Podcasts about five year plan

Why does water baptism carry such deep meaning for believers around the world, often far more than in Western churches?In this episode of The Unshakable Church, Ron explores the powerful spiritual significance of water and baptism through a global lens. Drawing from firsthand experience among national church planters, he explains how new believers from Buddhist, Hindu, and Muslim backgrounds understand water as a symbol of cleansing, rebirth, and devotion.Ron then unpacks five profound biblical truths that water baptism represents for believers today: spiritual rebirth, cleansing from sin, the work of the Holy Spirit, eternal life, and God's provision. These realities help explain why baptism is not just a ceremony, but a bold declaration of transformation and allegiance to Christ.Discover why this sacred act carries such urgency, joy, and meaning in places where revival is spreading rapidly across the world.

Dave is so bullish on the Giants, that he believes a Super Bowl will be won in the next five years. Do you agree with him? Plus, an edition of Cuddle, Marry, Trash! Learn more about your ad choices. Visit podcastchoices.com/adchoices

China is expected to put boosting domestic demand — especially spurring consumption — at the core of its economic agenda this year, with policymakers likely to roll out stronger fiscal support and structural reforms to further unlock the potential of household spending, a senior expert said.资深专家表示，今年我国将把扩大内需尤其是激发消费潜力置于经济工作核心位置，预计决策层将推出更有力的财政支持政策和结构性改革举措，进一步释放家庭消费潜能。Wang Wei, senior researcher and former director of the Institute of Market Economy at the Development Research Center of the State Council, said that to ensure stable economic growth during the 15th Five-Year Plan (2026-30) period, China needs to achieve a notable increase in final consumption as a share of GDP.国务院发展研究中心市场经济研究所原所长、二级研究员王微表示，为确保"十五五"时期（2026-2030年）经济稳定增长，我国需要显著提升最终消费占GDP比重。"That means China's future economic growth will need to rely more on domestic demand — particularly on the sustained, steady growth and innovation of consumption — to provide effective support for overall growth," Wang said during a recentexclusive interview with China Daily.王微日前接受《中国日报》独家专访时表示，这意味着未来中国经济增长需更多依靠内需，特别是消费持续平稳增长与创新，为整体增长提供有效支撑。She said China has finished the "from nothing to something" stage of household consumption over the past four decades, but the next phase — especially under high-quality development- must focus on improving consumption quality and expanding the space for development-driven consumer demand.她指出，过去四十年我国已走过家庭消费"从无到有"的阶段，下一阶段特别是高质量发展背景下，必须着力提升消费品质、拓展发展型消费需求空间。"Services consumption such as education, healthcare, culture, sports, entertainment and eldercare will have very large room for growth as people's living standards rise. With the impact of technological innovation, many new forms of innovative consumption are also entering daily life, forming new drivers of growth."随着人民生活水平提高，教育、医疗、文化、体育、娱乐、养老等服务消费将拥有巨大增长空间。在科技创新影响下，许多创新消费新形态也正进入日常生活，形成新的增长动能。Wang expects that during the 15th Five-Year Plan period, China's final consumption expenditure may exceed 90 trillion yuan ($12.99 trillion), accounting for around 60 percent of the country's GDP.王微预计，"十五五"期间我国最终消费支出有望突破90万亿元，占GDP比重将提升至60%左右。"The contribution of final consumption to economic growth will remain above 60 percent, and the share of household services consumption in total consumer spending will rise to 50 percent," she said.最终消费对经济增长的贡献率将保持在60%以上，居民服务性消费占消费总支出比重将升至50%。According to the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development, over the next five years, China should achieve a notable increase in household consumption as a share of GDP.根据《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，未来五年我国要实现居民消费占GDP比重显著提升。It also emphasized that special initiatives should be advanced to boost consumption, and the supply of high-quality consumer goods and services should be expanded. China should focus on easing market access and integrating various forms of business to boost consumption of services and strive to build market-leading brands, raise standards, and apply new technologies to expand and upgrade goods consumption.规划同时强调，应实施促进消费专项行动，扩大优质消费品和服务供给。要聚焦放宽准入与业态融合促进服务消费，着力打造领军品牌、提升标准规范、运用新技术拓展升级商品消费。"To that end, in 2026, consumption should remain the priority of economic development. Special initiatives to boost consumption should be further implemented, with strengthened inclusive policies directly benefiting consumers. Supply-side structural reform and policy innovations should be continuously advanced to steadily enhance consumers' spending power and willingness, promoting a stable increase and shifting the incremental economic growth to innovation-driven forms," Wang added."为此，2026年应继续将消费摆在优先位置，深入推进促消费专项行动，强化普惠性政策直达消费者，持续推进供给侧结构性改革和政策创新，稳步提升居民消费能力与意愿，推动消费稳定增长并向创新驱动型增量转变。"王微补充道。Wang said policymakers should continue to strengthen countercyclical macroeconomic policies in 2026, provide more support for services consumption, and accelerate the establishment of an institutionalized empowerment mechanism that integrates policy support, digital empowerment and industrial funds to better support the development of micro and small enterprises.她建议决策层在2026年继续加强逆周期宏观政策调控，加大对服务消费支持力度，加快建立政策支持、数字赋能与产业基金相结合的常态化赋能机制，更好支持小微企业发展。More efforts should also be made to maintain subsidies for the goods trade-in policy, support housing rentals such as providing rental subsidies for university graduates, new urban residents and migrant workers, and capitalize on the debut economy to strengthen backing for consumption innovation.同时应延续消费品以旧换新补贴政策，支持大学毕业生、新市民、农民工等群体住房租赁补贴，借力首发经济强化对消费创新的支持。final consumption /ˈfaɪnəl kənˈsʌmpʃən/最终消费domestic demand /dəˈmestɪk dɪˈmɑːnd/国内需求exclusive interview /ɪkˈskluːsɪv ˈɪntəvjuː/独家专访eldercare /ˈeldəkeə/养老服务market-leading brand /ˈmɑːkɪt ˈliːdɪŋ brænd/领军品牌supply-side structural reform /ˈsʌplaɪ saɪd ˈstrʌktʃərəl rɪˈfɔːm/供给侧结构性改革incremental /ˌɪŋkrəˈmentl/增量的countercyclical /ˌkaʊntəˈsɪklɪkəl/逆周期的debut economy /ˈdeɪbjuː ɪˈkɒnəmi/首发经济

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Shanghai aims to become one of the world's top three cities by economic scale within this decade, driven by an ambitious annual GDP growth target that was outlined in the draft of the city's 15th Five-Year Plan (2026-30).根据上海市"十五五"规划纲要（2026-2030年）草案提出的宏伟年度经济增长目标，上海计划在本十年内，在经济规模上跻身全球前三甲城市之列。Already one of China's most dynamic economic hubs and the first city to surpass the GDP mark of 5 trillion yuan ($720 billion), Shanghai is targeting an average annual GDP growth rate of around 5 percent over the next five years. The goal is expected to significantly enhance the city's overall economic strength, global competitiveness and residents' livelihoods.作为中国最具活力的经济中心之一，也是首个地区生产总值突破5万亿元（7200亿美元）大关的城市，上海为未来五年设定了年均GDP增长约5%的目标。预计这一目标将显著增强城市的整体经济实力、全球竞争力及居民生活水平。The draft outline was unveiled at the annual session of the Shanghai Municipal People's Congress, the city's legislative body, which opened on Tuesday.该规划草案已于1月23日开幕的上海市第十六届人民代表大会第二次会议上提交审议。According to the plan, this targeted growth pace is expected to lift Shanghai's economic aggregate beyond 7 trillion yuan by 2030. At that scale, the city would rank among the world's top three by economic size, trailing only New York and Los Angeles.根据规划，这一目标增速预计将使上海的经济总量在2030年突破7万亿元。以此规模，上海将跃居全球经济规模前三，仅次于纽约和洛杉矶。After reaching the 5 trillion yuan milestone in 2024, Shanghai's GDP climbed further to 5.67 trillion yuan in 2025, placing the city among the world's top five urban economies. Meanwhile, per capita GDP rose to $32,000 in 2025, comparable to the level of a moderately developed economy.在2024年达到5万亿元里程碑后，上海GDP在2025年进一步攀升至5.67万亿元，使该市跻身全球城市经济总量前五。与此同时，2025年人均GDP上升至3.2万美元，相当于中等发达经济体水平。The draft makes it clear that the next phase of growth will focus on improving workforce skills and, more importantly, strengthening industrial development through scientific and technological innovation.草案明确指出，下一阶段的增长将聚焦于提升劳动力技能，更重要的是通过科技创新强化产业发展。"Shanghai will accelerate the intelligent transformation of key industries, establish more than 50 additional smart factories, and foster new artificial intelligence-native business formats," Mayor Gong Zheng said while delivering the Shanghai municipal government work report during the session.上海市市长龚正在作政府工作报告时表示："上海将加快重点产业智能化改造，新增50家以上先进智能工厂，积极培育智能原生新模式新业态。"Gong added that the city will also upgrade specialized industrial parks for sectors such as integrated circuits and large aircraft manufacturing, and will vigorously develop future industries including brain-computer interfaces and fourth-generation semiconductors.龚正补充道，上海还将升级集成电路、大飞机制造等领域的专业产业园区，并大力发展脑机接口、第四代半导体等未来产业。The shift toward future industries is already reflected in key indicators, experts said. In the past five years, the number of high-value invention patents per 10,000 residents in Shanghai rose from 29.6 to 65. The target for 2030 is about 85.专家表示，向未来产业的转变已反映在关键指标上。过去五年，上海每万人口高价值发明专利拥有量从29.6件增至65件。2030年的目标约为85件。Shanghai also plans to raise spending on research and development from about 4.5 percent of GDP in 2025 to more than 5 percent by 2030. In addition, the draft sets a goal for the value-added output of core digital economy industries to account for more than 20 percent of GDP by 2030.上海还计划将研发投入占GDP比重从2025年的约4.5%提升至2030年的5%以上。此外，草案设定的目标是，到2030年，核心数字经济产业增加值占GDP比重超过20%。The draft outline will be reviewed and discussed by lawmakers and political advisers during the annual meetings, which run through Saturday, and is expected to chart the course for the city's next phase of development.在持续至本周六的年度会议期间，人大代表和政协委员将审议和讨论该规划纲要草案，预计它将为上海下一阶段的发展规划路线。Many lawmakers and advisers said that Shanghai's economic structure is continuing to improve, with its three leading industries — AI, integrated circuits and biomedicine — posting rapid growth.许多人大代表和政协委员表示，上海的经济结构正在持续优化，其三大先导产业——人工智能、集成电路和生物医药——均呈现快速增长。Legislator Liu Zhi, vice-president of ShanghaiTech University, said the Shanghai high-repetition-rate XFEL (X-ray free-electron laser) and extreme light facility, known as SHINE, which has been built by the university, has entered the installation phase and is scheduled to begin testing this year.上海市人大代表、上海科技大学副校长刘志表示，由该校建设的上海硬X射线自由电子激光装置（简称SHINE）已进入安装阶段，计划于今年开始测试。"There are only two such facilities globally, the other being under construction in the United States," Liu said. "The facility will provide strategic support for tackling fundamental scientific challenges in frontier fields such as energy, biology, biomedicine and chip manufacturing. Strength in basic research means gaining greater initiative in setting standards and shaping future industrial development.""全球仅有两处此类设施，另一处正在美国建造，"刘志说，"该设施将为攻克能源、生物学、生物医药和芯片制造等前沿领域的基础科学难题提供战略支撑。基础研究的实力意味着在制定标准和塑造未来产业发展方面获得更大主动权。"Looking ahead to 2035, the draft envisions a comprehensive upgrade of Shanghai's role as an international center for economic, financial, trade, shipping, and scientific and technological innovation, with key indicators reaching globally leading levels.展望2035年，草案描绘了上海国际经济、金融、贸易、航运和科技创新中心功能的全面升级，关键指标达到全球领先水平。"Shanghai's overall capacity and core competitiveness are expected to rise significantly by 2035, with per capita GDP doubling from 2020 levels, establishing Shanghai as a world-influential socialist modern international metropolis," Gong said.龚正表示："到2035年，上海的整体实力和核心竞争力预计将显著提升，人均GDP较2020年水平翻一番，将上海建设成为具有世界影响力的社会主义现代化国际大都市。"economic hub /ˌiːkəˈnɒmɪk hʌb/经济枢纽/中心legislative body /ˈledʒɪslətɪv ˈbɒdi/立法机关economic aggregate /ˌiːkəˈnɒmɪk ˈæɡrɪɡət/经济总量future industries /ˈfjuːtʃər ˈɪndəstriz/未来产业brain-computer interfaces /breɪn kəmˈpjuːtər ˈɪntəfeɪsɪz/脑机接口high-value invention patents /haɪ ˈvæljuː ɪnˈvenʃən ˈpeɪtənts/高价值发明专利value-added output /ˈvæljuː ˈædɪd ˈaʊtpʊt/增加值产出socialist modern international metropolis /ˈsəʊʃəlɪst ˈmɒdən ˌɪntəˈnæʃənəl məˈtrɒpəlɪs/社会主义现代化国际大都市

President Xi Jinping talked with United States President Donald Trump by phone on Wednesday, saying that he stands ready to continue working with his US counterpart to guide the giant ship of China-US ties through wind and waves for a steady voyage in the new year, and do more big, good things together.While the US side has its concerns, and the Chinese side has its own concerns as well, solutions can be found to address each other's concerns as long as both sides move toward each other in the spirit of equality, respect and mutual benefit, Xi said.The phone conversation was the first interaction between the two leaders in 2026. In the past year, Xi and Trump held four phone calls and exchanged multiple messages, and the two leaders also met successfully in Busan, South Korea, in October.Xi said that this year, both China and the US have a number of important agendas.While China is entering the first year of its 15th Five-Year Plan (2026-30) period, the US will mark the 250th anniversary of its founding, he noted, adding that the two countries will also respectively host the Asia-Pacific Economic Cooperation Economic Leaders' Meeting and the Group of 20 Summit.Xi said that the two sides should act on the common understandings they have reached, strengthen dialogue and communication, properly manage differences and expand practical cooperation.Citing an ancient Chinese adage that "an act of kindness, no matter how trivial, is worth performing, while an act of evil, no matter how small, must be shunned", Xi called on China and the US to work through things step by step and constantly build mutual trust to forge the right way of getting along with each other.The two countries can make 2026 a year in which China and the US, as two major countries, move toward mutual respect, peaceful coexistence and win-win cooperation, Xi said.Regarding the Taiwan question, Xi told Trump that it is the most important issue in China-US relations.The Taiwan region is part of China's territory, and China must safeguard its national sovereignty and territorial integrity, and will never allow Taiwan to be separated from the country, Xi said, urging the US to handle the issue of arms sales to Taiwan with utmost prudence.After the phone call, Trump wrote in a social media posting that he had "just completed an excellent telephone conversation with President Xi of China. It was a long and thorough call", and many important subjects were discussed.Trump said in the phone call that the US and China are both great countries, and the US-China relationship is by far the most important in the world.He noted that he has a great relationship with President Xi and that he has a lot of respect for him. Under the guidance of the two leaders, the US and China are doing well in the areas of economy and trade, Trump said.Trump said he wants to see China succeed, and the US would like to work with China to make more progress in bilateral ties.The US president said he understands how China feels about the Taiwan question, adding that he would like the two sides to continue talking with each other and keep the relationship in good shape during his presidency.practical cooperation /ˈpræktɪkəl koʊˌɑːpəˈreɪʃən/务实合作peaceful coexistence /ˈpiːsfəl ˌkoʊɪɡˈzɪstəns/和平共处win-win cooperation /ˌwɪn ˈwɪn koʊˌɑːpəˈreɪʃən/合作共赢national sovereignty /ˈnæʃnəl ˈsɑːvrənti/国家主权APEC Economic Leaders' Meeting /ˈeɪpek ˌiːkəˈnɑːmɪk ˈliːdərz/亚太经合组织领导人会议G20 Summit /ˌdʒiː ˈtwenti ˈsʌmɪt/二十国集团峰会

For Huang Xiaozhen, the future of artificial intelligence isn't about computing power or algorithmic scale, but about something far more ordinary: the quiet click of a light switch.在黄晓真看来，人工智能的未来并不取决于算力规模或算法复杂度，而在于更为日常、甚至平凡的场景——比如轻轻按下电灯开关的那一刻。As head of business-to-business operations at MiniMax Group Inc, a rising Chinese AI unicorn, Huang sees the current wave of innovation less as a technological leap than as a transition toward being ubiquitous.作为中国新晋人工智能独角兽企业MiniMax集团的B端业务负责人，黄晓真认为，当下这股创新浪潮与其说是一场技术飞跃，不如说是一次走向“无处不在”的转变。"As the technology iterates, AI will become like water, electricity or coal — the fundamental infrastructure of our existence," Huang said. "It will be everywhere in our lives and work."黄晓真表示：“随着技术不断迭代，人工智能将像水、电、煤一样，成为支撑我们生存与发展的基础性基础设施，它将无处不在，融入我们的生活与工作之中。”The vision widely shared by AI optimists has increasingly aligned with the nation's official policy.这一在人工智能乐观主义者中广泛流行的愿景，正日益与国家层面的官方政策形成高度契合。In its recommendations for formulating the 15th Five-Year Plan (2026-30) for national economic and social development, the Communist Party of China Central Committee called for "forward-looking plans" for future industries, urging exploration of diverse technology road maps, application scenarios, business models and regulatory frameworks.在关于制定国民经济和社会发展第十五个五年规划（2026—2030年）的建议中，中共中央提出要对未来产业进行“前瞻性布局”，并鼓励探索多样化的技术路线、应用场景、商业模式和监管框架。The document explicitly listed quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied artificial intelligence and 6G mobile communications as new drivers of growth.该文件明确将量子技术、生物制造、氢能与核聚变能源、脑机接口、具身人工智能以及6G移动通信等列为新的增长动能。The confidence of China's AI practitioners received a major boost in April 2025, when President Xi Jinping visited the Shanghai Foundation Model Innovation Center, one of the country's most active AI hubs.2025年4月，习近平主席考察上海大模型创新中心——这一全国最为活跃的人工智能集聚区之一，中国人工智能从业者的信心由此大幅提振。Standing among developers and entrepreneurs, Xi, who is also general secretary of the CPC Central Committee, described artificial intelligence as "a young cause, and a cause for young people", encouraging them to align personal ambition with China's modernization drive.在开发者和创业者中间，习近平总书记将人工智能形容为“一项年轻的事业，也是一项属于年轻人的事业”，并鼓励大家将个人理想追求融入中国式现代化进程之中。According to the Ministry of Industry and Information Technology, China had more than 6,000 AI enterprises last year, while the scale of the country's core AI industry was expected to have exceeded 1.2 trillion yuan ($172.6 billion) in 2025.工业和信息化部数据显示，去年我国人工智能企业数量已超过6000家，2025年核心人工智能产业规模预计突破1.2万亿元人民币（约合1726亿美元）。The president's visit, combined with subsequent policy measures, has strengthened confidence among startups facing intense competition, according to executives working inside the ecosystem.多位业内高管表示，总书记的考察以及随后出台的一系列政策举措，显著增强了在激烈竞争环境中奋战的初创企业信心。Zhang Yun, a deputy general manager at the center, said the visit validated the pace and direction of the hub's development.该中心副总经理张云表示，此次考察充分肯定了创新中心的发展节奏和方向。"Nearly 75 percent of our workforce is under the age of 35," Zhang said. "We're seeing founders who are barely 30. As AI tools become more powerful, teams are getting smaller, younger and faster."张云说：“我们团队中近75%的员工年龄在35岁以下，一些创始人甚至刚满30岁。随着人工智能工具能力不断增强，团队正呈现出规模更小、成员更年轻、反应更迅速的趋势。”The center operates on what participants describe as a philosophy of proximity. "Upstairs and downstairs are upstream and downstream," Zhang said, referring to the close physical clustering of foundational model developers and application companies, which allows for rapid iteration and feedback.该中心运行秉持着参与者所称的“近距离协同”理念。张云解释说：“楼上楼下就是上下游”，基础模型研发团队与应用企业在物理空间上的高度集聚，使快速迭代和反馈成为可能。Yao Zhendi, CEO of Cyber Partner AI Co, said the youthfulness of the sector reflects the nature of the technological challenge itself."We're no longer doing 'one to 10' innovation, where you just improve something that already exists," Yao said.上海魂伴科技有限责任公司首席执行官姚振迪表示，该行业的年轻化正是技术挑战本身特性的体现。“我们不再是做‘一到十'的创新，只是在原有基础上改进。”他说。"We're doing 'zero to one'. There's no formula and no homework to copy. We're defining what this technology becomes."“我们做的是‘从零到一'。既没有公式可循，也没有作业可抄，而是在定义这项技术最终会成为什么。”He added that national planning documents emphasize not only AI, but the integration of embodied intelligence across industries, with a forward-looking approach to development.他补充指出，国家规划文件强调的不只是人工智能本身，还包括具身智能在各行业中的融合应用，并以前瞻性视角推动相关发展。Over the next five years, he said, AI is expected to penetrate daily life and a wide range of sectors in line with the 15th Five-Year Plan.他表示，未来五年，在“十五五”规划指引下，人工智能有望深入渗透日常生活和多个产业领域。His company is working on the convergence of the "brain", meaning large-scale models, and the "body", referring to embodied intelligence — a frontier where software meets robotics.其公司正致力于推动“脑”（即大模型）与“身体”（即具身智能）的融合，这一前沿领域正是软件与机器人技术的交汇点。Paradigm shift范式转变The national strategy outlined in the 15th Five-Year Plan proposals calls for a paradigm shift in scientific research and a focus on self-reliance in breakthroughs in chips, algorithms and data.“十五五”规划建议所勾勒的国家战略，呼吁科研范式发生转变，并将重点放在芯片、算法和数据等关键领域的自主突破上。For Wang Le, CEO of Shanghai SiliconPear Technology Co, the transformation is already playing out on factory floors and toy shelves.对上海喜梨信息科技有限公司首席执行官王乐而言，这一转型已在工厂车间和玩具货架上悄然展开。Wang's company exports to more than 30 countries and uses AI to upgrade traditional manufacturing.王乐的公司产品出口至30多个国家，并通过人工智能技术推动传统制造业升级。"We're turning toys from simple manufactured goods into high-tech consumer products," Wang said."It's no longer just about branding. It's about embedding technology to upgrade the entire supply chain, which gives Chinese products a distinct global competitive edge."王乐表示：“我们正在把玩具从简单的制造品转变为高科技消费品。这已经不只是品牌问题，而是通过技术嵌入实现整个供应链的升级，从而赋予中国产品独特的全球竞争优势。”Xi's visit to the Shanghai Foundation Model Innovation Center came after he presided over a group study session of the Political Bureau of the CPC Central Committee, highlighting the need to promote the healthy and orderly development of AI in a beneficial, safe and fair direction.习近平考察上海大模型创新中心之前，曾主持中共中央政治局集体学习，强调要推动人工智能朝着有益、安全、公平方向健康有序发展。Huang, from MiniMax, said that companies across the AI value chain are directly feeling the impact of State support. From his perspective, policies aimed at supporting models and application scenarios are accelerating innovation and technical iteration across the industry.MiniMax的黄晓真表示，人工智能产业链各环节企业正切身感受到国家支持带来的影响。在他看来，围绕模型和应用场景的政策扶持，正在加速全行业的创新和技术迭代。"It's clear that more and more enterprises, scenarios and applications are moving toward AI," Huang said. "Many new startups are designing products and use cases based entirely on current AI capabilities. This looks more like a society-wide embrace of AI, and the growth of the entire industry chain is extremely fast."他说：“可以清楚地看到，越来越多的企业、场景和应用正在向人工智能靠拢。许多新创公司完全基于现有AI能力来设计产品和应用场景，这更像是一场全社会层面的AI拥抱，整个产业链的增长速度极其迅猛。”Zhou Chen, CEO of Zhejiang Dex-Robot Intelligent Technology, said Xi has explicitly called for accelerating the application of AI in technological innovation and industrial development, a signal that Zhou sees as materially beneficial for enterprises.浙江灵巧智能科技有限公司首席执行官周晨表示，习近平明确提出要加快人工智能在科技创新和产业发展中的应用，这一信号对企业而言具有实实在在的利好意义。He pointed to concrete policy measures such as subsidized computing power and pilot programs for new models. China launched a 60 billion yuan AI industry investment fund to support the development of the whole AI industrial chain.他指出，诸如算力补贴、新模型试点项目等具体政策措施正在落地实施。同时，中国还设立了规模达600亿元人民币的人工智能产业投资基金，用于支持整个AI产业链发展。"They allow companies to be bold and try things first," Zhou said."Ultimately, it helps improve human efficiency and reduce defect rates in manufacturing."周晨表示：“这些政策让企业可以大胆探索、先行先试，最终有助于提升人效、降低制造业缺陷率。”Zhou cited incentives including free or subsidized computing resources, early access to models, and funding for major research projects as mechanisms that encourage companies to experiment.周晨列举了多项激励机制，包括免费或补贴算力资源、提前接入模型以及重大科研项目资金支持，这些都有效鼓励企业开展探索性实践。He argued that China has structural advantages in pursuing such technologies: a complete industrial supply chain, a wide range of real-world application scenarios that generate data, and growing domestic computing capacity.他认为，中国在发展相关技术方面具备结构性优势，包括完备的产业链体系、能够持续产生数据的丰富现实应用场景，以及不断提升的本土算力能力。While much of the focus remains on domestic self-reliance, officials and researchers say China's AI ambitions also have an outward-facing dimension.尽管当前重点仍放在国内自主可控上，但多位官员和研究人员指出，中国的人工智能发展目标同样具有面向国际的外向维度。International public good国际公共产品Yan Weixin, chief scientist at the Shanghai Artificial Intelligence Research Institute, said Xi has called for AI to be developed as an international public good that benefits humanity.上海人工智能研究院首席科学家闫维新表示，习近平提出要将人工智能打造为造福全人类的国际公共产品。Yan said China has launched initiatives related to AI reinforcement learning and sustainable development, and has begun sharing algorithms and models with partner countries, including those participating in the Belt and Road Initiative.闫维新介绍称，中国已启动多项与人工智能强化学习和可持续发展相关的倡议，并开始与包括共建“一带一路”国家在内的合作伙伴共享算法和模型。These technologies are being applied to areas such as disaster warning systems and low-carbon industrial facilities overseas, he said.他说，这些技术已在海外被应用于灾害预警系统和低碳工业设施等领域。Highlighting the link between energy and computation, he said: "AI consumes energy, and energy defines computing power. In the future, there will be deep integration between new energy and dynamic computing."他强调能源与计算之间的关联指出：“人工智能消耗能源，而能源决定算力。未来，新能源与动态计算之间将实现深度融合。”Otto Heinrich Herzog, an academician of the German National Academy of Science and Engineering and a professor at Tongji University in Shanghai, said he has been struck by the speed with which policies translate into implementation in China.德国国家科学与工程院院士、同济大学教授奥托·海因里希·赫尔佐格表示，中国政策从制定到落地实施的速度给他留下了深刻印象。"When something aligns with strategy in China, it really gets implemented," Herzog said. "That's something you don't experience in the same way in Europe."赫尔佐格说：“在中国，只要一项举措符合国家战略，就会真正被执行落实。这是在欧洲难以同样体会到的。”forward-looking /ˌfɔːwəd ˈlʊkɪŋ/前瞻性的embodied artificial intelligence /ɪmˈbɒdid ˌɑːtɪˈfɪʃəl ɪnˈtɛlɪdʒəns/具身人工智能value chain /ˈvæljuː tʃeɪn/价值链pilot program /ˈpaɪlət ˈprəʊɡræm/试点项目dynamic computing /daɪˈnæmɪk kəmˈpjuːtɪŋ/动态计算

China's national immigration authorities significantly enhanced their service efficiency in 2025, processing a record 697 million border crossings, a 14.2 percent increase from the previous year.2025年，中国国家出入境管理机关大幅提升服务效率，处理出入境人次达6.97亿次，创历史新高，较上年增长14.2%。According to data announced by the National Immigration Administration on Wednesday, foreign nationals accounted for more than 82 million crossings, a year-on-year rise of 26 percent. Notably, over 30 million foreign nationals entered China visa-free, almost 50 percent more than last year, making up 73 percent of all foreign entries.根据国家移民管理局周三公布的数据，外国公民跨境入境超过8200万人次，同比增长26%。值得注意的是，逾3000万外国公民免签入境中国，较去年增长近50%，占外国入境总量的73%。Residents from the Chinese mainland made 335 million crossings, up 15 percent, while those from Hong Kong, Macao and Taiwan made nearly 280 million crossings, up 10 percent compared with 2024.来自中国大陆的居民跨境往来达3.35亿人次，同比增长15%；来自香港、澳门和台湾地区的居民跨境往来近2.8亿人次，较2024年增长10%。Lyu Ning, the administration's spokeswoman, noted that the immigration sector has advanced policy reform and innovation, implementing targeted measures to underpin high-quality development and inject new impetus into the national economy.国家移民管理局新闻发言人吕宁指出，国家移民管理局推进政策创新改革，实施精准举措，为高质量发展提供支撑，为国民经济注入新动力。To facilitate exchanges, authorities expanded the pilot program for online travel document applications for mainland residents to 50 cities, with 457,000 successful online applications recorded.为促进交流，国家移民管理局将内地居民网上申请旅行证件的试点计划扩大至50个城市，共录得45.7万宗成功网上申请。Additionally, Indonesia was added to the list of countries eligible for the 240-hour visa-free transit policy, and five more ports in Guangdong province were designated for the policy, bringing the national total to 65.此外，印度尼西亚被纳入240小时免签过境政策适用国家名单，广东省新增5个口岸实施该政策，使全国实施该政策的口岸总数达到65个。Visa-free entry for tourist groups from Association of Southeast Asian Nations member countries to Xishuangbanna Dai autonomous prefecture in Yunnan province was also launched. In coordination with relevant departments, the administration increased the count of China's unilateral visa-free countries to 48 and mutual visa exemption countries to 29, bringing the total number of countries granting unilateral visa-free access to China to 28.同时，对东盟成员国旅游团赴云南省西双版纳傣族自治州实施免签政策。经协调相关部门，中国单方面免签国家增至48个，互免签证国家增至29个，对华实施单方面免签的国家总数达到28个。Lyu noted that while ensuring efficient cross-border travel, these initiatives have fueled the boom in "Travel in China" and "Shop in China" campaigns, elevating China's image as an open, inclusive and dynamic country.吕宁指出，这些举措在保障跨境出行高效顺畅的同时，也推动了“中国游”和“中国购”活动的蓬勃发展，提升了中国作为开放包容、充满活力的国家形象。Data from the Ministry of Commerce showed that the expanded visa-free policies and optimized tax refund measures have further boosted these campaigns, with sales of tax-refundable goods nearly doubling.商务部数据显示，扩大的免签政策和优化的退税措施进一步推动了上述活动，退税商品销售额几乎翻了一番。Dai Bin, president of the China Tourism Academy, pointed out that China's tourism industry has become more open and inclusive over the past year and over the 14th Five-Year Plan (2021-25) period, making important contributions to the prosperity of the global tourism sector.中国旅游研究院院长戴斌指出，过去一年及“十四五”期间，中国旅游业更加开放包容，为全球旅游业繁荣发展作出重要贡献。China's high-level opening-up policies, covering visas, immigration, port access, tax refunds and payment facilitation, have significantly improved entry convenience for international travelers.中国实施的高水平开放政策，涵盖签证、入境、港口准入、退税及支付便利化等领域，显著提升了国际旅客入境的便利性。He described 2025 as a landmark year for China's institutional opening-up in tourism. China is now a global leader in tourism exchanges with countries involved in the Belt and Road Initiative in Southeast Asia, West Asia, Africa, and Latin America, while tourism exchanges with Europe have almost returned to the 2019 levels, he said.戴斌将2025年称为中国旅游业制度性开放的里程碑之年。他表示，中国目前已成为与东南亚、西亚、非洲和拉丁美洲等“一带一路”沿线国家旅游交流的全球领头羊，而与欧洲的旅游交流已基本恢复到2019年水平。Looking ahead to 2026 and the 15th Five-Year Plan (2026-30) period, Dai emphasized that China is poised to play a bigger role in global tourism development.展望2026年及第十五个五年规划（2026-2030年）期间，戴斌强调中国将在全球旅游业发展中发挥更重要的作用。The National Immigration Administration said it will continue to expand and deepen high-level opening-up to the outside world, optimize immigration policies and respond to public demands, with a view to boosting economic and social development through continuous reform and innovation.国家移民管理局表示，将持续扩大深化高水平对外开放，优化移民政策，回应公众诉求，通过持续改革创新推动经济社会发展。

In the new year, leaders of nations in Asia, Europe and North America have traveled to China to discuss reinforcing bilateral ties and expanding pragmatic cooperation, and countries such as Finland have confirmed or planned visits to China by their leaders in the near future.Observers said one major reason behind the visits is that Beijing projects great predictability and consistency in its domestic and foreign policy, signaling tangible and continued mutual benefit in a world plagued by soaring geopolitical tensions, unilateralism and hegemony.The next guest will be Finnish Prime Minister Petteri Orpo, who is scheduled to make a four-day official visit to China starting on Sunday.The first head of state and the first foreign minister that Beijing received in 2026 both came from neighboring countries — Republic of Korea President Lee Jae-myung and Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar.After President Xi Jinping's meeting with Lee on Jan 5, the two heads of state jointly witnessed the signing of 15 cooperation documents covering fields including scientific and technological innovation, the environment, transportation and trade.The official visit by Taoiseach of Ireland Micheal Martin, from Jan 4-8, was the first by an Irish prime minister in 14 years, giving fresh momentum to both bilateral and China-EU ties.Last week, Canadian Prime Minister Mark Carney made an official visit to China, and the two sides issued a joint statement of the China-Canada leaders' meeting, vowing to advance outcomes in areas including trade, energy, public security, culture and multilateralism.As reported by the Canadian newspaper Toronto Sun, Melanie Joly, Canada's industry minister, told reporters in Beijing that "the conversations here have been more predictable and stable than sometimes with other countries, including our neighbor".Recently, media outlets in Britain and Germany have reported that British Prime Minister Keir Starmer and German Chancellor Friedrich Merz may visit China later this year.The visits to China have helped nations, and will help more countries, improve their perception of China and rediscover the vast potential of the Chinese market, experts said.Vice-Foreign Minister Sun Weidong told a symposium on Monday that this year marks the first year of China's 15th Five-Year Plan (2026-30) period and that China "will further step up its high-level opening-up".Wang Huiyao, president of the Beijing-based Center for China and Globalization, said the visits to China took place as unilateral bullying practices "have sparked widespread concern in the international community", and "the momentum of unilateralism is on the rise in transatlantic relations".Taking Canada as an example, Wang said the rebound in China-Canada relations "is both a testament to the strategic wisdom of both sides and a natural choice that aligns with public opinion and market realities".Gao Fei, president of China Foreign Affairs University, said countries clearly know who are serving as stabilizers in this volatile world, and "China is the most predictable one among the major countries".As many countries speak positively of China's role in peace, stability and growth, some of their leaders visited in the new year to learn more about China's wisdom and solutions, he added.As part of efforts by working teams from China and these countries to realize the leaders' fresh consensus, Chinese and ROK officials on Monday kicked off the 13th round of follow-up negotiations on services and investment under the China-ROK Free Trade Agreement.Wang Junsheng, a researcher on Northeast Asia studies at the Chinese Academy of Social Sciences' National Institute of International Strategy, noted that as the global economy remains sluggish and trade protectionism prevails, countries such as the ROK are grappling with challenges like tariff wars."In this context, maintaining stable economic and trade cooperation with China is crucial for the ROK's economic growth," Wang said."The global industrial supply chain is being disrupted by trade protectionism, so stable cooperation between the ROK and China in supply chain-related sectors is also of the utmost importance," he added.

China's top economic regulator says authorities will unveil a plan within the year on implementing the strategy to boost consumption. It will cover the 15th Five Year Plan period until 2030.

China's economy hit a major milestone in 2025, surpassing 140 trillion yuan in GDP. What has driven this growth — and what challenges lie ahead? In this episode of The Hub, host Wang Guan is joined by a panel of experts to discuss economic resilience, technological and industrial upgrading, the priorities of the upcoming 15th Five-Year Plan, and China's evolving role in the global economy. What forces are shaping China's next phase of development?

China's economy demonstrated strong resilience in 2025, with growth holding firm despite mounting external pressures and internal structural adjustments, while new growth drivers are taking shape to support sustainable expansion going forward, said officials and experts.政府工作人员和专家指出，2025年中国经济展现出强劲韧性，在外部压力不断加剧和内部结构调整的双重背景下，经济增长依然保持稳健，同时新的增长动力正在形成，为未来可持续扩张提供支撑。Official data released on Monday showed that China's gross domestic product grew 5 percent last year, meeting the country's annual target of around 5 percent. The hard-won performance, achieved amid heightened tariff pressures, has laid a solid foundation for a steady start to economic growth in 2026, reinforcing confidence that the world's second-largest economy remains on a stable trajectory.官方周一公布的数据显示，中国去年国内生产总值增长5%，实现了约5%的年度增长目标。在关税压力加剧的背景下取得的这一来之不易的成绩，为2026年经济增长平稳开局奠定了坚实基础，增强了市场信心，表明这个全球第二大经济体仍保持着稳定发展态势。As China enters the opening year of its 15th Five-Year Plan (2026-30) period, economists said policymakers are set to press ahead with front-loaded fiscal support to boost domestic demand, alongside a moderately accommodative monetary stance aimed at lifting prices and easing financing costs.随着中国迎来第十五个五年规划（2026-2030年）的开局之年，经济学家指出，政策制定者将推进前置性财政支持以提振内需，同时采取适度宽松的货币政策立场，旨在提振物价并降低融资成本。The country's annual GDP came in at 140.19 trillion yuan ($20.13 trillion) in 2025, according to the National Bureau of Statistics. In the fourth quarter of 2025, the Chinese economy grew 4.5 percent year-on-year, following 4.8 percent growth in the third quarter.国家统计局数据显示，2025年中国国内生产总值（GDP）达140.19万亿元（合20.13万亿美元）。2025年第四季度，中国经济同比增长4.5%，此前第三季度增速为4.8%。Kang Yi, head of the NBS, said that the latest indicators fully demonstrate the Chinese economy's steady progress, resilience under pressure, and vitality in moving toward higher-quality and innovation-driven development.国家统计局局长康义表示，最新指标充分展现了中国经济稳步前进的态势、在压力下的韧性，以及在迈向更高质量、创新驱动发展道路上的活力。"China's average annual contribution to global economic growth stood at around 30 percent throughout the 14th Five-Year Plan (2021-25) period. With a complete industrial system, China has played a stabilizing role in global supply chains and injected much-needed stability into a world economy undergoing turbulence and transformation," he said.中国在“十四五”规划（2021-2025年）期间，对全球经济增长的年均贡献率保持在30%左右。凭借完整的产业链体系，中国在全球供应链中发挥着稳定器作用，为动荡转型中的世界经济注入了急需的稳定力量。Guan Tao, global chief economist at BOCI China, said that China's economy has delivered "hard-won" results in 2025, featuring breakthroughs in technological advances and emerging consumption phenomena, setting the stage for a 2026 GDP growth target possibly at 4.5 percent to 5 percent.中银证券全球首席经济学家管涛表示，2025年中国经济取得“来之不易”的成果，技术进步实现突破性进展，消费呈现新形态，为2026年GDP增速目标设定4.5%至5%的区间奠定基础。"In 2025, when people talked about China, things like DeepSeek, Ne Zha 2, Unitree humanoid robots, the overseas expansion of innovative pharmaceuticals, and Jiangsu Football City League, or Suchao, all showed that China's economy has been full of highlights, whether in consumption recovery or technological innovation," Guan said.管涛表示：“在2025年，当人们谈论中国时，话题转向了诸如DeepSeek、《哪吒2》、宇树人形机器人、创新药出海、江苏城市足球联赛‘苏超'等新事物；焦点无论是消费复苏还是科技创新，都展现出中国经济的亮点纷呈；都无不印证着中国经济的蓬勃生机。”Citing the latest indicators, Sheana Yue, a senior economist at British think tank Oxford Economics, said that the fourth quarter's continued momentum appeared to be driven by stronger industrial activity and exports in December, which offset still weak domestic demand.英国智库牛津经济研究院高级经济学家岳喜娜援引最新指标指出，第四季度经济持续增长的动能似乎源于12月工业活动和出口的强劲表现，这抵消了国内需求依然疲软的影响。NBS data showed that China's value-added industrial output rose 5.2 percent in December, following 4.8 percent growth in November.国家统计局数据显示，中国12月工业增加值同比增长5.2%，高于11月的4.8%增速。"Our estimates suggested high-tech manufacturing, including transport equipment, electrical machinery and electronics manufacturing, continued to outperform at the end of 2025," Yue said.岳喜娜：“我们的估算显示，包括运输设备、电机和电子制造在内的高科技制造业，在2025年底仍保持着强劲增长态势。”According to the NBS, retail sales, a key indicator of consumer spending, increased 0.9 percent in December, while China's fixed-asset investment decreased 3.8 percent in 2025.据国家统计局数据显示，作为消费支出重要指标的零售额在12月增长0.9%，而2025年中国固定资产投资同比下降3.8%。Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said that looking ahead to 2026, the impact of high tariffs imposed by the United States on global trade and China's exports is expected to become more pronounced, weakening the contribution of external demand to economic growth and requiring domestic demand to step in more decisively.东方金诚首席宏观分析师王青表示，展望2026年，美国高关税对全球贸易和中国出口的影响预计将更加显著，这将削弱外需对经济增长的贡献，需要内需更果断地接棒。"We expect that, with more proactive and effective macroeconomic policies continuing to gain strength, consumption will accelerate further in 2026, and investment will stabilize after bottoming out," he said.王青表示：“随着更积极有效的宏观经济政策持续发力，预计2026年消费将进一步加速增长，投资将在触底后趋于稳定。”With 2026 marking the opening year of China's 15th Five-Year Plan, Xu Hongcai, deputy director of the economic policy committee of the China Association of Policy Science, said that ensuring a smooth economic start will be critical, and called for stable, consistent and moderately forceful macro policies.2026年标志着中国第十五个五年规划的开局之年。中国政策科学研究会常务理事、经济政策委员会副主任徐洪才指出，确保经济平稳开局至关重要，呼吁实施稳定、连贯且力度适中的宏观政策。Fiscal policy should remain proactive, he said, suggesting that the fiscal deficit ratio remain at around 4 percent, supported by the continued issuance of long-term treasuries to boost consumption, improve public well-being and mitigate local government debt risks. He added that monetary policy should stay moderately accommodative, with room for further cuts to interest rates and the reserve requirement ratio.徐洪才表示，财政政策应保持积极，建议财政赤字率维持在4%左右，同时继续发行长期国债以提振消费、改善民生并缓解地方政府债务风险。他还指出，货币政策应保持适度宽松，存在进一步下调利率和存款准备金率的空间。Going forward, Xu said that China's economic growth in 2026 is expected to remain within a reasonable range, with improving quality, a more optimized structure and steady progress toward high-quality development.徐洪才表示，展望未来，2026年中国经济增长预计将保持在合理区间，质量不断提升，结构持续优化，朝着高质量发展稳步迈进。Choi Yong-ho, chief executive officer and chief happiness officer of South Korean entertainment technology company Galaxy Corp, said China's market holds virtually unlimited development potential. "It is creative, innovative and dynamic, and it is already at the global forefront in multiple industries."韩国娱乐科技独角兽Galaxy Corp首席执行官兼首席幸福官崔龙湖表示，中国市场蕴藏着几乎无限的发展潜力。“这个市场充满创造力、创新精神和活力，已在多个行业处于全球领先地位。”"China's strong capabilities in robotics and artificial intelligence are leading industrial development, and its younger generation represents a highly capable and promising talent base. With these advantages, I believe the Chinese market will continue to grow, with a very optimistic outlook," he said.崔龙湖表示：“中国在机器人和人工智能领域的强大实力正引领着工业发展，其年轻一代代表着一支能力出众、充满希望的人才队伍。凭借这些优势，我相信中国市场将继续增长，前景非常乐观。”humanoid robot/ˈhjuː.mə.nɔɪd/n.人形机器人trajectory/trəˈdʒek.tɚ.i/n.轨道；态势

China will cut interest rates on targeted monetary policy tools and expand related quotas to spur lending in key areas and improve market expectations, underscoring policymakers' resolve to support a solid economic start to the 15th Five-Year Plan (2026-30) period, officials and experts said.官员和专家表示，中国将下调定向货币政策工具利率并扩大相关额度，以促进重点领域信贷投放、改善市场预期，凸显政策层支持“十五五”规划（2026—2030年）开局良好的坚定决心。Zou Lan, vice-governor of the People's Bank of China, said on Thursday that the central bank will reduce interest rates of various structural monetary instruments by 0.25 percentage points as it implements a moderately accommodative monetary policy, with the one-year rate on central bank lending facilities to be lowered from 1.5 percent to 1.25 percent.中国人民银行副行长邹澜周四表示，在实施适度宽松的货币政策背景下，央行将把多项结构性货币政策工具利率下调25个基点，其中一年期央行贷款工具利率将由1.5%下调至1.25%。Interest rates for other maturities will be adjusted accordingly, with effect from Monday.其他期限的利率也将相应调整，并自周一起生效。Speaking at a news conference, Zou said the quota of key structural monetary instruments will be expanded. This includes a central bank lending quota worth 1 trillion yuan ($143.4 billion) to support small and medium-sized private companies, and a 400 billion yuan increase in the central bank lending quota for technological innovation and upgrades, bringing the total to 1.2 trillion yuan.邹澜在新闻发布会上表示，重点结构性货币政策工具额度将进一步扩大。其中包括新增1万亿元人民币（约1434亿美元）的央行贷款额度，用于支持中小民营企业；同时，将科技创新和技术改造领域的央行贷款额度增加4000亿元，使总规模达到1.2万亿元。In terms of broad-based easing measures, Zou said there remains room this year for benchmark interest rate cuts and reductions in the reserve requirement ratio, or RRR — the proportion of deposits that banks must hold as reserves, which now stands at 6.3 percent on average.在全面宽松措施方面，邹澜表示，今年基准利率下调以及下调存款准备金率（RRR）仍有空间。目前银行存款准备金率平均为6.3%。"Overall, the exchange rate does not pose a strong constraint (on interest rate cuts)," Zou said. Domestically, he said that net interest margins of banks started to stabilize in 2025, and that the latest reduction in rates on structural policy tools will further lower funding costs of banks, making room for broad-based rate cuts.“总体来看，汇率并未对降息形成明显制约。”邹澜表示。从国内情况看，银行净息差在2025年开始企稳，而此次下调结构性政策工具利率将进一步降低银行资金成本，为全面降息创造空间。Lou Feipeng, a researcher at the Postal Savings Bank of China, said the policy package has sent a clear signal of targeted easing, helping anchor market expectations while strengthening the precision and sustainability of financial support for the real economy.中国邮政储蓄银行研究员娄飞鹏表示，该政策组合释放了明确的定向宽松信号，有助于稳定市场预期，同时提升金融支持实体经济的精准性和可持续性。"With banks' net interest margins stabilizing and about 50 trillion yuan of medium- to long-term deposits set to mature in 2026, expectations for a first-quarter RRR cut have strengthened. Heavy government bond issuance in January and related liquidity demand could further raise the odds of such a move," Lou said.娄飞鹏指出，随着银行净息差趋稳，且约50万亿元的中长期存款将于2026年到期，市场对一季度降准的预期有所增强；1月份地方和中央政府债券的集中发行及其带来的流动性需求，或将进一步提高降准的可能性。Zou, the central bank vice-governor, vowed to increase liquidity injections and flexibly conduct open market operations of buying and selling government bonds to create a supportive monetary and financial environment for the smooth issuance of government debt.央行副行长邹澜表示，将加大流动性投放力度，灵活开展买卖国债的公开市场操作，为政府债券平稳发行营造良好的货币金融环境。Zou added that the minimum down payment ratio for loans to purchase commercial properties will be lowered to 30 percent to help reduce inventory in the commercial real estate market.邹澜还表示，购买商业用房贷款的最低首付比例将下调至30%，以帮助消化商业房地产市场库存。Ming Ming, chief economist at CITIC Securities, said, "Given current capital market conditions, the new policies — cutting rates on structural tools while keeping an active tone on broad-based measures — will serve the dual goals of stabilizing market expectations and preventing asset bubbles."中信证券首席经济学家明明表示：“在当前资本市场环境下，此次政策在下调结构性工具利率的同时保持对全面措施的积极基调，将有助于同时实现稳定市场预期和防范资产泡沫的双重目标。”According to Zou, the renminbi exchange rate is expected to continue "moving in both directions with flexibility", with China's vast market and complete industrial chain to help offset external uncertainties.邹澜表示，人民币汇率有望继续保持“双向波动、弹性增强”的运行态势，中国庞大的市场规模和完整的产业链将有助于对冲外部不确定性。targeted monetary policy tools 定向货币政策工具structural monetary instruments结构性货币政策工具central bank lending facilities 央行贷款工具reserve requirement ratio (RRR)存款准备金率net interest margin /net ˈɪntrəst ˈmɑːrdʒɪn/净息差liquidity injections /lɪˈkwɪdəti ɪnˈdʒekʃənz/流动性投放

Where do you see yourself in five years? Does that question fill you with excitement, or a quiet sense of dread? We are wired differently. For many people, myself included, the question is not difficult to answer because we lack imagination. It is difficult because it speaks a different language from our natural way of being. We are not compelled by any outcome-oriented approach to planning, conceiving, or measuring success. And yet this orientation is often treated as a default mode we should all operate within. When the Five-Year Plan Feels Constricting Rather Than Motivating “But everyone has a dream,” we might be told, as if struggling to articulate a five-year vision means we are hiding something from ourselves. I have never been able to articulate a grand plan in the way this question assumes. I struggle to picture the future concretely, because it unfolds piece by piece. It always has. And I genuinely love watching how things emerge across different areas of life in ways I could not have foreseen. What drives me is something quieter and steadier. A creative impulse. A desire to make things, to explore what might happen, to respond to what is in front of me, and to integrate what has come before. My life does not move in straight lines. It has grown around and within my values, with seemingly unrelated dots connecting in unexpected ways. Maybe you relate to this? https://youtu.be/qFqIvsBB9HA “If you don't know where you're going, any road will get you there.” This quote, inspired by Alice in Wonderland, reminds me of the five-year question. For some, it sounds like a warning. A demand to define the destination so the “correct” road can be chosen. For others, it feels like permission. A reminder that movement itself shapes direction, and that choosing a road does not require certainty about where it leads. Two Approaches to Growing Life There is research that can help us better understand this difference. In an episode about Late Blooming, Kendra Patterson pointed to a study by David Galenson and Bruce Weinberg, who observed patterns in the careers of Nobel Prize winners in economics. They identified two broad orientations to creative innovation. Some people are conceptual innovators. They work deductively. They begin with a clear idea and organise themselves towards it. In the study, these individuals often made their most significant contributions early in life, sometimes in their twenties. Others are experimental innovators. They work inductively. Their contribution emerges step by step through trial, discovery, accumulation, and integration. Their most meaningful work often did not appear until their fifties. Sometimes later. That is a thirty-year difference. Experimental Thinkers and Emergent Direction Experimental lives unfold differently. They need time, space, and patience. Decisions cannot be judged too early, and meaning emerges through lived experience rather than advance planning. These lives are not oriented towards a clearly imagined endpoint, but towards allowing something to take shape over time. Our dominant culture tends to favour the conceptual orientation for obvious reasons. Goals are easier to measure than processes, and outcomes are more reassuring than slow inquiry. So when more experimental people are asked to account for themselves in conceptual language, we can experience a disconnect. The five-year plan. Starting with the end in mind. Being asked to justify movement only if the destination can be named in advance. We might learn to force an answer anyway, for fear of sounding vague and sketchy. Perhaps we adapt our path to fit the question, sometimes tethering ourselves to targets that outlive their purpose. If You Can’t Articulate The Plan, You May Be Asking Different Questions Experimental people tend to better orient around different questions. Not “where do I want to get to?” but “does this path feel worth exploring?”Not “how will I know I have succeeded?” but “what tells me I’m on the right path for now?” This does not mean anything goes. Our values provide an inner compass. A filter through which decisions pass. Experimental consistency grows in relationship with deeper principles, even when they are not fully formed or easy to articulate. We sense them in how something feels. Whether it feels solid, expansive, and quietly right, even in the face of uncertainty. That is very different from hit-and-hope searching. An Unfinished Map The problem begins when we are pressured to live by a map that does not match the territory of our own experience. The Return To Serenity Island grew directly out of this recognition. It was never designed to answer the question of direction. It emerged from understanding the difference between conceptual and experimental ways of moving through life, and from a desire to honour growth and change without forcing myself into a shape that did not fit. The image of mapping an island felt natural. A way of imagining life not as something to optimise along a straight line, but as a living territory. An unfinished map with seasons, weather, history, and forgotten paths. A place where things fall away to make room for what comes next. Where time moves differently across the landscape, and where connections form quietly, often long before they make sense. It has become a counterpoint to directive, outcome-driven models of goal setting. A place to reconnect with intuition, judgement, and possibility. To meet creativity not as a tool for achievement, but as a way of relating to life as something we are growing into, rather than something we are meant to complete. The optional live sessions begin on Saturday January 24th 2026 and run for six weeks. You can find more information at serenityisland.me. If you have any questions, feel free to drop me a message. I would love to hear from you if this sounds like something you would find helpful.

Show LinksSelf-Paced Resources.Subscribe To The Interview Podcast: https://yourlevelfitness.com/podcastNew To The YLF Philosophy? Start Here: ylf30.comDaily Accountability And Structure For Your Self-Paced Inside/Out Process: https://yourlevelfitness.com/daily-emailQ&A Response YouTube Playlist: https://www.youtube.com/playlist?list=PLjSupgaY5KA66MD2IdmCwFhLFbDe-pk1lIndividualized Guidance From Daryl.Join The YLF Experience: https://app.moonclerk.com/pay/5t93iox9udm3Compare All Service Levels: https://yourlevelfitness.com/coachingGet Your Merch, Mugs & Wall Quotes.Shop The Current Collections: https://yourlevelfitness.shop/collectionsEpisode DescriptionIn this episode, I talk about plans, the comfort we get from knowing what is supposed to happen, and why flexibility matters more than most people want to admit. Having a plan is important, but life rarely moves in a straight line from point A to point B, and the route or even the destination often changes along the way. When we look back five years, most of us realize our lives did not unfold the way we imagined, and that is not a failure, it is growth.As we move into a new year full of goals and expectations, I encourage you to be clear and intentional with your plans while staying open to adjustment. Curveballs, setbacks, and unexpected opportunities are part of the process, and you have already proven that you can navigate them. I also share why connecting with yourself and living from an inside/out place can quietly shift what you go after and how you define success, using fitness and health as a practical starting point that carries into every other area of life.Please share this episode with anyone you think would be interested in listening to it.Visit darylperrypodcast.com for links to the show page on each of the major podcast directories. From there, you can subscribe and share this pod.For comments, questions, topic ideas, possible collaborations please email daryl@yourlevelfitness.com

Stocks kicked off trading in the new year on a positive note with US equity-index futures advancing, while gold and silver gained. Trading is thin across the Asia-Pacific, with several markets shut for the holidays. Also, South Korea's exports maintained growth momentum, supported by strong semiconductor demand, easing concerns over global trade protectionism and tariff-related uncertainty that had weighed on the country for much of the year. For more on the market action, we turn to Paul Dobson, Bloomberg's Executive Editor for Asia Markets. Chinese President Xi Jinping says China has met the targets in its 14th Five-Year Plan for economic development in the 2021-2025 period, according to his New Year's Eve message. Xi highlights achievements in AI large models and chip R&D, and says China has become one of the economies with the fastest growing innovation capabilities. For more on the outlook for the Chinese economy for the year and what is ahead for the Asia Pacific, we speak to Stephanie Leung, Chief Investment Officer at StashAway. See omnystudio.com/listener for privacy information.

China stands at a new juncture as it looks ahead to 2026 with development, governance, and global engagement in focus. What signals shape China's economic priorities for the year ahead? How does China view its role in a rapidly changing world? In this first episode of The Hub for 2026, we explore the key messages from Chinese President Xi Jinping's 2026 New Year address, discuss economic progress and innovation-driven growth, and examine priorities under the upcoming 15th Five-Year Plan.

If you ask a bestselling novelist how long it took to go from aspiring writer to published success, the answer is usually about ten years. One reason it takes so long is that most authors learn about writing in a haphazard way. They read a blog post here, listen to a podcast there, attend a conference where they receive a firehose of information, and then watch YouTube videos hoping to fill in the gaps.It is an overwhelming way to learn. If you have ever felt overwhelmed by everything you need to know about publishing, you know exactly what this feels like.But what if you could cut that ten-year learning curve in half?In our latest podcast episode, I talk with Christy Award Hall of Fame author James L. Rubart about the Five-Year Plan for Becoming a Professional Author. It's a step-by-step training approach designed to help fiction writers build skills in the right order (without the overwhelm).This isn't a “shortcut” or gimmick course. It's a craft-first path that helps writers avoid wasted years, bad habits, and out-of-order learning.In this week's episode, you'll discover:Why most authors stall outHow to accelerate the mastery of storytellingWhat separates “good” writers from professional-level authors in the current publishing landscapeIf you've ever wondered whether you're developing your craft in the smartest way possible, or where you should start, listen in or read the blog version.Support the show

A spokesperson says the Chinese mainland will help Taiwan businesses and enterprises seize development opportunities created in implementing the 15th Five-Year Plan for Economic and Social Development.

Greetings to all! Year after year, life opens a fresh chapter. As the new year begins, I extend my best wishes to you from Beijing!The year 2025 marks the completion of China's 14th Five-Year Plan for economic and social development. Over the past five years, we have pressed ahead with enterprise and fortitude, and overcome many difficulties and challenges. We met the targets in the Plan and made solid advances on the new journey of Chinese modernization. Our economic output has crossed thresholds one after another, and it is expected to reach RMB 140 trillion yuan this year. Our economic strength, scientific and technological abilities, defense capabilities, and composite national strength all reached new heights. Clear waters and lush mountains have become a salient feature of our landscape. Our people enjoy a growing sense of gain, happiness and security. The past five years have been a truly remarkable journey, and our accomplishments have not come easily. Your unwavering hard work has made our nation thrive and prosper. I salute you all for your exceptional diligence and invaluable contributions.This year is full of indelible memories. We solemnly commemorated the 80th anniversary of the victory of the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, and established the Taiwan Recovery Day. These grand national events were majestic and powerful, and the glory of victory will shine through the pages of history. They are inspiring all the sons and daughters of the Chinese nation to remember history, honor fallen heroes, cherish peace, and create a better future. They are rallying a mighty force for the great rejuvenation of our nation.We sought to energize high-quality development through innovation. We integrated science and technology deeply with industries, and made a stream of new innovations. Many large AI models have been competing in a race to the top, and breakthroughs have been achieved in the research and development of our own chips. All this has turned China into one of the economies with the fastest growing innovation capabilities. The Tianwen 2 probe began its star-chasing journey to explore asteroids and comets. Construction of the hydropower project at the lower reaches of the Yarlung Zangbo River started. China's first aircraft carrier equipped with an electromagnetic catapult system was officially commissioned. Humanoid robots did kung fu kicks, and drones performed spectacular light shows. Inventions and innovations have boosted new quality productive forces and added colorful dimensions to our lives.We endeavored to nurture our spiritual home with cultural development. There was a surging public interest in cultural relics, museums, and intangible cultural heritage. A new Chinese cultural site was added to the World Heritage List. Cultural IPs such as Wukong and Nezha became global hits. The younger generation came to deem classic Chinese culture as the finest form of aesthetic expression. The cultural and tourism sectors thrived. The "super league" football games in our cities and villages attracted numerous fans. Ice and snow sports ignited people's passion for the winter season. Tradition is now embracing modernity, and the Chinese culture is shining in even greater splendor.We joined hands to build a better life and enjoyed it together. I attended celebrations in Xizang and Xinjiang. From the snow-covered plateau to both sides of the Tianshan Mountains, people of various ethnic groups are united as one, like seeds of a pomegranate sticking together. With white khatas and passionate singing and dancing, they expressed their love of the motherland and the happiness they enjoy. No issue of the people is too small; we care for every leaf and tend every branch in the garden of people's well-being. Over the past year, the rights and interests of the workforce in new forms of employment have been better protected, facilities have been upgraded to bring more convenience to the elderly, and each family with childcare needs has received a subsidy of RMB 300 yuan per month. When the happy hum of daily life fills every home, the big family of our nation will go from strength to strength.We continued to embrace the world with open arms. The Shanghai Cooperation Organization Summit in Tianjin and the Global Leaders' Meeting on Women were very successful; and island-wide special customs operations were launched in the Hainan Free Trade Port. To better address climate change, China announced new Nationally Determined Contributions. After announcing the three global initiatives on development, security, and civilization, I put forward the Global Governance Initiative to promote a more just and equitable global governance system. The world today is undergoing both changes and turbulence, and some regions are still engulfed in war. China always stands on the right side of history, and is ready to work with all countries to advance world peace and development and build a community with a shared future for humanity.Not long ago, I attended the opening ceremony of the National Games, and I was glad to see Guangdong, Hong Kong and Macao coming together in unity and acting in unison. We should unswervingly implement the policy of One Country, Two Systems, and support Hong Kong and Macao in better integrating into the overall development of our country and maintaining long-term prosperity and stability. We Chinese on both sides of the Taiwan Strait share a bond of blood and kinship. The reunification of our motherland, a trend of the times, is unstoppable!Only a strong Communist Party of China can make our country strong. We launched the study and education program on fully implementing the central Party leadership's eight-point decision on improving Party and government conduct. We exercised strict governance of the Party through credible measures, and promoted the Party's self-revolution to fight corruption and advance healthy governance. As a result, the conduct of our Party and government steadily improved. We must stay true to our original aspiration and founding mission, and pursue our goal with perseverance and dedication. We should continue to give a good answer to the question on how to maintain long-term governance put forth in a cave dwelling in Yan'an and prove ourselves worthy of the people's expectation in the new era.The year 2026 marks the beginning of the 15th Five-Year Plan. A successful venture should start with a good plan and with clear goals set. We should focus on our goals and tasks, boost confidence, and build momentum to press ahead. We should take solid steps to promote high-quality development, further deepen reform and opening up across the board, deliver prosperity for all, and write a new chapter in the story of China's miracle.The dream lofty, the journey long-bold strides will get us there. Let us charge ahead like horses with courage, vitality, and energy, fight for our dreams and our happiness, and turn our great vision into beautiful realities.The sun of the new year will soon rise. May our great motherland stand in magnificence! May the fields across the country deliver good harvest! May our nation bathe in the glory of the morning! May you all enjoy life to the fullest, and achieve every success! May all your dreams come true!

As China prepares to launch its 15th Five-Year Plan, it enters a new phase of modernization driven by innovation and long-term planning. What does this mean for the global economy – and for a world facing rising uncertainty? In this year-end special on The Hub, Huang Jiyuan speaks with Martin Jacques, former senior fellow at the University of Cambridge, on China's development path, the outlook for China-U.S. relations, China's role in the Global South, and whether cooperation and civilizational understanding can help rebuild trust in a fragmented world.

China is accelerating its push toward a consumption-led economic model, with policymakers identifying the expansion of domestic demand as the key driver of GDP growth during the 15th Five-Year Plan period (2026-30), economists and officials said.经济学家和相关官员表示，中国正加快向消费主导型经济模式转型，政策制定者已明确将扩大内需列为 “十五五” 规划时期（2026-2030 年）国内生产总值增长的核心驱动力。Following the tone-setting Central Economic Work Conference, which prioritized domestic demand for 2026, experts noted a strategic transition: China is moving beyond simple volume growth toward "structural optimization". This involves leveraging fiscal tools to boost household incomes and specifically targets the high-growth services sector to buffer against external uncertainties.在为 2026 年经济工作定调、并将扩大内需列为重点任务的中央经济工作会议召开后，专家指出中国正迎来战略转型：经济发展正从单纯的规模增长转向 “结构优化”。这一转型包括运用财政工具提振居民收入，并重点瞄准高增长的服务业，以抵御外部环境的不确定性。An official from the Office of the Central Committee for Financial and Economic Affairs confirmed that Beijing will roll out concrete plans to boost household incomes and raise basic pensions while increasing the supply of high-quality products and services and also removing unreasonable restrictions to fully unlock consumption potential.中央财经委员会办公室的一位官员证实，国家将出台具体方案，在提高居民收入、上调基本养老金的同时，增加优质产品和服务供给，消除不合理限制，以充分释放消费潜力。Experts see this policy stance as a signal for significant growth in specific areas, and express optimism about the long-term potential of China's consumer market.专家认为，这一政策立场预示着部分特定领域将迎来大幅增长，并对中国消费市场的长期潜力持乐观态度。Wang Wei, a senior researcher at the Development Research Center of the State Council, said at a recent forum hosted by China News Service: "China's consumption growth maintains strong momentum and ample potential. Emerging areas such as digital services, green technology and health-related demand are expected to become the primary engines of the consumer market."国务院发展研究中心资深研究员王伟在近期由中国新闻社主办的一场论坛上表示：“中国消费增长势头强劲、潜力充足。数字服务、绿色科技以及健康相关需求等新兴领域，有望成为消费市场的核心增长引擎。”Official data support this structural divergence. According to the National Bureau of Statistics, retail sales of services climbed 5.4 percent year-on-year in the first 11 months of 2025, outpacing the overall retail growth of 4 percent.官方数据印证了这一结构性分化趋势。国家统计局数据显示，2025 年前 11 个月，服务业零售额同比增长 5.4%，增速高于整体零售 4% 的同比增幅。Chen Lifen, a researcher at the DRC, described the current phase as a critical evolution from a goods-dominated model to one that balances goods and services, with a long-term trajectory toward a services-led structure.国务院发展研究中心研究员陈丽芬表示，当前阶段正处于关键转型期，经济模式正从商品主导型转向商品和服务均衡型，长期来看将朝着服务主导型结构迈进。"As income levels rise, demand for services, which typically have high income elasticity, naturally increases its share of total wallet spending," Chen said, adding that with basic needs largely met, the "quality upgrade" is driving capital toward personal development, leisure and smart home ecosystems.陈丽芬指出：“随着居民收入水平提升，收入弹性较高的服务类需求在居民总消费中的占比自然会上升。” 她补充道，在基本需求得到充分满足的背景下，“品质升级” 正推动资本流向个人发展、休闲娱乐以及智能家居生态等领域。The shift is already reshaping corporate investment strategies as companies move to capture these high-quality demand pockets.这一转型已经在重塑企业的投资策略，企业纷纷布局以抢占这些高品质需求市场。Fang Xing, a vice-general manager at Ping An Property & Casualty Insurance, highlighted the surging "pet economy" — now valued at approximately 300 billion yuan ($42.81 billion). With veterinary costs often exceeding 10,000 yuan for major procedures, financial institutions are developing specialized insurance products to hedge these rising household costs.平安产险副总经理方兴特别提到了蓬勃发展的 “宠物经济”，其市场规模目前已达约 3000 亿元人民币（合 428.1 亿美元）。由于宠物重大诊疗项目的费用往往超过 1 万元，金融机构正研发专项保险产品，帮助家庭对冲这类不断上涨的支出。Similarly, in the manufacturing sector, the focus has shifted from scale to efficiency. Guo Yanhu, a director with Gree Electric Appliances, said consumer demand for green energy is driving research and development. He cited Gree's investment in AI-driven energy systems — which has boosted efficiency by over 25 percent — as a direct response to both domestic eco-targets and demand from overseas markets.无独有偶，制造业的发展重心也从规模转向了效率。格力电器董事郭彦虎表示，消费者对绿色能源的需求正驱动企业加大研发投入。他举例称，格力对人工智能驱动能源系统的投资，使能效提升超 25%，这一举措既是对国内生态目标的响应，也是对海外市场需求的直接对接。Economists emphasize that sustaining this momentum requires institutional reforms. Su Jian, a professor at the School of Economics at Peking University, said expanding "high-quality demand" requires a virtuous cycle where new products help cultivate new demand, while cost-reducing innovations allow new demand to scale.经济学家强调，要维持这一增长势头，必须推进制度改革。北京大学经济学院教授苏剑表示，扩大 “高品质需求” 需要形成良性循环：新产品助力培育新需求，而降本创新则为新需求的规模化发展提供支撑。While fiscal and monetary policies are essential to expand demand, Su said expanding high-quality demand depends on developing new quality productive forces through product innovation and process innovation.苏剑指出，尽管财政和货币政策对扩大需求至关重要，但扩大高品质需求的核心在于通过产品创新和工艺创新，培育新质生产力。Luo Zhiheng, chief economist at Yuekai Securities, added that boosting consumption during the 15th Five-Year Plan period is a strategic choice rather than a short-term policy response.粤开证券首席经济学家罗志恒补充道，“十五五” 期间提振消费是一项战略抉择，而非短期的政策应对措施。"Key to raising the household consumption rate will be improving income distribution, strengthening social security and widening market access. These are the fundamental levers to converting potential demand into actual economic activity," Luo said.罗志恒表示：“提高居民消费率的关键在于完善收入分配、强化社会保障以及拓宽市场准入。这三项举措是将潜在需求转化为实际经济活动的根本抓手。”consumption /kənˈsʌmpʃn/ 消费domestic /dəˈmestɪk/ 国内的；家庭的innovation /ˌɪnəˈveɪʃn/ 创新elasticity /ˌiːlæstɪˈsɪəti/ 弹性

MAO'S XENOPHOBIC REVOLUTION AND THE GREAT LEAP FORWARD Colleague Professor Sean McMeekin. Moving to China, McMeekin explains that Mao Zedong's ideology was a "bizarre melange" of Marxism, class envy, and intense xenophobia. Unlike European communists, Chinese communism was driven by a deep resentment of foreign imperialism. The conversation analyzes the catastrophe of the Great Leap Forward, where Maoattempted to surpass British economic output by collectivizing agriculture and creating "industrial armies"—an idea taken directly from the Communist Manifesto and Stalin's Five-Year Plans. This experiment resulted in the death of 40 to 45 million people. McMeekin notes that Mao ignored warnings from Soviet advisors to avoid their past mistakes, driven instead by a competitive desire to outdo the Soviets and a "fantasmagorical" hatred of foreign influence. NUMBER 5

The Chinese Finance Ministry has pledged to expand fiscal expenditure in 2026 to ensure a solid start to the country's 15th Five-Year Plan period from 2026 to 2030. Finance Minister Lan Fo'an said China will implement a more proactive fiscal policy next year.

Discipline inspection and supervision bodies are urged to advance full and rigorous Party self-governance with higher standards and more effective measures, to provide a strong guarantee for economic and social development during the 15th Five-Year Plan (2026-30) period, according to a key Communist Party of China leadership meeting on Thursday.据周四召开的中国共产党重要领导会议要求，纪检监察机关要以更高标准、更有力举措推进全面从严治党，为“十五五”时期（2026—2030年）经济社会发展提供坚强保障。The meeting was convened by the Political Bureau of the CPC Central Committee to discuss and plan the Party's efforts to improve conduct, build integrity and combat corruption for the next year. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.会议由中共中央政治局召开，研究部署明年党的作风建设、廉政建设和反腐败工作。中共中央总书记习近平主持会议。The meeting acknowledged that in 2025, under the strong leadership of the CPC Central Committee with Xi at its core, discipline inspection and supervision authorities at all levels intensified their efforts to improve conduct, build integrity and combat corruption, maintaining a tough stance against corruption.会议指出，2025年，在以习近平同志为核心的党中央坚强领导下，各级纪检监察机关持续加大作风建设、廉政建设和反腐败斗争力度，始终保持反腐高压态势。Emphasis was placed on reinforcing political oversight, thoroughly studying and implementing the guiding principles of the CPC Central Committee's eight-point decision on improving Party and government conduct, decisively fighting corruption and undesirable work styles, rectifying misconduct affecting the public, and completing inspections across all provinces, autonomous regions and municipalities, the meeting said, noting that new progress and results have been achieved in the high-quality development of discipline inspection and supervision work.会议强调，要强化政治监督，深入学习贯彻中央八项规定精神，坚决纠治腐败和不正之风，持续整治群众身边的不正之风和腐败问题，完成对所有省、自治区、直辖市的巡视工作。会议指出，纪检监察工作高质量发展取得新的进展和成效。Looking ahead to 2026, the meeting stressed the need for all levels of disciplinary inspection and supervision bodies to uphold stricter standards and adopt more effective measures in advancing full and rigorous Party self-governance.展望2026年，会议强调，各级纪检监察机关要坚持更严标准、采取更实举措，持续推进全面从严治党。Key tasks include deepening political oversight to ensure the fulfillment of the objectives of the 15th Five-Year Plan, and prompting leading Party officials to foster and practice a correct attitude toward performance in their work and faithfully implement major decisions and deployments of the CPC Central Committee, the meeting said.会议指出，重点任务包括深化政治监督，保障“十五五”规划目标任务落实，引导各级领导干部树立和践行正确政绩观，确保党中央重大决策部署不折不扣贯彻落实。The meeting emphasized the need to consolidate and expand the achievements in Party-wide education on the eight-point decision on improving conduct, intensify efforts to battle misconduct and corruption affecting the public, and restrain power in an institutional cage. It reiterated the Party's firm commitment to combating corruption, and urged integrated deterrence measures to ensure that Party officials do not have the audacity, opportunity or desire to engage in corruption.会议强调，要巩固拓展全党深入贯彻中央八项规定精神学习教育成果，持续加大整治群众身边不正之风和腐败问题力度，把权力关进制度的笼子里。会议重申了党坚定不移反腐败的决心，要求综合运用惩治震慑、制度约束和思想教育等手段，确保党员干部不敢腐、不能腐、不想腐。The meeting also called for strengthening the strict management and supervision of the disciplinary inspection forces to cultivate a capable disciplinary and supervisory team.会议还指出，要加强对纪检监察队伍的严格管理和监督，打造一支忠诚干净担当、敢于善于斗争的纪检监察铁军。Prior to the meeting, Xi presided over a meeting of the Standing Committee of the Political Bureau of the CPC Central Committee, during which reports were heard on the work of the CPC Central Commission for Discipline Inspection and the National Commission of Supervision for 2025, as well as preparations for the Fifth Plenary Session of the 20th CPC Central Commission for Discipline Inspection.会议召开前，习近平主持召开中共中央政治局常委会会议，听取了中央纪委国家监委2025年工作情况和二十届中央纪委五次全会筹备情况的汇报。The session is scheduled for Jan 12 to 14.会议定于1月12日至14日召开。discipline inspection and supervision/ˈdɪsɪplɪn ɪnˈspekʃən ænd ˌsuːpəˈvɪʒən/纪检监察full and rigorous Party self-governance/fʊl ænd ˈrɪɡərəs ˈpɑːti ˌself ˈɡʌvənəns/全面从严治党Party conduct/ˈpɑːti ˈkɒndʌkt/党的作风combat corruption/ˈkɒmbæt kəˈrʌpʃən/反腐败correct attitude toward performance/kəˈrekt ˈætɪtjuːd təˈwɔːdz pəˈfɔːməns/正确政绩观integrated deterrence measures/ˈɪntɪɡreɪtɪd dɪˈterəns ˈmeʒəz/一体化惩治震慑措施Standing Committee/ˈstændɪŋ kəˈmɪti/常委会

China's efforts to scale up effective investment, with a particular focus on encouraging private sector participation and increasing investment in human capital, will play a key role in boosting domestic demand next year, officials and experts said.政府工作人员和专家表示，中国扩大有效投资的举措，特别是鼓励民营企业参与和增加人力资本投资，将在明年提振内需方面发挥关键作用。The annual Central Economic Work Conference, held earlier this month, emphasized the need to "halt the decline in investment and promote its recovery" amid a complex external environment.本月早些时候召开的年度中央经济工作会议强调，在复杂的外部环境下，必须“遏制投资下滑趋势，促进投资回升”。The government needs to effectively drive investment by making good use of funding sources such as central government budget investments, ultra-long-term special treasury bonds and local government special bonds, Xinhua News Agency quoted an official of the Office of the Central Commission for Financial and Economic Affairs as saying.新华社援引中央财经委员会办公室一位政府工作人员的话称，政府需要有效利用中央财政预算投资、超长期国债和地方政府专项债券等资金来源，有效引导投资。"The government will support private firms' participation in major projects in sectors such as railways and nuclear power, and guide private investment toward new fields such as high-tech industries and the service sector," the official said.该工作人员表示：“政府将支持民营企业参与铁路、核电等领域的大型项目，引导民营资本投向高新技术产业、服务业等新兴领域。”The official added that major projects set for the 15th Five-Year Plan (2026-30) period could be front-loaded where conditions permit.该工作人员补充说道，在条件允许的情况下，原定于第十五个五年计划（2026-2030年）期间实施的重大项目可提前启动。China's fixed-asset investment fell 2.6 percent year-on-year in the first 11 months of the year, according to the National Bureau of Statistics.国家统计局数据显示，今年前11个月，中国固定资产投资同比下降2.6%。China has rolled out a series of targeted policies over the past year, including an 800 billion yuan ($113.8 billion) list of key projects to implement major national strategies and strengthen security capacity in key areas, and 500 billion yuan in new policy-based financial tools to supplement project capital.过去一年，中国推出了一系列定向政策，包括8000亿元（1138亿美元）重点项目清单，以落实重大国家战略、强化重点领域安全保障能力，以及5000亿元新增政策性金融工具，用于补充项目资本金。The economic agenda-setting meeting also called for greater investment in physical assets and human capital.经济议程设定会议还呼吁加大对实物资产和人力资本的投资力度。From the country's sprawling highway networks and bullet trains to its forest of urban high-rises, investment in physical assets played a crucial role in its economic growth over the past decades, said Yu Chunhai, executive dean of Renmin University of China's School of Economics.中国人民大学经济学院执行院长于春海指出，从遍布全国的高速公路网络和高铁系统，到城市摩天大楼林立的景象，过去数十年来，实物资产投资在推动中国经济增长方面发挥了关键作用。However, Yu noted that the country'sincremental capital output ratio, which indicates the amount of capital required for every 1 yuan increase in GDP, increased from 2.84 in 2008 to 9.44 in 2023.然而，于春海指出，中国的边际资本产出比（即每增加1元GDP所需投入的资本量）从2008年的2.84上升至2023年的9.44。Meanwhile, facing diminishing returns from the old growth model and a global shift toward talent-centric competition, China is placing a strategic bet on investing in people, analysts said.与此同时，面对传统增长模式回报递减以及全球向人才竞争格局转变的趋势，中国正将战略重心转向人才投资，分析师指出。Investment in human capital refers to inputs that develop people's capabilities and unlock their potential at all stages of life, including childcare, elderly care, health, education and skills training.人力资本投资指在人生各个阶段提升个人能力、释放潜能的投入，包括儿童保育、老年护理、健康保障、教育培养及技能培训。An aging population and rising labor costs are eroding the traditional demographic advantage. By prioritizing investment in human capital, China seeks to build long-term economic competitiveness for innovation-driven, demand-led growth, said Chen Wenling, former chief economist at the China Center for International Economic Exchanges.中国国际经济交流中心前首席经济学家陈文玲指出，老龄化人口和不断上升的劳动力成本正在侵蚀传统的人口红利优势。通过优先投资人力资本，中国致力于构建长期经济竞争力，推动创新驱动、需求引领的增长模式。"A healthier, better-educated and more secure workforce is the most critical infrastructure for the next stage of China's development," Chen said. "Sustained investment in people's capabilities, health and career development doesn't just improve well-being—it directly fuels economic upgrading."陈文玲表示：“更健康、受教育程度更高、更有保障的劳动力队伍，是中国下一阶段发展最关键的基础设施。持续投资于人民的能力、健康和职业发展，不仅能提升福祉，更能直接推动经济升级。”Meanwhile, analysts believe that investing in people could also help unlock the spending power of China's massive population, creating a virtuous cycle in which social investment fuels consumption resilience.与此同时，分析人士认为，投资于人力资本也有助于释放中国庞大人口的消费潜力，从而形成良性循环，社会投资推动消费韧性增强。The enhanced investments in pensions, childcare and healthcare are designed to alleviate theprecautionary savings burdens that constrain household spending, said Luo Zhiheng, chief economist and head of the research institute at Yuekai Securities.粤开证券首席经济学家兼研究院院长罗志恒表示，加大养老、育儿和医疗领域的投资力度，旨在缓解制约家庭支出的预防性储蓄负担。"This approach transforms social spending into a powerful economic driver. A more secure population is likely to spend more freely," Luo said. "The direction aligns with China's broader economic objectives of rebalancing growth toward high-quality domestic demand."罗志恒表示：“这种做法将社会支出转化为强有力的经济驱动力。生活更有保障的人群往往更愿意消费。该方向与中国更广泛的经济目标相契合，即推动经济增长向高质量的内需转型。”incrementaladj./ˌɪŋ.krəˈmen.t̬əl/递增的precautionaryadj./prɪˈkɑː.ʃən.er.i/预防性的

During the 14th Five-Year Plan period, from 2021 through 2025, China's degraded grassland area shrunk rapidly, by more than 46 million mu, or about three million hectares, each year.

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Experts have called for stronger policy and financial support for young people and enhanced efforts to eliminate workplace discrimination to foster a marriage-and birth-friendly society.专家呼吁加强针对年轻人的政策和财政支持，并加大消除职场歧视的力度，以营造一个支持婚姻和生育的社会环境。According to the China Statistical Yearbook, which was published recently by the National Bureau of Statistics, about 6.1 million couples registered their marriage in 2024. Among them, 6.04 million were mainland residents, while 61,900 had spouses who were foreigners, overseas Chinese, or residents of the Hong Kong and Macao special administrative regions and Taiwan.根据国家统计局近日发布的《中国统计年鉴》，2024年全国登记结婚约610万对。其中，大陆居民登记结婚604万对，与外国公民、海外华侨及港澳台地区居民结婚登记6.19万对。Data shows that the number of marriage registrations has fluctuated in recent years, with a marginal rebound in 2023 after continuous decline since 2013. In the first three quarters of 2025, there has been a modest increase in the number, with about 5.15 million couples registering their marriage, compared with 4.75 million during the same period last year.数据显示，近年来婚姻登记数量呈现波动态势，自2013年持续下降后，2023年出现小幅回升。2025年前三季度登记数量有所增长，约515万对新人完成婚姻登记，较去年同期475万对有所增加。Amid this trend, experts and members of the public have urged more policy and financial support from the government to ease pressures on young people of marriageable age and encourage them to marry and have children.在此趋势下，专家和公众呼吁政府提供更多政策和财政支持，以缓解适婚年龄青年的压力，鼓励他们结婚生子。"From a demographic perspective, China's current population of marriageable age—mainly those born after 1990 and 2000—is shrinking. Young people's views on marriage differ from those of previous generations. They tend to delay marriage or choose not to marry," said Jiang Quanbao, a professor at the Capital University of Economics and Business' School of Labor Economics in Beijing.从人口结构角度看，中国当前适婚年龄段人口——主要是1990后和2000后群体——正在缩减。首都经济贸易大学劳动经济学院教授姜全保指出：“年轻一代的婚姻观与前辈存在差异，他们普遍推迟结婚或选择不结婚。”Social pressures and changing norms also influence marriage decisions, Jiang noted. "Young people face financial pressures from housing expenses, 'bride price', and wedding and childbearing costs. Also, women are becoming more educated and pursuing career success," he said, adding that society has become more inclusive and open-minded about diverse attitudes toward marriage.姜全保指出，社会压力和不断变化的规范也影响着婚姻决策，“年轻人面临住房开支、‘彩礼'以及婚嫁生育等经济压力。同时，女性受教育程度不断提高，更追求事业成功。”他还表示，社会对婚姻的多样化态度也变得更加包容和开放。Zhang Xianling, an associate professor at the Central University of Finance and Economics' School of Sociology and Psychology in Beijing, told Workers' Daily that marriage is traditionally seen as essential for personal growth and carrying forward the family bloodline, but with rapid economic and social transformations, more young people now choose to delay marriage or not marry at all.中央财经大学社会与心理学院副教授张现苓向《工人日报》表示，婚姻传统上被视为个人成长和延续家族血脉的重要途径，但随着经济社会快速转型，如今越来越多的年轻人选择推迟结婚或不结婚。To boost marriage and childbirth rates, relevant authorities have rolled out new supportive measures, includingstreamlining marriage registration procedures.为提高结婚率和生育率，相关主管部门推出了一系列支持性新措施，包括简化结婚登记手续。In May, people of marriageable age were allowed to register for marriage at their place of work or residence instead of their hometowns under the hukou system, also known as household registration.五月起，适婚年龄人群可在工作地或居住地登记结婚，无需再按户籍制度要求返回户籍所在地办理。In July, a financial support policy was introduced to give families 3,600 yuan ($511) per year for each child under the age of 3 years.七月，一项财政支持政策出台，规定每年为每个未满三周岁的儿童提供3600元（约合511美元）的补助。The recently adopted recommendations for formulating China's 15th Five-Year Plan (2026-30) also call for promoting positive attitudes toward marriage and childbirth by optimizing supportive policies and incentives.近期通过的关于制定中国第十五个五年规划（2026-2030年）的建议，同时要求通过完善支持性政策和激励措施，促进社会对婚姻和生育的积极态度。Wang Xuanyi, 29, a financial analyst in Beijing, said that for ordinary people, the greatest pressures of marriage include home loans and child-rearing expenses. "For me, as a woman, I may face discrimination in the workplace, as some employers see pregnant employees as a burden."29岁的北京金融分析师王宣怡（音译）表示，对普通人而言，婚姻的最大压力包括房贷和育儿开支，“作为女性，我可能面临职场歧视，因为有些雇主认为怀孕员工是负担。”Wang emphasized that it is important for the government to promote healthier perspectives on marriage and childbirth by alleviating young people's concerns about career development, high housing prices, and a work culture that is not friendly toward childcare.王宣怡（音译）强调，政府应通过缓解年轻人对职业发展、高房价以及不利于育儿的工作文化的担忧，来倡导更健康的婚姻和生育观念。"It will be a long journey, but I think things will get better if we receive stronger policy and financial support from the authorities," she added.她补充道：“这将是一段漫长的旅程，但我认为，如果我们能获得政府更强有力的政策和财政支持，情况将会好转。”Jiang, from Capital University of Economics and Business, said that encouraging young people to marry and have children requires a systematic effort involving financial support, improved public services and guidance on marriage values.来自首都经济贸易大学的姜全保教授指出，鼓励年轻人结婚生子需要系统性举措，包括提供经济支持、完善公共服务以及引导婚姻价值观。"The government can offer special housing subsidies, or low-interest or interest-free housing loans, to the newlyweds. In addition to childcare subsidies, it could explore benefits such as marriage and settlement allowances and tax reductions for couples," he said.政府可为新婚夫妇提供专项住房补贴，或发放低息乃至免息住房贷款。除育儿补贴外，还可探索婚姻定居津贴、夫妻税收减免等福利措施。Jiang said that it is crucial "to fully implement and optimize thematernity leave system and encourage men to share childcare responsibilities to reduce the 'motherhood penalty'—prejudices women may face in the job market due to childbirth".姜全保表示，关键在于“全面落实并完善产假制度，鼓励男性分担育儿责任，以减轻‘母亲惩罚'——即女性因生育而在就业市场可能面临的偏见”。The expert also called for improvements in childcare services, and suggested that schools and residential communities organize lectures for young people on maintaining relationships and managing family tensions.姜全保还呼吁改善托儿服务，并建议学校和社区为年轻人组织讲座，内容涉及维系亲密关系和处理家庭矛盾。"It's important to portray a healthy, fair and happy marriage and family life," he said, adding that trade unions and communities could organize diverse and healthy dating activities or social events for young people.他说：“展现健康、公平、幸福的婚姻和家庭生活很重要。”他还表示，工会和社区可以为年轻人组织多样化、健康的约会活动或社交活动。streamlinev./ˈstriːm.laɪn/简化maternity leaven./məˈtɝː.nə.t̬i/产假bride price彩礼

China aims to broaden insurance coverage for childbirth-related medical expenses and strengthen support for pharmaceutical innovation in the coming year, according to the National Healthcare Security Administration.国家医疗保障局表示，中国计划在未来一年扩大生育相关医疗费用的保险覆盖范围，并加强对医药创新的支持力度。The goals were outlined in a report delivered by Zhang Ke, director of the administration, at its annual work conference on Saturday. The report reviewed progress in healthcare security during the 14th Five-Year Plan period (2021-25) and detailed priority areas for 2026.这些目标由国家医疗保障局主任章轲在周六举行的年度工作会议上提交的报告中提出。该报告回顾了“十四五”规划期间（2021-2025年）医疗保障工作的进展，并详细列出了2026年的重点工作领域。To adapt to demographic shifts marked by declining birth rates and a rapidly aging population, the report said maternity insurance coverage for prenatal checkups will be reasonably expanded within the financial capacity of the insurance fund.为应对生育率下降和人口快速老龄化的人口结构变化，报告指出将在保险基金财力范围内合理扩大孕产妇保险的产前检查覆盖范围。Authorities will explore the creation of a basic service package that incorporates prenatal examinations, aiming to ease the financial burden on families.相关部门将研究推出包含产前检查的基本服务套餐，旨在减轻家庭的经济负担。By next year, the goal is to achieve nationwide full reimbursement for all policy-covered medical expenses related to childbirth, enabling insured expectant mothers to incur almost no out-of-pocket costs for covered services.到明年，目标是实现全国范围内对所有与分娩相关的保险覆盖医疗费用全额报销，使参保孕妇在享受保险覆盖服务时几乎无需承担自付费用。Additional expenses, such as those for premium hospital wards or medications not included in the reimbursement list, will remain uncovered.但例如高级病房费用或未列入报销清单的药品等的额外费用，仍将不予覆盖。So far, seven provincial-level regions, including Jilin, Jiangsu and Shandong provinces, have implemented policies that make childbirth nearly free of charge.迄今为止，包括吉林、江苏和山东在内的七个省级地区已实施政策，使生育费用几乎免费。The administration said the number of women enrolled in the national maternity insurance program has risen to 255 million, and all regions have included fertility treatment in their basic health insurance plans.国家医疗保障局表示，全国生育保险参保女性人数已增至2.55亿，所有地区均已将生育治疗纳入基本医疗保险范围。Nearly 95 percent of fund pooling regions now distribute fertility subsidies directly to beneficiaries' personal accounts rather than through employers.目前近95%的基金池地区已将生育补贴直接发放至受益人个人账户，而非通过雇主发放。For the coming year, authorities will promote participation among flexible workers, migrant workers and individuals in new forms of employment in maternity insurance, while exploring the feasibility of extending coverage to nonemployed urban and rural residents.未来一年，相关部门将推动灵活就业人员、流动务工人员及新型就业形式从业人员参与生育保险，同时研究将覆盖范围扩大至城镇非雇佣居民和农村居民的可行性。All provincial-level regions will be required to cover eligible labor pain relief procedures under insurance and further implement and refine reimbursement policies for assisted reproductive technology services.所有省级行政区都将要求将符合条件的分娩镇痛项目纳入医保范围，并进一步落实和完善辅助生殖技术服务的报销政策。To assist the 220 million people aged 65 and older — who make up 15.6 percent of China's total population as of end of 2024 — the report called for the further development of the long-term care insurance program, which currently covers about 300 million people, and encouraged commercial insurers to develop related products.为帮助2.2亿65岁及以上人口（截至2024年底占中国总人口的15.6%），报告呼吁进一步发展长期护理保险制度，该制度目前覆盖约3亿人；并鼓励商业保险公司开发相关产品。Addressing demographic challenges was also among the priorities set by the annual two-day Central Economic Work Conference that concluded on Thursday. The conference emphasized expanding rehabilitative care services, advancing the long-term care insurance program, and strengthening care and support for vulnerable groups.应对人口结构挑战也是本周四结束的为期两天年度中央经济工作会议确定的重点工作之一。会议强调要扩大康复护理服务范围，推进长期护理保险制度建设，加强对弱势群体的照护与支持。The meeting also stressed the importance of promoting positive views on marriage and childbearing and striving to stabilize the newborn population.会议还强调了倡导积极婚姻生育观念、努力稳定新生儿人口的重要性。The healthcare security report also underscored stepped-up support for innovative drugs and emerging healthcare technologies.该医疗保健安全报告还强调了对创新药物和新兴医疗技术的加强支持。Over the past five years, 949 medicines were added to the national reimbursement drug list, bringing the cumulative total to 3,253.过去五年间，共有949种药品被纳入国家医保药品目录，累计纳入药品总数达到3253种。In the latest update released earlier this month, a record 50 first-in-class novel drugs were added, accounting for nearly half of the 114 newly included products.在本月初发布的最新的医保药品目录更新中，新增了创纪录的50种首创创新药物，占新增的114种产品近半数。At the same time, the administration issued the country's first commercial insurance innovative drug list, covering 19 medicines with significant clinical value, high innovation levels and substantial patient benefits.与此同时，国家医疗保障局发布了全国首份商业保险创新药目录，涵盖19种具有显著临床价值、高创新水平和实质性患者获益的药品。The report called for active implementation of the commercial drug list and encouraged commercial health insurers to cover more reasonable medical expenses outside the basic insurance catalog. Commercial insurers will also be mobilized to increase investment in innovative drugs to support research and development.该报告呼吁积极实施商业药品目录，鼓励商业健康保险公司覆盖基本保险目录外的更多合理医疗费用。同时将动员商业保险公司加大对创新药物的投资力度，以支持研发工作。To further foster innovation, the report highlighted the need to leverage medical insurance's strategic purchasing role, guide the industry toward healthy competition and differentiated innovation, and improve multichannel payment mechanisms for innovative drugs.为进一步促进创新，报告强调需发挥医保战略采购作用，引导行业开展良性竞争和差异化创新，完善创新药多渠道支付机制。The rapid development of artificial intelligence and other smart technologies also presents opportunities to build a more digital healthcare security platform and establish an evaluation system using real-world data to comprehensively assess the value of insurance-covered medications.人工智能及其他智能技术的快速发展，也为构建更完善的数字化医疗安全平台提供了机遇，并能建立基于真实世界数据的评估体系，全面评估医保药品的价值。Authorities will support local governments in launching competitions for healthcare security application scenarios involving advanced technologies such as multimodal AI-assisted diagnosis and noninvasive brain-computer interfaces.政府将支持地方政府开展医疗健康安全应用场景竞赛，涉及多模态人工智能辅助诊断、非侵入式脑机接口等前沿技术。Official data show the national basic medical insurance coverage rate has remained stable at about 95 percent over the past five years, with total expenditures exceeding 13 trillion yuan ($1.82 trillion). Flexible workers, migrant workers and individuals in new forms of employment have increasingly been supported to enroll.官方数据显示，过去五年全国基本医疗保险覆盖率稳定在95%左右，累计支出超过13万亿元（合1.82万亿美元）。灵活就业人员、农民工和新型就业人员参保比例持续提升。During this period, China carried out eight rounds of centralized drug procurement covering treatments for diabetes, cancer, bacterial infections and other common chronic diseases, as well as four rounds of bulk purchasing for high-value medical consumables such as artificial joints, intraocular lenses and cochlear implants.在此期间，中国开展了八轮集中采购，涵盖糖尿病、癌症、细菌感染等常见慢性病的治疗药物，并进行了四轮高价医疗耗材的集中采购，包括人工关节、人工晶体和人工耳蜗等。Local authorities recovered about 120 billion yuan in misused insurance funds and prevented an additional 9.5 billion yuan in losses by using big data and smart monitoring tools. The introduction of drug traceability codes has strengthened efforts to crack down on drug resale and fraudulent reimbursement.地方政府通过运用大数据和智能监控工具，追回约1200亿元被滥用的医保资金，并防止了95亿元的损失。药品追溯码的引入，进一步加强了打击药品转售和虚假报销的力度。maternity insurance[məˈtɜːrnəti]生育保险procurement[prəˈkjʊrmənt]采购full reimbursement[ˌriːɪmˈbɜːrsmənt]全额报销migrant workers流动务工人员

Chinese equities enter 2026 on a strong footing, with policy tailwinds from the upcoming Five-Year Plan expected to sustain momentum despite recent consolidation. While tech-led rallies have dominated, attention is shifting toward domestic consumption as policymakers prioritise demand-side reforms—a potential turnaround for lagging consumer sectors if stimulus materialises.Meanwhile, ongoing concerns over stretched valuations in US tech and AI names underscore the case made for diversifying into non-US markets, such as China and Japan. Structural drivers, including a weaker U.S. dollar and gradual yuan appreciation, add to the appeal. On commodities, strong fundamentals and AI-driven demand for industrial metals signal further upside, building on this year's broad-based rally in materials.This episode is presented by Richard Tang, Head of Research Hong Kong at Julius Baer and Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd.

The Central Economic Work Conference is calling for a good start for China's 15th Five Year Plan period.

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The election of the eighth-term Legislative Council of the Hong Kong Special Administrative Region on Sunday marks another important moment in the SAR's steady advance toward high-quality democracy under the guiding principle of "patriots administering Hong Kong".香港特别行政区第八届立法会选举于周日举行，标志着香港在”爱国者治港”的指导原则下，朝着高质量民主稳步前进的又一重要时刻。This is the second LegCo election since the Standing Committee of the National People's Congress amended Hong Kong's electoral system in March 2021 to ensure the full and faithful implementation of the principle of Hong Kong should be governed by Hong Kong people, with patriots as the main body.这是自2021年3月全国人民代表大会常务委员会修订香港选举制度以来举行的第二次立法会选举，旨在确保全面准确贯彻”港人治港、爱国者担任主体”的原则。The improved electoral system has enabled the formation of a legislature that is broadly representative, politically inclusive and balanced in participation—characteristics that align with Hong Kong's actual circumstances and governance needs. The current LegCo consists of 90 seats, with 40 returned by the Election Committee constituency, 30 by functional constituencies, and 20 by geographical constituencies through direct elections. This structure, which has functioned smoothly since the reform was implemented, enhances both representation and efficiency, reflecting the interests of all segments of Hong Kong society and the SAR as a whole.经改进的选举制度使立法机构能够广泛代表社会各界，在政治上具有包容性，并在参与方面保持平衡——这些特点符合香港的实际情况和治理需求。现行立法会由90个席位组成，其中40席由选举委员会界别选举产生，30席由功能界别选举产生，20席由地方选区通过直接选举产生。自改革实施以来，这一架构运行顺畅，既增强了代表性又提高了效率，充分反映了香港社会各阶层及整个特别行政区的利益。This year's LegCo election is competitive. A total of 161 candidates—including senior academics, Olympic champions, managers of small and medium-sized enterprises, cultural workers, community organizers and rising professionals from innovation and technology sectors—are vying for the 90 seats. According to the Electoral Affairs Commission of Hong Kong, 51 nominations were received for geographical constituencies, 60 for functional constituencies, and 50 for the Election Committee constituency. That means competition is particularly strong in geographical constituencies, where 51 candidates are contesting 20 seats, ensuring that no one can "win easily" and that the LegCo election returns to its essence: selecting the virtuous and capable based on political platform, professionalism and service commitment.今年的立法会选举竞争激烈。共有161名候选人，包括资深学者、奥运冠军、中小企业管理者、文化工作者、社区组织者以及创新科技领域的新锐专业人士等，角逐90个席位。据香港选举事务委员会统计，地方选区收到51份提名，功能界别60份，选举委员会界别50份。这意味着地方选区的竞争尤为激烈，51名候选人角逐20个席位，使得无人能“轻松获胜”，使立法会选举回归本质：依据政治纲领、专业素养及服务承诺选拔贤能之士。More than 600 polling stations, including newly added ones at the Hong Kong-Zhuhai-Macao Bridge checkpoint and Hong Kong International Airport, have made voting more convenient, further highlighting the people-oriented and pragmatic nature of Hong Kong's electoral arrangements.超过600个投票站，包括港珠澳大桥口岸和香港国际机场新增的投票站，使投票更加便捷，进一步彰显了香港选举安排以民为本、务实高效的特点。The broad diversity of candidates and political platforms—ranging from innovation and technology, finance, medical services and housing, to youth development, labor rights, district administration and integration into national strategies—demonstrates that the new electoral system not only upholds the principle of "patriots administering Hong Kong" but also provides a wider stage for patriots of different backgrounds to contribute fresh ideas and practical solutions. As LegCo President Andrew Leung Kwan-yuen noted, the candidates' varied expertise will inject new dynamism into the legislature and bring a renewed vitality to policymaking.候选人和政治纲领的广泛多样性，从创新科技、金融、医疗服务和住房，到青年发展、劳工权益、地区行政和融入国家战略都表明新选举制度不仅坚持了“爱国者治港”的原则，也为不同背景的爱国人士提供了更广阔的舞台，让他们贡献新思路和切实可行的解决方案。正如立法会主席梁君彦所言，候选人多元化的专业背景将为立法机构注入新活力，为政策制定带来新气象。The election carries special significance in light of the recent deadly fire in Tai Po. Voters in the district, including those directly affected, said that participating in the election is an active commitment to rebuilding their homes and strengthening Hong Kong's resilience.鉴于近期大埔发生的致命火灾，此次选举具有特殊意义。该区选民，包括直接受灾者，表示参与选举是重建家园、增强香港韧性的积极承诺。Eric Chan Kwok-ki, chief secretary for the Hong Kong SAR government, stressed that electing capable and aspirational LegCo members is essential for post-disaster reconstruction and to maintaining the continuity and effectiveness of governance. From Chief Executive John Lee Ka-chiu's repeated calls for civil servants to set an example, to large enterprises granting time off for employees to vote, and patriotic groups on the mainland organizing members to return to Hong Kong to cast their ballots, society's strong support has created an enthusiastic election atmosphere.香港特别行政区政府政务司司长陈国基强调，选举出有能力、有抱负的立法会议员，对灾后重建以及维持管治的连续性和有效性至关重要。从行政长官李家超多次呼吁公务员带头示范，到大型企业为员工安排投票假期，再到内地爱国团体组织成员返港投票，社会各界的鼎力支持营造出热烈的选举氛围。The four-year term of the eighth Legislative Council will largely overlap with the implementation of the 15th Five-Year Plan (2026-30) of the country. As Hong Kong enters a new stage of transitioning from stability to prosperity, the new LegCo will shoulder heavy responsibilities: accelerating economic transformation, improving people's livelihoods, strengthening district governance, advancing integration into national development, and ensuring that "one country, two systems" is steadily practiced for the long term.第八届立法会的四年任期将与国家第十五个五年规划（2026-2030年）的实施期基本重合。随着香港进入从稳定走向繁荣的新阶段，新一届立法会肩负着重大责任：加速经济转型、改善民生、加强地区治理、推进融入国家发展，并确保“一国两制”长期稳定实施。The design and improvement of Hong Kong's electoral system are purely internal affairs of China, and no foreign country has the right to interfere in them. The Office for Safeguarding National Security of the Central People's Government in the HKSAR summoned representatives of some overseas media in Hong Kong regarding recent false information and malicious smear campaigns surrounding the Tai Po fire and the LegCo election. This is a timely reminder that some external parties are still looking for opportunities to make trouble in the SAR despite the implementation of the National Security Law of Hong Kong.香港选举制度的设计和完善纯属中国内政，任何外国都无权干涉。中央人民政府驻香港特别行政区维护国家安全办公室就近期围绕大埔火灾及立法会选举的虚假信息和恶意抹黑活动，约见部分驻港海外媒体代表。这及时提醒我们，尽管香港《国家安全法》已实施，某些外部势力仍在寻找机会在特区制造事端。A fair, honest, safe and orderly election environment is indispensable for safeguarding the dignity of the electoral system and the rights of all voters. The SAR government has made it clear that it will resolutely crack down on illegal acts aimed at disrupting the election.一个公平、公正、安全、有序的选举环境，对维护选举制度的尊严和全体选民的权利至关重要。特区政府已明确表示，将坚决打击旨在破坏选举的违法行为。

China will continue exerting a "more proactive" fiscal policy and "moderately loose" monetary policy next year, as it strives to promote "effective qualitative improvement" and "reasonable quantitative growth" in its economy, according to a key Party leadership meeting on Monday.周一召开的党内重要领导会议指出，中国明年将继续实施“更加积极”的财政政策和“适度宽松”的货币政策，着力促进经济实现“质的有效提升”和“量的合理增长”。The meeting was convened by the Political Bureau of the Communist Party of China Central Committee to analyze and study the country's economic work in 2026. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.中共中央政治局召开会议，分析研究2026年全国经济工作。中共中央总书记习近平主持会议。The decision-making body of the Party emphasized that the country would adhere to the overarching principle of "seeking progress while maintaining stability", and better coordinate domestic economic work and endeavors in the international economic and trade arena, as well as development and security, according to a statement released after the meeting.根据会后发表的声明，党的决策机构强调，国家将坚持“稳中求进”的总方针，更好地统筹国内经济工作与国际经济贸易领域的工作，以及发展与安全。While noting the importance of implementing more proactive and effective macroeconomic policies, the decision-making body highlighted the need to enhance the foresight, targeting and synergy of policies.决策机构在强调实施更积极、更有效的宏观经济政策的重要性时，同时指出需要增强政策的预见性、针对性和协同性。It called for continuous efforts to expand domestic demand and optimize supply, develop new quality productive forces tailored to local conditions, advance the construction of a unified national market in greater depth, and prevent and defuse risks in key areas, the statement said.声明指出，要持续努力扩大内需、优化供给，发展适应本地条件的新质生产力，更深入地推进全国统一市场建设，并在重点领域防范化解风险。Efforts should be made to stabilize employment, enterprises, markets and expectations to maintain social harmony and stability, and ensure a good start for the 15th Five-Year Plan (2026-30) period, the statement added.声明补充道，应努力稳定就业、企业、市场和预期，以维护社会和谐稳定，确保第十五个五年规划（2026-2030年）时期开局良好。It was noted at the meeting that counter-cyclical and cross-cyclical adjustments should be strengthened to effectively enhance the efficiency of macroeconomic governance.会议指出，应加强逆周期和跨周期调节，切实提升宏观经济治理效能。The meeting called for building a robust domestic market by expanding domestic demand, stepping up fostering new growth drivers by promoting innovation-driven development, enhancing the momentum and vitality of high-quality growth by deepening reform, and bolstering win-win cooperation across various fields by adhering to opening-up.会议强调，要通过扩大内需来建设强劲的国内市场，通过推动创新驱动发展来培育新的增长引擎，通过深化改革来增强高质量发展的动能和活力，并通过坚持开放来促进各领域共赢合作。The meeting also underlined the need to promote urban-rural integration and coordinated development across the regions, drive green transformation on all fronts, prioritize people's livelihoods, and bear in mind the worst-case scenarios to resolve risks in key areas in a proactive and prudent manner.会议还强调，要推进城乡融合发展和区域协调发展，全面推进绿色转型，着力改善民生，并以最坏的情况为准备，积极审慎化解重点领域的风险。During the meeting, a set of regulations on the CPC's leadership over law-based governance in all respects was reviewed.会议审议通过了《中共中央全面依法治国领导条例》。Historically, the Political Bureau's December meeting has been closely followed by the annual Central Economic Work Conference, which typically sets the tone for economic work in the year ahead.历年来，中共中央政治局12月会议之后紧接着召开的中央经济工作会议，通常为来年经济工作定下基调。China's gross domestic product grew 5.2 percent year-on-year in the first three quarters of 2025 despite rising external headwinds, and attention is now shifting to next year, the start of China's 15th Five-Year Plan period.尽管外部逆风加剧，中国2025年前三季度国内生产总值同比增长5.2%，目前关注焦点正转向明年——中国第十五个五年规划周期的开端。Ahead of Monday's Political Bureau meeting, the CPC Central Committee held a symposium with non-CPC personages on Wednesday in Beijing to solicit their opinions and suggestions on this year's economic situation and economic work for 2026.在周一政治局会议召开前夕，中共中央上周三在北京召开非党人士座谈会，听取他们对今年经济形势和2026年经济工作的意见建议。At the symposium, representatives of non-CPC personages gave their suggestions on a number of issues, including optimizing industrial layout, expanding domestic demand and high-standard opening-up, enhancing people's well-being, and boosting high-quality employment.在座谈会上，非党代表人士就优化产业布局、扩大内需和高标准开放、提升民生福祉、促进高质量就业等若干问题提出了建议。Xi presided over the symposium and delivered an important speech. He emphasized that the supporting conditions and fundamental trend for long-term economic growth in China remain unchanged.习近平主席主持座谈会并发表重要讲话。他强调，中国经济长期向好的基本面没有改变，支撑经济持续增长的条件没有改变。He called for remaining confident, leveraging China's strengths and tackling challenges, and working to consolidate and expand the positive momentum in the economic upturn in order to make a good start in implementing the 15th Five-Year Plan.习近平主席呼吁保持信心，发挥中国优势，应对挑战，努力巩固和扩大经济复苏的积极势头，为实施十五规划开好头。He said that the CPC Central Committee had implemented more proactive and effective macro policies this year, and the main goals for economic and social development are expected to be accomplished.习近平主席表示，中共中央今年实施了更积极、更有效的宏观政策，经济社会发展主要目标有望实现。Xi noted that China has effectively navigated various shocks and challenges over the past five years. As the 14th Five-Year Plan (2021-25) is set to approach a successful conclusion, the country's strengths in the economy, science and technology, and comprehensive national strengths have been significantly enhanced, he said.习近平主席指出，过去五年，中国有效应对了各种冲击和挑战。随着“十四五”规划（2021-2025年）即将圆满收官，我国经济实力、科技实力、综合国力都得到了显著增强。Noting that non-CPC personages had carried out in-depth research on key issues arising in economic and social development and provided important references for the CPC Central Committee's scientific decision-making, Xi expressed thanks to them on behalf of the CPC Central Committee.习近平指出，非中共人士对经济社会发展中的重大问题进行了深入研究，为中共中央科学决策提供了重要参考。他代表中共中央向他们表示感谢。Xi called on them to actively contribute their wisdom and efforts to the formulation and implementation of the 15th Five-Year Plan, conduct in-depth research on topics such as building a modern industrial system, developing new quality productive forces tailored to local conditions, and establishing a strong domestic market, and put forward their opinions and suggestions.习近平主席号召他们积极为制定和实施十五五规划贡献智慧和力量，深入研究建设现代工业体系、培育适应本地特点的新质生产力、壮大国内市场等课题，并提出意见和建议。

We bespreken hoe China met ingenieurs, plannen en fabrieken de wereld verbouwt en wat dit ons leert over onze omgang met strategie, regels en onze economie. Voor deze aflevering lazen we de bestseller 'Breakneck' van Dan Wang en het nieuwe 15e vijfjarenplan van Xi Jinping. We proberen China niet alleen als rivaal, maar vooral als spiegel te gebruiken. We bespreken China als “engineering state” die in duizelingwekkend tempo spoorlijnen, fabrieken en groene industrie uit de grond stampt, gedreven door proceskennis, industriepolitiek en een staat die echt kan uitvoeren. Tegelijk schuurt het: overcapaciteit, vastgoedcrisis, deflatie, sociale experimenten en massasurveillance laten zien wat er misgaat als je een samenleving als optimalisatie probleem behandelt. Daartegenover staat een Westen – en dan vooral de Verenigde Staten – dat steeds meer lijkt op een “lawyerly society”: stapels procedures, bezwaar, fondsen en strategieën, maar moeite om te kiezen, te bouwen en door te pakken. We vragen ons af: kunnen wij net zo serieus worden over maakindustrie, energie-infrastructuur en strategische autonomie, zonder onze democratische rechtsstaat op te geven? Wat leert ons dit over Europa, of de 'Mausoleum economy'? Wat betekent China's combinatie van langetermijnplannen, technologische zelfredzaamheid en veiligheidsdenken voor onze eigen keuzes over industriebeleid, migratie en talent, digitale technologie en de verleiding van social engineering met data en AI? En: zijn we in Nederland nu eigenlijk een land van ingenieurs of van juristen – en wat kost ons dat? Zoals je van Studio Tegengif verwacht proberen we complexe zaken toegankelijk te bespreken. Deze aflevering werd gemaakt met ondersteuning van Wim Brons van remotepodcast.nl. Een aanrader voor als je op afstand een podcast wil maken met fantastische geluidskwaliteit. Wil je ons steunen? Dat kan: je kunt vriend van de show worden:
https://vriendvandeshow.nl/studio-tegengif ***SHOWNOTES*** Dan Wang, Breakneck: China's Quest to Engineer the Future (2025) https://www.bol.com/nl/nl/p/breakneck/9300000220027510/?cid=1765228195254-6068955890919&bltgh=eb568c96-2031-4c99-bd4b-1a302b288dab.ProductList_Middle.0.ProductImage Xi Jinping, Explanation of the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development (2025) https://english.www.gov.cn/news/202510/28/content_WS6900ad32c6d00ca5f9a07212.html Full text: Explanation of the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development (2025) https://english.news.cn/20251028/efbfd0c774fd4b1c8daeb741c0351431/c.html

In today's world, anyone serious about anti-imperialism, global development, and monetary sovereignty needs to break through the well-funded US propaganda machine and develop a fact-based, nuanced understanding of China. To this end, Steve asked Yan Liang to come back to the podcast to look at China through the MMT lens, analyzing its economic management, global role, and response to Western villainization. They discuss China's development ethos and describe China as a state that actively uses its monetary and fiscal sovereignty to guide development towards internal goals (poverty alleviation, technological self-reliance, common prosperity) and external partnership (Win-win cooperation, Belt and Road Initiative). Illustrating the difference between state steering and the so-called “free market,” the conversation goes into China's mobilization of real resources through strategic state guidance, like Five-Year Plans and state-owned enterprises in key sectors. Yan talks about the use of capital controls and a managed exchange rate. She details lessons from 2015 and the application of MMT principles to insulate domestic policy from volatile external forces. Without romanticizing China, Yan also walks through its real challenges. But from an MMT-aware lens, these are seen as problems of policy design and resource use (issues a sovereign, planning-oriented state can address!) rather than proof of an impending collapse. Yan Liang is Peter C and Bonnie S Kremer Chair Professor of Economics at Willamette University. She is also a Research Associate at the Levy Economics Institute, a Non-Resident Senior Fellow at the Global Development Policy Center (Boston University), and a Research Scholar of the Global Institute for Sustainable Prosperity. Yan specializes in the Modern Monetary Theory (MMT), the Political Economy of China, Economic Development, and International Economics. Yan's current research focuses on China's development finance and industrial transformation, and China's role in the global financial architecture. https://www.linkedin.com/in/yan-liang-1355b91a2/ @YanLian31677392 on X

In this episode of the ChinaPower Podcast, Dr. Elizabeth Economy examines the key outcomes of China's Fourth Plenum and what they reveal about Beijing's evolving economic priorities and push for technological self-reliance ahead of the release of the 15th Five-Year Plan. She discusses China's strategy in the U.S.-China trade war, including its expanding retaliatory toolkit, rare-earth export controls, and the global pushback triggered by China's industrial overcapacity. She concludes by assessing how domestic pressures and external frictions will shape China's policy direction and its economic engagement with the United States over the next few years. Dr. Elizabeth Economy is the Hargrove Senior Fellow and co-chair of the Program on the US, China, and the World at the Hoover Institution. From 2021 to 2023, she served as the senior advisor for China in the Department of Commerce. Dr. Economy was previously at the Council on Foreign Relations, where she served as the C.V. Starr Senior Fellow and director for Asia Studies for over a decade.

This week's "At her Career Crossroads" insight comes from me. I say — "The moment I took that one small step, clarity followed. I didn't need the whole plan. I just needed momentum. The first step showed me the next one. And that's how clarity works. It's not something you find by standing still. It's something that unfolds as you move." Here are 3 reasons why you should listen to this episode: You'll hear why the pressure to map out your entire future can keep you stuck, and why one aligned step is often enough to shift your path. You'll get a clearer understanding of how fear can show up as "being prepared," and how to tell when planning has quietly turned into waiting. You'll walk away with a simple reflection prompt that helps you name where you're stuck and choose one doable step toward momentum. I'm a professor, speaker, author, coach, and creator of the PurposeMAKER philosophy, helping high-achieving women close the gap between success and fulfillment so they can move with more clarity and purpose. If you're ready to go deeper, or if you've been standing at a crossroads sensing that your next chapter is calling but you're not sure how to move forward, I created something for you. It's called Clarity for What's Next. It's a short, self-paced audio course that helps you pause, listen, and find your next right step with more confidence, clarity, and purpose. You can find it at: http://leadershippurposeinstitute.com/clarity   Would you prefer to watch or listen to the podcast on YouTube?Head on over to https://www.youtube.com/@leadershippurposepodcast   Want to connect? Connect with Dr. Robin on  LinkedIn: https://www.linkedin.com/in/robinlowensphd/ Facebook: https://www.facebook.com/robinlowensphd Instagram:  https://www.instagram.com/robinlowensphd/ Email: Robin@LeadershipPurposePodcast.com   Thank you for listening! Rate, review, & follow on Apple Podcasts or your favorite podcast player. Talk to you soon!   This episode was produced by Lynda, Podcast Manager for GenX Creative Entrepreneurs at https://www.ljscreativeservices.co.nz

China's Economic Slump: Export Decline, Policy Failures, and Property Market Stagnation Guests: Anne Stevenson-Yang and Gordon Chang Anne Stevenson-Yang and Gordon Chang discussed the unprecedented slump in China's economic activity, noting cooled investment and slowing industrial output, with exports falling 25% to the US, attributing this long-term decline to the government's 2008 decision to pull back economic reforms and the current 15th Five-Year Plan lacking viable solutions or bailouts for hurting localities, while consumption remains dangerously low (around 38% of GDP) and is expected to shrink further as the government prioritizes technological development and factory production, with the property market collapsing as capital investment, land sales, and unit prices decline, forcing people to hold onto decaying apartments and risking stagnation for decades similar to Japan post-1989, a problem largely self-created due to overcapacity, although other countries like Brazil are also restricting Chinese imports.

SHOW 11-17-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR 1899 UKRAINE THE SHOW BEGINS IN THE DOUBTS ABOUT POTUS... FIRST HOUR 9-915 Pakistan's Military Dominance: Field Marshal Munir's Power and US Relations Guest: Ambassador Husain Haqqani Ambassador Husain Haqqani detailed the institutional dominance of Pakistan's military, noting that Parliament recently granted Field Marshal Asim Munir legal immunity for life and expanded his power by designating him Chief of Defense Forces, giving him control over the entire military, as Munir aims for presidential privileges without directly taking power, backed by a national narrative that Pakistan is perpetually under threat from India, and gained significant political and psychological advantage through two meetings and praise from President Trump, despite no new US aid or weapons, while Trump, who favors strongmen, may also be using this praise to leverage concessions from Indian Prime Minister Modi, as Munir is taking risks by adopting a firmer stance regarding violence on the Northwest frontier with the Taliban, an approach not well received by the Afghans, with Pakistani politicians historically conceding ground to the military to secure a shared portion of power. 915-930 CONTINUED Pakistan's Military Dominance: Field Marshal Munir's Power and US Relations Guest: Ambassador Husain Haqqani Ambassador Husain Haqqani detailed the institutional dominance of Pakistan's military, noting that Parliament recently granted Field Marshal Asim Munir legal immunity for life and expanded his power 930-945 China's Economic Slump: Export Decline, Policy Failures, and Property Market Stagnation Guests: Anne Stevenson-Yang and Gordon Chang Anne Stevenson-Yang and Gordon Chang discussed the unprecedented slump in China's economic activity, noting cooled investment and slowing industrial output, with exports falling 25% to the US, attributing this long-term decline to the government's 2008 decision to pull back economic reforms and the current 15th Five-Year Plan lacking viable solutions or bailouts for hurting localities, while consumption remains dangerously low (around 38% of GDP) and is expected to shrink further as the government prioritizes technological development and factory production, with the property market collapsing as capital investment, land sales, and unit prices decline, forcing people to hold onto decaying apartments and risking stagnation for decades similar to Japan post-1989, a problem largely self-created due to overcapacity, although other countries like Brazil are also restricting Chinese imports. 945-1000 China's Role in Global Drug Epidemics: Meth Precursors and Weaponizing Chemicals. Guests: Kelly Curry and Gordon Chang. Kelly Curry and Gordon Chang detailed China's crucial role in the global drug trade, asserting that China's chemical exports are fueling a "tsunami of meth" across Asia. Chinese manufacturers supply meth precursor chemicals to warlords, notably the Chinese-aligned, US-sanctioned United Wa State Army in Myanmar. This production (Yaba/ice) is believed to have been diverted from China's domestic market in the 1990s. Both guests confirmed this activity is impossible without the explicit knowledge and support of the Central Committee, noting China grants export subsidies, tax rebates, and uses state banks for money laundering associated with the drug trade. China benefits financially and strategically by weakening US-backed allies like Thailand and South Korea who are flooded with the drugs. This structure mirrors the fentanyl crisis in North America, and experts predict increasing co-production and sharing of chemical methods between Asian drug groups and Mexican cartels. SECOND HOUR 10-1015 Syria's Complex Geopolitics: Air Bases, Sanctions, Accountability, and Great Power Mediation Guest: Ahmad Sharawi Ahmad Sharawi discussed the non-transparent situation in Syria, focusing on reports of potential US air bases (Mezzeh and Dumayr), with denials from the Syrian government suggesting they won't possess the bases but might allow US use for counter-ISIS missions or potentially a security agreement requested by Israel for deconfliction, noting a recent US C-130 spotted landing at the Mezzeh air base near Damascus, while during a reported White House visit, Syrian requests included the removal of Caesar sanctions (partially waived by President Trump) and an Israeli withdrawal from the southern border buffer zone, with domestic movement towards accountability for the Suwayda province massacre and government security forces being arrested, as a Russian military delegation visited Damascus and southern Syria, potentially acting as a deconfliction mechanism between Syria and Israeli forces, with Russia's goal appearing to be balancing regional interests while maintaining its bases in western Syria. 1015-1030 CONTINUED Syria's Complex Geopolitics: Air Bases, Sanctions, Accountability, and Great Power Mediation Guest: Ahmad Sharawi Ahmad Sharawi discussed the non-transparent situation in Syria, focusing on reports of potential US air bases (Mezzeh and Dumayr), with denials from the Syrian government... 1030-1045 Venezuela Crisis: Potential Maduro Exit and Shifting Political Tides in Latin America Guests: Ernesto Araújo and Alejandro Peña Esclusa Alejandro Peña Esclusa and Ernesto Araújo discussed the crisis in Venezuela, noting a powerful US fleet gathered nearby, with Maduro fearing military intervention and reportedly wanting to discuss surrender conditions with President Trump, though his exit is complicated by his ally Diosdado Cabello, who heads operations for the Cartel of the Suns and has no path for redemption, while Maduro's potential fall would deliver a severe blow to the organized crime and drug trafficking networks that permeate South America's political structures, with the opposition, led by María Corina Machado, having transition plans, and Brazilian President Lula neutralized from strongly opposing US actions due to ongoing tariff negotiations with Trump, as the conversation highlighted a new conservative political wave in Latin America, with optimism reported in Argentina following elections that strengthened Javier Milei, and in Chile, where conservative José Antonio Kast is strongly positioned, representing a blend of economic freedom, anti-organized crime platforms, and conservative values. 1045-1100 CONTINUED Venezuela Crisis: Potential Maduro Exit and Shifting Political Tides in Latin America Guests: Ernesto Araújo and Alejandro Peña Esclusa Alejandro Peña Esclusa and Ernesto Araújo discussed the crisis in Venezuela, noting a powerful US fleet gathered nearby, with Maduro fearing military intervention and... THIRD HOUR 1100-1115 1/4 Jews Versus Rome: Two Centuries of Rebellion and the Cost of Diaspora Revolts Professor Barry Strauss of Cornell University, Professor Emeritus and Senior Fellow at the Hoover Institution, discusses the history of Jewish resistance against the Roman Empire as detailed in his book Jews versus Rome. Following the destruction of the Temple and Jerusalem, rebellion continued among Jewish communities scattered across the Roman world. 1115-1130 CONTINUED 2/4 During Emperor Trajan's campaign against the Parthian Empire, a widespread and coordinated "diaspora revolt" erupted in 115–117 AD, beginning in Libya and spreading to Egypt, Cyprus, and Mesopotamia. This was a major challenge, forcing Trajan to divert a legion, as Egypt was the empire's strategic breadbasket. The revolt was spurred by the insulting Jewish tax, the fiscus Judaicus, paid to Jupiter, and the frustrated expectation that the Temple would be rebuilt within 70 years. The Jewish community in Alexandria, possibly the largest Jewish city in the ancient world, was wiped out during the suppression, a disaster for diaspora Judaism. 1130-1145 CONTINUED 3/4 srajan's successor, Hadrian, revered the war against Parthia but recognized the Jews' disloyalty. Starting in 117 AD, Hadrian planned to rebuild Jerusalem as a pagan city named Aelia Capitolina to demonstrate that the Temple would never be restored and to discourage collusion between Jews and Parthians. This provoked the Bar Kokhba Revolt in 132 AD. The leader, Simon Bar Kosa, took the messianic title Bar Kokhba, meaning "Son of the Star," and was accepted as the Messiah by some leading rabbis, including Rabbi Akiva. 1145-1200 CONTINUED The rebels utilized successful asymmetrical warfare, operating from underground tunnel systems and ambushing Roman forces. The conflict was so severe that Hadrian deployed reinforcements from across the empire, including Britain, and the Roman army was badly mauled. The revolt ended bloodily at the stronghold of Betar. As lasting punishment for centuries of trouble and rebellion, the Romans renamed the province from Judea to Syria Palestina. Pockets of resistance continued, notably the Gallus Revolt in 351–352 AD. Guest: Professor Barry Strauss. FOURTH HOUR 12-1215 Iran's Multi-Faceted Crises: Water Scarcity, Pollution, and Transnational Repression Guest: Jonathan Sayah Jonathan Sayah discussed the multi-faceted crises plaguing Iran, reflecting poor management and ecological decline, with Tehran overwhelmed by severe water scarcity as dams dry up and crippling air pollution with CO2 levels 10 times the WHO standard, while the water crisis is worsened by the regime, especially IRGC-affiliated contractors, who prioritize their support base through unregulated mega-projects, leading to rivers and lakes drying up, a deliberate deprivation of clean water that constitutes a human rights violation, as environmental disasters have driven widespread internal migration into Tehran, taxing infrastructure and leading to issues like land subsidence, with the population considered "prime for unrest," while separately, Iran continues its policy of transnational repression, highlighted by the recent foiled plot to assassinate Israel's ambassador in Mexico, as Iran targets both Israeli/American officials and relies on criminal networks to repress Iranian dissidents abroad, while consistently holding American dual citizens hostage as political leverage. 1215-1230 CONTINUED 1230-1245 Ukraine Conflict: French Arms Deal, Sabotage, and the Perilous Battle for Pokrovsk. Guest: John Hardy. John Hardy reported that Ukraine signed a letter of intent with France to obtain 100 Rafale warplanes over 10 years, along with air defense systems. While this partnership is encouraging, Hardy expressed concern that Ukraine is excessively over-diversifying its future air fleet (including F-16, Grippen, Mirage, and Rafale) which complicates long-term sustainment and maintenance. Simultaneously, alarming reports surfaced that sabotage was blamed for an explosion on a major railway line in Poland used to supply Ukraine, fitting a pattern of suspected Russian covert operations against European infrastructure. On the battlefield, fighting continues in Pokrovsk (Picro). Hardy warned that if Ukrainian forces prioritize a politically motivated hold, they risk the encirclement and destruction of troops in nearby areas. Poor weather, such as fog, plays a significant role in the conflict, as Russians often time assaults during these conditions to impede Ukrainian aerial reconnaissance and FPV drones 1245-100 AM raq Elections and Yemen's Houthi Crackdown Guest: Bridget Toomey Bridget Toomey discussed recent developments in Iraq and Yemen, noting that Iraqi parliamentary elections saw a higher-than-expected 56% voter turnout, with preliminary results suggesting Shiite parties close to Tehran performed well and might secure enough seats to form the next government, despite internal infighting and votes remaining largely sectarian, while Prime Minister Mohammed Shia al-Sudani received credit for stability and his party performed strongly, though many Iraqis doubt the elections affect real change, believing critical decisions are made via elite backroom deals, and turning to Yemen, the Houthis announced the arrest of a purported Saudi-American-Israeli spy ring, a paranoid crackdown following Israel's successful targeting of Houthi government and military leaders in August, with arrests including 59 UN workers and prosecutors requesting the death sentence for 21, aiming to intimidate domestic dissent and signal resolve to Western and regional adversaries, especially in sensitive Houthi locations in Sana'a.

The recent conclusion of China's Fourth Plenum has shed light on the strategic direction of the 15th Five-Year Plan, highlighting key priorities such as boosting domestic consumption, advancing technological self-reliance, and expanding into new export markets. Following the Plenum, Chinese President Xi also met with US President Trump in South Korea, reaching a mutual agreement to pause key trade escalations for a year. What do these developments mean for the future of US-China relations, and can Chinese markets continue its bull run in 2026? This episode is presented by Richard Tang, Head of Research Hong Kong at Julius Baer and Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd.

From October 20-23, the Central Committee of the Chinese Communist Party held its Fourth Plenum in Beijing, marking an important moment as the Party sets the direction for China's development for the next five years. The session adopted recommendations for the 15th Five-Year Plan, endorsing Xi Jinping's goals of high-quality development, scientific and technological self-reliance, and strengthening national security in response to rising global instabilities. The Central Committee also announced the replacement of 11 members, the highest personnel turnover since 2017 amid an ongoing anti-corruption purge in the military. To discuss the plenum's outcomes, we are joined by Jonathan Czin. Jonathan is a leading expert on Chinese politics and foreign policy. He holds the Michael H. Armacost Chair in Foreign Policy Studies and is a fellow in the John L. Thornton China Center at the Brookings Institution. He previously led the intelligence community's analysis of Chinese politics and policy making at the CIA and also spent two years as director for China at the National Security Council during the Biden administration.  Timestamps:  [00:00] Start  [01:36] Why the Fourth Plenum Matters  [03:37] Key Takeaways: Policy Continuity and Political Purges  [05:07] Zhang Shengmin and Xi Jinping's Military Ambitions  [09:23] Signals and Adjustments in Economic Planning  [11:56] Previewing the 15th Five-Year Plan  [13:33] Xi Jinping's Growing Confidence  [17:42] Political Messaging and Choreography  [20:21] Language in the Communique: “Strategic Resolve”  [22:28] What to Expect from the Xi-Trump Summit  [26:38] Is Beijing Worried the Summit Could Backfire? 

China's leadership has announced its latest five-year plan for the future. A lot of details are still unknown, but one of government's big ambitions is to strengthen its domestic tech sector. Also, the case of the Guildford Four is considered one of the worst miscarriages of justice in British legal history; decades later, their families say the fight for accountability is still not over. And, 1 in 3 French university students skips a daily meal regularly, as they struggle with rising housing costs and inflation; now, volunteers are coming to help, with groceries and more. Plus, Cape Verde celebrates qualifying for the World Cup for the first time in history.Listen to today's Music Heard on Air. Learn about your ad choices: dovetail.prx.org/ad-choices

China's Property Crisis, Deflation, and Structural Obstacles to Consumption Anne Stevenson-Yang with John Batchelor Anne Stevenson-Yang discussed how the persistent property crater has severely dragged down fixed asset investment. Beijing aims to boost the economy via consumption, but the Chinese system is structurally built to communicate only with producers, not average consumers. Furthermore, the deflationary environment encourages people to delay purchases, waiting for lower prices. She views the Five-Year Plans mainly as an "amazing relic" used internally to motivate the sprawling government bureaucracies. 1850

SHOW 10-22-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR HK 1925 THE SHOW BEGINS IN THE DOUBTS ABOUT XI. FIRST HOUR 9-915 Colonel McCausland Discusses Postponed Budapest Summit, Gaza Ceasefire Instability, and Pentagon Information Control Jeff McCausland with John Batchelor Colonel McCausland explained the Budapest summit postponement, noting Putin demands Ukrainian surrender before a ceasefire. He considered Tomahawks an escalation of firepower, but not a game-changer, with delivery now on hold. McCausland described the Gaza ceasefire as precarious, lacking discussion or plan for Hamas disarmament, which he views as the necessary "red line" for stability. He criticized the Pentagon's new policy blocking journalists from soliciting unauthorized information as an attempt by Secretary Hegseth to control information flow and increase opacity. 915-930 Colonel McCausland Discusses Postponed Budapest Summit, Gaza Ceasefire Instability, and Pentagon Information Control Jeff McCausland with John Batchelor Colonel McCausland explained the Budapest summit postponement, noting Putin demands Ukrainian surrender before a ceasefire. He considered Tomahawks an escalation of firepower, but not a game-changer, with delivery now on hold. McCausland described the Gaza ceasefire as precarious, lacking discussion or plan for Hamas disarmament, which he views as the necessary "red line" for stability. He criticized the Pentagon's new policy blocking journalists from soliciting unauthorized information as an attempt by Secretary Hegseth to control information flow and increase opacity. 930-945 Steve Yates Discusses Australia-US Alliance Strength and Political Turmoil Affecting APEC Summit Steve Yates with John Batchelor Steve Yates confirmed the Trump-Albanese meeting was a net positive, accelerating AUKUS and securing a rare earth deal that addresses supply access. He noted the political turmoil in Beijing, highlighted by uncertainty over Xi Jinping's APEC attendance. This instability is abnormal and reinforces China's unstable political foundation. Yates suggested this instability should push allies to rely more on the first island chain as a reliable balance. 945-1000 Rick Fisher Reports on China's Reusable Rocket Deluge and US Moon Race Political Pressures Rick Fisher with John Batchelor Rick Fisher reported that China has 27 reusable space launch vehicle projects underway, predicting a "deluge" of cheap space services to compete with SpaceX. He noted that President Trump is alarmed that China may win the second race to the moon. Trump pressured NASA Administrator Duffy to open the Human Landing System competition to Blue Origin, signaling that politics and winning the race are paramount, regardless of competitor viability. China's first reusable booster test could occur before year-end. SECOND HOUR 10-1015 Colonel Newsham Discusses Promising US-Australia Rare Earth Deal and Canberra's Dual Strategy Toward China Grant Newsham with John Batchelor Colonel Grant Newsham discussed the promising US-Australia rare earth deal, noting Australia has vast mining capabilities to provide an alternative to China's dominance. China's threat to use export controls might spur free nations to develop alternative supply chains. Newsham noted Canberra is playing a "neat trick," maintaining a firm defense alliance with the US (AUKUS) while maintaining profitable economic ties with Beijing, reflecting an underlying "softness" toward China. 1015-1030 Colonel Newsham Discusses Promising US-Australia Rare Earth Deal and Canberra's Dual Strategy Toward China Grant Newsham with John Batchelor Colonel Grant Newsham discussed the promising US-Australia rare earth deal, noting Australia has vast mining capabilities to provide an alternative to China's dominance. China's threat to use export controls might spur free nations to develop alternative supply chains. Newsham noted Canberra is playing a "neat trick," maintaining a firm defense alliance with the US (AUKUS) while maintaining profitable economic ties with Beijing, reflecting an underlying "softness" toward China. 1030-1045 China's Property Crisis, Deflation, and Structural Obstacles to Consumption Anne Stevenson-Yang with John Batchelor Anne Stevenson-Yang discussed how the persistent property crater has severely dragged down fixed asset investment. Beijing aims to boost the economy via consumption, but the Chinese system is structurally built to communicate only with producers, not average consumers. Furthermore, the deflationary environment encourages people to delay purchases, waiting for lower prices. She views the Five-Year Plans mainly as an "amazing relic" used internally to motivate the sprawling government bureaucracies. 1045-1100 General Zhang Youxia Allegedly Leads PLA Purges Amid Internal CCP Power Struggle General Blaine Holt with John Batchelor General Blaine Holt reported that the purge of nine flag officers was allegedly executed by General Zhang Youxia, not Xi Jinping. Zhang, a top general, began the purges out of fear of becoming a target himself, indicating an internal "civil war" within the CCP factions opposing Xi. Zhang has secured elite military units loyal to him and the People's Liberation Army (PLA), rather than solely the Party, stabilizing the military amidst the turmoil. Zhang's life is at risk if Xi prevails.THIRD HOUR 1100-1115 Peter Berkowitz Analyzes Precarious Gaza Ceasefire and Deep Internal Political Tensions in Israel Peter Berkowitz with John Batchelor Peter Berkowitz stated the Gaza ceasefire is precarious and phase one is incomplete until all deceased hostages' remains are returned, aligning with Israeli public and governmental sentiment. Hamas may be stalling negotiations to rearm. Berkowitz noted sharp internal tensions in Israel, driven by opposition to Netanyahu, resentment over judicial reform, and economic exhaustion from military service. He finds it unlikely that the peace plan, which requires Hamas disarmament, will be fully realized. 1115-1130 Peter Berkowitz Analyzes Precarious Gaza Ceasefire and Deep Internal Political Tensions in Israel Peter Berkowitz with John Batchelor Peter Berkowitz stated the Gaza ceasefire is precarious and phase one is incomplete until all deceased hostages' remains are returned, aligning with Israeli public and governmental sentiment. Hamas may be stalling negotiations to rearm. Berkowitz noted sharp internal tensions in Israel, driven by opposition to Netanyahu, resentment over judicial reform, and economic exhaustion from military service. He finds it unlikely that the peace plan, which requires Hamas disarmament, will be fully realized. 1130-1145 GOP Voters Found More Moderate on Fiscal Issues and Driven by Cultural Anti-Progressivism, According to New Analysis Ryan Streeter with John Batchelor Ryan Streeter discussed findings showing Republican voters are more moderate than portrayed, especially on entitlement cuts. They prioritize a healthy economy and law and order. Isolationism is not prominent, though they oppose excessive foreign spending. MAGA Republicanism is defined primarily by cultural issues, like anti-progressivism and concern over immigration, often outweighing economic policies like tariffs. Streeter concludes that rank and file voters are not as radical as national politics suggest. 1145-1200 GOP Voters Found More Moderate on Fiscal Issues and Driven by Cultural Anti-Progressivism, According to New Analysis Ryan Streeter with John Batchelor Ryan Streeter discussed findings showing Republican voters are more moderate than portrayed, especially on entitlement cuts. They prioritize a healthy economy and law and order. Isolationism is not prominent, though they oppose excessive foreign spending. MAGA Republicanism is defined primarily by cultural issues, like anti-progressivism and concern over immigration, often outweighing economic policies like tariffs. Streeter concludes that rank and file voters are not as radical as national politics suggest. FOURTH HOUR 12-1215 Simon Constable Reports on Rising Commodity Prices Driven by Data Center Demand and European Political Turmoil Simon Constable with John Batchelor Simon Constable reported significant commodity price increases (copper up 14%, gold up 48%), driven by demand for data centers and AI. He criticized European reluctance to build needed data centers, stressing their necessity for the digital future. Constable noted President Macron fears Marine Le Pen's National Rally due to growing support stemming from concerns over unfettered immigration. He also criticized the UK Labour party's plan to tax professionals like dentists and doctors, predicting they will leave the country. 1215-1230 Simon Constable Reports on Rising Commodity Prices Driven by Data Center Demand and European Political Turmoil Simon Constable with John Batchelor Simon Constable reported significant commodity price increases (copper up 14%, gold up 48%), driven by demand for data centers and AI. He criticized European reluctance to build needed data centers, stressing their necessity for the digital future. Constable noted President Macron fears Marine Le Pen's National Rally due to growing support stemming from concerns over unfettered immigration. He also criticized the UK Labour party's plan to tax professionals like dentists and doctors, predicting they will leave the country. 1230-1245 Bob Zimmerman Criticizes NASA's Artemis Lunar Program as a "Management Disaster" Focused on Beating China Bob Zimmerman with John Batchelor Bob Zimmerman criticized NASA interim administrator Sean Duffy for focusing on SpaceX being "behind schedule," distracting from NASA's own delay of the Artemis mission to 2028 at the earliest. He called the Artemis plan an "unwieldy management disaster" designed haphazardly to give the SLS rocket a mission. The political push to beat China by 2028 creates a dangerous "one-time stunt." Zimmerman argues the private sector (SpaceX) is the real future of US space endeavors. 1245-100 AM Bob Zimmerman Criticizes NASA's Artemis Lunar Program as a "Management Disaster" Focused on Beating China Bob Zimmerman with John Batchelor Bob Zimmerman criticized NASA interim administrator Sean Duffy for focusing on SpaceX being "behind schedule," distracting from NASA's own delay of the Artemis mission to 2028 at the earliest. He called the Artemis plan an "unwieldy management disaster" designed haphazardly to give the SLS rocket a mission. The political push to beat China by 2028 creates a dangerous "one-time stunt." Zimmerman argues the private sector (SpaceX) is the real future of US space endeavors.

It's Tuesday, October 21st, A.D. 2025. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com.  I'm Adam McManus. (Adam@TheWorldview.com) By Kevin Swanson                    Xi Jinping fired 9 Chinese military commanders China's communist system is in turmoil, as the defense ministry announces the removal of nine very senior military commanders from duty, including a number two general, He Weidong. Since 2023, the communist leader, Xi Jinping, has administered the removal of dozens of senior officers. These moves signal a factionalism from within the party and the Chinese military. Experts question whether Jinping will survive in his position. This week, the Central Committee of the Communist Party of China is holding its Fourth Plenary Session where leaders will work out a Five-Year Plan. The outcome of this meeting will reveal Jinping's standing in party politics. Keep in mind: God is in control. Haggai 2:22 says, “The word of the Lord came unto Haggai … I will overthrow the throne of kingdoms. … I will overthrow the chariots, and those that ride in them; and the horses and their riders shall come down, everyone by the sword of his brother.” Pakistani pastor survives murder plot A Pakistani pastor survived a murder attempt in Islamabad, the capital of Pakistan, on the morning of Sunday, September 21, reports Barnabas Aid. Pastor Kamran Naz had been traveling by bus, accompanied by his mother, from his home in Gujranwala to lead a church service in Islamabad when he was attacked by two unidentified gunmen. One bullet wounded the pastor in the right leg. A second bullet narrowly missed his head. The attackers then fled on a motorcycle as some church members who were present swiftly came to the pastor's aid and contacted emergency services. Pastor Kamran had previously notified the police of numerous death threats. He was warned to stop ministering at the church or face the consequences.  Pastor Imran Amanat, leader of the Christian advocacy group LEAD Ministries Pakistan, said, “We will not be intimidated or silenced. We demand that the authorities immediately ensure the protection of Christian leaders and hold the criminals accountable. If the government continues to ignore these threats, it becomes complicit in the persecution.” According to Open Doors, Pakistan is the eighth most dangerous country worldwide for Christians. Swedish parents lost custody over kids' required church attendance Certain European nations have now been recognized for their systemic violation of parental rights, especially if the parents happen to be Christian.  Alliance Defending Freedom International is working on a case in Sweden, where parents have lost custody of their children under charges of “religious extremism.” The parents had simply restricted the phone use of their teen children and required attendance at church meetings. After three years of attempts to regain custody, Daniel and Bianca Samson are appealing their case to the European Court of Human Rights. Recently, the High Court has already condemned countries like Spain, Portugal, Italy, Croatia, and Romania for systemic violations in family separation and child welfare cases. Iran threatens Israel Iran's Ayatollah Ali Khamenei took to social media (X) yesterday, effectively taunting the American government, threatening Israel, and asserting independence for the nation's nuclear program. He asked, “What authority do you, Americans, have to dictate what a country should or shouldn't do if it possesses nuclear industry? What position do you hold in the world? How is it any of America's business whether Iran has nuclear capabilities and nuclear industry or not? .. . The U.S. President boasts that they've bombed and destroyed Iran's nuclear industry. Very well, in your dreams!” Trump urges Putin and Zelenskyy to end the war President Donald Trump is urging Ukraine's leader, Volodymyr Zelenskyy to end the war on Russia's terms.  He warned Zelenskyy of Russian President Vladimir Putin's threat to “destroy” Ukraine it there is no agreement.  The Financial Times described the meeting as a “shouting match”, with Trump throwing maps in the room, and “cursing all the time.” Japan greenlights Morning After Pill Japan has just approved the abortifacient drug known as the over-the-counter “morning after” pill. Japan also approved the RU-486 abortion kill pill back in April 2023. Japan recorded 686,000 births in 2024. That's down from 762,000 in 2023, and down from 2,000,000 in 1975. Jeremiah 32:35 speaks of this child sacrifice.  “They built the high places of Baal in the Valley of the Son of Hinnom, to offer up their sons and daughters to Molech, though I did not command them, nor did it enter into my mind, that they should do this abomination.” Day 21 of U.S. government shutdown The U.S. government shutdown is rounding its 21st day. With 900,000 employees furloughed, the shutdown represents the most severe in American history.  Indeed, 7,850 flights were delayed due to air traffic control staffing shortages on Sunday.  According to TheHill.com, 13,000 air traffic controllers and 50,000 TSA agents are presently working without pay. Housing bubble has burst The housing bubble has burst in multiple cities across the United States. The median house values in Oakland, California and Austin, Texas have dropped by 24% since the peak in 2022. Significant declines have also been reported in New Orleans, San Francisco, Fort Myers, Florida, and Denver, Colorado, reports WolfStreet.com. Gold and silver hit new record highs Metals continued their journey upwards and onwards in Monday's market activity. Gold hit $4,350 per ounce and silver hit $52 and change per ounce, reports Reuters. Trump's Education Dept. funds conservative ideology at colleges The Trump Education Department is offering preferential funding for those universities willing to bend more conservative. Only Vanderbilt, the University of Arizona, and the University of Texas at Austin have embraced to the idea out of the nine universities approached with the proposal, reports Breitbart.  MIT, Brown University, the University of Pennsylvania, and the University of Southern California have all rejected the Trump administration's encouragement to abolish their departments opposed to conservative ideas.  Major jewel heist at Louvre in Paris, France And finally, a team of four thieves broke into the Louvre Museum in Paris over the weekend. They stole priceless jewels dating back to the 19th Century, reports Reuters. Among the stolen items were a tiara and brooch belonging to Empress Eugénie, wife of Napoleon III, an emerald necklace and a pair of emerald earrings from Empress Marie Louise, Napolean's second wife, and a tiara, a necklace, and single earring from the sapphire set that belonged to Queen Marie-Amelie and Queen Hortense. (Also a brooch known as the "reliquary brooch” was taken). Close And that's The Worldview on this Tuesday, October 21st, in the year of our Lord 2025. Follow us on X or subscribe for free by Spotify, Amazon Music, or by iTunes or email to our unique Christian newscast at www.TheWorldview.com.  I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

US President Donald Trump urged his Ukrainian counterpart to accept Russia's war terms during Friday's volatile White House meeting, and five-year plans still have a place in Chinese politics despite massive changes to its economic system. Plus, global hedge funds are listing in Hong Kong again after an extended slowdown, and the battle for control of rare earth metals is turbocharging stock prices in this sector. Mentioned in this podcast:Trump urged Zelenskyy to accept Putin's terms or be ‘destroyed' by RussiaChina pushes high-tech in 5-year plan as US tensions riseWhy China still loves its five-year plansHedge funds return to Hong Kong listingsRare earths shares soar as US and China battle over export controlsSave 40% on a standard annual digital subscription: ft.com/briefingsale Today's FT News Briefing was produced by Ethan Plotkin, Jess Smith, Sonja Hutson, and Marc Filippino. Our show was mixed by Kelly Garry. Additional help from Peter Barber. The FT's acting co-head of audio is Topher Forhecz. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Golden Week has just wrapped, offering a timely snapshot of China's consumer sentiment. Travel volumes surged, but spending data remained subdued, highlighting the limits of short-term stimulus and reinforcing calls for deeper structural reform.Amidst this backdrop, China's stock market continues to rally, prompting fresh questions: Can momentum broaden beyond tech? Will long-awaited social reforms finally shift the consumption narrative? And what does a weakening US dollar mean for global asset allocation?Richard Tang, Head of Research Hong Kong at Julius Baer, and Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., return to unpack the macro forces behind the rally, the outlook for the 15th Five-Year Plan, and why gold and silver are stealing the spotlight in 2025.This episode was recorded on 8 October 2025.

Our Chief China Equity Strategist Laura Wang discusses how China's new approach to economic development is transforming domestic industries and reshaping the global investment landscape.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Laura Wang, Morgan Stanley's Chief China Equity Strategist.Today – a consequential shift in China's economic policy is set to reshape domestic markets and send ripples across the global economy.It's Thursday, October 2nd at 2pm in Hong Kong.If you're an investor, it's important to understand China's new approach to economic development. The government's policies to drive a recovery from an economic slump are changing the rules of competition, profitability and growth. This affects Chinese companies, and in turn global supply chains and investment flows.Let's start with the term involution – what is it? In China, involution describes a cycle of excessive competition—think companies fighting for market share by slashing prices, ramping up production, and eroding profits, often to the point where nobody wins. The government's anti-involution campaign is a direct response to this problem.What factors prompted the launch of this anti-involution initiative? Since 2021, China has faced mounting deflationary pressures—falling prices, a housing market slump, and a surge in manufacturing investment that led to overcapacity. The September 2024 policy pivot began to address these issues, and in mid-2025 the government launched a more targeted anti-involution campaign. This phase focuses on reducing excessive competition and restoring pricing power through market-based consolidation.As we assess the potential effectiveness of China's anti-involution policy, our base case projects China's return on equity (ROE) to reach 13.3 percent by 2030, up from a cycle low of 10 percent in May 2024 and 11.6 percent by July 2025. In a bullish scenario, decisive reforms and demand-side stimulus could push ROE as high as 16.3 percent.We also expect earnings growth to accelerate, with our base case showing an annual growth rate (CAGR) of 7.6 percent in 2025, rising to 11.1 percent by 2027. We forecast valuations to normalize towards 12–13x forward price-to-earnings, in line with emerging market peers, but this could re-rate higher if reforms succeed.In terms of investment opportunities, we believe the EV Batteries industry will benefit the most from the Chinese government's anti-involution efforts. It's got strong policy support, cutting-edge technology, and a market that's consolidating fast—meaning the days of low-quality and excess capacity are fading. We're seeing a shift toward long-term, sustainable growth. Steel and Cement are industries where the state has a strong hand and capacity controls are well established. These factors help stabilize the market and open the door for steady gains. Finally, Airlines. While the industry has faced persistent losses, there isn't a[n] oversupply of seats, and regulatory coordination is strong. With the right reforms, Airlines could be poised for a significant turnaround.The sectors best positioned to benefit from China's anti-involution strategy are more domestically oriented. But this policy is bound to have global implications. And the ripples will likely extend to global supply chains, especially in Materials, Chemicals and Autos.Looking ahead, the pace and success of anti-involution will depend on further structural reforms, demand-side support, and the ability to digest industrial credit risks gradually. The upcoming 15th Five-Year Plan could bring more clarity on tax, social welfare, and local government incentives.So, what should investors be paying attention to? China's anti-involution campaign is more than a policy tweak—it's a recalibration of how the country balances growth, innovation, and sustainability. The key is to track sector-level reforms, watch for signs of consolidation, and focus on companies with strong fundamentals and policy tailwinds.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.