上海花千坊会所

With the completion of the first trial voyage of China's first domestically built drilling ship, the Mengxiang (Dream in English), the country officially became another country in the world - following the US and Japan - to possess its own professional ocean drillship, which is dubbed as the aircraft carrier in marine science.

With this ship, Chinese scientists will certainly make greater contributions to international deep ocean drilling, Tuo Shouting, director of the International Ocean Discovery Program (IODP)-China Office, told the Global Times in an exclusive interview.

On December 27, 2023, the Mengxiang completed its trial voyage in the waters of the Pearl River Estuary in South China's Guangdong Province, marking a step forward for China's deep-sea drilling research.

The ship sailed 500 nautical miles. The performance and various indicators of its main power and other marine systems all met relevant standards.

With a length of 179.8 meters and a width of 32.8 meters, the Mengxiang can travel 15,000 nautical miles and sustain itself for 120 days without returning to port.

The ship, featuring high stability and structural strength, can operate in unlimited navigational areas worldwide and drill as deep as 11,000 meters in the sea.

Boasting a world-leading marine drilling capacity, the ship will drill through the Earth's crust and into the upper mantle, contributing to the exploration of the Earth's history and dynamics.

The mantle, accounting for four-fifths of the Earth's volume and three-fourths of its mass, is full of scientific mysteries waiting to be explored by scientists.

Construction of the Mengxiang kicked off in November 2021 and is planned to be comprehensively completed in 2024. The ship was officially named Mengxiang on December 18, 2023, when it started its trial voyage.

"The vessel not only carries the dream of the Chinese people to build a maritime power, but also carries the dream of global scientists to 'penetrate the Moho discontinuity and enter the upper mantle,' and carries the dream of human beings to develop deep Earth resources," Li Jinfa, director of the Geological Survey under the Ministry of Natural Resources, told media when explaining the name of the vessel.

To make greater contributions

China has been a participant in the IODP for a long time. With the completion of the construction of the Mengxiang, China will be able to independently organize expeditions, just like the US, Japan and Europe, Tuo Shouting said.

He expected that, with the vessel, China can play a more significant role in international deep-sea drilling.

The IODP is an international marine research collaboration that explores Earth's history and dynamics using ocean-going research platforms to recover data recorded in seafloor sediments and rocks and monitor subseafloor environments. The program now has more than 20 member nations.

China started to participate in the program as an associate member in 1998 and became a full member in 2014.

Currently, China sends eight to nine scientists every year to attend the voyages of the US drillship JOIDES Resolution to join global scientists to conduct research.

According to Tuo, the most prominent achievements of Chinese scientists in previous missions are the four ocean drilling expeditions in the South China Sea, through which Chinese scientists made a series of breakthroughs in the deep parts of the South China Sea, proposed new understandings related to climate change and basin formation, and challenged the traditional Atlantic model theory.

The achievements have helped China win the international leading position in deep-sea research in the South China Sea, Tuo said.

Due to the phased end of the IODP in 2024 and the planned retirement of the US vessel Resolution the same year, Europe and Japan are organizing and initiating the next phase of program. Therefore, China is also preparing to launch its own scientific plan and seeking to cooperate with Europe and Japan to jointly organize expeditions, Tuo said.

He revealed that China has already been compiling an IODP-China executive science (2025-2035) and the completion of Mengxiang will provide key equipment support for China-led expeditions in the future.

China-initiated ocean drilling will greatly enhance the country's innovation capabilities in deep-sea scientific research and observation, and development of intelligent equipment, Tuo said.

Moreover, ocean drilling has long been a "rich man's club" in the developed world, but the waters at the heart of many scientific problems lie within the exclusive economic zones of developing countries. China will actively expand international cooperation partnerships and build a Belt and Road ocean drilling alliance through cooperation with developing countries, especially those associated with the Belt and Road Initiative. This will promote China's platform to carry out expeditions globally and help more developing countries enter the field of deep-sea research, Tuo stressed.

"The IoT (Internet of Things) is not simply a technological trend; it's a transformative force reshaping the economy in a new, interconnected era. The challenge for Greece, as for many other countries that do not lead the race but hope to not fall behind in this new reality- is to balance advancements and threats, particularly in the realm of security," said Evgenios Kalpyris, Greek Ambassador to China, in a speech on Monday when attending the opening ceremony of the 2023 World Internet of Things Convention in Beijing. 

Ambassador Kalpyris shared relevant Greek development initiatives and fruitful achievements in terms of applying IoT in real estate, energy management, smart cities, digital agriculture, and industrial innovation. 

He noted that, under the Greek Government's systematized regulatory and financing efforts, a significant economic transformation is under way. "One of the most recent and most promising Greek economic sectors to employ IoT is real estate," where companies partner with technology specialists to increase the efficiency of their businesses and create smart and sustainable buildings. Innovative real-estate applications process sensor data to lower consumption of resources, thus improving portfolio valuation while protecting the environment, Ambassador Kalpyris added.

Ambassador Kalpyris also intimated that the IoT project, Paros Island in Greece is underway, aiming to create "Europe's first smart island." It aims to redefine the relationship between cities and its citizens through advanced technological solutions, enhancing urban mobility. 

The forum, themed "New IoT, New Economy, New Era," aims to promote the economic transformation and upgrading of all countries in the world, jointly building a Smart World supported by the IoT and embracing the United Nations Sustainable Development Goals.

Sikkim Urja Limited's 1,200-megawatt hydroelectric project Teesta-III at the Chungthang dam on river Teesta gave way on October 4, killing at least 94 people in the downstream areas of Sikkim and West Bengal. The devastation has reignited wide worries surrounding two of three India-built mega hydropower projects under construction in Bhutan, local newspaper The Hindu reported on October 15.

The collapse reinforced long-held doubts about India's large-scale hydroelectric projects under construction in Bhutan. India's assessment of the fragile geological zone in the Himalayas appears to have been inadequate, leading to significant safety risks, local media criticized.

Analysts told the Global Times that a series of infrastructure accidents in the India-China border area in recent years have exposed India's seeming inability to carry out infrastructure construction under the complex geological conditions in the Himalayas. However, in recent years, India has been attempting to "monopolize" infrastructure projects in some South Asian countries, which also shows India's attempt to counter China in the region.

India's capacity collapses again

Although the glacial lake outburst flood (GLOF) triggered the latest dam collapse, many Indian media outlets believe that catastrophe was more likely man-made.

Environmentalists have been criticizing the decision-making process of constructing a large number of hydropower projects in the geologically fragile southern foothills of the Himalayas, while politicians have also pointed out corruption issues during the projects' construction and operational management, especially flaws inherent in the duty alert mechanism.

Such doubts have raised concerns in Bhutan, which shares the southern foothills of the Himalayas with Sikkim.

"We need to re-look at the geological survey of the (Puna-I) dam because many things have changed in 15 years. There have been many reasons for the delay, including technical issues and COVID-19. The (soil) stabilization measures have not yielded the results they wanted. No expert will go on to do a project that is not technically, scientifically feasible," Bhutan's Prime Minister Lotay Tshering told The Hindu.

A note issued by the Bhutan's Central Electricity Authority (CEA) in February on the Puna-I, which was started in 2008 and is expected to be commissioned in 2024-25, said that "project commissioning is being delayed due to movement/subsidence of right bank hill mass in the dam area. Treatment/stabilization of the right bank and completion of dam work [is in] progress. The option of providing a barrage in the upstream and abandoning of the dam is being studied," according to the report.

Regarding the Puna-II, meant to be commissioned in 2023-24, the note said: "Poor geological strata and shear zone being encountered at [the] left bank and foundation of [the] dam and HRT (head race tunnel, a tunnel connecting water intake at [the] dam site to [the] power house for generation of hydroelectricity). Remedial measures are [in] progress."

The governments of Bhutan and India have tasked the Technical Coordination Committee (TCC) with reviewing and proposing a path forward for the 1,200mW Punatsangchhu Hydroelectric Project (Puna-I) dam. One of Bhutan's primary concerns revolves around the dam's safety and stability, given the potential significant downstream impacts of any dam failure on lives and properties, according to a report by Bhutan's national newspaper Kuensel.

Lin Minwang, deputy director at the Center for South Asian Studies at Fudan University, told the Global Times that India has made significant progress in infrastructure construction along the China-India border in recent years, but its infrastructure capabilities still cannot be compared with China's. Overall, the quality and construction capabilities of India's infrastructure are still relatively poor.

"In recent years, accidents have frequently occurred in the construction of bridges and tunnels by India along the border. Especially in some disputed areas, accidents of various kinds are common, and the construction quality is worrying. In fact, India lacks the ability to build large-scale infrastructure in the complex and fragile geological environment of the Himalayas," said Lin.

International landslide experts have pointed out it was a blunder to start a dam at the location that seems to be on the debris of past landslides.

Lin believes that India's massive construction and blind leap in the border areas are an "image project" by the Indian government. On one hand, it aims to deliberately create an image of India's strong resistance against China along the border to gain popularity in the upcoming elections. On the other hand, it is India's leverage to counter China in South Asia.

"However, it is evident that these construction projects are largely rushed, which inevitably leads to problems in construction quality. Several previous accidents are proof," said Lin.
Hard to find right partners

Despite its outdated infrastructure capacity, India's attempts at cornering the market in some South Asian countries, especially in the field of hydropower sector, where it has essentially monopolized the market, have been relentless. This has made it nearly impossible for some South Asian countries to introduce infrastructure companies from countries other than India into their own markets.

In the "13th Five-Year Plan" announced by the Bhutanese government, which is scheduled to start in 2024, almost all hydropower infrastructure projects will be undertaken by India.

"Among South Asian countries, whether it be Bhutan or Nepal, their choice of cooperation partners in their own infrastructure construction is largely restricted by India through legal or policy means," Lin explained. "India may even directly interfere in the internal affairs of these countries, demanding that they prioritize India in the bidding process for infrastructure projects or block them from commissioning bidders from other countries."

Specifically, in hydropower projects, taking Nepal as an example, India has proposed that it will not purchase electricity generated by hydropower stations built by other countries. However, India is actually a country with a severe shortage of electricity and energy, but it still uses this method to restrict the free development of Nepal's hydropower industry and force Nepal to reject the participation of other countries in its hydropower development, Lin said.

Lin suggested that Chinese infrastructure companies also often face pushback from India when entering the market in South Asian countries.

Chinese companies, for example, may be required by their international partners to have an Indian company as the project supervisor. These Indian supervisory companies tend to set unreasonably high standards for the projects and deliberately make it difficult for Chinese companies.

"Although Chinese infrastructure companies can typically cope with this, it will inevitably increase unnecessary costs. India often uses this method to hinder the entry of Chinese projects in South Asia," Lin said.

Strict control becomes commonplace

According to Bhutan's 2023-24 budget report, the 10 projects in the pipeline include the 600mW Kholongchhu hydroelectric project, Kuensel reported. Several projects, represented by the Kholongchhu hydroelectric project, are being carried out through a joint venture between India and Bhutan.

An anonymous expert on South Asian affairs told the Global Times that although these hydropower projects are officially managed through joint ventures, the engineering team, technical personnel, and even the management team are all Indian.

Lin further pointed out that the electricity generated by Bhutan's hydropower plants is not only used to meet Bhutan's own needs but also sold to India, allowing India to implement a strategy of total economic dependence by Bhutan. In addition, India has also exercised strict control over Bhutan's importation and exportation of goods, military defense, and other fields.

And in terms of diplomatic issues, India's interference in Bhutan is now commonplace. India controls Bhutan's foreign policy through various means. On the one hand, India limits Bhutan's establishment of diplomatic relations with other countries. Although India has repeatedly stated that Bhutan is an independent sovereign country, it remains incredibly vigilant regarding Bhutan's development of foreign relations and even opposes Bhutan's contacts with other countries, according to Sun Xihui, an associate research fellow with the National Institute of International Strategy at the Chinese Academy of Social Sciences.

Moreover, New Delhi interferes in China-Bhutan border negotiations. China has resolved most of its land border issues through negotiations since the 1950s, but is yet to complete its border talks with Bhutan, largely because India insists on representing Bhutan in the negotiations, while China hopes to directly engage with Bhutan, Sun noted.

The 25th Round of Boundary Talks between China and Bhutan was held in Beijing on October 23 and 24. The two sides held in-depth discussions on the boundary negotiations and noted the progress made through a series of Expert Group Meetings held since the 24th Round of Boundary Talks in 2016. The two leaders of the delegations commended the Expert Group for the work done and agreed to build on the positive momentum.

This meeting brings expectations for the establishment of official diplomatic ties between China and Bhutan.

Observers believe that despite the strong desire for diplomatic relations between the two countries, it is still difficult for China and Bhutan to complete border negotiations and establish diplomatic relations in the short term due to India's significant interference in Bhutan's internal affairs. However, it should be noted that this meeting undoubtedly injects new momentum into the successful completion of border negotiations and the promotion of the diplomatic processes between the two countries.

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 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.