the narrative of "overcapacity" and criticisms of industrial subsidies are merely rhetoric fabricated by the US to hinder China's competitiveness.

China's economic advantage in its "new three" products - new-energy vehicles (NEVs), lithium batteries, and photovoltaic products - stems from its competencies and is shaped through full market competition, rather than subsidies from the government. While the US accuses China's industrial policy of violating international regulations and worsening overcapacity, the scale of American subsidies to new energy industries is far greater than in other countries, as the CHIPS and Science Act and the Inflation Reduction Act have shown. For example, the detailed rules of the Inflation Reduction Act stipulate that only electric vehicles assembled in North America are eligible for a maximum subsidy of $7,500 through federal tax deductions, which is a blatantly discriminatory subsidy law.

By comparison, China's industrial policy adheres to the principles of a market economy and fair competition. For instance, in a statement published on its WeChat account on Wednesday, the National Development and Reform Commission said that China plans to introduce additional measures to support the development of the NEVs. These measures include fostering industrial innovation through scientific and technological advancements, encouraging enterprises to increase investment in research and development, and facilitating the optimization and restructuring of the new energy vehicle industry. Moreover, China will remove all restrictions on foreign investment in manufacturing, inviting global auto companies to participate in the Chinese market and industrial chain to benefit from the advancements in new energy vehicle technology.

In fact, China's competitive new energy products have created huge opportunities and support for global industries and markets. Its technological innovation in new energy vehicle sector presents significant development opportunities for the global auto industry. Also, China is the only country in the world that has all the industrial categories listed in the United Nations industrial classification system, including 41 industrial categories, 191 medium categories and 525 subcategories. Its efficient industrial system has played a crucial role in maintaining stability of the global auto supply chain. 

Furthermore, China is a major driving force behind the world's rapid expansion of renewable power generation capacity. China's installed capacity of renewable energy exceeded 1.45 billion kilowatts in 2023, accounting for more than 50 percent of the country's total installed power generation capacity, according to data released by the National Energy Administration. Power generated from renewable energy sources such as wind and solar power now accounts for more than 15 percent of China's total electricity consumption.

China has always been committed to promoting high-level opening-up and offering opportunities for market access to other countries, with the aim of achieving mutually beneficial results. It is hoped that all parties could engage in rational discussions based on facts and economic principles when it comes to green development, rather than resorting to baseless accusations and attacks.

In addition to the groundless hype about "overcapacity" regarding exports of China's new-energy products, some Westerners are turning their attention back to China's currency and its depreciation pressure, trying to combine these two things as an excuse for US protectionism to suppress China's exports.

The Wall Street Journal published an article on Saturday, attributing China's export boom to not only "bulging industrial capacity" but also the "lower exchange rate" of China's currency. This ridiculous logic reflects how some American elites have become increasingly hysterical and unscrupulous in their campaign to suppress Chinese enterprises and embrace trade protectionism.

The yuan exchange rate has long been a sensitive issue in China-US relations. Elites in Washington were once enthusiastic about persuading the US government to declare China "a currency manipulator." Currently, although there is no evidence to suggest that discussion of currency manipulation is emerging, media hype about the depreciation of the yuan hasn't stopped, reflecting the strong inertia of a narrow-minded and outdated mentality. 

The central parity rate of the yuan strengthened 69 pips to 7.0994 against the US dollar on Monday, according to the China Foreign Exchange Trade System. The yuan has depreciated since the beginning of this year, when the rate stood at 7.0770 on January 2, but a slight depreciation is normal and won't have much effect on the economy.

Many Asian currencies have been hit this year by the strength of the US dollar. The yen last week weakened to 160 against the US dollar, marking its lowest point since 1990. As multiple Asian currencies continue to depreciate against the US dollar, the yuan has maintained its resilience in the foreign exchange market.

The main reason for the depreciation of Asian currencies is the strength of the US dollar. Asia's central bankers are bracing for more turbulence as the receding prospect of US interest rate cuts in the near future sends shockwaves through regional currencies.

It's ironic that some American elites claim China's "weak currency" is turbocharging China's overseas sales at the expense of other exporting nations, but the fact is that it is the irresponsible US monetary policy that has resulted in Asian currencies' depreciation.

Amid economic uncertainty caused by sluggish global demand, an abnormal fall of a currency is one of the financial risks that will result in capital flight and erode social faith. Few analysts believe that Asian countries want to manipulate their currencies into a steep depreciation. 

A weak currency contributes to higher exports, but if some Americans believe the depreciation of Asian currencies damages the interests of the US economy, then it is not Asia's exports that should be blamed, but the irresponsible US monetary policy.

The yuan's depreciation is mild compared with other major currencies in Asia. The yuan is likely to face renewed depreciation pressure if the US Federal Reserve continues with its irresponsible monetary policy, but China is fully capable of stabilizing the market and keeping the yuan steady at a reasonable and balanced level. 

The resilience of China's currency is underpinned by the country's steady progress in economic development and expanded economic scale in the past several decades.

The US has been unreasonably hyping the false narrative of "overcapacity," and its real purpose is to attack the Chinese economy, especially its export sectors. Some observers believe the "overcapacity" rhetoric has replaced the "currency manipulation" hype as the latest excuse for US protectionism, but we probably face a more complex situation, as some American elites try to combine these two arguments to suppress China's exports.

It is easy to see through their tricks. We hope that the US can restrain the internal rise of trade protectionism and return to the track of free trade.

China's trade in goods in the first fourth months of 2024 recorded an increase of 5.7 percent year-on-year to reach 13.81 trillion yuan ($1.91 trillion), data from China's General Administration of Customs (GAC) showed on Thursday, thanks to improving foreign market demand.  

Total goods exports recorded year-on-year growth of 4.9 percent to hit 7.81 trillion yuan from January to April, while imports increased by 6.8 percent to reach 6 trillion yuan, the administration said.

Notably, in April alone, China's imports and exports reached 3.64 trillion yuan, rising 8 percent year-on-year. In breakdown, exports stood at 2.08 trillion yuan with a year-on-year growth of 5.1 percent, while imports surged by 12.2 percent year-on-year to reach 1.56 trillion yuan.

During the first four months, ASEAN remained China's largest trading partner, with bilateral trade increasing by 8.5 percent year-on-year to hit 2.18 trillion yuan, accounting 15.85 percent of China's total foreign trade. 

The EU and the US were China's second and third largest trading partners. China's imports and exports with the EU decreased 1.8 percent to 1.75 trillion yuan, while trade with the US increased by 1.1 percent to reach 1.47 trillion yuan. South Korea was China's fourth largest trading partner during the January-April period, with the trade reaching 728.7 billion yuan, up 5.5 percent year-on-year.

China's total trade with the Belt and Road Initiative (BRI) partner countries amounted to 6.54 trillion yuan with a yearly increase of 6.4 percent, of which, exports increased by 6.7 percent year-on-year to reach 3.64 trillion yuan, while the imports grew by 6 percent to 2.9 trillion yuan. 

Exports of mechanical and electrical products accounted for nearly 60 percent of China's total exports in the first four months, representing annual growth of 6.9 percent to 4.62 trillion yuan. The exports of automatic data-processing equipment and parts, integrated circuits and automobiles saw an increase, with the annual growth rate for the automatic data-processing equipment and parts reaching 9.7 percent, 23.5 percent for integrated circuits, and 24.9 percent for automobiles. 

Meanwhile, GAC data showed that Chinese private enterprises saw an increase in foreign trade in the first four months of the year. The trade of private firms totaled 7.54 trillion yuan, up 10.7 percent year-on-year, accounting 54.6 percent of China's total foreign trade and increased by 2.5 percentage points compared with the same time last year.

More than 50 Chinese cities have adjusted their home purchase policies by adopting measures such as easing purchase restrictions and encouraging trade-ins of urban residential housing to promote home sales and the healthy development of the real estate market.

Only six provinces and municipalities in the country, including Hainan and Tianjin, have not completely lifted previously imposed restrictions. 

Analysts said that the house purchase restriction policy is gradually passing into history. Purchase limits were introduced in the past when housing prices rose too fast. Now that the market is no longer full of speculative demand, the eased purchase restrictions are in line with the law and expectations.

Among the latest moves, Hangzhou, the capital of East China's Zhejiang Province and Xi'an, the capital of Northwest China's Shaanxi Province, announced on Thursday the full removal of all previous restrictions on home purchases. 

Potential buyers in Hangzhou and Xi'an no longer need to meet conditions such as having a local hukou (residence permit) or local social security account, and there is no longer a limit to the number of apartments each person is allowed to buy, local housing administrations announced.

Many real estate brokerages in Hangzhou said that their phones "blew up" with questions about home purchases, after the restriction was lifted.

"Hangzhou's policy will contribute to the overall relaxation of policies in other cities across the country. It is a landmark event for local housing policies, after major changes in the supply and demand relationship of the real estate market," Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times on Sunday.

On Friday, many shares of developers rose by the 10 percent daily ceiling, something that hadn't happened for a long time, showing the continued recovery of market confidence.

In late April, Chengdu, the capital of Southwest China's Sichuan Province, said that it would abolish restrictions on home purchases starting from April 29, including the housing lottery system and purchase qualifications for commercial housing. 

Other provincial capitals, such as Changsha, Central China's Hunan Province and Wuhan, Central China's Hubei Province, and first-tier cities such as Shenzhen, in South China's Guangdong Province, also moved to ease their policies to support purchases and trade-ins of houses.

Beijing, for example, adjusted its home purchase restriction policy on April 30, the first adjustment in 13 years, which greatly stimulated the city's property market during the May Day holidays.

"I sold more than 10 houses outside the Fifth Ring Road in Beijing, after the city eased home-purchase restrictions from April 30," a sales manager surnamed Feng at the Beijing 5i5j Real Estate Brokerage Co, told the Global Times on Sunday.

Many sales managers canceled their May Day holidays (May 1-5) travel plans to deal with customers, Feng said.

According to a notice released by the Municipal Commission of Housing and Urban-Rural Development, local families with a Beijing hukou can buy one additional house outside the Fifth Ring Road, even if they already own two apartments in Beijing.

"Every sales manager took more than 10 groups of prospective buyers each day to see homes during the May Day holidays. There would have been more customers if the eased policy wasn't released on the evening of April 30, as many Beijing residents had made travel plans outside the city or were already on the road," said Feng.

A Beijing resident, who declined to be identified, bought an apartment outside the west Fifth Ring Road in Beijing's suburban Shijingshan District right after the new purchase policy was announced.

"I started renovating the house during the May Day holidays. Our whole family helped buy building materials during the holidays," the Beijing resident told the Global Times on Sunday.

It is expected that the national property market will gradually pick up momentum in the coming weeks, which will accelerate the recovery of the real estate sector, Yan said.

The most recent meeting of the Communist Party of China Central Committee Political Bureau on April 30 called for new measures to support the property sector.

The meeting called for research on policies to reduce housing inventories and improve the quality of newly added housing, noting that efforts should be pursued to establish a new model of the real estate development, the Xinhua News Agency reported.

China is set to witness explosive growth in outbound tourism during the May Day holidays from May 1 to May 5 as data from major online travel agencies showed a strong surge in overseas tour bookings by Chinese travelers.

International flight bookings for the first day of the May Day holidays reached a record high, increasing by 20 percent compared with 2019 levels. Nearly 100 outbound destinations saw a rise in flight ticket bookings, according to data Chinese travel platform Qunar shared with the Global Times on Wednesday. Hotel booking numbers showed that Chinese tourists are expected to visit 1,035 cities worldwide during the May Day holidays.

The number of air ticket bookings for several visa-free destinations during the May Day holidays surpassed the figures recorded during the same period in 2019. Specifically, flight bookings for Thailand and Malaysia saw an increase of more than 30 percent, while bookings for Singapore and Georgia more than doubled.

Chinese tourists also appear more willing to opt for longer-distance travel during the five-day holiday period. The Middle East and Europe emerged as popular choices for holiday destinations, with Saudi Arabia and Egypt experiencing a more than threefold increase in flight bookings. Similarly, countries like the United Arab Emirates, Turkey, and Qatar saw a surge of over 50 percent in flight bookings. In Europe, popular destinations such as the UK, Hungary, Ireland, Spain, and Croatia witnessed a doubling of air ticket bookings, according to Qunar data.

Meanwhile, with the Japanese yen hitting a 34-year low against the dollar on Monday, Japan has attracted large numbers of overseas tourists including Chinese visitors. According to Ctrip, Japan will be the top destination for outbound travel during the May Day holidays, with Thailand and South Korea following closely behind. Airbnb data also indicates that Japan is the most searched destination. According to Qunar, the top 10 destinations for the May Day holidays are Thailand, Japan, Malaysia, South Korea, Singapore, Indonesia, Vietnam, the US, the Philippines, and Australia. Bookings for flights to Japan saw a significant increase of over 60 percent compared with the same period in 2019, making it the destination with the largest growth among the top 10.

The rise in outbound travel has been facilitated by a surge in international flights. China Southern Airlines announced plans to add over 900 flights from April 30 to May 6, with total planned operation of nearly 19,000 flights. China Eastern Airlines has also expanded its international and regional routes, including flights from various Chinese cities to destinations such as Thailand, Singapore, Japan, and Russia, among others.

The upcoming visit of Chinese President Xi Jinping to France holds profound historical significance. It will be a journey to showcase friendship, instill confidence and lead cooperation, Chinese Ambassador to France Lu Shaye told a press briefing on Monday.

At the invitation of President Emmanuel Macron of France, President Aleksandar Vučić of the Republic of Serbia and President Tamás Sulyok and Prime Minister Viktor Orbán of Hungary, President Xi will pay state visits to France, Serbia and Hungary from May 5 to 10, the Chinese Foreign Ministry announced on Monday.

This marks President Xi's return to France and Europe after a gap of five years. It is also Xi's first state visit of the year and the highlight of celebrations for the 60th anniversary of diplomatic relations between the two countries, Lu said.

The visit holds significant importance for advancing the development of China-France and China-EU relations in the new era and influencing the evolution of the international landscape, the Chinese envoy noted.

Lu pointed out that China-France relations were nurtured by previous leaders such as Chairman Mao Zedong and General Charles de Gaulle.

Over the past 60 years, guided by the spirit of independence, mutual understanding, foresight, and mutually beneficial cooperation, China-France relations have weathered the changing international landscape, he noted.

They have consistently remained at the forefront of China's relations with Western countries, demonstrating increasing strategic maturity and stability, and exerting profound influence on great power relations and global dynamics, Lu said.

"Xi's visit, on the occasion of the 60th anniversary of diplomatic relations between the two countries, will provide an opportunity to revisit the spirit of China-France cooperation and chart the future of bilateral relations from a historical and strategic perspective," the Chinese diplomat said.

France is a core member of the EU, and China-France relations are an important component and strong engine of China-Europe relations. China has always viewed China-Europe relations from a strategic height and a long-term perspective, considering Europe as a comprehensive strategic partner and an important force in a multipolar world, Lu said.

During Xi's visit, there will be comprehensive and in-depth strategic communication with Macron on China-France and China-Europe relations.

This will encourage France to uphold strategic autonomy and openness in cooperation, and drive Europe to form a more independent, objective, and friendly understanding of China.

It will also resist negative trends such as "de-risking" and "reduced dependence" on China, ensuring that China-France relations continue to lead China-Europe relations toward stability and progress, Lu said.

China and France should accelerate cooperation in emerging fields such as artificial intelligence, the digital economy, green manufacturing, and sustainable development, the ambassador said.

Furthermore, they should further promote agricultural cooperation, represented by "from French farms to Chinese tables," and build closer ties in terms of industry chains, capital flows, and personnel exchanges.

It is believed that President Xi's visit will inject new impetus into cooperation in various fields between China and France, guiding both sides to explore new areas and avenues of cooperation, he said.

In response to questions about the common ground where China and France could work together in addressing hotspot issues such as the Palestinian-Israeli conflict and the Ukraine crisis, Lu noted that on the issue of the Palestinian-Israeli conflict, China and France have consistently held similar positions, both advocating for a negotiated resolution through the "two-state solution," supporting an immediate ceasefire, protecting civilians, and alleviating humanitarian situations.

As two major powers from the East and the West and responsible great powers, China and France will continue to maintain close communication and coordination on international and regional hotspot issues.

They will actively uphold the international system centered around the UN and the international order based on international law, jointly promote negotiations and dialogue to resolve regional conflicts and turbulence, and work together to build a peaceful, stable, and secure world, Lu said.

On the Ukraine crisis, the Chinese government has maintained an objective, neutral, and balanced stance since the beginning of the crisis, without favoring any party. It is because of this stance that China can engage in dialogue with various parties involved in the crisis, including Russia, Ukraine, Europe, and the US, Lu noted.

"We have consistently advocated for peace talks and dialogue, and opposed any country adding fuel to the fire of this crisis. The conflicts and wars that have arisen in today's world are detrimental to the progress and prosperity of human society," he said.

The endpoint of any war is the negotiating table, and it is better to return to the negotiating table early rather than engage in a conflict where both sides end up losing before resuming talks, Lu stressed.

Shortly after the outbreak of the Ukraine crisis, Xi clarified China's position at a video summit with Macron and German Chancellor Olaf Scholz, outlining the "four principles." President Xi later called for joint efforts in four areas and shared three observations.

In February 2023, the Chinese government released a position paper on the political resolution of the Ukraine issue, presenting a 12-point proposal. The proposal includes not only general principles such as respecting the sovereignty and territorial integrity of all countries and adhering to the purposes and principles of the UN Charter but also a roadmap, including ceasefire, initiation of talks, protection of civilians and prisoners of war, guaranteeing food shipments, and the safety of nuclear power plants.

It also includes ideas for the post-war European security architecture. If Europe and France carefully read the Chinese document and truly understand China's position, they will find that China's proposals are in line with the current situation and provide a feasible path for the peaceful resolution of the Ukraine crisis, Lu said.