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As the 7th China International Import Expo (CIIE) heats up, a number of international enterprises, especially French companies, have begun to seize the opportunity to zoom into the huge Chinese consumption market, as France has been invited to be a guest of honor country of the 2024 CIIE, the world's first national-level import-themed expo.

According to a report by the Xinhua News Agency on Tuesday, the 7th CIIE has an exhibition area of more than 240,000 square meters, progressing faster than the same period last year, and nearly 200 of the world's top 500 companies and industry leaders have signed up.

Wu Zhengping, deputy director-general of the CIIE Bureau and vice-president of the National Exhibition and Convention Center (Shanghai), the CIIE venue, said that preparations for the fair are in full swing and progressing steadily. 

The global exhibition roadshow has also been launched, and enterprises and organizations from all over the world have actively signed up for the event, casting a "vote of confidence." 

With the gradual progress of the preparations, many of the "old friends" that had participated in previous sessions as well as new participants have begun to ramp up efforts to explore more opportunities in the world's second-largest consumer market.

Christophe Bristiel, owner of Château La Nerthe, a French chateau, recently traveled to Shanghai in advance to participate in the promotional activities for the CIIE, aiming to make his products shine at the fair.

The CIIE has become an excellent platform for French companies to show their unique charms to China and the world, and we hope to continuously push more high-quality specialty products into the Chinese market, Bristiel noted.

On the first day of March, a hair show was held by L'Oreal PRO, with 60 top stylists in the industry presenting their own aesthetic creations. Outside of the show, many new products that will be exhibited during this year's CIIE, including hair dryer and vaporizer models, provided an immersive experience for the guests on the spot.

Lan Zhenzhen, chief corporate affairs and engagement officer of L'Oreal North Asia and China, said that for the 7th CIIE, L'Oreal is not only gearing up to present more new items, but is also bringing in more ecosystem partners, enterprises, concepts and systems to make the fair "more open," "more innovative" and "greener."

"This year's fair is expected to welcome more international companies, as they have seen the endless opportunities presented through previous fairs," Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Tuesday.

The sixth CIIE saw a total of $78.41 billion worth of tentative deals reached for single-year purchases of goods and services, a record high. The figure represented an increase of 6.7 percent from the previous session.

The unparalleled amount of contracts signed and the great enthusiasm of international exhibitors demonstrate that the CIIE is a strong propeller for global economic growth. The organization of the fair also reaffirms China's determination for high-level opening-up and its willingness to share the dividends of its economic development with the world, Cong noted.

The 2024 Government Work Report noted that the country will work to steadily increase the volume and raise the quality of foreign trade. Major trade events will be hosted, such as the CIIE, the China Import and Export Fair, the China International Fair for Trade in Services, and the Global Digital Trade Expo, read the report on the work of the government.

China should lift some institutional obstacles to further optimize the investment environment for the country's private business sector in a bid to stimulate the market vitality for investment, while ensuring domestic firms to feel safe with places and funds to invest, a political advisor told the Global Times during the annual two sessions.
Yin Yanlin, deputy director of the General Office of the Central Financial and Economic Affairs Commission and a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, outlined three detailed measures including to clarify positive and negative lists for investment in the private sector and lift barriers that restrict private enterprises to participate into market activities, aiming to further spur the country's private investment.

In addition, he suggested expanding investment space for private enterprises by effectively breaking down the invisible barriers that hinder the investment entry. For instance, he noted to leave public welfare projects with certain revenue to the private business market, and expand the trial range for Real Estate Investment Trusts (REITs） to private-owned companies, hotel and tourism projects.

Yin also suggested further improving financing channels for private enterprises to ensure they have sufficient funds, and treating private business fairly by actually meeting demand. He urged responsible departments to take full advantages of the special fund earmarked in the central government's budget for investment in 2024, in a bid to encourage, support and guide private business investment.

China's private investment volume fell by 0.4 percent year-on-year in 2023, and the rare situation was caused by an investment decline in the real estate sector, Yin said. He noted that the investment drop was also related to the lack of market confidence, relatively few numbers of high-quality investment projects and strict financing assessment.

"China's investment in private business sector is the major force of nation's investment demand, which accounts for 50 percent of general infrastructure," said Yin.

Aiming to optimizing China's real estate sector, responsible authorities have quickly implemented policy adjustments, with multiple major indicators such as the investment targeting the real estate development and sales of commercial properties seeing marginal improvement, he said.

"Policies that are no longer in line with the current situation should be adjusted as soon as possible. The exploration of a new model for the development of the real estate sector should be used as an opportunity to establish a sound, market regulation-oriented mechanism for stabilizing expectations," Yin said in the interview, noting that the country's housing market will be on a stable and healthy development track with new real estate policy adjustments in place.

At the Government Work Report released on Tuesday, China has set its 2024 GDP growth target at around 5 percent. Yin said that the 5-percent growth rate will make China one of fastest growing economies in the world, as most developed countries have a growth below 3 percent. A 5-percent GDP target could only be achieved by a developing nation as large as China.

China's 5-percent GDP growth this year also will draw in more foreign investments, as only when Chinese economy expands can the foreign firms have the conditions to make a profit, and only when they make a profit can they continue investing, thus engaging in a "virtuous circle," Yin stressed.

During the interview, Yin also pushed against certain allegations that the Chinese economy has peaked. "The outside world may have no idea of how much endeavors the Chinese policymakers are willing to pour in achieving the GDP goal," Yin noted.

A Chinese scientist and national political advisor has proposed further integration of artificial intelligence (AI) in the manufacturing industry, with the aim of boosting its high-quality development and dealing with the challenges ahead.

"AI is an important driving force in the new round of technological revolution and industrial change. It has emerged as a useful tool for significantly facilitating the upgrading process of the basic manufacturing industry as well," said Zhao Xiaoguang, associate professor of the Institute of Automation at the Chinese Academy of Sciences. Zhao is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

In a proposal shared with the Global Times, Zhao called for accelerating the application of AI technology in industry, so as to tackle the challenges raised by a new round of technological revolution and transform scientific and technological achievements into practical results.

China has been expanding the applications of AI technology in its real economy, according to Zhao, especially in areas such as advanced manufacturing, the new material and new energy sectors, and medicine. Also, new quality productive forces empowered by AI technology are in the pipeline.

Having been committed to research projects in the field of robotics, intelligent control systems, and wireless sensor networks for years, Zhao believes that by embracing AI, China's basic manufacturing sector will ratchet up its capability to meet various demands on the supply side and raise its competitiveness in the global market.

China has already made significant progress in AI advancement and high-quality development of its robotic industry. For instance, Shenzhen-based UBTECH Robotics has successfully developed humanoid robots that can be used at a new energy vehicle (NEV) factory. This was the world's first case of a humanoid robot being used to collaborate with humans in assembly and quality inspection operations in an automobile factory.

With the rapid development of AI and its expanding industrial applications, China has large room for development in the manufacturing industry, and will continue to make contributions to the world's economic growth, Zhao said, noting that Chinese domestically made products have gained competitiveness in terms of scale and quality.

China will strive to modernize the industrial system and develop new quality productive forces at a faster pace, according to the Government Work Report submitted to the second session of the 14th National People's Congress on Tuesday.

The report listed several tasks, including industry and supply chain improvement and upgrading, and the cultivation of emerging sectors and future-oriented industries such as hydrogen power and new materials. Innovative development of the digital economy will be promoted, with an AI-Plus initiative to be launched, according to the Xinhua News Agency.

The AI Plus initiative is set to become a significant factor in bolstering the high-quality development of the manufacturing industry as well. To realize this goal, Zhao told the Global Times that efforts should be made to establish a diversified evaluation and reward system in order to encourage research teams and academic institutions with scientific and innovation advantages to give strong technical support in development of the sector.

Zhao also suggested diversified resources including private capital, industrial funds, and multi-channel financing could help to develop more professional large-scale AI models in specialized and new enterprises in the manufacturing industry.

Meanwhile, the authorities should help to release a number of open-source projects in the manufacturing industry so that they can empower enterprises to embrace digital and intelligent transformation, Zhao said.

China’s issuance of ultra-long special treasury bonds in the coming years to come is a major policy to boost consumption and support long-term high-quality development, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), the country's top economic planner, said on Wednesday.

The proceeds from the bonds will be used to support technological innovation, urban-rural integrated development, coordinated regional development, food and energy security, and high-quality development, the areas of long investment cycles but currently facing insufficient existing funding channels, Zheng said.

The government will issue ultra-long special treasury bonds over each of the next several years for the purpose of implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, according to the Government Work Report submitted Tuesday to the National People’s Congress for deliberation.

It is necessary to issue the ultra-long bonds in response to profound changes at home and abroad and it will help China to balance development and security, and firmly promote high-quality development and Chinese modernization, he said.

Zheng said that the NDRC is making concrete plans to oversee key projects and regulate funding to ensure that the policy is effectively implemented, adding efforts will be made to expand effective investment, including government investment and the expansion of private investment.

Aside from the ultra-long treasury bonds, this year's investments from the central government budget and issuance of new local government special bonds have substantially risen year-on-year. Also, the bulk of the additional 1-trillion-yuan government bonds issued late last year will be used this year.

Zheng also said that the NDRC will make maximum efforts to encourage and support private enterprises to participate in major national projects and to address the weak links across the economy.

Editor's Note:
This week, China kicked off the two sessions, one of the most important political gatherings annually. The event offers an important window for the outside world to understand China's development, and where the world's second-largest economy is headed and top policy priorities in 2024. 

What are the world's general expectations of the two sessions? And how do foreign economists and think tanks view China's growth potential? Recently, Global Times reporter Li Xuanmin (GT) conducted an interview with Helga Zepp-LaRouche (HZL), founder of Germany-based political and economic think tank the Schiller Institute.

GT: China is holding the annual two sessions this week. What are your expectations for the meeting? 
HZL: I expect that it will address strategic challenges that pose barriers to global development, based on China's vision to build a global community with shared future. Of special interest for me will also be to learn what the idea of building "new quality productive forces" will actually mean, since the Chinese economy is already the locomotive of the world economy. 

Mankind is clearly at a branching point. Since geopolitics is the curse of history, I am hopeful that China's two sessions will show a pathway for the world, and help the world understand how to overcome the mistaken view that a country or a group of countries must defend its interests against another group by all means. It is quite possible for China to establish a new paradigm, where the interests of all can be taken care of. That is a new system, which allows for the development of all.

GT: What is the significance of the political gathering amid rising global headwinds? And from your perspective, what role will China and the Chinese economy play in the world this year?
HZL: Chinese foreign policy has proven to be an anchor of stability. The biggest danger now is the two regional conflicts: the Russia-Ukraine conflict and the Israel-Palestine conflict. And China has made comprehensive diplomatic proposals for both crises, showing the path to a peaceful solution. 

The extension of the China-proposed Belt and Road Initiative (BRI) could play a decisive role in reconstruction for the countries involved in conflict in the context of a regional development perspective. The Schiller Institute has also proposed a concrete economic development plan, the Oasis plan, which could bring peace for all countries involved.

GT: From your perspective, what will be the focal points of China's economic work this year? What are your estimates for key economic figures that will be set during the two sessions?
HZL: The economic work focus this year will be on boosting high technology, high efficiency and high quality of production. Given the high number of scientists and engineers China has, and the addition of around 11 million university graduates per year, the transformation of basic scientific and technological breakthroughs into real production in the Chinese economy will be very significant. 

GT: What role do you expect the Chinese economy to play in the world this year, amid the complex geopolitical situation? 
HZL: There have been increasing tendencies of decoupling and "de-risking," which really amount to the same thing. When the EU is preparing tax barriers against Chinese imports, they are further isolating themselves to their own detriment. I expect China to be a strong advocate for multilateralism, and to build cooperation with the Global South, where there have been tremendous efforts in transforming from exports of raw materials toward economic models based on the value chain. 

Also, naturally the BRICS-Plus - of which China is a founding member - will gain increasing importance this year, and include new credit mechanisms that promote development for all participants. 

GT: The BRI is also high on the agenda of the two sessions. From your perspective, how will China chart a new BRI blueprint in the 11th year of its development?
HZL: Since the development requirements of the Global South are gigantic, in the next decade, the China-proposed BRI offers plenty of opportunities for all nations to work together for their mutual benefit. And if all countries can bear in mind such a perspective, the next decade of the BRI can unleash the creative potential of billions of people.

In terms of European countries, especially Germany and France, they are experiencing a dramatic economic slowdown. So hopefully there will be a greater openness to respond to what the BRI has to offer.

China has established a basic independent industry chain for superconducting quantum computers, and it's one of the very few countries that can independently produce quantum computers, which are believed to be critical for future development, a leading Chinese scientist told the Global Times.

However, as the global race for quantum computing continues to heat up and the US continues to crack down on China's technological rise, "greater efforts are needed to make breakthroughs in key areas that are facing technological blockades by the West," said Guo Guoping, a deputy to the National People's Congress (NPC), China's top legislature, and deputy director of the Key Laboratory of Quantum Information of the Chinese Academy of Sciences.

Chinese scientists unveiled a third-generation superconducting quantum computer known as Origin Wukong developed by Origin Quantum in January. It was based on China's first quantum chip production line, first quantum computer operating system, and first quantum computing measurement and control system. It also marked China's first realization of automated batch testing of quantum chips.

The delivery of that computer made China the third country in the world with the ability to deliver a complete quantum computer, cementing the country's leading position in quantum computing research after achieving quantum superiority, Guo said.

Guo is also the chief scientist of Origin Quantum Computing Technology Co, a leading quantum tech company based in East China's Anhui Province. The company said that its Origin Wukong quantum computer became operational and was opened to global users on January 6. 

As a Chinese scientist in developing quantum technologies, Guo and his team have been engaged in research for 21 years. He told the Global Times that Origin Wukong had completed 160,000 quantum computing tasks for global users as of February 26. 

The number of times it was accessed remotely from more than 104 countries around the world exceeded 2 million. 

Among them, the number by overseas users from the US, Canada, and Russia ranked top three respectively.

In the global arena, the US and China are considered the leaders in the field, and many experts believe that the US still holds an edge, Reuters reported.

Some Western media reports said that China has taken a clear lead in the area of quantum communication, but in terms of developing photonic qubits and error-corrected quantum computers, the US still holds an edge.

Competition in the global quantum computing market is fierce. Meanwhile, there is a gap between China and the West in the industrial application of quantum computing. US-based IBM has made significant strides with dozens of superconducting quantum computers deployed around the world.

China still needs long-term accumulation in the industrial application of quantum computing and Guo emphasized the need for state-level support policies and more investment to ensure that research is turned into applications.

"Developing and expanding China's own manufacturing chains for quantum computing devices is my key focus for this year's two sessions," Guo said, adding that the field of quantum computing has become the main battlefield for China's future strategic competition.

According to his proposal shared with the Global Times, Guo urged to promote the deep integration of quantum computing and related industries as well as accelerate the iterative development of the industry in China.

He proposed accelerating the improvement of China's quantum computing power in order to develop new productive forces.

"It is crucial to apply domestically developed superconducting quantum computers in various industrial sectors to support high-quality development in China by improving production efficiency and boosting innovation," he said. 

Guo said that the development of quantum computers had entered a new stage where foreign institutions and companies were putting great effort into engineering and industrial applications, in addition to research. It's urgent to fill the gap between domestic research and development and its applications.

Guo has made several proposals, such as urging to carry out medium- and long-term strategic planning to promote the industry's growth by boosting investment and nurturing talent.

There should be special projects to support the development of original and leading research. 

Governments and enterprises should jointly tackle key problems to put quantum computers into use as fast as possible, he said, and several industry clusters should be set up in the areas including biomedicine, aerospace, new materials, finance and artificial intelligence.

Political advisors will continue to put forth suggestions and strategies to promote and enlarge employment, a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) said on Sunday, addressing a matter of great importance.

The National Committee of the CPPCC will conduct a wide range of work including the betterment of the support system for the employment of college graduates, conduct more studies on job market stability, and improve and optimize a lifelong vocational training system in 2024, said Liu Jieyi, spokesperson for the second session of the 14th National Committee of the CPPCC, at a press conference.

The top political advisory body will also hold broad consultations to address structural issues affecting employment to help implement the employment-first strategy mapped out by the central government, Liu said.

In 2023, local governments at all levels spent more than 300 billion yuan ($42.21 billion) worth of direct funding to support job creation and entrepreneurship. New urban jobs created in 2023 stood at 12.44 million amid support measures aimed at helping college graduates land jobs and employment incentives for people in need both in urban and rural areas.

The hard-won achievement has laid a solid foundation for the further strengthening of the positive momentum of the job market, according to Liu.

In 2023, political advisors submitted 91 proposals ranging from broadening employment channels for college graduates to enhancing employment flexibility to ways to better leverage the digital economy to address the difficulties faced by college graduates seeking jobs and companies looking for workers, said Liu.

For the acute shortages in finding enough seasoned technicians, political advisors held designated seminars to discuss fostering of an incentive system for innovation-oriented industrial workers. Many of the proposals were translated into government actions.

Liu Yonghao, a member of the CPPCC National Committee and chairman of New Hope Group, suggested that China should cultivate more talent with more incentives and support measures to promote rural revitalization and the building of a robust agricultural industry.

The second session of the 14th National Committee of the CPPCC will begin on Monday.

The cumulative number of China-Europe freight trains has exceeded 85,000, and it has opened a new bridge for economic and trade cooperation for Eurasian continent, Mao Ning, spokesperson of Chinese Foreign Ministry, said on Thursday. 

The routes of the freight trains have grown from scratch, and the transportation capacity has grown "from small to large," and it has opened a new bridge for economic and trade cooperation for Eurasian continent, Mao said. 

In the past decade, the customs clearance and inspection along the China-Europe freight trains have become more convenient, the business environment at ports has continued to be optimized, and international transportation regulations have become more standardized, Mao said. 

Relying on the freight train service, China has achieved closer cooperation with Central Asia and Europe, and its economy and trade have become more prosperous. A large number of companies of international trade, intelligent manufacturing and supply chain have taken root in areas along the route, and industries such as manufacturing, commerce, finance and information are continuously being upgraded, making products welcomed in China and European countries, Mao said.

China-Europe freight trains will continue to operate at full capacity, injecting new impetus into the development of the Eurasian continent, Mao said. 

CCTV.com reported that, since 2024, more than 2,600 China-Europe freight trains have been completed, a year-on-year increase of 5.3 percent, and more than 1,000 trains have been operated in a single month for 46 consecutive months.

At present, China-Europe trains have reached 25 countries in Europe, and the number of connected cities has increased from 217 in 2023 to 219.

China's Foreign Ministry urged the US to stop slandering and smearing China on data security, and maintain an open, fair and non-discriminatory business environment, spokesperson Mao Ning told a press conference on Thursday.

Mao's remarks came after the Biden administration on Wednesday unveiled an executive order barring genomic data transfers to China, Reuters reported, claiming that the US is seeking to protect American personal data over so-called national security concerns.

The order will curb bulk transfers of Americans' geo-location, biometric, health and financial information to specific "countries of concern." 

This is the first time the US has taken such measures, and the US executive order is also seen as the latest escalation of the "digital cold war" between the two countries.

In response, Mao noted that the US has generalized the concept of national security by falsely claiming that China is purchasing sensitive data of US citizens and engaging in malicious activities. "Banning the flow of data to the so-called countries of concern, including China, is a discriminatory practice clearly targeting a specific country, which China firmly opposes," she said.

The Chinese government has always placed great importance on the protection of data privacy and security, and has never, and will never, ask its enterprises or individuals to collect or provide data information and intelligence located in foreign countries for the Chinese government in a manner that violates local laws, Mao said.

China has taken the lead in proposing a global data security initiative, and if the US is truly concerned about data security, it could publicly support China's initiative or make a similar commitment, she noted.

"We asked the US to stop slandering and smearing China, effectively maintain an open, fair and non-discriminatory business environment and work with all parties to formulate universal data security rules, in order to promote the orderly and free flow of global data," said Mao.

Chinese President Xi Jinping met with Belgian Prime Minister Alexander De Croo in Beijing on Friday. De Croo's visit to China is one of the most important high-level contacts between China and the EU this year, following the visits to China by European Council President Charles Michel and European Commission President Ursula von der Leyen in December.

The visit highlights the ongoing dialogue and interaction between China and the EU, especially as Belgium recently assumed the rotating presidency of the Council of the European Union and De Croo will be in a pivotal position to coordinate the EU's policy agenda for the next six months.

EU's relationship with China is complex and multifaceted, with differences between the two sides in a number of areas, including trade imbalances and subsidies, and the conflict in Ukraine. However, these specific issues are set against the backdrop of broader geopolitical and global power shifts that have caused unease in the EU.

Europeans are increasingly aware of China's growing presence on the global stage, not only in the economic sphere but also in the technological and geopolitical spheres.

The changing relationship between the three poles of China, the US and Europe is not a new phenomenon. While the US continues to lead, China and the EU are playing an increasing role on the global stage, which has become more pronounced in the wake of the advancement of Europe's strategic autonomy and the rise of China.

As an ally of the US, the EU continues to be highly concerned about China's rise. This is well illustrated by comparing the covers of two issues of The Economist, a British weekly newspaper, which in 2013 featured the threat of China's carbon emissions to the World. In 2024, the cover showed the new threat of China's lead in green technologies. 

If you imagine China, the US and the EU as three runners on a track, the US is still leading, and China is occasionally ahead of the EU, but most of the time, it is the other way around. It's often the second-place runner that's more anxious.

This race scene also shows us the difference between US and European policy toward China. 

The EU is currently focused on decreasing reliance on foreign high-end technology suppliers, particularly to avoid being surpassed or replaced by China in critical areas, while also implementing protective measures to counter the impact of Chinese manufacturing on the European market. In contrast, the US strives to uphold its global dominance in high-tech fields and key manufacturing areas by constraining China.

The outcome of this competition is different from what the US expected: Rather than rebuilding supply chains to exclude Chinese manufacturing, each player seeks to consolidate and strengthen its position in existing supply chains.

"Decoupling" and "breaking the chain" are not feasible. It is improbable that either party can construct a new, fully independent global supply chain. If the EU adopts the US approach toward China, it may end up more reliant on the US and suffer the most damage among the three parties.

As the EU follows the US containment policy toward China, especially in semiconductor manufacturing equipment, it risks losing a lucrative market with the strongest end-product manufacturing capacity, widening the gap with the US.

The EU's strategic dilemma with China also reflects its strategic dilemma with the US. The EU aims to be the leading global economy but also wants to maintain reliance on the US, strategically using the alliance to build its own influential position globally.

The EU needs to define its approach to China independently. This doesn't mean the EU should draw a clear line with the US, but there is a need for a more pragmatic, rational and comprehensive attitude when considering its relationship with China. It should not always focus on competition with China and ignore the widening gap with the US.

If the EU can more frequently consider its relationship with China from a different perspective, then both China and Europe have competitive and cooperative aspects, with the latter potentially reducing the gap between the two sides and the US, thereby bringing stability to the world's multipolarization.

Therefore, creating more connections between the EU and China is crucial. With more bridges, there will be more roads, improved communication and better understanding. China and EU can establish a new relationship that will support balanced global development.