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Doc 1: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, A Student Demonstration of Sorts in Tiananmen Square (11/21/85) Doc 2: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, Government Arrests Student Demonstrators (11/25/85) Doc 3: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, More Student Demonstrations (12/23/85) Doc 4: From: U.S. Embassy Beijing, To: Department of State, Wash DC, Student Demonstrations Update (12/24/86) Doc 5: IPAC Daily Intelligence Summary 1-87, China: Student Demonstrations (01/02/87) Doc 6: IPAC Daily Intelligence Summary 10-87, China: Hu Yaobang Resigns (01/17/87) Doc 7: Memorandum of Conversation, [George Bush] Meeting with Wan Li, Chairman of the Standing Committee of the National People's Congress and Member of the Politburo, People's Republic of China (05/23/89) Doc 8: Secretary of State's Morning Summary for 06/0289, China: Stalemate Continues Doc 9: Secretary of State's Morning Summary for 06/03/89, China: Police Use Tear Gas on Crowds Doc 10: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 27: Martial Law with Chinese Characteristics (06/03/89) Doc 11: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 28: Ten to Fifteen Thousand Armed Troops Stopped at City Perimeter by Human and Bus Barricades (06/03/89) Doc 12: Cable, From: Department of State, Wash DC, To: U.S. Embassy Beijing, and All Diplomatic and Consular Posts, TFCHO1: SITREP 1, 1700 EDT (06/03/89) Doc 13: Secretary of State's Morning Summary for 06/04/89, China: Troops Open Fire Doc 14: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 32 (06/04/89) Doc 15: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 33 (06/04/89) Doc 16: Cable, From: Department of State, Wash DC, To: U.S. Embassy Beijing, China Task Force Situation Report No. 3 (06/04/89) Doc 17: Secretary of State's Morning Summary for 06/05/89, China: After the Bloodbath Doc 18: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 35 (06/05/89) Doc 19: Secretary of State's Morning Summary for 06/06/89, China: Descent into Chaos Doc 20: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, TFCH01--SITREP No. 37 (06/06/89) Doc 21: Secretary of State's Morning Summary for 06/07/89, China: Tense Standoff Continues Doc 22: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, TFCH01--SITREP No. 38 (06/07/89) Doc 23: Secretary of State's Morning Summary for 06/9/89, China: Uneasy Calm Doc 24: Department of State Intelligence Brief, "Current Situation in China: Background and Prospects" (Ca. 06/10/89) Doc 25: Secretary of State's Morning Summary for 06/10/89, China: Mixed Signals on Purge Doc 26: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, SITREP No. 49, (06/11/89) Doc 27: Secretary of State's Morning Summary for 06/14/89, China: Back to Business, But Crackdown Continues Doc 28: Secretary of State's Morning Summary for 06/15/89, China: Accusation over Fang Lizhi Doc 29: Secretary of State's Morning Summary for 06/21/89, China: Swift Justice Doc 30: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, Eyewitness Account of June 4 PLA Tank Crushing 11 Students and Related Early Morning Events in Tiananmen Square (06/22/89) Doc 31: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, What Happened on the Night of June 3/4? (06/22/89) Doc 32: Cable, From: U.S. Embassy Beijing, To: Department of State, Wash DC, TFCH01: SITREP No. 65 (06/27/89) Doc 33: State Department document entitled "Themes" (06/29/89) Doc 34: State Department Bureau of Intelligence and Research, "Status Report on Situation in China as of 07/ 26/89" Doc 35: State Department Bureau of Intelligence and Research, "China: Aftermath of the Crisis" (07/27/89) Learn more about your ad choices. Visit megaphone.fm/adchoices

China is likely to announce additional stimulus policies, including extra fiscal support, targeted monetary easing and stronger consumption-boosting initiatives, to put its economic growth on a more solid footing, as the country's top leadership usually convenes a high-level meeting centered on economic issues around the end of April, analysts said.分析人士表示，中国有望宣布更多刺激政策，包括增加财政支持、定向货币宽松以及更有力的促消费举措，以进一步夯实经济增长基础。中国最高领导层通常会在4月底左右召开一次以经济问题为中心的高层会议。The tone-setting meeting would be an important occasion for China's policymakers to reassess the fast-paced developments in the trade war initiated by Washington against Beijing over the past month, and to formulate offsetting policies in response, they added.他们补充道，此次定调会议将成为中国政策制定者重新评估过去一个月华盛顿对北京发起的贸易战快速发展态势，并制定相应政策的重要契机。"While the 5.4 percent GDP growth rate in the first quarter is a good start, key indicators like the consumer price index and producer price index suggest that weakness in domestic demand still persists," said Xiong Yuan, chief economist at Guosheng Securities.国盛证券首席经济学家熊园表示：“虽然第一季度GDP增长率达到5.4%是一个良好的开端，但消费者价格指数和生产者价格指数等关键指标表明，国内需求仍然疲软。”The impact of the tariffs by the United States, which is expected to materialize more visibly in the second quarter, further underscores the urgency for policymakers to ramp up supportive efforts, Xiong said.熊园表示，预计美国加征关税的影响将在第二季度更加明显，这进一步凸显了政策制定者加大支持力度的紧迫性。China's top leadership has suggested on various occasions that the country has ample capability to roll out new policy measures as needed, to address the rising uncertainties in the external environment.中国高层领导已多次表示，中国有足够的能力根据需要推出新的政策措施，以应对外部环境中日益增加的不确定性。Premier Li Qiang said on April 17 during a study session held by the State Council—the country's Cabinet—that at critical moments, the government must act swiftly to deploy policy tools across various fronts in order to generate positive market expectations.4月17日，李强总理在国务院举行的一次学习会议上表示，在关键时刻，政府必须迅速行动，综合运用各种政策工具，以创造积极的市场预期。Analysts expect that the end-April meeting is poised to introduce significant fiscal stimulus measures, potentially exceeding 1 trillion yuan ($137 billion) in scale.分析人士预计，4月底的会议将推出重大财政刺激措施，规模可能超过1万亿元人民币（1370亿美元）。"We expect incremental funds of 1.5 trillion yuan, or 1 percent of GDP, on top of the budget approved earlier this year. End-demand, especially consumption, should be more a focus than investment this time, given the nature of the tariff shock," Citi analysts said in a report on Monday.花旗分析师周一在一份报告中表示：“我们预计，在年初批准的预算基础上，新增资金将达到1.5万亿元人民币，占GDP的1%。鉴于关税冲击的性质，此次应该更多地关注终端需求，尤其是消费，而非投资。”China Galaxy Securities also said on Sunday in a report that the size of the new fiscal stimulus measures could be around 1.5 to 2 trillion yuan, with a particular emphasis on further strengthening policies to stimulate consumption.中国银河证券周日也在一份报告中表示，新的财政刺激措施规模可能在1.5万亿至2万亿元人民币左右，尤其强调进一步加强刺激消费的政策。In particular, with the goal of better offsetting the slowdown in external demand, the overall fiscal budget for consumption-boosting measures this year might be increased from the initially planned 300 billion yuan to a range of 700 billion yuan to 1 trillion yuan, said Feng Lin, executive director of the research and development department at Golden Credit Rating International.东方金诚国际信用评估有限公司研究发展部执行总监冯琳表示，为了更好地抵消外部需求放缓的影响，今年用于刺激消费措施的财政总预算可能会从最初计划的3000亿元人民币增加到7000亿至1万亿元人民币。China's annual exports to the US have been around $500 billion in recent years, which is equivalent to 7-8 percent of the China's domestic consumer goods consumption, according to Feng.冯琳表示，近年来，中国对美年出口额约为5000亿美元，相当于中国国内消费品消费的7%至8%。"This means that as long as domestic consumption is effectively stimulated, China is capable of absorbing the decline in exports to the US. Before the pandemic, the normal growth rate of the country's total retail sales of consumer goods was between 8 and 9 percent," Feng said.“这意味着，只要有效刺激国内消费，中国就有能力消化对美出口的下滑。疫情爆发前，中国社会消费品零售总额的正常增长率在8%到9%之间，”冯琳表示。Notably, any major fiscal policy in China requires going through legislative procedures. The Standing Committee of the National People's Congress, which has the power to approve budget adjustments, is scheduled to meet in Beijing from Sunday to Wednesday.值得注意的是，中国任何重大财政政策都需要经过立法程序。拥有预算调整审批权的全国人大常委会计划于本周日到周三在北京召开会议。"If any fiscal resolution indicated by the upcoming meeting is approved by the NPC Standing Committee, it would buttress Beijing's determination to achieve growth despite the trade hardships," Citi said.花旗银行表示：“如果即将召开的全国人大常委会会议中提出的任何财政决议获得批准，这将坚定中国政府在贸易摩擦中实现增长的决心。”Even if the upcoming meeting and the NPC Standing Committee session greenlight new fiscal stimulus measures, analysts said the details and timeline of the rollouts would be determined in a flexible manner, depending on the evolving economic dynamics.分析人士表示，即使即将召开的全国人大常委会会议和全国人大常委会会议批准新的财政刺激措施，这些措施的具体细节和时间表也将根据不断变化的经济形势灵活确定。For the previously announced government bonds in March, the country is expected to accelerate their issuance in the second quarter, and expedite the utilization of these funds to support concrete projects, said Zhang Jun, chief economist at China Galaxy Securities.中国银河证券首席经济学家章俊表示，对于此前宣布的3月份国债发行，预计国家将在第二季度加快发行，并加快资金用于支持具体项目。The anticipated introduction of the extra fiscal stimulus measures and accelerated implementation of the existing ones would "create a window of opportunity" for a corresponding level of liquidity support from the monetary policy side, Zhang said.章俊表示，预期中的额外财政刺激措施将出台，现有措施也将加快落实，这将为货币政策层面提供相应流动性支持“创造机会窗口”。China's central bank is expected to employ a combination of both quantitative and structural policy tools, with a reserve requirement ratio cut of around 20 basis points likely to be implemented on the heels of the end-April meeting, followed by a potential interest rate reduction around June. The government is also expected to introduce a range of structural monetary policies aimed at providing targeted relief to the foreign trade sector, as well as bolstering consumer demand and technological innovation, Zhang added.预计中国央行将结合运用数量型和结构性政策工具，在4月底会议后可能实施约20个基点的降准，随后可能在6月左右再度降息。章俊补充道，预计政府还将推出一系列结构性货币政策，旨在为外贸行业提供定向纾困，并提振消费需求和技术创新。Citi said in its report that, "Finding patience to play the long game, the end-April meeting will stick to the policy framework of 'high-quality development' and will not take an all-out approach."花旗在其报告中表示：“4月底的会议将秉持耐心，着眼长远，坚持‘高质量发展'的政策框架，不会采取全面举措。”stimulus/ˈstɪmjələs/n.刺激（措施）；促进因素reassess/ˌriːəˈses/v.重新评估；重新考虑buttress/ˈbʌtrəs/v.支持；加强liquidity/lɪˈkwɪdəti/n.流动性；资产变现能力

China's tech innovation has excelled despite a heavy-handed state crackdown on the private sector. Disruptors like Deepseek have emerged, and policy signals from the recent private tech entrepreneurs' symposium and the National People's Congress seem to finally ease on businesses, promising only to "guide them on national priorities."In this video episode of 'All Things Policy', Anushka Saxena quizzes Shobhankita Reddy on the latest developments in China's Science and Tech policy and innovation ecosystems, and where the tech economy is headed. Shobhankita also focuses on the factors that have led to China's growth as a tech superpower, and where the challenges lie.The PGP is a comprehensive 48-week hybrid programme tailored for those aiming to delve deep into the theoretical and practical aspects of public policy. This multidisciplinary course offers a broad and in-depth range of modules, ensuring students get a well-rounded learning experience. The curriculum is delivered online, punctuated with in-person workshops across India.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://school.takshashila.org.in/pgp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠All Things Policy is a daily podcast on public policy brought to you by the Takshashila Institution, Bengaluru.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Find out more on our research and other work here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://takshashila.org.in/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Check out our public policy courses here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://school.takshashila.org.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

While US trade and fiscal policy dominate the popular discourse, recent developments across Asia have the potential to be every bit as consequential for FX and equity market returns. Newly announced economic measures from China’s National People’s Congress, the emergence of DeepSeek’s large language model and Japan’s policy choices carry both intra- and inter-regional implications for the macro outlook. This week’s guest, Ben Luk, a senior multi-asset strategist for State Street Global Markets in Hong Kong, walks through the range of considerations investors are making across the region.See omnystudio.com/listener for privacy information.

In this episode, I chat to Atilla Widnell, Founder & Managing Director of Navigate Commodities.Navigate Commodities monitors commodity supply chains in real time through the use of satellites. They monitor production at steel mills and analyse metal flow in specific regions.We discuss the latest developments in the steel industry, particularly focusing on China's recent National People's Congress and its implications on global steel markets. This episode is a deep dive into understanding the major forces shaping the global steel industry and what to expect in the coming months.In today's episode, we talk about:

Ukraine has agreed to a U.S. cease-fire deal that resumed American aid and intelligence. How will the Trump administration get Russia on board with this proposal? Moving on to China, which recently held its annual National People's Congress meeting, we discuss how the country is growing its global leadership by taking advantage of the U.S. withdrawal from the liberal international order. Finally, we look at the backlash to MAGA amongst U.S. allies and its effect on their domestic politics.Topics Discussed in this Episode04:30 - Anita's new article in The Hill07:45 - Russia-Ukraine: Is Trump a Betrayer of Ukraine or a Realist?30:45 - China: Defender of the Post-War World Order?1:00:00 - MAGA's Toxic Brand Abroad: Domestic Politics of Canada and EUArticles and Resources Mentioned in EpisodeAnita's article in The Hill:US aid cuts are expanding Chinese influence (The Hill)Russia-Ukraine: Is Trump a Betrayer of Ukraine or a Realist Stud?Why John Mearsheimer Thinks Donald Trump is Right on Ukraine (The New Yorker)Ukraine Supports 30-Day Cease-Fire as U.S. Says It Will Resume Military Aid (NY Times)Ukraine Peace Is Not at Hand (WSJ)China: Defender of the Post-War World Order?Five takeaways from Beijing's largest annual political meetings (The Atlantic Council)The United States' Illiberal Turn Recasts a Potential Deal with China (CSIS)MAGA's Toxic Brand Abroad: Domestic Politics of Canada and EUCanada is so furious at the US right now (Vox)The Global Populist Right Has a MAGA Problem (The Atlantic)Donald Trump has pushed Europe back into “whatever it takes” mode (The Economist)Send us a textFollow Us Show Website: www.kelloggsglobalpolitics.com Show Twitter: @GlobalKellogg Anita's Twitter: @arkellogg Show YouTube

China's latest commitment to advancing cutting-edge technologies — including quantum computing, artificial intelligence and 6G — will solidify its position as a global leader in innovation, and the strategic push will enable the country to navigate global uncertainties while sustaining its competitive advantage, experts and business executives said.专家和企业高管们表示，中国最近致力于推动包括量子计算、人工智能和6G等前沿技术的发展，这将巩固中国作为全球创新领导者的地位，而这一战略推动将使中国能够在保持竞争优势的同时应对全球的不确定性。Underscoring the importance of securing technological breakthroughs and efficiently commercializing them, they said that China's push for new quality productive forces will create vast opportunities for domestic and international businesses.他们强调了确保技术突破并将其有效商业化的重要性，并表示中国对新的优质生产力的推动将为国内外企业创造大量机会。Their comments follow President Xi Jinping's remark that technological innovation and industrial innovation constitute the fundamental pathways for developing new quality productive forces.习近平主席曾指出，技术创新和产业创新是发展高质量新生产力的根本途径。Xi made the remark when participating in a deliberation in Beijing on March 5 with his fellow deputies from Jiangsu province during the third session of the 14th National People's Congress, China's top legislature.3月5日，在中国最高立法机构--第十四届全国人民代表大会第三次会议期间，习近平在北京与江苏省人大代表一起参加审议时说了这番话。China's 2025 Government Work Report also said the nation "will establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI and 6G technology".中国《2025年政府工作报告》也表示，中国 “将建立未来产业资金投入增长机制，培育生物制造、量子技术、人工智能、6G技术等产业”。Wang Yiming, vice-chairman of the China Center for International Economic Exchanges, said, "China's economy has entered a critical period of transitioning between old and new growth drivers."中国国际经济交流中心副理事长王一鸣表示，“中国经济已进入新旧增长动力转换的关键时期”。He said future-oriented technologies are not only at the forefront of innovation, but are also strategic pillars for reshaping industrial competition and boosting productivity."他说，面向未来的技术不仅是创新的前沿，也是重塑产业竞争格局、提升生产力的战略支柱。Their significance lies in both upgrading traditional industries and securing a leading position in emerging sectors," Wang said.它们的意义在于既能提升传统产业，又能确保在新兴产业中的领先地位。Guo Guoping, deputy director of the Key Lab of Quantum Information at the Chinese Academy of Sciences, said he was deeply impressed by China's support for quantum technology.中国科学院量子信息重点实验室副主任郭国平说，中国对量子技术的支持给他留下了深刻印象。He compared quantum technology to an aircraft, with quantum computing serving as its "engine", providing exponential computational power for fields such as national defense, biomedicine, energy materials and AI.他把量子技术比作一架飞机，量子计算是飞机的“发动机”，为国防、生物医药、能源材料和人工智能等领域提供指数级计算能力。"Quantum computing is transitioning from the lab to industrialization. China has become the third country in the world capable of delivering quantum computers, after Canada and the United States, positioning China in the global first tier of quantum research. But challenges remain in some areas," Guo said."量子计算正在从实验室向产业化过渡。中国已成为继加拿大和美国之后，世界上第三个能够提供量子计算机的国家，跻身全球量子研究第一梯队。但在某些领域仍存在挑战，"郭说。He stressed the need for increased investment in basic research and advocated leveraging China's unique advantages in mobilizing resources to tackle core technological challenges.他强调了增加基础研究投入的必要性，并主张发挥中国在调动资源应对核心技术挑战方面的独特优势。China's research and development spending climbed to 3.6 trillion yuan ($497 billion) in 2024, an 8 percent year-on-year increase, according to the National Bureau of Statistics. Of this total, funding allocated to basic research accounted for 6.91 percent of the R&D budget, underscoring heightened investment in foundational scientific exploration.根据国家统计局的数据，到2024年，中国的研发支出将攀升至3.6万亿元（约合4,970亿美元），同比增长8%。其中，分配给基础研究的资金占研发预算的6.91%，凸显了对基础科学探索的投资力度加大。Meanwhile, more than 570 Chinese industrial companies have made it to the global top 2,500 companies in terms of R&D investment, according to the Ministry of Industry and Information Technology.与此同时，根据工业和信息化部的数据，已有超过570家中国工业企业进入全球研发投入前2500强。Xu Lijin, a member of the National Committee of the Chinese People's Political Consultative Conference, the nation's top political advisory body, and chairman of Wuhu Robot Industry Development Group, said that embodied AI, as highlighted in the Government Work Report, refers to AI that is integrated into physical hardware such as robots. It represents a significant leap in intelligent systems capable of interacting with and adapting to their environments.全国政协委员、芜湖机器人产业发展集团董事长徐立金表示，《政府工作报告》中强调的“嵌入式人工智能 ”是指将人工智能集成到机器人等物理硬件中。它代表着能够与环境交互并适应环境的智能系统的重大飞跃。"Robotics and AI are dual engines driving economic and social development in the era of global digital transformation," Xu said"机器人和人工智能是全球数字化转型时代推动经济社会发展的双引擎。"他说Qiao Hong, an academician of the Chinese Academy of Sciences, said, "Over the past three years, China has accounted for more than half of the global installation of industrial robots, and its lunar exploration robots have successfully returned lunar soil samples."中国科学院院士乔红说："近三年来，中国工业机器人的安装量已占全球一半以上，中国的探月机器人已成功返回月球土壤样本。However, challenges remain. For instance, high-end sensors like precision lidar, short for light detection and ranging, still rely on imports, and domestic alternatives lag in accuracy and stability, experts added.然而，挑战依然存在。专家补充说，例如，像精密激光雷达（光探测和测距的简称）这样的高端传感器仍然依赖进口，而国产替代品在精度和稳定性方面都比较落后。Zhang Li, president of the China Center for Information Industry Development, said: "Leveraging its robust and comprehensive industrial ecosystem, China creates expansive real-world testing grounds and vast market opportunities for technological innovation. This infrastructure not only accelerates the development of emerging industries, but also provides a resilient foundation for nurturing future-oriented sectors poised to redefine global markets."中国信息产业发展研究中心主任张莉说："中国凭借其强大而全面的产业生态系统，为技术创新创造了广阔的现实世界试验场和巨大的市场机遇。这种基础设施不仅加快了新兴产业的发展，也为培育未来导向型行业奠定了坚实的基础，这些行业将重新定义全球市场。As the world's largest manufacturing country, China ranks first globally in terms of output for more than 40 percent of the world's 500 major industrial products, data from the Ministry of Industry and Information Technology showed.工业和信息化部的数据显示，作为世界上最大的制造业国家，在世界500种主要工业产品中，中国有40%以上的产品产量位居全球第一。Industrial innovation must remain rooted in the real economy, Zhang said, noting that China's economy "has historically relied on the real economy, and it is through this foundation that it will continue to progress".张说，产业创新必须始终植根于实体经济，她指出，中国经济“历来依靠实体经济，正是通过这一基础，中国经济才会不断进步”。Ding Haiyu, deputy head of the China Mobile Research Institute, said that 6G "has entered its tech standardization phase this year, as we aim to commercialize the technology around 2030. AI-powered 6G will unlock significant opportunities".中国移动研究院副院长丁海玉说，6G "今年已进入技术标准化阶段，我们的目标是在2030年左右实现技术商用。人工智能驱动的6G将带来重大机遇"。Zheng Yongnian, dean of the School of Public Policy at the Chinese University of Hong Kong (Shenzhen), said, "To cultivate new quality productive forces, a country should prioritize three foundational pillars — advancing fundamental scientific research, bridging the gap between theoretical discoveries and applied technological solutions, and fostering a financial ecosystem capable of sustaining innovation-driven growth."香港中文大学（深圳）公共政策学院院长郑永年说：“一个国家要培育新的优质生产力，应优先考虑三大基础支柱--推进基础科学研究、弥合理论发现与应用技术解决方案之间的差距，以及培育能够维持创新驱动增长的金融生态系统。”"Expanding institutional opening-up is the strategic guarantee for nurturing new quality productive forces," Zheng said."扩大制度性开放是培育新的优质生产力的战略保障。”他说David Poon, president of Infineon Technologies Greater China, said China's focus on green, low-carbon and high-quality development aligns with the German chip maker's strengths and opens new growth opportunities.英飞凌科技大中华区总裁表示，中国注重绿色、低碳和高质量发展，这与这家德国芯片制造商的优势不谋而合，并带来了新的发展机遇。"With our 'In China, For China' strategy, we plan to increase local production of general-purpose semiconductors to address customer needs regarding supply resilience," Poon said.他说：”根据我们的'在中国，为中国'战略，我们计划增加通用半导体的本地化生产，以满足客户对供应弹性的需求。navigatevt.航行于；驾驶，操纵；使通过vi.航行，航空aircraftn. 飞机，航空器quantumn. 量子定量;总量semiconductorn.〈物〉半导体

The meetings last week of China's National People's Congress, or NPC, and the Committee of the Chinese People's Political Consultative Conference, or CPPCC, ended with commitments to maintain economic growth at around 5 percent, keep unemployment at 5.5 percent and increase the fiscal deficit target to 4 percent, the highest in 30 years. However, the annual session of China's two-chambered rubber-stamp legislature, known as the "Two Meetings," did not include any detail, let alone surprises, for how the government might reach these ambitious targets. On Sunday, however, the Central Committee of the Chinese Communist Party and the State Council, the main governing body of the government, jointly issued a 30-point Special Action Plan to boost consumption. Coming so soon after the Two Meetings, the announcement generated some enthusiasm that the focus on consumer spending demonstrates a renewed dedication to move away from Beijing's focus on export-oriented manufacturing, which has exacerbated tensions with trading partners from the U.S. to Brazil, while fueling excess capacity, price wars and unhealthy competition in China. As an action plan, the document itself is disappointing, because while it contains laudable goals - such as better enforcement of labor rights and increased payouts for the basic pension system - it does not specify how these can be achieved. For instance, who will enforce China's strict but often ignored labor laws now that President Xi Jinping has dismantled labor rights organizations and weakened the trade union? Who will pay for the increased pensions when local governments already struggle to pay the salaries of civil servants? More fundamentally, will the central government finally reform the central-local fiscal relationship so that the local governments tasked with implementation of the plan have the resources to do so? As a policy document, however, the plan is interesting and important, as it reveals how Xi's government envisions the role of consumption in a development model that is still solidly built on manufacturing and investment. As such, the plan is clearly in alignment with Xi's vision for China's economy. It's not that consumption has no role in boosting the economy, but that the role of consumption is subordinate to higher-level goals. Indeed, even the ordering of the plan's seven sections reveal how consumption relates to these goals, such as revitalization of northeastern China through winter tourism and support for key goods, such as automobiles and consumer electronics, which have already been hit hard by external tariffs. The plan to boost consumption resonates with many of Xi's admonitions over the years, including his slogan that the pathway to common prosperity is not through government handouts, but through hard work. In effect, the plan sees the role of the Chinese consumer as intrinsically linked to the more important role of the Chinese worker on the productive side of the economy. Indeed, it is an almost quaintly Leninist depiction of the relationship between China's manufacturing juggernaut and the workers who fuel China's achievements in automotives, robotics, semiconductors and electronics, as well as basic consumer items from Shein apparel to Temu gadgets. It resonates with many of Xi's admonitions over the years, including his famous critique of "welfarism" as encouraging laziness - or "lying flat" - and his slogan that the pathway to common prosperity is not through government handouts, but through hard work. As such, work is paramount to the plan, which both encourages more employment and proposes ways to make employment easier. The first section highlights the need to boost incomes through employment, including support for "reasonable" increases in the minimum wage. The second section sets out recommendations to make work easier, especially for women of childbearing age and students. This section highlights the government's anxieties over two social problems: the lo...

Chinese authorities issued guidelines on Friday requiring labels on all artificial intelligence-generated content circulated online, aiming to combat the misuse of AI and the spread of false information.中国政府周五发布指导方针，要求在网上传播的所有人工智能生成的内容上标注标签，旨在打击滥用人工智能和传播虚假信息的行为。The regulations, jointly issued by the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Radio and Television Administration, will take effect on Sept 1.该规定由中国网络空间管理局、工业和信息化部、公安部、国家广播电视总局联合发布，将于9月1日起施行。A spokesperson for the Cyberspace Administration said the move aims to "put an end to the misuse of AI generative technologies and the spread of false information."网络空间管理局发言人表示，此举旨在“杜绝人工智能生成技术的滥用和虚假信息的传播”。The guidelines stipulate that content generated or synthesized using AI technologies, including texts, images, audios, videos and virtual scenes, must be labeled both visibly and invisibly.该准则规定，利用人工智能技术生成或合成的内容，包括文本、图像、音频、视频和虚拟场景，都必须以显性和隐性方式进行标注。For content generated by deep synthesis technologies that might confuse or mislead the public, explicit labels must be placed in a reasonable position to ensure public awareness.对于深度合成技术生成的可能混淆或误导公众的内容，必须在合理的位置贴上明确标签，以确保公众知晓。Explicit labels are those applied within the generated content or user interface, presented in forms such as text, sound, or graphics that are clearly perceptible to users.显性标签是在生成的内容或用户界面中使用的标签，以用户可清晰感知的文字、声音或图形等形式呈现。Additionally, the guideline requires that implicit labels be added to the metadata of generated content files. These labels should include details about the content's attributes, the service provider's name or code, and content identification numbers.此外，该准则还要求在生成内容文件的元数据中添加隐含标签。这些标签应包括内容属性的详细信息、服务提供商的名称或代码以及内容识别码。Metadata files are descriptive information embedded in the file's header, recording details about the content's source, attributes and purpose.元数据文件是嵌入文件头的描述性信息，记录了有关内容来源、属性和目的的详细信息。Service providers that disseminate content online must verify that the metadata of the content files contain implicit AIGC labels, and that users have declared the content as AI-generated or synthesized. Prominent labels should also be added around the content to inform users.在线传播内容的服务提供商必须核实内容文件的元数据是否包含隐含的AIGC标签，以及用户是否已将内容声明为人工智能生成或合成的内容。还应在内容周围添加醒目的标签，以告知用户。AI generative technology has been used to create seemingly realistic content for publicity stunts or commercial gain. For instance, a news report claiming that one in every 20 individuals born in the 1980s had passed away caused a public uproar last month, only to be revealed as a rumor fabricated by AI.人工智能生成技术已被用于创建看似逼真的内容，以达到宣传噱头或商业利益的目的。例如，上个月一则新闻报道称，每20个上世纪80年代出生的人中就有一个已经去世，这引起了公众的轩然大波，后来才发现这是人工智能编造的谣言。AI generative technology has also been used to clone the voices and faces of many celebrities to produce deepfakes, which constitutes infringement and should be subject to legal accountability.人工智能生成技术还被用来克隆很多明星的声音和脸，制造深度假象，这已经构成侵权，应该受到法律的追究。Earlier this month, 14th National People's Congress deputy and Xiaomi Corp founder Lei Jun, and 14th National Committee of the Chinese People's Political Consultative Conference member and actor Jin Dong, both proposed establishing laws and regulations for AI-generated content during the annual sessions of the 14th NPC and 14th CPPCC National Committee.本月初，十四届全国人大代表、小米公司创始人雷军和十四届全国政协委员、演员靳东在十四届全国人大和十四届全国政协的年度会议上，均建议建立人工智能生成内容的法律法规。"Some viewers who like my movies and TV shows have been deceived by deepfake videos that clone my face, which is a very malicious act. I hope relevant rules can be established and enhanced," said Jin Dong during a panel discussion during the two sessions.“一些喜欢我影视作品的观众被克隆我脸的深度伪造视频欺骗，这是一种非常恶意的行为。我希望能够建立和完善相关的规则。"靳东在两会期间的小组讨论中说道。Tu Lingbo, a professor at the Communication University of China, told China Daily in a previous interview that the influx of unlabeled content generated by AI could disrupt the internet ecosystem and pose challenges to internet governance.中国传媒大学教授涂凌波此前在接受《中国日报》采访时表示，人工智能产生的大量无标签内容的涌入，可能会扰乱互联网生态，给互联网治理带来挑战。"Relevant laws and regulations on AI-generated content should be established and improved," Tu said.涂凌波说："应建立健全人工智能生成内容的相关法律法规。”combatvt.与…战斗；反对vi.战斗；搏斗n.战斗；争论guidelinen. 指导方针,准则generativeadj.能生产的,有生产力的maliciousadj.恶意的,恶毒的

An article by Xi Jinping, general secretary of the Communist Party of China Central Committee, on unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the nonpublic sector was published on Sunday, sending a clear message again that the country remains committed to bolstering the growth of the private economy.中共中央总书记习近平《关于毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展的重要论述》一文于周日发表，再次发出了国家继续致力于促进民营经济发展的明确信号。The article by Xi, who is also Chinese president and chairman of the Central Military Commission, came nearly one month after he held a special symposium on private enterprises on Feb 17, aiming to boost private businesses. It was published in this year's sixth issue of Qiushi Journal, the flagship magazine of the CPC Central Committee.国家主席、中央军委主席的习近平在2月17日召开民营企业座谈会近一个月后发表了这篇文章，旨在促进民营企业发展。这篇文章发表在中共中央的旗舰杂志《求是》杂志今年第六期上。The article highlighted that China's basic economic system, in which the core principles and policies of the Party and the country regarding the development of the private economy are laid out, has been incorporated into the Constitution of the People's Republic of China and the Party Constitution. The system "will not and cannot be changed", the article said.文章强调，中国的基本经济制度是党和国家关于发展民营经济的核心方针政策，已写入《中华人民共和国宪法》和《中国共产党章程》。文章说，这一制度“不会也不能改变”。The Party and the country ensure that economic entities under all forms of ownership have equal access to factors of production in accordance with the law, can compete on a level playing field, and are protected by the law as equals. This enables them to complement each other and develop side by side, facilitating the healthy development of the nonpublic sector and those working in it, according to the article.党和国家保障各种所有制经济实体依法平等使用生产要素、公平参与竞争、同等受到法律保护。文章称，这使它们能够取长补短、共同发展，促进非公有制经济和非公有制经济人士的健康发展。Both the public and nonpublic sectors are important components of the socialist market economy and an important basis for China's economic and social development, it noted, adding that the two sectors should complement each other and develop in tandem.报告指出，公有制经济和非公有制经济都是社会主义市场经济的重要组成部分，都是中国经济社会发展的重要基础。China's consistent commitment to the development of the private economy, which has been demonstrated in various forms such as policy announcements and high-level meetings, comes at a time when debates on the relationship between State-owned enterprises and private businesses have gained traction.中国对民营经济发展的一贯承诺，已通过政策发布和高层会晤等各种形式表现出来，而此时，关于国有企业与民营企业之间关系的讨论正日益引人关注。In the 1980s, China's private economy started from scratch, but it experienced rapid growth over the past four decades.20世纪80年代，中国民营经济从零起步，但在过去40年中经历了快速发展。In terms of the role of the private economy, Xi's article said that for a long time, the rapid expansion of China's private sector has played an important role in stabilizing growth, powering innovation, increasing employment and raising people's living standards.关于民营经济的作用，习近平在文章中指出，长期以来，中国民营经济快速发展，在稳定增长、推动创新、增加就业、提高人民生活水平等方面发挥了重要作用。Official statistics show that private businesses contribute approximately 50 percent of the country's tax revenue, 60 percent of GDP and 70 percent of technological innovation, and they account for 80 percent of urban employment.官方统计数据显示，私营企业贡献了全国约50%的税收、60%的GDP和70%的技术创新，并占城市就业的80%。Paul Frimpong, executive director and senior research fellow at the Ghana-based Africa-China Centre for Policy and Advisory, said the Chinese government's effective partnership with the private sector has been central to the country's economic success through enhancing prosperity, employment and livelihoods.总部设在加纳的非中政策与咨询中心执行主任兼高级研究员保罗-弗林蓬（Paul Frimpong）说，中国政府与私营部门建立了有效的伙伴关系，通过促进繁荣、就业和生计，对加纳经济的成功起到了核心作用。"By driving GDP growth, creating jobs and fostering innovation, private enterprises underpin the nation's economic resilience," Frimpong said. "By fostering a dynamic and inclusive private economy, China can sustain high-quality growth, improve living standards and enhance global competitiveness."“通过推动国内生产总值增长、创造就业和促进创新，民营企业支撑着国家经济的韧性，"弗林蓬说。“通过培育充满活力和包容性的民营经济，中国可以保持高质量增长，提高人民生活水平，增强全球竞争力。However, China's private enterprises have faced mounting challenges in the past few years, including financing difficulties and concerns about fair competition and legal protections, which, to some extent, have thwarted the confidence of private businesses.然而，在过去几年中，中国民营企业面临着越来越多的挑战，包括融资困难、对公平竞争和法律保护的担忧等，这在一定程度上挫伤了民营企业的信心。To address these challenges, the Chinese government has introduced several key measures since 2023 to enhance the institutional environment for private enterprises. They include a 31-measure guideline to boost the private sector, the establishment of the private economy development bureau of the National Development and Reform Commission, and legislative progress on a law to promote the private economy.为应对这些挑战，中国政府自2023年以来推出了多项重要措施，以改善民营企业的制度环境。这些措施包括31条促进民营经济发展的指导意见、国家发展和改革委员会民营经济发展局的成立以及民营经济促进法的立法进展。Speaking in February at the symposium, which was attended by the nation's leading private entrepreneurs, Xi emphasized that the current difficulties and challenges facing the private sector are partial and temporary, rather than holistic and long-term, and "they can be overcome".今年2月，习近平在全国知名民营企业家座谈会上强调，当前民营经济面临的困难和挑战是局部的、暂时的，不是整体性、长期性的，“是可以克服的”。He also mentioned that this is an opportune moment for private enterprises and entrepreneurs to showcase their talent and significantly contribute to the country's development.他还提到，现在正是民营企业和民营企业家施展才华、为国家发展作出重要贡献的大好时机。Djoomart Otorbaev, former prime minister of Kyrgyzstan and a professor of the Belt and Road School of Beijing Normal University, said the high-level symposium, the first of its kind hosted since 2018, took place amid the complexities of emerging global economic challenges, including heightened geopolitical tensions and regulatory overreach against some of the country's corporate giants.吉尔吉斯斯坦前总理、北京师范大学“一带一路 ”学院教授德约马特-奥托尔巴耶夫表示，此次高级别研讨会是2018年以来举办的首次此类会议，是在全球经济新挑战错综复杂的背景下召开的，这些挑战包括地缘政治紧张局势加剧以及针对该国一些企业巨头的监管过度。"What is certain is that the symposium communicates a clear message of support for private sector entrepreneurs at the highest level, which will inspire much-needed spirit and optimism for renewed growth in China, particularly in its tech sector," Otorbaev said in an article published on the website of the China Global Television Network.“奥托尔巴耶夫在中国环球电视网网站上发表的一篇文章中说："可以肯定的是，此次座谈会传达了最高层支持民营企业家的明确信息，这将激发中国亟需的精神和乐观情绪，促进中国经济的恢复性增长，尤其是在科技领域。According to the Government Work Report delivered by Premier Li Qiang at the annual session of the National People's Congress, the nation's top legislature, on March 5 in Beijing, China will encourage private investment by implementing new mechanisms for public-private partnerships in a well-regulated manner and guiding more private investment toward major infrastructure and public well-being projects, thus creating more opportunities for the development of private capital.根据国务院总理李强3月5日在北京举行的全国人民代表大会（中国最高立法机构）年度会议上所做的《政府工作报告》，中国将鼓励民间投资，规范实施公私合营新机制，引导更多民间投资投向重大基础设施和民生工程，为民间资本发展创造更多机会。Observers said the Chinese government's engagement with private entrepreneurs, as well as ongoing policy refinements, reflect a pragmatic approach aimed at fostering an environment where State-owned and private businesses can thrive together.观察家们认为，中国政府与民营企业家的接触以及不断完善的政策，反映了一种务实的态度，旨在营造一个国有企业和民营企业共同发展的环境。Rather than retreating, the private sector is being empowered to take on new opportunities in sectors such as advanced manufacturing, the digital economy and international trade, they said.他们说，私营企业非但没有退缩，反而在先进制造业、数字经济和国际贸易等领域获得了新的机遇。Huang Hanquan, director of the National Development and Reform Commission's Academy of Macroeconomic Research, emphasized the importance of faithfully implementing the measures to boost the private economy.国家发展和改革委员会宏观经济研究院院长黄汉权强调了认真落实促进民营经济发展措施的重要性。"Many supportive policies have been in place," Huang said in an interview with China Media Group. "The key, however, is to ensure their implementation. It is essential to enable private enterprises to truly feel tangible benefits, to genuinely experience the value and specific advantages of national policies."“许多支持性政策已经出台，”他在接受中国传媒集团采访时说。“但关键是要确保落实。要让民营企业真正感受到实实在在的好处，真正体会到国家政策的价值和具体优势。”reiteratevt.反复地说,重申n.反复地说,重申sectorn. 部门；部分；防御地段；防区；扇形，扇区；象限仪；函数尺holisticadj.全部的infrastructuren.基础设施;基础结构

Chinese telecom companies are scrambling to deepen the research and development of 6G, as the world enters a crucial window of opportunity to identify potential technologies and formulate key standards for the next-generation wireless technology. 中国电信企业正争相深化6G研发。当前，全球正处于识别潜在技术、制定下一代无线通信关键标准的关键机遇期。 Amid the enthusiasm, 6G was highlighted in the Government Work Report for the first time this year. The report, delivered last week in Beijing at the opening meeting of the third session of the 14th National People's Congress, China's top legislature, said, "We will establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI and 6G technology." 在各界热情推动下，6G今年首次被写入政府工作报告。这份报告于上周在北京举行的十四届全国人大三次会议开幕会上发布。报告称：“我们将建立未来产业协同发展机制，加大对生物制造、量子技术、具身智能、6G技术等领域的支持力度。” While there is still no universally accepted definition of the technology, 6G is expected to have far lower latency, higher speeds and more bandwidth than 5G. More important, 6G will be able to support the integration of space, air, terrestrial and maritime communication technologies, experts said. 尽管目前尚未形成6G的统一定义，但专家预计，6G的延迟将远低于5G，速度更快、带宽更大。更重要的是，6G将支持空、天、地、海通信技术的一体化融合。 China is aiming to commercialize 6G by around 2030. 中国计划于2030年左右实现6G商用。 Li Lecheng, Party secretary of the Ministry of Industry and Information Technology, said on Wednesday that more efforts are needed to accelerate the research and development of 6G technology and expand the large-scale application of 5G. 工业和信息化部党组书记金壮龙周三表示，需进一步加快6G技术研发，并扩大5G的大规模应用。 Zhang Chengliang, president of the China Telecom Research Institute, said, "It is of crucial importance for telecom carriers to pounce at the new opportunities of artificial intelligence and 6G to build a sound digital information infrastructure." 中国电信研究院院长张成良表示：“电信运营商必须抓住人工智能与6G的新机遇，构建完善的数字信息基础设施。” A subsidiary of China Telecom recently obtained a national invention patent for a key 6G satellite-terrestrial integration technology, laying a core technical foundation for building a fully connected "space-air-ground-sea" network in the future. 中国电信旗下一子公司近期获得一项6G星地融合技术国家发明专利，为未来构建“空天地海”一体化网络奠定了核心技术基础。 To promote satellite-terrestrial integration, China Telecom is leading the national "6G Satellite Communication Access and Networking Technology" project, proposing an approach that leverages ground network technology to drive the development of satellite communications. 为推进星地融合，中国电信牵头国家“6G卫星通信接入与组网技术”项目，提出以地面网络技术驱动卫星通信发展的路径。 Wang Zhiqin, head of the IMT-2030 (6G) Promotion Group, a government-affiliated flagship platform for promoting 6G and international cooperation in China, said the research for 6G technical standards will begin in June this year, with the technical research phase to be completed by 2027. The first version of the technical specifications for 6G technology standards is expected to be finalized by March 2029. IMT-2030（6G）推进组组长王志勤表示，6G技术标准研究将于今年6月启动，技术研究阶段计划2027年完成，首版6G技术标准预计于2029年3月定稿。 Li Fuchang, director of the wireless technology research center at the China Unicom Research Institute, said about 70 percent of the technologies used in 5G and 6G overlap. In light of this, China Unicom has proposed an integrated approach to advancing both 5G and 6G, driven by demand to guide 6G research and development. 中国联通研究院无线技术研究中心主任李福昌表示，5G与6G的技术重叠率约70%。基于此，中国联通提出以需求为导向，推动5G与6G协同发展的融合路径。 To stay ahead in the 6G race, China Unicom has established a corporate 6G working group to strategically plan the 6G technology system. The company is coordinating efforts to promote integrated research on 5G advanced technology and 6G, systematically advancing studies on 6G vision, application scenarios, network architecture, key technologies, application ecosystems and demonstration projects. 为在6G竞争中保持领先，中国联通成立企业级6G工作组，统筹规划6G技术体系，并协调推进5G-A与6G融合研究，系统性开展6G愿景、应用场景、网络架构、关键技术、应用生态及示范项目攻关。 Wen Ku, chairman of the China Communications Standards Association, said, "The European Union, the United States, Japan, South Korea and other countries and regions have all initiated research on 6G, and China has unique strengths." 中国通信标准化协会理事长闻库表示：“欧盟、美国、日本、韩国等国家和地区均已启动6G研究，而中国具备独特优势。” China has made remarkable strides in 5G infrastructure, which gives it an unparalleled edge in exploring 6G technology, he said. 他指出，中国在5G基础设施领域取得显著进展，这为探索6G技术提供了无可比拟的优势。 "Advancing the use of 5G is like building a good bridge and road for 6G, and efforts to promote the large-scale application of 5G will lay a solid foundation for 6G development, which is still in the early stage," Wen said. “推进5G应用就像为6G搭建桥梁和道路，推动5G大规模应用将为尚处初期的6G发展奠定坚实基础。”闻库说。 In July last year, a group of Chinese telecom engineers announced that they had established the world's first field test 6G network integrating communications and AI. 去年7月，中国一批电信工程师宣布建成全球首个集成通信与人工智能的6G外场测试网络。 The experimental network has achieved remarkable improvements in key communication metrics, including capacity, coverage and efficiency, according to Zhang Ping, a Chinese Academy of Engineering academician and a professor at Beijing University of Posts and Telecommunications. 中国工程院院士、北京邮电大学教授张平表示，该实验网络在容量、覆盖和效率等关键通信指标上实现显著提升。 The network serves as a platform for institutions that are conducting theoretical research and initial verification of 6G pivotal technologies, and it effectively lowers the entry threshold for 6G research, making it more accessible for innovation, according to the team of engineers. 研发团队称，该网络为6G关键技术理论研究和初步验证提供了平台，有效降低了6G研究门槛，推动更多创新参与。legislaturen. 立法机关；立法机构subsidiaryadj.附带的,附属的,次要的n.附属事物,附属机构,子公司demonstrationn. 表明;证明;示范thresholdn.门槛;〈喻〉开始

The fast-evolving artificial intelligence technology is expected to spearhead an industrial revolution and expedite the development of China's autonomous and intelligent connected vehicles, as AI is emerging as a critical strategic opportunity for the automotive industry, said national lawmakers, political advisers and experts. 快速演进的人工智能技术有望引领一场产业革命，并加速中国自动驾驶和智能网联汽车的发展。随着人工智能成为汽车行业的关键战略机遇，全国人大代表、政协委员及专家表示，中国需加快推动自动驾驶技术的大规模生产和商业化。 As China is accelerating steps to advance the mass production and commercialization of self-driving vehicles, more efforts should be made to improve the regulations and standards for autonomous driving, speed up the construction of intelligent transportation infrastructure, and expand the testing and application for autonomous vehicles in a wider range of scenarios, they added. 随着中国加速推进自动驾驶汽车的量产和商业化，专家建议进一步加强自动驾驶法规和标准建设，加快智能交通基础设施布局，并扩大自动驾驶在更广泛场景下的测试和应用。 Their comments follow this year's Government Work Report which stated that under the AI Plus initiative, China will support the extensive application of large-scale AI models and vigorously develop new-generation intelligent terminals and smart manufacturing equipment, including intelligent connected new energy vehicles. 这一观点呼应了今年《政府工作报告》中提出的“人工智能+”行动。报告指出，中国将支持大规模人工智能模型的应用推广，并大力发展新一代智能终端和智能制造装备，包括智能网联新能源汽车。 He Xiaopeng, chairman and CEO of Chinese electric vehicle maker Xpeng Motors, said a transformative AI era is approaching, and AI will accelerate the arrival of self-driving vehicles and even driverless vehicles. He emphasized that his company has continued to invest in AI and launched its self-developed AI-powered chips to enhance the intelligent driving capabilities of vehicles. 中国电动汽车制造商小鹏汽车董事长兼CEO何小鹏表示，人工智能变革时代即将到来，AI将加速自动驾驶甚至无人驾驶汽车的落地。他强调，小鹏汽车持续投入AI研发，并推出自研的人工智能芯片以提升车辆的智能驾驶能力。 The Xpeng CEO, who is also a deputy to the 14th National People's Congress, China's top legislature, said he believes that 2025 will mark a significant turning point in intelligent driving. With the continuous advancements and breakthroughs in core technologies such as algorithms, sensors and computing platforms, it is appropriate to bolster the mass production of Level 3 autonomous driving technology, he added. 何小鹏同时也是全国人大代表。他认为，2025年将是智能驾驶的重要转折点。随着算法、传感器和计算平台等核心技术的持续突破，推动三级（L3）自动驾驶技术量产是恰当时机。 Autonomous driving is categorized from Level 0 to Level 5. The higher the level, the more intelligent the technology and the lesser the involvement of humans. Level 3 refers to conditional automation, which allows vehicles to perform autonomous driving tasks under certain conditions. Such vehicles have "environmental detection" capabilities and can make some informed decisions, but are still subject to a human override. 自动驾驶技术分为0至5级，级别越高，技术智能化程度越高，人类参与度越低。三级自动驾驶属于“有条件自动化”，允许车辆在特定条件下自主完成驾驶任务。此类车辆具备“环境感知”能力，可做出部分决策，但仍需人类接管。 "Xpeng is planning to roll out its Level 3 capabilities in the second half of the year," He said, adding that by 2026, the company aims to explore Level 4 (high automation) capabilities, including fully driverless parking. Level 4 vehicles can intervene if there is a system failure and do not require human assistance in most circumstances. However, a manual override option is still available. “小鹏计划在今年下半年推出三级自动驾驶功能，”何小鹏表示，到2026年，公司计划探索四级（高度自动化）技术，包括完全无人泊车功能。四级车辆在系统故障时可主动干预，多数情况下无需人工辅助，但仍保留人工接管选项。 Feng Xingya, chairman of automobile manufacturer GAC Group, said, "The advancements in AI technology are becoming the core driving force bolstering the development of intelligent connected vehicles, and the application of AI will help reshape the automotive industry." AI is reshaping the intelligent experience of automobiles --- from intelligent driving to human-machine interaction --- and driving the transformation of automobiles toward "intelligent terminals", said Feng, who is also a national lawmaker. 广汽集团董事长冯兴亚表示：“人工智能技术进步正成为支撑智能网联汽车发展的核心动力，AI应用将重塑汽车产业。”冯兴亚同时也是全国人大代表。他指出，AI正在重塑汽车的智能化体验——从智能驾驶到人机交互——并推动汽车向‘智能终端'转型。 Looking ahead, GAC will promote the iteration of advanced intelligent driving and AI models, while speeding up the application of AI in fields such as automobile research and development, manufacturing and marketing, he added. While highlighting the significance of bolstering the commercialization of self-driving technology, Feng said that autonomous driving serves as the core technology of intelligent connected vehicles and a vital link in intelligent transportation. 冯兴亚透露，未来广汽将推动高阶智能驾驶和AI模型的迭代，同时加速AI在汽车研发、制造和营销等领域的应用。他还强调，自动驾驶是智能网联汽车的核心技术，也是智能交通的关键环节。 GAC is among the first carmakers to test Level 3 autonomous vehicles on public roads, and it plans to mass produce these vehicles this year. Feng suggested revising the Road Traffic Safety Law to clarify the liabilities concerning autonomous vehicles and accelerating the research and establishment of a specific law related to intelligent driving. 广汽是国内首批在公开道路测试三级自动驾驶车辆的车企，并计划今年实现量产。冯兴亚建议修订《道路交通安全法》，明确自动驾驶车辆的责任划分，并加快研究制定智能驾驶专门法律。 China has introduced a series of policies to promote the development and commercialization of autonomous vehicles in recent years. According to the Ministry of Industry and Information Technology, the country supports the commercial application of Level 3 and above autonomous driving systems. Over 50 cities nationwide have released autonomous driving pilot demonstration policies, and stepped up efforts to expand the application scenarios of self-driving technology. 近年来，中国已推出一系列政策推动自动驾驶技术发展和商业化。据工业和信息化部，中国支持三级及以上自动驾驶系统的商业化应用。目前全国已有超50个城市发布自动驾驶试点示范政策，并加紧拓展自动驾驶技术的应用场景。 Wang Xianjin, vice-president and chief engineer of the China Academy of Transportation Sciences, said the testing and operation of self-driving vehicles has accelerated significantly in China, laying a good foundation for the commercialization of autonomous driving, a tech frontier in which all major economies are scrambling to establish a beachhead. 中国交通科学院副院长兼总工程师王先进表示，中国自动驾驶车辆的测试和运营已显著加速，为自动驾驶商业化奠定了良好基础。这一技术领域正成为全球主要经济体竞相布局的前沿。 Wang, who is also a national political adviser, called for efforts to speed up formulation and revision of policies and regulations supporting the commercial application of self-driving technology, and continuously expand the scale of pilot operations of autonomous vehicles in more cities. 王先进同时也是全国政协委员。他呼吁加快制定和修订支持自动驾驶技术商业化应用的政策法规，并持续扩大更多城市自动驾驶试点运营规模。 Lei Jun, founder, chairman and CEO of Xiaomi Corp and a national lawmaker, proposed establishing a national testing and verification system for autonomous vehicles. He stressed the need to accelerate the commercial mass production of self-driving vehicles, with the goal of supporting their use on highways, expressways and urban roads by 2026. 全国人大代表、小米集团创始人雷军建议建立国家级自动驾驶测试认证体系，并强调需加快自动驾驶汽车商业化量产，目标到2026年支持其在高速公路、快速路和城市道路上的应用。spearheadn. 先锋,先头部队vt.当…的先锋,带头scenariosn. 情节；剧本；方案iterationn. 反复demonstrationn. 表明;证明;示范

Taking a people-centered approach, national lawmakers were urged to unite and gather efforts to implement whole-process people's democracy and to strive unremittingly to advance the building of a strong nation and the great rejuvenation of China.Li Hongzhong, vice-chairman of the Standing Committee of the 14th National People's Congress, called for uniting the wisdom and strength of the broad masses of the people, adhering to the principle of "everything for the people and everything relying on the people" and continuously meeting the people's aspirations for a better life, as the country's top legislative body wrapped up its annual session on Tuesday.Entrusted by the presidium of the third session of the 14th NPC, Li presided over the closing meeting and made the remarks.President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, and other leaders attended the meeting, which was held at the Great Hall of the People."We must unswervingly follow the path of socialism with Chinese characteristics, focusing intently on our own tasks, implementing strategic decisions step by step, and turning our work plans into reality," Li said, calling on NPC deputies to further promote Chinese modernization.At the closing meeting, deputies voted to approve resolutions on the Government Work Report as well as the national economic and social development plan for 2025 and the central budget for 2025.They also adopted resolutions on the work reports of the NPC Standing Committee, the Supreme People's Court and the Supreme People's Procuratorate, and a decision to amend the Law on Deputies to the National People's Congress and to the Local People's Congresses at Various Levels.Zhao Zhao, an NPC deputy from Henan province, praised the amended law, saying that "the amendment was necessary and timely"."The revised law standardizes our behavior and protects our rights as deputies. It will greatly help us fulfill our duties," said Zhao, an entrepreneur in Nanzhao county.Li Dexiang, an NPC deputy from Guizhou province, regarded the amended law as his legal safeguard, noting that it provided clear guidelines on how to better serve the people.He said that the streamlining of the process of handling deputies' suggestions in the revised law would improve the quality and efficiency of their work, enabling them to perform their duties more effectively.By Saturday noon, the third session's secretariat had received 269 motions and more than 8,000 suggestions from NPC deputies.The suggestions mainly focused on legislation in key, emerging and foreign-related sectors, while the suggestions primarily addressed boosting consumption and investment, driving the integrated development of technological and industrial innovation, and promoting high-quality growth through artificial intelligence.

We examine how China has been responding to challenges on the trade-front, along with highlight how ex-US markets (including China) have been performing as of late. Plus, some takeaways from the National People's Congress meeting, and a broader review of preferences across emerging market equities. Featured is Xingchen Yu, Emerging Markets Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

From the BBC World Service: Asian stock markets have continued to fall as investors raise concerns about the detrimental impact of President Donald Trump’s tariffs and a potential U.S. recession. Then, on the final day of the National People’s Congress, progress on artificial intelligence has been celebrated. And hackers allegedly linked to North Korea have cashed out at least $300 million of their record-breaking $1.5 billion heist from crypto company Bybit.

From the BBC World Service: Asian stock markets have continued to fall as investors raise concerns about the detrimental impact of President Donald Trump’s tariffs and a potential U.S. recession. Then, on the final day of the National People’s Congress, progress on artificial intelligence has been celebrated. And hackers allegedly linked to North Korea have cashed out at least $300 million of their record-breaking $1.5 billion heist from crypto company Bybit.

President Xi Jinping called on Thursday for strengthening the role of education in supporting China's sci-tech sector and talent development, so that the nation can see its talent flourish, everyone can realize their potential, and every talent is put to the best use. While taking part in a joint group meeting with national political advisers, he called for a deep understanding of the demand for education, science and technology, and talent during the Chinese modernization process. Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, met in Beijing with political advisers from the China Democratic League, the China Association for Promoting Democracy and the education sector, who are attending the third session of the 14th National Committee of the Chinese People's Political Consultative Conference. He spoke after hearing opinions and suggestions from six political advisers, who contributed insights on issues such as the integrated development of vocational education and regional industries, and optimization of the allocation of basic education resources. In his remarks, Xi highlighted the importance of adhering to the correct orientation in education to build China into a leading country in education, science and technology, and talent. The goal is to nurture a new generation of capable young people with sound moral grounding, intellectual ability, physical vigor, aesthetic sensibility and work skills, who will fully develop socialism and carry forward the socialist cause, he said.He pointed out that it is important to forge inner strength and inspire the younger generation with the Thought on Socialism with Chinese Characteristics for a New Era. Xi emphasized the need to integrate moral education throughout intellectual, physical, aesthetic and labor education.He then pointed out that building a high-quality education system and delivering education that meets public expectations require the deepening of comprehensive reform in the education sector. He underscored the importance of establishing a scientific evaluation system to serve as a guiding framework, improving school governance, granting institutions greater autonomy, and enhancing the rule of law and the level of management. In alignment with the nation's modernization drive and shifts in demographic structure, China must coordinate primary, higher and vocational education, and optimize both public and private investment to enable a more reasonable and efficient distribution of education resources, Xi said. The president called for the education sector to play a pioneering and foundational role in achieving a virtuous cycle between technological innovation and homegrown talent development. The nation must work toward breakthroughs in fundamental and interdisciplinary research through targeted initiatives, build innovation platforms between universities, enterprises and local governments, and improve the efficiency of translating scientific breakthroughs into practical applications, he said. He emphasized the need to refine talent development mechanisms to better align with economic and social demand, enhancing the quality of domestically trained professionals. Xi also highlighted the need to carry out a national education digitalization strategy and build a lifelong learning society.According to a draft budget report submitted to the third session of the 14th National People's Congress, which opened on Wednesday, the central government plans to increase its educational spending by 5 percent this year to 174.44 billion yuan ($24 billion). Meanwhile, funding of 80.95 billion yuan, up 11.5 percent year-on-year, will go to scholarships and student aid programs for university and high school students, the report said. In his remarks, Xi also extended festive greetings to women of all ethnic groups and from all walks of life ahead of International Women's Day, which falls on Saturday.

China's national lawmakers have deliberated a work report of the National People's Congress Standing Committee.

With China's annual Two Sessions meetings underway, Dr. Lin Li, Head of Global Markets Research for Asia, delves into the key takeaways from the Work Report by the National People's Congress for 2025. 

This week before delivering his address to Congress, President Trump sparked a trade war with America's three largest trading partners—Canada, Mexico, and China—triggering swift retaliatory tariffs and rattling global markets. Meanwhile, during China's National People's Congress annual meeting, Premier Li Qiang announced increased defense spending, reaffirmed Taiwan reunification plans, and declared readiness to fight "any type" of war in response to Trump's  tariffs. And after last week's fiery Trump-Zelensky clash, the US has paused arms and intelligence support for Ukraine. Can a European “coalition of the willing” step up as America pulls back? Ravi Agrawal, Ken Moriyasu, and Anna Sauerbrey join guest host Carla Anne Robbins on World Review to unpack this week's top global news stories.

China's emphasis on developing new quality productive forces based on local conditions and accelerating the establishment of a modern industrial system will provide strong momentum for long-term economic growth while enhancing the resilience and competitiveness of its industrial and supply chains, national legislators, political advisers and experts said.全国立法委员、政治顾问和专家表示，中国强调因地制宜发展新质生产力，加快建立现代产业体系，为长期经济增长提供强劲动力，同时增强产业链和供应链弹力和竞争力。They called for efforts to boost enterprises' independent innovation capabilities, achieve breakthroughs in core technologies in key fields and drive industrial upgrades by integrating cutting-edge digital technologies with the real economy.他们呼吁努力提升企业的自主创新能力，实现关键领域核心技术的突破，并通过前沿数字技术与实体经济的融合带动产业升级。Their comments followed the release of this year' s Government Work Report, which states that China will pursue integrated advancements in technological and industrial innovation, push forward new industrialization, and expand and strengthen advanced manufacturing to foster new growth drivers and upgrade traditional ones.今年的《政府工作报告》指出，中国将统筹推进科技创新和产业创新，推进新型工业化，做大做强先进制造业，培育新的增长动力，改造提升传统产业。“The cultivation of new quality productive forces is a key focus in promoting high-quality economic growth and a strategic choice in the new round of technological revolution and industrial transformation,” said Zhou Yunjie, a deputy to the 14th National People's Congress and chairman and CEO of Chinese home appliance manufacturer Haier Group.第十四届全国人大代表、中国家电制造商海尔集团董事局主席兼首席执行官周云杰表示：“培育新质生产力是推动经济高质量增长的重点，也是新一轮科技革命和产业变革的战略选择。”Zhou said the industrial internet, as a new type of infrastructure, has played a pivotal role in driving the development of new quality productive forces, advancing new industrialization and accelerating the digital transformation and upgrading of enterprises.他表示，工业互联网作为一种新型基础设施，在推动新质生产力发展、推进新型工业化、加快企业数字化转型升级等方面发挥着举足轻重的作用。As China strives to become a manufacturing powerhouse, more efforts are needed to promote the innovative application of the industrial internet and fully unlock the value of massive data resources, Zhou said.中国正努力成为制造强国，需要加大力度推动工业互联网的创新应用，充分释放海量数据资源的价值。He added that Haier will continue to pursue technological innovation and integrate artificial intelligence technology with the manufacturing sector.他还表示，海尔将继续追求技术创新，将人工智能技术与制造业相结合。Cao Peng, a member of the 14th National Committee of the Chinese People's Political Consultative Conference and chairman of e-commerce giant JD's technology committee, said, “Scientific and technological innovation is the core element for nurturing new quality productive forces, while digital technologies represented by AI have become an important engine driving their development.”第十四届全国政协委员、电商巨头京东集团技术委员会主席曹鹏说：“科技创新是培育新质生产力的核心要素，而以人工智能为代表的数字技术已成为推动其发展的重要引擎。”He called for accelerating the construction of computing power infrastructure to expand the application of large language models across more fields and lower computing costs for enterprises, particularly small and medium-sized ones.他呼吁加快计算能力基础设施建设，将大语言模型的应用扩展到更多领域，降低企业尤其是中小企业的计算成本。Luo Zhongwei, a researcher at the Chinese Academy of Social Sciences' Institute of Industrial Economics, said, “Fostering new growth drivers and upgrading traditional industries by leveraging cutting-edge digital technologies such as AI, 5G and big data have been high on China's development agenda.”中国社会科学院工业经济研究所研究员罗仲伟说：“借助人工智能、5G、大数据等前沿数字技术，培育新的增长动力，改造提升传统产业，一直是中国发展的重要议程。”Luo said China has sent a clear signal that it will further implement an innovation-driven development strategy to shift from old growth drivers to new ones. He emphasized the importance of developing new quality productive forces based on local conditions and avoiding blind investments in specific fields.他提到，中国已发出明确信号，将进一步实施创新驱动发展战略，从旧的增长动力转向新的增长动力。他强调，必须因地制宜发展新质生产力，避免在特定领域盲目投资。China's move to accelerate the building of a modern industrial system will support the intelligent, high-end and green transformation of traditional industries, consolidate economic recovery and bolster the country's ability to navigate external challenges and uncertainties, Luo said.他还表示，中国加快构建现代产业体系，将支持传统产业向智能化、高端化、绿色化转型，巩固经济复苏态势，增强中国应对外部挑战和不确定性的能力。The Government Work Report also said China will promote the integrated and clustered development of strategic emerging industries, establish a mechanism to increase funding for industries of the future and foster sectors such as biomanufacturing, quantum technology, embodied AI and 6G technology.《政府工作报告》还指出，中国将推动战略性新兴产业融合集聚发展，建立未来产业资金投入增长机制，培育生物制造、量子技术、人工智能、6G技术等领域。Dong Mingzhu, a deputy to the 14th NPC and chairwoman of Gree Electric Appliances, said manufacturing enterprises must strengthen their independent innovation capacities in cutting-edge technologies and continuously improve the quality of products and services to foster new quality productive forces.第十四届全国人大代表、格力电器董事长董明珠表示，制造业企业必须加强前沿技术的自主创新能力，不断提高产品和服务质量，培育新质生产力。Li Dongsheng, a deputy to the 14th NPC and founder and chairman of consumer electronics company TCL Technology Group, said, “Chinese enterprises should play a bigger role in boosting technological innovation.”第十四届全国人大代表、消费电子公司TCL科技集团创始人兼董事长李东生说：“中国企业应在推动技术创新方面发挥更大作用。”He said TCL will strengthen its innovative capabilities in original technologies and increase investment in AI, augmented reality, virtual reality and next-generation display technologies.他表示，TCL将加强原创技术的创新能力，加大对人工智能、增强现实、虚拟现实和下一代显示技术的投入。Advancing new quality productive forces requires further stimulating technological innovation, continuously investing in scientific research and talent development and supporting the intelligent transformation of industries, Li said.他提到，推进新质生产力建设，需要进一步激发科技创新活力，持续加大科研投入和人才培养力度，支持产业智能化转型。Momentumn. [物]动量；势头；动力；要素，契机Legislatorsn.立法委员，议员，立法者( legislator的名词复数)Biomanufacturingn.生物制造Fosterv.促进，鼓励，培养

China has set its GDP growth target for this year at around 5 percent. Premier Li Qiang announced the target in his government work report at the annual session of the National People's Congress. Other top government priorities include boosting consumer demand and improving investment, as well as promoting tech innovations and modernizing industry. What are the main focal points of this year's Two Sessions meetings? Why has China set its economic target for 2025 at around 5%? And how will the country address its internal and external challenges to achieve that goal?

China's retaliatory tariffs on US agricultural exports could hit President Trump's rural heartlands. This week, 3,000 of China's most influential politicians have gathered for the annual National People's Congress. Premier Li Qiang referred to the economy as a “giant ship” moving “steadily towards the future.” But behind the optimistic rhetoric, China faces significant challenges. Among them, a renewed trade war with the United States.In recent days, China has imposed retaliatory tariffs on US goods, specifically targeting agricultural exports from key states like Iowa, Illinois or Kansas. So, is Xi Jinping taking the trade war straight to Iowa? And how will these new tariffs impact Trump's heartland?On this episode, Lucy Hockings speaks to the BBC's North America business correspondent, Michelle Fleury, and Shawn Yuan, from the BBC's Global China Unit.(Picture: Headshot of China's President Xi Jinping. Credit: Agustin Marcarian/Reuters)Producers: Richard Moran and Tom KavanaghSound engineer: Mike RegaardAssistant editor: Sergi Forcada FreixasSenior news editor: China Collins

President Xi Jinping underlined on Wednesday the need for Jiangsu province, one of China's economic powerhouses, to lead the integration of sci-tech and industrial innovation, the deepening of reform and high-level opening-up, and the nation's common prosperity drive.The president, who represents Jiangsu as a deputy to the 14th National People's Congress, China's top legislature, told his fellow deputies from the province that the nation's economic powerhouses must take the lead as China strives to achieve its targets set out in the 14th Five-Year Plan (2021-25).Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in Beijing when he took part in a deliberation with his fellow lawmakers during the third session of the 14th NPC.He spoke after six deputies shared their insights on issues such as accelerating green and low-carbon transformation and advancing industrial and technological innovation.He explained that sci-tech and industrial innovation is the fundamental pathway for the development of new quality productive forces—featuring high technology, high efficiency and high quality, and aligning with the country's new development philosophy.The president highlighted the need to advance education, science and talent development in tandem—both to generate more technological breakthroughs and to transform them into tangible productive forces.In driving industrial innovation, the nation must anchor its efforts in the real economy, balancing the upgrade of traditional industries with the cultivation of strategic emerging sectors and future industries, he said, adding that the role of enterprises as key drivers of innovation must be bolstered to ensure a seamless connection between innovation and industry.Jiangsu's GDP grew 5.8 percent year-on-year to 13.7 trillion yuan ($1.89 trillion) in 2024, registering the greatest increase in GDP volume in the nation last year, according to the provincial government.The province must take the lead in deepening reform and opening-up and keep removing obstacles and boosting momentum, Xi said.He urged the province to promote urban-rural integration and regional coordination, optimize the layout of productive forces, and focus on driving high-quality development.A level playing field must be offered to businesses of various ownership types, and continuous efforts must be made to improve the business environment, Xi said, adding that the province must expand institutional opening-up and keep expanding the room for international cooperation.The president encouraged Jiangsu to play a proactive role in the nation's major strategies, including the integrated development of the Yangtze River Delta and the development of the Yangtze River Economic Belt, adding that it is important for the province to step up its alignment with strategies such as the coordinated development in the Beijing-Tianjin-Hebei region and the Guangdong-Hong Kong-Macao Greater Bay Area.He also highlighted the need for the region to better integrate itself into the high-quality building of the Belt and Road, guarantee that its farmland will not fall below the red line, ensure food security and protect its ecology and environment.Xi then made the case for the nation's major economic powerhouses to lead the way in the common prosperity drive. Jiangsu, with a population of 85.26 million in 2023, should make solid steps in advancing comprehensive rural vitalization, urban-rural integration and consolidating the achievements of poverty alleviation, he said.

From the BBC World Service: Germany's future coalition partners want to relax its strict debt rules in order to boost the defense budget by billions of dollars. We hear more. Then, China announced a target of 5% economic growth this year at the annual meeting of the National People’s Congress. And, a group led by U.S. investment firm BlackRock looks to buy two key ports at the Panama Canal.

From the BBC World Service: Germany's future coalition partners want to relax its strict debt rules in order to boost the defense budget by billions of dollars. We hear more. Then, China announced a target of 5% economic growth this year at the annual meeting of the National People’s Congress. And, a group led by U.S. investment firm BlackRock looks to buy two key ports at the Panama Canal.

On the programme, we'll explore the ripple effects of U.S. tariffs on Canada, Mexico, and China. President Trump is scheduled to address Congress, during which he is expected to discuss new U.S. trade tariffs and the situation in Ukraine. This address marks his first major speech since returning to the White House. Plus, we'll examine how these tariffs could lead to higher car prices for U.S. motorists. And the Chinese government presents a review of its achievements last year and economic goals for 2025 before the annual meeting of China's rubber stamp parliament, the National People's Congress.

At the opening of the National People's Congress in Beijing, Chinese Premier Li Qiang presented the country's parliament with his government's work report for 2025. Li stressed the importance of revitalising domestic consumption as a driver for economic growth, especially in a context of increased global trade tensions. For the first time in decades, deficit spending will reach 4 percent of GDP. Also in this edition: Europeans consider using Russian frozen assets to finance increased defense spending.

Tech advancement can transform industries, foster new sectors, Xiaomi's Lei Jun saysTechnological advancement plays a critical role in transforming traditional industries and fostering emerging sectors, and Xiaomi Corp will continue to innovate so as to contribute to China's path to modernization, said Lei Jun, deputy to the 14th National People's Congress, China's top legislature.全国人大代表雷军表示，科技进步在传统行业转型、培育新兴领域过程中发挥着关键作用，小米集团将继续走科技创新的道路，为推进中国式现代化贡献自己的力量。Lei, CEO and chairman of Xiaomi Corp, said at the sidelines of the ongoing two sessions on Wednesday that "Over the past 15 years, Xiaomi has deeply understood that technological innovation is the cornerstone of progress."3月5日，小米集团董事长兼首席执行官雷军在两会会场表示：“过去15年来，小米深刻体会到，科技创新是进步的基石。”"Five years ago, we committed to investing heavily in core technologies, setting a goal to spend 100 billion yuan ($13.8 billion) on research and development. Today, we have exceeded that target, investing about 105 billion yuan."“5年前，我们就下决心加大核心技术投资力度，设定了1000亿元人民币（138亿美元）的研发投资目标。如今，我们已超额完成这一目标，投资总额约达1050亿元人民币。”Lei highlighted two major achievements underpinned by Xiaomi's innovation strategy. First, Xiaomi has maintained its position among the top three global smartphone manufacturers for 18 consecutive quarters. Additionally, its smart home internet of things platform, developed in collaboration with partners, now connects over 900 million devices, making it the largest consumer IoT platform globally.雷军强调了小米创新战略取得的两大成就。首先，小米已经连续18个季度稳居全球智能手机制造商前三名。此外，小米与合作伙伴共同开发的智能家居物联网平台现已连接9亿多台设备，成为全球最大的消费级物联网平台。"This reflects the growing global recognition of Chinese technology products and brands," Lei noted.雷军指出：“这表明全球用户越来越认可中国的技术产品和品牌。”Second, Xiaomi entered the new energy vehicle (NEV) sector four years ago, launching its first car in March 2024. Despite being a newcomer, Xiaomi delivered 135,000 vehicles within just nine months, earning strong consumer approval. Lei attributed this success to breakthroughs like the Xiaomi Super Motor V8S, the world's highest-performance mass-produced drive motor, entirely self-developed and manufactured by Xiaomi.其次，小米在4年前进入新能源汽车（NEV）领域，并于2024年3月发布了首款汽车。作为汽车产业的新人，小米在短短9个月内就交付了13.5万辆汽车，受到了广大用户的好评。雷军将这一成功归因于小米的突破性成果，如小米超级电机V8S，这款已量产的驱动电机完全由小米自主研发和生产，拥有全球最强大的性能。Lei also expressed gratitude to Beijing, calling it a "fertile ground" for Xiaomi's growth. He reaffirmed Xiaomi's commitment to innovation and high-end development, stating, "Manufacturing is the foundation of China's strength. As both a builder and beneficiary of this sector, Xiaomi will continue to innovate, integrate cutting-edge AI technologies into our products, and contribute to China's path to modernization while enhancing consumers' lives through technology."雷军还对北京表示感谢，称北京是小米成长的“沃土”。他重申小米对科技创新和高端发展的承诺，表示：“制造业是中国强国之基。小米作为这一领域的建设者和受益者，将继续坚持走科技创新的道路，将先进的人工智能技术应用于我们的产品，为推进中国式现代化贡献自己的力量，并通过科技提升消费者的生活品质。”beneficiaryn.受益人

Investors have a lot to digest. With US tariffs on Canada, Mexico, and China now in force – along with some retaliatory measures from affected countries – US Commerce Secretary Lutnick hinted that the US may reconsider some tariffs. Meanwhile, in Europe, the European Commission and Germany have unveiled plans to significantly increase defence spending. In Asia, all eyes are on China's National People's Congress, where the government has set an economic growth target of around 5% for 2025. No wonder global equity markets are experiencing volatility this week, and bond markets are no less turbulent. Joining us to shed light on the latest developments in fixed income is Dario Messi, our Head of Fixed Income Research. We're also joined by Richard Tang, our Head of Research in Hong Kong, for expert analysis on the National People's Congress.00:00 Introduction by Bernadette Anderko (Investment Writing)00:37 Markets wrap-up by Lucija Caculovic (Investment Writing)06:20 Bond market update: Dario Messi (Head of Fixed Income Research)10:48 China's NPC news: Richard Tang (Head of Research Hong Kong)16:48 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Good afternoon, I'm _____ with today's episode of EZ News. Tai-Ex opening The Tai-Ex rebounded from recent losing sessions this morning - opening up 181-points yesterday's close, at 22,778 on turnover of 8.9-billion N-T. The market closed down by 0.7-per cent on Tuesday, but managed to recoup some of its early losses, as investor sentiment remained cautious in the wake of volatility on Wall Street overnight … .. which was sparked by U-S President Donald Trump confirming that tariffs on imports from Canada and Mexico would go into effect later in the day. Premier touts TSMC's expanded US plan Premier Cho Jung-tai is voicing his support for Taiwan Semiconductor Manufacturing's new investment in the United States. According to Cho, government sees T-S-M-C's expanded investment positively, because it will boost Taiwan's competitive edge (競爭力) inthe global market, and "making Taiwan stronger is the common stance of the government and industry." Cho says the government has long been encouraging domestic industries to expand worldwide and is providing necessary assistance for such expansions. The premier also says he hopes T-S-M-C's investments will continue to create mutual benefits and a win-win situation with Taiwan's allies. Cabinet spokeswoman Michelle Lee says the U-S has become the top destination of Taiwanese investors, as local companies seek to extend their global reach and the U-S accounted for 30-per cent of Taiwan's total overseas investment last year. CPBL head reacts to WBC fine Chinese Professional Baseball League President Tsai Chi-chang is vowing to reflect on the reasons the national team was find 20,000 U-S dollars for violating regulations during last month's World Baseball Classic qualifiers at the Taipei Dome. The team was fined by tournament organizes - Major League Baseball - for violating a rule regarding the use of electronic devices. The M-L-B says movers were found to have used their phones in an office where equipment was stored - in violations of (違反) a rule banning players or team staff member from using electronic devices in all areas considered to be part of the competition. Tsai is admitted that mistakes were made, but stressing that he wasn't in the dugout during the qualifying games and that the C-P-B-L will accept the fine in accordance with the rules. US Investors to Buy Panama Canal Ports A consortium of US investors has agreed to buy majority stakes in two ports on the Panama canal from a Hong Kong-based company for nearly 20 billion dollars. The deal comes in the wake of allegations by the Trump administration that Chinese influence (影響) over the waterway poses a security risk to the US. Ira Spitzer reports. China Keeps 5Percent Growth Target Meanwhile… China is keeping its economic growth target at “around 5%” for 2025 despite a looming trade war with the United States and other headwinds (阻力，逆風). Premier Li Qiang announced the target in a report presented at the opening session of the National People's Congress today. The report says a target of around 5% is well aligned with the country's mid- and long-term development goals. The IMF has projected that China's economy will grow 4.6% this year, down from 5% in 2024, according to Chinese government statistics. That was the I.C.R.T. EZ News, I'm _____. －－－－以下訊息由 SoundOn 動態廣告贊助商提供－－－－ 初開的茉莉 喚醒茶葉香氣 感受清新 茶奶甜香 以詩歌和春光佐茶 飲冰室茶集 觀看更多▶ ▶ https://sofm.pse.is/79tgxc #飲冰室茶集 #以詩歌和春光佐茶 #綠奶茶 -- Hosting provided by SoundOn

The third session of the 14th National Committee of the Chinese People's Political Consultative Conference is set to open at 3 pm on Tuesday at the Great Hall of the People in Beijing and will conclude on the morning of March 10, lasting for six days, a senior official announced on Monday.中国人民政治协商会议第十四届全国委员会第三次会议将于周二下午3时在北京人民大会堂开幕，并于3月10日上午闭幕，会期六天。Liu Jieyi, spokesman for the third session of the 14th National Committee of the CPPCC, the nation's top political advisory body, briefed the media one day ahead of its opening. The main agenda includes listening to and deliberating on a work report of the Standing Committee of the CPPCC National Committee and a report on the proposals from its members, according to Liu.中国最高政治咨询机构——中国人民政治协商会议第十四届全国委员会第三次会议新闻发言人刘结一在开幕前一天向媒体介绍了会议情况。刘结一介绍，会议主要议程包括听取和审议全国政协常委会工作报告和提案工作情况报告The CPPCC National Committee members will also attend the third session of the 14th National People's Congress to hear and discuss the government work report and other relevant reports, he said.全国政协委员将列席十四届全国人大三次会议，听取并讨论政府工作报告以及其他有关报告During the conference, there will be an opening and closing ceremony, two plenary sessions, and group meetings. Foreign diplomats will be invited to attend the opening and closing ceremonies, he added.他表示，大会期间，将安排开幕会、闭幕会以及2次大会发言和界别小组会议。开幕会、闭幕会邀请外国驻华使节旁听。

US equities did not like the news of weak manufacturing data and President Trump's announcement of tariffs on Canadian and Mexican goods, as well as increased tariffs on Chinese imports. The move prompted swift retaliation from Canada and China, who imposed their own tariffs on US goods. The S&P 500 fell 1.8% and Nvidia dropped nearly 9% but defensive sectors, like healthcare and consumer staples, rose on the day. European equities moved higher yesterday, with the Euro Stoxx 50 gaining 1.6% on easing inflation, anticipated monetary easing and the prospect of a large German stimulus package. Chinese stocks are reacting calmly to the tariff news, while export-heavy Japanese stocks are falling. Next up: Donald Trump's speech to Congress (later on Tuesday) and China's National People's Congress meeting (Wednesday). Carsten Menke, Head of Next Generation Research, notes that Bitcoin is a risk-on asset and a high-beta play on US equities in the short term.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:14 Digital assets update: Carsten Menke (Head of Next Generation Research)11:14 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The "Two Sessions", considered the most important event on China's political calendar, is coming up. Delegates from across China are gearing-up to attend the annual meetings of China's top legislature, the National People's Congress, and the top political advisory body, the National Committee of Chinese People's Political Consultative Conference. Ethnic unity is always high on the agenda during the "Two Sessions". To understand how ethnic unity is promoted on the ground, CGTN host Liu Xin traveled to Northwest China's Xinjiang Uygur Autonomous Region, to a city called Shihezi, where its administration has been put under U.S. sanctions for the past four and a half years.

The main agenda proposed for the upcoming third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, was unveiled Saturday.中国最高政治咨询机构——中国人民政治协商会议（简称全国政协）第十四届全国委员会第三次会议的主要议程于3月1日公布。The third session of the 14th National Committee of the CPPCC will open on March 4 in Beijing, according to a decision made at a meeting of the Standing Committee of the CPPCC National Committee on Saturday.据3月1日召开的全国政协常务委员会会议决定，中国人民政治协商会议第十四届全国委员会第三次会议将于3月4日在北京召开。The proposed agenda for the session includes hearing and deliberating a work report of the Standing Committee of the CPPCC National Committee and a report on how the proposals from political advisors have been handled since the previous session of the CPPCC National Committee.会议议程包括听取和审议中国人民政治协商会议全国委员会常务委员会工作报告和全国政协十四届二次会议以来提案工作情况的报告。Members of the CPPCC National Committee will sit in on the third session of the 14th National People's Congress to hear and discuss documents including the government work report, according to the proposed agenda.全国政协委员将列席中华人民共和国第十四届全国人民代表大会第三次会议，听取并讨论政府工作报告及其他有关报告。agenda [əˈdʒendə] 名词，议程unveil [ʌnˈveɪl] 动词，公布，透露deliberate [dɪˈlɪbəreɪt] 动词，仔细考虑，审议sit in on 短语，列席

It's a big week for China with all eyes on the National People's Congress (NPC), where fiscal measures could be announced. We outline our expectations and whether the NPC could potentially provide a lift in market sentiment. In the US, we preview the February employment report and its impact on Fed policy, and digest the latest announcements on tariffs. In Europe, we discuss our expectations of the ECB, where we go from here after the German elections and what is Europe's next move around the peace deal. Chapters: US (02:10), Europe (07:40), Asia (15:45).

In the latest Capital Economics Weekly Briefing, Group Chief Economist Neil Shearing breaks down just how the policy uncertainty emanating from the Trump administration is – and isn't affecting – the global economy. He also previews the February US employment report and whether Musk's layoffs will impact the national labour market and the opening of this year's National People's Congress in Beijing.Also on the show, what's the view of Trump's tariff threats from India? Deputy Chief EM Economist Shilan Shah calls from Mumbai after a week of meetings with business, government and media to talk about why Narendra Modi's administration thinks it can dodge this bullet, as well as the macro environment and RBI response. Analysis and events referenced in this episode:Could uncertainty weigh on the global economy?https://www.capitaleconomics.com/publications/global-economics-update/could-uncertainty-weigh-global-economyChina Drop-In: 2025 NPC – Setting policy goals in a trickier global environmenthttps://www.capitaleconomics.com/events/china-drop-2025-npc-setting-policy-goals-trickier-global-environmentCAP: Official data underplays China's 2024 weaknesshttps://www.capitaleconomics.com/publications/china-activity-monitor/cap-official-data-underplays-chinas-2024-weaknessIndia Weekly: Tariff manoeuvres, RBI shifts priorities, the long-run viewhttps://www.capitaleconomics.com/publications/india-economics-weekly/india-weekly-tariff-manoeuvres-rbi-shifts-priorities-long-run

Global attention will turn to Beijing next week with the start of the two sessions, China's biggest annual political event, through which the people's voices will be heard by policymakers, while the country's development priorities will be discussed.With the people's well-being in mind, President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee, has since 2013 leveraged the two sessions to hold discussions with grassroots-level lawmakers and political advisers from across the country, listening to their suggestions on the country's development.Two sessions refer to the annual gatherings in Beijing of the deputies to the National People's Congress, the nation's top legislature, and the members of the National Committee of the Chinese People's Political Consultative Conference, the nation's top political advisory body.As an embodiment of whole-process people's democracy, the two sessions have become a strong bond linking the Chinese leader and people at the grassroots level.At discussions during the two sessions about the country's development priorities, Xi has touched upon a variety of topics, including efforts to promote high-quality growth, foster new quality productive forces, enhance innovation in science and technology, and strengthen ecological conservation.He has always highlighted the need to make every effort to enable China's 1.4 billion people to lead a better life on the path to Chinese modernization.When he took part in deliberations with NPC deputies from the delegation of Jiangsu province last year, Xi emphasized the need to adhere to the people-centered development philosophy. "We must steadily enhance the level of livelihood security through development, and guide and motivate our people to create a happy life with their own hands," he said.People-centered development has been at the core of Xi's governance philosophy. When he has conducted inspections nationwide, he has always visited rural areas and urban communities to see how people are faring in their lives.Last year, he spent a total of more than 30 days on inspection tours, visiting 12 provinces, municipalities and autonomous regions as well as the Macao Special Administrative Region. He visited farmers' homes, orchards and farm fields, as well as urban communities, seaports and high-tech industrial parks."As far as Chinese modernization is concerned, the people's well-being is prioritized," Xi told local residents when visiting a rural community during his inspection tour of Chongqing in April. "All the work of the Party and the government is aimed at ensuring a happier life for the ordinary people," he added.On Jan 22, ahead of Chinese New Year, Xi braved the cold to visit people who had been affected by floods in the village of Zhujiagou in Huludao, Liaoning province. He visited villagers who had moved into their new houses and inquired about the quality of the reconstructed homes and whether their daily necessities were adequate.Wang Lili, Party chief of the village, said that what Xi cares about most is whether the villagers affected by the floods live a good life."President Xi's care brings warmth and happiness to our hearts," she said.According to the Ministry of Finance, 70 percent of government expenditures in 2024 went toward ensuring the people's well-being.In his 2025 New Year message, Xi said: "Of all the jobs in front of us, the most important is to ensure a happy life for our people. ... We should work together to steadily improve social undertakings and governance, build a harmonious and inclusive atmosphere, and settle real issues, big or small, for our people. We must bring more smiles to our people and greater warmth to their hearts."Regarding the Chinese president's visit in 2018 to Liangjiahe, a village in Shaanxi province, where Xi had stayed for seven years as an "educated youth" in his teens, Faustin-Archange Touadera, president of the Central African Republic, said that he was impressed by Xi's strong connections with the people."Xi is deeply rooted in the people, always standing with the people and serving the people," Touadera said in an interview with China Global Television Network.Under Xi's leadership, the Party has made it a major task of Chinese modernization to ensure and improve people's livelihood through development.The third plenary session of the 20th CPC Central Committee, which was held in July, adopted a resolution on further deepening reform comprehensively to advance Chinese modernization, with a focus on enhancing people's quality of life, improving the income distribution system, promoting an employment-first policy, strengthening the social security system and deepening reform of the healthcare system.Guo Jianning, a professor at Tsinghua University's School of Marxism, said that putting people first underpins the governance philosophy and core values of the Party.Ensuring that the people lead better lives serves as both the starting point and the ultimate goal of the Party to further deepen reform on all fronts, Guo said in an article published by China Education News.While striving to improve the well-being of its own people, China, led by Xi, has also been committed to promoting the world's common development to ensure a better life for people in all countries."On the path toward modernization, no one and no country should be left behind," Xi said at the 2024 Summit of the Forum on China-Africa Cooperation in September, calling on China and Africa to join hands to boost the modernization of the Global South to contribute to peace, security, prosperity and progress around the world.

Le donne in Sri Lanka costituiscono il 56% degli elettori registrati, e sono state cruciali per le vittorie elettorali alla fine dello scorso anno da parte del National People's Power, una piccola formazione di sinistra che si è ritrovata catapultata alla guida del paese. Il presidente Dissanayake, leader del partito, ha sorpreso un po' tutti quando ha nominato una donna, Amarasuriya, al ruolo di premier. Ma in realtà per il Paese non è una novità: proprio in Sri Lanka era diventata premier una donna, per la prima volta al mondo. Gli inserti audio della puntata sono tratti da: Dr. Harini Amarasuriya | Parliament Speech, canale YouTube Npp Sri Lanka, 23 agosto 2024; Sri Lankan protesters storm President Rajapaksa's residence, canale YouTube TrtWorld, 9 luglio 2022; වර්ෂ 1976 ඔබ නුදුටු ලංකාව ෴, canale YouTube Sampath Samarasingha Official, 16 marzo 2018; The Assassination of SWRD Bandaranaike, canale YouTube ministeriumofhistory, 31 agosto 2024; රජයේ වැඩිපිළිවළට අවනත නැතිනම් හමුදා භාරයට මෝල ගන්නවා., canale YouTube Newfirst Sri Lanka, 22 gennaio 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

China's continued support for the private sector, reiterated by President Xi Jinping, is expected to fuel further growth of tech and emerging industries, while promoting private enterprises to embrace another spring and play a bigger role in the country's economic transformation, company executives and economists said on Tuesday.2月18日，公司高管和经济学家表示，中国国家主席习近平重申要持续支持民营企业，这将进一步推动科技和新兴产业的发展，同时民营企业也将迎来又一个“春天”，在中国经济转型中发挥更大作用。Their comments came after Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, attended a symposium on private enterprises in Beijing and delivered an important speech on Monday.2月17日，中共中央总书记、国家主席、中央军委主席习近平在京出席民营企业座谈会并发表重要讲话。座谈会后，公司高管和经济学家发表了上述评论。In his speech, Xi emphasized the role of private enterprises in advancing China's broader goals in technological innovation, promoting rural vitalization and improving people's well-being.习近平在讲话中强调，民营企业在加快实现技术创新、乡村振兴、改善民生等国家远景目标方面发挥着重要作用。Xu Guanju, chairman of Transfar Group, a leading chemicals manufacturer, said in an interview with China Daily on Tuesday that while the breakthroughs made by Chinese artificial intelligence companies made them immensely proud and boosted their confidence in facing future challenges, the encouragement from China's top leadership was even more inspiring.2月18日，化工巨头传化集团董事长徐冠巨接受《中国日报》采访时表示，中国人工智能公司的突破让他们感到无比自豪，为他们更加信心满怀地应对未来挑战加了一把劲，而中国最高领导层的鼓励更让他们备受鼓舞。"It has greatly motivated us to work together to accelerate the development of new quality productive forces in the future, and embrace the AI era," said Xu, who attended the symposium on Monday.2月17日，徐冠巨在参加座谈会后说道：“这极大地激励了我们携手共进，加快发展新质生产力，积极拥抱AI时代。”The gathering saw a strong presence of companies from technology and emerging sectors, with notable names including Huawei's Ren Zhengfei, BYD's Wang Chuanfu, Will Semiconductor's Yu Renrong, Unitree Robotics' Wang Xingxing and Xiaomi's Lei Jun.此次座谈会汇聚了众多科技和新兴行业的公司代表，包括华为技术有限公司首席执行官任正非、比亚迪股份有限公司董事长王传福、上海韦尔半导体股份有限公司董事长虞仁荣、杭州宇树科技有限公司首席执行官王兴兴、小米科技有限责任公司董事长雷军等知名企业家。Zhang Jun, chief economist at China Galaxy Securities, noted that some of the private enterprises that attended the symposium are not big in terms of business scale or revenue, but have strong growth potential.中国银河证券首席经济学家章俊指出，参加座谈会的部分民营企业虽然没有庞大的业务规模或高收入，但具有强大的增长潜力。"It reaffirmed private enterprises' past breakthroughs in new quality productive forces, while highlighting the government's determination to cultivate future industries," Zhang said.章俊表示：“这既肯定了过去民企在新质生产力相关领域的技术突破，又凸显了政府对培育未来产业的决心。”Observers said the participation of private enterprises from both traditional and emerging sectors showed the continuous emphasis China's top leadership places on the role of the manufacturing industry in the Chinese economy.观察人士称，传统行业和新兴行业的民营企业均参加了此次座谈会，表明中国最高领导层持续重视制造业在中国经济中的作用。Liu Yonghao, founder of New Hope Group, a leading enterprise in agricultural industrialization, told China Daily on Tuesday that technology not only flourishes in high-end manufacturing and AI sectors, but also drives innovative growth in traditional sectors such as agriculture.2月18日，农业产业化龙头企业新希望集团创始人刘永好接受《中国日报》采访时表示，技术发展不仅在高端制造、人工智能等方面取得成绩，也推动了农业等传统行业的创新增长。"Inspired by the top leadership's remarks, our company will capitalize on favorable policies and make efforts to propel further growth amid complex challenges," said Liu, who also attended the symposium.参加本次座谈会的刘永好说：“最高领导层的讲话让我们备受启发，我们公司会利用国家的好政策，在复杂局面下继续努力拼搏，推动企业更好地发展。”Recalling that the previous such symposium on private enterprises, which was presided over by President Xi in 2018, was followed by a three-year bull run in China's A-share market, Zhang, from China Galaxy Securities, said that Monday's meeting will "help enhance the confidence of market entities, dispel concerns about uncertainty and play a decisive role in stabilizing the market".中国银河证券首席经济学家章俊回忆，上一次由习近平主席主持的同等规格民营企业座谈会在2018年，会后中国A股市场迎来了时长3年的牛市。他表示，2月17日的座谈会将“有助于提振市场主体的信心，打消对不确定性的疑虑，对于稳定市场起到一锤定音的效果”。Xu Hongcai, a renowned economist and deputy head of the financial and economic affairs committee of the National People's Congress, said that Xi's remarks "conveyed a clear signal that even with the changing and volatile economic and trade policies of some foreign countries, China remains focused on high-quality economic development as always".著名经济学家、全国人大财政经济委员会副主任委员许宏才表示，习近平的讲话“传递了一个明确信号，即在其他国家经贸政策风云变幻的情况下，中国一如既往集中精力于高质量经济发展”。At Monday's symposium, Xi said the government's basic principles and policies concerning the development of the private economy have been incorporated into the system of socialism with Chinese characteristics and will consistently be upheld and fulfilled. "They cannot and will not be changed," he said.2月17日，习近平在座谈会上表示，政府对民营经济发展的基本方针政策已经纳入中国特色社会主义制度体系，将一以贯之坚持和落实。他表示：“这些不能变，也不会变。”This was in line with Xi's remarks at the 2018 symposium, during which he said the country would unswervingly encourage, support and guide the development of the nonpublic sector and support private enterprises to develop toward a broader stage.这与习近平在2018年座谈会上的讲话相呼应，当时他表示，国家将毫不动摇地鼓励、支持、引导非公有制经济发展，支持民营企业走向更加广阔的舞台。The stance was reaffirmed at the 2022 Central Economic Work Conference, which emphasized that promoting the private sector's growth is a "long-term strategy", rather than a short-term measure.2022年召开的中央经济工作会议再次明确这一立场，强调促进民营经济发展是“长期战略”，而非短期措施。In 2023, during the two sessions, the annual meetings of China's top legislative and political advisory bodies, Xi emphasized that the Party encouraged private enterprises and entrepreneurs to let go of their concerns and burdens and boldly pursue their development.2023年两会（中国最高立法机关和中国政治协商机构年度会议）期间，习近平强调，党鼓励民营企业和民营企业家消除顾虑，放下包袱，大胆发展。Xu, the renowned economist, said: "These instances show that China's reform policies are continuous and stable. A stable policy and a good business environment will further enhance private enterprises' confidence, consistently attract more foreign investment and promote sustained economic growth."著名经济学家许宏才表示：“这些事例表明，中国的改革政策是连续的、稳定的。稳定的政策和良好的营商环境将进一步提升民营企业的信心，将一以贯之吸引更多外商投资，促进经济的持续增长。”As of the end of September last year, China had over 55 million registered private companies, accounting for 92.3 percent of all businesses. They contribute more than half of the country's tax revenue, over 60 percent of GDP and over 80 percent of urban employment.截至2024年9月底，中国登记在册民营企业数量超过5500万户，占全国企业总量的92.3%。民营经济贡献了全国50%以上的税收、60%以上的国内生产总值、80%以上的城镇劳动就业。In recent years, the role of the private sector has become increasingly pivotal in driving technological innovations. For example, the rise of AI startup DeepSeek and its advanced large language model, Huawei's breakthroughs in domestically developed chips and operating systems, and Unitree Robotics' humanoid robots, which staged a dance with festive vibes at this year's China Media Group Spring Festival Gala on Chinese New Year's Eve.近年来，民营企业在驱动技术创新方面发挥着越来越重要的作用。例如，人工智能初创企业DeepSeek及其先进的大型语言模型崛起，华为在国产芯片和操作系统方面取得突破，以及宇树科技人形机器人今年除夕夜亮相，在央视春晚舞台上表演了充满节日氛围的舞蹈。Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said the latest efforts of the top leadership will further bolster policies.中国商务部国际贸易经济合作研究院高级研究员周密表示，最高领导层的最新努力将进一步推动政策落实。A package of policies is expected to be accelerated, which includes a law to promote the private sector, measures to advance mixed ownership reforms and efforts to encourage private enterprises to go global, he said.他预计，一系列政策将加快落地，包括推进民营经济促进法立法进程、推动混合所有制改革以及鼓励民营企业“走出去”。humanoidn.人形机器人；类人的生物

President Xi Jinping has reiterated China's commitment to boosting the private sector through concrete efforts to implement supportive policies and measures.Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks on Monday in Beijing at a symposium on private enterprises. The gathering of high-profile participants came years after the previous such symposium was presided over by Xi in 2018.Among the attendees were Huawei's Ren Zhengfei, BYD's Wang Chuanfu, New Hope's Liu Yonghao, Will Semiconductor's Yu Renrong, Unitree Robotics' Wang Xingxing and Xiaomi's Lei Jun. The six business leaders put forward their opinions and advice on the development of the private sector.Speaking to a roomful of senior officials and private entrepreneurs, Xi said the government's basic principles and policies concerning the development of the private economy have been incorporated into the system of socialism with Chinese characteristics and will consistently be upheld and fulfilled."They cannot and will not be changed," he said, noting that obstacles should be removed in order to facilitate private enterprises' equal access to factors of production and market opportunities in accordance with the law.Xi said that as the world's second-largest economy further reforms and opens up, the enormous market with a population of over 1.4 billion will bring new opportunities for the greater development of private enterprises."On the new journey in the new era, the prospects for the development of the private economy are broad and promising. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities," he said.As of the end of September last year, China had over 55 million registered private companies, accounting for 92.3 percent of all businesses. They contribute more than half of the country's tax revenue, over 60 percent of GDP and over 80 percent of urban employment.Regarding the difficulties and challenges currently facing the private sector's development, Xi said that these have generally emerged during the process of reform and development and industrial transformation."They are partial rather than general, temporary rather than long-term, and surmountable rather than unsolvable," Xi said, stressing the need to stay focused on growth, maintain confidence in development and face up to the challenges with optimism.Since the 18th National Congress of the CPC in 2012, the CPC Central Committee and the State Council have rolled out a series of policies and measures to spur the growth of the private sector.China is also moving closer to its first basic legislation specifically focused on the development of the private sector, as the draft law was submitted to the Standing Committee of the 14th National People's Congress for deliberation in December.During the symposium, Xi also called for continuous efforts to see that the competitive areas of infrastructure are open to market entities in a fair manner, to resolve the difficulties private enterprises face in accessing affordable financing, and to resolve overdue payments to private enterprises.The government will earnestly protect the legitimate rights and interests of private businesses and entrepreneurs in accordance with the law, Xi said.But he noted that China is a socialist country ruled by law, and no type of illegal activities by enterprises, despite their form of ownership, can avoid investigation and punishment.Xi also stressed the role of private enterprises in advancing China's broader goals in terms of technological innovation, promoting rural vitalization and improving people's well-being. He urged entrepreneurs to focus on high-quality development, invest in their main businesses, strengthen their capacities for innovation, and increase their core competitiveness.It is hoped that the vast number of private enterprises and entrepreneurs will take the lead in promoting common prosperity, thus making new and greater contributions to advancing Chinese modernization, he said.reiterate /riˈɪtəˌreɪt/(v.)—— 重申commitment /kəˈmɪtmənt/(n.)—— 承诺，坚定支持boost /buːst/(v.)—— 促进，推动implement /ˈɪmplɪˌmɛnt/(v.)—— 贯彻，实施supportive /səˈpɔːrtɪv/(adj.)—— 支持的，鼓励的

In addition to the typical seasonal tailwinds from the Chinese New Year, three key factors are also driving the recent rally in Chinese equity markets: the better-than-feared impact of US President Donald Trump's trade tariffs, growing domestic optimism following the release of China's DeepSeek AI, and rising policy expectations ahead of the National People's Congress in March.Join Richard Tang, China Strategist and Head of Research for Hong Kong at Julius Baer, and Hong Hao, Partner and Chief Economist at GROW Investment Group, as they dive each of these key developments shaping China's market landscape.

For the past two decades, Sri Lankan politics has been dominated by the Rajapaksa family, with two brothers more or less alternating between serving as president and prime minister from 2005 to 2022. Their regime was marked by corruption and sustained through appeals to ethnic nationalism among the majority Sinhalese Buddhist population, including by deliberately inciting sentiment against minority Muslim and Tamil communities. This kind of appeal to nationalism was the dominant force in Sri Lankan politics for most of the last 20 years — until, that is, the elections this fall. In presidential and then parliamentary elections, a new coalition called National People's Power, led by Anura Kumara Dissanayake, better known as AKD, campaigned on a platform of ethnic pluralism and good governance. They won overwhelmingly, securing 159 out of 225 seats in Parliament — a supermajority — leaving the Rajapaksa party with just three seats. Joining me to explain how this so-called "Peaceful Political Revolution" was achieved is Neil DeVotta, Professor of Politics and International Affairs at Wake Forest University. He is the author of a new article on this stunning turn of events, which appears in the most recent edition of the Journal of Democracy. We begin by discussing just how remarkable this political transition has been and what drove Sri Lankans to abandon the fractious ethnic politics of the past two decades. We then delve into how AKD and his National People's Power coalition can reverse Sri Lanka's democratic backsliding.

In November 2024, Anura Kumara Dissanayake's National People's Power (NPP) coalition won a two-thirds majority in Sri Lanka's general elections, marking a historic win for the Sri Lankan left. NPP's victory came at a time of prolonged economic crisis exacerbated by the crushing terms of Sri Lanka's IMF agreement. Political economist Dr. Devaka Gunawardena traces the factors leading to Sri Lanka's economic woes and how international sovereign bonds (ISBs) held by private equity firms such as BlackRock constitute a large segment of Sri Lanka's debt. Given the government's recent private creditor debt restructuring agreement, can the NPP still deliver on its campaign promises of wealth redistribution and reversing austerity? 

Our Global Chief Economist Seth Carpenter weighs the myriad variables which could impact global markets in 2025, and why this year may be the most uncertain for economies since the start of the pandemic.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist, and today I'll be talking about 2025 and what we might expect in the global economy.It's Tuesday, January 7th at 10am in New York.Normally, our year ahead outlook is a roadmap for markets. But for 2025, it feels a bit more like a choose your own adventure book.uncertainty is a key theme that we highlighted in our year ahead outlook. The new U.S. administration, in particular, will choose its own adventure with tariffs, immigration, and fiscal policy.Some of the uncertainty is already visible in markets with the repricing of the Fed at the December meeting and the strengthening of the dollar. Our baseline has disinflation stalling on the back of tariffs and immigration policy, while growth moderates, but only late in the year as the policies are gradually phased in.But in reality, the sequencing, the magnitude and the timing of these policies remains unknown for now, but they're going to have big implications for the economies and central banks around the world. The U.S. economy comes into the year on solid footing with healthy payrolls and solid consumption spending.Disinflation is continuing, and the inflation data for November were in line with our forecast, but softer in terms of PCE than what the Fed expected. While the Fed did lower their policy rate 25 basis points at the December meeting, Chair Powell's tone was very cautious, and the Fed's projections had inflation risks skewed to the upside.The chair noted that the FOMC was only beginning to build in assumptions about policy changes from the new administration. Now, we have conviction that tariffs and immigration restriction will both slow the economy and boost inflation -- but we've assumed that these policies are phased in gradually over the entirety of the year. And consequently -- that materially Stagflationary impetus? Well, it's reserved for 2026, not this year.Similarly, we've assumed that effectively the entire year is consumed by the process of tax cut extensions. And so, we've penciled in no meaningful fiscal impetus for this year. And in fact, with the bulk of the process simply extending current tax policy, we have very little net fiscal impact, even in 2026.Now, in China, the deflationary pressure is set to continue with any policy reaction further complicated by U.S. policy uncertainty. The policymaker meeting in late December that they held provided only a modest upside surprise in terms of fiscal stimulus, so we're going to have to wait for any further details on that spending until March with the National People's Congress.Meanwhile, during our holiday break, the renminbi broke above 7.3, and that level matches roughly the peaks that we saw in 2022 and 2023. The strong dollar is clearly weighing on the fixing. The framework for policy will have to account for a potentially trade relationship with the U.S. So, again, in China, there's a great deal of uncertainty, a lot of it driven by policy.The euro area is arguably less exposed to U.S. trade risks than China. A weaker euro may help stabilize inflation that's trending lower there, but our growth forecasts suggest a tepid outlook. Private consumption spending should moderate, and maybe firm a bit, as inflation continues to fall, and continued policy easing from the ECB should support CapEx spending.Fiscal consolidation, though, is a key risk to growth, especially in France and Italy, and any postponement in investment from potential trade tensions could further weaken growth.Now, in Japan, the key debate is whether the Bank of Japan will raise rates in January or March. After the last Bank of Japan meeting, Governor Ueda indicated a desire for greater confidence on the inflation outlook.Nonetheless, we've retained our call that the hike will be in January because we believe the Bank of Japan's regional Branch manager meeting will give sufficient insight about a strong wage trend. And in combination with the currency weakness that we've been watching, we think that's gonna be enough for the BOJ to hike this month. Alternatively, the BOJ might wait until the Rengo negotiation results come out in March to decide if a hike is appropriate. So far, the data remains supportive and Japanese style core CPI inflation has gone to 2.7 per cent in November. The market's going to focus on Deputy Governor Himino's speech on January 14th for clues on the timing – January or March.Finally, as the Central Bank of Mexico highlighted in their most recent rate cut decision, caution is the word as we enter the new year. As economists, we could not agree more. The year ahead is the most uncertain since the start of the pandemic. Politics and policy are inherently difficult to forecast. We fully expect to revise our forecasts more -- and more often than usual.Thanks for listening, and 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.

Last time we spoke about the fifth encirclement campaign against the CCP. After surviving four encirclement campaigns by the NRA, the CCP faced an intensified fifth campaign in 1933, as the Japanese invaded Manchuria and North China. Despite growing in numbers, the CCP struggled against the KMT's modernized army, equipped with German weapons and strategies. A combination of blockades, fortified positions, and superior tactics eroded Red Army strength. By 1934, after significant losses, the Red Army retreated, marking the campaign's end and signaling the start of the CCP's eventual Long March. In the battle between the NRA and the Red Army, the NRA employed strategic counterinsurgency techniques to block Red infiltration and gained local support through loyalty and economic pressure. Meanwhile, the Red Army, hampered by internal issues and a shift in leadership towards the Twenty-eight Bolsheviks, struggled with morale and mass recruitment of untrained peasants. As the Red Army attempted aggressive tactics and reforms, they ultimately faced defeat, leading to their strategic retreat in the historic Long March.   #129 The Fujian Rebellion of 1933 Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. In the previous episode, during the fifth encirclement campaign, I briefly mentioned a rebellion that took place in Fujian province. Now this story actually crosses over a few we will be covering, such as the fifth encirclement campaign, already mentioned but also the Japanese invasion of Shanghai in 1931, part of the Mukden incident. So its a bit tricky for me to cover this one without giving away too much of what we will be speaking about later, but I will try my best to be mysterious.  Now the key player I guess you can say to this story is the 19th Route Army. The 19th Route Army's history can be traced back to the 1st division of the Guangdong Army. In 1926, this division underwent a significant transformation, becoming the 4th Army of the NRA. At that time, Li Jishen was appointed as the commander, with Chen Mingshu serving as the commander of the newly formed 10th Division. Other notable figures included Jiang Guangnai as the deputy commander and Cai Tingkai leading a subordinate regiment. All of these men will be key players in the Rebellion.  During the Northern Expedition, the 4th NRA Army distinguished itself with numerous successful campaigns. The 10th Division was subsequently expanded into the 11th Army. This new formation went on to play a pivotal role in during the Central Plains War of 1930, assisting Chiang Kai-shek in his struggle against warlords' anti-chiang coalition. As a result of this success, the 11th Army was reorganized into the 19th Route Army, with Jiang Guangnai assuming the role of overall commander and Cai Tingkai becoming the army commander. Following these developments, the 19th Route Army then went on to be part of the third encirclement campaign. Now again not to give away too much, but in 1931 the Mukden incident broke out initiating a 15 year war between China and Japan. Most of the action took place in Manchuria, pouring slightly into Northern China and Inner Mongolia, but there was an expedition performed in Shanghai. In many ways it was like a dress rehearsal for what would go down in 1937 during the battle of Shanghai. During the crisis, known then as the September 18th Incident, the 19th Route Army was redeployed to Shanghai.This transition occurred during a tumultuous period when Chiang Kai-shek faced significant political pressure and was forced to resign. The Nanjing National Government, dominated by the Guangdong faction, saw Chen Mingshu appointed as the commander of the garrison responsible for defending Beijing and Shanghai. Now this was a hyper chaotic time for China, and a particularly rough time for Chiang Kai-Shek. Chiang Kai-Shek was dealing with multiple external and internal threats to China and his position as Generalissimo. First off, his encirclement campaigns against the Reds were not going well at all. His men were not accustomed nor trained properly to face guerilla warfare. When they assaulted the Jiangxi Soviet they were entering strange territory and were greeted by the countryfolk as enemies. The Reds, in contrast, felt at home among the villages. For years, they had lived alongside the people and built friendships; forging connections was a key aspect of Communist strategy. Whenever Chiang Kai-Sheks forces came too close for comfort, the guerrillas seamlessly blended into the local population. They established their own Soviets, spread their ideology at will, and disappeared when soldiers approached. They were like a fluid army. Over time, the Chinese public became less concerned about the ongoing presence of the Red Army and more weary of the topic. Those not living in areas affected by Communist infiltration struggled to grasp the urgency of this endless conflict and began to question whether the costs outweighed the benefits. Very little news was reported on the situation, and what was published came primarily from government sources, portraying it as a series of victories for the Nationalists—this battle was a success for the Nationalists, that one ended in a glorious triumph; the KMT troops had the Reds on the run. A few days later, another dispatch would reiterate the same points, as if the earlier battles had never occurred. The front lines never seemed to shift significantly. Chiang Kai-Shek maintained his position as Generalissimo like any other politician, through alliances. One of his key friends was Hu Hanmin. The relationship between Chiang Kai-Shek and Hu Hanmin was never straightforward. Their shared history was marked by significant jealousy, and in February 1931, they faced another separation. During a KMT conference, Hu Hanmin challenged the provisional constitution proposed by Chiang Kai-Shek, arguing that it was prematurely defining various governmental functions. He claimed that Chiang Kai-Shek was consolidating too much power for himself. Chiang Kai-Shek countered that Hu Hanmins concerns were mainly about party authority. This situation echoed their earlier disputes in Canton, where they had debated theories under Dr Sun Yat-sen's influence, but now their conflicts held more weight and didn't end in mere discussion. Hu Hanmin, overwhelmed by his anger, resigned from the presidency of the Legislative Yuan, a significant position at the time. In response, a similarly agitated Chiang Kai-Shek placed him under house arrest, or as the Chinese more delicately termed it, “in soft detainment.” Initially, this fact was not disclosed; Hu Hanmin simply vanished. This was quite an extreme action for someone who advocated democratic processes, leading to a barrage of inquiries from curious Europeans directed at Chiang Kai-Shek. What had happened? Where was Hu? Why had the innocuous Lin Sen been appointed as president of the Legislative Yuan? For a considerable time, the Generalissimo remained silent, but eventually, he reluctantly stated that Hu was fine—indeed, quite fine; it was simply that his personal freedom was temporarily restricted. This was all for his own benefit and that of the KMT. Without this restriction, the misguided individual might attempt to flee to Shanghai, which would only incite dissenting factions and provoke disorder. He was perfectly fine. The incident was added to the ever-growing list of accusations made by Chiang Kai-Sheks opponents, who claimed he was becoming a dictator. They argued that he was squandering the nation's resources to maintain his army while pursuing insignificant Communists, who, if left alone, might actually become good citizens. Rumors circulated that he was nurturing a group of young bullies reminiscent of the Italian "Blue Shirts." Additionally, there were concerns about the shady Chen brothers. Furthermore, it was alleged that Chiang Kai-Shek was in close contact with gangster Tu Yueh-sen in Shanghai, profiting immensely from the opium trade through this connection. In fact, Chiang had recently declared that opium would now be a government monopoly, similar to that of the British in Hong Kong, as he needed the funds. And now, this latest scandal! Criticism of the Generalissimo was rampant, especially among students. April passed, and the uproar over Hu Hanmin faded into discontented whispers, as the People's Congress approached, providing an opportunity for open discussion about the provisional constitution. However, by May 5, people were preoccupied with other concerns. The South was once again causing unrest, led by Wang Jingwei, with Eugene Chen involved as well. It began with the typical manifesto or circular telegram, signed by Wang Jingwei and the Jiangxi generals, who "impeached" Chiang Kai-Shek for his wrongdoings. Another telegram soon followed from the warlord in Canton, accusing the Generalissimo of assuming dictatorial powers. In response, Chiang Kai-Shek convened an urgent meeting of KMT leaders, asserting that the allegations must be openly discussed and investigated. He should have been able to rely on the Party's support during such a crisis, but the situation was unusual due to Hu Hanmin's detention. Some members of his own faction seized the moment to betray him. Sun Fo and Wang Chunghui retreated to Shanghai before moving on to Canton. Shortly after, the Canton warlord declared an alliance between Jiangxi and Guangdong, united in their fight, this was the Chiang-Gui War. On May 25, the southerners issued an ultimatum: Chiang Kai-Shek had to resign within forty-eight hours or face the consequences. A few days later, they established a new national government in Canton. Chiang Kai-Shek announced his intention to suppress the rebels but did not rush into action. Instead, there were discussions—more discussions—in the neutral setting of Shanghai. Throughout June and most of July, these negotiations continued, with Chiang Kai-Shek hoping to prevent a conflict that the nation could ill afford. The southerners persisted with their demands, and their appeal to Japan for support would haunt them for a long time. Their determination ultimately prevailed, and on July 21, it was announced in Canton that a punitive expedition was underway. By mid-August, Bai Chongxi's army was advancing through Hunan on the old route to Nanking. Chiang Kai-Shek prepared for the confrontation, and the capital was on high alert. Meanwhile, in the North, the Mukden Incident broke out. In the South, the generals and their associates held back, anticipating that war could be declared at any moment. However, Chiang Kai-Shek and his advisers understood that he was even less equipped than Zhang Xueliang to initiate an offensive against a powerful foreign nation. There was the League of Nations, established presumably to address crises like this, as well as the Kellogg Pact. Chiang Kai-Shek decided to refer the matter to the League, though his chances of a favorable outcome were slim: America, which might have otherwise been involved, was preoccupied with its own economic depression, and Britain remained indifferent. The more impulsive factions in China believed this response was insufficient, and the dissidents in the South demanded a stronger approach. The students were the most incensed. On September 28, hundreds of students in Shanghai took matters into their own hands. They seized control of a train at the railway station and traveled to Nanking, where they joined forces with fellow students from the capital's university. Together, they marched—five thousand strong—toward the Ministry for Foreign Affairs. They pushed past the guards, stormed the Minister's office, forcibly dragged him outside, and assaulted him. After recovering from his injuries in the hospital, the Minister chose to resign. The students then initiated a sit-in strike, declaring they would remain in Nanking until they received tangible action rather than mere diplomatic efforts. Authorities were unsure how to respond to them, as more pressing issues demanded the government's attention. It was clear that the South and Nanking needed to resolve their differences, as public opinion strongly supported this. Despite the ungracious criticisms emanating from Canton, where Eugene Chen was vocally denouncing Chiang Kai-shek for his diplomatic failures, Nanking sought to negotiate. In October, Chiang Kai-Shek released Hu Hanmin from his mild detention, and he appeared none the worse for the unexpected break. Along with three others, he traveled to Shanghai for a peace conference with the southern leaders. Hu urged the southerners to be reasonable and to cease calls for Chiang Kai-Shek's resignation. Chiang Kai-Shek remarked, “Regardless of the right or wrong of the situation, if desired, all blame can be placed squarely on me.” However, this uplifting scene was short-lived. As the Canton faction continued to insist on Chiang's resignation, Hu abruptly changed his stance and escalated the demands. He suggested that not only should Chiang resign, but he should also be exiled from China entirely. The conference ended in chaos. Various proposals were discussed and quickly dismissed. The South remained resolute; Chiang had to go. The sit-in students, frustrated with just sitting idle, started to escalate their actions. Their numbers had been steadily increasing since the initial demonstration, with boys traveling to Nanking from distant places; by the end of November, there were twelve thousand of them. They marched again to the new government buildings, demanding that Chiang Kai-Shek come out to engage in a discussion. “War on Japan!” they shouted. Chiang Kai-Shek made them wait in the cold winter weather for a full twenty-four hours before he finally appeared. He reprimanded them harshly and ordered them to return to school, leading to a subdued dispersal of the crowd. On December 15th, Chiang Kai-Shek capitulated to public pressure and resigned. Chiang Kai-Shek yet again nonchalantly got up and left heading home into the mountains. This left an extremely uneasy Sun Fo in the presidential chair facing what looked like a full blown Japanese invasion. The Japanese kept reiterating they were merely defending their citizens after the Chinese had attacked the South Manchurian Railway…but yeah they were certainly conquering. Sun Fo desperately looked to any veteran figures for help, but Hu Hanmin fled to Hong Kong, Wang Jingwei, arguably the man responsible for forcing Chiang Kai-Shek yet again to step down was suddenly far too ill to do anything and retired to the Shanghai Hospital. Meanwhile, all of the bankers had lost interest in the Nanjing government since Chiang Kai-Shek had departed, the government literally lost its coffers. The government had no means to properly pay its armies. Now the entire time the government had been tossing offers to Chiang Kai-Shek to come back, but he bided his time. Meanwhile Eugene Chen demanded China break off diplomatic relations with Japan, was told no so he resigned, followed soon after by Sun Fo. Wang Jingwei was tossed into the presidency position, which he must have relished, however it was just then when Shanghai was invaded. Chiang Kai-Shek still held his honorary position as CEC over the special committee so he simply waited and watched. Yet no one could manage the military like the generalissimo nor open the coin purses to fund it. Thus Chiang Kai-Shek was brought back, but not really as Generalissimo, now he had to work collaboratively with others, such as Wang Jingwei.  In 1932, the January 28 Incident unfolded, basically the Japanese performed another false flag operation trying to legitimize an expedition into Shanghai. Japanese marines began to land and on January 28th they were attacking in full force. The 19th Route Army met the enemy in what became a month-long resistance against great odds. Chiang Kai-Shek was being labeled a coward for not doing more against the Japanese, but he was keeping in touch with the commanders of the 19th Rout Army by telegraph. He advised them to guard Liuho, a village just across the Yangtze, believing the Japanese would make other landings to cut them off there. General Tsai neglected to take the advice, and low and behold the Japanese made the landing forcing the 19th Route Army to pull out. The entire situation looked incredibly bad for China. Fingers were pointed at the inept Nanjing government. Yet Chiang Kai-Shek was much more focused on the encirclement campaigns against the Reds. The people angrily accused him of “making war on his own people instead of attending to the real threat, Japan”. To this Chiang Kai-Shek replied “It is useless for China to talk of resisting Japan. When it has not yet stamped out the enemy in its midst. If China ventures to fight the Japanese, the Communists will attack from the rear and chaos will quickly overtake the whole country.” The 19th Route Army were hailed as heroes, receiving a lot of recognition as a prominent anti-Japanese force. Despite Japan's attempts to reinforce its troops, Chiang Kai-shek's return to leadership saw further NRA forces dispatched to join the fight. Eventually, the conflict reached a resolution through diplomatic negotiations, resulting in the withdrawal of the 19th Route Army from Shanghai. With the Japanese threat averted for the time being Chiang Kai-Shek redirected his efforts against the Reds. On May 21, 1932, Chiang Kai-shek ordered the 19th Route Army to enter Fujian and forced the army to engage in a civil war against the Communists in Fujian. On December 6 of the same year, Jiang Guangnai took over as the chairman of Fujian Province, and Cai Tingkai was appointed as the director of the Fujian Pacification Office and commander of the 19th Route Army.  At this point the leadership of the 19th Route Army were not at all happy with Chiang Kai-Shek, who to them seemed to have done little to help face the Japanese. They were not friendly to the CCP by any means and were actively suppressing Communist organizations while fighting the Japanese. When they came to Fujian they continued to suppress communists and supported people's anti-Japanese patriotic movements. On August 18, 1932, the 61st Division of the 19th Route Army collectively executed 69 CCP members and suspected individuals outside the East Gate of Quanzhou, and they also carried out mass killings of government workers from the Soviet area during their offensive against it. Despite this the CCP and 19th Route Army did agree on one thing, the Japanese were a problem.  After November 22, 1933, as Japanese imperialism intensified its invasion of China, the people across the nation once again launched a wave of anti-Japanese salvation movements. On January 17 of the same year, the Provisional Central Government of the Chinese Soviet Republic and the Revolutionary Military Committee of the Workers' and Peasants' Red Army issued a "Joint Anti-Japanese Declaration," proposing three conditions for cooperation with any armed forces to resist Japan: an immediate halt to attacks on the Soviet areas, immediate guarantees of the democratic rights of the people, and the immediate arming of the people to establish armed volunteer forces. However, Chiang Kai-shek's ruling group stubbornly persisted in its anti-Communist and anti-people policies, continuing to intensify attacks on the Red Army, and on May 31, he signed a peace agreement with the Japanese. Chiang Kai-Shek was met with another wave of opposition across the nation for appeasing the Japanese. The 19th Route Army basically concluded the Generalissimo was not going to help wage a war against their enemy. Thus in a rather insane fashion, the leadership of the 19th Route Army resolved to overthrow the Nanjing government so they could unite the anti-Japanese forces and push for a national resistance. At that time, Chen Mingshu, an early leader of the 19th Route Army who had gone abroad and had previously served as the vice president of the Executive Yuan of the National Government, returned to China in May 1933 and devoted all his efforts to opposing Chiang Kai-shek's Nanjing government. In Fuzhou, he secretly discussed three strategies with Jiang Guangnai, Cai Tingkai, and Deng Xizeng: the first was to unite with Guangdong and Guangxi to overthrow Chiang Kai-Shek, supporting Hu Hanmin to organize an independent government; the second was to unite with Li Zongren and Bai Chongxi of Guangxi, and Chen Jitang of Guangdong, seizing Guangdong; the last was to unite with the Red Army to resist Chiang Kai-Shek together.  As a result, neither the first nor the second strategies could be realized. Under Chiang Kai-shek's repeated orders to engage in civil war, the 78th Division and the 62nd Division of the 19th Route Army faced severe blows from the Red Army in Fujian between July and September 1933. Thus, the 19th Route Army found itself in a dire situation where not engaging in the "anti-Communist" actions would lead to its annihilation by Chiang Kai-shek, while engaging in "anti-Communist" actions would result in its destruction by the Red Army. In the context of rising national anti-Japanese sentiment, the upper leadership of the 19th Route Army had to swiftly make the choice to unite with the Communists to resist Chiang Kai-Shek and fight against Japan. On September 22, 1933, Chen Mingshu's main aide, Chen Gongpei, who had participated in the Nanchang Uprising and later left the CCP, secretly arrived at the command post of the 3rd Red Army Corps stationed at Wangtai, to express the political stance of the 19th Route Army to leaders of the Red Army, such as Peng Dehuai, Teng Daiyuan, and Yuan Guoping, regarding anti-Chiang resistance and cooperation with the Red Army. In October, Chen Gongpei accompanied Xu Minghong, the plenipotentiary representative of the 19th Route Army and secretary-general of its headquarters, to Ruijin. On the 26th, he signed the "Preliminary Agreement Against Japan and Against Chiang" with Pan Jianxing, a representative of the Provisional Central Government of the Chinese Soviet Republic and the Workers' and Peasants' Red Army. The main contents included: both sides immediately cease military actions, temporarily define a military demarcation line, restore trade between both parties; the Fujian People's Revolutionary Government and the 19th Route Army agree to the existence and activities of all revolutionary organizations in Fujian, allow freedom of publication, speech, assembly, and strikes, and immediately release political prisoners, among other provisions. The Soviet Provisional Central Government also sent Pan Jianxing as a permanent representative in Fuzhou. Subsequently, Chen Mingshu, Li Jishen, Jiang Guangnai, Cai Tingkai, and others actively prepared to establish a new government and made military preparations against Chiang Kai-Shek. On November 20, 1933, Li Jishen, Jiang Guangnai, Cai Tingkai, and representatives from over 100 cities across the country, along with 100,000 people from various sectors in Fuzhou, convened the National People's Temporary Representative Assembly in Fuzhou. The assembly issued the "Declaration of People's Rights of the Chinese People's Temporary Representative Assembly" and decided to establish the People's Revolutionary Government of the Republic of China. They elected Li Jishen, Chen Mingshu, Chen Youren, Feng Yuxiang , Cai Tingkai, Jiang Guangnai, Huang Qixiang, Xu Qian, Fang Zhenwu, Li Zhangda, Sa Zhenbing, He Gonggan, and other 12 members to the government, with Li Jishen as the government chairman. On November 22, the People's Revolutionary Government was officially established, with the capital in Fuzhou. The People's Revolutionary Government Committee set up a Military Committee, an Economic Committee, and a Cultural Committee, chaired respectively by Li Jishen, Yu Xinqing, and Chen Mingshu; and established a Ministry of Finance, a Ministry of Foreign Affairs, a Supreme Court, and a Political Security Bureau, led respectively by Jiang Guangnai, Chen Youren, Xu Qian, and Li Zhangda. The People's Revolutionary Government successively issued: The People's Revolutionary Government's Internal Telegram. The People's Revolutionary Government's External Declaration.The People's Political Program - Eighteen Articles of the Minimum Program and other documents, openly announcing anti-Japanese and anti-Chiang, and proposing some domestic and foreign policies with certain progressive significance. The "Internal Telegram of the People's Revolutionary Government" announced the government's future mission: 1) to seek the liberation of the Chinese nation and establish a truly independent and free country; 2) to eliminate the counter-revolutionary Nanjing government and establish a political power of the productive people; 3) to realize the equal rights of all ethnic groups in the country; 4) to guarantee the absolute freedom and equality of all productive people; 5) to eliminate the influence of imperialism in China, overthrow the warlords, eradicate the remnants of the feudal system, develop the national economy, and liberate the working people. The "Declaration of the People's Revolutionary Government to Foreign Countries" sternly pointed out the Nanjing government's traitorous behavior and warned the powers not to cooperate with Chiang Kai-shek. The Declaration stated: "We believe that the policies of the pro-American and pro-League of Nations factions are based on dangerous principles... However, it must be recognized that the objective result of the pro-American and pro-League of Nations factions will put China under an international condominium system, which is no less harmful than Chiang Kai-shek's pro-Japanese policies... It is recognized that China's real power must be established on a national basis... We finally declare that overthrowing the Chiang regime is not only necessary for China's independence and national salvation, but also for the military and economic interests of the whole world... In order to enhance international security, we have to warn the powers not to make any loans to the Chiang Kai-shek government in Nanjing, whether it is money, goods, or weapons. We also declare that if any such loans are concluded in the future, the Chinese people and their revolutionary government will completely deny them." The People's Political Program - Eighteen Articles of the Minimum Program declared: "China is a semi-feudal society under the rule of imperialists. The greatest goal of the Chinese revolution is to eliminate the imperialist domination in China; at the same time, to sweep away all feudal forces and establish a government that fully represents the rights of the people..." The 18 articles of the minimum program are: (1) Abolish unequal treaties and renegotiate equal and mutually beneficial treaties with other countries; (2) Foreign-invested or foreign-managed enterprises and cultural undertakings that are harmful to the interests of the Chinese nation may be restricted or confiscated; (3) To sort out new and old foreign debts. All political loans that harm the country should be absolutely denied; others should be repaid conditionally; (4) Implementing foreign trade controls; (5) Strictly implement absolute tariff autonomy; (6) Open up the political system and deny all political rights to counter-revolutionaries who are dependent on imperialism and warlords; (7) All nationalities within China are equal, may freely unite for revolution, and recognize national self-determination; (8) Ensure the people's absolute freedom of body, residence, speech, assembly, association, strike, demonstration and publication; (9) Implement universal suffrage; (10) Abolish all excessive taxes and levies; (11) The principle of "everyone who tills the land owns the land" was established, and land was distributed according to the number of people. Forests, mines, and rivers were completely nationalized. (12) All important banking and transportation enterprises shall be under state control; (13) Use political power and state capital to support the scientific development of agricultural production; (14) Usury is strictly prohibited; (15) Unscrupulous merchants will be eliminated and the people's daily necessities will be sold under the state monopoly; (16) To formulate agricultural and industrial laws, improve the lives of farmers and workers, and ensure the development of agricultural and industrial organizations; (17) Promote universal education; (18) Implement conscription, arm the people, and assist them in their anti-imperialist and economic and political struggles. After the establishment of the People's Revolutionary Government, it caused a great stir domestically and internationally. However, due to Wang Ming's "leftist" closure policy, the local party organization in Fujian initially adopted a hostile strategy toward the People's Revolutionary Government. It wasn't until early December, after the Fuzhou Central Municipal Committee received a letter from the Central Committee dated October 30 addressing the Fuzhou Central Municipal Committee and all comrades in Fujian, that they began to adopt a proactive cooperative approach toward the People's Revolutionary Government and the 19th Route Army. After December 29, the Fuzhou Central Municipal Committee issued a declaration in the name of the "Far East Anti-Imperialist Non-War Anti-Fascist Alliance, Fuzhou Branch," publicly calling for the establishment of an anti-imperialist united front. The People's Revolutionary Government also fully reprinted this declaration in its official newspapers, the "People's Daily" and the "Guoguang Daily." The Fuzhou branch then mobilized people from all walks of life to establish the "Committee to Oppose Kuomintang Air Raids and Support the Soldiers of the 19th Route Army Against the Kuomintang," organizing personnel to visit the stationed troops of the 19th Route Army to comfort the soldiers. The People's Revolutionary Government also adopted a cooperative attitude toward the economic struggles of workers' organizations. On November 18, Chen Mingshu called for an emergency secret meeting of the 19th Route Army and other key figures at Heshui Rock in Gushan. The meeting took place at Longyuan Pavilion, and attendees included Li Jishen, Chen Mingshu, Cai Tingkai, Jiang Guangnai, Chen Youren, Huang Qixiang, Xu Qian, Li Zhangda, and more than ten other military commanders and the chief of staff of the 19th Route Army. The discussion, which lasted from morning until late at night, revolved around heated debates concerning the timing of the uprising. Cai Tingkai advocated for postponing the uprising by one to two months for several reasons; many generals in the 19th Route Army were still undecided or openly opposed to the rebellion, the troops had yet to be mobilized, defenses were unorganized, various forces had not surrendered, and traitors and spies were still active. Additionally, Guangdong and Guangxi were not providing support, and Chiang Kai-shek was already aware of their plans. Cai Tingkai argued for more time to accelerate preparations without drawing immediate attention from Chiang Kai-Shek. In contrast, Chen Mingshu and others believed this was the last opportunity for an uprising. They pointed out that Chiang Kai-shek's forces were concentrated in North China, and Jinpu and particularly in Jiangxi, where his main troops were engaged in the fifth encirclement campaign against the Soviet area. They estimated that only 20,000 to 30,000 troops could be redirected to Fujian. Overestimating the political instability of Chiang's regime, Chen Mingshu believed that once the 19th Route Army raised the flag of rebellion, support from other regions of China would follow. He also felt confident that one division of the 19th Route Army could resist two or three of Chiang's divisions and that with cooperation from the Red Army, even if Chiang Kai-Shek deployed ten divisions, they would prevail. Chen Mingshu concluded that regardless of the outcome, the effort would be heroic and they should proceed without hesitation. The meeting's opposing viewpoints led to intense discussions. Chen Mingshu, visibly passionate, declared that revolution required sacrifice and that delaying any longer would mean submission to Nanjing. Cai Tingkai, while originally advocating for a delay, conceded that the situation had reached a point of no return. He agreed to lead the 19th Route Army and fully back the new government. The meeting concluded with a decision to convene the National People's Provisional Congress in Fuzhou on November 20 to officially declare the uprising against Chiang Kai-Shek. Other topics discussed included replacing the blue sky, white sun party flag, military and financial logistics, and a declaration drafted by Chen Mingshu's advisors, Wang Lixi and Hu Qiuyuan. On November 20, 1933, the National People's Provisional Congress convened at the South Parade Ground in Fuzhou, with thousands of soldiers, students, merchants, and workers in attendance. A banner reading "China's National People's Provisional Congress" adorned the stage, and the leaders of the rebellion, including Cai Tingkai, Jiang Guangnai, and Li Jishen, were present, though Chen Mingshu was absent due to illness. Representatives from 25 provinces and various walks of life gathered for the event. Before the meeting, the 19th Route Army's newly formed air force performed stunts, to the applause of the crowd. At 9:40 AM, the meeting began with Huang Qixiang, who was elected chairman of the presidium, delivering an opening speech and reading the "Declaration of the People's Rights of the Provisional Chinese People's Congress." Several prominent figures spoke, and the meeting concluded with the adoption of proposals to establish the People's Revolutionary Government and a new national flag designed by Ouyang Yuqian. That evening, the presidium decided to form the People's Revolutionary Government of the Republic of China, abolishing the Nanjing government, declaring 1933 as the first year of the Republic, and establishing Fuzhou as the capital. Li Jishen was elected President, and several others, including Chen Mingshu, Jiang Guangnai, and Cai Tingkai, were appointed government members. However the Fujian Revolution failed to gain support from other forces within the KMT. The Guangxi clique was dissatisfied with the fact that the 19th Route Army reconciled with the CCP so they did not support it. Chen Jitang tossed his lot in with Chiang Kai-shek and did not support the Fujian Revolution either. At that time, the CCP was undergoing a power struggle. On December 5, the Central Committee of the CCP, headed by Wang Ming, issued a statement stating that the Fujian government was "non-people and still non-revolutionary and that anyone who wants to take a third way between revolution and counter-revolution will inevitably fail." . Thus, Chiang Kai-shek transferred eight divisions of the National Revolutionary Army into Fujian, and coordinated the attack with the air force and navy. The 19th Route Army quickly collapsed. Four out of the five armies defected before the battle even began. Most of them were disarmed by the Central Army that they had fought side by side with during the Shanghai Incident a year ago. On January 15, 1934, Chiang Kai-shek's forces captured Fuzhou. The People's Revolutionary Government and the headquarters of the 19th Route Army retreated to Zhangzhou and Quanzhou, respectively. By January 21, both Quanzhou and Zhangzhou had fallen, and the Fujian Rebellion had failed. The People's Revolutionary Government of the Republic of China collapsed within two months of its establishment. On the 21st, the remaining troops of the 19th Route Army switched over to supporting the central government, and the Fujian Revolution officially came to an end. Jiang Guangnai, Cai Tingkai, Chen Mingshu and Li Jishen fled to Hong Kong . The designation of the 19th Route Army of the National Revolutionary Army was cancelled, and the troops were dispersed and integrated. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Yes it was a tad bit of an anti climatic event in the grand scheme of things. Yet the provincial rebellion was notable because the people involved wanted to fight the Japanese and believed their government was not doing enough to challenge the external threat. The reality however was far more complicated, the Japanese were far too formidable, for now. 

The past week has been marked by three major global events: the US presidential election, Federal Reserve meeting and the National People's Congress Standing Committee meeting in China. In this episode, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, breaks down each of these developments and the impact on the global economy and investments.

In this monthly China update, our experts discuss the recent shift in sentiment around Chinese equities, expected policy changes from the National People's Congress meeting, and the critical factors in solving China's structural challenges. They also examine the implications of a Trump or Harris presidency on China's economy and global supply chains, as well as the outlook for the Chinese Yuan and gold. This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.