Podcasts about Peking University

Classical wisdom should illuminate humanity's path forward and address key questions of our time, including how to keep our world in peace and order, according to an initiative announced at the closing ceremony of the Second World Conference of Classics in Athens, Greece, on Wednesday.周三，第二届世界古典学大会在希腊雅典落下帷幕，会上发布一项倡议。该倡议提出，古典智慧应为人类前行之路指引方向，并解答当今时代的核心问题，其中就包括如何维护世界的和平与秩序。Surrounded by stunning frescoes depicting Prometheus stealing the fire to enlighten the human world at the Academy of Athens, over 200 scholars from Asia, Europe, America and Africa engaged in in-depth discussions to reach the consensus regarding the role of classical studies in safeguarding the future of humanity.雅典学院内，精美壁画描绘着普罗米修斯盗火启迪人间的场景。来自亚、欧、美、非四大洲的200余名学者在此展开深入探讨，就古典学研究在守护人类未来中扮演的角色达成共识。"Only by knowing where we come from can we understand where we stand today and where we are heading," said the initiative.倡议中写道：知来路，方能明当下、知前行。It urged "harnessing the power of virtues in classical wisdom" to remain steadfast on the right course of civilization, "promoting friendship and coexistence" to build a home for our shared future of humanity, "safeguarding peace and order" to strengthen the foundations of future security, and "cultivating humanistic values in the digital age" to guide technological progress.倡议呼吁：汲取古典智慧中的美德力量，坚守文明正道；倡导友好共处，共建人类命运共同体；维护和平秩序，筑牢未来安全根基；培育数字时代的人文价值，引领科技向善发展。"We are confident that classical studies will provide an inexhaustible source of wisdom and strength for humanity's peace, development and shared future," it said.倡议表示：我们坚信，古典学研究将为人类的和平、发展与共同未来，源源不断地提供智慧与力量。Scholars told China Daily that it was the right time for Chinese and Greek academies to co-host the conference in Athens, which is also a symbolic city of dialogue in ancient history, as the world experiences fundamental changes and rising conflicts of interests and ideologies.多位学者在接受《中国日报》采访时表示，当下世界格局发生深刻变革，利益与意识形态冲突不断加剧，中希学界携手在雅典举办此次大会恰逢其时。雅典自古便是文明对话的象征之城。Roger Ames, humanities chair professor at Peking University and vice-president of the International Confucian Association, said the world should congratulate China for helping to shift the world's conversation from geopolitics to civilization.北京大学人文讲席教授、国际儒学联合会副会长罗杰·艾姆斯表示，中国推动全球议题从地缘政治转向文明交流，值得世界为之称赞。"What China has been doing for the last 20 years is promoting a civilizational dialogue where we talk not about money and military power, but about family, values, shared histories, and what we want for our grandchildren," he added.他补充道：“过去二十年间，中国一直在推动文明对话。对话的核心不再是财富与军力，而是家庭、价值观、共同的历史，以及我们想留给后代的未来。”Amphilochios Papathomas, a professor of ancient Greek literature and papyrology at the National and Kapodistrian University of Athens, said the escalation of conflicts can be avoided through dialogue.雅典国立及卡波迪斯特里亚大学古希腊文学与纸草学教授安菲洛希奥斯·帕帕索马斯认为，依靠对话能够避免冲突不断升级。"What we have learned from classical authors, like Thucydides, is that we have to be very cautious to avoid a military and political escalation," he said.他说：“从修昔底德等古典先贤的著作中我们领悟到，必须谨言慎行，防止军事与政治冲突持续升级。”Papathomas added that the peaceful shift in the balance of power between the United Kingdom and the United States in the early 20th century showed it was possible to avoid the "Thucydides Trap" of military conflict because the two countries had mutual respect.帕帕索马斯还提到，20世纪初英美两国实现权力格局的和平更迭，印证了只要两国相互尊重，就能够规避引发军事冲突的“修昔底德陷阱”。"If we achieve that between East and West by studying Eastern classics and Western classics, we will be able to get rid of this 'Thucydides Trap' and construct a very peaceful and prosperous future for the generations to come," he said.他表示：“倘若东西方能够通过研习东西方经典做到彼此尊重，就能跳出‘修昔底德陷阱'，为子孙后代打造一个和平繁荣的未来。”Hu Yujuan, a senior researcher at the Chinese Academy of Social Sciences' Institute of World History, said that war cannot be ended by war but by love and benevolence.中国社会科学院世界历史研究所资深研究员胡玉娟表示，以战止战终无出路，唯有仁爱方能终结纷争。She noted that the ancient Roman Empire once revered Mars, the god of war, and achieved only a temporary form of "peace through war". However, after turning to worship Venus, the goddess of love, it entered a period of lasting stability known as the "Pax Romana", a roughly 200-year era of peace and stability.她指出，古罗马帝国曾尊崇战神玛尔斯，依靠战争换来的和平转瞬即逝。而当帝国转而信奉爱神维纳斯后，便迎来了长达约两百年、长治久安的“罗马和平”时代。"Classical wisdom tells us that violence cannot resolve all conflicts," Hu said. "Only the power of love can eliminate conflict and lead to harmony."胡玉娟说道：“古典智慧昭示我们，暴力无法化解所有矛盾。唯有爱的力量，才能消弭纷争、促成和谐。”1. illuminate /ɪˈluːmɪneɪt/照亮；阐明，启迪2. fresco /ˈfreskəʊ/壁画3. consensus /kənˈsensəs/共识，一致意见4. inexhaustible /ˌɪnɪɡˈzɔːstəbl/用不完的；源源不断的5. escalation /ˌeskəˈleɪʃn/升级，加剧6. benevolence /bəˈnevələns/仁爱，善心，仁慈

Beijing's market regulators have launched an official probe into the street vendor known as "goose leg auntie" after she admitted that the popular grilled legs she has sold for years are actually made from duck.北京知名摊主“鹅腿阿姨”承认，其多年售卖的网红烤腿实际为鸭腿。目前，北京市市场监管部门已对其展开正式调查。"We are verifying conduct suspected of misleading consumers and will handle the case according to the law," the Haidian district administration for market regulation said on Thursday, adding that authorities have immediately launched an investigation and questioned individuals involved.海淀区市场监管局于周四表示，目前正在核实涉嫌误导消费者的相关行为，将依法依规处理此案，同时已第一时间启动调查，并约谈相关当事人。The announcement came after Chen Xiufeng, 56, the vendor behind the nickname, confessed in a customer group chat that she had switched from goose legs to duck legs more than a decade ago but kept the name "goose leg auntie." Hashtags related to the incident quickly went viral on Chinese social media on Wednesday, drawing widespread criticism and calls for stronger consumer protection.56岁的摊主陈秀凤，也就是网友熟知的“鹅腿阿姨”，在顾客群聊中坦言，自己十多年前就将售卖的鹅腿换成了鸭腿，却一直保留“鹅腿阿姨”的名号。周三，相关话题迅速刷屏国内社交媒体，引发广泛舆论批评，网友纷纷呼吁加强消费者权益保护力度。Chen rose to fame in late 2023 when students from Peking University, Tsinghua University and Renmin University of China were seen lining up for hours at her stall.2023年末，北大、清华、人大三校学生为她的摊位排队数小时的画面走红网络，“鹅腿阿姨”就此爆火出圈。But on Tuesday, Chen posted an announcement in one of her customer group chats saying that the raw material is duck legs.但在本周二，陈秀凤在顾客群中发文承认，自己售卖的烤腿原材料为鸭腿。"I will make it clear in the future. If you mind, please do not place orders. The name ‘goose leg auntie' has been used for over 10 years. There is no fraud involved," she wrote.她写道：“以后我会标注清楚，介意的顾客请勿下单。‘鹅腿阿姨'这个名字已经用了十多年，我不存在欺诈行为。”The admission came after a customer in Beijing's central business area, Guomao, reported her to authorities. Chen also claimed in the group that she had been "reported by an office elite" and was "cooperating with relevant departments".此次事件曝光，源于一名北京国贸商圈的顾客向有关部门举报。陈秀凤也在群聊中表示，自己是被“职场精英举报”，目前正在配合相关部门调查。Hashtags about the incident quickly topped trending lists on Chinese social media. Many students expressed a sense of betrayal.该事件相关话题迅速登顶社交媒体热搜榜单，不少常年购买的学生表示深感被欺骗。Xue Siyuan, a master's student at Renmin University's School of Journalism, said that when he learned the supposed goose leg was actually duck, his first reaction was bewilderment.中国人民大学新闻学院硕士研究生薛思远表示，得知自己一直吃的鹅腿其实是鸭腿时，第一反应是十分错愕。He said he would not call himself angry, but rather "a little unsettled".他称自己谈不上愤怒，更多的是心里有些不舒服。Xue joined Chen's group-buy chat in May 2022, but did not try the grilled legs until around October that year.薛思远在2022年5月加入了摊主的团购群，同年10月左右才首次购买烤腿。"I always thought I was eating goose legs, because she promoted herself as ‘goose leg auntie' and sold ‘goose legs'," Xue recalled.薛思远回忆道：“她一直以‘鹅腿阿姨'自居，售卖的产品也标注为鹅腿，我从头到尾都以为自己吃的是鹅腿。”"It was really popular — getting a leg was almost impossible. She opened orders at fixed times every day, and you had to grab it the moment it opened," Xue said.他表示：“当时她家的烤腿特别火爆，根本很难抢到。每天固定时间开售，必须准时抢单才能买到。”Market data reveal a significant price difference between goose and duck legs. According to wholesale platform 1688.com, frozen duck legs cost only 2 to 3 yuan (30 to 44 cents) each, while goose legs are more expensive, at 6 to 7 yuan each.市场数据显示，鹅腿和鸭腿的成本差价悬殊。据1688批发平台数据，冷冻鸭腿单只成本仅2至3元，而冷冻鹅腿单只成本高达6至7元。As the controversy deepened, consumers came forward with photos showing that some of the roasted legs they had purchased appeared greenish in color. Chen's family responded that the green color came from a "vegetable juice marinade", describing it as their "secret recipe".随着舆论持续发酵，有消费者晒出照片，反映购买的烤腿表皮泛绿。对此，摊主家属回应称，烤腿发绿是使用了蔬菜汁酱料腌制所致，属于自家的秘制配方。Fu Jian, director of Henan Zejin Law Firm, told Dahe News — a newspaper in Henan — that by continuing to use the "goose leg" name to promote sales without informing customers of the ingredient change, Chen violated consumers' right to know and could face claims for triple damages under China's Consumer Rights Protection Law.河南泽槿律师事务所主任付建接受《大河报》采访时表示，摊主在未告知消费者食材更换的前提下，持续以“鹅腿”名义宣传售卖，侵犯了消费者的知情权，根据我国《消费者权益保护法》，消费者可主张三倍赔偿。The China Consumers Association told China Newsweek, a Beijing-based magazine, on Thursday that it had noticed the incident and would collect leads and report them to relevant government departments.中国消费者协会本周四向《中国新闻周刊》回应，已关注到此次事件，将收集相关线索并上报至主管部门。Chen said she switched from goose legs to duck legs after just one or two months when the supply of goose legs was cut off, but kept the name because longtime customers already knew about the change.摊主本人解释，早年摆摊一两个月后，鹅腿货源就出现断供，因此更换为鸭腿。她之所以保留原名，是认为老顾客都知晓这一情况。Public records show that between 2024 and 2026, Chen applied for multiple trademarks for the name "goose leg auntie" across various categories, some of which have been successfully registered.公开资料显示，2024年至2026年期间，陈秀凤曾多次申请“鹅腿阿姨”多品类商标，且部分商标已注册成功。revelation /ˌrevəˈleɪʃn/意外曝光；揭秘；真相披露backlash /ˈbæklæʃ/强烈反对；舆论反噬；负面反响probe /prəʊb/调查；核查，探究confess /kənˈfes/承认；坦白，供认bewilderment /bɪˈwɪldəmənt/困惑；错愕，茫然marinade /ˌmærɪˈneɪd/腌料；腌制酱汁

China has unveiled new regulations on outbound investment to push ahead high-level opening-up while safeguarding national security and interests. Why has China introduced the rules at this particular moment? What do they mean for Chinese companies expanding overseas and for their international partners? And how can China balance opening-up and security? Host Dou Hongyu is joined by Adjunct Professor Warwick Powell at Queensland University of Technology; Assistant Professor Wang Yaojing with the School of Economics, Peking University; Senior Research Fellow Zhou Mi with the Chinese Academy of International Trade and Economic Cooperation, to answer these questions.

China has unveiled a landmark reform that could affect hundreds of millions of migrant workers and their families. Supporters say it's a breakthrough for fairness and opportunity. Critics wonder whether cities can afford it and whether implementation will match ambition. Could this unleash new consumer spending and housing demand? Will China's biggest cities become even more attractive? And what happens to smaller cities if talent and people keep flowing away? Host TU Yun joins Dr. Lauren Johnston, Senior Research Fellow, AustChina Institute (Melbourne), Dr. Yao Shujie, Cheung Kong Professor of Economics, Chongqing University, and Dr. Muhammad Ali Nasir, Professor of Economics at University of Leeds and a visiting professor at Peking University to explore whether China is entering the next phase of urbanization and what that means for the country's future.

China and the United States should implement the important consensus reached by the two countries' leaders and work toward a stable and sustainable military-to-military relationship, Chinese scholars said at a high-level security forum in Singapore, as global security faces rising risks from hegemonism, disorder of global governance and emerging technologies.当前，霸权主义、全球治理失序以及新兴技术等因素令全球安全风险不断攀升。中国学者在新加坡一场高级别安全论坛上表示，中美两国应落实两国元首达成的重要共识，推动两军关系朝着稳定、可持续的方向发展。Major General Meng Xiangqing, a professor at China's National Defense University, made the remarks on Saturday during a parallel session of the three-day Shangri-La Dialogue, which concluded on Sunday.为期三天的香格里拉对话会于周日落幕。中国国防大学教授孟祥青少将在周六的专题分论坛上发表了上述观点。His remarks came after US Defense Secretary Pete Hegseth referred to the recent China-US top leaders' meeting in Beijing and their consensus, during a plenary speech earlier on Saturday.周六早些时候，美国国防部长皮特・赫格塞思在全体大会发言中提及近期中美两国元首在北京举行的会晤及双方达成的共识，随后孟祥青作出相关表态。Meng said the level of attention the two leaders' meeting received at the forum showed that stability in China-US relations serves not only the interests of the two peoples, but also regional stability and world peace.孟祥青表示，此次元首会晤在论坛上受到高度关注，这说明中美关系稳定不仅符合两国人民的利益，也有益于地区稳定与世界和平。The most important political consensus reached by the two sides is to build a constructive relationship of strategic stability between China and the US, Meng said.他指出，双方达成的最重要政治共识，是构建中美建设性战略稳定关系。"We expect China and the US to meet each other halfway, translate the consensus into concrete actions, and push military-to-military relations toward healthy, stable and sustainable development," he said.他说：“我们期待中美双方相向而行，将共识转化为实际行动，推动两军关系实现健康、稳定、可持续发展。”Responding to a question from a member of the Chinese delegation after his speech, Hegseth said the new vision of building a constructive US-China relationship of strategic stability is "real, substantive and meaningful for the history of peace in the region and the world".赫格塞思发言结束后，回答了中方代表团成员的提问。他表示，构建中美建设性战略稳定关系这一新愿景是切实、务实的，对地区乃至世界和平发展历程都具有重要意义。Hegseth said he was present when the leaders discussed constructive strategic stability. "I think that was a great framing from both leaders about what they want from that relationship," he said, adding that there is "a mutual respect, a recognition of capabilities and power and how that could be most usefully leveraged in the world today".赫格塞思称，两国元首探讨建设性战略稳定相关内容时他在场。他表示：“两国元首为双边关系发展指明了良好方向。” 他还提到，双方相互尊重，正视彼此的实力与影响力，并思考如何在当今世界合理发挥这些力量的作用。Wang Dong, a professor at Peking University's School of International Studies, said that Hegseth's speech this year contained far fewer negative references to China compared with speeches by US defense chiefs in previous years, and did not mention Taiwan or the South China Sea, two hot topics that had often been cited in the past.北京大学国际关系学院教授王栋表示，相较于往年美国国防部长的发言，赫格塞思今年的讲话针对中国的负面表述大幅减少，也没有提及以往频频出现的台湾、南海两大热点议题。Wang, who participated in the security summit, said the change in Hegseth's tone reflected a more cautious approach by the US in handling relations with China after the two countries agreed to build a constructive relationship of strategic stability.出席本次安全峰会的王栋认为，美方态度出现转变，反映出在双方就构建建设性战略稳定关系达成共识后，美国处理对华关系时变得更为谨慎。"Over the past year or so, China, through engagement and struggle, has made the US realize that it cannot gain an advantage in a trade war with China, and may even face countermeasures from China," he said. "The US is working with China to build a new paradigm, which is very important for the two countries to find the right way to get along."他说：“过去一年多来，中国通过沟通与斗争，让美方认识到在对华贸易博弈中无法占到便宜，甚至会遭到反制。如今美方愿意同中国探索构建新型相处模式，这对两国找到正确相处之道至关重要。”In his speech, Meng, the PLA professor, also warned that global strategic stability faces unprecedented challenges, including the impact of hegemonism on regional security, rising risks of global nuclear conflict, serious erosion of international arms control, disarmament and non-proliferation systems, and disorder in global governance.孟祥青在发言中还警示，全球战略稳定正面临前所未有的挑战：霸权主义冲击地区安全，全球核冲突风险上升，国际军控、裁军与防扩散体系遭到严重破坏，全球治理陷入失序状态。Some countries are engaging in power politics, seeking absolute strategic superiority and provoking bloc confrontation, he said, adding that such moves have intensified arms races and regional conflicts.他指出，部分国家大搞强权政治，谋求绝对战略优势，煽动阵营对抗，此类行径加剧了军备竞赛与地区冲突。"These risks are intertwined and mutually reinforcing, making current strategic stability highly fragile," Meng said, noting that countries, especially major powers, should shoulder their due responsibilities in safeguarding strategic stability.孟祥青表示，各类风险交织叠加、相互激化，令当下的全球战略稳定变得十分脆弱。各国尤其是大国，应当承担起维护战略稳定的应有责任。He called for firmly defending the postwar international order, saying that it is essential to building the political foundation for strategic stability.他呼吁坚决维护战后国际秩序，这是筑牢战略稳定政治根基的关键。"As the world again stands at a crossroads, countries must stay alert to any revival of militarist thinking and firmly safeguard the outcomes of World War II and the postwar international order," Meng said, criticizing recent actions by the Japanese side in the security and military fields.孟祥青批评了日方近期在安全和军事领域的相关举动，并表示，当今世界再次来到历史十字路口，各国必须警惕军国主义思想回潮，坚定捍卫二战胜利成果和战后国际秩序。On emerging technologies, the scholar warned against a "rules vacuum" in their military use.谈及新兴技术，这位学者提醒，要警惕其在军事应用领域出现 “规则真空”。"Allowing algorithms to control matters of life and death could very likely lead to technological loss of control," he said. "At all times, control over war and related weapon systems must be firmly kept in human hands."他表示：“若任由算法掌控生杀大权，极易引发技术失控。战争以及各类武器系统的控制权，必须始终牢牢掌握在人类手中。”consensus /kənˈsensəs/n. 共识，一致意见hegemonism /hɪˈɡemənɪzəm/n. 霸权主义strategic /strəˈtiːdʒɪk/adj. 战略的；战略性的fragile /ˈfrædʒaɪl/adj. 脆弱的；易受损的

On March 1, one day after the U.S. and Israel launched what would become the ongoing war with Iran, Ren Hanjun, a visiting professor at Peking University, posted a video on WeChat predicting that China would emerge as one of the conflict's biggest beneficiaries. Three months later, that prediction appears increasingly accurate. Demand for Chinese EVs, solar panels, and other clean energy technologies is surging, especially across developing regions such as Southeast Asia and Africa. Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute and a CGSP non-resident fellow, joins Eric & Cobus to discuss how disruptions to global oil and gas supplies are accelerating the shift toward Chinese renewable energy and mobility solutions.

From the streets of Beijing to the halls of Peking University, Geraud shares what's changed in China after a decade away — and how Chinese scholars are rethinking Africa beyond the traditional "China-Africa" lens. Geraud joins Eric & Cobus from the Chinese capital to discuss the new mood in Beijing, declining foreign presence, and what African diplomats and researchers really think about the future of ties with China. Plus, French President Emmanuel Macron focused a lot of attention on China during his recent trip to Kenya, where he accused Beijing of becoming the continent's new "predator." And, a breakdown of the latest China-Africa trade numbers that reveal some very big problems.

U.S. President Donald Trump has paid a state visit to China, the first by an American president in nearly nine years. What are the biggest takeaways from this closely watched visit? How should we understand the new vision for China-U.S. relations? And how could it shape the future of the world order? Host Dou Hongyu is joined by Muhammad Ali Nasir, Professor of Economics at the University of Leeds; Zoon Ahmed Khan, Research Fellow at Center for China and Globalization; Li Lun, Assistant Professor of Economics at Peking University; and Chen Weihua, China Daily Former Chief Washington correspondent, to answer these questions.

The renminbi is starting to gain ground in the dollar-dominated global commodity trade, as recent deals highlighted the Chinese currency's expanding role in offering a diversified option for pricing and settlement, economists and executives said.经济学家和企业高管表示，人民币开始在美元主导的全球大宗商品贸易中崭露头角。近期的多笔交易凸显出，人民币在定价和结算方面为全球提供了多元化选择，其作用正不断扩大。Breakthroughs in RMB-denominated commodity transactions, regarded as one of the most difficult frontiers for the RMB's global use, may signal a faster phase of the currency's internationalization, as demand rises for alternatives to the US dollar and China's role in global trade grows, they added.他们补充说，以人民币计价的大宗商品交易一直被认为是人民币国际化最艰难的领域之一，如今取得的突破，可能预示着人民币国际化将进入更快发展阶段。这背后的原因，是全球对美元替代选项的需求上升，以及中国在全球贸易中的地位日益重要。The RMB ranked the fifth in global payments with a share of 3.1 percent in March, up from a sixth ranking in February, as calculated by global financial messaging services provider Swift.据环球银行金融电信协会（Swift）统计，今年3月，人民币在全球支付中的份额为3.1%，排名从2月的第六位升至第五位。The Cross-Border Interbank Payment System, or CIPS — the primary platform for cross-border yuan clearing and settlement — recently recorded a single-day transaction volume of 1.22 trillion yuan ($179 billion), a record high, according to Shanghai Securities News.据《上海证券报》报道，人民币跨境清算结算的主要平台——人民币跨境支付系统（CIPS）近期单日交易量创下1.22万亿元人民币的历史新高。Meanwhile, Reuters reported last month that Indian refiners were settling payments for specific oil cargoes purchased under a US sanctions waiver using the Chinese yuan, while mining giant BHP Group has reportedly adopted a Chinese pricing benchmark in its iron ore trade with China, signaling a broader acceptance of RMB settlement and pricing in commodity markets.与此同时，路透社上月报道称，印度炼油商已开始使用人民币结算部分在美国制裁豁免下购买的石油货物。据报道，矿业巨头必和必拓集团也在与中国的铁矿石贸易中采用了中国的定价基准。这些动向都表明，人民币结算和计价在大宗商品市场正获得更广泛接受。Zhang Bin, a national political adviser and a nonresident senior research fellow at the China Finance 40 Forum, said these developments suggest that the RMB is increasingly providing global trading partners with a more diversified currency option for commodity trade.全国政协委员、中国金融四十人论坛非驻会高级研究员张斌表示，这些进展表明，人民币正日益为全球贸易伙伴在大宗商品贸易中提供更多元化的货币选择。"The dollar has long served as a dominant currency for pricing, settlement and investment. However, intensified geopolitical tensions and changes in global economic governance have led some countries to reconsider the assumption that the dollar is reliable," Zhang said. "As countries seek to add an extra layer of safeguard in investment and business operations, the yuan is a particularly promising option, given China's significant and expanding role in global trade and investment.""美元长期以来一直是定价、结算和投资的主导货币。然而，加剧的地缘政治紧张局势和全球经济治理的变化，让一些国家开始重新审视'美元是可靠的'这一假设。"张斌说，"随着各国寻求为投资和商业运营多添一重保障，鉴于中国在全球贸易和投资中的重要且日益扩大的角色，人民币是一个特别有前景的选项。"Huang Yiping, dean of Peking University's National School of Development, highlighted the potential of the RMB in playing a bigger role in commodity pricing, as China is one of the world's largest importers of commodities and a leading exporter of manufactured goods.北京大学国家发展研究院院长黄益平强调了人民币在大宗商品定价中发挥更大作用的潜力，因为中国既是世界最大的大宗商品进口国之一，也是主要的制成品出口国。"Promoting the use of the RMB to price more of our economic activities is both possible and an indispensable step of RMB internationalization," Huang said.黄益平说："推动更多经济活动用人民币定价，既具可能性，也是人民币国际化不可或缺的一步。"China launched yuan-denominated crude oil futures trading in Shanghai in 2018, an early step toward expanding the RMB's role in global commodity pricing. In recent years, countries like Russia have increasingly used the Chinese currency in oil trade with China.2018年，中国在上海启动了人民币计价的原油期货交易，这是扩大人民币在全球大宗商品定价中作用的早期一步。近年来，俄罗斯等国在与中国的石油贸易中越来越多地使用人民币。"The fundamental conditions for the formation of a 'petroyuan' cycle — in which oil is increasingly priced, settled and reinvested in RMB assets — are gradually taking shape after China has become the world's largest crude oil importer," said Zhang Ming, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.中国社会科学院世界经济与政治研究所副所长张明表示："随着中国成为全球最大的原油进口国，形成'石油人民币'循环——即石油的定价、结算和再投资均越来越多地使用人民币资产——的基础条件正在逐步具备。"However, analysts cautioned that how far the Chinese currency's role in commodity trade can evolve may ultimately depend on the depth of China's financial reforms and opening-up, the country's long-term economic strength, and the resilience of the US dollar's dominance.不过，分析人士也提醒，人民币在大宗商品贸易中的作用能走多远，最终可能取决于中国金融改革开放的深度、中国经济的长期实力，以及美元主导地位的韧性。"Part of the recent increase in RMB usage in commodity trade has been driven by short-term geopolitical factors, and the longer-term trajectory still needs to be observed," said Shao Yu, chief economist at the innovation center of Fudan University's School of Management.复旦大学管理学院科创中心首席经济学家邵宇表示："近期人民币在大宗商品贸易中使用量的增加，部分是受短期地缘政治因素驱动，长期趋势仍需观察。"Wu Xiaoqiu, former vice-president of Renmin University of China, said the key still lies in deepening market-oriented reforms to enable freer trade of the currency if a petroyuan system is to be established.中国人民大学原副校长吴晓求则表示，若要建立石油人民币体系，关键仍在于深化市场化改革，实现货币的更自由交易。Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said China has worked to enhance institutional arrangements and financial infrastructure to support broader cross-border RMB usage to offer more diversified currency choices for all entities.中国人民银行行长潘功胜表示，中国已致力于完善制度安排和金融基础设施，以支持更广泛的跨境人民币使用，为所有主体提供更多元化的货币选择。The yuan's rising role in commodity trade is part of a broader expansion of the currency's international use, with a Deutsche Bank report saying that the process of RMB internationalization is likely to accelerate.人民币在大宗商品贸易中角色的提升，是其国际使用范围更广泛扩展的一部分。德意志银行的一份报告称，人民币国际化的进程可能会加速。Renminbi assets are becoming increasingly attractive, underpinned by China's strong growth prospects and the rapid development of future-oriented industries, said Stefan Hoops, CEO of DWS — Deutsche Bank's asset management arm.德意志银行资产管理分支DWS的首席执行官斯蒂凡·霍普斯表示，在中国强劲的增长前景和未来产业的快速发展支撑下，人民币资产正变得越发具有吸引力。Hoops pointed to a structural shift in trade invoicing: Whereas the vast majority of Chinese exporter invoices were denominated in US dollars five years ago, a growing share are now denominated in RMB.霍普斯指出了贸易计价方面的结构性转变：五年前，中国出口商的发票绝大多数以美元计价，而现在，以人民币计价的占比正在增长。pricing and settlement /ˈpraɪsɪŋ ænd ˈsetlmənt/定价和结算commodity transaction /kəˈmɒdəti trænˈzækʃən/大宗商品交易sanctions waiver /ˈsæŋkʃənz ˈweɪvər/制裁豁免underpin /ˌʌndərˈpɪn/支撑；巩固trade invoicing /treɪd ˈɪnvɔɪsɪŋ/贸易计价；贸易开票

Building AI for the real world is a very different problem than building AI for text. I sat down with Steve Xie, Founder & CEO of Lightwheel on The Ravit Show, to break down what it actually takes to train systems that operate in the physical world. Steve's journey from Peking University to Columbia University, and then into leadership roles at Cruise, NVIDIA, and NIO, gives him a unique lens into where today's AI systems struggle when they leave controlled environments and face the real world.One of the biggest takeaways from this conversation is that the core bottleneck in AI is no longer models, it is data. While large language models benefited from massive, passive data sources, robotics has no equivalent. There is no scalable way to collect real-world interaction data, no reliable evaluation layer, and very little infrastructure to continuously improve systems once deployed.This is where simulation becomes critical. In autonomous driving, simulation is helpful. In robotics, it is foundational. You cannot run thousands of parallel experiments in the real world, and you cannot reset physical environments at will. Simulation is what makes learning, testing, and iteration possible at scale. But not everything that looks like simulation actually works. As Steve explains, true simulation needs to be physically accurate, reproducible, and capable of generating actionable feedback. Without that, it cannot train real systems.What makes Lightwheel interesting is their approach to solving this problem. Instead of starting with data collection, they start with evaluation. They identify where models fail, generate targeted data to fix those failures, and create a continuous feedback loop. It is a shift from a passive data pipeline to an active data engine built for physical AI.They are already working with teams like DeepMind, ByteDance, and Alibaba, building infrastructure that sits beneath both robotics companies and AI labs.The bigger idea is simple. You cannot scrape your way to physical intelligence. You have to generate, test, and refine data in closed loops.#data #ai #robot #nvidiagtc #lightwheel #api #training #behaviour #theravitshow

As the Beijing International Film Festival takes over the city, films are no longer just something we watch in cinemas. They're connecting tourism, retail, entertainment, and even cutting-edge tech. What does this “film plus” experience look like for audiences today? And as AI reshapes the film industry, what opportunities and challenges lie ahead? Host Xu Yawen spoke with Li Lun, assistant professor of economics at Peking University; Geng Ling, film producer and CEO of China Film Assist Company; and Teng Jimeng, associate professor of American studies at Beijing Foreign Studies University, to delve into these questions.

In 2003, Premier Wen Jiabao warned that China's growth model was unbalanced between supply and demand, over-reliant on investment and exports. More than 20 years later, the imbalance is smaller — but China is vastly larger. What its economy produces and exports now moves global markets. The argument about China's external surplus is no longer just a spat between Beijing and Washington.Yiping Huang, Dean of the National School of Development at Peking University, has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, examining China's structural imbalances from the inside. His argument: the same policies that powered 45 years of growth also suppressed household income and consumption. Factor market distortions, especially artificially low interest rates, kept the cost of capital down and subsidised state-owned enterprises; decentralised GDP-target competition pushed local governments toward investment and industrial expansion rather than services and household support.The result was a powerful supply side with a persistently weak domestic demand side. When you produce more than you can sell at home and you are a small economy, you export the rest. When you are the world's second largest economy, the world notices. China's consumption share of GDP rose from around 50% in 2010 to 57% in 2024, still well below the mid-seventies average of comparable economies, and two fresh crises complicate the path. The property market has been contracting since mid-2021 and it is now a drag on local government finances, household wealth, and bank balance sheets. Local government subsidies have created overcapacity in new industries such as electric vehicles and batteries. Huang's conclusion is that rebalancing is necessary and achievable, but it requires the government stepping back from direct resource allocation, the private sector and market taking on larger roles in innovation, and a significant strengthening of social protection to give households both the income and the confidence to spend.The report discussed in this series of episodes:Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org.The chapter discussed in this episode:Huang, Yiping. 2026. "Rebalancing of the Chinese economy: Challenges and policy options." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. To cite this episode:Phillips, Tim, and Yiping Huang. 2026. “Rebalancing the Chinese Economy”. VoxTalks Economics (podcast).Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Paris Report 4The fourth Paris Report, The New Global Imbalances, is a joint publication of CEPR and Bruegel. It was edited by Hélène Rey (London Business School and CEPR), Beatrice Weder di Mauro (Geneva Graduate Institute and CEPR, and President of CEPR), and Jeromin Zettelmeyer (Bruegel and CEPR). The report examines how, in a high-debt and fragmented world, excess savings, rising surpluses, and rising deficits pose a risk to stability and undermine the global trading system. It is free to download at cepr.org.About the guestYiping Huang is Dean of the National School of Development at Peking University. [verify URL before publishing] He is one of China's leading macroeconomists, with research spanning China's economic transition, financial reform, and the political economy of development. He has advised Chinese policymakers and international institutions including the IMF and the Asian Development Bank on issues of growth, financial reform, and structural change.Research cited in this episodeAsymmetric liberalization is Yiping Huang's term for the approach China took when reforming its economy from the 1980s onward. Rather than the shock therapy adopted by former Soviet economies — privatising state-owned enterprises overnight and hoping markets would fill the gap — China used a dual-track approach. It opened the economy to private firms and foreign investors while maintaining state-owned enterprises in parallel, accepting some inefficiency in exchange for stability in output, employment, and growth. To subsidise the SOEs without direct fiscal transfers, the government kept factor markets, particularly financial markets, partially distorted: deposit and lending rates were held below market-clearing levels, reducing funding costs and effectively transferring income from savers and households to producers. The result was a very strong supply side and a structurally weak domestic demand side, which Huang identifies as the root cause of China's persistent external surpluses.Involution (Chinese: 内卷, nèijuǎn) is a term in wide use in China to describe a particular form of competitive overextension: effort that intensifies without producing proportional gains in quality, efficiency, or welfare. In the economic policy context Huang uses it, involution refers to the overcapacity problem in China's newer industries, including electric vehicles, batteries, and solar panels. Local governments, motivated by GDP targets and decentralised competition, have subsidised capacity expansion in these sectors without requiring corresponding advances in technology or product quality. The result is high-volume, low-margin competition that can suppress prices globally while leaving firms unable to earn sustainable returns domestically. Huang distinguishes this from the property market crisis, which has a different structure and cause.New quality productive forces is the term used in China's 15th Five-Year Plan (2026 to 2030) to describe the supply-side transformation the government is aiming for: a shift away from labour-intensive, low-value-added manufacturing toward high-technology, innovation-driven sectors. It reflects the recognition that the industries China dominated in its first decades of reform — low-cost assembly, commodity manufacturing — are no longer competitive given rising domestic wages and costs, and that the next stage of growth has to be driven by productivity and technology rather than factor accumulation.The 15th Five-Year Plan (2026 to 2030) is China's current medium-term planning document. Huang identifies two key anchors: the development of new quality productive forces on the supply side, and a shift toward domestic demand — particularly private consumption — on the demand side. The plan signals a different role for government, more focused on providing social infrastructure, basic research, and protection for households, and less focused on direct resource allocation and industrial project selection. Huang describes the two anchors as a circuit: if supply-side innovation and demand-side consumption can be connected efficiently, the Chinese economy can sustain growth for much longer without relying on external demand.The Japan comparison is used by Huang to set expectations for China's consumption rebalancing. Japan's private consumption share of GDP was at its lowest in 1970 and did not reach the average of comparable advanced economies — around the mid-seventies — until around 2010: a process of roughly forty years. China's consumption share is currently around fifty-seven percent, still well below that average. Huang acknowledges the parallel but expresses hope that China can close the gap faster than Japan did; the point of the comparison is that raising household consumption is a structural, decades-long process, not a policy lever that can be pulled in a single plan cycle. It requires sustained growth in household income and improvement in the social safety net to reduce precautionary saving.China's current account surplus peaked at 9.8% of GDP in 2007, immediately before the global financial crisis. Huang notes that significant adjustment has already taken place: the average surplus between 2018 and the mid-2020s was below two percent of GDP, and the investment share of GDP fell from a peak of forty-seven percent in 2011 to forty-one percent in 2024. The surplus rose to 3.7% of GDP in 2024 partly as a result of weak domestic demand following the property market correction. Huang's argument is that the external imbalance and the internal consumption shortfall are the same problem viewed from different angles; fixing one requires fixing the other.More VoxTalks Economics episodesThis is the third episode in our series on Paris Report 4. In the first episode, Maurice Obstfeld of the Peterson Institute for International Economics examines the history of global imbalances and what previous episodes can teach today's policymakers. In the second episode, Gilles Moëc, Chief Economist at AXA, explains why the US government is so keen to promote stablecoins and the risks they may pose to the financial system.For an interview with two of the report's editors, Beatrice Weder di Mauro and Jeromin Zettelmeyer, on the problem of global imbalances, listen to The Sound of Economics, Bruegel's podcast. Available at bruegel.org.

Dr Philip Smith, Digital and Education Editor of Gut and Honorary Consultant Gastroenterologist at the Royal Liverpool Hospital, Liverpool, UK interviews Professor Shanshan Wu from the Department of Gastroenterology, Beijing Friendship Hospital, Capital Medical University, State Key Laboratory of Digestive Health, National Clinical Research Center for Digestive Disease, Beijing, China, and Professor Yuanjie Pang from Department of Epidemiology & Biostatistics, School of Public Health, Peking University, Beijing, China, on the paper "Long-term prognosis of lean MASLD: evidence from three population-based prospective cohorts" published in paper copy in Gut in April 2026. Please subscribe to the Gut podcast on your favourite platform to get the latest podcast every month. If you enjoy our podcast, you can leave us a review or a comment on Apple Podcasts (https://apple.co/3UOTwqS) or Spotify (https://bit.ly/4rRJeUI).

ShanghaiRanking, a higher education consultancy, released the 2026 Best Chinese Universities list on Tuesday. Tsinghua University, Peking University, and Zhejiang University secured the top three positions in the comprehensive universities category.高等教育咨询机构软科于4月14日发布了"2026软科中国大学排名"。在综合性大学排名中，清华大学、北京大学和浙江大学位列前三。This annual ranking, initiated in 2015, evaluates over 1,000 institutions that offer undergraduate courses across China. The institutions are assessed across categories, including comprehensive universities, eight specialized universities, and four private universities.该项年度排名始于2015年，评估范围覆盖全国1000余所开设本科教育的高校，涵盖综合性大学、8类单科性大学及4类非公办大学。The main list for comprehensive universities features 590 institutions. Tsinghua University, Peking University, and Zhejiang University have retained the top three spots for the 12th consecutive year, while Shanghai Jiao Tong University and Fudan University are tied for fifth place.综合性大学主榜共有590所院校上榜。清华大学、北京大学和浙江大学已连续12年蝉联前三甲，上海交通大学与复旦大学则并列第五。Notably, 91 of the top 100 universities are classified as "Double First-Class" universities. Taiyuan University of Technology is a new addition to this group, having climbed six places from last year to 97th this year.值得关注的是，排名前100的高校中有91所为"双一流"建设高校。太原理工大学较去年提升6个位次，位列第97名，首次跻身百强。The ranking uses a detailed evaluation system with 10 modules, 35 dimensions, 104 indicators, and 398 variables.该排名采用精细化评价体系，包含10个评价模块、35个评价维度、104项评价指标及398个评价变量。"The ranking aims to reflect the core mission of Chinese universities today and meet the external expectations of their value. The two most important features of our ranking system are its emphasis on talent cultivation and focus on serving the nation," said Cheng Ying, founder of ShanghaiRanking.软科创始人程莹表示："软科中国大学排名的导向是反映当前中国高校的核心使命,回应外部群体对大学的价值期待,重视人才培养、强调服务国家是软科排名指标体系的两个最重要特点。"To better meet the higher education evaluation expectations, ShanghaiRanking has refined the indicators used in this year's ranking.为更好满足高等教育评价需求，今年排名在指标体系上进一步优化完善。This includes adding the newly introduced agricultural discipline certification to the national and certified program statistics. The research platform indicators have also been expanded to include various national and ministerial research platforms, such as the National Belt and Road Joint Laboratories, Ministry of Education regional and country research bases, and key laboratories from the Ministry of Natural Resources, Ministry of Transport, the Ministry of Culture and Tourism, and the Ministry of Housing and Urban-Rural Development.包括将首次公布的农学门类专业认证纳入国家级与认证专业的统计范围；扩充科研平台的指标内涵，增加国家“一带一路”联合实验室、教育部区域和国别研究培育基地、自然资源部重点实验室、交通运输行业重点实验室、文化和旅游部重点实验室、住房城乡建设部重点实验室等一批国家和部委科研平台。Other top universities in different specialized categories include Peking Union Medical College, which has maintained its top position among medical universities, Beijing University of Chinese Medicine, which claims the top spot in Chinese medicine universities, Shanghai University of Finance and Economics, which is ranked first among finance universities, Beijing Foreign Studies University, which leads the language university rankings, and China University of Political Science and Law, which secured the top position in the political science and law category.在单科性大学排名中，北京协和医学院蝉联医药类大学榜首，北京中医药大学位居中医药类大学首位，上海财经大学领跑财经类大学榜单，北京外国语大学摘得语言类大学桂冠，中国政法大学则稳居政法类大学第一。consecutive /kənˈsekjətɪv/连续的"Double First-Class" universities /ˈdʌbl fɜːrst klæs ˌjuːnɪˈvɜːrsətiz/ "双一流"建设高校talent cultivation /ˈtælənt ˌkʌltɪˈveɪʃən/人才培养ministerial research platforms /ˌmɪnɪˈstɪəriəl rɪˈsɜːrtʃ ˈplætfɔːrmz/ 部委科研平台claim the top spot /kleɪm ðə tɑːp spɑːt/占据榜首

From RV camping and cruise tourism to low-altitude flights, many Chinese people are not just traveling, they are traveling differently. What is driving this change? Is it simply a rebound in consumer confidence, or does it point to a broader shift in how people choose to spend? And what could it mean for local economies and China's long-term growth? Host Dou Hongyu is joined by Professor John Gong from the University of International Business and Economics, Assistant Professor of Economics Li Lun with the School of Economics at Peking University, and Mario Cavolo, Founder and CEO of M Communications Group, also a senior fellow at the Center for China & Globalization, to explore these questions.

Manufacturing rebounds, but smaller enterprises remain under pressure制造业有所回暖，但中小企业仍面临压力China's manufacturing activity returned to expansion territory in March, offering an early sign that policy support is beginning to feed through to the real economy as measures to boost demand and stabilize growth gain traction, experts said on Tuesday.3月，我国制造业活动重返扩张区间。专家3月31日表示，这为观察中国经济提供了一个早期信号，表明随着提振需求、稳定增长的措施逐步显效，政策支持正开始向实体经济传导。However, they cautioned that prolonged weakness among small and medium-sized enterprises highlights lingering structural pressures and underscores the challenge for policymakers in fostering a more broad-based recovery in the world's second-largest economy.不过专家也提醒，中小企业持续疲软凸显结构性压力依然存在，也表明政策制定者在推动我国作为世界第二大经济体实现更广泛复苏方面仍面临挑战。They also said that continued countercyclical policy support, faster rollout of major government investment projects and more targeted measures to ease financing burdens on small and medium-sized enterprises will be key to boosting orders, reviving production and underpinning a solid start to the 15th Five-Year Plan (2026-30) period.专家还表示，持续加强逆周期调节政策支持、加快重大政府投资项目落地、出台更有针对性的措施缓解中小企业融资压力，对于扩大订单、恢复生产、支撑"十五五"时期（2026-2030年）实现良好开局至关重要。Their comments came as China's official purchasing managers' index for the manufacturing sector stood at 50.4 in March, up from 49.0 in February and returning to expansion territory, according to data released by the National Bureau of Statistics on Tuesday. The subindex for production stood at 51.4 in March, up from 49.6 in February, while the gauge for new orders came in at 51.6, up 3 percentage points from the previous month, the NBS said.国家统计局3月31日发布的数据显示，3月份，我国制造业采购经理指数（PMI）为50.4%，比上月上升1.5个百分点，重返扩张区间。国家统计局表示，生产指数为51.4%，比上月上升1.8个百分点；新订单指数为51.6%，比上月上升3.0个百分点。Huo Lihui, an NBS statistician, attributed the rebound in manufacturing PMI to the faster resumption of work and production after the Spring Festival holiday, as well as increased market activity, with the production index and the new orders index both returning to expansion territory.国家统计局服务业调查中心首席统计师霍丽慧表示，制造业PMI回升主要是受春节后企业加快复工复产、市场活跃度提升等因素影响，生产指数和新订单指数均回到扩张区间。Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said sentiment in China's manufacturing sector improved in March, buoyed by optimism after the recently concluded two sessions, the annual gatherings of China's top legislative and political advisory bodies, which underscored that China's macro policies would remain more proactive and effective this year.东方金诚首席宏观分析师王青表示，近期闭幕的全国两会释放出今年宏观政策将更加积极有为的信号，受此鼓舞，3月份我国制造业景气水平有所改善。That policy tone was reinforced by the People's Bank of China on Tuesday. In a statement released after the first-quarter meeting of its monetary policy committee for 2026, the PBOC said it would continue to implement a moderately loose monetary policy, step up countercyclical and cross-cyclical adjustments, and improve coordination between monetary and fiscal policies to promote stable economic growth and a reasonable recovery in prices.中国人民银行3月31日进一步强化了这一政策基调。央行货币政策委员会2026年第一季度例会指出，将继续实施适度宽松的货币政策，加大逆周期与跨周期调节力度，加强货币财政政策协调配合，促进经济平稳增长和物价合理回升。Meanwhile, major manufacturing segments strengthened further and maintained a mild upward trend. High-tech manufacturing, for instance, posted a PMI reading of 52.1 in March, up 0.6 percentage point from February, and remained in expansion territory for the 14th consecutive month, the NBS reported.与此同时，重点制造业板块进一步增强，并保持温和上升势头。国家统计局数据显示，高技术制造业PMI为52.1%，比上月上升0.6个百分点，连续14个月处于扩张区间。Despite the overall expansion, small and medium-sized manufacturers remained under pressure, with activity still in contraction territory.尽管制造业总体扩张，但中小型制造企业仍面临压力，其相关活动仍处于收缩区间。According to the NBS, the subindex for medium-sized enterprises rose 1.5 percentage points to 49.0, while that for small enterprises climbed 4.5 percentage points to 49.3, but both remained below the 50-point threshold.国家统计局数据显示，中型企业PMI为49.0%，比上月上升1.5个百分点；小型企业PMI为49.3%，比上月上升4.5个百分点，但两者均仍低于50%的临界点。"Soaring raw material prices have dealt a heavier blow to small and medium-sized enterprises, which generally have weaker pricing power and thinner financial buffers," said Bai Wenxi, vice-chairman of the China Enterprise Capital Union.中国企业资本联盟副理事长柏文喜表示，原材料价格飙升对中小企业打击更大，中小企业议价能力普遍较弱，财务缓冲能力也较为薄弱。Huang Yiping, dean of Peking University's National School of Development, said China has policy room, on both monetary and fiscal fronts, to cope with the potential economic headwinds stemming from geopolitical uncertainties in the Middle East.北京大学国家发展研究院院长黄益平表示，面对中东地缘政治不确定性可能带来的经济逆风，中国在货币和财政两方面都有政策空间予以应对。Foreign companies also remain upbeat about the long-term prospects of China's manufacturing sector.外资企业也对中国制造业的长期前景保持乐观。Markus Kamieth, CEO of German chemical company BASF, said China has moved to the forefront of intelligent manufacturing and green transformation, driven by its scale, speed and innovation capacity.德国化工企业巴斯夫执行董事会主席凯礼表示，中国凭借其规模、速度和创新能力，已在智能制造和绿色转型领域走在前列。Philippe Delorme, president and CEO of Finnish elevator giant KONE Corp, said the company's core production base in Kunshan, Jiangsu province, has grown into the world's largest elevator manufacturing base. "This figure demonstrates our commitment to China's economic growth," he added.芬兰通力集团总裁兼首席执行官德龙表示，该集团位于江苏昆山的核心生产基地已发展成为全球最大的电梯制造基地。他表示："这一事实表明了我们对中国经济增长的坚定承诺。"countercyclical /ˌkaʊntərˈsaɪklɪkəl/逆周期的purchasing managers' index /ˈpɜːrtʃəsɪŋ ˈmænɪdʒərz ˈɪndeks/采购经理指数gauge /ɡeɪdʒ/指标resumption of work and production /rɪˈzʌmpʃən əv wɜːrk ænd prəˈdʌkʃən/复工复产buoy /bɔɪ/提振；使上涨financial buffer /faɪˈnænʃəl ˈbʌfər/财务缓冲能力

China's daily AI token calls, a key measure of how intensively AI is being used, have hit an unprecedented level. What's behind the surge? How is China weaving AI into the fabric of factories, hospitals, and even our homes? And as the country's economy goes "smart," what could that mean for the rest of the world? Host Dou Hongyu is joined by Li Lun, Assistant Professor of Economics at Peking University, Andy Mok, Professor at Beijing Foreign Studies University, and Liu Baocheng, Director of the Center for International Business Ethics at the University of International Business and Economics, to unpack the forces driving China's token boom and explore how AI is powering the rise of a new "smart economy."

China's new development roadmap is shaping global opportunities in a time of uncertainty. What does China's next phase of growth mean for the world economy? And how can international partners engage in these emerging opportunities? In "China's Development Opportunities for the World," the special roundtable of The Hub, CGTN host Wang Guan sits down with Zhou Xing, head of Public Affairs at PwC China; Zhou Mi, senior research fellow at the Chinese Academy of International Trade and Economic Cooperation; Zha Daojiong, professor at Institute of South-South Cooperation and Development, at Peking University's School of International Studies; and John Milligan-Whyte, chairman of the America-China Partnership Foundation, to examine the global economic landscape as China advances its 15th Five-Year Plan, focusing on high-quality growth, stronger domestic demand, and the rise of new quality productive forces.

Last time we spoke about the Soviet-Japanese neutrality pact. In the summer of 1939, the Nomonhan Incident escalated into a major clash along the Halha River, where Soviet-Mongolian forces under Georgy Zhukov decisively defeated Japan's Kwantung Army. Zhukov's offensive, launched on August 20, involved intense artillery, bombers, and encirclement tactics, annihilating the Japanese 23rd Division and exposing weaknesses in Japanese mechanized warfare. The defeat, coinciding with the Hitler-Stalin Nonaggression Pact, forced Japan to negotiate a ceasefire on September 15-16, redrawing borders and deterring further northern expansion. Stalin navigated negotiations with Britain, France, and Germany to avoid a two-front war, ultimately signing the German-Soviet pact on August 23, which secured Soviet neutrality in Europe while addressing eastern threats. Post-Nomonhan, Soviet-Japanese relations warmed rapidly: fishing disputes were resolved, ambassadors exchanged, and the Chinese Eastern Railway sale finalized. By 1941, a neutrality pact was concluded, allowing Japan to pivot southward toward China and Southeast Asia.   #193 The Chiang-Wang Divide 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. After that lengthy mini series covering the battle of Khalkin Gol, we need to venture back into the second sino-japanese war, however like many other colossal events….well a lot was going on simultaneously. I wanted to take an episode to talk about the beginning of something known as the Reorganized National Government of the Republic of China, or much shorter, the Wang Jingwei Regime. It's been quite some time since we spoke about this character and he is a large part of the second sino-japanese war.    After the fall of Tianjin and Beiping, the government offices in Nanjing entered their annual summer recess. All of GMD's senior leadership, from Chiang Kai-shek down to Wang Jingwei, gathered on Mount Lu, a picturesque resort in northern Jiangxi, south of the Yangtze, famed for cliffs, clouds, and summer villas. Although Chiang had visited Mount Lu every summer, this was the first occasion that nearly the entire central government assembled there. Analysts suspected the gathering was a deliberate move to relocate government functions inland in the event of total war. Dozens of the nation's leading intellectuals were invited to Mount Lu to discuss strategies for countering Japan's ambitions. The forum was scheduled to begin on July 15 and to last twenty-seven days in three phases. The bridge incident caught them off guard. Unlike Manchuria, Beiping had long been the nation's capital, and the shock added urgency to the proceedings. When the forum, chaired by Wang, finally opened on July 16, speculation ran as to whether this signaled another regional conflict or the onset of full-scale war. The media pressed for a resolute stance of resistance from the government. To dispel the mounting confusion and perhaps his own indecision, Chiang delivered a solemn speech on July 17, declaring that if the incident could not be resolved peacefully, China would face the "crucial juncture" of national survival and would consider military action; if war began, every Chinese person, from every corner of the country and from every walk of life, would have to sacrifice all to defend the nation.   Chiang's Mount Lu Speech was now commonly regarded as the moment when China publicly proclaimed its firm commitment to resistance. Contemporary observers, however, did not take Chiang's stance at face value. Tao Xisheng, a Peking University law professor who had been invited, recalled that after the speech, people gathered in Hu Shi's room to discuss whether a peace option remained. Chiang left the mountain on July 20, leaving Wang to chair the conference. The discussions continued upon their return to Nanjing, where a National Defense Conference was organized in mid-August. It was also Tao's first encounter with Wang Jingwei. A "peace faction," largely composed of civil officials and intellectuals, began to take shape around Wang, favoring diplomatic solutions over costly and potentially ineffective military action.   During this period, both Chiang and Wang publicly called for resistance, while both harbored hopes for a peaceful solution. Yet their emphases differed. On July 29, Wang Jingwei delivered a radio address from Nanjing titled "The Critical Juncture," echoing Chiang's slogan. He likewise asserted that after repeated concessions and retreats, the critical juncture had come for China to rise against Japan. It would be a harsh form of resistance, since a weak nation had no alternative but to sacrifice every citizen's life and scorch every inch of land. Yet toward the end, Wang's speech took on an ironic turn. He stated, "The so-called resistance demands sacrificing the whole land and the whole nation to resist the invader. If there is no weakness in the world, then there is also no strength. Once we have completed the sacrifice, we also realize the purpose of resistance. We hail 'the critical juncture'! We hail 'sacrifice'!" The sentiment sounded almost satirical, revealing his doubt about the meaning of total sacrifice.   The hope for containment was crushed by Japan's ongoing advances. On November 12, Shanghai fell. Chiang's gamble produced about 187,200 Chinese casualties, including roughly 30,000 officers trained to German standards. Japanese casualties were estimated at a third to a half of the Chinese losses, still making it their deadliest single battle to date. The battered Japanese Imperial Army and Navy, long convinced of their invincibility, were consumed by vengeful bloodlust. The army swept from Shanghai toward Nanjing, leaving a trail of murder, rape, arson, and plunder across China's heartland.   With the fall of Nanjing looming, the central government announced on November 20 that it would relocate to Chongqing, a city upriver on the Yangtze protected by sheer cliffs. Plans for Chongqing as a reserve capital had already begun in 1935, with Hankou as the midway station. To preserve elite troops for the future while saving face, Nanjing was entrusted to General Tang Shengzhi and his roughly one hundred thousand largely inexperienced soldiers. Nanjing fell on December 13. Despite this victory, Japan's hopes of ending the China Incident within three months were dashed. The carnage produced by the war, especially the Rape of Nanjing, left a profound moral stain on humanity. A mass exodus from the coastal provinces toward the hinterland began. People fled by boats, trains, buses, rickshaws, and wheelbarrows. Universities, factories, and ordinary households were moved halfway across China, step by step. The nation resolved to persevere, even in distant mountains and deserts if necessary. In Sichuan alone, government relief agencies officially registered about 9.2 million refugees during the war years.   Chiang Kai-shek, after paying respects at Sun Yat-sen's mausoleum, flew to Mount Lu with Song Meiling. The so-called Second Couple chose a more modest path: like most refugees, the Wang family traveled upriver along the Yangtze. On November 21, they left Nanjing, abandoning a recently renovated suburban home and thirty years of collected books. Coincidentally, the ship carrying Wang Jingwei from Nanjing to Wuhan was SS Yongsui, the former SS Zhongshan that had escorted Sun Yat-sen to safety and witnessed Wang's ascent and subsequent downfall from power. Ironically renamed "Yong-sui," the ship's new title meant "peace," while the compound term suijing denoted a policy of appeasement. This symbolism—Wang being carried away from Nanjing by a ship named "Eternal Peace"—foreshadowed his eventual return to the city as a champion of a "peace movement."   After the Mount Lu Forum, Hu Shi and Tao Xisheng could not return to Beiping, now under Japanese occupation. They joined the government in Nanjing. Beginning in mid-August, Japanese bombers began attacking Nanjing. Air power—an unprecedented weapon of mass destruction—humbled and awed a Chinese public largely unfamiliar with airborne warfare. By striking a target that did not serve its immediate interests, Japan demonstrated its world-class military might and employed psychological warfare against the Chinese government and people. Because Zhou Fohai's villa at Xiliuwan had a fortified cellar suitable as an air-raid shelter, a group of like-minded intellectuals and civil servants sought refuge there. They preferred a peaceful approach to the conflict, subscribing to the idea of trading space for time—building China's industrial and military capabilities before confronting Japan. Tao Xisheng and Mei Siping, old allies of Zhou Fohai, lived in his house. Another frequent guest was Luo Junqiang, an ex-communist. The former CCP leader Chen Duxiu, recently released from prison, joined their gatherings a few times. Gao Zongwu hosted another meeting site. Hu Shi, as a guest himself, jokingly called this circle the "Low-Key Club" (Didiao julebu), a label that underscored their pragmatic defiance of the government's high-flown rhetoric urging all-out resistance. Many members of this group would later become central figures in a conspiracy known as the "peace movement," with Wang Jingwei as its leader and emblem.   As Gerald Bunker noted, the peace scheme did not originate with Wang but with certain associates of Chiang, elements in Japanese military intelligence, and members of liberal-minded Japanese political circles who were linked to Konoe. Zhou Fohai belonged to the Chiang-loyalist CC faction, named for Chen Guofu and Chen Lifu. Zhou believed that resistance under current conditions was suicidal. He sought to influence Chiang through people around him, including Wang Jingwei, whom he found impressionable and began visiting at Wang's salon. Gao Zongwu, head of the Foreign Ministry's Asian Department, felt sidelined by Chiang's uncompromising stance. They shared the sense that Chiang might be willing to talk but feared the price, perhaps his own leadership. They were dismayed by the lack of a long-range war plan beyond capitulation. Their view was that China's battlefield losses would worsen the terms of any settlement, and that the war's outcome seemed to benefit Soviet Russia and undermine the GMD more than China itself. The rapid collapses of Shanghai and then Nanjing vindicated their pessimism. Chiang's autocratic decision-making only deepened their dissatisfaction. They feared China was again at risk of foreign conquest from which it might not recover.   Wang Jingwei became the focal point for these disaffected individuals, drawn by his pacifist leanings, intellectual temperament, and preference for consensus-building. After the government relocated to Hankou, he lent guidance to the Literature and Art Research Society (Yiwen yanjiu hui), a propagandist body led by Zhou Fohai and Tao Xisheng. Its purpose was to steer public opinion on issues like the war of resistance and anticommunism, and to advocate a stance that the government must preserve both peace and war as options. Many believed it to be Wang's private organization; in truth, Chiang supported its activities. For much of 1938, Chiang's belligerent anti-Japanese rhetoric and Wang's conciliatory push were two sides of the GMD's broader strategy.   Among the society's regional branches, the Hong Kong chapter flourished under Mei Siping and Lin Baisheng. In addition to editing South China Daily News, Lin established Azure Books and the International Compilation and Translation Society (Guoji bianyishe) as primary propaganda organs. Ironically, Mei Siping had himself been a radical during the 1919 student protests, when he helped set fire to the deputy foreign minister's house in protest of perceived capitulation to Japan.   Wang Jingwei also actively engaged in international efforts to broker peace between Japan and China, including Trautmann's mediation by the German ambassador. Since the outbreak of war, various Western powers had contemplated serving as mediators, but none succeeded. Nazi Germany, aligned with Japan in an anti-Soviet partnership, emerged as China's most likely ally because it did not want Japan to squander its strength in China or compel China to seek Soviet help. Conversely, Japan's interest lay in prolonging the war or achieving a swift settlement. Ambassador Trautmann met with Wang Jingwei multiple times from October 31 to early November 1937 to confirm China's preference for peace before negotiating with Japan. The proposal Trautmann carried to Chiang Kai-shek on November 5 proposed terms including autonomy for Inner Mongolia, a larger demilitarized zone in North China, an expanded cease-fire around Shanghai, a halt to anti-Japanese movements, an anti-communist alliance, reduced tariffs on Japanese goods, and protection of foreign interests in China. Although Japan did not specify territorial gains, these terms deviated significantly from Chiang's demand to restore pre–Marco Polo Bridge status. After Shanghai fell, Chiang's rigidity softened.   On December 5, at Hankou, the National Defense Conference agreed to begin peace negotiations based on Trautmann's terms, a decision Chiang approved. But it was too late: Nanjing fell on December 13, and a provisional Beiping government led by Wang Kemin was established, signaling Japan's growing support for regional separatism. On December 24, Japan issued an ultimatum for a harsher deal to be accepted by January 10. In response, Chiang resigned as chairman of the Executive Yuan on January 1, 1938, and was succeeded by his brother-in-law Kong Xiangxi. Chiang declared that death in defeat was preferable to death in disgrace and refused to yield under coercion. The Konoe Cabinet announced on January 16 that Japan would not negotiate with Chiang Kai-shek. Trautmann's mediation had failed.   After Konoe's announcement, mediation became even more precarious, as it placed the already deadly, no-win situation between the two nations in deeper jeopardy. Secret contacts between the two governments persisted through multiple channels—sometimes at the direction of their own leaders, other times at the initiative of a cadre of officials and quasi-official figures of dubious legitimacy. Many of these covert efforts were steered by Chiang himself. In late 1937, Wang Jingwei even sent Chen Gongbo to Rome to explore the possibility of Italian mediation between China and Japan. After meetings with Mussolini and Foreign Minister Ciano, Chen concluded that Italy had no genuine goodwill toward China and favored Japan. His conversations with other Western leaders (Belgium, France, Britain, and the United States) proved equally fruitless. In diaries, Zhou Fohai and Chen Kewen recorded a pervasive mood of pessimism among Hankou and Chongqing's national government factions. Although direct champions of negotiating with Japan were few, many voices insisted that China was on the brink of collapse while secretly hoping peace talks would begin soon. Gao Zongwu's mission emerged from this tense atmosphere.   With Konoe's cabinet refusing to negotiate with Chiang Kai-shek, many regarded Wang as the best candidate to carry forward a diplomatic solution. Yet Wang remained convinced of his loyalty to Chiang and to Chiang's policy. The Italian ambassador visited Wuhan to offer mediation between Wang and the Japanese government, an invitation Wang declined. Tang Shaoyi's daughter traveled to Wuhan to convey Tokyo's negotiation intent, but was similarly turned away. Even Chen Bijun, then in Hong Kong, urged Wang to join her and start peace negotiations; he again declined. Tao Xisheng remembered a quiet night when Wang confided in him: "This time I will cooperate with Mr. Chiang until the very end, regardless of how the war unfolds." His stance did not change when Gao Zongwu reported that the Imperial Japanese Army General Staff Office wanted him to head the peace talks.   Gao Zongwu's bid was brokered by Dong Daoning, head of the Japan Affairs Section in the Foreign Ministry. Shortly after Konoe's statement, Dong traveled to Shanghai to meet Nishi Yoshiaki, representative of Mantetsu, and Matsumoto Shigeharu, a Dōmei News Agency journalist. Nishi and Matsumoto then introduced Dong to Kagesa Sadaaki, head of the Strategy and Tactics Department in the General Staff Office. Kagesa introduced Dong to Deputy Director Tada Hayao and colleagues Ishiwara Kanji and Imai Takeo, who agreed that a peaceful resolution to the China crisis aligned with Japan's interests. It would be inaccurate to paint these figures as pacifists: Ishiwara, who helped build Manchukuo, also recognized that further incursions into China could jeopardize Japan's hard-won gains. They proposed a temporary resignation by Chiang to spare Konoe from having to retract his refusal to negotiate, thereby allowing Wang to lead the talks. In short, the scheme aimed to save face for Konoe.   Dong returned to Hong Kong and delivered the proposal to Gao Zongwu, who had been stationed there since February under Chiang's orders to oversee intelligence and liaison with Japan. Luo Junqiang, Gao's contact, testified that Gao was paid monthly from Chiang's secret military fund. Gao went back to Hankou twice, on April 2 and May 30. On the second trip, he personally conveyed Japan's terms to Chiang. Gao later admitted that Chiang never gave him explicit instructions, but rather cultivated an impression of tacit approval. At no point did Gao view the deal as Chiang's betrayal. As long as Chiang retained control of the military, Wang's leadership could only be nominal and temporary. Unbeknownst to Wang, Gao's personal ties to Chiang remained hidden from him; he learned of them only through Zhou Fohai. Startled, he handed the information to Chiang Kai-shek and told Tao Xisheng: "I cannot broker peace with Japan alone. I will not deceive Mr. Chiang." Given Tao's later departure from Wang's circle to rejoin Chiang, Tao's recollection could be trusted.   Two months later, Wang left Chongqing to pursue a peace settlement. A key factor may have been persistent lobbying by Zhou, Gao, Mei, Tao, and especially his wife Chen Bijun. Luo Junqiang recalled that Kong Xiangxi objected that Gao acted without him, prompting Chiang to order Gao to halt his covert efforts, an order Gao ignored. Gao and Mei Siping continued to press for a deal. Gao even spent three weeks in Japan in July, holding extensive talks with Kagesa Sadaaki and Imai Takeo. Their discussions produced the first substantive articulation of the Wang peace movement as a Sino-Japanese plot to end the "China incident." On November 26, Mei flew from Hong Kong to Chongqing with a draft of Japan's terms and Konoe's planned announcement. The proposal stated that the Japanese army would withdraw completely within two years once peace was reached, but it demanded that China formally recognize Manchukuo. Wang was to leave Chongqing for Kunming by December 5, then proceed to Hanoi. Upon Japan receiving news of his arrival in Hanoi, the telegram would reveal the peace terms. This pivotal moment threw Wang into intense inner turmoil. Zhou Fohai visited Wang daily, and Wang delayed decisively each time, much to Zhou's frustration. Ultimately, it seemed that Chen Bijun rendered the final judgment on Wang's behalf. As in earlier episodes, Wang found himself trapped by an idealized image of himself held by family, followers, and loyalists, seen by them as a larger-than-life figure who must undertake a mission too grand to fail.   Yet Wang's stance was not purely involuntary. As Imai Takeo noted, he fundamentally disagreed with Chiang's strategy of resistance. The so-called scorched-earth approach caused immense suffering. Three episodes stood out: the 1938 Yellow River flood, ordered by Chiang to impede Japan's advance, which destroyed dikes and displaced millions, yielding devastating agricultural and humanitarian consequences; the subsequent epidemics and famine that followed, producing about two million refugees and up to nine hundred thousand deaths, while failing to stop the Japanese advance toward Wuhan (which fell in October); and the Changsha fire, ignited in the early hours of November 13, which killed nearly thirty thousand people and devastated most of the city. These events sharpened Wang's doubts about Chiang's defense strategy, especially its reckless execution and cruelty. By late November, Wang began to openly challenge Chiang's approach, delivering a series of speeches advocating his own war-weariness and preference for limiting resistance to preserve national strength for future counterstrikes. He argued that guerrilla warfare burdened the people and wasted national resources that could be saved for a later, more effective defense. He urged soldiers to exercise judgment and listen to their consciences, and he attributed much of the civilian suffering to the Communists; nonetheless, with General von Falkenhausen, Chiang's German adviser, now urging a shift toward smaller-unit mobile warfare, Wang's critique of Chiang's strategy took on a more pointed, risksome tone. If resistance equaled total sacrifice, Wang was not prepared to endorse it. As Margherita Zanasi noted, Wang Jingwei and Chen Gongbo had long shared a vision of a self-consciously anti-imperial "national economy", the belief that China's economy had not yet achieved genuine nation-power and that compromising with the foe might be necessary to save the national economy.   Wang and Zhou also worried that continuing resistance would strengthen the Communists and that genuine international aid would not arrive, at least not soon. After Nazi Germany occupied Czechoslovakia, Wang briefly hoped for the formation of an antifascist democratic alliance. Yet the Munich Agreement disappointed him. Viewing Western democracies as culturally imperialist, he doubted they would jeopardize their relations with Japan, another imperial power, on China's behalf. This view was reinforced by Zhou Fohai and other China specialists who had recently joined Wang's circle; they argued that China would fall unless the international situation shifted dramatically. Their forecast would prove accurate only after Pearl Harbor.   In the end, Wang longed for decisive action. He had been sidelined since the government's move to Wuhan. At the GMD Provisional National Congress in Hankou (March 29–April 1), the party resolved to restore Chiang Kai-shek to near-total control by reasserting the authoritarian zongcai system. The Congress also established the People's Political Council as a nominal nod to democracy, but it remained largely consultative. Wang was elected deputy director and chairman of the council, yet he clearly resented the position. Jiang Tingfu described Wang's Hankou mood as "somewhat resentful," recognizing the role as largely ceremonial. More optimistic observers attributed his dismay to the return of dictatorship, and he likely felt increasingly useless. Since the Mukden Incident, Wang had prioritized party unity and been content to play a secondary role to Chiang, but inaction did not fit his sense of historical purpose. It was Zhou Fohai who urged Wang to risk his reputation for a greater cause, presenting a calculated nudge to someone susceptible to idealism. A longing to find meaning through action may have finally pushed him toward a fateful decision. As Chen Bijun bluntly told Long Yun, her husband "was merely an empty shell in Chongqing and could contribute nothing to the country; thus he wanted to change his surroundings."   Wang considered staying abroad as a serious option amid the Hanoi uncertainty. Gao Zongwu had previously told Japanese negotiators that if Konoe's stance did not satisfy Wang, he might head to France. Chongqing echoed this possibility. On December 29, Ambassador Guo Taiqi, acting on Chiang's orders, telegraphed Wang suggesting he go to Europe "to take a break." It would have offered a graceful exit. Kagesa recommended Hanoi as Wang Jingwei's midway station because, as a French colony, it offered a relatively safe environment. Only the French were armed there, and several members of the extended Wang family had grown up in France, enabling them to communicate with the colonial authorities.   After Wang departed for Hanoi, Long Yun hesitated for weeks. On December 20, he telegraphed Chiang, saying Wang had paused in Kunming on the way to Hanoi to seek medical treatment. Knowing this was untrue, Chiang replied on December 27 with a stern warning about Japan's unreliability, a message that appeared to have persuaded Long. A day later, Long urged leniency for Wang. Following Wang's publication of the "yan telegram," public anger likely pushed Long toward a final decision. On January 6, he informed Chiang of a letter from Wang delivered by Chen Changzu, and he noted that the Wangs were considering the French option, but recommended allowing Wang to return to Chongqing to show leniency and to enable surveillance.   Chiang replied two days later that Wang would be better off going to Europe. The extended Wang family resided in two Western-style mansions at 25 and 27 Rue Riz Marché, surrounded by high walls. On February 15, Chongqing's envoy Gu Zhengding brought their passports to Hanoi. Accounts differed on what happened next. One version had Wang offering to travel abroad if Chongqing accepted his proposal to start peace talks; if Chongqing remained indecisive, he would return to voice his dissent. Another version claimed Gu's primary task was to bring Wang back to Chongqing, which Wang declined, preferring France.   Although the French option was gaining favor, the Wang circle continued to explore other avenues. In early 1939, secret contacts with the Japanese government persisted, though not always in a coordinated way. Chiang's intelligence advised that the Wang group was forming networks in Shanghai and especially Hong Kong, with Gao Zongwu playing a central role. On February 1, Gao returned from Hong Kong and stayed for five days, finding Wang in a despondent mood. Wang asked Gao to pass along a few letters to Japanese leaders urging the creation of a unified Chinese government to earn the Chinese people's understanding and trust. Wang believed his actions would serve the best interests of both China and Japan. On March 18, the Japanese consulate in Hong Kong informed Gao that funding for the Wang group would come from China's customs revenues that Japan had seized.   Meanwhile, Chiang Kai-shek sensed a shift in the war's direction. On February 10, Japan seized Hainan, China's southernmost major island. The next day, Chiang held a press conference describing the development as "the Mukden Incident of the Pacific." He warned that Japan's ambitions could threaten British and French colonial interests and U.S. maritime supremacy. Gao Zongwu read the speech and concluded that Chiang's outlook had brightened.   For three months, the Wang circle met frequently to weigh options. The prominent writer and scholar Zhou Zuoren, who had already accepted a collaborationist post as head of the Beiping library, warned Tao Xisheng, saying "Don't do it," signaling his misgivings about collaborating with Japan based on his reading of Japanese politics. As Zhou observed, many young Japanese militarists did not even respect General Ugaki, let alone a foreign leader.   Then the assassination of Zeng Zhongming, Wang's secretary and protégé, abruptly altered the meaning of Wang's mission. The Wang group was deeply unsettled by Zeng Zhongming's assassination. The event came as a shock. On March 20, Gu Zhengding's second Hanoi visit concluded. Allegedly Gu delivered passports and funds for a European excursion. On a bright spring day, the entire Wang family enjoyed a lighthearted outing to Three Peaches Beach, only to be halted by a French officer who warned they were being followed. During their afternoon rest, a man posing as a painter, sent by the landlord to measure rooms for payment, appeared at the door and was turned away when he insisted on entering every room. More than twenty people in the household, none were armed.   Since January, Hanoi had been a hive of BIS activity. The ringleader was Chen Gongshu, a veteran operative under spymaster Dai Li, though Chen's recollections clashed with those of other witnesses, leaving the exact sequence unclear. Chen claimed their role was intelligence and surveillance until March 19, when an unsigned telegram from Dai Li ordered, "Severest punishment to the traitor Wang Jingwei, immediately!" The mission supposedly shifted. The Wang family was followed the next day but evaded capture in traffic, prompting a raid on the house. Reports varied: some said Wang resided on the second floor of No. 27; others suggested he lived in No. 25, with No. 27 used for day guests. The force entered the courtyard, forced open the door to Wang's room, and a getaway car waited outside. Chen, in the car, heard gunshots: initial shots toward a downstairs figure, then three shots through a bedroom door hacked open with an axe, aimed at a figure beneath the bed, believed to be Wang Jingwei. The team drove off after four to five minutes. Vietnamese police soon detained three killers who lingered in the courtyard and even listened in on a hospital call. Chen didn't realize the target had been misidentified until the next afternoon. Some BIS records suggested Wang and Zeng Zhongming had swapped bedrooms that night, a detail Chen doubted. Chen did not mention a painter's earlier visit.   There were competing accounts of the event with their numerous inconsistencies that fueled conspiracy theories. Jin Xiongbai outlined three possibilities: (1) the killers killed the "wrong person" as a warning to Wang Jingwei; (2) they killed Zeng to provoke Wang toward collaboration; or (3) the episode was always part of a broader Chiang-Wang collaboration plan.   In any case, Dai Li showed unusual leniency toward Chen Gongshu, who was never punished and later led the Shanghai station. After Dai Li's agent Li Shiqun was captured in 1941, Li not only spared Chen's life but recruited him on a double-agent basis for the remainder of the war, with Chen retiring to Taiwan. Chiang Kai-shek never discussed the case publicly or in his diary, and his silence was perhaps the strongest indication that he ordered the killing.   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. Wang Jingwei, once a key figure in China's resistance against Japan, grew disillusioned with Chiang Kai-shek's scorched-earth tactics during the Second Sino-Japanese War. Amid devastating events like the Yellow River flood and Changsha fire, which caused immense civilian suffering, Wang joined a peace faction advocating negotiation. Secret talks with Japanese officials led to his defection in 1938. He fled Chongqing to Hanoi, where an assassination attempt, likely ordered by Chiang, killed his secretary Zeng Zhongming instead.   

China has adopted three major pieces of legislation — the Ecological and Environmental Code, the Ethnic Unity and Progress Promotion Law, and the National Development Planning Law — at the closing meeting of the fourth session of the National People's Congress. The passage of these landmark laws has drawn widespread attention. Why move forward with them at the very start of China's 15th Five-Year Plan period? Host Ge Anna is joined by Muhammad Ali Nasir, Professor of Economics, the University of Leeds, currently a visiting professor at Peking University; Einar Tangen, Senior Fellow, Center for International Governance Innovation (CIGI), a Canadian Think Tank; Dr. Zhou Mi, Senior Research Fellow, Chinese Academy of International Trade and Economic Cooperation.

Global financial giant UBS has downgraded U.S. stocks, as markets stumble into one of their worst starts in decades. Is this a routine reset or a warning shot? Where is capital moving now? Are emerging markets the real story? And with geopolitics heating up and the Fed in play, is this a short-term wobble or the start of a structural shift in global capital? Host Tu Yun joins Warwick Powell, Adjunct Professor, Queensland University of Technology, Australia, Li Lun, Assistant Professor of Economics, Peking University, and Chen Jiahe, the Chief Investment Officer of the Beijing-based Novem Arcae Technologies for a close look.

FM highlights significance of relations, emphasizes necessity of multipolarity外交部长王毅阐述中美关系重要性，强调多极化的必要性Calling 2026 a "big year" for China-United States relations, Foreign Minister Wang Yi said on Sunday that the agenda for bilateral high-level exchanges "is already on the table", and both sides need to "treat each other with sincerity and good faith". 3月8日，外交部长王毅在两会记者会上表示，今年是中美关系的“大年”，高层交往的议程已经摆在“桌面上”。双方应以诚相待，以信相交。"China is always committed and open. It is critical that the US side work in the same direction," Wang said at a news conference on the sidelines of the annual two sessions in Beijing.王毅外长表示："中方的态度始终是积极的，也是开放的，关键是美方也要相向而行。""What the two sides need to do now is to create a suitable environment, manage the differences that do exist, and remove unnecessary disruptions," he said.王毅外长强调："现在需要做的是，双方为此做出周全的准备，营造适宜的环境，管控存在的风险，排除不必要的干扰。"President Xi Jinping and US President Donald Trump have been maintaining good interactions at the top level, the foreign minister noted.王毅外长表示，两国元首身体力行，在最高层次上保持了良好交往。The two leaders "have provided important strategic safeguards for the China-US relationship to improve and move forward, and they have brought the relationship back on an even keel after the ups and downs", he added.两国元首"为中美关系的改善发展提供了重要战略保障，也推动中美关系历经跌宕起伏实现了总体稳定。"When the two sides treat each other with sincerity and good faith, they will be able to lengthen the list of cooperation areas and shorten the list of problems, the minister said.王毅说，只要双方以诚相待，以信相交，我们就能不断拉长合作的清单，持续缩短问题的清单。Also, by doing so, the two sides can produce results that are satisfactory to both peoples, achieve a consensus that is welcomed by the whole world, and make 2026 "a landmark year of sound, steady and sustainable development of China-US relations", he added.王毅表示，通过这样的努力，就能在两国元首战略引领下，取得让两国人民都满意的成果，达成国际社会都欢迎的共识，让2026年成为中美关系走向健康、稳定、可持续发展的一个标志性年份。Regarding the ties' far-reaching and global implications, Wang said that "sliding into conflict or confrontation could drag the whole world down".王毅表示，中美关系牵动各方、影响全球，两国不打交道只会导致误解误判，走向冲突对抗更将殃及世界。"Neither side can remodel the other, but we can choose how we want to engage, that is, to commit to a spirit of mutual respect, to hold the bottom line of peaceful coexistence, and to strive for the prospect of win-win cooperation," he said.王毅指出："中美都是大国，都改变不了彼此，但可以改变相处方式。那就是秉持相互尊重的态度，守住和平共处的底线，争取合作共赢的前景"Chen Bo, president of the China Institute of International Studies, said Wang's comments "illustrate Beijing's proactive gesture in advancing ties with major countries and its goal to break new ground in seeking peaceful common growth".中国国际问题研究院院长陈波表示，王毅外长的讲话"表明了中国积极推动大国关系发展、努力在寻求和平发展方面开创新局面的姿态"。Whether China-US ties can take a solid step forward this year "largely depends on whether Washington will work toward the same goal with Beijing", she said.中美关系能否在今年迈出坚实的一步，"很大程度上取决于美方能否同中方相向而行"。Jia Qingguo, a professor and the director of Peking University's Institute for Global Cooperation and Understanding, said, "As long as the US' overarching goal of seeking strategic competition against China remains unchanged, the US government will continue introducing hard-line policies targeting China, and in that case Beijing surely will respond."北京大学国际关系学院教授、北京大学中外人文交流研究基地主任贾庆国表示："只要美国对华战略竞争的总体目标不变，美国政府就会继续推出针对中国的强硬政策，在这种情况下，北京方面肯定会作出回应。""The two sides should step up communication and interactions at various levels", and through dialogue mechanisms of different levels and formats, the two sides can quickly clarify their positions when a problem arises, put it under control at its initial stage and avoid escalation, said Jia, who is also a deputy to the National People's Congress.作为全国人大代表，贾庆国指出："双方应加强各级别的沟通和互动。"他表示，通过不同层级和形式多样的对话机制，双方可以在问题出现时迅速阐明立场，在问题初期加以控制，避免事态升级。When asked whether Beijing accepts the "G2" concept, which suggests that the US and China co-manage global governance, Wang said that "we should not forget there are more than 190 countries on our planet".在被问及中方是否接受“中美共治”框架时，王毅外长表示：“我们不应忘记，这个星球上有190多个国家。”"The future of humanity will be forged through the collective efforts of all nations", and "multipolarity is what the international landscape should look like", he said.王毅说："人类未来一直由各国人民共同创造，多元共生才是人类社会本来的面貌，多极共存才是国际格局应有的样子。"He noted that, in history, great-power rivalry and bloc confrontation have invariably inflicted disaster and pain on humanity.王毅表示，回看历史，每一次大国争霸、阵营对抗，都给人类带来了灾难和痛苦。"Therefore, China will never take the beaten path of seeking hegemony as its strength grows, nor do we subscribe to the logic that the world can be run by major countries," he said.王毅说："为此，中国绝不走国强必霸的老路，也不认同“大国共治”的逻辑。"Wang stressed that building an equal and orderly multipolar world should be the common responsibility of all countries.王毅强调，建设平等有序的世界多极化应当是各国的共同责任。"With more resources and capabilities, major countries should be more generous, shoulder more responsibilities, and set an example of observing rules, honoring commitments and upholding international law," he added.王毅表示："大国拥有更多资源、更大能力，更应展现胸怀担当，带头守规矩、讲信用、遵法治。"When talking about the head-of-state diplomacy that Beijing has planned for this year, the minister said President Xi will host guests from various countries and "undertake several important visits abroad".在谈到今年中国元首外交重点时，王毅外长表示，习近平主席将在国内接待各方来宾，还将开展数起重要的出访。Xi will chair major diplomatic events hosted by China, including the APEC Economic Leaders' Meeting and the second China-Arab States Summit, Wang said.王毅外长指出，习近平主席将主持亚太经合组织领导人非正式会议、第二届中国—阿拉伯国家峰会等重大主场外交。"Head-of-state diplomacy is bound to further advance China's relations with the world in a positive direction, open up new space for building a community with a shared future for humanity, and enable the Chinese nation to make new, greater contributions to world peace and development," he added.王毅表示："元首外交必将推动中国与世界的关系朝着更加积极的方向迈进，必将推动人类命运共同体建设开辟新的境界，必将推动中华民族为世界的和平与发展事业作出新的贡献。"Gao Fei, president of China Foreign Affairs University, said that "China's major-country diplomacy has entered a phase of yielding greater achievements" under the guidance of Xi Jinping Thought on Diplomacy and head-of-state diplomacy.外交学院院长高飞表示，在习近平外交思想的指引下，在元首外交的引领下，"中国的大国外交已经进入到一个大有作为的新阶段"。"The country's diplomacy effectively secures its own development, facilitates world peace and stability, and spreads innovation, win-win spirit, inclusiveness and great morality," he added.中国的外交"有力地保障了中国自身的发展，促进了世界和平与稳定，始终传递着创新、共赢、包容和大义的积极力量"。bring the relationship back on an even keel /brɪŋ ðə rɪˈleɪʃənʃɪp bæk ɒn ən ˈiːvən kiːl/使关系恢复稳定overarching /ˌəʊvərˈɑːtʃɪŋ/首要的；支配一切的hard-line policy /ˌhɑːdˈlaɪn ˈpɒləsi/强硬政策multipolarity /ˌmʌltɪpəʊˈlærəti/多极化great-power rivalry /ˌɡreɪt ˈpaʊə ˈraɪvəlri/大国竞争bloc confrontation /ˈblɒk ˌkɒnfrənˈteɪʃən/集团对抗take the beaten path of /teɪk ðə ˈbiːtn pɑːθ ɒv/走...的老路head-of-state diplomacy /ˌhed əv ˈsteɪt dɪˈpləʊməsi/元首外交major-country diplomacy /ˌmeɪdʒə ˈkʌntri dɪˈpləʊməsi/大国特色外交

Chinese Foreign Minister Wang Yi held his annual press conference on the sidelines of the National People's Congress in Beijing. What key signals does this press conference send about China's diplomatic priorities at a time of profound global uncertainty? Host Ge Anna is joined by Zha Daojiong, Professor of international political economy at the School of International Studies at Peking University; Andy Mok, Professor at Beijing Foreign Studies University.

Welcome to RoundTable new special series: Generation Global: Navigating a Changing World! In this debut episode, Steve and Yushun sit down with Ace Asim, a researcher and student focused on AI and ethics at Peking University, to explore how China's rapid technological advancement looks through the eyes of international youth.

My newsletter: https://simonowens.substack.com/   Michael Fritzell doesn't fit the typical profile of a newsletter writer. Before launching Asian Century Stocks, he spent 15 years inside the machinery of global finance — working in investment banking and eventually managing money for a wealthy family in Singapore. A Swedish native who studied Chinese at Peking University, Michael built a career analyzing overlooked equities across China and Southeast Asia. When he struck out on his own to launch the Asian Century Stocks newsletter in 2021, he wasn't experimenting with a side hustle — he was walking away from a traditional finance track to build a niche media business focused on Asian stocks that most Western investors ignore Launched on Substack and now operating independently, Asian Century Stocks sells in-depth, 40- to 60-page research reports to paying subscribers, many of whom are professional investors accustomed to paying banks tens of thousands of dollars a year for comparable research. Michael positioned himself as a bridge between local Asian markets and global capital — offering deeply reported, independent analysis without the conflicts that often accompany sell-side research. In an interview, he explained how he went from anonymous finance professional to six-figure recurring revenue newsletter operator, why he ultimately left Substack for Ghost, and what it takes to monetize serious financial research in a tightly regulated industry.

My newsletter: https://simonowens.substack.com/   Michael Fritzell doesn't fit the typical profile of a newsletter writer. Before launching Asian Century Stocks, he spent 15 years inside the machinery of global finance — working in investment banking, buy-side firms, and eventually managing money for a wealthy family in Singapore. A Swedish native who studied Chinese at Peking University, Michael built a career analyzing overlooked equities across China and Southeast Asia. When he struck out on his own to launch the Asian Century Stocks newsletter in 2021, he wasn't experimenting with a side hustle — he was walking away from a traditional finance track to build a niche media business focused on Asian stocks that most Western investors ignore   Launched on Substack and now operating independently, Asian Century Stocks sells in-depth, 40- to 60-page research reports to paying subscribers, many of whom are professional investors accustomed to paying banks tens of thousands of dollars a year for comparable research. Michael positioned himself as a bridge between local Asian markets and global capital — offering deeply reported, independent analysis without the conflicts that often accompany sell-side research.    In an interview, he explained how he went from anonymous finance professional to six-figure recurring revenue newsletter operator, why he ultimately left Substack for Ghost, and what it takes to monetize serious financial research in a tightly regulated industry.  

fWotD Episode 3213: Zhang Jingsheng Welcome to featured Wiki of the Day, your daily dose of knowledge from Wikipedia's finest articles.The featured article for Friday, 20 February 2026, is Zhang Jingsheng.Zhang Jingsheng (20 February 1888 – 18 June 1970) was a Chinese philosopher and sexologist. Born Zhang Jiangliu to a merchant family in Raoping County in eastern Guangzhou, Zhang attended Whampoa Military Primary School, where he became a militant supporter of the Tongmenghui revolutionaries. After he was expelled from Whampoa, he met with Tongmenghui leader Sun Yat-sen and entered the Imperial University of Peking. He became an enthusiastic advocate of European ideas of social Darwinism, scientific racism, and eugenics, changing his personal name to Jingsheng, "competition for survival". He was an active member of the Beijing Tongmenghui cell alongside Wang Jingwei, but declined a political post in the aftermath of the 1911 Revolution, instead studying in France.Zhang received a doctorate from the University of Lyon in 1919 for a thesis on Jean-Jacques Rousseau, one of his major philosophical inspirations. On recommendation from Cai Yuanpei, he became a professor at Peking University soon after his return to China in 1920. During the early 1920s, he wrote two books advocating for a society organized around aesthetic principles. In 1926, he published Sex Histories, a sexology text based on stories of sexual encounters he gathered from the public. He was ridiculed by much of the Chinese media and academia for the book, and was often referred to by the mocking nickname Dr. Sex (性博士; Xìng Bóshì) in the tabloid press. A number of unauthorized pornographic sequels were made due to its popularity, leading to confusion about which books were Zhang's original work. He left teaching and settled in Shanghai shortly after the release of Sex Histories. He founded a "Beauty Bookshop" in Shanghai, which published sex-education texts and translations of European literature and philosophy, and edited a monthly periodical he named New Culture. In 1929, he returned to France to work as a translator after his business efforts in Shanghai failed. Four years later, he returned to his home county of Raoping and worked in local politics and education in relative obscurity. He was persecuted by the Red Guards during the Cultural Revolution and died while in confinement in 1970.Loosely inspired by Havelock Ellis, Zhang's sexual thought centers on the absorption of bodily fluids produced during sex, which he saw as important for sexual pleasure and the vitality of the resulting children. His political writings outlined a utopian "New China" which would govern society according to aesthetics and sentimentality. This "aesthetic state" would institute a national eugenics program to resolve what he perceived as the weaknesses of the Chinese race. Although he enjoyed a brief period of academic prestige for his works in the early 1920s, the scandal around Sex Histories destroyed his professional reputation, and he became disconnected from academia. Posthumous scholarly opinions on him and his work range from dismissive to highly supportive. His son Zhang Chao, a local official in Raoping, collected his works and worked to promote his legacy during the 1980s. His former home was rebuilt by the county government in 2004 and converted into Dr. Zhang Jingsheng Park. Collections of his writing began to be published during the 1980s, but a full republication of Sex Histories was not made until 2005, likely due to obscenity laws.This recording reflects the Wikipedia text as of 00:06 UTC on Friday, 20 February 2026.For the full current version of the article, see Zhang Jingsheng on Wikipedia.This podcast uses content from Wikipedia under the Creative Commons Attribution-ShareAlike License.Visit our archives at wikioftheday.com and subscribe to stay updated on new episodes.Follow us on Mastodon at @wikioftheday@masto.ai.Also check out Curmudgeon's Corner, a current events podcast.Until next time, I'm neural Arthur.

As China heads into the Year of the Horse, consumer demand is being released earlier than usual, propelled by the country's longest Spring Festival holiday on record and a coordinated policy push aimed at turning seasonal spending into sustained economic momentum.随着中国迎来马年，消费需求释放时间较往年提前。这得益于创纪录的长春节假期，以及旨在将季节性消费转化为持续经济动能的协同政策推动。The 2026 Spring Festival holiday will run from Feb 15 to 23, spanning nine consecutive days. The extended break—longer than in previous years—is not only reshaping travel and spending plans, but also amplifying the effects of policies designed to unlock consumption potential, particularly in services, travel and experience-driven spending.2026年春节假期将从2月15日持续至23日，共计九天连休。较往年更长的假期不仅重塑了出行与消费计划，更放大了解锁消费潜力的政策效应，尤其在服务、旅游及体验型消费领域。From bustling shopping streets in Beijing to small factories in Zhejiang's Yiwu operating extra production lines, and from reunion dinners booked weeks ahead of Chinese New Year's Eve to a sharp rise in two-way travel, signs of renewed consumption activity are emerging well before the holiday officially begins.从北京熙熙攘攘的商业街，到浙江义乌加开生产线的中小工厂；从数周前就预订好的除夕团圆饭，到双向出行量的显著增长——在春节正式到来之前，消费活动复苏的迹象已然显现。On Beijing's Wangfujing pedestrian street, winter temperatures have done little to slow foot traffic. Flagship stores are drawing a steady stream of overseas visitors, many taking advantage of expanded visa-free access and increasingly seamless digital payment options.北京王府井步行街上，寒冬的低温并未减缓人流脚步。旗舰店吸引着络绎不绝的海外游客，许多人正享受着扩大免签政策带来的便利，以及日益便捷的数字支付方式。Daniel Chan, a tourist from Los Angeles, stepped out of an electronics store with a newly purchased DJI Osmo Nano camera.来自洛杉矶的游客陈丹尼尔（音译）从一家电子产品商店走出，手里拿着刚买到的DJI Osmo Nano相机。"I've wanted this model for months. It's almost impossible to find stock back home, yet here it was available, and the price was very friendly,"Chan said. "It's not just a souvenir—it's cutting-edge technology."陈丹尼尔（音译）说道：“我渴望拥有这款相机已有数月之久。在美国几乎找不到现货，而这里不仅有货，价格还非常实惠。这不仅是件纪念品，更是尖端科技的结晶。”He said he had already started using the camera on the day of purchase. "I haven't explored all its functions yet, but the magnetic design and image quality are quite good," he added.他表示购买当天就已开始使用这台相机。他补充道：“虽然还没完全摸清所有功能，但磁吸设计和成像质量都相当不错。”What impressed him most during his China trip, Chan said, was the speed and convenience of food delivery services. "It's incredibly fast and efficient—almost unbelievable," he said. Dining in restaurants was equally striking, with some offering dish countdown timers and guaranteed serving speeds. "I've hardly ever experienced service like this in the United States."陈丹尼尔（音译）表示，此次中国之行最令他印象深刻的是外卖服务的快捷便利。他说：“速度快得惊人，效率极高——简直难以置信。”餐厅用餐体验同样令人震撼，部分餐厅设有菜品倒计时器并承诺上菜速度。“在美国几乎从未体验过如此服务。”Such experiences are precisely what policymakers hope to encourage.此类经历正是政策制定者希望鼓励的。The "Shopping in China" campaign, first launched in April 2025, aims to create a more internationally friendly consumption ecosystem while stimulating domestic demand through higher-quality supply.“中国购物”活动于2025年4月首次启动，旨在打造更具国际友善度的消费生态系统，同时通过更高品质的供给来刺激国内需求。At the launch of the 2026 "Shopping in China" and New Year Consumption Season in Shanghai on Jan 3, Commerce Minister Wang Wentao said the initiative would focus on goods consumption, services consumption and the development of new consumption scenarios. A series of nationwide events, including apremium consumption month and an international consumption season, will be rolled out, alongside locally tailored programs in 15 pilot cities.1月3日，2026“中国购物季”暨新年消费季在上海启动。商务部部长王文涛表示，本次活动将聚焦商品消费、服务消费及新型消费场景发展。全国将推出高端消费月、国际消费季等系列活动，同时15个试点城市将推出本土化特色项目。With the nine-day Spring Festival approaching, Wang said the Ministry of Commerce, together with other central departments and local governments, will host a "happy shopping for the Spring Festival" campaign as a flagship component of the "Shopping in China" series. The campaign will span food, accommodation, transport, travel, shopping and entertainment, aiming to create an inclusive, festive consumption experience for families at home and travelers on the move.随着为期九天的春节临近，王文涛表示商务部将联合中央各部门和地方政府，推出“欢乐春节·购物中国”系列活动的旗舰项目“欢乐春节·购物中国”。活动将覆盖餐饮、住宿、交通、旅游、购物、娱乐等领域，旨在为居家过节的家庭和外出游玩的旅客创造包容、喜庆的消费体验。More than 1,200 kilometers south of Beijing, Yiwu—the world's largest small-commodities hub—offers a ground-level view of how festive demand is being converted into real orders.距离北京以南1200多公里处，全球最大的小商品集散中心义乌正展现着节日需求如何转化为实际订单的生动图景。In the plush toy section of Yiwu International Trade Market, one horse-themed product has become an unexpected viral hit. Originally launched in mid-October under the name "Mashang Youqian", meaning "immediate prosperity", the toy initially sold about 400 units a day—steady but far from a bestseller.在义乌国际商贸城毛绒玩具区，一款以马为主题的产品意外走红。这款名为“马上有钱”的玩具于十月中旬上市，最初日销量约400件——虽保持稳定但远非畅销品。Its breakout moment came in January, after a minor production-line error resulted in the toy's mouth being stitched incorrectly, giving it a seemingly "tearful" expression. Buyers who received the flawed version posted photos and chat records online while requesting exchanges. The images struck a chord with netizens, who found humor and resonance in the toy's "wronged" look, quickly propelling it to the top of social media trending lists.这款玩具的爆红时刻出现在今年1月，当时因生产线的小失误导致玩具嘴巴缝制错误，呈现出仿佛“泪眼汪汪”的表情。收到瑕疵品的买家纷纷在网上晒出照片和聊天记录要求换货。这些照片意外引发网友共鸣，大家在玩具“委屈”的表情中发现了幽默感，迅速将其推上了社交媒体热搜榜首。Dubbed the "crying horse", the toy was soon labeled the first cultural "dark horse" of the New Year. As demand surged, the factory expanded production lines from two to more than a dozen, lifting daily output to around 15,000 units. The merchant has since applied for a design patent.这款被称为“哭哭马”的玩具，很快被冠以新年首个文化“黑马”的称号。随着需求激增，工厂将生产线从两条扩充至十余条，日产量提升至约1.5万只。该商家已就此申请了外观设计专利。Behind the viral moment, the success mirrors quality and Yiwu merchants' deeply ingrained ability to respond quickly to market signals, from identifying trends to making swift decisions and scaling production with minimal delay.这场病毒式传播的背后，其成功既彰显了商品品质，更折射出义乌商人深植于骨髓的敏锐市场触觉。从洞察趋势到果断决策，再到以最小延迟实现规模化生产，他们总能迅速响应市场信号。Across the toy sector, creative interpretations of the Year of the Horse are proliferating. Products range from zodiac photo frames to blind boxes and decorative figurines.玩具行业正涌现出大量以马年为主题的创意设计，产品涵盖生肖相框、盲盒以及装饰摆件等。Some bestselling items now sell between 40,000 and 60,000 units a day. For popular designs, factories are producing between 50,000 and 100,000 units daily. To maintain speed and creativity, some merchants require their design teams to develop as many as five new styles each day.部分畅销商品目前日销量在4万至6万件之间。对于热门款式，工厂日产量可达5万至10万件。为保持生产速度和设计创新力，部分商家要求设计团队每日开发多达五款新产品。Merchants say interest from foreign buyers has risen, particularly after Spring Festival was added to UNESCO's Representative List of theIntangible Cultural Heritage of Humanity in December 2024.商户表示，外国买家的兴趣有所提升，尤其是在2024年12月春节被列入联合国教科文组织人类非物质文化遗产代表作名录之后。Consumption momentum is also visible in the catering sector, where Chinese New Year's Eve reunion dinners—a core element of Spring Festival culture—are being booked out well in advance.餐饮业的消费势头同样明显，作为春节文化核心元素的除夕团圆饭，早已被提前预订一空。In Beijing, several restaurant chains report that all private rooms across multiple branches are already fully booked, with only limited lunchtime slots remaining. Prices largely match regular menus, though advance reservations and deposits are typically required.在北京，多家连锁餐厅表示其旗下各分店的包间已全部订满，仅剩少量午间时段可预约。价格基本与常规菜单持平，但通常需要提前预约并支付定金。To cope with demand, many restaurants have introducedstaggered dining slots on Chinese New Year's Eve, offering discounts for later sittings. Others have expanded takeaway services, allowing families to enjoy freshly prepared reunion meals at home.为应对需求，许多餐厅在除夕夜推出了错峰用餐时段，晚间时段还提供折扣优惠。另有餐厅扩大了外卖服务范围，让家庭能在家中享用现做的团圆饭。One restaurant in Beijing's Guomao area has launched two takeaway packages priced at 1,988 yuan ($286) for eight to 10 people and 999 yuan for four to six people, with free delivery within the city's Fifth Ring Road. Customers can also order a la carte, providing greater flexibility.北京国贸区某餐厅推出两款外卖套餐：8-10人份售价1988元（约合286美元），4-6人份售价999元，市内五环路内免费配送。顾客也可单点菜品，提供更灵活的选择。An emerging trend is the shift toward county towns and rural venues. In Yinjiang town of Ningbo, Zhejiang province, a countryside resort that opened reservations three months ago, has already sold out large private rooms for the first two days of the holiday, attracting families traveling from neighboring Shanghai, and Jiangsu province.新兴趋势向县城和乡村场所转移。在浙江省宁波市鄞江镇，一家三个月前开放预订的乡村度假村，其大型包间在假期前两天的预订已全部售罄，吸引了来自邻近上海和江苏的家庭游客。Traditional restaurant brands are also moving into rural markets. Managers say demand for reunion dinners and banquets in these areas remains strong, while the supply of mid—to high-end dining options is relatively limited—creating new opportunities for expansion.传统餐饮品牌也正进军农村市场。经营者表示，这些地区对团圆饭和宴会的需求依然旺盛，而中高端餐饮选择的供应相对有限，这为扩张创造了新机遇。The nine-day break is also reshaping travel patterns, triggering a surge in both outbound and inbound tourism.为期九天的假期也在重塑旅游模式，引发出境游和入境游的双双激增。Major travel platforms report that Spring Festival bookings for 2026 have surpassed last year's levels across the board. According to data from Flight Master, as of Jan 16, bookings for domestic flights during the holiday exceeded 4.13 million, up about 21 percent year-on-year. Outbound and inbound flight bookings both climbed to around 700,000.主要旅游平台数据显示，2026年春节期间的预订量全面超越去年同期水平。据飞航大师平台统计，截至1月16日，春节期间国内航班预订量已突破413万次，同比增长约21%。出境及入境航班预订量均攀升至约70万次。Airbnb data show searches by Chinese travelers for overseas accommodation around the Spring Festival period have roughly doubled year-on-year. Many travelers are choosing to stagger trips before or after the official holiday to secure better prices and less crowded itineraries.爱彼迎（Airbnb）数据显示，春节期间中国游客搜索海外住宿的数量同比翻了一番。许多游客选择在法定假期前后错峰出行，以获得更优惠的价格和更宽松的行程安排。Travel agencies are embedding New Year elements into overseas tour products, allowing travelers to retain a sense of festivity even while abroad.旅行社正将新年元素融入海外旅游产品，让游客即使身处异国也能保持节日氛围。Li Mengran, marketing manager of Beijing-based travel agency Utour, said the company has continued its long-standing practices in European tour products. These include customized reunion dinners and dumpling-making activities, alongside wine tastings and interactive prize draws.北京众信旅游集团媒介公关经理李梦然表示，公司在欧洲旅游产品中延续了多年来的传统项目，包括定制团圆晚宴和包饺子活动，同时安排品酒会和互动抽奖环节。"For family travelers, we also prepare red-envelope gifts for children under 16 to enhance the sense of ritual and warmth during the journey,"Li said.李梦然表示：“针对家庭游客，我们还为16岁以下儿童准备了红包礼物，以增强旅途中的仪式感与温馨氛围。”Domestically, culturally rich "intangible heritage towns" are emerging as popular destinations. Data from Qunar show that cities such as Huangshan in Anhui, Jingdezhen in Jiangxi, Quanzhou in Fujian, Foshan in Guangdong and Zigong in Sichuan—all offering immersive intangible cultural heritage experiences—have seen particularly strong hotel booking growth during the winter holiday and Spring Festival period.在国内，文化底蕴深厚的“非物质文化遗产小镇”正成为热门旅游目的地。去哪儿网数据显示，安徽黄山、江西景德镇、福建泉州、广东佛山、四川自贡等提供沉浸式非物质文化遗产体验的城市，在寒假和春节期间酒店预订量增长尤为显著。Inbound tourism is also gaining momentum.入境旅游业也正蓬勃发展。Qunar data show that bookings for domestic flights made using non-Chinese passports during the Spring Festival holiday are up more than 20 percent year-on-year, underscoring the holiday's growing role as a window for international visitors to experience Chinese culture.去哪儿网数据显示，春节期间持非中国护照预订的国内航班量同比增长逾20%，凸显出春节作为国际游客体验中华文化的窗口正发挥着日益重要的作用。This rebound reflects sustained policy support. By the first three quarters of 2025, visa-free inbound visits reached 20.89 million, up more than 50 percent year-on-year. Since the introduction of the 240-hour transit visa-free policy, inbound arrivals across ports have risen 27.2 percent.这一回升态势反映出政策支持的持续性。截至2025年前三季度，免签入境人次达2089万，同比增长逾50%。自实施240小时过境免签政策以来，各口岸入境人次增长27.2%。The World Travel & Tourism Council forecasts that China's tourism sector will grow at an average annual rate of 7 percent over the next decade, with the country on track to become the world's largest tourism market by 2031, surpassing the United States.世界旅游业理事会预测，未来十年中国旅游业将保持年均7%的增长率，预计到2031年将超越美国，成为全球最大的旅游市场。Economists say the early consumption surge reflects the combined effects of policy support, longer holidays and evolving consumer preferences.经济学家表示，消费的早期激增反映了政策支持、假期延长以及消费者偏好变化的综合影响。The Central Economic Work Conference held in December placed expanding domestic demand as the top priority of China's economic policy in 2026, with multiple consumption-supporting policies already rolled out or in the pipeline.去年12月召开的中央经济工作会议将扩大内需确立为2026年中国经济政策的重中之重，多项支持消费的政策已陆续出台或正在酝酿中。Su Jian, a professor at Peking University's School of Economics, said consumption growth has been most visible in services and fast-evolving consumer electronics, including tourism, cultural products, sports and entertainment. Rapid upgrade cycles, he added, continue to support demand for electronics.北京大学经济学院教授苏剑表示，消费增长在服务业和快速发展的消费电子产品领域最为显著，包括旅游、文化产品、体育和娱乐等。他补充道，快速的升级周期持续支撑着电子产品需求。Since last year, targeted consumption-boosting campaigns have delivered tangible results. In 2025, trade-in-related sales exceeded 2.6 trillion yuan, benefiting more than 360 million consumer transactions. Optimized trade-in programs introduced in 2026 are now translating into concrete market activity across regions.自去年以来，定向消费提振举措成效显著。2025年，以旧换新相关销售额突破2.6万亿元，惠及逾3.6亿笔消费交易。2026年推出的优化换购方案，正逐步转化为各地市场的实际行动。International observers have also noted structural changes underway. In its latest flagship annual report, global consultancy Roland Berger said China has entered the "consumption 4.0" era, characterized by resilience.国际观察人士也注意到正在发生的结构性变化。全球咨询公司罗兰贝格企业管理有限公司在其最新旗舰年度报告中指出，中国已进入以韧性为特征的“消费4.0”时代。China's consumption structure is shifting rapidly from survival-oriented spending toward development—and experience-oriented demand, the report noted. By elevating domestic demand expansion to a strategic priority, and encouraging a move from quantitative satisfaction to qualitative enrichment, policymakers are using consumption upgrading to drive supply-side innovation and support high-quality growth.报告指出，中国消费结构正从生存型消费向发展型消费、从物质型需求向体验型需求快速转变。通过将扩大内需提升为战略重点，引导消费从数量满足转向质量提升，决策者正以消费升级为引擎，推动供给侧创新，助力高质量发展。Boosting consumption, policymakers emphasize, is not a short-term fix, but a long-term strategy.政策制定者强调，提振消费并非短期对策，而是长远之策。A State Council executive meeting held on Jan 16 reviewed progress in the consumption-boosting campaign and outlined further steps to cultivate new growth points in service consumption.2026年1月16日召开的国务院常务会议审议了提振消费行动的进展情况，并规划了培育服务消费新增长点的后续措施。The meeting called for improving long-term mechanisms for promoting consumption, raising urban and rural household incomes, implementing the paid leave system and removing unreasonable restrictive measures for consumption.会议要求完善促进消费的长效机制，提高城乡居民收入水平，落实带薪休假制度，取消限制消费的不合理措施。premium consumption/ˈpriː.mi.əm/高端消费staggered dining slots错峰用餐时段intangible/ɪnˈtæn.dʒə.bəl/adj.非物质的

This year's World Economic Forum in Davos unfolds against what an official release describes as the most complex geopolitical environment in decades. As 2026 begins under growing strain, what economic risks lie ahead—and what constructive role can China play? Host Ge Anna is joined by Yan Liang, Professor of Economics, Willamette University; Peter Chang, Former Deputy Director, Institute of China Studies, University of Malaya; and Li Lun, Assistant Professor of Economics at Peking University.

Chinese Foreign Minister Wang Yi has continued China's long-standing tradition of beginning the year with a visit to Africa, a practice now in its 36th year. Against a backdrop of growing global uncertainty, the tour highlights China's commitment to deepening strategic trust with African partners and upholding multilateralism. Mapaballo Mile, Lesotho's Ambassador to China and Wang Jinjie, Research Assistant Professor at Peking University's National School of Development shed more light on the broader significance of Wang Yi's visit and the future of this enduring partnership.

The trajectory of corruption often begins not with a grand heist, but with a simple dinner, according to the details of a case released on Sunday involving a former high-ranking official.根据周日公布的一起涉及前高官的案件细节显示，腐败的轨迹往往并非始于惊天大劫案，而是一顿简单的晚餐。Tang Ren jian, former minister of agriculture and rural affairs, admitted his corruption stemmed from ignoring the Communist Party of China Central Committee's eight-point decision on improving Party and government conduct, according to a freshly aired anti-corruption documentary.据最新播出的反腐纪录片披露，原农业农村部部长唐仁健承认，其腐败行为源于忽视中共中央关于改进党政作风的八项规定。"My illegal acts began with dining violations," Tang said before the camera, stressing the need to "stay prudent from the start".唐仁健在镜头前坦言：“我的违法行为始于餐饮违规，”并强调“从一开始就要保持谨慎”。Coproduced by the CPC Central Commission for Discipline Inspection, the National Supervisory Commission and China Media Group, the four-episode series began airing on Sunday, one day before the opening of the fifth plenary session of the 20th CCDI in Beijing.由中共中央纪律检查委员会、国家监察委员会和中国媒体集团联合制作的四集系列片于周日开播，恰逢二十届中纪委五中全会在北京召开前一天。Previously vice-chairman of the Guangxi Zhuang autonomous regional government and governor of Gansu province, Tang was probed in May 2024. The investigation revealed that his social circle, largely built around dining, tea and mahjong, later became thebribery channel, and what started as casual gatherings turned into "interest transfer" hubs.曾任广西壮族自治区政府副主席、甘肃省省长的唐仁健于2024年5月被立案调查。调查发现，他以餐饮、品茶、打麻将为纽带建立的社交圈逐渐演变为行贿渠道，原本随意的聚会最终沦为“利益输送”的枢纽。Tang described a psychological shift where he grew accustomed to these luxuries, eventually viewing them as "natural and deserved". As his vigilance dropped, business owners exploited the situation to seek favors.唐仁健描述了一种心理转变：他逐渐习惯了这些奢侈待遇，最终视其为“理所当然且应得的”。随着他的警惕性降低，商人们便趁机钻空子谋取私利。To avoid detection, he first wore masks and hats to hotel dinners, and then moved gatherings to private villas and apartments arranged by entrepreneurs.为躲避追查，唐仁健起初戴着面具和帽子参加酒店晚宴，后来又将聚会转移到企业家安排的私人别墅和公寓里。He also colluded with Li Yong, a Beijing antique dealer, using his shops for "power-for-money" deals. Business owners seeking Tang's influence were instructed to purchase overpriced antiques consigned by Tang through Li, disguising bribes as legitimate transactions.唐仁健还与北京古董商李勇勾结，利用其店铺进行“权钱交易”。寻求唐仁健影响力的商人被要求通过李勇购买唐某委托的高价古董，将贿赂伪装成合法交易。After becoming minister of agriculture and rural affairs, Tang created a WeChat group called "Happy Weekends" comprising his family members and business owners. He also had his son open an upscale restaurant near the ministry. The entrepreneurs funded group events by purchasing membership cards at the restaurant, with Tang organizing the events and the entrepreneurs covering the costs.唐仁健就任农业农村部长后，创建了一个名为“快乐周末”的微信群组，成员包括其亲属及商界人士。他还安排儿子在部委附近开办高档餐厅。商人们通过购买该餐厅会员卡为群组活动提供资金，由唐仁健组织活动，商人们承担费用。Starting in 2011, business owners took turns holding lavish birthday parties for him at luxury resorts across the country.自2011年起，企业主们轮流在全国豪华度假村为唐仁健举办奢华的生日派对。The documentary highlights how Tang's poor work conduct directly led to a distorted view of performance. Obsessed with "image projects" to improve his standing, he disregarded local realities in Gansu and insisted on launching chicken farming projects simultaneously in eight counties. Consequently, seven of the projects were suspended, leaving many completed facilities idle or underutilized.该纪录片揭示了唐仁健工作作风不端如何直接导致绩效评估失真。他痴迷于通过“形象工程”提升个人声望，无视甘肃省的实际情况，执意在八个县同时启动养鸡项目。结果七个项目被迫叫停，导致大量建成设施闲置或利用率低下。Tang, a long-serving official in the agricultural sector, meddled in 37 projects, 27 of which were agricultural. His influence-peddling and frequent dining with subordinates fostered an unhealthy political ecosystem. Even on the eve of being placed under residential surveillance, Tang reportedly attended a late-night drinking session.唐仁健作为农业部门资深官员，曾插手37个项目，其中27个涉及农业领域。其利用职权谋私利的行为及频繁与下属宴饮的作风，滋生了病态的政治生态。据报道，即便在被实施居住监视的前夜，唐仁健仍出席了一场深夜酒局。Expelled from the Party and dismissed from public office in November 2024, Tang was sentenced in September 2025 to death with a two-year reprieve, lifelong deprivation of political rights and confiscation of all property for accepting more than 268 million yuan ($38.4 million) in bribes.唐仁健于2024年11月被开除党籍并撤销公职，2025年9月因受贿2.68亿余元（合3840万美元）被判处死刑缓期两年执行，剥夺政治权利终身，并没收全部财产。The central discipline inspection and national supervision authorities noted that the interweaving of poor work conduct and corruption is a key issue in current efforts to improve Party conduct and combat corruption, urging the simultaneous investigation and rectification of both.中央纪委国家监委指出，工作作风问题与腐败问题相互交织，是当前推进党风建设、反腐败斗争中的关键问题，要求对两类问题同时查办、同步整改。Governing efficiency hurt治理效率受损Zhuang Deshui, deputy director of Peking University's Research Center of Public Policy, said that efforts to improve conduct and fight corruption were once fragmented. Conduct issues were considered "minor corruption", while anti-corruption efforts targeted "major corruption". The lack of synergy hurt governance efficiency.北京大学公共政策研究中心副主任庄德水指出，过去在改进作风和反腐方面存在割裂现象。作风问题被视为“小腐败”，而反腐工作则针对“大腐败”。这种缺乏协同性的做法损害了治理效能。"Many major corruption cases originate from minor misconduct, and rooting out major corruption requires addressing trivial issues first," he said.庄德水表示：“许多重大腐败案件都源于细微的违规行为，要根除重大腐败，必须先解决这些琐碎问题。”Over the past year, authorities have piloted initiatives using big data to link work conduct and anti-corruption information channels, enabling cross-verification to cut the source link between unhealthy tendencies and corruption.过去一年间，相关部门试点运用大数据技术，将工作行为与反腐信息渠道相衔接，通过交叉核查切断不良倾向与腐败行为的源头关联。However, institutional development remains insufficient. Zhuang said strengthening the top-level design of the supervision system and integrating disciplinary, supervisory, inspection, financial and audit oversight to build a unified framework is imperative.然而，制度建设仍显不足。庄表示，必须加强监管体系的顶层设计，整合纪律检查、监管、监察、财政和审计等监督职能，构建统一的监管框架。Ji Yaping, dean of the School of Administrative Law at Northwest University of Political Science and Law, noted that the core goal of simultaneous investigation and rectification is to eliminate the breeding ground for corruption at its source.西北政法大学行政法学院院长姬亚平指出，查办与整改并举的核心目标，在于从源头上消除腐败滋生的土壤。He said that unhealthy conduct induces corruption, and correcting such conduct is key to resolving corruption problems. Severe misconduct in cadre selection, for example, can breed cliques, sycophancy and even political fraudsters.姬亚平表示，不良行为会滋生腐败，纠正此类行为是解决腐败问题的关键。例如，干部选拔中的严重失职会导致派系形成、阿谀奉承，甚至催生政治骗子。Only strict, transparent standards can eradicate this problem, he added.姬亚平补充道，唯有严格透明的标准才能根除这一问题。trajectory/trəˈdʒek.tɚ.i/n.（射体在空中的）轨道，轨迹bribery/ˈbraɪ.bɚ.i/n.贿赂；收买entrepreneur/ˌɑːn.trə.prəˈnɝː/n.（尤指涉及风险的）企业家，创业者idle/ˈaɪ.dəl/adj.闲置的

Recently, the term “U.S. death line” has been trending across Chinese social media. Originally a term from the gaming world, it's now being used to describe the financial fragility haunting everyday Americans. Why are so many people in the U.S. just one crisis away from poverty? What does it tell us about the deep-seated institutional gaps in the country's social safety net? Host Xu Yawen joins Prof. Li Lun, Assistant Professor of Economics at Peking University, and Prof. Josef Gregory Mahoney, Professor of Politics and International Relations at East China Normal University, for a chat.

Yuval Golan is the founder and CEO of Waltz, a fintech-proptech-wealthtech startup that makes it simple for foreigners to invest in, purchase and manage U.S. residential real estate remotely. Featured by CNBC, Yahoo Finance, The Washington Post and HousingWire with over 1.5 billion impressions globally, he has managed operations generating billions of dollars across 18 countries. His expertise spans M&As, leveraged buyouts, venture capital and real estate investment, with properties in the U.S., Europe, China and Israel. Previously CEO of Unique 1 Asia International, he holds degrees in economics and business from Utrecht University and Luiss Guido Carli University and a joint Executive MBA from Northwestern University's Kellogg School of Management and Peking University. Recognized as Inman's 2024 Entrepreneur of the Year, Yuval is a global citizen fluent in several languages.In this episode we discuss how investors living abroad can invest in and finance properties in the U.S. Yuval shares insights into the American real estate market and outlines the steps foreign investors must take to purchase property remotely. He explains the challenges international buyers face—such as financing, legal requirements and property management—and details how fintech solutions like Waltz simplify the process. Our conversation highlights strategies to overcome obstacles and capitalize on U.S. real estate opportunities from anywhere in the world.You Can Find Yuval @:Website: https://www.getwaltz.com/LinkedIn: https://www.linkedin.com/in/yuvalgolan1/

China has issued draft rules that would tighten regulation of artificial intelligence services designed to simulate human personalities and engage users in emotional interaction. The draft lays out a regulatory approach that would require providers to warn users against excessive use and to intervene when users show signs of addiction or extreme emotions. In other words, it is targeting the potential psychological and emotional risks of AI-powered chatbots. Why is China seriously paying attention to this field? What does the move tell us about China's mentality in AI governance? Host Ding Heng is joined by Li Lun, Assistant Professor of Economics at Peking University; Andy Mok, Professor at Beijing Foreign Studies University; Professor Yao Shujie, Deputy Director of the Department of Social Sciences, Chongqing University.

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

Almost every serious discussion about options to constrain the development of advanced AI results in someone raising the question: “But what about China?” The worry behind this question is that slowing down AI research and development in the US and Europe will allow China to race ahead.It's true: the relationship between China and the rest of the world has many complications. That's why we're delighted that our guest in this episode is Kayla Blomquist, the Co-founder and Director of the Oxford China Policy Lab, or OCPL for short. OCPL describes itself as a global community of China and emerging technology researchers at Oxford, who produce policy-relevant research to navigate risks in the US-China relationship and beyond.In parallel with her role at OCPL, Kayla is pursuing a DPhil at the Oxford Internet Institute. She is a recent fellow at the Centre for Governance of AI, and the lead researcher and contributing author to the Oxford China Briefing Book. She holds an MSc from the Oxford Internet Institute and a BA with Honours in International Relations, Public Policy, and Mandarin Chinese from the University of Denver. She also studied at Peking University and is professionally fluent in Mandarin.Kayla previously worked as a diplomat in the U.S. Mission to China, where she specialized in the governance of emerging technologies, human rights, and improving the use of new technology within government services.Selected follow-ups:Kayla Blomquist - Personal siteOxford China Policy LabThe Oxford Internet Institute (OII)Google AI defeats human Go champion (Ke Jie)AI Safety Summit 2023 (Bletchley Park, UK)United Kingdom: Balancing Safety, Security, and Growth - OCPLChina wants to lead the world on AI regulation - report from APEC 2025China's WAICO proposal and the reordering of global AI governanceImpact of AI on cyber threat from now to 2027Options for the future of the global governance of AI - London Futurists WebinarA Tentative Draft of a Treaty - Online appendix to the book If Anyone Builds It, Everyone DiesAn International Agreement to Prevent the Premature Creation of Artificial SuperintelligenceMusic: Spike Protein, by Koi Discovery, available under CC0 1.0 Public Domain DeclarationC-Suite PerspectivesElevate how you lead with insight from today's most influential executives.Listen on: Apple Podcasts Spotify

China's 2026 national civil service exam for central government institutions was held on Sunday amid fierce competition, with an average of 74 applicants vying for each available position this year.2026年中国中央政府机构公务员考试于周日举行，竞争异常激烈，今年平均每个职位有74名考生角逐。A total of 3.718 million candidates passed the initial verification process and about 2.83 million people sat for the exams to compete for only 38,100 positions, making this year's recruitment process the most intense in the exam's history, according to the State Administration of Civil Service.国家公务员局数据显示，共有371.8万名考生通过初审，约283万人实际参加考试，而岗位仅3.81万个，使今年成为公务员考试史上竞争最激烈的一届。The applicant pool has increased dramatically in recent years, rising from about 2.6 million in 2023 to over 3.7 million this year.近年来申请人数激增，从2023年的约260万增至今年的370万以上。One standout example of the exam's competitiveness is a police officer position in Ruili, Yunnan province with the National Immigration Administration, which attracted 6,470 applicants for a single opening.该考试竞争激烈的一个典型例子是云南省国家移民管理局瑞丽遣返中心的一个警官职位，仅一个空缺就吸引了6470名应聘者。A significant reform to this year's exam was the relaxation of age restrictions, which is in line with China's progressive approach to delaying the legal retirement age. The general applicant age limit was raised from 35 to 38, while new graduates with master's and doctoral degrees will now be eligible up to age 43, representing a three-year extension from previous limits.今年考试的一项重大改革是放宽了年龄限制，这与中国逐步推迟法定退休年龄的政策相呼应。普通报考者的年龄上限从35岁提高到38岁，而硕士和博士学位的新毕业生现在最高可至43岁，比以往限制延长了三年。Experts said this year's national civil service exam, the first to break the "age 35 threshold", establishes a significant precedent for more inclusive public sector recruitment processes. The reforms not only expand opportunities for experienced professionals but also set important benchmarks for private sector hiring practices, promoting ability-based talent selection across Chinese society, they said.专家指出，今年全国公务员考试首次打破“35岁年龄限制”，为公共部门招聘流程建立更包容的机制树立了重要先例。他们表示，这项改革不仅为经验丰富的专业人士拓展了职业发展空间，也为私营企业招聘实践树立了重要标杆，推动全社会践行能力本位的人才选拔机制。This policy adjustment acknowledges the valuable experience and capabilities that professionals in their mid-30s have accumulated, said Zhu Lijia, a professor at the National Academy of Governance.国家行政学院教授朱立佳表示，这项政策调整充分认可了35岁左右专业人才所积累的宝贵经验和能力。Including them in the public service can significantly enhance the quality of government departments, he told China News Service.他告诉中国新闻社，将他们纳入公共服务体系，能够显著提升政府部门的质量。The age limit reform has generated substantial social impact, with many provincial-level civil service exams in regions including Shanghai and the provinces of Sichuan and Jiangsu already adopting similar relaxed age policies. Experts anticipate this trend will expand to more regions and public institution recruitment processes.年龄限制改革引发了显著的社会影响，上海、四川、江苏等地的省级公务员考试已纷纷采取类似放宽年龄的政策。专家预测，这一趋势将扩展至更多地区及公共机构的招聘流程。For many older candidates, the policy change represents a second chance at public service careers. Zhou Ming, a 35-year-old professional working in the internet industry in Guangdong province, expressed renewed hope. "This feels like an opportunity to re-enter the competition when I thought my chances had passed."对许多年长的应聘者而言，这项政策调整意味着重返公共服务岗位的第二次机会。在广东从事互联网行业的35岁专业人士周明（音译）重燃希望：“当我以为机会已经错过时，这感觉像是重新获得竞争资格的契机。”However, challenges persist for older applicants. The exam structure continues to show a strong preference for new graduates, with approximately 66.7 percent of the available positions reserved for recent graduates. This leaves limited options for experienced professionals seeking career transitions.然而，年长申请者仍面临诸多挑战。考试结构持续向应届毕业生倾斜，约66.7%的职位名额专为应届毕业生保留。这使得寻求职业转型的资深专业人士选择有限。Yi Dinghong, from Huatu Education, a training institution for civil service exams, said older candidates often face unique challenges. "They typically balance work and family responsibilities while preparing for examinations," he noted. "However, their extensive work experience and developed competencies in communication, coordination, and stress management provide distinct advantages during interview stages."华图教育公务员培训机构的易定宏指出，年长考生常面临独特挑战。“他们通常需要在备考期间兼顾工作与家庭责任，”他强调，“但丰富的职场经验以及在沟通协调、压力管理方面形成的综合能力，使他们在面试环节具备显著优势。”Ma Liang, professor of Peking University's School of Government, said that as retirement ages extend and educational periods lengthen, people enter the workforce later. Relaxing age restrictions represents an inevitable trend that aligns with evolving workforce demographics.北京大学政府管理学院教授马亮指出，随着退休年龄推迟和受教育年限延长，人们进入劳动力市场的年龄不断推迟。放宽年龄限制是顺应劳动力人口结构变化的必然趋势。Ma further suggested that future adjustments might include the complete removal of age limits, though this will be a gradual process and require corresponding reforms in career advancement systems to ensure fair development opportunities for all employees.马亮进一步建议，未来的调整可能包括完全取消年龄限制，但这将是一个渐进的过程，需要对职业晋升体系进行相应改革，以确保所有员工都能获得公平的发展机会。civil service exam国家公务员考试State Administration of Civil Service国家公务员局

PREVIEW — Gordon G. Chang — American Enterprise in China: Frustration and the Shift to Supply Webs. John Batchelor and Chang discuss American enterprises encountering significant market opportunities in China but experiencing persistent disappointment, frustration, and strategic retreat due to China's "pirate stance" on intellectual property protection. American businesses, though historically overly optimistic regarding trade expansion trends, are systematically developing alternative sourcing arrangements—constructing "supply webs" rather than centralized supply chains—as they confront the serious, escalating trade friction and intellectual property theft. 1918 PEKING UNIVERSITY

On this episode of China Field Notes, host Scott Kennedy talks with Yao Yang, one of China's most thoughtful and influential economists. Dr. Yao, who spent most of his career at Peking University and recently moved to the Dishuihu Advanced Finance Institute at the Shanghai University of Finance and Economics, discusses his entry into the economics profession, the sources of China's growth, why Xiaomi is currently his favorite Chinese company, the challenge of tackling involution, and the state of U.S.-China relations, and his own ongoing research.

Send us a textIt was so great to know more about the international perspective in Myopia management. Listen to this episode as I talk to Dr. Maria Liu on how they do Myopia in China.About Dr. Maria Liu:Dr. Maria Liu is an associate professor at UC Berkeley School of Optometry, and the founder of the Myopia Control Clinic of UC Berkeley Eye Center. She received her bachelor degree of clinical medicine from Peking University, her OD from Pacific University, her PhD and MPH from UC Berkeley. She is a world renowned clinical researcher in the field of myopia and her expertise focus on the impact of complex multifocal environment on emmetropization and myopia development, as well as novel optical and pharmaceutical treatments in myopia retardation.Where to find her:https://www.linkedin.com/in/maria-%E5%88%98%E6%82%A6-liu-754185b/---If you're considering or have ever considered getting a virtual team member for your practice check out hiredteem.com, mention The Myopia Podcast when signing up for a $250 dollar discount off of your first month's teem member.https://hireteem.com/myopia-podcast/

PREVIEW. China's Narrative of Western Decline: Targeting Europe and US Colonial History. Steve Yates discussed China's political warfare suggesting Europe and the United States are colonial masters in "severe decline." China points to population decline, demographic changes, and the degradation of their projection of power. China's narrative targets both the US and Europe, suggesting Europe is declining even more so than America. 1950 PEKING UNIVERSITY

 Colonel Grant Newsham assesses South Korea's leftist President Yoon Suk Yeol, describing him as pro-China and anti-US, despite his vow to increase defense spending. Newsham views this spending partly as a tactical ploy to avoid reliance on US troops. Separately, he highlights Chinese influence and rampant corruption in the US territory of the Commonwealth of the Northern Mariana Islands (CNMI), which is brazenly seeking $100 million from the USdespite $1.6 billion having vanished. 1911 PEKING UNIVERSITY

Real estate investing doesn't need to be slow, confusing, or local.   In this episode of the Registered Investment Advisor Podcast, Seth Greene interviews Yuval Golan, CEO and Founder of Waltz, a groundbreaking fintech-proptech platform that simplifies U.S. real estate investing—especially for foreign nationals. With experience working in 18 countries and living in 9, Yuval created Waltz to eliminate the red tape and delays that frustrate global investors trying to navigate the U.S. market. Today, Waltz offers a fully digital, end-to-end experience, covering entity formation, banking, lending, and closing, with over $300 million in applications processed so far.   Key Takeaways: → Why U.S. real estate is a “blue chip” investment for foreign nationals. → How Waltz turns complex transactions into a few digital clicks. → The three paths investors take to get started with Waltz. → Why Waltz is built on compliance-first infrastructure. → How Waltz partners with real estate agents, brokers, and family offices. Yuval Golan is the Founder and CEO of Waltz, a Fintech-Proptech-Wealthtech startup simplifying how foreigners invest in, purchase, and manage U.S. residential real estate. His leadership has been recognized globally, with features in Bloomberg, Forbes, Yahoo Finance, The Washington Post, HousingWire, and more—garnering over 2.5 billion media impressions. He has also earned accolades including the 2024 Inman Best of Proptech, the Miami Israel Collective Community Recognition Award, and the FiNext Leadership Visionary Award. With experience spanning operations that generated billions across 18 countries, Golan brings deep expertise in M&A, venture capital, leveraged buyouts, and global real estate investment. Previously CEO of Unique 1 Asia International, he has built a career in business development, finance, consulting, fundraising, and sales. A true global citizen, Golan holds a BS in Economics and Business, a Joint Executive MBA from Northwestern's Kellogg School of Management and Peking University, and is fluent in multiple languages.   Connect With Yuval: Website Instagram Facebook LinkedIn YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Sinica, I chat with Peking University's Professor Wang Dong (王栋), an international relations scholar at the School of International Studies at Peking University, where he also serves as Deputy Director and Executive Director of the Office for Humanities and Social Sciences and the Institute for Global Cooperation and Understanding. Professor Wang's scholarship and public commentary focus on U.S.–China relations, Cold War history, and the uses of historical memory in diplomacy. He has been an especially thoughtful voice in connecting the Flying Tigers legacy with today's efforts to stabilize and strengthen the people-to-people ties between our two countries.Check back in a day or two for the full podcast page and the transcript!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

PREVIEW: HEADLINE: China's Economic Crisis: A Conversation with Anne Stevenson-Yang GUEST NAME: Anne Stevenson-Yang SUMMARY: John Batchelor speaks with Anne Stevenson-Yang, author of Wild Ride, about China's economic struggles, including deflation, factory overcapacity, and a collapsed housing market. Stevenson-Yang asserts that China'scurrent strategy of redirecting investments is insufficient to overcome these issues, indicating that the nation's inability to adopt a radically different approach means its economic problems will persist. 1918 PEKING UNIVERSITY

BOOK TITLE: The Decisive Decade: American Grand Strategy for Triumph over China AUTHOR: Jonathan DT Ward HEADLINE: The Russia-China Axis: A Decade in the Making and Shaping the Future The invasion of Ukraine on February 24, 2022, and the apparent Russia-China alliance marked a critical turning point. This "no limits partnership" is an iteration of their "comprehensive partnership of strategic coordination for a new era," with deep philosophical, military, and economic dimensions. This axis, in the making for a decade, signifies a return to a world divided between allies and adversaries, dictatorships and democracies, with China as the primary driver of this geopolitical shift. 1957 MA AND ZHOU, PEKING UNIVERSITY

: John Batchelor 09-03 segment 7.mp3 Guests: Gordon Chang and Captain James Fanell, United States Navy retired, intelligence officer for the Seventh Fleet and for the Indo-Pacific Theater. Pacific Tensions: Philippines, China, and US Naval Strategy Captain James Fanell and Gordon Chang analyze China's strategic ambition to subjugate the Philippines, building militarized islands in the South China Sea. Fanell highlights Scarborough Shoal as a critical "cork in the bottle," potentially used by China as a military base. He notes the Philippines' new forward operating base with anti-ship missiles in the Bashi Channel as a counter. Fanell suggests a reinvigorated US Navymorale and a shift in the Pentagon's approach to deter China. 1918 PEKING UNIVERSITY                                                             

John Batchelor 09-03 segment 10.mp3 Guest: Brett Arends of Market Watch. Addressing Bond Market Turmoil Brett Arends explains that the troubled bond market stems from unsustainable national debt and recent court rulings questioning President Trump's tariffs. He advises Donald Trump to support Federal Reserve independence, abandon attacks on Jerome Powell and Lisa Cook, and work with Congress on tariffs to ensure fiscal sustainability and calm market anxieties. Arends notes that gold's all-time high reflects a lack of market confidence. PEKING UNIVERSITY

In this episode of Money Tales, our guest is John Dinsmore, PhD. Fear of failure can be a powerful motivator. John never intended to become a marketing expert. During college and beyond John was in a rock band called "Fried Moose." He tells us that, at the time, he was so afraid of letting his bandmates and family members down as he pursued a career in music that he threw himself into band promotion and merchandising. That fear-driven hustle accidentally built the exact skills that would later land John his first marketing job and eventually make him a professor who is focused on financial decision-making. John Dinsmore is a Professor of Marketing at Wright State University in Dayton, Ohio and author of The Marketing of Debt: How They Get You. He is regularly featured in publications such as Forbes, CIO, CBS Marketwatch and US News & World Report for his market commentary and is a frequent conference speaker at organizations such as the American Marketing Association and the Association for Consumer Research. At Wright State, Professor Dinsmore teaches a variety of courses including Digital Marketing, Strategy and Creativity & Problem-Solving, garnering multiple teaching awards. He has provided executive training services to the United States Air Force and Speedway Corporation. His academic research primarily focuses on financial decision-making, methods of payment, and mobile applications, having been published in academic journals including Psychology & Marketing, Journal of Business Research and International Journal of Research in Marketing.  He also recently wrote a chapter for the Handbook of Experimental Finance. Dinsmore has published business cases designated at “Best Sellers” by Harvard Publishing focusing on strategy and analytics. These cases are taught in MBA programs across North America, Europe, Asia, and South America at institutions such as University of Chicago, Peking University, and King's College. This Fall, he will be a featured speaker at TEDx-Dayton to discuss his research on financial decision-making. Prior to earning his PhD, John Dinsmore worked in the marketing industry for 14 years in various roles. Dinsmore holds a BA in Political Science from James Madison University, an MBA in Marketing & Finance from University of Georgia, and a PhD in Marketing from University of Cincinnati. He lives in Dayton, Ohio with his wife, two sons, and a gigantic bulldog named Creed.

“The knowledge we learn may not change. The way we learn will change very fast.” Dr. Ge Jin explains how large language models are transforming the way geophysics is taught and learned, particularly by enhancing access to clear explanations and accelerating research. He shares why assessment must evolve and how allowing LLMs in coding classes, while focusing on physics and logic, helps students solve harder problems. The conversation explores prompt engineering, secure AI use in industry, transparent writing practices, and the opportunity to build an SEG library-powered model for cutting-edge knowledge. KEY TAKEAWAYS > Prompt power: Knowing how to ask AI the right way is becoming as important as knowing where to find the answer - daily practice builds skill and confidence > Continuous learning boost: LLMs speed up literature research and concept review, letting geophysicists grasp new fields in hours instead of weeks > Strategy ahead: Training AI on the SEG library could provide reliable, advanced knowledge, alongside company‑specific models that protect data and address language bias. GUEST BIO Dr. Ge Jin is Associate Professor of Geophysics and co-PI of Reservoir Characterization Project at Colorado School of Mines. His research focuses on Distributed Fiber-Optic Sensing (DFOS) applications in the fields of oil & gas, geothermal, CO2 sequestration, smart city, and earthquake hazard. He is also interested in machine-learning applications and seismic imaging. He obtained his Ph.D. in Geophysics from Columbia University in the City of New York, and dual B.S. in Geophysics and Computer Science from Peking University in Beijing. He worked as a research geophysicist in the oil industry for five years before joining Colorado School of Mines as a faculty member in 2019. LINKS * Read Ge Jin's article, "President's Page: The transformative role of large language models in geophysics education," at https://doi.org/10.1190/tle44050326.1 * Attend IMAGE '25 - https://www.imageevent.org/ * Learn more about the new podcast series, Inside IMAGE, presented by Seismic Soundoff - https://www.imageevent.org/podcast