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China has discovered a major oilfield in the central and northern parts of the Bohai Sea, with proven reserves of 104 million tons of oil, marking a monumental find in the region following a decade of search efforts, state-owned oil giant CNOOC announced on Monday.

The Qinhuangdao 27-3 oilfield, located 200 kilometers west of North China's Tianjin, is a 48.9-meter-thick oil layer in a 1,570-meter-deep well. With reserves exceeding 100 million tons of oil equivalent, testing has shown that the oilfield can produce about 110 tons of crude oil per day, showing promising exploration prospects.

With a regular extraction pace, the Qinhuangdao 27-3 oilfield could produce nearly 20 million tons of crude oil, enough to meet the daily transportation needs of a city with a population of a million people for over a decade. The refined asphalt could be used to build over 100,000 kilometers of four-lane highways, said Zhou Jiaxiong, a manager of CNOOC Tianjin branch.

The discovery of the Qinhuangdao 27-3 oilfield represents a successful practice of the company's new exploration strategy in the Bohai Sea. By changing the existing exploration approach, researchers identified the rich oilfield from a strike-slip fault zone in a complex structure area.

The Qinhuangdao 27-3 oilfield is the sixth 100 million-ton class oilfield discovered in the Bohai Sea since 2019 and the first in the central and northern parts of the sea in a decade, said Xu Changgui, deputy chief exploration engineer at CNOOC.

This discovery not only confirms the vast prospects for oil and gas exploration in the complex strike-slip fault zones of the Bohai Sea but also injects strong momentum into the development of China's offshore oilfields. It will play a significant role in securing China's energy supply and supporting the coordinated development of the Beijing-Tianjin-Hebei region, Xu added.

The discovery of the Qinhuangdao 27-3 oilfield is part of China's ongoing progress in the oil and gas sector, with CNOOC having made significant discoveries in recent years, including the Bozhong 26-6 deep-reservoir oilfield in the Bohai Sea and the Baodao 21-1 gas field in the western South China Sea.

On March 8, CNOOC announced China's first deep-water, deep-reservoir oilfield in the South China Sea, the Kaipingnan oilfield, which has proven reserves of 102 million tons of oil equivalent.

CSRC releases 4 files to enhance supervision, management on capital market

The Chinese capital market has shown signs of improvement, with an increase in active trading sentiment in fund products and a return of foreign inflows. Experts attribute the positive developments to recent regulatory efforts aimed at protecting investor rights and strengthening market regulation, adding that these measures are paving the way for long-term, high-quality growth in China's capital market.

Chinese real estate investment trusts (REITs) are experiencing a resurgence in market sentiment, with multiple cases of "single-day sellouts."

A clean-energy REIT product managed by Harvest Fund announced the early completion of its fundraising due to strong investor demand on Tuesday. Last week, an expressway REIT product under E Fund Management, ended the subscription earlier than the originally planned date due to strong demand from investors.

The Anxin Changxin Enhanced Bond Fund, issued by Essence Fund, was established on Tuesday with a net subscription amount of about 8 billion yuan ($1.12 billion) and had more than 15,000 total subscribers during the fundraising period from February 26 to March 6, making it the largest fund of the year, the China Securities Journal reported on Tuesday.

Foreign money is trickling back in. An analysis by UBS Securities on Thursday said that the firm maintains a positive stance on A shares, with an optimistic and proactive attitude. With regulatory intervention and the overall improvement in liquidity, it expects the short-term rebound in the A-share market to continue.

On March 3, Goldman Sachs released a report stating that governance reforms focusing on valuation and shareholder returns will attract foreign capital, while maintaining a high rating for Chinese A shares. Morgan Stanley's latest report on March 5 indicated that global funds are returning to the Chinese stock market.

Recent positive changes reflect investors' high confidence in the market and its prospect of healthy development, experts said.

Following the eight-day Spring Festival holidays, the market has continuously risen, with the Shanghai Composite Index standing above the 3,000-point mark as of Tuesday's closing.

Several sectors have started to quietly rebound from their lows, and the market's profit-making potential is becoming more evident, Yang Delong, chief economist at the Shenzhen-based First Seafront Fund, told the Global Times on Tuesday.

The A-share main indexes experienced some fluctuations in Tuesday's trading. By the closing bell, the Shenzhen Component Index was up 0.51 percent and the ChiNext Index had increased 0.83 percent. A total of 3,700 stocks saw gains.

Total trading volume reached 1.15 trillion yuan, marking the second consecutive day it exceeded 1 trillion yuan. Northbound funds net buying hit 4.244 billion yuan.

Experts attributed the confidence to a steady stream of policy support by Chinese securities regulators to stabilize the market.

During a press conference on the sidelines of the just-concluded two sessions, Wu Qing, head of the China Securities Regulatory Commission (CSRC), emphasized the importance of prioritizing investors, combating financial fraud, and encouraging listed companies to engage in cash dividends and buybacks.

These measures are beneficial for boosting investors' confidence and the high-quality development of the Chinese capital market, Yang said.

The CSRC's focus on improving the quality of listed companies, promoting long-term investment concepts, enhancing basic systems, establishing more effective market regulation mechanisms, encouraging higher quality services, and implementing stricter regulatory enforcement all show the latest regulatory philosophy, Tao Chuan, an economist with Suzhou-based Soochow Securities, told the Global Times on Tuesday.

In particular, the CSRC has vowed to "take action decisively" when the market experiences "irrational and violent fluctuation, liquidity dries up, there is market panic or a severe lack of confidence, and other extreme situations," which helps to rebuild investor confidence in the capital market, Tao said.

In response to a recent notice from the State Council and People's Bank of China (PBC), China's leading payment platforms Alipay and Weixin Pay have introduced a series of measures to improve payment services for foreign nationals. This initiative marks China's latest effort to facilitate easier access for foreigners visiting the country.

Following the notice issued by the central bank and the State Council on Thursday, Alipay announced enhancements to its services for foreigners, including increased transaction limits, the ability to link international bank cards, and the introduction of new services such as multi-lingual support. It also supports 10 overseas online wallets to directly use Alipay's services.

Similarly, Weixin Pay, one of China's major payment platforms, updated the process for foreign users to link international bank cards by simplifying identity verification and registration requirements.

The changes have led to a significant increase in transactions through Weixin Pay with international cards, with the number of daily transactions in February 2024 rising nearly fivefold compared to pilot phases of the services.

These measures stem from China's central bank and State Council's latest efforts to improve online payment services and reflect China's commitment to implementing a high-level of opening-up.

On March 1, PBC announced measures to guide Chinese payment platforms to increase the single transaction limit for foreign nationals using mobile payment services from $1,000 to $5,000 and the annual transaction limit from $10,000 to $50,000, as part of efforts to enhance payment convenience.

On Thursday, the State Council revealed plans to improve payment services for international consumers at various tourism and entertainment venues, both online and offline. The central bank also stressed to continue enhancing mobile payment convenience for foreigners and to optimize the environment for using bank cards and cash.

The new measures are expected to significantly ease consumption by foreigners in China, a country known for its widespread adoption and large scale of mobile and online payment systems. According to data from Bank of China, from February 9 to 14, the China UnionPay and NetsUnion Clearing Corporation processed 15.38 billion online payment transactions, amounting to 7.74 trillion yuan ($1.08 trillion), reflecting a year-on-year increase of 15.8 percent and 10.1 percent respectively.

In a related move to attract more foreigners to China, Foreign Minister Wang Yi announced on Thursday that from March 14 China will waive visa requirements for citizens from six European countries, including Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg. It is expected to further boost tourism and promote China's ongoing efforts toward greater openness.

The US' escalating suppression of China's auto industry is a typical example of the politicization of trade and economic issues, experts said on Wednesday, warning that the US action will backfire and will hinder the development of the world's auto sector.

Republican US Senator Marco Rubio on Tuesday proposed sharply boosting tariffs on Chinese vehicle imports to stop the country "from flooding US auto markets," as part of Washington's latest effort to protect American automakers and auto workers, according to Reuters.

The report said that Rubio is also proposing legislation to extend tariffs to vehicles produced by Chinese automakers in other countries like Mexico and to limit subsidies for electric vehicles to those that meet stringent North American free trade rules.

"This is a manifestation of the US politicization of auto trading. After the 5G industry represented by Huawei, the US has made new-energy vehicles the second target to restrict China's technological development," Zhang Xiang, director of the Digital Automotive Intliu ernational Cooperation Research Center of the World Digital Economy Forum, told the Global Times on Wednesday.

Zhang noted that using so-called "information security," a completely trumped-up charge, the US has enhanced its suppression of Chinese automobiles, even though this is unilateral and violates international free trade norms.

"Blocking Chinese car imports will affect the progress of the US auto industry, as the US' new-energy technology is relatively backward compared with the level in China. If the Biden administration is determined to pursue this, raising tariffs will also have a big negative impact on the world's auto industry," Zhang warned.

Rubio's proposal is just a fresh move among an array of unreasonable US measures to suppress China's car industry. As the US elections in November approach, the administration of President Joe Biden and some leaders in Congress continue to speculate about restricting imports of Chinese electric vehicles.

On February 29, the White House said that the Biden administration is taking "unprecedented action" to protect Americans from the national security risks posed by internet-connected vehicles from countries of concern, including China.

US Commerce Secretary Gina Raimondo also peddled the "threat" theory against China's vehicles. "Cars these days are like an iPhone on wheels… You connect your phone and you might receive the text message… Imagine a world with 3 million Chinese vehicles on the roads of America, and Beijing can turn them off at the same time."

In response, Mao Ning, spokesperson from China's Foreign Ministry, said that Chinese-made cars are popular globally not due to the use of "unfair practices," but by emerging from fierce market competition with technological innovation and high quality.

"China's door has been open to global auto companies, including US auto companies that fully shared in the dividends of China's big market. By contrast, the US has engaged in trade protectionism and set up obstacles including discriminatory subsidy policies to obstruct access to the US market by Chinese-made cars. Such acts of politicizing economic and trade issues will only hinder the development of the US auto industry itself," Mao noted.

A deputy to the National People's Congress (NPC) called for efforts to tackle shortage and bottleneck in China's roll-on/roll-off (Ro-RO) cargo vessel capacity so as to improve transportation conditions of the country's surging new-energy vehicle (NEV) exports. 

Deputy Yan Keshi submitted a motion to the ongoing NPC session in Beijing, noting that the limited capacity of Ro-Ro vessels has emerged as a significant problem hindering the export of Chinese NEVs, which Yan said warrants urgent attention. 

Rising output of NEVs is an important contributor to China's economic growth. Last year, export of NEVs rose 77.6 percent from a year earlier, standing at 1.203 million units, which accounted for almost one-third of the global market share, Yan wrote in his motion.

But, China is experiencing a pronounced supply-demand imbalance in ocean transportation capacity, especially in the shipment of NEVs. The higher weight of all-electric NEVs, about 15-25 percent weightier than ordinary petrol or hybrid vehicles, has exacerbated the shortage of Ro-Ro vessels in China, Yan said.

Yan put forward measures of facilitating long-lasting cooperation among ship manufacturers, ports and other stakeholders, in order to ramp up sustainable Ro-Ro vessels manufacturing and optimizing the hardware and software support for exporting NEVs.

The Government Work Report released on Tuesday highlighted China's automobile industry, showcasing the remarkable performance of Chinese NEV manufacturing and marketing in 2023. Domestic auto brands have now exceeded joint ventures in passenger car sales, solidifying the NEV sector as a cornerstone of China's growing manufacturing strength. Amid this backdrop, how to shore up ocean shipping capacity of Chinese-made NEVs has drawn rising attention.

In a related development, Da Fei Monaco, a new generation of dual-fuel-powered Ro-Ro vessel, successfully completed its first voyage from Yantai Port, East China's Shandong Province, carrying 4,631 vehicles bound for the US, on March 5. 

In January, BYD's "Explorer NO 1" and SAIC Motor Cor's inaugural transoceanic Ro-Ro vessels also embarked on their maiden voyage from Chinese ports.

Chery Automobile Group, in collaboration with its shipyard in Wuhu, East China's Anhui Province, has established a NEV transport vessel manufacturing base in Weihai city, Shandong Province. Three large vessels with a capacity of 7,000 cars each have been ordered, according to the Securities Daily.

The US and its Western allies' relentless crackdown against Xinjiang's cotton industry since 2020 has failed, as the industry has been maintaining sound development momentum, and is seeing rising competitiveness not only in the Chinese market but also internationally, Liang Yong, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and a member of the China Association for Promoting Democracy, one of China's eight noncommunist political parties, told the Global Times. Liang is also the director of Xinjiang cotton industry development leadership office. 

"Despite a drop in China's textile and clothes exports to the US that are made with Xinjiang cotton, China is still the world's largest cotton consumer as well as textile and clothes exporter. China is also the world's largest cotton importer," Liang said. 

According to Liang, the competitiveness of Xinjiang's cotton industry has been rising year by year, fueled by tech innovation and the promotion of large-scale cultivation. In 2023, the overall mechanization rate for cotton harvesting hit 89 percent in Xinjiang, compared with 21 percent in 2014. 

Also, the Xinjiang cotton per unit yield averages 143.85 kilograms per mu (0.067 hectares), which is twice that of the US and almost the same level as in Australia. In 2023, the output of Xinjiang cotton was 5.11 million tons, representing 91 percent of the national yield, and one-fifth of global output, the national political advisor said. 

Liang said that in the next step, the office will work on setting up a homegrown cotton quality tracing system and certification system as well as building a number of homegrown brands. Meanwhile, he said that the Xinjiang cotton industry is actively expanding into overseas markets, in particular markets in the Belt and Road Initiative (BRI) partner countries, to promote the stability of the global textile supply chain. 

Liang has also submitted a proposal for this year's two sessions titled "building a joint cotton market with Shanghai Cooperation Organisation (SCO) members." According to the proposal, which he shared with the Global Times, the Xinjiang region, along with neighboring India and Pakistan as well as five Central Asian countries, are the main cotton producers in the world and they together represent nearly 60 percent of global cotton output. 

He suggested a number of measures that could lay a foundation for building the joint market, including studying import and export tariff policies concerning cotton and textile products, as well as setting up a mutual recognition mechanism among SCO members for products such as cotton and cotton yarn.  

"Setting up a joint cotton market with other SCO members is an effective way to counter the US-led crackdown and increase market demand. It will also elevate the global influence of China's cotton industry, while deepening economic and trade ties," Liang explained. 

"Xinjiang has a geographic advantage as it borders eight countries including Kazakhstan, Russia, India and Pakistan. The region is also home to about 20 border ports, including 17 land border ports and three aviation ports. The majority of China-Europe freight trains also pass through Xinjiang," Liang added.

In November, the Xinjiang Pilot Free Trade Zone (FTZ), the first in China's northwestern border regions, officially started operation.

Liang believes that this geographic edge, plus the relatively cheap cost of production and policy support, will create conditions for Xinjiang to become the center of China's western textile industry cluster, which mainly exports to Central Asia, West Asia, South Asia and Europe. "Such a scene is foreseeable in the next five years," Liang said.

In 2023, the value of textile products exported from Xinjiang rose 34.6 percent to 107.59 billion yuan, according to data provided by Liang. 

Xinjiang is also speeding up the building of a Silk Road Economic Belt core area. It is expected that under the BRI, Xinjiang will further leverage its advantageous industries and accelerate regional cooperation to make itself a bridgehead in China's westward opening-up process, Liang said.

A root cause of why the US-launched smear campaign against the Chinese economy has become hysterical lies in the fact that only by vilifying China can the US-led West find an excuse for its unjust actions and attacks against the Chinese economy. 

The Wall Street Journal (WSJ) published an article on Sunday with a sensational headline "The World Is in for Another China Shock." Its narrative sounded contagious and suited to the taste of political elites in Washington, especially when they resort to protectionist measures against ordinary Chinese goods.

Some Western media outlets are seeking to create a climate of public opinion in which the Western economy falls victim to China's "dumping" of cheap goods, so as to pave the way for further protectionist measures such as anti-dumping and anti-subsidy investigations into Chinese products.

With the WSJ serving as a vanguard, the US delivers a great deal of propaganda about "China flooding global markets with cheap goods," and uses that propaganda as a camouflage for its protectionist measures against China. It's an old trick by the US that should be condemned.

In recent years, Chinese industries have made steady progress in high-end manufacturing segments, including electric vehicles, batteries, solar panels, wind turbines and more. China's rise has increasingly raised concerns from some Western politicians, observers and media outlets. It's no surprise when they adopt protectionist trade measures to suppress Chinese enterprises, but they should not expect China to yield to these disgraceful acts.

It should be noted that China enters the global market with a peaceful and cooperative manner in line with global trade norms. China became a member of the World Trade Organization (WTO) in 2001. China is a staunch supporter of free trade. 

The price advantage of Chinese goods can be attributed to multiple factors, including a complete industry chain, relatively low labor costs, and scientific and technological innovation. None of those seem to be factors related to China's "dumping of cheap goods."

The WSJ wrote in its article that the US and the global economy experienced a "China shock" - a boom in imports of cheap Chinese-made goods - in the late 1990s and early 2000s, and now, "a sequel might be in the making" as China doubles down on its exports. The author has a far more negative attitude toward the sequel's impact on the Western economy. This view is almost universal in the West at present.

Why is the West so much more afraid of the "sequel" that it needs to resort to protectionist measures to curb China's development? This reflects a lack of confidence by the West. In the late 1990s and early 2000s, the West experienced an upward growth cycle, taking an open mind toward globalization. However, after the 2008 financial crisis, and especially in more recent years, the Western economy has faced a series of challenges. 

Amid the rise of anti-globalization sentiment and trade protectionism, some Western governments pin their hopes on putting up trade barriers to protect their own industries, although such measures will hinder industrial upgrading and the cultivation of emerging sectors.

It's a shame that some Western analysts claim "Chinese companies are flooding foreign markets with products they can't sell at home." The opposite appears to be true. Thanks to China's commitment to high-quality development and continuous progress in technological innovation, Chinese goods are increasingly competitive in the global market. Chinese ingenuity, diligence and adaptability have ensured sufficient supply of everything from daily necessities to high-quality tech products, allowing Chinese manufacturing to make great contribution to stabilizing global trade during a challenging time. China is by no means exporting excess capacity or dumping products they can't sell at home.

Meanwhile, the Chinese market is big enough to accommodate players from China, the West and other countries at the same time. Chinese officials have repeatedly stressed that foreign investment is welcome in China and the door to China will only open further.

China is the top trading partner for many countries in the world. The country is also a key market for many major international companies. There are many opportunities that foreign companies can take advantage of, including the large and fast-growing consumer market and investor-friendly policies. One thing is clear: China is important for multinational companies that want to be globally competitive.

Engaging with the Chinese market is seen as an opportunity rather than a risk. To the world economy, China is a contributor, rather than a saboteur that makes it suffer losses, or a "China shock."

European business groups are emphasizing the potential of the Chinese market this year, particularly in sectors such as new energy and healthcare, and anticipating more cooperation and government support in further tapping into these opportunities.

These comments were made ahead of China's annual two sessions, one of the most significant political gatherings each year, during which a more comprehensive picture of the world's second-largest economy last year will be reviewed while also laying a solid foundation for the economic recovery in 2024.

In a written interview with the Global Times, Jens Eskelund, president of the European Chamber of Commerce in China, said that the EU chamber has relatively modest expectations for the Chinese market this year while noting the potential of China's economy remains large.

In terms of the specific new potential that EU businesses intend to pursue, Eskelund said that the fight against climate change is one area where the EU's and China's interests significantly overlap, and where European companies have a wealth of expertise to bring to the China market.

China's aging population also creates opportunities and needs in the healthcare sector. Creating the right regulatory healthcare framework is necessary to both attract and reward innovation, while at the same time creating a sustainable and affordable management infrastructure, Eskelund said.

"China remains an important market for our member companies," Juha Tuominen, chairman of the FinnCham Beijing, told the Global Times, referring to the latest surveys last year in which Finnish companies' views on the Chinese market potential were positive.

The member companies of FinnCham represent a cross-section of industries, particularly when it comes to machinery, energy and digitalization. Moreover, booming cities such as Southwest China's Chengdu and Chongqing and Central China's Wuhan, Hubei Province, are attracting Finnish companies' attention, Tuominen said.

Healthcare and well-being are also new sectors where Finnish companies in China find opportunities, Tuominen said.

"For our members and Finnish companies, keeping sustainability and carbon neutrality high on the priorities list in China will be good news. In general, this situation is important to Finnish companies as they are among global leaders in sustainable technology and innovation across the board," the chairman said.

Speaking about the primary areas of interest for the upcoming two sessions, the heads of the foreign business chambers expressed expectations for more opening-up and support for foreign businesses.

Tuominen said that a key issue will be measures to boost consumption. "Naturally, we will be keeping an eye on what kind of government stimulus will be available to enhance business opportunities for our members," Tuominen said.

A topic of intense interest will be this year's GDP growth target, as "it will set the tone for business activities for sure," Tuominen said.

Eskelund said that the EU chamber will be interested to see how much emphasis will be placed on improving the business environment for foreign firms.

China has ramped up efforts to improve the business climate for foreign companies, with new policy guidelines being rolled out, and actual implementation of these policies has gradually landed on the ground.

Guidelines outlined by the State Council, China's cabinet, in mid-August 2023, put forward 24 specific measures in six areas to further optimize the foreign investment environment and intensify efforts to attract foreign investment.

Recently, China's Ministry of Commerce held a special roundtable on the implementation of the 24 pro-foreign investment measures, with the participation of representatives from more than 60 foreign-funded enterprises and nine foreign business associations, the ministry's spokesperson He Yadong said at a press conference on February 29.

During the meeting, the EU Chamber of Commerce in China said that the 24 measures are of great significance and exciting to European enterprises, and the implementation of relevant policies is worthy of affirmation, according to media reports.

On the whole, more than 60 percent of the measures have been implemented or made positive progress, and the vast majority of foreign-funded enterprises said that their confidence in investing in China was further enhanced, according to He.

The European Union on Wednesday failed to pass a controversial law that would hold big companies responsible for human rights and environmental abuses in their suppliers after some opposite voices see it as “administrative burden” and “fear of an uneven playing field on the global stage,” South China Morning Post (SCMP) reported.

The legislation itself lacks credibility and appears to be an attempt to use human rights and environment issue to suppress China, which is doomed to fail, experts said.

The rules would have required EU firms with more than 500 staff and €150 million ($162.7 million) net turnover worldwide to conduct detailed audits of their suppliers and partners, including those in China. 

A Wednesday vote of the bloc’s 27 members in Brussels fell short of the qualified majority required to adopt the proposed rules.

Big member states including Germany and Italy abstained along with 10 other countries, diplomatic sources confirmed, while Sweden voted against the rules – leaving them below the required threshold of 14 member states with populations representing at least 65 percent of the union’s citizens, SCMP reported.

An EU diplomat said that members abstained for reasons that included the “administrative burden” and “fear of an uneven playing field on the global stage.”

Pro-business political parties around Europe were also concerned about the administrative burden the rules may require. Companies had also warned the laws would have left them disadvantaged when competing against firms that do not have to comply.

The fact that the law did not pass shows that politicizing economic and trade activities is not in line with the agreements of most EU member states, Cui Hongjian, a professor from the Academy of Regional and Global Governance with Beijing Foreign Studies University, told the Global Times on Thursday.

Those countries holding opposing views must also consider that keeping on this path will only further deteriorate the China-EU economic and trade cooperation, Cui said.

"The biggest problem facing Europe right now is the increasing contradiction between its desire to make a political impact and the need to consider its actual interests. If Europe does not change this trend, it will be difficult for it to achieve its goals," Cui said.

The controversial law is actually another form of so-called decoupling, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Thursday.

It is not surprising that  it has not succeeded. Trying to prevent Chinese companies from cooperating with the EU or European countries by distorting facts would only add meaningless costs to economic and trade, Li said. 

Chinese authorities have been rejecting EU accusations of so-called human rights violation. The groundless accusation on China’s human rights conditions, spreads disinformation, tarnishes China’s image and gravely violates China’s internal affairs, Chinese foreign ministry spokesperson Mao Ning told a press conference in December.